NELNET INC, 10-Q filed on 11/7/2023
Quarterly Report
v3.23.3
Cover Page - shares
9 Months Ended
Sep. 30, 2023
Oct. 31, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   26,655,134
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,668,460
v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $110,093 and $131,827, respectively) $ 13,867,557 $ 15,243,889
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 23,722 24,584
Cash and cash equivalents - held at a related party 163,968 93,562
Total cash and cash equivalents 187,690 118,146
Investments and notes receivable 1,945,688 2,111,917
Restricted cash 445,983 945,159
Restricted cash - due to customers 158,872 294,311
Accounts receivable (net of allowance for doubtful accounts of $3,989 and $3,079, respectively) 130,068 194,851
Goodwill 176,902 176,902
Intangible assets, net 51,910 63,501
Property and equipment, net 126,699 122,526
Other assets 131,313 102,842
Total assets 17,222,682 19,374,044
Liabilities:    
Bonds and notes payable 12,448,109 14,637,195
Accrued interest payable 36,391 36,049
Bank deposits 718,053 691,322
Other liabilities 419,152 461,259
Due to customers 341,822 348,317
Total liabilities 13,963,527 16,174,142
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 14,165 1,109
Retained earnings 3,305,881 3,234,844
Accumulated other comprehensive loss, net (25,439) (37,366)
Total Nelnet, Inc. shareholders' equity 3,294,981 3,198,959
Noncontrolling interests (35,826) 943
Total equity 3,259,155 3,199,902
Total liabilities and equity 17,222,682 19,374,044
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $110,093 and $131,827, respectively) 13,246,175 14,585,491
Cash and cash equivalents:    
Restricted cash 410,520 867,961
Liabilities:    
Bonds and notes payable 12,459,364 14,233,586
Common stock:    
Accrued interest payable and other liabilities (181,730) (145,309)
Net assets of consolidated education and other lending variable interest entities 1,015,601 1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,655,651 shares and 26,461,651 shares, respectively    
Common stock:    
Common stock 267 265
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,668,460 shares    
Common stock:    
Common stock $ 107 $ 107
v3.23.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Allowance for loan losses $ 110,093 $ 131,827
Allowance for doubtful accounts $ 3,989 $ 3,079
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 26,655,651 26,461,651
Common stock, outstanding (in shares) 26,655,651 26,461,651
Common Class B    
Par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,668,460 10,668,460
Common stock, outstanding (in shares) 10,668,460 10,668,460
v3.23.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loan interest $ 236,423 $ 176,244 $ 704,712 $ 422,327
Investment interest 48,128 26,889 129,835 57,589
Total interest income 284,551 203,133 834,547 479,916
Interest expense on bonds and notes payable and bank deposits 207,159 126,625 639,756 248,347
Net interest income 77,392 76,508 194,791 231,569
Less provision for loan losses 10,659 9,665 54,526 18,640
Net interest income after provision for loan losses 66,733 66,843 140,265 212,929
Other income (expense):        
Other, net (211) 2,225 (21,293) 24,750
Gain on sale of loans, net 5,362 2,627 32,685 5,616
Impairment and other expense, net (4,974) 121 (4,974) (6,163)
Derivative market value adjustments and derivative settlements, net 3,957 63,262 (8,047) 251,210
Total other income (expense), net 252,123 318,684 764,454 990,420
Total cost of services 51,477 48,644 157,008 115,041
Operating expenses:        
Salaries and benefits 141,204 147,198 438,620 438,010
Depreciation and amortization 21,835 18,772 57,114 53,978
Other expenses 51,370 43,858 138,154 120,297
Total operating expenses 214,409 209,828 633,888 612,285
Income before income taxes 52,970 127,055 113,823 476,023
Income tax expense 10,734 26,586 29,475 107,765
Net income 42,236 100,469 84,348 368,258
Net loss attributable to noncontrolling interests 3,096 4,329 15,738 8,315
Net income attributable to Nelnet, Inc. $ 45,332 $ 104,798 $ 100,086 $ 376,573
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Weighted-average common shares outstanding - basic (in shares) 37,498,073 37,380,493 37,437,587 37,708,425
Weighted-average common shares outstanding - diluted (in shares) 37,498,073 37,380,493 37,437,587 37,708,425
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 127,892 $ 134,197 $ 389,138 $ 395,438
Education technology, services, and payment processing revenue        
Other income (expense):        
Revenue 113,796 106,894 357,258 310,211
Total cost of services 43,694 42,676 131,804 109,073
Solar construction revenue        
Other income (expense):        
Revenue 6,301 9,358 19,687 9,358
Total cost of services $ 7,783 $ 5,968 $ 25,204 $ 5,968
v3.23.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 42,236 $ 100,469 $ 84,348 $ 368,258
Other comprehensive (loss) income:        
Net changes related to foreign currency translation adjustments (8) 18 (11) 19
Net changes related to available-for-sale debt securities:        
Unrealized holding (losses) gains arising during period, net (4,566) 4,790 12,734 (45,730)
Reclassification of (gains) losses recognized in net income, net (1,064) (578) 3,001 (4,220)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 66 0 136 0
Income tax effect 1,335 (1,011) (3,810) 11,988
Unrealized gains (losses) during period after reclassifications and tax (4,229) 3,201 12,061 (37,962)
Net changes related to equity method investee's other comprehensive income:        
Gain (loss) on cash flow hedges 336 0 (163) 0
Income tax effect (80) 0 40 0
Net changes related to equity method investee's other comprehensive, after income tax effect 256 0 (123) 0
Other comprehensive (loss) income (3,981) 3,219 11,927 (37,943)
Comprehensive income 38,255 103,688 96,275 330,315
Comprehensive loss attributable to noncontrolling interests 3,096 4,329 15,738 8,315
Comprehensive income attributable to Nelnet, Inc. $ 41,351 $ 108,017 $ 112,013 $ 338,630
v3.23.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021   0 27,239,654 10,676,642        
Beginning balance at Dec. 31, 2021 $ 2,952,838 $ 0 $ 272 $ 107 $ 1,000 $ 2,940,523 $ 9,304 $ 1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 25,297             25,297
Net income (loss) 368,258         376,573   (8,315)
Other comprehensive income (loss) (37,943)           (37,943)  
Distribution to noncontrolling interests (32,869)             (32,869)
Cash dividend on Class A and Class B common stock (26,960)         (26,960)    
Issuance of common stock, net of forfeitures (in shares)     348,831          
Issuance of common stock, net of forfeitures 6,978   $ 4   6,974      
Compensation expense for stock based awards 9,659       9,659      
Repurchase of common stock (in shares)     (1,108,170)          
Repurchase of common stock (93,224)   $ (11)   (16,796) (76,417)    
Conversion of common stock (in shares)     2,983 (2,983)        
Conversion of common stock 0              
Other (5,675)         (5,675)    
Ending balance (in shares) at Sep. 30, 2022   0 26,483,298 10,673,659        
Ending balance at Sep. 30, 2022 3,166,359 $ 0 $ 265 $ 107 837 3,208,044 (28,639) (14,255)
Beginning balance (in shares) at Jun. 30, 2022   0 26,613,733 10,674,892        
Beginning balance at Jun. 30, 2022 3,091,145 $ 0 $ 266 $ 107 1,180 3,127,687 (31,858) (6,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 14,018             14,018
Net income (loss) 100,469         104,798   (4,329)
Other comprehensive income (loss) 3,219           3,219  
Distribution to noncontrolling interests (17,707)             (17,707)
Cash dividend on Class A and Class B common stock (8,925)         (8,925)    
Issuance of common stock, net of forfeitures (in shares)     38,192          
Issuance of common stock, net of forfeitures 477   $ 1   476      
Compensation expense for stock based awards 3,631       3,631      
Repurchase of common stock (in shares)     (169,860)          
Repurchase of common stock (14,293)   $ (2)   (4,450) (9,841)    
Conversion of common stock (in shares)     1,233 (1,233)        
Conversion of common stock 0              
Other (5,675)         (5,675)    
Ending balance (in shares) at Sep. 30, 2022   0 26,483,298 10,673,659        
Ending balance at Sep. 30, 2022 3,166,359 $ 0 $ 265 $ 107 837 3,208,044 (28,639) (14,255)
Beginning balance (in shares) at Dec. 31, 2022   0 26,461,651 10,668,460        
Beginning balance at Dec. 31, 2022 3,199,902 $ 0 $ 265 $ 107 1,109 3,234,844 (37,366) 943
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 31,996             31,996
Net income (loss) 84,348         100,086   (15,738)
Other comprehensive income (loss) 11,927           11,927  
Distribution to noncontrolling interests (53,027)             (53,027)
Cash dividend on Class A and Class B common stock (29,049)         (29,049)    
Issuance of common stock, net of forfeitures (in shares)     241,195          
Issuance of common stock, net of forfeitures 5,620   $ 2   5,618      
Compensation expense for stock based awards 11,748       11,748      
Repurchase of common stock (in shares)     (47,195)          
Repurchase of common stock (4,310)       (4,310)      
Ending balance (in shares) at Sep. 30, 2023   0 26,655,651 10,668,460        
Ending balance at Sep. 30, 2023 3,259,155 $ 0 $ 267 $ 107 14,165 3,305,881 (25,439) (35,826)
Beginning balance (in shares) at Jun. 30, 2023   0 26,646,490 10,668,460        
Beginning balance at Jun. 30, 2023 3,247,514 $ 0 $ 266 $ 107 10,114 3,270,250 (21,458) (11,765)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 19,092             19,092
Net income (loss) 42,236         45,332   (3,096)
Other comprehensive income (loss) (3,981)           (3,981)  
Distribution to noncontrolling interests (40,057)             (40,057)
Cash dividend on Class A and Class B common stock (9,701)         (9,701)    
Issuance of common stock, net of forfeitures (in shares)     15,109          
Issuance of common stock, net of forfeitures 500   $ 1   499      
Compensation expense for stock based awards 4,095       4,095      
Repurchase of common stock (in shares)     (5,948)          
Repurchase of common stock (543)       (543)      
Ending balance (in shares) at Sep. 30, 2023   0 26,655,651 10,668,460        
Ending balance at Sep. 30, 2023 $ 3,259,155 $ 0 $ 267 $ 107 $ 14,165 $ 3,305,881 $ (25,439) $ (35,826)
v3.23.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.26 $ 0.24 $ 0.78 $ 0.72
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.26 $ 0.24 $ 0.78 $ 0.72
v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 100,086 $ 376,573
Net loss attributable to noncontrolling interests (15,738) (8,315)
Net income 84,348 368,258
Adjustments to reconcile net income to net cash provided by operating activities, net of business acquisition:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 128,658 113,655
Loan discount accretion (22,527) (27,963)
Provision for loan losses 54,526 18,640
Derivative market value adjustments 32,266 (239,125)
Proceeds from termination of derivative instruments 164,079 91,786
(Payments to) proceeds from clearinghouse - initial and variation margin, net (210,168) 227,448
Gain on sale of loans, net (32,685) (5,616)
Loss on investments, net 67,940 13,605
Proceeds from sale of equity securities, net 75 42,863
Deferred income tax (benefit) expense (24,712) 57,633
Non-cash compensation expense 11,981 9,872
Impairment expense 2,588 6,163
Decrease (increase) in loan and investment accrued interest receivable 5,613 (16,206)
Decrease in accounts receivable 64,738 47,514
Decrease (increase) in other assets, net 7,069 (74,522)
Decrease in the carrying amount of ROU asset, net 3,859 4,476
Increase in accrued interest payable 342 17,230
Increase in other liabilities 19,132 5,388
Decrease in the carrying amount of lease liability (3,908) (4,227)
Net cash provided by operating activities 353,214 656,872
Cash flows from investing activities:    
Purchases and originations of loans (556,255) (539,118)
Purchases of loans from a related party (467,554) (8,242)
Net proceeds from loan repayments, claims, and capitalized interest 1,910,379 2,955,097
Proceeds from sale of loans 341,760 38,559
Purchases of available-for-sale securities (510,804) (944,588)
Proceeds from sales of available-for-sale securities 776,096 450,457
Proceeds from beneficial interest in loan securitizations 23,753 17,754
Purchases of other investments and issuance of notes receivable (179,632) (192,773)
Proceeds from other investments 29,768 42,524
Purchases of held-to-maturity debt securities (11,325) 0
Redemption of held-to-maturity debt securities 2,893 0
Purchases of property and equipment (52,604) (44,423)
Business acquisition, net of cash acquired 0 (35,973)
Net cash provided by investing activities 1,306,475 1,739,274
Cash flows from financing activities:    
Payments on bonds and notes payable (2,996,916) (3,035,082)
Proceeds from issuance of bonds and notes payable 756,268 413,391
Payments of debt issuance costs (2,233) (1,160)
Increase in bank deposits, net 26,731 236,510
Decrease in due to customers (6,422) (59,467)
Dividends paid (29,049) (26,960)
Repurchases of common stock (4,310) (93,224)
Proceeds from issuance of common stock 1,315 1,206
Issuance of noncontrolling interests 32,581 19,380
Distribution to noncontrolling interests (2,519) (1,153)
Net cash used in financing activities (2,224,554) (2,546,559)
Effect of exchange rate changes on cash (206) (447)
Net decrease in cash, cash equivalents, and restricted cash (565,071) (150,860)
Cash, cash equivalents, and restricted cash, beginning of period 1,357,616 1,194,189
Cash, cash equivalents, and restricted cash, end of period 792,545 1,043,329
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 585,482 196,278
Cash disbursements made for income taxes, net of refunds and credits received [1] 45,444 37,467
Cash disbursements made for operating leases 5,029 5,221
Noncash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 18,860 5,981
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 63,878 8,336
Receipt of asset-backed investment securities as consideration from sale of loans 58,182 0
Distribution to noncontrolling interests 50,508 31,716
Issuance of noncontrolling interests $ 585 $ 5,917
[1] The Company utilized $49.0 million and $9.4 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2023 and 2022, respectively.
v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2023
Sep. 30, 2022
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 49,000 $ 9,400
Cash and cash equivalents:    
Total cash and cash equivalents 187,690 63,198
Restricted cash 445,983 799,212
Restricted cash - due to customers 158,872 180,919
Cash, cash equivalents, and restricted cash $ 792,545 $ 1,043,329
v3.23.3
Basis of Financial Reporting
9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report").
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses
9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$3,104,569 3,389,178 
Consolidation9,194,415 10,177,295 
Total12,298,984 13,566,473 
Private education loans293,004 252,383 
Consumer and other loans143,633 350,915 
Non-Nelnet Bank loans12,735,621 14,169,771 
Nelnet Bank:
Federally insured loans59,261 65,913 
Private education loans359,941 353,882 
Consumer and other loans49,611 — 
Nelnet Bank loans468,813 419,795 
Accrued interest receivable806,854 816,864 
Loan discount, net of unamortized loan premiums and deferred origination costs(33,638)(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(72,043)(83,593)
Private education loans(16,944)(15,411)
Consumer and other loans(14,022)(30,263)
Non-Nelnet Bank allowance for loan losses(103,009)(129,267)
Nelnet Bank:
Federally insured loans(148)(170)
Private education loans(3,083)(2,390)
Consumer and other loans(3,853)— 
Nelnet Bank allowance for loan losses(7,084)(2,560)
 $13,867,557 15,243,889 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.62 %
Private education loans5.78 %6.11 %
Consumer and other loans9.76 %8.62 %
Nelnet Bank:
Federally insured loans (a)0.25 %0.26 %
Private education loans0.86 %0.68 %
Consumer and other loans7.77 %— 
(a)    As of September 30, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.9% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively.
Loan Sales
The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the nine months ended September 30, 2023 and 2022.
Loans sold
(par value)
Gain (loss)Loan typeResidual interest received in securitization
Nine months ended September 30, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,277 8,903 Consumer24.6 (a)
April 45,633 659 Consumer— 
April 1324,980 3,123 Consumer11.3 
May 2127,663 11,729 Consumer26.5 
August 361,807 5,362 Consumer24.3 
$481,985 32,685 
Nine months ended September 30, 2022
January 26$18,125 2,989 Consumer6.6 %
June 30114 — Home equity— 
July 728,915 2,627 Consumer7.6 
$47,154 5,616 
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan salesBalance at end of period
Three months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$74,061 1,641 (3,659)— — — 72,043 
Private education loans14,322 3,009 (571)184 — — 16,944 
Consumer and other loans20,005 4,082 (4,115)434 — (6,384)14,022 
Nelnet Bank:
Federally insured loans154 (2)(4)— — — 148 
Private education loans2,905 220 (42)— — — 3,083 
Consumer and other loans2,816 1,554 (517)— — — 3,853 
$114,263 10,504 (8,908)618 — (6,384)110,093 
Three months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$92,593 888 (5,715)— 12 — 87,778 
Private education loans15,253 1,154 (1,066)236 — — 15,577 
Consumer and other loans10,576 7,173 (1,021)147 — (3,585)13,290 
Nelnet Bank:
Federally insured loans258 (94)— — — — 164 
Private education loans1,744 504 — — — — 2,248 
$120,424 9,625 (7,802)383 12 (3,585)119,057 
Nine months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 4,052 (15,608)— — 72,043 
Private education loans15,411 3,249 (2,279)563 — — 16,944 
Consumer and other loans30,263 41,388 (9,264)1,096 — (49,461)14,022 
Nelnet Bank:
Federally insured loans170 (15)(7)— — — 148 
Private education loans2,390 1,350 (657)— — — 3,083 
Consumer and other loans— 4,370 (517)— — — 3,853 
$131,827 54,394 (28,332)1,659 (49,461)110,093 
Nine months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 505 (16,264)— 156 — 87,778 
Private education loans16,143 1,971 (3,072)531 — 15,577 
Consumer and other loans6,481 14,702 (2,489)465 — (5,869)13,290 
Nelnet Bank:
Federally insured loans268 (102)(2)— — — 164 
Private education loans840 1,499 (87)— — (4)2,248 
$127,113 18,575 (21,914)996 156 (5,869)119,057 
The primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods presented above.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended September 30,Nine months ended September 30,
2023202220232022
Non-Nelnet Bank:
Federally insured loans0.11 %0.15 %0.16 %0.13 %
Private education loans0.61 %1.23 %0.94 %1.22 %
Consumer and other loans9.57 %1.96 %4.59 %2.54 %
Nelnet Bank:
Federally insured loans0.03 %0.00 %0.01 %0.00 %
Private education loans0.05 %0.00 %0.25 %0.04 %
Consumer and other loans5.69 %— 3.00 %— 
Unfunded Loan Commitments
As of September 30, 2023, Nelnet Bank has a liability of approximately $217,000 related to $13.1 million of unfunded private education and consumer loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the nine months ended September 30, 2023 and 2022, Nelnet Bank recognized provision for loan losses of approximately $132,000 and approximately $65,000, respectively, related to unfunded loan commitments.
Loan Modifications to Borrowers Experiencing Financial Difficulty
On January 1, 2023, the Company adopted ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The guidance also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty and vintage disclosures reflecting gross charge-offs by year of origination.
Under the Higher Education Act, federally insured loan borrowers may be granted a deferment or forbearance for a period of time based on need. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department of Education (the "Department"). Because federally insured loan modifications are driven by the Higher Education Act, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The following table presents the Company’s loan status and delinquency amounts.
As of September 30, 2023As of December 31, 2022As of September 30, 2022
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $562,754 4.6 % $637,919 4.7 % $719,724 5.0 %
Loans in forbearance 906,060 7.4  1,103,181 8.1  1,384,709 9.7 
Loans in repayment status:  
Loans current9,014,731 83.2 %10,173,859 86.0 %10,454,046 85.7 %
Loans delinquent 31-60 days441,016 4.1 415,305 3.5 431,471 3.6 
Loans delinquent 61-90 days301,028 2.8 253,565 2.2 261,616 2.1 
Loans delinquent 91-120 days213,245 2.0 180,029 1.5 185,753 1.5 
Loans delinquent 121-270 days648,924 6.0 534,410 4.5 540,555 4.4 
Loans delinquent 271 days or greater211,226 1.9 268,205 2.3 322,517 2.7 
Total loans in repayment10,830,170 88.0 100.0 %11,825,373 87.2 100.0 %12,195,958 85.3 100.0 %
Total federally insured loans12,298,984 100.0 % 13,566,473 100.0 % 14,300,391 100.0 %
Accrued interest receivable798,102 808,150 786,494 
Loan discount, net of unamortized premiums and deferred origination costs(30,979)(35,468)(25,381)
Allowance for loan losses(72,043)(83,593)(87,778)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$12,994,064 $14,255,562 $14,973,726 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $11,373 3.9 %$12,756 5.1 %$15,556 5.9 %
Loans in forbearance 2,280 0.8 2,017 0.8 2,745 1.1 
Loans in repayment status:
Loans current271,948 97.4 %232,539 97.9 %238,926 98.0 %
Loans delinquent 31-60 days3,485 1.2 2,410 1.0 2,014 0.8 
Loans delinquent 61-90 days1,424 0.5 767 0.3 992 0.4 
Loans delinquent 91 days or greater2,494 0.9 1,894 0.8 1,950 0.8 
Total loans in repayment279,351 95.3 100.0 %237,610 94.1 100.0 %243,882 93.0 100.0 %
Total private education loans293,004 100.0 % 252,383 100.0 % 262,183 100.0 %
Accrued interest receivable2,750 2,146 2,207 
Loan discount, net of unamortized premiums(8,069)(38)(185)
Allowance for loan losses(16,944)(15,411)(15,577)
Total private education loans and accrued interest receivable, net of allowance for loan losses$270,741 $239,080 $248,628 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$20 0.0 %$109 0.0 %$29 0.0 %
Loans in repayment status:
Loans current137,744 95.9 %346,812 98.9 %228,827 98.9 %
Loans delinquent 31-60 days1,987 1.4 1,906 0.5 1,019 0.4 
Loans delinquent 61-90 days1,293 0.9 764 0.2 427 0.2 
Loans delinquent 91 days or greater2,589 1.8 1,324 0.4 1,139 0.5 
Total loans in repayment143,613 100.0 100.0 %350,806 100.0 100.0 %231,412 100.0 100.0 %
Total consumer and other loans143,633 100.0 %350,915 100.0 %231,441 100.0 %
Accrued interest receivable1,716 3,658 2,561 
Loan discount, net of unamortized premiums(180)(588)(1,847)
Allowance for loan losses(14,022)(30,263)(13,290)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$131,147 $323,722 $218,865 
As of September 30, 2023As of December 31, 2022As of September 30, 2022
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$283 0.5 %$241 0.4 %$274 0.4 %
Loans in forbearance862 1.5 981 1.5 2,551 3.5 
Loans in repayment status:
Loans current57,059 98.3 %63,225 97.8 %68,970 98.4 %
Loans delinquent 30-59 days333 0.6 436 0.7 353 0.5 
Loans delinquent 60-89 days81 0.1 466 0.7 130 0.2 
Loans delinquent 90-119 days12 0.0 222 0.3 0.0 
Loans delinquent 120-270 days428 0.7 183 0.3 508 0.7 
Loans delinquent 271 days or greater203 0.3 159 0.2 114 0.2 
Total loans in repayment58,116 98.0 100.0 %64,691 98.1 100.0 %70,080 96.1 100.0 %
Total federally insured loans59,261 100.0 %65,913 100.0 %72,905 100.0 %
Accrued interest receivable2,008 1,758 1,607 
Loan premium19 20 23 
Allowance for loan losses(148)(170)(164)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$61,140 $67,521 $74,371 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$23,575 6.6 %$11,580 3.3 %$10,888 3.1 %
Loans in forbearance1,169 0.3 864 0.2 524 0.1 
Loans in repayment status:
Loans current333,595 99.5 %340,830 99.8 %344,469 99.8 %
Loans delinquent 30-59 days679 0.2 167 0.1 197 0.1 
Loans delinquent 60-89 days412 0.1 32 0.0 79 0.0 
Loans delinquent 90 days or greater511 0.2 409 0.1 414 0.1 
Total loans in repayment335,197 93.1 100.0 %341,438 96.5 100.0 %345,159 96.8 100.0 %
Total private education loans359,941 100.0 %353,882 100.0 %356,571 100.0 %
Accrued interest receivable1,905 1,152 969 
Deferred origination costs, net of unaccreted discount5,578 5,360 5,369 
Allowance for loan losses(3,083)(2,390)(2,248)
Total private education loans and accrued interest receivable, net of allowance for loan losses$364,341 $358,004 $360,661 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$95 0.2 %
Loans in forbearance32 0.1 
Loans in repayment status:
Loans current48,358 97.7 %
Loans delinquent 30-59 days527 1.1 
Loans delinquent 60-89 days306 0.6 
Loans delinquent 90 days or greater293 0.6 
Total loans in repayment49,484 99.7 100.0 %
Total consumer and other loans49,611 100.0 %
Accrued interest receivable373 
Loan discount(7)
Allowance for loan losses(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$46,124 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores - Nelnet Bank Private Education Loans
An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of September 30, 2023
Nine months ended September 30, 2023202220212020Total
FICO at origination:
Less than 705$2,681 5,726 4,860 339 13,606 
705 - 7346,970 22,441 9,395 502 39,308 
735 - 7646,505 33,692 15,233 1,378 56,808 
765 - 7944,797 53,433 28,066 1,400 87,696 
Greater than 79413,719 80,523 61,283 5,425 160,950 
No FICO score available or required (a)1,573 — — — 1,573 
$36,245 195,815 118,837 9,044 359,941 
Loan balance as of December 31, 2022
202220212020Total
FICO at origination:
Less than 705$5,898 5,389 348 11,635 
705 - 73423,392 10,543 542 34,477 
735 - 76435,456 16,686 1,473 53,615 
765 - 79457,141 31,035 1,622 89,798 
Greater than 79487,959 70,135 6,263 164,357 
$209,846 133,788 10,248 353,882 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of September 30, 2023 and December 31, 2022, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20232022202120202019Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— 1,138 4,845 1,105 1,647 2,638 11,373 
Loans in forbearance— 79 50 411 569 1,171 2,280 
Loans in repayment status:
Loans current128 4,311 4,351 46,927 38,618 177,613 271,948 
Loans delinquent 31-60 days— — 33 383 234 2,835 3,485 
Loans delinquent 61-90 days— 31 145 42 1,202 1,424 
Loans delinquent 91 days or greater— — — 189 — 2,305 2,494 
Total loans in repayment128 4,315 4,415 47,644 38,894 183,955 279,351 
Total private education loans$128 5,532 9,310 49,160 41,110 187,764 293,004 
Accrued interest receivable2,750 
Loan discount, net of unamortized premiums(8,069)
Allowance for loan losses(16,944)
Total private education loans and accrued interest receivable, net of allowance for loan losses$270,741 
Gross charge-offs - nine months ended September 30, 2023$— 35 10 105 548 1,581 2,279 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— — 18 — — 20 
Loans in repayment status:
Loans current83,292 48,425 4,687 506 664 170 137,744 
Loans delinquent 31-60 days677 1,128 167 — 1,987 
Loans delinquent 61-90 days623 579 84 — 1,293 
Loans delinquent 91 days or greater392 1,402 241 27 199 328 2,589 
Total loans in repayment84,984 51,534 5,179 533 877 506 143,613 
Total consumer and other loans$84,984 51,534 5,197 533 877 508 143,633 
Accrued interest receivable1,716 
Loan discount, net of unamortized premiums(180)
Allowance for loan losses(14,022)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$131,147 
Gross charge-offs - nine months ended September 30, 2023$2,866 5,580 583 27 80 128 9,264 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$9,028 12,210 1,218 1,119 — — 23,575 
Loans in forbearance147 683 339 — — — 1,169 
Loans in repayment status:
Loans current26,709 182,313 116,684 7,889 — — 333,595 
Loans delinquent 30-59 days228 249 166 36 — — 679 
Loans delinquent 60-89 days165 243 — — — 412 
Loans delinquent 90 days or greater129 195 187 — — — 511 
Total loans in repayment27,070 182,922 117,280 7,925 — — 335,197 
Total private education loans$36,245 195,815 118,837 9,044 — — 359,941 
Accrued interest receivable1,905 
Deferred origination costs, net of unaccreted discount5,578 
Allowance for loan losses(3,083)
Total private education loans and accrued interest receivable, net of allowance for loan losses$364,341 
Gross charge-offs - nine months ended September 30, 2023$20 637 — — — — 657 
Nine months ended September 30, 20232022202120202019Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$95 — — — — — 95 
Loans in forbearance32 — — — — — 32 
Loans in repayment status:
Loans current47,813 490 55 — — — 48,358 
Loans delinquent 30-59 days527 — — — — — 527 
Loans delinquent 60-89 days306 — — — — — 306 
Loans delinquent 90 days or greater293 — — — — — 293 
Total loans in repayment48,939 490 55 — — — 49,484 
Total consumer and other loans$49,066 490 55 — — — 49,611 
Accrued interest receivable373 
Loan discount(7)
Allowance for loan losses(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$46,124 
Gross charge-offs - nine months ended September 30, 2023$517 — — — — — 517 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.23.3
Bonds and Notes Payable
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$10,028,276 
5.27% - 7.43%
8/26/30 - 9/25/69
Bonds and notes based on auction89,910 
0.00% - 6.43%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes10,118,186 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
497,397 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,466,178 
5.40% - 5.67%
11/22/24 / 4/2/25
Private education loan warehouse facility38,183 5.63%12/31/23
Consumer loan warehouse facility49,937 5.68%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitization15,579 
6.90%
6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization16,626 
5.35%
12/28/43
Unsecured line of credit— 9/22/26
Participation agreement63 6.06%5/4/24
Repurchase agreement336,523 
6.26% - 6.72%
11/20/23 - 11/27/24
Other - due to related party6,010 
3.55% - 6.05%
3/1/24 - 11/15/30
12,544,682   
Discount on bonds and notes payable and debt issuance costs(96,573)
Total$12,448,109 
 As of December 31, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$11,868,190 
4.47% - 6.39%
8/26/30 - 9/25/69
Bonds and notes based on auction178,960 
0.00% - 4.02%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes12,047,150 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
594,051 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility978,956 
4.69% / 4.71%
5/22/24
Private education loan warehouse facility64,356 4.72%12/31/23
Consumer loan warehouse facility89,000 4.73%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations19,865 
5.90% / 6.14%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization23,032 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement395,432 5.02%5/4/23
Repurchase agreements567,254 
0.97% - 5.60%
1/4/23 - 11/27/24
Other - due to related party6,187 
3.55% - 6.05%
3/1/24 - 11/15/30
14,785,283   
Discount on bonds and notes payable and debt issuance costs(148,088)
Total$14,637,195 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of September 30, 2023.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$1,250,000 1,067,533 182,467 11/22/202311/22/2024note (b)$74,825 
FFELP (c)432,000 398,645 33,355 4/2/20244/2/202592 %33,483 
$1,682,000 1,466,178 215,822 $108,308 
Private (d)38,183 38,183 — 10/31/202312/31/2023— 17,910 
Consumer250,000 49,937 200,063 11/14/202411/14/202570 %21,328 
(a)    On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million.
(d)    On June 30, 2023, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. No additional amounts can be borrowed under this facility.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of September 30, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Participation Agreement
The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). As of September 30, 2023, $0.1 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. On May 4, 2023, the agreement automatically renewed for another year through May 4, 2024. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheets as "investments and notes receivable" and the participation interests outstanding have been accounted for by the Company as a secured borrowing.
See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under the remaining participation agreement.
Repurchase Agreements
On May 3, 2021, the Company entered into a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. Included in “bonds and notes payable” in the consolidated balance sheets as of September 30, 2023 was $336.5 million subject to this agreement. On June 23, 2021, the Company entered into a separate repurchase agreement with a non-affiliated third party, which was collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The outstanding balance of this facility was paid in full during the third quarter of 2023.
See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for this repurchase agreement.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2023202220232022
Purchase price$(4,284)(13,563)(5,112)(67,081)
Par value5,033 13,903 5,941 69,133 
Remaining unamortized cost of issuance(12)(180)(14)(821)
Gain$737 160 815 1,231 
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2023, the Company holds $257.3 million (par value) of its own FFELP loan asset-backed securities. As of September 30, 2023, $118.9 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreement (as discussed above).
In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity, of which the Company owned $140.5 million of the bonds that were redeemed. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023. This expense is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.
v3.23.3
Derivative Financial Instruments
9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments primarily to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2022 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2023 and December 31, 2022 is presented below.
Non-Nelnet Bank Derivatives
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps, in which the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR.
MaturityNotional amount
As ofAs of
September 30, 2023December 31, 2022
2023$— 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$3,150,000 3,900,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2023 was the term adjusted SOFR plus the tenor spread adjustment relating to LIBOR plus 10.1 basis points and as of December 31, 2022 was one-month LIBOR plus 9.7 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2023As of December 31, 2022 (a)
MaturityNotional amountWeighted average fixed rate paid by the Company (b)Notional amountWeighted average fixed rate paid by the Company (b)
2024$— — %$2,000,000 0.35 %
2026— — 500,000 1.02 
2030 (c)50,000 3.44 — — 
2031— — 100,000 1.53 
2032— — 200,000 2.92 
 $50,000 3.44 %$2,800,000 0.70 %
(a)    On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements.
(b)    For the interest rate derivative maturing in 2030, the Company receives payments based on SOFR that resets quarterly. For all other interest rate derivatives that were terminated, the Company received payments based on three-month LIBOR that reset quarterly.
(c)    The Company entered into this derivative in June 2023.
Nelnet Bank Derivatives
Interest Rate Swaps
Derivative instruments are used by Nelnet Bank to hedge the exposure to variability in cash flows of variable rate intercompany deposits primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. Nelnet Bank has structured these derivatives so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. As a result, the change in market value of these derivative instruments is reported in current period earnings and presented in "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of September 30, 2023.
As of September 30, 2023
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
 $115,000 3.36 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at fair value. As of September 30, 2023, the gross fair value of Nelnet Bank's interest rate swap derivatives was $3.1 million (an asset) that is included in "other assets" on the consolidated balance sheet.
Consolidated Financial Statement Impact Related to Derivatives
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Settlements:  
1:3 basis swaps$386 (1,085)1,180 242 
Interest rate swaps - floor income hedges235 11,356 22,760 11,843 
Interest rate swaps - Nelnet Bank196 — 279 — 
Total settlements - income817 10,271 24,219 12,085 
Change in fair value:  
1:3 basis swaps(464)189 (253)929 
Interest rate swaps - floor income hedges1,656 52,802 (35,070)238,196 
Interest rate swaps - Nelnet Bank1,948 — 3,057 — 
Total change in fair value - income (expense)3,140 52,991 (32,266)239,125 
Derivative market value adjustments and derivative settlements, net - income (expense)$3,957 63,262 (8,047)251,210 
v3.23.3
Investments and Notes Receivable
9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
Investments and notes receivable consisted of the following:
As of September 30, 2023As of December 31, 2022
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan (a)$295,986 5,930 (5,310)296,606 463,861 3,498 (11,105)456,254 
Private education loan (b)294,068 — (33,960)260,108 335,903 — (29,438)306,465 
Other debt securities65,923 2,082 (437)67,568 158,589 151 (3,790)154,950 
Total Non-Nelnet Bank655,977 8,012 (39,707)624,282 958,353 3,649 (44,333)917,669 
Nelnet Bank:
FFELP loan (c)318,919 3,329 (2,393)319,855 349,855 955 (8,853)341,957 
Private education loan1,609 — (83)1,526 1,941 — (122)1,819 
Other debt securities115,914 146 (2,426)113,634 131,481 18 (3,907)127,592 
Total Nelnet Bank436,442 3,475 (4,902)435,015 483,277 973 (12,882)471,368 
Total available-for-sale asset-backed securities$1,092,419 11,487 (44,609)1,059,297 1,441,630 4,622 (57,215)1,389,037 
Equity securities46,634 39,082 
Total investments at fair value1,105,931 1,428,119 
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)4,700 18,554 
Nelnet Bank:
FFELP loan asset-backed securities (c)158,125 — 
Other debt securities241 220
Total Nelnet Bank158,366 220 
Total held to maturity investments163,066 18,774 
Venture capital and funds:
Measurement alternative (e)193,106 160,052 
Equity method99,640 89,332 
Total venture capital and funds292,746 249,384 
Real estate:
Equity method97,053 80,364 
Investment in ALLO:
Voting interest/equity method (f)26,294 67,538 
Preferred membership interest and accrued and unpaid preferred return (g)152,748 145,926 
Total investment in ALLO179,042 213,464 
Beneficial interest in loan securitizations (h):
Consumer loans and other98,701 39,249 
Private education loans69,716 75,261 
Federally insured student loans22,735 24,228 
Total beneficial interest in loan securitizations191,152 138,738 
Solar (i)(144,929)(55,448)
Notes receivable54,129 31,106 
Tax liens, affordable housing, and other7,498 7,416 
Total investments (not measured at fair value)839,757 683,798 
Total investments and notes receivable$1,945,688 $2,111,917 
(a)    A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 million, respectively.
(b)    A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 million, respectively.
(c)    On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available-for-sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(d)    On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available-for-sale.
(e)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of September 30, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(f)    During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income.
(g)    As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.3 million and $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(h)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(i)    As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 million is expected to be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 30, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively.
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023:
As of September 30, 2023
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 15,808 28,269 251,909 295,986 
Private education loan— — — 294,068 294,068 
Other debt securities— 99 9,199 56,625 65,923 
Total Non-Nelnet Bank— 15,907 37,468 602,602 655,977 
Fair value— 15,676 36,563 572,043 624,282 
Nelnet Bank:
FFELP loan68,494 13,183 55,630 181,612 318,919 
Private education loan— — — 1,609 1,609 
Other debt securities1,194 27,530 47,725 39,465 115,914 
Total Nelnet Bank69,688 40,713 103,355 222,686 436,442 
Fair value69,388 40,122 102,450 223,055 435,015 
Total available-for-sale asset-backed securities at amortized cost$69,688 56,620 140,823 825,288 1,092,419 
Total available-for-sale asset-backed securities at fair value$69,388 55,798 139,013 795,098 1,059,297 
Held to maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— 3,571 — 154,554 158,125 
Other debt securities241 — — — 241 
Total Nelnet Bank241 3,571 — 154,554 158,366 
Fair value241 3,641 — 155,786 159,668 
Total held-to-maturity investments at amortized cost$4,941 3,571 — 154,554 163,066 
Total held-to-maturity investments at fair value$4,941 3,641 — 155,786 164,368 
The following table presents securities classified as available-for-sale that have gross unrealized losses at September 30, 2023 and the fair value of such securities as of September 30, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2023
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Available-for-sale asset-backed securitiesUnrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Non-Nelnet Bank:
FFELP loan$(5,283)181,168 (27)716 (5,310)181,884 
Private education loan(6,138)65,276 (27,822)194,832 (33,960)260,108 
Other debt securities(437)21,299 — — (437)21,299 
Total Non-Nelnet Bank(11,858)267,743 (27,849)195,548 (39,707)463,291 
Nelnet Bank:
FFELP loan(1,328)123,951 (1,065)60,907 (2,393)184,858 
Private education loan— — (83)1,526 (83)1,526 
Other debt securities(319)25,045 (2,107)42,333 (2,426)67,378 
Total Nelnet Bank(1,647)148,996 (3,255)104,766 (4,902)253,762 
Total available-for-sale asset-backed securities$(13,505)416,739 (31,104)300,314 (44,609)717,053 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedNine months ended
September 30,September 30,
2023202220232022
Gross proceeds from sales$198,548 130,705 776,096 450,457 
Gross realized gains$1,257 1,142 3,451 5,016 
Gross realized losses(193)(564)(6,452)(796)
Net gains (losses)$1,064 578 (3,001)4,220 
v3.23.3
Intangible Assets
9 Months Ended
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2023 (months)
As ofAs of
September 30, 2023December 31, 2022
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $45,217 and $55,116, respectively)
105$45,490 51,738 
Trade names (net of accumulated amortization of $5,177 and $617, respectively)
213,733 8,293 
Computer software (net of accumulated amortization of $487 and $6,400, respectively)
431,233 1,520 
Other (net of accumulated amortization of $986 and $490, respectively)
451,454 1,950 
Total - amortizable intangible assets, net96$51,910 63,501 
The Company recorded amortization expense on its intangible assets of $5.4 million and $3.3 million for the three months ended September 30, 2023 and 2022, respectively, and $11.6 million and $8.6 million during the nine months ended September 30, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows:
2023 (October 1 - December 31)$5,382 
20248,775 
20257,141 
20266,294 
20275,814 
2028 and thereafter18,504 
 $51,910 
v3.23.3
Goodwill
9 Months Ended
Sep. 30, 2023
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 by reportable operating segment:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 92,507 41,883 — 18,873 176,902 
v3.23.3
Impairment Expense
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Expense Impairment ExpenseThe Company continues to evaluate the use of office space as a large number of associates continue to work from home. As a result, the Company recorded impairment charges related to operating lease assets and associated leasehold improvements of $5.0 million during the third quarter of 2023, which included a $2.4 million lease termination fee paid to Union Bank, a related party. In 2022, the Company recorded non-cash impairment charges of $6.2 million, primarily related to one of its venture capital investments accounted for under the measurement alternative method. The Company’s impairment charges are included in “impairment and other expense, net” in the consolidated statements of income.
v3.23.3
Bank Deposits
9 Months Ended
Sep. 30, 2023
Deposits [Abstract]  
Bank Deposits Bank Deposits
Deposits are interest-bearing deposits and primarily consist of brokered certificates of deposit (CDs) and retail and other savings deposits and CDs. Retail and other deposits include savings deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trusts (STFIT), and commercial and institutional CDs. Union Bank, a related party, is the program manager for the College Savings plans and trustee for the STFIT Trust. CDs are accounts that have a stipulated maturity and interest rate. For savings accounts, the depositor may be required to give written notice of any intended withdrawal no less than seven days before the withdrawal is made. Generally, early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity).
As of September 30, 2023 and December 31, 2022, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $229.3 million and $98.3 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2023December 31, 2022
Brokered CDs, net of brokered deposit fees$203,470 254,817 
Commercial2,057 — 
Retail and other savings (529, STFIT, and HSA)491,496 410,556 
Retail and other CDs (commercial and institutional)21,030 25,949 
Total interest-bearing deposits$718,053 691,322 
The following table presents certificates of deposit remaining maturities as of September 30, 2023:
After two years to three years$149,855 
After three years to four years74,298 
After four years to five years347 
Total$224,500 
The Educational 529 College Savings, STFIT, and Health Savings plan deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Except for the commercial deposit, the pledged deposit from Nelnet, Inc., and an earmarked deposit required for intercompany transactions, there were no deposits exceeding the FDIC insurance limits as of September 30, 2023 and December 31, 2022.
v3.23.3
Earnings per Common Share
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$44,367 965 45,332 102,763 2,035 104,798 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,699,510 798,563 37,498,073 36,654,781 725,712 37,380,493 
Earnings per share - basic and diluted$1.21 1.21 1.21 2.80 2.80 2.80 
Nine months ended September 30,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$97,982 2,104 100,086 369,479 7,094 376,573 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,650,653 786,934 37,437,587 36,998,100 710,325 37,708,425 
Earnings per share - basic and diluted$2.67 2.67 2.67 9.99 9.99 9.99 
v3.23.3
Segment Reporting
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 17 of the notes to consolidated financial statements included in the 2022 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,098 8,934 248,878 15,171 16,253 (5,783)284,551 
Interest expense— — 197,393 9,456 6,093 (5,783)207,159 
Net interest income1,098 8,934 51,485 5,715 10,160 — 77,392 
Less provision for loan losses— — 8,732 1,927 — — 10,659 
Net interest income after provision for loan losses1,098 8,934 42,753 3,788 10,160 — 66,733 
Other income (expense):
Loan servicing and systems revenue127,892 — — — — — 127,892 
Intersegment revenue6,944 77 — — — (7,021)— 
Education technology, services, and payment processing revenue— 113,796 — — — — 113,796 
Solar construction revenue— — — — 6,301 — 6,301 
Other, net687 — 2,776 565 (4,238)— (211)
Gain on sale of loans, net— — 5,362 — — — 5,362 
Impairment and other expense, net(296)— — — (4,678)— (4,974)
Derivative settlements, net— — 621 196 — — 817 
Derivative market value adjustments, net— — 1,192 1,948 — — 3,140 
Total other income (expense), net135,227 113,873 9,951 2,709 (2,615)(7,021)252,123 
Cost of services:
Cost to provide education technology, services, and payment processing services— 43,694 — — — — 43,694 
Cost to provide solar construction services— — — — 7,783 — 7,783 
Total cost of services— 43,694 — — 7,783 — 51,477 
Operating expenses:
Salaries and benefits73,310 39,776 1,242 2,520 25,019 (663)141,204 
Depreciation and amortization5,023 3,030 — 259 13,522 — 21,835 
Other expenses15,629 8,309 2,952 1,290 23,192 — 51,370 
Intersegment expenses, net17,894 5,875 7,948 129 (25,488)(6,358)— 
Total operating expenses111,856 56,990 12,142 4,198 36,245 (7,021)214,409 
Income (loss) before income taxes24,469 22,123 40,562 2,299 (36,483)— 52,970 
Income tax (expense) benefit(5,872)(5,307)(9,735)(552)10,732 — (10,734)
Net income (loss)18,597 16,816 30,827 1,747 (25,751)— 42,236 
Net (income) loss attributable to noncontrolling interests— (6)— — 3,102 — 3,096 
Net income (loss) attributable to Nelnet, Inc.$18,597 16,810 30,827 1,747 (22,649)— 45,332 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228)17,222,682 
 Three months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$831 3,707 182,932 7,551 10,860 (2,748)203,133 
Interest expense— — 120,009 3,298 6,067 (2,748)126,625 
Net interest income831 3,707 62,923 4,253 4,793 — 76,508 
Less provision for loan losses— — 9,215 450 — — 9,665 
Net interest income after provision for loan losses831 3,707 53,708 3,803 4,793 — 66,843 
Other income (expense):
Loan servicing and systems revenue134,197 — — — — — 134,197 
Intersegment revenue8,281 — — — (8,289)— 
Education technology, services, and payment processing revenue— 106,894 — — — — 106,894 
Solar construction revenue— — — — 9,358 — 9,358 
Other, net596 — 4,627 566 (3,564)— 2,225 
Gain on sale of loans, net— — 2,627 — — — 2,627 
Impairment and other expense, net— — — — 121 — 121 
Derivative settlements, net— — 10,271 — — — 10,271 
Derivative market value adjustments, net— — 52,991 — — — 52,991 
Total other income (expense), net143,074 106,902 70,516 566 5,915 (8,289)318,684 
Cost of services:
Cost to provide education technology, services, and payment processing services— 42,676 — — — — 42,676 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 42,676 — — 5,968 — 48,644 
Operating expenses:
Salaries and benefits82,067 34,950 653 1,814 27,713 — 147,198 
Depreciation and amortization5,784 2,532 — 10,452 — 18,772 
Other expenses16,654 7,034 3,349 1,427 15,395 — 43,858 
Intersegment expenses, net17,486 4,762 8,350 69 (22,378)(8,289)— 
Total operating expenses121,991 49,278 12,352 3,314 31,182 (8,289)209,828 
Income (loss) before income taxes21,914 18,655 111,872 1,055 (26,442)— 127,055 
Income tax (expense) benefit(5,259)(4,475)(26,849)(246)10,244 — (26,586)
Net income (loss)16,655 14,180 85,023 809 (16,198)— 100,469 
Net (income) loss attributable to noncontrolling interests— (61)— — 4,390 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$16,655 14,119 85,023 809 (11,808)— 104,798 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
Nine months ended September 30, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$3,193 20,237 737,359 41,092 63,307 (30,643)834,547 
Interest expense— — 618,905 24,841 26,653 (30,643)639,756 
Net interest income3,193 20,237 118,454 16,251 36,654 — 194,791 
Less provision for loan losses— — 48,689 5,837 — — 54,526 
Net interest income after provision for loan losses3,193 20,237 69,765 10,414 36,654 — 140,265 
Other income (expense):
Loan servicing and systems revenue389,138 — — — — — 389,138 
Intersegment revenue21,980 198 — — — (22,178)— 
Education technology, services, and payment processing revenue— 357,258 — — — — 357,258 
Solar construction revenue— — — — 19,687 — 19,687 
Other, net1,900 — 6,939 1,395 (31,526)— (21,293)
Gain on sale of loans, net— — 32,685 — — — 32,685 
Impairment and other expense, net(296)— — — (4,678)— (4,974)
Derivative settlements, net— — 23,940 279 — — 24,219 
Derivative market value adjustments, net— — (35,323)3,057 — — (32,266)
Total other income (expense), net412,722 357,456 28,241 4,731 (16,517)(22,178)764,454 
Cost of services:
Cost to provide education technology, services, and payment processing services— 131,804 — — — — 131,804 
Cost to provide solar construction services— — — — 25,204 — 25,204 
Total cost of services— 131,804 — — 25,204 — 157,008 
Operating expenses:
Salaries and benefits234,012 116,040 3,093 6,881 79,403 (808)438,620 
Depreciation and amortization14,400 8,424 — 315 33,976 — 57,114 
Other expenses42,760 26,063 12,083 3,696 53,550 — 138,154 
Intersegment expenses, net58,030 17,559 24,789 302 (79,310)(21,370)— 
Total operating expenses349,202 168,086 39,965 11,194 87,619 (22,178)633,888 
Income (loss) before income taxes66,713 77,803 58,041 3,951 (92,686)— 113,823 
Income tax (expense) benefit(16,011)(18,700)(13,930)(913)20,080 — (29,475)
Net income (loss)50,702 59,103 44,111 3,038 (72,606)— 84,348 
Net (income) loss attributable to noncontrolling interests— 113 — — 15,625 — 15,738 
Net income (loss) attributable to Nelnet, Inc.$50,702 59,216 44,111 3,038 (56,981)— 100,086 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228)17,222,682 
Nine months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,144 4,920 441,926 15,792 21,087 (4,953)479,916 
Interest expense44 — 235,720 5,792 11,745 (4,953)248,347 
Net interest income1,100 4,920 206,206 10,000 9,342 — 231,569 
Less provision for loan losses— — 17,178 1,462 — — 18,640 
Net interest income after provision for loan losses1,100 4,920 189,028 8,538 9,342 — 212,929 
Other income (expense):
Loan servicing and systems revenue395,438 — — — — — 395,438 
Intersegment revenue25,142 16 — — — (25,158)— 
Education technology, services, and payment processing revenue— 310,211 — — — — 310,211 
Solar construction revenue— — — — 9,358 — 9,358 
Other, net1,946 — 16,270 2,224 4,309 — 24,750 
Gain on sale of loans, net— — 5,616 — — — 5,616 
Impairment and other expense, net— — — — (6,163)— (6,163)
Derivative settlements, net— — 12,085 — — — 12,085 
Derivative market value adjustments, net— — 239,125 — — — 239,125 
Total other income (expense), net422,526 310,227 273,096 2,224 7,504 (25,158)990,420 
Cost of services:
Cost to provide education technology, services, and payment processing services— 109,073 — — — — 109,073 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 109,073 — — 5,968 — 115,041 
Operating expenses:
Salaries and benefits257,259 98,356 1,858 5,082 75,455 — 438,010 
Depreciation and amortization16,056 7,544 — 11 30,366 — 53,978 
Other expenses46,375 19,549 9,925 3,009 41,438 — 120,297 
Intersegment expenses, net56,442 14,171 25,694 171 (71,320)(25,158)— 
Total operating expenses376,132 139,620 37,477 8,273 75,939 (25,158)612,285 
Income (loss) before income taxes47,494 66,454 424,647 2,489 (65,061)— 476,023 
Income tax (expense) benefit(11,399)(15,947)(101,915)(574)22,070 — (107,765)
Net income (loss)36,095 50,507 322,732 1,915 (42,991)— 368,258 
Net (income) loss attributable to noncontrolling interests— (8)— — 8,323 — 8,315 
Net income (loss) attributable to Nelnet, Inc.$36,095 50,499 322,732 1,915 (34,668)— 376,573 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
v3.23.3
Disaggregated Revenue
9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Government loan servicing$100,154 104,428 304,769 312,368 
Private education and consumer loan servicing12,330 12,198 36,556 37,194 
FFELP loan servicing3,304 4,127 10,226 12,386 
Software services9,416 8,229 25,076 23,536 
Outsourced services2,688 5,215 12,511 9,954 
Loan servicing and systems revenue$127,892 134,197 389,138 395,438 
Education Technology, Services, and Payment Processing
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Tuition payment plan services$30,223 25,779 95,235 84,131 
Payment processing50,848 47,957 126,716 113,996 
Education technology and services31,793 32,548 132,796 110,755 
Other932 610 2,511 1,329 
Education technology, services, and payment processing revenue$113,796 106,894 357,258 310,211 
Solar Construction
Three months ended September 30,Nine months ended September 30,
2023202220232022 (a)
Commercial revenue$4,101 7,856 12,339 7,856 
Residential revenue2,085 1,398 7,266 1,398 
Other115 104 82 104 
Solar construction revenue$6,301 9,358 19,687 9,358 
(a) GRNE Solar was acquired on July 1, 2022.
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2023202220232022
ALLO preferred return$2,299 2,164 6,822 6,420 
Borrower late fee income2,220 2,824 6,635 7,693 
Administration/sponsor fee income1,712 1,920 5,180 6,055 
Investment advisory services1,633 1,612 4,884 4,375 
Loss from ALLO voting membership interest investment(17,293)(17,562)(49,676)(47,633)
Loss from solar investments(3,605)(4,216)(13,481)(7,100)
Investment activity, net(1,016)10,701 (8,169)40,626 
Other13,839 4,782 26,512 14,314 
Other, net$(211)2,225 (21,293)24,750 
v3.23.3
Major Customer
9 Months Ended
Sep. 30, 2023
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes Educational Loan Services, Inc. (Great Lakes), both subsidiaries of the Company, are two of the current five private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $100.2 million and $104.4 million for the three months ended September 30, 2023 and 2022, respectively, and $304.8 million and $312.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company also earned remote hosted servicing revenue by licensing its software to certain third-party servicers for the Department.
Contract Modifications and Award
Effective April 1, 2023, the Department modified the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the monthly fee under the servicing contracts by $0.19 per borrower on certain borrower statuses.
The Company's current student loan servicing contracts with the Department were scheduled to expire on December 14, 2023. In April 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of the Company, received a contract award from the Department, pursuant to which NDS was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts. On October 11, 2023, the USDS contract awarded to NDS was novated to Nelnet Servicing.
The New Government Servicing Contract is effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of more than 37 million existing borrowers will be allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. In April 2023, the Department indicated that servicing under the USDS contracts will go live in 2024 and it will extend the current legacy servicing contracts from December 14, 2023 to December 2024. Until servicing under the USDS contracts goes live, which is anticipated to be during the second quarter of 2024, the Company will continue to earn revenue for servicing borrowers under its current legacy servicing contracts with the Department.
The new USDS servicing contracts have multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contracts is primarily based on borrower status. Assuming borrower volume remains consistent under the USDS servicing contract, the Company expects revenue earned on a per borrower blended basis will decrease under the USDS contract versus the current legacy contracts. However, consistent with the current legacy contracts, the Company expects to earn additional revenue from the Department under the USDS servicing contract for change requests, consolidations, and other support services. As discussed below, during the second quarter of 2023, the Company completed the transfer of Great Lakes direct loan servicing volume to the Nelnet servicing platform. The associated cost savings with moving government borrowers to one servicing platform will be partially offset under the USDS contract as the Company will incur additional costs for cybersecurity and other system specifications as required under the new contract.
Loan Volume Transfers - Full Service Borrowers
In February 2023, the Department notified the Company of its intention to transfer up to one million of the Company’s existing Department servicing borrowers to another third-party servicer. This transfer decision was not based on the Company's performance. These transfers began in the second quarter of 2023 and were completed in July 2023.
In addition, the Company completed the transfer of active borrowers of Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform) during the second quarter of 2023. The Company anticipates the decommissioning of the Great Lakes' platform to be completed by the end of 2023. Therefore, potential associated cost savings as a result of transferring direct loan servicing volume to one platform will not be recognized in operating results until 2024.
Loan Volume Transfers - Remote Hosted Servicing Borrowers
Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilized Nelnet Servicing's platform to service their loans for the Department (remote hosted servicing customer). In the fourth quarter of 2022, Nelnet Servicing and Edfinancial reached an agreement on a decommission schedule transferring Edfinancial’s direct loan servicing volume to another third-party servicing platform. As of December 31, 2022, Edfinancial was servicing 4.5 million borrowers for the Department on the Company’s platform. The Company began transferring Edfinancial's servicing volume to another servicing
platform in the first quarter of 2023 which reduced the number of Edfinancial's borrowers serviced on the Company's platform to 3.5 million borrowers as of March 31, 2023 and 579,000 borrowers as of June 30, 2023. Edfinancial's remaining borrowers were transferred off of the Company's platform in July 2023.
In February 2023, the Company’s other remote hosted servicing customer notified the Company the Department intended to move that customer’s servicing borrowers to a different third-party servicing platform. This transfer decision was the result of this customer not being one of the servicers awarded a USDS contract. As of March 31, 2023, this remote hosted servicing customer was servicing 1.4 million borrowers for the Department on the Company's platform. The majority of this volume was transferred to another third-party servicing platform during the second quarter of 2023, and the remaining borrowers were transferred off of the Company's platform in July 2023.
As a result of the transfers discussed above, the Company currently has no remaining Department remote hosted servicing borrowers on its platform and software services revenue will be negatively impacted in future periods. However, the Company has executed an agreement with a third-party servicer awarded a USDS contract to license its servicing software to such entity and the Company anticipates earning remote hosted servicing revenue from this new customer when USDS goes live beginning in the second quarter of 2024.
Department of Education Debt Relief
In August 2022, the Department announced a broad based student debt relief plan that would provide targeted student debt cancellation to borrowers with loans held by the Department with unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. Federal courts blocked implementation of the Department's broad based student debt relief plan and on June 30, 2023, the Supreme Court struck down the Department's plan. While the current version of the Department's forgiveness plan has been invalidated, the Department recently announced that it has begun a new rulemaking process to consider other ways to provide debt relief to borrowers. The Company cannot predict the timing, nature, or ultimate outcome of any future potential student loan forgiveness programs as a result of the rulemaking process. Revenue earned under the current Department servicing contracts will decrease in future periods if the Department successfully implements broad based loan forgiveness.
v3.23.3
Fair Value
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2023As of December 31, 2022
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,059,198 1,059,297 100 1,388,937 1,389,037 
Equity securities80 — 80 6,719 — 6,719 
Equity securities measured at net asset value (a)46,554 32,363 
Total investments179 1,059,198 1,105,931 6,819 1,388,937 1,428,119 
Derivative instruments (b)— 3,056 3,056 — — — 
Total assets$179 1,062,254 1,108,987 6,819 1,388,937 1,428,119 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)    Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$13,462,084 13,060,703 — — 13,462,084 
Accrued loan interest receivable806,854 806,854 — 806,854 — 
Cash and cash equivalents187,690 187,690 187,690 — — 
Investments (at fair value)1,105,931 1,105,931 179 1,059,198 — 
Investments - held to maturity164,368 163,066 — 164,368 — 
Notes receivable54,129 54,129 — 54,129 — 
Beneficial interest in loan securitizations239,890 191,152 — — 239,890 
Restricted cash445,983 445,983 445,983 — — 
Restricted cash – due to customers158,872 158,872 158,872 — — 
Derivative instruments3,056 3,056 — 3,056 — 
Financial liabilities:  
Bonds and notes payable12,215,581 12,448,109 — 12,215,581 — 
Accrued interest payable36,391 36,391 — 36,391 — 
Bank deposits690,313 718,053 440,062 250,251 — 
Due to customers341,822 341,822 341,822 — — 
 As of December 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$14,586,794 14,427,025 — — 14,586,794 
Accrued loan interest receivable816,864 816,864 — 816,864 — 
Cash and cash equivalents118,146 118,146 118,146 — — 
Investments (at fair value)1,428,119 1,428,119 6,819 1,388,937 — 
Investments - held to maturity18,996 18,774 — 18,996 — 
Notes receivable31,106 31,106 — 31,106 — 
Beneficial interest in loan securitizations162,360 138,738 — — 162,360 
Restricted cash945,159 945,159 945,159 — — 
Restricted cash – due to customers294,311 294,311 294,311 — — 
Financial liabilities:  
Bonds and notes payable14,088,666 14,637,195 — 14,088,666 — 
Accrued interest payable36,049 36,049 — 36,049 — 
Bank deposits664,573 691,322 355,282 309,291 — 
Due to customers348,317 348,317 348,317 — — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2022 Annual Report.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net income attributable to Nelnet, Inc. $ 45,332 $ 104,798 $ 100,086 $ 376,573
v3.23.3
Insider Trading Arrangements
3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Basis of Financial Reporting (Policies)
9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report").
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$3,104,569 3,389,178 
Consolidation9,194,415 10,177,295 
Total12,298,984 13,566,473 
Private education loans293,004 252,383 
Consumer and other loans143,633 350,915 
Non-Nelnet Bank loans12,735,621 14,169,771 
Nelnet Bank:
Federally insured loans59,261 65,913 
Private education loans359,941 353,882 
Consumer and other loans49,611 — 
Nelnet Bank loans468,813 419,795 
Accrued interest receivable806,854 816,864 
Loan discount, net of unamortized loan premiums and deferred origination costs(33,638)(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(72,043)(83,593)
Private education loans(16,944)(15,411)
Consumer and other loans(14,022)(30,263)
Non-Nelnet Bank allowance for loan losses(103,009)(129,267)
Nelnet Bank:
Federally insured loans(148)(170)
Private education loans(3,083)(2,390)
Consumer and other loans(3,853)— 
Nelnet Bank allowance for loan losses(7,084)(2,560)
 $13,867,557 15,243,889 
Allowance for Loan Losses as a Percentage of the Ending Balance
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.62 %
Private education loans5.78 %6.11 %
Consumer and other loans9.76 %8.62 %
Nelnet Bank:
Federally insured loans (a)0.25 %0.26 %
Private education loans0.86 %0.68 %
Consumer and other loans7.77 %— 
(a)    As of September 30, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.9% and 22.4%, respectively, and for Nelnet Bank was 10.0% and 10.3%, respectively.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended September 30,Nine months ended September 30,
2023202220232022
Non-Nelnet Bank:
Federally insured loans0.11 %0.15 %0.16 %0.13 %
Private education loans0.61 %1.23 %0.94 %1.22 %
Consumer and other loans9.57 %1.96 %4.59 %2.54 %
Nelnet Bank:
Federally insured loans0.03 %0.00 %0.01 %0.00 %
Private education loans0.05 %0.00 %0.25 %0.04 %
Consumer and other loans5.69 %— 3.00 %— 
Financing Receivable, Loans Sold and Gains Recognized The following table summarizes the loans sold and gains/losses recognized by the Company during the nine months ended September 30, 2023 and 2022.
Loans sold
(par value)
Gain (loss)Loan typeResidual interest received in securitization
Nine months ended September 30, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,277 8,903 Consumer24.6 (a)
April 45,633 659 Consumer— 
April 1324,980 3,123 Consumer11.3 
May 2127,663 11,729 Consumer26.5 
August 361,807 5,362 Consumer24.3 
$481,985 32,685 
Nine months ended September 30, 2022
January 26$18,125 2,989 Consumer6.6 %
June 30114 — Home equity— 
July 728,915 2,627 Consumer7.6 
$47,154 5,616 
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan salesBalance at end of period
Three months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$74,061 1,641 (3,659)— — — 72,043 
Private education loans14,322 3,009 (571)184 — — 16,944 
Consumer and other loans20,005 4,082 (4,115)434 — (6,384)14,022 
Nelnet Bank:
Federally insured loans154 (2)(4)— — — 148 
Private education loans2,905 220 (42)— — — 3,083 
Consumer and other loans2,816 1,554 (517)— — — 3,853 
$114,263 10,504 (8,908)618 — (6,384)110,093 
Three months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$92,593 888 (5,715)— 12 — 87,778 
Private education loans15,253 1,154 (1,066)236 — — 15,577 
Consumer and other loans10,576 7,173 (1,021)147 — (3,585)13,290 
Nelnet Bank:
Federally insured loans258 (94)— — — — 164 
Private education loans1,744 504 — — — — 2,248 
$120,424 9,625 (7,802)383 12 (3,585)119,057 
Nine months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 4,052 (15,608)— — 72,043 
Private education loans15,411 3,249 (2,279)563 — — 16,944 
Consumer and other loans30,263 41,388 (9,264)1,096 — (49,461)14,022 
Nelnet Bank:
Federally insured loans170 (15)(7)— — — 148 
Private education loans2,390 1,350 (657)— — — 3,083 
Consumer and other loans— 4,370 (517)— — — 3,853 
$131,827 54,394 (28,332)1,659 (49,461)110,093 
Nine months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 505 (16,264)— 156 — 87,778 
Private education loans16,143 1,971 (3,072)531 — 15,577 
Consumer and other loans6,481 14,702 (2,489)465 — (5,869)13,290 
Nelnet Bank:
Federally insured loans268 (102)(2)— — — 164 
Private education loans840 1,499 (87)— — (4)2,248 
$127,113 18,575 (21,914)996 156 (5,869)119,057 
Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts.
As of September 30, 2023As of December 31, 2022As of September 30, 2022
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $562,754 4.6 % $637,919 4.7 % $719,724 5.0 %
Loans in forbearance 906,060 7.4  1,103,181 8.1  1,384,709 9.7 
Loans in repayment status:  
Loans current9,014,731 83.2 %10,173,859 86.0 %10,454,046 85.7 %
Loans delinquent 31-60 days441,016 4.1 415,305 3.5 431,471 3.6 
Loans delinquent 61-90 days301,028 2.8 253,565 2.2 261,616 2.1 
Loans delinquent 91-120 days213,245 2.0 180,029 1.5 185,753 1.5 
Loans delinquent 121-270 days648,924 6.0 534,410 4.5 540,555 4.4 
Loans delinquent 271 days or greater211,226 1.9 268,205 2.3 322,517 2.7 
Total loans in repayment10,830,170 88.0 100.0 %11,825,373 87.2 100.0 %12,195,958 85.3 100.0 %
Total federally insured loans12,298,984 100.0 % 13,566,473 100.0 % 14,300,391 100.0 %
Accrued interest receivable798,102 808,150 786,494 
Loan discount, net of unamortized premiums and deferred origination costs(30,979)(35,468)(25,381)
Allowance for loan losses(72,043)(83,593)(87,778)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$12,994,064 $14,255,562 $14,973,726 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $11,373 3.9 %$12,756 5.1 %$15,556 5.9 %
Loans in forbearance 2,280 0.8 2,017 0.8 2,745 1.1 
Loans in repayment status:
Loans current271,948 97.4 %232,539 97.9 %238,926 98.0 %
Loans delinquent 31-60 days3,485 1.2 2,410 1.0 2,014 0.8 
Loans delinquent 61-90 days1,424 0.5 767 0.3 992 0.4 
Loans delinquent 91 days or greater2,494 0.9 1,894 0.8 1,950 0.8 
Total loans in repayment279,351 95.3 100.0 %237,610 94.1 100.0 %243,882 93.0 100.0 %
Total private education loans293,004 100.0 % 252,383 100.0 % 262,183 100.0 %
Accrued interest receivable2,750 2,146 2,207 
Loan discount, net of unamortized premiums(8,069)(38)(185)
Allowance for loan losses(16,944)(15,411)(15,577)
Total private education loans and accrued interest receivable, net of allowance for loan losses$270,741 $239,080 $248,628 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$20 0.0 %$109 0.0 %$29 0.0 %
Loans in repayment status:
Loans current137,744 95.9 %346,812 98.9 %228,827 98.9 %
Loans delinquent 31-60 days1,987 1.4 1,906 0.5 1,019 0.4 
Loans delinquent 61-90 days1,293 0.9 764 0.2 427 0.2 
Loans delinquent 91 days or greater2,589 1.8 1,324 0.4 1,139 0.5 
Total loans in repayment143,613 100.0 100.0 %350,806 100.0 100.0 %231,412 100.0 100.0 %
Total consumer and other loans143,633 100.0 %350,915 100.0 %231,441 100.0 %
Accrued interest receivable1,716 3,658 2,561 
Loan discount, net of unamortized premiums(180)(588)(1,847)
Allowance for loan losses(14,022)(30,263)(13,290)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$131,147 $323,722 $218,865 
As of September 30, 2023As of December 31, 2022As of September 30, 2022
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$283 0.5 %$241 0.4 %$274 0.4 %
Loans in forbearance862 1.5 981 1.5 2,551 3.5 
Loans in repayment status:
Loans current57,059 98.3 %63,225 97.8 %68,970 98.4 %
Loans delinquent 30-59 days333 0.6 436 0.7 353 0.5 
Loans delinquent 60-89 days81 0.1 466 0.7 130 0.2 
Loans delinquent 90-119 days12 0.0 222 0.3 0.0 
Loans delinquent 120-270 days428 0.7 183 0.3 508 0.7 
Loans delinquent 271 days or greater203 0.3 159 0.2 114 0.2 
Total loans in repayment58,116 98.0 100.0 %64,691 98.1 100.0 %70,080 96.1 100.0 %
Total federally insured loans59,261 100.0 %65,913 100.0 %72,905 100.0 %
Accrued interest receivable2,008 1,758 1,607 
Loan premium19 20 23 
Allowance for loan losses(148)(170)(164)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$61,140 $67,521 $74,371 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$23,575 6.6 %$11,580 3.3 %$10,888 3.1 %
Loans in forbearance1,169 0.3 864 0.2 524 0.1 
Loans in repayment status:
Loans current333,595 99.5 %340,830 99.8 %344,469 99.8 %
Loans delinquent 30-59 days679 0.2 167 0.1 197 0.1 
Loans delinquent 60-89 days412 0.1 32 0.0 79 0.0 
Loans delinquent 90 days or greater511 0.2 409 0.1 414 0.1 
Total loans in repayment335,197 93.1 100.0 %341,438 96.5 100.0 %345,159 96.8 100.0 %
Total private education loans359,941 100.0 %353,882 100.0 %356,571 100.0 %
Accrued interest receivable1,905 1,152 969 
Deferred origination costs, net of unaccreted discount5,578 5,360 5,369 
Allowance for loan losses(3,083)(2,390)(2,248)
Total private education loans and accrued interest receivable, net of allowance for loan losses$364,341 $358,004 $360,661 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$95 0.2 %
Loans in forbearance32 0.1 
Loans in repayment status:
Loans current48,358 97.7 %
Loans delinquent 30-59 days527 1.1 
Loans delinquent 60-89 days306 0.6 
Loans delinquent 90 days or greater293 0.6 
Total loans in repayment49,484 99.7 100.0 %
Total consumer and other loans49,611 100.0 %
Accrued interest receivable373 
Loan discount(7)
Allowance for loan losses(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$46,124 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of September 30, 2023
Nine months ended September 30, 2023202220212020Total
FICO at origination:
Less than 705$2,681 5,726 4,860 339 13,606 
705 - 7346,970 22,441 9,395 502 39,308 
735 - 7646,505 33,692 15,233 1,378 56,808 
765 - 7944,797 53,433 28,066 1,400 87,696 
Greater than 79413,719 80,523 61,283 5,425 160,950 
No FICO score available or required (a)1,573 — — — 1,573 
$36,245 195,815 118,837 9,044 359,941 
Loan balance as of December 31, 2022
202220212020Total
FICO at origination:
Less than 705$5,898 5,389 348 11,635 
705 - 73423,392 10,543 542 34,477 
735 - 76435,456 16,686 1,473 53,615 
765 - 79457,141 31,035 1,622 89,798 
Greater than 79487,959 70,135 6,263 164,357 
$209,846 133,788 10,248 353,882 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20232022202120202019Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— 1,138 4,845 1,105 1,647 2,638 11,373 
Loans in forbearance— 79 50 411 569 1,171 2,280 
Loans in repayment status:
Loans current128 4,311 4,351 46,927 38,618 177,613 271,948 
Loans delinquent 31-60 days— — 33 383 234 2,835 3,485 
Loans delinquent 61-90 days— 31 145 42 1,202 1,424 
Loans delinquent 91 days or greater— — — 189 — 2,305 2,494 
Total loans in repayment128 4,315 4,415 47,644 38,894 183,955 279,351 
Total private education loans$128 5,532 9,310 49,160 41,110 187,764 293,004 
Accrued interest receivable2,750 
Loan discount, net of unamortized premiums(8,069)
Allowance for loan losses(16,944)
Total private education loans and accrued interest receivable, net of allowance for loan losses$270,741 
Gross charge-offs - nine months ended September 30, 2023$— 35 10 105 548 1,581 2,279 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— — 18 — — 20 
Loans in repayment status:
Loans current83,292 48,425 4,687 506 664 170 137,744 
Loans delinquent 31-60 days677 1,128 167 — 1,987 
Loans delinquent 61-90 days623 579 84 — 1,293 
Loans delinquent 91 days or greater392 1,402 241 27 199 328 2,589 
Total loans in repayment84,984 51,534 5,179 533 877 506 143,613 
Total consumer and other loans$84,984 51,534 5,197 533 877 508 143,633 
Accrued interest receivable1,716 
Loan discount, net of unamortized premiums(180)
Allowance for loan losses(14,022)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$131,147 
Gross charge-offs - nine months ended September 30, 2023$2,866 5,580 583 27 80 128 9,264 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$9,028 12,210 1,218 1,119 — — 23,575 
Loans in forbearance147 683 339 — — — 1,169 
Loans in repayment status:
Loans current26,709 182,313 116,684 7,889 — — 333,595 
Loans delinquent 30-59 days228 249 166 36 — — 679 
Loans delinquent 60-89 days165 243 — — — 412 
Loans delinquent 90 days or greater129 195 187 — — — 511 
Total loans in repayment27,070 182,922 117,280 7,925 — — 335,197 
Total private education loans$36,245 195,815 118,837 9,044 — — 359,941 
Accrued interest receivable1,905 
Deferred origination costs, net of unaccreted discount5,578 
Allowance for loan losses(3,083)
Total private education loans and accrued interest receivable, net of allowance for loan losses$364,341 
Gross charge-offs - nine months ended September 30, 2023$20 637 — — — — 657 
Nine months ended September 30, 20232022202120202019Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$95 — — — — — 95 
Loans in forbearance32 — — — — — 32 
Loans in repayment status:
Loans current47,813 490 55 — — — 48,358 
Loans delinquent 30-59 days527 — — — — — 527 
Loans delinquent 60-89 days306 — — — — — 306 
Loans delinquent 90 days or greater293 — — — — — 293 
Total loans in repayment48,939 490 55 — — — 49,484 
Total consumer and other loans$49,066 490 55 — — — 49,611 
Accrued interest receivable373 
Loan discount(7)
Allowance for loan losses(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$46,124 
Gross charge-offs - nine months ended September 30, 2023$517 — — — — — 517 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.23.3
Bonds and Notes Payable (Tables)
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$10,028,276 
5.27% - 7.43%
8/26/30 - 9/25/69
Bonds and notes based on auction89,910 
0.00% - 6.43%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes10,118,186 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
497,397 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,466,178 
5.40% - 5.67%
11/22/24 / 4/2/25
Private education loan warehouse facility38,183 5.63%12/31/23
Consumer loan warehouse facility49,937 5.68%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitization15,579 
6.90%
6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization16,626 
5.35%
12/28/43
Unsecured line of credit— 9/22/26
Participation agreement63 6.06%5/4/24
Repurchase agreement336,523 
6.26% - 6.72%
11/20/23 - 11/27/24
Other - due to related party6,010 
3.55% - 6.05%
3/1/24 - 11/15/30
12,544,682   
Discount on bonds and notes payable and debt issuance costs(96,573)
Total$12,448,109 
 As of December 31, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$11,868,190 
4.47% - 6.39%
8/26/30 - 9/25/69
Bonds and notes based on auction178,960 
0.00% - 4.02%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes12,047,150 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
594,051 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility978,956 
4.69% / 4.71%
5/22/24
Private education loan warehouse facility64,356 4.72%12/31/23
Consumer loan warehouse facility89,000 4.73%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations19,865 
5.90% / 6.14%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization23,032 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement395,432 5.02%5/4/23
Repurchase agreements567,254 
0.97% - 5.60%
1/4/23 - 11/27/24
Other - due to related party6,187 
3.55% - 6.05%
3/1/24 - 11/15/30
14,785,283   
Discount on bonds and notes payable and debt issuance costs(148,088)
Total$14,637,195 
Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of September 30, 2023.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$1,250,000 1,067,533 182,467 11/22/202311/22/2024note (b)$74,825 
FFELP (c)432,000 398,645 33,355 4/2/20244/2/202592 %33,483 
$1,682,000 1,466,178 215,822 $108,308 
Private (d)38,183 38,183 — 10/31/202312/31/2023— 17,910 
Consumer250,000 49,937 200,063 11/14/202411/14/202570 %21,328 
(a)    On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million.
(d)    On June 30, 2023, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. No additional amounts can be borrowed under this facility.
Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2023202220232022
Purchase price$(4,284)(13,563)(5,112)(67,081)
Par value5,033 13,903 5,941 69,133 
Remaining unamortized cost of issuance(12)(180)(14)(821)
Gain$737 160 815 1,231 
v3.23.3
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Basis Swap
The following table summarizes the Company’s outstanding basis swaps, in which the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR.
MaturityNotional amount
As ofAs of
September 30, 2023December 31, 2022
2023$— 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$3,150,000 3,900,000 
Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2023As of December 31, 2022 (a)
MaturityNotional amountWeighted average fixed rate paid by the Company (b)Notional amountWeighted average fixed rate paid by the Company (b)
2024$— — %$2,000,000 0.35 %
2026— — 500,000 1.02 
2030 (c)50,000 3.44 — — 
2031— — 100,000 1.53 
2032— — 200,000 2.92 
 $50,000 3.44 %$2,800,000 0.70 %
(a)    On March 15, 2023, to minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements.
(b)    For the interest rate derivative maturing in 2030, the Company receives payments based on SOFR that resets quarterly. For all other interest rate derivatives that were terminated, the Company received payments based on three-month LIBOR that reset quarterly.
(c)    The Company entered into this derivative in June 2023.
Interest Rate Derivatives
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of September 30, 2023.
As of September 30, 2023
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
 $115,000 3.36 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Settlements:  
1:3 basis swaps$386 (1,085)1,180 242 
Interest rate swaps - floor income hedges235 11,356 22,760 11,843 
Interest rate swaps - Nelnet Bank196 — 279 — 
Total settlements - income817 10,271 24,219 12,085 
Change in fair value:  
1:3 basis swaps(464)189 (253)929 
Interest rate swaps - floor income hedges1,656 52,802 (35,070)238,196 
Interest rate swaps - Nelnet Bank1,948 — 3,057 — 
Total change in fair value - income (expense)3,140 52,991 (32,266)239,125 
Derivative market value adjustments and derivative settlements, net - income (expense)$3,957 63,262 (8,047)251,210 
v3.23.3
Investments and Notes Receivable (Tables)
9 Months Ended
Sep. 30, 2023
Investments [Abstract]  
Investments and Notes Receivable
Investments and notes receivable consisted of the following:
As of September 30, 2023As of December 31, 2022
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan (a)$295,986 5,930 (5,310)296,606 463,861 3,498 (11,105)456,254 
Private education loan (b)294,068 — (33,960)260,108 335,903 — (29,438)306,465 
Other debt securities65,923 2,082 (437)67,568 158,589 151 (3,790)154,950 
Total Non-Nelnet Bank655,977 8,012 (39,707)624,282 958,353 3,649 (44,333)917,669 
Nelnet Bank:
FFELP loan (c)318,919 3,329 (2,393)319,855 349,855 955 (8,853)341,957 
Private education loan1,609 — (83)1,526 1,941 — (122)1,819 
Other debt securities115,914 146 (2,426)113,634 131,481 18 (3,907)127,592 
Total Nelnet Bank436,442 3,475 (4,902)435,015 483,277 973 (12,882)471,368 
Total available-for-sale asset-backed securities$1,092,419 11,487 (44,609)1,059,297 1,441,630 4,622 (57,215)1,389,037 
Equity securities46,634 39,082 
Total investments at fair value1,105,931 1,428,119 
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)4,700 18,554 
Nelnet Bank:
FFELP loan asset-backed securities (c)158,125 — 
Other debt securities241 220
Total Nelnet Bank158,366 220 
Total held to maturity investments163,066 18,774 
Venture capital and funds:
Measurement alternative (e)193,106 160,052 
Equity method99,640 89,332 
Total venture capital and funds292,746 249,384 
Real estate:
Equity method97,053 80,364 
Investment in ALLO:
Voting interest/equity method (f)26,294 67,538 
Preferred membership interest and accrued and unpaid preferred return (g)152,748 145,926 
Total investment in ALLO179,042 213,464 
Beneficial interest in loan securitizations (h):
Consumer loans and other98,701 39,249 
Private education loans69,716 75,261 
Federally insured student loans22,735 24,228 
Total beneficial interest in loan securitizations191,152 138,738 
Solar (i)(144,929)(55,448)
Notes receivable54,129 31,106 
Tax liens, affordable housing, and other7,498 7,416 
Total investments (not measured at fair value)839,757 683,798 
Total investments and notes receivable$1,945,688 $2,111,917 
(a)    A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 million, respectively.
(b)    A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 million, respectively.
(c)    On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available-for-sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(d)    On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available-for-sale.
(e)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of September 30, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(f)    During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income.
(g)    As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.3 million and $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(h)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(i)    As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 million is expected to be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 30, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively.
Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023:
As of September 30, 2023
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 15,808 28,269 251,909 295,986 
Private education loan— — — 294,068 294,068 
Other debt securities— 99 9,199 56,625 65,923 
Total Non-Nelnet Bank— 15,907 37,468 602,602 655,977 
Fair value— 15,676 36,563 572,043 624,282 
Nelnet Bank:
FFELP loan68,494 13,183 55,630 181,612 318,919 
Private education loan— — — 1,609 1,609 
Other debt securities1,194 27,530 47,725 39,465 115,914 
Total Nelnet Bank69,688 40,713 103,355 222,686 436,442 
Fair value69,388 40,122 102,450 223,055 435,015 
Total available-for-sale asset-backed securities at amortized cost$69,688 56,620 140,823 825,288 1,092,419 
Total available-for-sale asset-backed securities at fair value$69,388 55,798 139,013 795,098 1,059,297 
Held to maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— 3,571 — 154,554 158,125 
Other debt securities241 — — — 241 
Total Nelnet Bank241 3,571 — 154,554 158,366 
Fair value241 3,641 — 155,786 159,668 
Total held-to-maturity investments at amortized cost$4,941 3,571 — 154,554 163,066 
Total held-to-maturity investments at fair value$4,941 3,641 — 155,786 164,368 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of September 30, 2023
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Available-for-sale asset-backed securitiesUnrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Non-Nelnet Bank:
FFELP loan$(5,283)181,168 (27)716 (5,310)181,884 
Private education loan(6,138)65,276 (27,822)194,832 (33,960)260,108 
Other debt securities(437)21,299 — — (437)21,299 
Total Non-Nelnet Bank(11,858)267,743 (27,849)195,548 (39,707)463,291 
Nelnet Bank:
FFELP loan(1,328)123,951 (1,065)60,907 (2,393)184,858 
Private education loan— — (83)1,526 (83)1,526 
Other debt securities(319)25,045 (2,107)42,333 (2,426)67,378 
Total Nelnet Bank(1,647)148,996 (3,255)104,766 (4,902)253,762 
Total available-for-sale asset-backed securities$(13,505)416,739 (31,104)300,314 (44,609)717,053 
Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedNine months ended
September 30,September 30,
2023202220232022
Gross proceeds from sales$198,548 130,705 776,096 450,457 
Gross realized gains$1,257 1,142 3,451 5,016 
Gross realized losses(193)(564)(6,452)(796)
Net gains (losses)$1,064 578 (3,001)4,220 
v3.23.3
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2023 (months)
As ofAs of
September 30, 2023December 31, 2022
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $45,217 and $55,116, respectively)
105$45,490 51,738 
Trade names (net of accumulated amortization of $5,177 and $617, respectively)
213,733 8,293 
Computer software (net of accumulated amortization of $487 and $6,400, respectively)
431,233 1,520 
Other (net of accumulated amortization of $986 and $490, respectively)
451,454 1,950 
Total - amortizable intangible assets, net96$51,910 63,501 
Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows:
2023 (October 1 - December 31)$5,382 
20248,775 
20257,141 
20266,294 
20275,814 
2028 and thereafter18,504 
 $51,910 
v3.23.3
Goodwill (Tables)
9 Months Ended
Sep. 30, 2023
Goodwill [Abstract]  
Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 by reportable operating segment:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 92,507 41,883 — 18,873 176,902 
v3.23.3
Bank Deposits (Tables)
9 Months Ended
Sep. 30, 2023
Deposits [Abstract]  
Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2023December 31, 2022
Brokered CDs, net of brokered deposit fees$203,470 254,817 
Commercial2,057 — 
Retail and other savings (529, STFIT, and HSA)491,496 410,556 
Retail and other CDs (commercial and institutional)21,030 25,949 
Total interest-bearing deposits$718,053 691,322 
Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of September 30, 2023:
After two years to three years$149,855 
After three years to four years74,298 
After four years to five years347 
Total$224,500 
v3.23.3
Earnings per Common Share (Tables)
9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$44,367 965 45,332 102,763 2,035 104,798 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,699,510 798,563 37,498,073 36,654,781 725,712 37,380,493 
Earnings per share - basic and diluted$1.21 1.21 1.21 2.80 2.80 2.80 
Nine months ended September 30,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$97,982 2,104 100,086 369,479 7,094 376,573 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,650,653 786,934 37,437,587 36,998,100 710,325 37,708,425 
Earnings per share - basic and diluted$2.67 2.67 2.67 9.99 9.99 9.99 
v3.23.3
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Operating Segments Reconciliation to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,098 8,934 248,878 15,171 16,253 (5,783)284,551 
Interest expense— — 197,393 9,456 6,093 (5,783)207,159 
Net interest income1,098 8,934 51,485 5,715 10,160 — 77,392 
Less provision for loan losses— — 8,732 1,927 — — 10,659 
Net interest income after provision for loan losses1,098 8,934 42,753 3,788 10,160 — 66,733 
Other income (expense):
Loan servicing and systems revenue127,892 — — — — — 127,892 
Intersegment revenue6,944 77 — — — (7,021)— 
Education technology, services, and payment processing revenue— 113,796 — — — — 113,796 
Solar construction revenue— — — — 6,301 — 6,301 
Other, net687 — 2,776 565 (4,238)— (211)
Gain on sale of loans, net— — 5,362 — — — 5,362 
Impairment and other expense, net(296)— — — (4,678)— (4,974)
Derivative settlements, net— — 621 196 — — 817 
Derivative market value adjustments, net— — 1,192 1,948 — — 3,140 
Total other income (expense), net135,227 113,873 9,951 2,709 (2,615)(7,021)252,123 
Cost of services:
Cost to provide education technology, services, and payment processing services— 43,694 — — — — 43,694 
Cost to provide solar construction services— — — — 7,783 — 7,783 
Total cost of services— 43,694 — — 7,783 — 51,477 
Operating expenses:
Salaries and benefits73,310 39,776 1,242 2,520 25,019 (663)141,204 
Depreciation and amortization5,023 3,030 — 259 13,522 — 21,835 
Other expenses15,629 8,309 2,952 1,290 23,192 — 51,370 
Intersegment expenses, net17,894 5,875 7,948 129 (25,488)(6,358)— 
Total operating expenses111,856 56,990 12,142 4,198 36,245 (7,021)214,409 
Income (loss) before income taxes24,469 22,123 40,562 2,299 (36,483)— 52,970 
Income tax (expense) benefit(5,872)(5,307)(9,735)(552)10,732 — (10,734)
Net income (loss)18,597 16,816 30,827 1,747 (25,751)— 42,236 
Net (income) loss attributable to noncontrolling interests— (6)— — 3,102 — 3,096 
Net income (loss) attributable to Nelnet, Inc.$18,597 16,810 30,827 1,747 (22,649)— 45,332 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228)17,222,682 
 Three months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$831 3,707 182,932 7,551 10,860 (2,748)203,133 
Interest expense— — 120,009 3,298 6,067 (2,748)126,625 
Net interest income831 3,707 62,923 4,253 4,793 — 76,508 
Less provision for loan losses— — 9,215 450 — — 9,665 
Net interest income after provision for loan losses831 3,707 53,708 3,803 4,793 — 66,843 
Other income (expense):
Loan servicing and systems revenue134,197 — — — — — 134,197 
Intersegment revenue8,281 — — — (8,289)— 
Education technology, services, and payment processing revenue— 106,894 — — — — 106,894 
Solar construction revenue— — — — 9,358 — 9,358 
Other, net596 — 4,627 566 (3,564)— 2,225 
Gain on sale of loans, net— — 2,627 — — — 2,627 
Impairment and other expense, net— — — — 121 — 121 
Derivative settlements, net— — 10,271 — — — 10,271 
Derivative market value adjustments, net— — 52,991 — — — 52,991 
Total other income (expense), net143,074 106,902 70,516 566 5,915 (8,289)318,684 
Cost of services:
Cost to provide education technology, services, and payment processing services— 42,676 — — — — 42,676 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 42,676 — — 5,968 — 48,644 
Operating expenses:
Salaries and benefits82,067 34,950 653 1,814 27,713 — 147,198 
Depreciation and amortization5,784 2,532 — 10,452 — 18,772 
Other expenses16,654 7,034 3,349 1,427 15,395 — 43,858 
Intersegment expenses, net17,486 4,762 8,350 69 (22,378)(8,289)— 
Total operating expenses121,991 49,278 12,352 3,314 31,182 (8,289)209,828 
Income (loss) before income taxes21,914 18,655 111,872 1,055 (26,442)— 127,055 
Income tax (expense) benefit(5,259)(4,475)(26,849)(246)10,244 — (26,586)
Net income (loss)16,655 14,180 85,023 809 (16,198)— 100,469 
Net (income) loss attributable to noncontrolling interests— (61)— — 4,390 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$16,655 14,119 85,023 809 (11,808)— 104,798 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
Nine months ended September 30, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$3,193 20,237 737,359 41,092 63,307 (30,643)834,547 
Interest expense— — 618,905 24,841 26,653 (30,643)639,756 
Net interest income3,193 20,237 118,454 16,251 36,654 — 194,791 
Less provision for loan losses— — 48,689 5,837 — — 54,526 
Net interest income after provision for loan losses3,193 20,237 69,765 10,414 36,654 — 140,265 
Other income (expense):
Loan servicing and systems revenue389,138 — — — — — 389,138 
Intersegment revenue21,980 198 — — — (22,178)— 
Education technology, services, and payment processing revenue— 357,258 — — — — 357,258 
Solar construction revenue— — — — 19,687 — 19,687 
Other, net1,900 — 6,939 1,395 (31,526)— (21,293)
Gain on sale of loans, net— — 32,685 — — — 32,685 
Impairment and other expense, net(296)— — — (4,678)— (4,974)
Derivative settlements, net— — 23,940 279 — — 24,219 
Derivative market value adjustments, net— — (35,323)3,057 — — (32,266)
Total other income (expense), net412,722 357,456 28,241 4,731 (16,517)(22,178)764,454 
Cost of services:
Cost to provide education technology, services, and payment processing services— 131,804 — — — — 131,804 
Cost to provide solar construction services— — — — 25,204 — 25,204 
Total cost of services— 131,804 — — 25,204 — 157,008 
Operating expenses:
Salaries and benefits234,012 116,040 3,093 6,881 79,403 (808)438,620 
Depreciation and amortization14,400 8,424 — 315 33,976 — 57,114 
Other expenses42,760 26,063 12,083 3,696 53,550 — 138,154 
Intersegment expenses, net58,030 17,559 24,789 302 (79,310)(21,370)— 
Total operating expenses349,202 168,086 39,965 11,194 87,619 (22,178)633,888 
Income (loss) before income taxes66,713 77,803 58,041 3,951 (92,686)— 113,823 
Income tax (expense) benefit(16,011)(18,700)(13,930)(913)20,080 — (29,475)
Net income (loss)50,702 59,103 44,111 3,038 (72,606)— 84,348 
Net (income) loss attributable to noncontrolling interests— 113 — — 15,625 — 15,738 
Net income (loss) attributable to Nelnet, Inc.$50,702 59,216 44,111 3,038 (56,981)— 100,086 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228)17,222,682 
Nine months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,144 4,920 441,926 15,792 21,087 (4,953)479,916 
Interest expense44 — 235,720 5,792 11,745 (4,953)248,347 
Net interest income1,100 4,920 206,206 10,000 9,342 — 231,569 
Less provision for loan losses— — 17,178 1,462 — — 18,640 
Net interest income after provision for loan losses1,100 4,920 189,028 8,538 9,342 — 212,929 
Other income (expense):
Loan servicing and systems revenue395,438 — — — — — 395,438 
Intersegment revenue25,142 16 — — — (25,158)— 
Education technology, services, and payment processing revenue— 310,211 — — — — 310,211 
Solar construction revenue— — — — 9,358 — 9,358 
Other, net1,946 — 16,270 2,224 4,309 — 24,750 
Gain on sale of loans, net— — 5,616 — — — 5,616 
Impairment and other expense, net— — — — (6,163)— (6,163)
Derivative settlements, net— — 12,085 — — — 12,085 
Derivative market value adjustments, net— — 239,125 — — — 239,125 
Total other income (expense), net422,526 310,227 273,096 2,224 7,504 (25,158)990,420 
Cost of services:
Cost to provide education technology, services, and payment processing services— 109,073 — — — — 109,073 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 109,073 — — 5,968 — 115,041 
Operating expenses:
Salaries and benefits257,259 98,356 1,858 5,082 75,455 — 438,010 
Depreciation and amortization16,056 7,544 — 11 30,366 — 53,978 
Other expenses46,375 19,549 9,925 3,009 41,438 — 120,297 
Intersegment expenses, net56,442 14,171 25,694 171 (71,320)(25,158)— 
Total operating expenses376,132 139,620 37,477 8,273 75,939 (25,158)612,285 
Income (loss) before income taxes47,494 66,454 424,647 2,489 (65,061)— 476,023 
Income tax (expense) benefit(11,399)(15,947)(101,915)(574)22,070 — (107,765)
Net income (loss)36,095 50,507 322,732 1,915 (42,991)— 368,258 
Net (income) loss attributable to noncontrolling interests— (8)— — 8,323 — 8,315 
Net income (loss) attributable to Nelnet, Inc.$36,095 50,499 322,732 1,915 (34,668)— 376,573 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
v3.23.3
Disaggregated Revenue (Tables)
9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Government loan servicing$100,154 104,428 304,769 312,368 
Private education and consumer loan servicing12,330 12,198 36,556 37,194 
FFELP loan servicing3,304 4,127 10,226 12,386 
Software services9,416 8,229 25,076 23,536 
Outsourced services2,688 5,215 12,511 9,954 
Loan servicing and systems revenue$127,892 134,197 389,138 395,438 
Education Technology, Services, and Payment Processing
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Tuition payment plan services$30,223 25,779 95,235 84,131 
Payment processing50,848 47,957 126,716 113,996 
Education technology and services31,793 32,548 132,796 110,755 
Other932 610 2,511 1,329 
Education technology, services, and payment processing revenue$113,796 106,894 357,258 310,211 
Three months ended September 30,Nine months ended September 30,
2023202220232022 (a)
Commercial revenue$4,101 7,856 12,339 7,856 
Residential revenue2,085 1,398 7,266 1,398 
Other115 104 82 104 
Solar construction revenue$6,301 9,358 19,687 9,358 
(a) GRNE Solar was acquired on July 1, 2022.
Schedule of Other Income, by Component
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2023202220232022
ALLO preferred return$2,299 2,164 6,822 6,420 
Borrower late fee income2,220 2,824 6,635 7,693 
Administration/sponsor fee income1,712 1,920 5,180 6,055 
Investment advisory services1,633 1,612 4,884 4,375 
Loss from ALLO voting membership interest investment(17,293)(17,562)(49,676)(47,633)
Loss from solar investments(3,605)(4,216)(13,481)(7,100)
Investment activity, net(1,016)10,701 (8,169)40,626 
Other13,839 4,782 26,512 14,314 
Other, net$(211)2,225 (21,293)24,750 
v3.23.3
Fair Value (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2023As of December 31, 2022
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,059,198 1,059,297 100 1,388,937 1,389,037 
Equity securities80 — 80 6,719 — 6,719 
Equity securities measured at net asset value (a)46,554 32,363 
Total investments179 1,059,198 1,105,931 6,819 1,388,937 1,428,119 
Derivative instruments (b)— 3,056 3,056 — — — 
Total assets$179 1,062,254 1,108,987 6,819 1,388,937 1,428,119 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(b)    Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.
Fair Value of Financial Instruments
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$13,462,084 13,060,703 — — 13,462,084 
Accrued loan interest receivable806,854 806,854 — 806,854 — 
Cash and cash equivalents187,690 187,690 187,690 — — 
Investments (at fair value)1,105,931 1,105,931 179 1,059,198 — 
Investments - held to maturity164,368 163,066 — 164,368 — 
Notes receivable54,129 54,129 — 54,129 — 
Beneficial interest in loan securitizations239,890 191,152 — — 239,890 
Restricted cash445,983 445,983 445,983 — — 
Restricted cash – due to customers158,872 158,872 158,872 — — 
Derivative instruments3,056 3,056 — 3,056 — 
Financial liabilities:  
Bonds and notes payable12,215,581 12,448,109 — 12,215,581 — 
Accrued interest payable36,391 36,391 — 36,391 — 
Bank deposits690,313 718,053 440,062 250,251 — 
Due to customers341,822 341,822 341,822 — — 
 As of December 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$14,586,794 14,427,025 — — 14,586,794 
Accrued loan interest receivable816,864 816,864 — 816,864 — 
Cash and cash equivalents118,146 118,146 118,146 — — 
Investments (at fair value)1,428,119 1,428,119 6,819 1,388,937 — 
Investments - held to maturity18,996 18,774 — 18,996 — 
Notes receivable31,106 31,106 — 31,106 — 
Beneficial interest in loan securitizations162,360 138,738 — — 162,360 
Restricted cash945,159 945,159 945,159 — — 
Restricted cash – due to customers294,311 294,311 294,311 — — 
Financial liabilities:  
Bonds and notes payable14,088,666 14,637,195 — 14,088,666 — 
Accrued interest payable36,049 36,049 — 36,049 — 
Bank deposits664,573 691,322 355,282 309,291 — 
Due to customers348,317 348,317 348,317 — — 
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 806,854   $ 816,864      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (33,638)   (30,714)      
Allowance for loan losses (110,093) $ (114,263) (131,827) $ (119,057) $ (120,424) $ (127,113)
Financing receivable, after allowance for credit loss 13,867,557   15,243,889      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 12,735,621   14,169,771      
Allowance for loan losses (103,009)   (129,267)      
Federally insured loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 12,298,984   13,566,473 14,300,391    
Accrued interest receivable 798,102   808,150 786,494    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (30,979)   (35,468) (25,381)    
Allowance for loan losses (72,043) (74,061) (83,593) (87,778) (92,593) (103,381)
Financing receivable, after allowance for credit loss 12,994,064   14,255,562 14,973,726    
Federally insured loans - Non-Nelnet Bank: | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 3,104,569   3,389,178      
Federally insured loans - Non-Nelnet Bank: | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 9,194,415   10,177,295      
Private education loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 293,004   252,383 262,183    
Accrued interest receivable 2,750   2,146 2,207    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (8,069)   (38) (185)    
Allowance for loan losses (16,944) (14,322) (15,411) (15,577) (15,253) (16,143)
Financing receivable, after allowance for credit loss 270,741   239,080 248,628    
Consumer and other loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 143,633   350,915 231,441    
Accrued interest receivable 1,716   3,658 2,561    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (180)   (588) (1,847)    
Allowance for loan losses (14,022) (20,005) (30,263) (13,290) (10,576) (6,481)
Financing receivable, after allowance for credit loss 131,147   323,722 218,865    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 468,813   419,795      
Allowance for loan losses (7,084)   (2,560)      
Federally insured loans - Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 59,261   65,913 72,905    
Accrued interest receivable 2,008   1,758 1,607    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 19   20 23    
Allowance for loan losses (148) (154) (170) (164) (258) (268)
Financing receivable, after allowance for credit loss 61,140   67,521 74,371    
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 359,941   353,882 356,571    
Accrued interest receivable 1,905   1,152 969    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,578   5,360 5,369    
Allowance for loan losses (3,083) (2,905) (2,390) (2,248) $ (1,744) $ (840)
Financing receivable, after allowance for credit loss 364,341   358,004 $ 360,661    
Consumer and other loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 49,611   0      
Accrued interest receivable 373          
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (7)          
Allowance for loan losses (3,853) $ (2,816) $ 0      
Financing receivable, after allowance for credit loss $ 46,124          
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Sep. 30, 2023
Dec. 31, 2022
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.59% 0.62%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 21.90% 22.40%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.78% 6.11%
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 9.76% 8.62%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.25% 0.26%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 10.00% 10.30%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.86% 0.68%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 7.77% 0.00%
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($)
$ in Thousands
9 Months Ended
Aug. 03, 2023
May 02, 2023
Apr. 13, 2023
Apr. 04, 2023
Mar. 02, 2023
Jan. 31, 2023
Jul. 07, 2022
Jun. 30, 2022
Jan. 26, 2022
Sep. 30, 2023
Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]                      
Loans sold (par value) $ 61,807 $ 127,663 $ 24,980 $ 5,633 $ 122,277   $ 28,915 $ 114 $ 18,125 $ 481,985 $ 47,154
Gain (loss) $ 5,362 $ 11,729 $ 3,123 $ 659 $ 8,903   $ 2,627 $ 0 $ 2,989 32,685 5,616
Residual interest received in securitization 24.30% 26.50% 11.30% 0.00% 24.60%   7.60% 0.00% 6.60%    
Receipt of asset-backed investment securities as consideration from sale of loans         $ 43,700 $ 14,500       $ 58,182 $ 0
Home equity                      
Accounts, Notes, Loans and Financing Receivable [Line Items]                      
Loans sold (par value)           97,350          
Gain (loss)           $ (1,441)          
Residual interest received in securitization           64.80%          
Consumer                      
Accounts, Notes, Loans and Financing Receivable [Line Items]                      
Loans sold (par value)           $ 42,275          
Gain (loss)           $ 4,350          
Residual interest received in securitization           13.30%          
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 114,263 $ 120,424 $ 131,827 $ 127,113
Provision for loan losses 10,504 9,625 54,394 18,575
Charge-offs (8,908) (7,802) (28,332) (21,914)
Recoveries 618 383 1,659 996
Initial allowance on loans purchased with credit deterioration 0 12 6 156
Loan sales (6,384) (3,585) (49,461) (5,869)
Balance at end of period 110,093 119,057 110,093 119,057
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 74,061 92,593 83,593 103,381
Provision for loan losses 1,641 888 4,052 505
Charge-offs (3,659) (5,715) (15,608) (16,264)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 12 6 156
Loan sales 0 0 0 0
Balance at end of period 72,043 87,778 72,043 87,778
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 14,322 15,253 15,411 16,143
Provision for loan losses 3,009 1,154 3,249 1,971
Charge-offs (571) (1,066) (2,279) (3,072)
Recoveries 184 236 563 531
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 4
Balance at end of period 16,944 15,577 16,944 15,577
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 20,005 10,576 30,263 6,481
Provision for loan losses 4,082 7,173 41,388 14,702
Charge-offs (4,115) (1,021) (9,264) (2,489)
Recoveries 434 147 1,096 465
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales (6,384) (3,585) (49,461) (5,869)
Balance at end of period 14,022 13,290 14,022 13,290
Federally insured loans - Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 154 258 170 268
Provision for loan losses (2) (94) (15) (102)
Charge-offs (4) 0 (7) (2)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 148 164 148 164
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,905 1,744 2,390 840
Provision for loan losses 220 504 1,350 1,499
Charge-offs (42) 0 (657) (87)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 (4)
Balance at end of period 3,083 $ 2,248 3,083 $ 2,248
Consumer and other loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,816   0  
Provision for loan losses 1,554   4,370  
Charge-offs (517)   (517)  
Recoveries 0   0  
Initial allowance on loans purchased with credit deterioration 0   0  
Loan sales 0   0  
Balance at end of period $ 3,853   $ 3,853  
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.11% 0.15% 0.16% 0.13%
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.61% 1.23% 0.94% 1.22%
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 9.57% 1.96% 4.59% 2.54%
Federally insured loans - Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.03% 0.00% 0.01% 0.00%
Private education loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.05% 0.00% 0.25% 0.04%
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 5.69% 0.00% 3.00% 0.00%
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Financing receivable, payment delays not significant, period (or less) 3 months  
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Liability related to unfunded education loan commitments $ 217  
Unfunded education loan commitments 13,100  
Provision for loan losses (negative provision for loan losses) $ 132 $ 65
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Loans in repayment status:            
Accrued interest receivable $ 806,854   $ 816,864      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (33,638)   (30,714)      
Allowance for loan losses (110,093) $ (114,263) (131,827) $ (119,057) $ (120,424) $ (127,113)
Financing receivable, after allowance for credit loss 13,867,557   15,243,889      
Federally insured loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 562,754   $ 637,919 $ 719,724    
Loans in-school/grace/deferment, percent 4.60%   4.70% 5.00%    
Loans in forbearance $ 906,060   $ 1,103,181 $ 1,384,709    
Loans in forbearance, percent 7.40%   8.10% 9.70%    
Loans in repayment status:            
Loans receivable, gross $ 12,298,984   $ 13,566,473 $ 14,300,391    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 10,830,170   $ 11,825,373 $ 12,195,958    
Loans in repayment, percent 88.00%   87.20% 85.30%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 798,102   $ 808,150 $ 786,494    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (30,979)   (35,468) (25,381)    
Allowance for loan losses (72,043) (74,061) (83,593) (87,778) (92,593) (103,381)
Financing receivable, after allowance for credit loss 12,994,064   14,255,562 14,973,726    
Federally insured loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 9,014,731   $ 10,173,859 $ 10,454,046    
Loans current, percentage 83.20%   86.00% 85.70%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 441,016   $ 415,305 $ 431,471    
Loans past due, percentage 4.10%   3.50% 3.60%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 301,028   $ 253,565 $ 261,616    
Loans past due, percentage 2.80%   2.20% 2.10%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 213,245   $ 180,029 $ 185,753    
Loans past due, percentage 2.00%   1.50% 1.50%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 648,924   $ 534,410 $ 540,555    
Loans past due, percentage 6.00%   4.50% 4.40%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 211,226   $ 268,205 $ 322,517    
Loans past due, percentage 1.90%   2.30% 2.70%    
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 11,373   $ 12,756 $ 15,556    
Loans in-school/grace/deferment, percent 3.90%   5.10% 5.90%    
Loans in forbearance $ 2,280   $ 2,017 $ 2,745    
Loans in forbearance, percent 0.80%   0.80% 1.10%    
Loans in repayment status:            
Loans receivable, gross $ 293,004   $ 252,383 $ 262,183    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 279,351   $ 237,610 $ 243,882    
Loans in repayment, percent 95.30%   94.10% 93.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,750   $ 2,146 $ 2,207    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (8,069)   (38) (185)    
Allowance for loan losses (16,944) (14,322) (15,411) (15,577) (15,253) (16,143)
Financing receivable, after allowance for credit loss 270,741   239,080 248,628    
Private education loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 271,948   $ 232,539 $ 238,926    
Loans current, percentage 97.40%   97.90% 98.00%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 3,485   $ 2,410 $ 2,014    
Loans past due, percentage 1.20%   1.00% 0.80%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,424   $ 767 $ 992    
Loans past due, percentage 0.50%   0.30% 0.40%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 2,494   $ 1,894 $ 1,950    
Loans past due, percentage 0.90%   0.80% 0.80%    
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 20   $ 109 $ 29    
Loans in-school/grace/deferment, percent 0.00%   0.00% 0.00%    
Loans in repayment status:            
Loans receivable, gross $ 143,633   $ 350,915 $ 231,441    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 143,613   $ 350,806 $ 231,412    
Loans in repayment, percent 100.00%   100.00% 100.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,716   $ 3,658 $ 2,561    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (180)   (588) (1,847)    
Allowance for loan losses (14,022) (20,005) (30,263) (13,290) (10,576) (6,481)
Financing receivable, after allowance for credit loss 131,147   323,722 218,865    
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 137,744   $ 346,812 $ 228,827    
Loans current, percentage 95.90%   98.90% 98.90%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 1,987   $ 1,906 $ 1,019    
Loans past due, percentage 1.40%   0.50% 0.40%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,293   $ 764 $ 427    
Loans past due, percentage 0.90%   0.20% 0.20%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 2,589   $ 1,324 $ 1,139    
Loans past due, percentage 1.80%   0.40% 0.50%    
Federally insured loans - Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 283   $ 241 $ 274    
Loans in-school/grace/deferment, percent 0.50%   0.40% 0.40%    
Loans in forbearance $ 862   $ 981 $ 2,551    
Loans in forbearance, percent 1.50%   1.50% 3.50%    
Loans in repayment status:            
Loans receivable, gross $ 59,261   $ 65,913 $ 72,905    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 58,116   $ 64,691 $ 70,080    
Loans in repayment, percent 98.00%   98.10% 96.10%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,008   $ 1,758 $ 1,607    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 19   20 23    
Allowance for loan losses (148) (154) (170) (164) (258) (268)
Financing receivable, after allowance for credit loss 61,140   67,521 74,371    
Federally insured loans - Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 57,059   $ 63,225 $ 68,970    
Loans current, percentage 98.30%   97.80% 98.40%    
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 333   $ 436 $ 353    
Loans past due, percentage 0.60%   0.70% 0.50%    
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 81   $ 466 $ 130    
Loans past due, percentage 0.10%   0.70% 0.20%    
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days            
Loans in repayment status:            
Loans receivable, gross $ 12   $ 222 $ 5    
Loans past due, percentage 0.00%   0.30% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days            
Loans in repayment status:            
Loans receivable, gross $ 428   $ 183 $ 508    
Loans past due, percentage 0.70%   0.30% 0.70%    
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 203   $ 159 $ 114    
Loans past due, percentage 0.30%   0.20% 0.20%    
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 23,575   $ 11,580 $ 10,888    
Loans in-school/grace/deferment, percent 6.60%   3.30% 3.10%    
Loans in forbearance $ 1,169   $ 864 $ 524    
Loans in forbearance, percent 0.30%   0.20% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 359,941   $ 353,882 $ 356,571    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 335,197   $ 341,438 $ 345,159    
Loans in repayment, percent 93.10%   96.50% 96.80%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,905   $ 1,152 $ 969    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,578   5,360 5,369    
Allowance for loan losses (3,083) (2,905) (2,390) (2,248) $ (1,744) $ (840)
Financing receivable, after allowance for credit loss 364,341   358,004 360,661    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 333,595   $ 340,830 $ 344,469    
Loans current, percentage 99.50%   99.80% 99.80%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 679   $ 167 $ 197    
Loans past due, percentage 0.20%   0.10% 0.10%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 412   $ 32 $ 79    
Loans past due, percentage 0.10%   0.00% 0.00%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 511   $ 409 $ 414    
Loans past due, percentage 0.20%   0.10% 0.10%    
Consumer and other loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 95          
Loans in-school/grace/deferment, percent 0.20%          
Loans in forbearance $ 32          
Loans in forbearance, percent 0.10%          
Loans in repayment status:            
Loans receivable, gross $ 49,611   $ 0      
Total loans in repayment, percentage 100.00%          
Total loans in repayment $ 49,484          
Loans in repayment, percent 99.70%          
Total loans, percent 100.00%          
Accrued interest receivable $ 373          
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (7)          
Allowance for loan losses (3,853) $ (2,816) $ 0      
Financing receivable, after allowance for credit loss 46,124          
Consumer and other loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 48,358          
Loans current, percentage 97.70%          
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 527          
Loans past due, percentage 1.10%          
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 306          
Loans past due, percentage 0.60%          
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 293          
Loans past due, percentage 0.60%          
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - Private education loans - Nelnet Bank - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 36,245 $ 209,846  
Fiscal year before current fiscal year 195,815 133,788  
Fiscal year two years before current fiscal year 118,837 10,248  
Fiscal year three years before current fiscal year 9,044    
Total loans 359,941 353,882 $ 356,571
Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,681 5,898  
Fiscal year before current fiscal year 5,726 5,389  
Fiscal year two years before current fiscal year 4,860 348  
Fiscal year three years before current fiscal year 339    
Total loans 13,606 11,635  
705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 6,970 23,392  
Fiscal year before current fiscal year 22,441 10,543  
Fiscal year two years before current fiscal year 9,395 542  
Fiscal year three years before current fiscal year 502    
Total loans 39,308 34,477  
735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 6,505 35,456  
Fiscal year before current fiscal year 33,692 16,686  
Fiscal year two years before current fiscal year 15,233 1,473  
Fiscal year three years before current fiscal year 1,378    
Total loans 56,808 53,615  
765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 4,797 57,141  
Fiscal year before current fiscal year 53,433 31,035  
Fiscal year two years before current fiscal year 28,066 1,622  
Fiscal year three years before current fiscal year 1,400    
Total loans 87,696 89,798  
Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 13,719 87,959  
Fiscal year before current fiscal year 80,523 70,135  
Fiscal year two years before current fiscal year 61,283 6,263  
Fiscal year three years before current fiscal year 5,425    
Total loans 160,950 $ 164,357  
No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,573    
Fiscal year before current fiscal year 0    
Fiscal year two years before current fiscal year 0    
Fiscal year three years before current fiscal year 0    
Total loans $ 1,573    
v3.23.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 806,854   $ 816,864      
Loan discount, net of unamortized premiums (33,638)   (30,714)      
Allowance for loan losses (110,093) $ (114,263) (131,827) $ (119,057) $ (120,424) $ (127,113)
Financing receivable, after allowance for credit loss 13,867,557   15,243,889      
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 128          
2022 5,532          
2021 9,310          
2020 49,160          
2019 41,110          
Prior years 187,764          
Total loans 293,004   252,383 262,183    
Accrued interest receivable 2,750   2,146 2,207    
Loan discount, net of unamortized premiums (8,069)   (38) (185)    
Allowance for loan losses (16,944) (14,322) (15,411) (15,577) (15,253) (16,143)
Financing receivable, after allowance for credit loss 270,741   239,080 248,628    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 35          
Current period gross charge-offs, two years before current fiscal year 10          
Current period gross charge-offs, three years before current fiscal year 105          
Current period gross charge-offs, four years before current fiscal year 548          
Current period gross charge-offs, more than five years before current fiscal year 1,581          
Current period gross charge-offs, total 2,279          
Private education loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 271,948   232,539 238,926    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,485   2,410 2,014    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,424   767 992    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,494   1,894 1,950    
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 1,138          
2021 4,845          
2020 1,105          
2019 1,647          
Prior years 2,638          
Total loans 11,373          
Private education loans - Non-Nelnet Bank: | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 79          
2021 50          
2020 411          
2019 569          
Prior years 1,171          
Total loans 2,280          
Private education loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 128          
2022 4,315          
2021 4,415          
2020 47,644          
2019 38,894          
Prior years 183,955          
Total loans 279,351          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 128          
2022 4,311          
2021 4,351          
2020 46,927          
2019 38,618          
Prior years 177,613          
Total loans 271,948          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 0          
2021 33          
2020 383          
2019 234          
Prior years 2,835          
Total loans 3,485          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 4          
2021 31          
2020 145          
2019 42          
Prior years 1,202          
Total loans 1,424          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 0          
2021 0          
2020 189          
2019 0          
Prior years 2,305          
Total loans 2,494          
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 84,984          
2022 51,534          
2021 5,197          
2020 533          
2019 877          
Prior years 508          
Total loans 143,633   350,915 231,441    
Accrued interest receivable 1,716   3,658 2,561    
Loan discount, net of unamortized premiums (180)   (588) (1,847)    
Allowance for loan losses (14,022) (20,005) (30,263) (13,290) (10,576) (6,481)
Financing receivable, after allowance for credit loss 131,147   323,722 218,865    
Current period gross charge-offs, current fiscal year 2,866          
Current period gross charge-offs, fiscal year before current fiscal year 5,580          
Current period gross charge-offs, two years before current fiscal year 583          
Current period gross charge-offs, three years before current fiscal year 27          
Current period gross charge-offs, four years before current fiscal year 80          
Current period gross charge-offs, more than five years before current fiscal year 128          
Current period gross charge-offs, total 9,264          
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 137,744   346,812 228,827    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,987   1,906 1,019    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,293   764 427    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,589   1,324 1,139    
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 0          
2022 0          
2021 18          
2020 0          
2019 0          
Prior years 2          
Total loans 20          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 84,984          
2022 51,534          
2021 5,179          
2020 533          
2019 877          
Prior years 506          
Total loans 143,613          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 83,292          
2022 48,425          
2021 4,687          
2020 506          
2019 664          
Prior years 170          
Total loans 137,744          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 677          
2022 1,128          
2021 167          
2020 0          
2019 9          
Prior years 6          
Total loans 1,987          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 623          
2022 579          
2021 84          
2020 0          
2019 5          
Prior years 2          
Total loans 1,293          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 392          
2022 1,402          
2021 241          
2020 27          
2019 199          
Prior years 328          
Total loans 2,589          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 36,245   209,846      
2022 195,815   133,788      
2021 118,837   10,248      
2020 9,044          
2019 0          
Prior years 0          
Total loans 359,941   353,882 356,571    
Accrued interest receivable 1,905   1,152 969    
Loan discount, net of unamortized premiums 5,578   5,360 5,369    
Deferred origination costs, net of unaccreted discount 5,578          
Allowance for loan losses (3,083) (2,905) (2,390) (2,248) $ (1,744) $ (840)
Financing receivable, after allowance for credit loss 364,341   358,004 360,661    
Current period gross charge-offs, current fiscal year 20          
Current period gross charge-offs, fiscal year before current fiscal year 637          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 0          
Current period gross charge-offs, more than five years before current fiscal year 0          
Current period gross charge-offs, total 657          
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 333,595   340,830 344,469    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 679   167 197    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 412   32 79    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 511   409 $ 414    
Private education loans - Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 9,028          
2022 12,210          
2021 1,218          
2020 1,119          
2019 0          
Prior years 0          
Total loans 23,575          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 147          
2022 683          
2021 339          
2020 0          
2019 0          
Prior years 0          
Total loans 1,169          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 27,070          
2022 182,922          
2021 117,280          
2020 7,925          
2019 0          
Prior years 0          
Total loans 335,197          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 26,709          
2022 182,313          
2021 116,684          
2020 7,889          
2019 0          
Prior years 0          
Total loans 333,595          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 228          
2022 249          
2021 166          
2020 36          
2019 0          
Prior years 0          
Total loans 679          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 4          
2022 165          
2021 243          
2020 0          
2019 0          
Prior years 0          
Total loans 412          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 129          
2022 195          
2021 187          
2020 0          
2019 0          
Prior years 0          
Total loans 511          
Consumer and other loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 49,066          
2022 490          
2021 55          
2020 0          
2019 0          
Prior years 0          
Total loans 49,611   0      
Accrued interest receivable 373          
Loan discount, net of unamortized premiums (7)          
Allowance for loan losses (3,853) $ (2,816) $ 0      
Financing receivable, after allowance for credit loss 46,124          
Current period gross charge-offs, current fiscal year 517          
Current period gross charge-offs, fiscal year before current fiscal year 0          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 0          
Current period gross charge-offs, more than five years before current fiscal year 0          
Current period gross charge-offs, total 517          
Consumer and other loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 48,358          
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 527          
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 306          
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 293          
Consumer and other loans - Nelnet Bank | Loans in deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 95          
2022 0          
2021 0          
2020 0          
2019 0          
Prior years 0          
Total loans 95          
Consumer and other loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 48,939          
2022 490          
2021 55          
2020 0          
2019 0          
Prior years 0          
Total loans 49,484          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 47,813          
2022 490          
2021 55          
2020 0          
2019 0          
Prior years 0          
Total loans 48,358          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 527          
2022 0          
2021 0          
2020 0          
2019 0          
Prior years 0          
Total loans 527          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 306          
2022 0          
2021 0          
2020 0          
2019 0          
Prior years 0          
Total loans 306          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 293          
2022 0          
2021 0          
2020 0          
2019 0          
Prior years 0          
Total loans 293          
Consumer and other loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2023 32          
2022 0          
2021 0          
2020 0          
2019 0          
Prior years 0          
Total loans $ 32          
v3.23.3
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 12,544,682 $ 14,785,283
Discount on bonds and notes payable and debt issuance costs (96,573) (148,088)
Bonds and notes payable, net 12,448,109 14,637,195
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 63 $ 395,432
Interest rate 6.06% 5.02%
Repurchase agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 336,523 $ 567,254
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,010 6,187
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 10,028,276 11,868,190
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 89,910 178,960
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 10,118,186 12,047,150
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 497,397 594,051
Federally insured | Loan warehouse facility    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 1,466,178 978,956
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 15,579 19,865
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 16,626 23,032
Private education | Loan warehouse facility    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 38,183 $ 64,356
Interest rate 5.63% 4.72%
Consumer loans | Loan warehouse facility    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 49,937 $ 89,000
Interest rate 5.68% 4.73%
Minimum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.26% 0.97%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 3.55% 3.55%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 5.27% 4.47%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Loan warehouse facility    
Debt Instrument [Line Items]    
Interest rate 5.40% 4.69%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   5.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   3.60%
Maximum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.72% 5.60%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 6.05% 6.05%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 7.43% 6.39%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.43% 4.02%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Loan warehouse facility    
Debt Instrument [Line Items]    
Interest rate 5.67% 4.71%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.90% 6.14%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.23.3
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse Agreement Borrowings - USD ($)
9 Months Ended
May 22, 2023
Sep. 30, 2023
May 25, 2023
Apr. 03, 2023
Mar. 31, 2023
Mar. 30, 2023
FFELP Warehouse Facilities            
Line of Credit Facility [Line Items]            
Maximum financing amount   $ 1,682,000,000        
Amount outstanding   1,466,178,000        
Amount available   215,822,000        
Advanced as equity support   108,308,000        
FFELP Warehouse Facility Due November 2024            
Line of Credit Facility [Line Items]            
Maximum financing amount   1,250,000,000     $ 1,250,000,000 $ 1,200,000,000
Amount outstanding   1,067,533,000        
Amount available   182,467,000        
Advanced as equity support   74,825,000        
Advance rate, maximum, lower range 90.00%          
Advance rate, maximum, higher range 96.00%          
Advance rate, minimum, lower range 84.00%          
Advance rate, minimum, higher range 90.00%          
FFELP Warehouse Facility Due April 2025            
Line of Credit Facility [Line Items]            
Maximum financing amount   432,000,000 $ 432,000,000 $ 250,000,000    
Amount outstanding   398,645,000        
Amount available   $ 33,355,000        
Advance rate   92.00%        
Advanced as equity support   $ 33,483,000        
Private Loan Warehouse Facility            
Line of Credit Facility [Line Items]            
Maximum financing amount   38,183,000        
Amount outstanding   38,183,000        
Amount available   $ 0        
Advance rate   0.00%        
Advanced as equity support   $ 17,910,000        
Consumer Loan Warehouse Facility            
Line of Credit Facility [Line Items]            
Maximum financing amount   250,000,000        
Amount outstanding   49,937,000        
Amount available   $ 200,063,000        
Advance rate   70.00%        
Advanced as equity support   $ 21,328,000        
v3.23.3
Bonds and Notes Payable - Narrative (Details) - USD ($)
1 Months Ended 9 Months Ended
Apr. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Amount of participation, student loan asset-backed securities at par value   $ 100,000  
Other borrowing agreement, termination notice period   5 days  
Other borrowings, maximum   $ 400,000,000  
Repurchase agreements, contractual maturity adjustment, written notice period   180 days  
Repurchase agreements, amount collateralized by private education loan asset-backed securities   $ 336,500,000  
Par value of asset-based securities   1,059,297,000 $ 1,389,037,000
Asset-backed securities      
Debt Instrument [Line Items]      
Par value of asset-based securities   257,300,000  
Asset-based securities serving as collateral on secured debt repurchase agreements   118,900,000  
Unsecured Line of Credit | Line of Credit      
Debt Instrument [Line Items]      
Amount outstanding   0  
Amount available   495,000,000  
Unsecured Line of Credit | Unsecured Debt | Line of Credit      
Debt Instrument [Line Items]      
Maximum financing amount   $ 495,000,000  
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt      
Debt Instrument [Line Items]      
Payments to extinguish debt $ 188,600,000    
Payments to extinguish debt, bonds owned by entity 140,500,000    
Write off of unamortized debt discount $ 25,900,000    
v3.23.3
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Debt Disclosure [Abstract]        
Purchase price $ (4,284) $ (13,563) $ (5,112) $ (67,081)
Par value 5,033 13,903 5,941 69,133
Remaining unamortized cost of issuance (12) (180) (14) (821)
Gain $ 737 $ 160 $ 815 $ 1,231
v3.23.3
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional amount $ 3,150,000,000 $ 3,900,000,000
2023    
Derivative [Line Items]    
Notional amount 0 750,000,000
2024    
Derivative [Line Items]    
Notional amount 1,750,000,000 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.23.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Gross fair value of derivatives $ 3,056,000 $ 0
1:3 basis swaps    
Derivative [Line Items]    
Notional amount $ 3,150,000,000 $ 3,900,000,000
1:3 basis swaps | Secured Overnight Financing Rate (SOFR)    
Derivative [Line Items]    
Weighted average rate 0.101%  
1:3 basis swaps | London Interbank Offered Rate (LIBOR)    
Derivative [Line Items]    
Weighted average rate   0.097%
Interest rate swaps - Nelnet Bank | Variable Rate Deposits    
Derivative [Line Items]    
Gross fair value of derivatives $ 3,100,000  
Notional amount $ 115,000,000  
v3.23.3
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedge - Interest rate swaps - Nelnet Bank - USD ($)
Mar. 15, 2023
Sep. 30, 2023
Dec. 31, 2022
Derivative [Line Items]      
Notional amount   $ 50,000,000 $ 2,800,000,000
Weighted average fixed rate paid by the Company   3.44% 0.70%
Derivative, notional amount, terminated $ 2,800,000,000    
Cash received or receivable from derivative 183,200,000    
Proceeds for settlement of terminated derivatives $ 19,100,000    
2024      
Derivative [Line Items]      
Notional amount   $ 0 $ 2,000,000,000
Weighted average fixed rate paid by the Company   0.00% 0.35%
2026      
Derivative [Line Items]      
Notional amount   $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company   0.00% 1.02%
2030      
Derivative [Line Items]      
Notional amount   $ 50,000,000 $ 0
Weighted average fixed rate paid by the Company   3.44% 0.00%
2031      
Derivative [Line Items]      
Notional amount   $ 0 $ 100,000,000
Weighted average fixed rate paid by the Company   0.00% 1.53%
2032      
Derivative [Line Items]      
Notional amount   $ 0 $ 200,000,000
Weighted average fixed rate paid by the Company   0.00% 2.92%
v3.23.3
Derivative Financial Instruments - Interest Rate Swaps, Variable Rate Deposits (Details) - Variable Rate Deposits - Interest rate swaps - Nelnet Bank
$ in Thousands
Sep. 30, 2023
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount $ 115,000
Weighted average fixed rate paid by the Company 3.36%
2028  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount $ 40,000
Weighted average fixed rate paid by the Company 3.33%
2030  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount $ 50,000
Weighted average fixed rate paid by the Company 3.06%
Variable Rate Deposits, April 2026 Effective Start Date  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount $ 25,000
Variable Rate Deposits, May 2026 Effective Start Date  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount 25,000
2032  
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Notional amount $ 25,000
Weighted average fixed rate paid by the Company 4.03%
v3.23.3
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 817 $ 10,271 $ 24,219 $ 12,085
Change in fair value 3,140 52,991 $ (32,266) 239,125
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Derivative market value adjustments and derivative settlements, net  
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 817 10,271 $ 24,219 12,085
Derivative market value adjustments and derivative settlements, net - income (expense) 3,957 63,262 (8,047) 251,210
1:3 basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (464) 189 $ (253) 929
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Derivative market value adjustments and derivative settlements, net  
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 386 (1,085) $ 1,180 242
Interest rate swaps - floor income hedge        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value 1,656 52,802 $ (35,070) 238,196
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Derivative market value adjustments and derivative settlements, net  
Interest rate swaps - floor income hedge | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 235 11,356 $ 22,760 11,843
Interest rate swaps - Nelnet Bank        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value 1,948 0 $ 3,057 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]     Derivative market value adjustments and derivative settlements, net  
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 196 $ 0 $ 279 $ 0
v3.23.3
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Feb. 06, 2023
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2023
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Investments (at fair value):                
Amortized cost   $ 1,092,419       $ 1,092,419   $ 1,441,630
Gross unrealized gains   11,487       11,487   4,622
Gross unrealized losses   (44,609)       (44,609)   (57,215)
Fair value   1,059,297       1,059,297   1,389,037
Equity securities   46,634       46,634   39,082
Total investments at fair value   1,105,931       1,105,931   1,428,119
Held to maturity investments                
Fair value   163,066       163,066   18,774
Beneficial interest in securitizations   191,152       191,152   138,738
Notes receivable   54,129       54,129   31,106
Other investments   839,757       839,757   683,798
Total investments and notes receivable   1,945,688       1,945,688   2,111,917
Amount of participation, student loan asset-backed securities at par value   100       100    
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value   294,500       294,500    
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value   260,100       260,100    
Debt securities, held-to-maturity, transfer from available-for-sale     $ 149,200          
Debt securities, held-to-maturity, transfer from available-for-sale, unrealized loss         $ 3,700      
Equity securities, realized gain   2,299   $ 2,164   6,822 $ 6,420  
Net loss attributable to noncontrolling interests   3,096   4,329   15,738 8,315  
Net income (loss) excluding those attributed to noncontrolling interest investors   45,332   104,798   100,086 376,573  
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   655,977       655,977   958,353
Gross unrealized gains   8,012       8,012   3,649
Gross unrealized losses   (39,707)       (39,707)   (44,333)
Fair value   624,282       624,282   917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   295,986       295,986   463,861
Gross unrealized gains   5,930       5,930   3,498
Gross unrealized losses   (5,310)       (5,310)   (11,105)
Fair value   296,606       296,606   456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   294,068       294,068   335,903
Gross unrealized gains   0       0   0
Gross unrealized losses   (33,960)       (33,960)   (29,438)
Fair value   260,108       260,108   306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   65,923       65,923   158,589
Gross unrealized gains   2,082       2,082   151
Gross unrealized losses   (437)       (437)   (3,790)
Fair value   67,568       67,568   154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank                
Investments (at fair value):                
Amortized cost   436,442       436,442   483,277
Gross unrealized gains   3,475       3,475   973
Gross unrealized losses   (4,902)       (4,902)   (12,882)
Fair value   435,015       435,015   471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank                
Investments (at fair value):                
Amortized cost   318,919       318,919   349,855
Gross unrealized gains   3,329       3,329   955
Gross unrealized losses   (2,393)       (2,393)   (8,853)
Fair value   319,855       319,855   341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank                
Investments (at fair value):                
Amortized cost   1,609       1,609   1,941
Gross unrealized gains   0       0   0
Gross unrealized losses   (83)       (83)   (122)
Fair value   1,526       1,526   1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank                
Investments (at fair value):                
Amortized cost   115,914       115,914   131,481
Gross unrealized gains   146       146   18
Gross unrealized losses   (2,426)       (2,426)   (3,907)
Fair value   113,634       113,634   127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank                
Held to maturity investments                
Fair value   4,700       4,700   18,554
Held-To-Maturity Investments, Nelnet Bank                
Held to maturity investments                
Fair value   158,366       158,366   220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank                
Held to maturity investments                
Fair value   158,125       158,125   0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank                
Held to maturity investments                
Fair value   241       241   220
Asset-Backed Securities Subject To Participation Interests                
Investments (at fair value):                
Fair value   100       100    
Venture capital funds                
Held to maturity investments                
Measurement alternative   193,106       193,106   160,052
Equity method   99,640       99,640   89,332
Other investments   292,746       292,746   249,384
Carrying amount of investment   193,106       193,106   160,052
Venture capital funds | Hudl                
Held to maturity investments                
Measurement alternative   165,500       165,500    
Payment to acquire additional ownership interests in investment $ 31,500              
Carrying amount of investment   165,500       165,500    
Real estate                
Held to maturity investments                
Equity method   97,053       97,053   80,364
Partnership Interest                
Held to maturity investments                
Equity method   26,294       26,294   67,538
Preferred membership interest and accrued and unpaid preferred return   152,748       152,748   145,926
Other investments   179,042       179,042   213,464
Additional equity investment     $ 8,400          
Equity securities, realized loss   17,300   17,600   49,700 47,600  
Preferred membership interest and accrued and unpaid preferred return   152,748       152,748   145,926
Partnership Interest | ALLO                
Held to maturity investments                
Preferred membership interest and accrued and unpaid preferred return   145,900       145,900    
Preferred membership interest and accrued and unpaid preferred return   145,900       145,900    
Equity method investment, accrued and unpaid preferred return   6,800       6,800    
Beneficial interest in consumer loans and other                
Held to maturity investments                
Beneficial interest in securitizations   98,701       98,701   39,249
Beneficial interest in private education loan securitizations                
Held to maturity investments                
Beneficial interest in securitizations   69,716       69,716   75,261
Loans corresponding to beneficial interest   540,000       540,000    
Beneficial interest in federally insured loan securitizations                
Held to maturity investments                
Beneficial interest in securitizations   22,735       22,735   24,228
Loans corresponding to beneficial interest   350,000       350,000    
Solar                
Held to maturity investments                
Solar   (144,929)       (144,929)   (55,448)
Amount funded or committed to fund   332,000       332,000    
Amount funded or committed to fund by partners   126,500       126,500    
Equity method investment, amount committed to fund   265,900       265,900    
Equity method investment, amount committed to fund by partners   128,700       128,700    
Pre-tax loss from equity investment   3,600   4,200   13,500 7,100  
Net loss attributable to noncontrolling interests   1,800   4,100   12,000 8,000  
Net income (loss) excluding those attributed to noncontrolling interest investors   (1,800)   (100)   (1,500) 900  
Tax liens, affordable housing, and other                
Held to maturity investments                
Other investments   7,498       7,498   $ 7,416
Consumer loans                
Held to maturity investments                
Loans corresponding to beneficial interest   $ 660,000       $ 660,000    
Preferred Partnership Interest                
Held to maturity investments                
Equity method investment, preferred annual return   6.25%       6.25%    
Equity securities, realized gain   $ 2,300   $ 2,200   $ 6,800 $ 6,400  
v3.23.3
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 69,688  
Amortized cost, after 1 year through 5 years 56,620  
Amortized cost, after 5 years through 10 years 140,823  
Amortized cost, after 10 years 825,288  
Amortized cost 1,092,419 $ 1,441,630
Fair value    
Fair value, 1 year or less 69,388  
Fair value, after 1 year through 5 years 55,798  
Fair value, after 5 years through 10 years 139,013  
Fair value, after 10 years 795,098  
Total 1,059,297 1,389,037
Held to maturity investments    
Amortized cost, 1 year or less 4,941  
Amortized cost, after 1 year through 5 years 3,571  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 154,554  
Total 163,066 18,774
Fair value    
Fair value, 1 year or less 4,941  
Fair value, after 1 year through 5 years 3,641  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 155,786  
Total 164,368  
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 15,907  
Amortized cost, after 5 years through 10 years 37,468  
Amortized cost, after 10 years 602,602  
Amortized cost 655,977 958,353
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 15,676  
Fair value, after 5 years through 10 years 36,563  
Fair value, after 10 years 572,043  
Total 624,282 917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 15,808  
Amortized cost, after 5 years through 10 years 28,269  
Amortized cost, after 10 years 251,909  
Amortized cost 295,986 463,861
Fair value    
Total 296,606 456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 294,068  
Amortized cost 294,068 335,903
Fair value    
Total 260,108 306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 99  
Amortized cost, after 5 years through 10 years 9,199  
Amortized cost, after 10 years 56,625  
Amortized cost 65,923 158,589
Fair value    
Total 67,568 154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 69,688  
Amortized cost, after 1 year through 5 years 40,713  
Amortized cost, after 5 years through 10 years 103,355  
Amortized cost, after 10 years 222,686  
Amortized cost 436,442 483,277
Fair value    
Fair value, 1 year or less 69,388  
Fair value, after 1 year through 5 years 40,122  
Fair value, after 5 years through 10 years 102,450  
Fair value, after 10 years 223,055  
Total 435,015 471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 68,494  
Amortized cost, after 1 year through 5 years 13,183  
Amortized cost, after 5 years through 10 years 55,630  
Amortized cost, after 10 years 181,612  
Amortized cost 318,919 349,855
Fair value    
Total 319,855 341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 1,609  
Amortized cost 1,609 1,941
Fair value    
Total 1,526 1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 1,194  
Amortized cost, after 1 year through 5 years 27,530  
Amortized cost, after 5 years through 10 years 47,725  
Amortized cost, after 10 years 39,465  
Amortized cost 115,914 131,481
Fair value    
Total 113,634 127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 4,700  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total 4,700 18,554
Fair value    
Fair value, 1 year or less 4,700  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Total 4,700  
Held-To-Maturity Investments, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 241  
Amortized cost, after 1 year through 5 years 3,571  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 154,554  
Total 158,366 220
Fair value    
Fair value, 1 year or less 241  
Fair value, after 1 year through 5 years 3,641  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 155,786  
Total 159,668  
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 3,571  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 154,554  
Total 158,125 0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 241  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total $ 241 $ 220
v3.23.3
Investments and Notes Receivable - Narrative (Details)
Sep. 30, 2023
USD ($)
Investments [Abstract]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
v3.23.3
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss $ (13,505)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 416,739
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (31,104)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 300,314
Total, unrealized loss (44,609)
Total, fair value 717,053
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (11,858)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 267,743
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (27,849)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 195,548
Total, unrealized loss (39,707)
Total, fair value 463,291
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (5,283)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 181,168
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (27)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 716
Total, unrealized loss (5,310)
Total, fair value 181,884
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (6,138)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 65,276
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (27,822)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 194,832
Total, unrealized loss (33,960)
Total, fair value 260,108
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (437)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 21,299
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, unrealized loss (437)
Total, fair value 21,299
Asset-Backed Securities, Available-For-Sale, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,647)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 148,996
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (3,255)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 104,766
Total, unrealized loss (4,902)
Total, fair value 253,762
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,328)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 123,951
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,065)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 60,907
Total, unrealized loss (2,393)
Total, fair value 184,858
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (83)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 1,526
Total, unrealized loss (83)
Total, fair value 1,526
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (319)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 25,045
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,107)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 42,333
Total, unrealized loss (2,426)
Total, fair value $ 67,378
v3.23.3
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Investments [Abstract]        
Gross proceeds from sales $ 198,548 $ 130,705 $ 776,096 $ 450,457
Gross realized gains 1,257 1,142 3,451 5,016
Gross realized losses (193) (564) (6,452) (796)
Net gains (losses) $ 1,064 $ 578 $ (3,001) $ 4,220
v3.23.3
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 96 months  
Amortizable intangible assets, net $ 51,910 $ 63,501
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 45,217 55,116
Weighted average remaining useful life 105 months  
Amortizable intangible assets, net $ 45,490 51,738
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 5,177 617
Weighted average remaining useful life 21 months  
Amortizable intangible assets, net $ 3,733 8,293
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 487 6,400
Weighted average remaining useful life 43 months  
Amortizable intangible assets, net $ 1,233 1,520
Other    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 986 490
Weighted average remaining useful life 45 months  
Amortizable intangible assets, net $ 1,454 $ 1,950
v3.23.3
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 5.4 $ 3.3 $ 11.6 $ 8.6
v3.23.3
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2023 (October 1 - December 31) $ 5,382  
2024 8,775  
2025 7,141  
2026 6,294  
2027 5,814  
2028 and thereafter 18,504  
Amortizable intangible assets, net $ 51,910 $ 63,501
v3.23.3
Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Goodwill [Line Items]    
Goodwill $ 176,902 $ 176,902
Corporate and Other Activities    
Goodwill [Line Items]    
Goodwill 18,873 18,873
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Goodwill 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments    
Goodwill [Line Items]    
Goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Goodwill $ 0 $ 0
v3.23.3
Impairment Expense (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Related Party Transaction [Line Items]        
Impairment charges $ 5,000      
Impairment expense 4,974 $ (121) $ 4,974 $ 6,163
Related Party        
Related Party Transaction [Line Items]        
Impairment charges $ 2,400      
v3.23.3
Bank Deposits - Narrative (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 229,300,000 $ 98,300,000    
Restricted cash 445,983,000 945,159,000 $ 799,212,000 $ 741,981,000
Deposits exceeding the FDIC insurance limits 0 $ 0    
Nelnet Bank | Pledged deposit        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000,000      
v3.23.3
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Deposits [Abstract]    
Brokered CDs, net of brokered deposit fees $ 203,470 $ 254,817
Commercial 2,057 0
Retail and other savings (529, STFIT, and HSA) 491,496 410,556
Retail and other CDs (commercial and institutional) 21,030 25,949
Total interest-bearing deposits $ 718,053 $ 691,322
v3.23.3
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Deposits [Abstract]  
After two years to three years $ 149,855
After three years to four years 74,298
After four years to five years 347
Total $ 224,500
v3.23.3
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 45,332 $ 104,798 $ 100,086 $ 376,573
Net income attributable to Nelnet, Inc., diluted $ 45,332 $ 104,798 $ 100,086 $ 376,573
Weighted-average common shares outstanding - basic (in shares) 37,498,073 37,380,493 37,437,587 37,708,425
Weighted-average common shares outstanding - diluted (in shares) 37,498,073 37,380,493 37,437,587 37,708,425
Earnings per share - basic (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Earnings per share - diluted (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 44,367 $ 102,763 $ 97,982 $ 369,479
Net income attributable to Nelnet, Inc., diluted $ 44,367 $ 102,763 $ 97,982 $ 369,479
Weighted-average common shares outstanding - basic (in shares) 36,699,510 36,654,781 36,650,653 36,998,100
Weighted-average common shares outstanding - diluted (in shares) 36,699,510 36,654,781 36,650,653 36,998,100
Earnings per share - basic (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Earnings per share - diluted (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 965 $ 2,035 $ 2,104 $ 7,094
Net income attributable to Nelnet, Inc., diluted $ 965 $ 2,035 $ 2,104 $ 7,094
Weighted-average common shares outstanding - basic (in shares) 798,563 725,712 786,934 710,325
Weighted-average common shares outstanding - diluted (in shares) 798,563 725,712 786,934 710,325
Earnings per share - basic (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
Earnings per share - diluted (in dollars per share) $ 1.21 $ 2.80 $ 2.67 $ 9.99
v3.23.3
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Total interest income $ 284,551 $ 203,133 $ 834,547 $ 479,916  
Interest expense 207,159 126,625 639,756 248,347  
Net interest income 77,392 76,508 194,791 231,569  
Less provision for loan losses 10,659 9,665 54,526 18,640  
Net interest income after provision for loan losses 66,733 66,843 140,265 212,929  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net (211) 2,225 (21,293) 24,750  
Gain on sale of loans, net 5,362 2,627 32,685 5,616  
Impairment and other expense, net (4,974) 121 (4,974) (6,163)  
Derivative settlements, net 817 10,271 24,219 12,085  
Derivative market value adjustments, net 3,140 52,991 (32,266) 239,125  
Total other income (expense), net 252,123 318,684 764,454 990,420  
Total cost of services 51,477 48,644 157,008 115,041  
Operating expenses:          
Salaries and benefits 141,204 147,198 438,620 438,010  
Depreciation and amortization 21,835 18,772 57,114 53,978  
Other expenses 51,370 43,858 138,154 120,297  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 214,409 209,828 633,888 612,285  
Income before income taxes 52,970 127,055 113,823 476,023  
Income tax (expense) benefit (10,734) (26,586) (29,475) (107,765)  
Net income 42,236 100,469 84,348 368,258  
Net (income) loss attributable to noncontrolling interests 3,096 4,329 15,738 8,315  
Net income attributable to Nelnet, Inc. 45,332 104,798 100,086 376,573  
Total assets 17,222,682 19,563,533 17,222,682 19,563,533 $ 19,374,044
Operating Segments | Loan Servicing and Systems          
Segment Reporting Information [Line Items]          
Total interest income 1,098 831 3,193 1,144  
Interest expense 0 0 0 44  
Net interest income 1,098 831 3,193 1,100  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 1,098 831 3,193 1,100  
Other income (expense):          
Intersegment revenue 6,944 8,281 21,980 25,142  
Other, net 687 596 1,900 1,946  
Gain on sale of loans, net 0 0 0 0  
Impairment and other expense, net (296) 0 (296) 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 135,227 143,074 412,722 422,526  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 73,310 82,067 234,012 257,259  
Depreciation and amortization 5,023 5,784 14,400 16,056  
Other expenses 15,629 16,654 42,760 46,375  
Intersegment expenses, net 17,894 17,486 58,030 56,442  
Total operating expenses 111,856 121,991 349,202 376,132  
Income before income taxes 24,469 21,914 66,713 47,494  
Income tax (expense) benefit (5,872) (5,259) (16,011) (11,399)  
Net income 18,597 16,655 50,702 36,095  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 18,597 16,655 50,702 36,095  
Total assets 243,697 235,858 243,697 235,858  
Operating Segments | Education Technology, Services, and Payment Processing          
Segment Reporting Information [Line Items]          
Total interest income 8,934 3,707 20,237 4,920  
Interest expense 0 0 0 0  
Net interest income 8,934 3,707 20,237 4,920  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 8,934 3,707 20,237 4,920  
Other income (expense):          
Intersegment revenue 77 8 198 16  
Other, net 0 0 0 0  
Gain on sale of loans, net 0 0 0 0  
Impairment and other expense, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 113,873 106,902 357,456 310,227  
Total cost of services 43,694 42,676 131,804 109,073  
Operating expenses:          
Salaries and benefits 39,776 34,950 116,040 98,356  
Depreciation and amortization 3,030 2,532 8,424 7,544  
Other expenses 8,309 7,034 26,063 19,549  
Intersegment expenses, net 5,875 4,762 17,559 14,171  
Total operating expenses 56,990 49,278 168,086 139,620  
Income before income taxes 22,123 18,655 77,803 66,454  
Income tax (expense) benefit (5,307) (4,475) (18,700) (15,947)  
Net income 16,816 14,180 59,103 50,507  
Net (income) loss attributable to noncontrolling interests (6) (61) 113 (8)  
Net income attributable to Nelnet, Inc. 16,810 14,119 59,216 50,499  
Total assets 444,631 440,859 444,631 440,859  
Operating Segments | Asset Generation and Management          
Segment Reporting Information [Line Items]          
Total interest income 248,878 182,932 737,359 441,926  
Interest expense 197,393 120,009 618,905 235,720  
Net interest income 51,485 62,923 118,454 206,206  
Less provision for loan losses 8,732 9,215 48,689 17,178  
Net interest income after provision for loan losses 42,753 53,708 69,765 189,028  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 2,776 4,627 6,939 16,270  
Gain on sale of loans, net 5,362 2,627 32,685 5,616  
Impairment and other expense, net 0 0 0 0  
Derivative settlements, net 621 10,271 23,940 12,085  
Derivative market value adjustments, net 1,192 52,991 (35,323) 239,125  
Total other income (expense), net 9,951 70,516 28,241 273,096  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 1,242 653 3,093 1,858  
Depreciation and amortization 0 0 0 0  
Other expenses 2,952 3,349 12,083 9,925  
Intersegment expenses, net 7,948 8,350 24,789 25,694  
Total operating expenses 12,142 12,352 39,965 37,477  
Income before income taxes 40,562 111,872 58,041 424,647  
Income tax (expense) benefit (9,735) (26,849) (13,930) (101,915)  
Net income 30,827 85,023 44,111 322,732  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 30,827 85,023 44,111 322,732  
Total assets 14,111,517 16,374,493 14,111,517 16,374,493  
Operating Segments | Nelnet Bank          
Segment Reporting Information [Line Items]          
Total interest income 15,171 7,551 41,092 15,792  
Interest expense 9,456 3,298 24,841 5,792  
Net interest income 5,715 4,253 16,251 10,000  
Less provision for loan losses 1,927 450 5,837 1,462  
Net interest income after provision for loan losses 3,788 3,803 10,414 8,538  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 565 566 1,395 2,224  
Gain on sale of loans, net 0 0 0 0  
Impairment and other expense, net 0 0 0 0  
Derivative settlements, net 196 0 279 0  
Derivative market value adjustments, net 1,948 0 3,057 0  
Total other income (expense), net 2,709 566 4,731 2,224  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 2,520 1,814 6,881 5,082  
Depreciation and amortization 259 4 315 11  
Other expenses 1,290 1,427 3,696 3,009  
Intersegment expenses, net 129 69 302 171  
Total operating expenses 4,198 3,314 11,194 8,273  
Income before income taxes 2,299 1,055 3,951 2,489  
Income tax (expense) benefit (552) (246) (913) (574)  
Net income 1,747 809 3,038 1,915  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 1,747 809 3,038 1,915  
Total assets 1,089,565 884,089 1,089,565 884,089  
Corporate and Other Activities          
Segment Reporting Information [Line Items]          
Total interest income 16,253 10,860 63,307 21,087  
Interest expense 6,093 6,067 26,653 11,745  
Net interest income 10,160 4,793 36,654 9,342  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 10,160 4,793 36,654 9,342  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net (4,238) (3,564) (31,526) 4,309  
Gain on sale of loans, net 0 0 0 0  
Impairment and other expense, net (4,678) 121 (4,678) (6,163)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net (2,615) 5,915 (16,517) 7,504  
Total cost of services 7,783 5,968 25,204 5,968  
Operating expenses:          
Salaries and benefits 25,019 27,713 79,403 75,455  
Depreciation and amortization 13,522 10,452 33,976 30,366  
Other expenses 23,192 15,395 53,550 41,438  
Intersegment expenses, net (25,488) (22,378) (79,310) (71,320)  
Total operating expenses 36,245 31,182 87,619 75,939  
Income before income taxes (36,483) (26,442) (92,686) (65,061)  
Income tax (expense) benefit 10,732 10,244 20,080 22,070  
Net income (25,751) (16,198) (72,606) (42,991)  
Net (income) loss attributable to noncontrolling interests 3,102 4,390 15,625 8,323  
Net income attributable to Nelnet, Inc. (22,649) (11,808) (56,981) (34,668)  
Total assets 2,052,500 2,360,882 2,052,500 2,360,882  
Eliminations          
Segment Reporting Information [Line Items]          
Total interest income (5,783) (2,748) (30,643) (4,953)  
Interest expense (5,783) (2,748) (30,643) (4,953)  
Net interest income 0 0 0 0  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 0 0 0  
Other income (expense):          
Intersegment revenue (7,021) (8,289) (22,178) (25,158)  
Other, net 0 0 0 0  
Gain on sale of loans, net 0 0 0 0  
Impairment and other expense, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net (7,021) (8,289) (22,178) (25,158)  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits (663) 0 (808) 0  
Depreciation and amortization 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (6,358) (8,289) (21,370) (25,158)  
Total operating expenses (7,021) (8,289) (22,178) (25,158)  
Income before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income 0 0 0 0  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 0 0 0 0  
Total assets (719,228) (732,648) (719,228) (732,648)  
Loan servicing and systems revenue          
Other income (expense):          
Revenue 127,892 134,197 389,138 395,438  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 127,892 134,197 389,138 395,438  
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Education technology, services, and payment processing revenue          
Other income (expense):          
Revenue 113,796 106,894 357,258 310,211  
Total cost of services 43,694 42,676 131,804 109,073  
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income (expense):          
Revenue 113,796 106,894 357,258 310,211  
Total cost of services 43,694 42,676 131,804 109,073  
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue          
Other income (expense):          
Revenue 6,301 9,358 19,687 9,358  
Total cost of services 7,783 5,968 25,204 5,968  
Solar construction revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 6,301 9,358 19,687 9,358  
Total cost of services 7,783 5,968 25,204 5,968  
Solar construction revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Total cost of services $ 0 $ 0 $ 0 $ 0  
v3.23.3
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Solar construction revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 6,301 $ 9,358 $ 19,687 $ 9,358
Commercial revenue        
Disaggregation of Revenue [Line Items]        
Revenue 4,101 7,856 12,339 7,856
Residential revenue        
Disaggregation of Revenue [Line Items]        
Revenue 2,085 1,398 7,266 1,398
Other        
Disaggregation of Revenue [Line Items]        
Revenue 115 104 82 104
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue 127,892 134,197 389,138 395,438
Government loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 100,154 104,428 304,769 312,368
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 12,330 12,198 36,556 37,194
FFELP loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 3,304 4,127 10,226 12,386
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 9,416 8,229 25,076 23,536
Outsourced services        
Disaggregation of Revenue [Line Items]        
Revenue 2,688 5,215 12,511 9,954
Education technology, services, and payment processing revenue        
Disaggregation of Revenue [Line Items]        
Revenue 113,796 106,894 357,258 310,211
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 30,223 25,779 95,235 84,131
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 50,848 47,957 126,716 113,996
Education technology and services        
Disaggregation of Revenue [Line Items]        
Revenue 31,793 32,548 132,796 110,755
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 932 $ 610 $ 2,511 $ 1,329
v3.23.3
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
ALLO preferred return $ 2,299 $ 2,164 $ 6,822 $ 6,420
Borrower late fee income 2,220 2,824 $ 6,635 7,693
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Administration/sponsor fee income 1,712 1,920 $ 5,180 6,055
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Investment activity, net (1,016) 10,701 $ (8,169) 40,626
Other 13,839 4,782 26,512 14,314
Other, net (211) 2,225 (21,293) 24,750
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (17,293) (17,562) (49,676) (47,633)
Solar        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (3,605) (4,216) (13,481) (7,100)
Investment advisory services        
Disaggregation of Revenue [Line Items]        
Investment advisory services $ 1,633 $ 1,612 $ 4,884 $ 4,375
v3.23.3
Major Customer (Details)
$ in Millions
3 Months Ended 9 Months Ended
Apr. 24, 2023
borrower
extension
Sep. 30, 2023
USD ($)
borrower
$ / borrowers
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
borrower
$ / borrowers
Sep. 30, 2022
USD ($)
Jun. 30, 2023
borrower
Mar. 31, 2023
borrower
Feb. 28, 2023
borrower
Dec. 31, 2022
borrower
Concentration Risk [Line Items]                  
Number borrowers serviced by other provider using entity platform           579,000 3,500,000   4,500,000
Number of borrowers serviced by remote hosted servicing customer using entity platform   0   0     1,400,000    
Government Loan Servicing                  
Concentration Risk [Line Items]                  
Revenue | $   $ 100.2 $ 104.4 $ 304.8 $ 312.4        
Reduction in fee earned (in dollars per borrower) | $ / borrowers   0.19   0.19          
Contract with customer, contract term 5 years                
Contract with customer, option to extend, option one, number of extensions | extension 2                
Contract with customer, option to extend, option one, extension period 2 years                
Contract with customer, option to extend, option two, number of extensions | extension 1                
Contract with customer, option to extend, option two, extension period 1 year                
Number of borrowers to be transferred to other provider, maximum               1,000,000,000,000  
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark                  
Concentration Risk [Line Items]                  
Number of borrowers, including those serviced by other providers 37,000,000                
v3.23.3
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value $ 1,105,931 $ 1,428,119
Derivative instruments 3,056 0
Total assets 1,108,987 1,428,119
Asset-backed debt securities - available-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 1,059,297 1,389,037
Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 80 6,719
Equity securities measured at net asset value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 46,554 32,363
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 179 6,819
Derivative instruments 0 0
Total assets 179 6,819
Level 1 | Asset-backed debt securities - available-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 99 100
Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 80 6,719
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 1,059,198 1,388,937
Derivative instruments 3,056 0
Total assets 1,062,254 1,388,937
Level 2 | Asset-backed debt securities - available-for-sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value 1,059,198 1,388,937
Level 2 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value $ 0 $ 0
v3.23.3
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Financial assets:        
Loans receivable $ 13,867,557 $ 15,243,889    
Accrued loan interest receivable 806,854 816,864    
Cash and cash equivalents 187,690 118,146 $ 63,198 $ 125,563
Investments - held to maturity 164,368      
Restricted cash - due to customers 158,872 294,311 $ 180,919 $ 326,645
Financial liabilities:        
Accrued interest payable 36,391 36,049    
Bank deposits 718,053 691,322    
Due to customers 341,822 348,317    
Fair value        
Financial assets:        
Loans receivable 13,462,084 14,586,794    
Accrued loan interest receivable 806,854 816,864    
Cash and cash equivalents 187,690 118,146    
Investments (at fair value) 1,105,931 1,428,119    
Investments - held to maturity 164,368 18,996    
Notes receivable 54,129 31,106    
Beneficial interest in loan securitizations 239,890 162,360    
Restricted cash 445,983 945,159    
Restricted cash - due to customers 158,872 294,311    
Fair value of derivative instruments 3,056      
Financial liabilities:        
Bonds and notes payable 12,215,581 14,088,666    
Accrued interest payable 36,391 36,049    
Bank deposits 690,313 664,573    
Due to customers 341,822 348,317    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 187,690 118,146    
Investments (at fair value) 179 6,819    
Investments - held to maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 445,983 945,159    
Restricted cash - due to customers 158,872 294,311    
Fair value of derivative instruments 0      
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 440,062 355,282    
Due to customers 341,822 348,317    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 806,854 816,864    
Cash and cash equivalents 0 0    
Investments (at fair value) 1,059,198 1,388,937    
Investments - held to maturity 164,368 18,996    
Notes receivable 54,129 31,106    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Fair value of derivative instruments 3,056      
Financial liabilities:        
Bonds and notes payable 12,215,581 14,088,666    
Accrued interest payable 36,391 36,049    
Bank deposits 250,251 309,291    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 13,462,084 14,586,794    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Investments - held to maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 239,890 162,360    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Fair value of derivative instruments 0      
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Carrying value        
Financial assets:        
Loans receivable 13,060,703 14,427,025    
Accrued loan interest receivable 806,854 816,864    
Cash and cash equivalents 187,690 118,146    
Investments (at fair value) 1,105,931 1,428,119    
Investments - held to maturity 163,066 18,774    
Notes receivable 54,129 31,106    
Beneficial interest in loan securitizations 191,152 138,738    
Restricted cash 445,983 945,159    
Restricted cash - due to customers 158,872 294,311    
Fair value of derivative instruments 3,056      
Financial liabilities:        
Bonds and notes payable 12,448,109 14,637,195    
Accrued interest payable 36,391 36,049    
Bank deposits 718,053 691,322    
Due to customers $ 341,822 $ 348,317