NELNET INC, 10-Q filed on 5/9/2022
Quarterly Report
v3.22.1
Cover Page - shares
3 Months Ended
Mar. 31, 2022
Apr. 30, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
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 $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   26,994,698
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,674,892
v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $117,825 and $127,113, respectively) $ 17,621,576 $ 18,335,197
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 36,111 30,128
Cash and cash equivalents - held at a related party 126,674 95,435
Total cash and cash equivalents 162,785 125,563
Investments 1,649,578 1,588,919
Restricted cash 757,954 741,981
Restricted cash - due to customers 256,927 326,645
Accounts receivable (net of allowance for doubtful accounts of $1,098 and $1,160, respectively) 144,902 163,315
Goodwill 142,092 142,092
Intangible assets, net 49,544 52,029
Property and equipment, net 120,779 119,413
Other assets 83,604 82,887
Total assets 20,989,741 21,678,041
Liabilities:    
Bonds and notes payable 16,736,701 17,631,089
Accrued interest payable 7,216 4,566
Bank deposits 484,047 344,315
Other liabilities 400,523 379,231
Due to customers 276,191 366,002
Total liabilities 17,904,678 18,725,203
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 1,208 1,000
Retained earnings 3,092,226 2,940,523
Accumulated other comprehensive (loss) earnings, net (5,500) 9,304
Total Nelnet, Inc. shareholders' equity 3,088,313 2,951,206
Noncontrolling interests (3,250) 1,632
Total equity 3,085,063 2,952,838
Total liabilities and equity 20,989,741 21,678,041
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $117,825 and $127,113, respectively) 17,162,119 17,981,414
Cash and cash equivalents:    
Restricted cash 666,369 674,073
Liabilities:    
Bonds and notes payable 16,660,541 17,462,456
Common stock:    
Accrued interest payable and other liabilities (48,267) (36,276)
Net assets of consolidated education and other lending variable interest entities 1,119,680 1,156,755
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,151,270 shares and 27,239,654 shares, respectively    
Common stock:    
Common stock 272 272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,674,892 shares and 10,676,642 shares, respectively    
Common stock:    
Common stock $ 107 $ 107
v3.22.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Allowance for loan losses $ 117,825 $ 127,113
Allowance for doubtful accounts $ 1,098 $ 1,160
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 50,000,000 50,000,000
Preferred stock, issued shares (in shares) 0 0
Preferred stock, outstanding shares (in shares) 0 0
Common Class A    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 600,000,000 600,000,000
Shares issued (in shares) 27,151,270 27,239,654
Shares outstanding (in shares) 27,151,270 27,239,654
Common Class B    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 60,000,000 60,000,000
Shares issued (in shares) 10,674,892 10,676,642
Shares outstanding (in shares) 10,674,892 10,676,642
v3.22.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Loan interest $ 111,377 $ 124,117
Investment interest 13,819 4,986
Total interest income 125,196 129,103
Interest expense on bonds and notes payable and bank deposits 48,079 27,773
Net interest income 77,117 101,330
Negative provision for loan losses (435) (17,048)
Net interest income after provision for loan losses 77,552 118,378
Other income/expense:    
Other 9,877 (2,168)
Gain on sale of loans 2,989 0
Derivative market value adjustments and derivative settlements, net 142,925 34,505
Total other income/expense 404,445 239,112
Cost to provide education technology, services, and payment processing services 35,545 27,052
Operating expenses:    
Salaries and benefits 149,414 115,791
Depreciation and amortization 16,956 20,184
Other expenses 39,499 36,698
Total operating expenses 205,869 172,673
Income before income taxes 240,583 157,765
Income tax expense 55,697 34,861
Net income 184,886 122,904
Net loss attributable to noncontrolling interests 1,761 694
Net income attributable to Nelnet, Inc. $ 186,647 $ 123,598
Earnings per common share:    
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 4.91 $ 3.20
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 4.91 $ 3.20
Weighted-average common shares outstanding - basic (in shares) 38,041,834 38,603,555
Weighted-average common shares outstanding - diluted (in shares) 38,041,834 38,603,555
Loan servicing and systems    
Other income/expense:    
Revenue $ 136,368 $ 111,517
Education technology, services, and payment processing    
Other income/expense:    
Revenue $ 112,286 $ 95,258
v3.22.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net income $ 184,886 $ 122,904
Other comprehensive (loss) income:    
Net changes related to foreign currency translation adjustments 9 1
Net changes related to available-for-sale debt securities:    
Unrealized holding (losses) gains arising during period, net (16,698) 4,349
Reclassification of gains recognized in net income, net of losses (2,793) (508)
Income tax effect 4,678 (922)
Unrealized gains (losses) during period after reclassifications and tax (14,813) 2,919
Other comprehensive (loss) income (14,804) 2,920
Comprehensive income 170,082 125,824
Comprehensive loss attributable to noncontrolling interests 1,761 694
Comprehensive income attributable to Nelnet, Inc. $ 171,843 $ 126,518
v3.22.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2020   0 27,193,154 11,155,571        
Beginning balance at Dec. 31, 2020 $ 2,628,349 $ 0 $ 272 $ 112 $ 3,794 $ 2,621,762 $ 6,102 $ (3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 1,400             1,400
Net income (loss) 122,904         123,598   (694)
Other comprehensive income (loss) 2,920           2,920  
Distribution to noncontrolling interests (102)             (102)
Cash dividend on Class A and Class B common stock (8,437)         (8,437)    
Issuance of common stock, net of forfeitures (in shares)     199,442          
Issuance of common stock, net of forfeitures 2,091   $ 2   2,089      
Compensation expense for stock based awards 1,985       1,985      
Repurchase of common stock (in shares)     (26,199)          
Repurchase of common stock (2,009)       (2,009) 0    
Conversion of common stock (in shares)     1,400 (1,400)        
Conversion of common stock 0              
Ending balance (in shares) at Mar. 31, 2021   0 27,367,797 11,154,171        
Ending balance at Mar. 31, 2021 2,749,101 $ 0 $ 274 $ 112 5,859 2,736,923 9,022 (3,089)
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 2,004             2,004
Net income (loss) 184,886         186,647   (1,761)
Other comprehensive income (loss) (14,804)           (14,804)  
Distribution to noncontrolling interests (5,125)             (5,125)
Cash dividend on Class A and Class B common stock (9,063)         (9,063)    
Issuance of common stock, net of forfeitures (in shares)     289,919          
Issuance of common stock, net of forfeitures 4,385   $ 3   4,382      
Compensation expense for stock based awards 2,841       2,841      
Repurchase of common stock (in shares)     (380,053)          
Repurchase of common stock (32,899)   $ (3)   (7,015) (25,881)    
Conversion of common stock (in shares)     1,750 (1,750)        
Conversion of common stock 0              
Ending balance (in shares) at Mar. 31, 2022   0 27,151,270 10,674,892        
Ending balance at Mar. 31, 2022 $ 3,085,063 $ 0 $ 272 $ 107 $ 1,208 $ 3,092,226 $ (5,500) $ (3,250)
v3.22.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Common Class A    
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22
Common Class B    
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22
v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 186,647 $ 123,598
Net loss attributable to noncontrolling interests (1,761) (694)
Net income 184,886 122,904
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 36,335 38,415
Loan discount accretion (9,927) (7,218)
Negative provision for loan losses (435) (17,048)
Derivative market value adjustments (145,734) (38,809)
Proceeds from clearinghouse - initial and variation margin, net of payments 149,649 38,081
Gain on sale of loans (2,989) 0
Loss on investments, net 2,801 13,849
Proceeds from sale (purchases) of equity securities, net 572 (13,512)
Deferred income tax expense 39,443 15,405
Non-cash compensation expense 2,920 2,052
Negative provision for beneficial interests 0 (2,436)
Decrease (increase) in loan and investment accrued interest receivable 10,694 (114)
Decrease (increase) in accounts receivable 18,442 (3,831)
(Increase) decrease in other assets, net (1,963) 5,147
Decrease in the carrying amount of ROU asset, net 1,439 1,418
Increase (decrease) in accrued interest payable 2,650 (23,174)
Decrease in other liabilities, net (11,824) (10,375)
Decrease in the carrying amount of lease liability (1,500) (1,247)
Decrease in due to customers (89,884) (70,849)
Other (110) 0
Net cash provided by operating activities 185,465 48,658
Cash flows from investing activities:    
Purchases and originations of loans (161,334) (152,329)
Purchases of loans from a related party (1,049) (19,731)
Net proceeds from loan repayments, claims, and capitalized interest 848,188 637,275
Proceeds from sale of loans 15,170 0
Purchases of available-for-sale securities (139,195) (44,335)
Proceeds from sales of available-for-sale securities 113,980 18,077
Proceeds from beneficial interest in loan securitizations 7,271 8,603
Purchases of other investments (73,944) (71,590)
Proceeds from other investments 9,776 110,290
Purchases of property and equipment (15,794) (17,898)
Net cash provided by investing activities 603,069 468,362
Cash flows from financing activities:    
Payments on bonds and notes payable (918,270) (584,303)
Proceeds from issuance of bonds and notes payable 13,512 7,800
Payments of debt issuance costs (312) (614)
Increase in bank deposits, net 139,732 57,197
Dividends paid (9,063) (8,437)
Repurchases of common stock (32,899) (2,009)
Proceeds from issuance of common stock 435 381
Issuance of noncontrolling interests 2,004 1,940
Distribution to noncontrolling interests (365) (102)
Net cash used in financing activities (805,226) (528,147)
Effect of exchange rate changes on cash 169 (77)
Net decrease in cash, cash equivalents, and restricted cash (16,523) (11,204)
Cash, cash equivalents, and restricted cash, beginning of period 1,194,189 958,395
Cash, cash equivalents, and restricted cash, end of period 1,177,666 947,191
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 33,895 39,686
Cash disbursements made for income taxes, net of refunds and credits received [1] 466 199
Cash disbursements made for operating leases 1,887 2,098
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 746 740
Receipt of beneficial interest in consumer loan securitization 3,660 0
Distribution to noncontrolling interests 4,760 0
Issuance of noncontrolling interests $ 0 $ 540
[1] The Company utilized $1.1 million and $2.0 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 1,100 $ 2,000
Cash and cash equivalents:    
Total cash and cash equivalents 162,785 144,229
Restricted cash 757,954 609,881
Restricted cash - due to customers 256,927 193,081
Cash, cash equivalents, and restricted cash $ 1,177,666 $ 947,191
v3.22.1
Basis of Financial Reporting
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. 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, 2021 (the "2021 Annual Report").
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses
3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,741,495 3,904,000 
Consolidation12,553,882 13,187,047 
Total16,295,377 17,091,047 
Private education loans278,537 299,442 
Consumer loans44,713 51,301 
Non-Nelnet Bank loans16,618,627 17,441,790 
Nelnet Bank:
Federally insured student loans82,789 88,011 
Private education loans285,468 169,890 
Nelnet Bank loans368,257 257,901 
 
Accrued interest receivable774,774 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,257)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(95,995)(103,381)
Private education loans(14,622)(16,143)
Consumer loans(5,710)(6,481)
Non-Nelnet Bank allowance for loan losses(116,327)(126,005)
Nelnet Bank:
Federally insured loans(247)(268)
Private education loans(1,251)(840)
Nelnet Bank allowance for loan losses(1,498)(1,108)
 $17,621,576 18,335,197 
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
March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.59 %0.60 %
Private education loans5.25 %5.39 %
Consumer loans12.77 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.30 %0.30 %
Private education loans0.44 %0.49 %
(a) As of March 31, 2022 and December 31, 2021, 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 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively.
Gain on Sale of Loans
On January 26, 2022, the Company sold $18.1 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent residual interest in the consumer loan securitization, which is included in "investments" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761)— 123 — 95,995 
Private education loans16,143 (400)(1,299)176 — 14,622 
Consumer loans6,481 2,284 (937)166 — (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)— — — — 247 
Private education loans840 426 (13)— — (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
Three months ended March 31, 2021
Non-Nelnet Bank:
Federally insured loans$128,590 (7,483)(61)— 800 — 121,846 
Private education loans19,529 1,431 (493)202 — 20,670 
Consumer loans27,256 (11,418)(1,950)246 — — 14,134 
Nelnet Bank:
Private education loans323 422 — — — (1)744 
$175,698 (17,048)(2,504)448 800 — 157,394 
(a)    During the three months ended March 31, 2022 and 2021, the Company acquired $9.2 million (par value) and $54.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
The Company recorded a negative provision for loan losses for its federally insured loan portfolio for the three months ended March 31, 2022 due to the amortization of the portfolio and an increase in expected prepayments as a result of an initiative offered by the Department of Education (the “Department”) for Federal Family Education Loan Program ("FFELP" or "FFEL Program") borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department by October 31, 2022 to qualify for loan forgiveness under the Public Service Loan Forgiveness program. The Company recorded a provision for loan losses on its consumer loan portfolio during the three months ended March 31, 2022 as a result of loans acquired during the period.
The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain improved economic conditions as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020.
Unfunded Private Education Loan Commitments
As of March 31, 2022, Nelnet Bank has a liability of approximately $36,000 related to $37.9 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheet. During the three months ended March 31, 2022, Nelnet Bank recognized provision for loan losses of approximately $24,000 related to unfunded loan commitments.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $839,566 5.2 % $829,624 4.9 % $1,006,605 5.4 %
Loans in forbearance 1,160,048 7.1  1,118,667 6.5  1,936,553 10.4 
Loans in repayment status:  
Loans current12,352,543 86.4 %12,847,685 84.9 %13,787,038 88.0 %
Loans delinquent 31-60 days462,750 3.2 895,656 5.9 425,599 2.7 
Loans delinquent 61-90 days282,810 2.0 352,449 2.3 234,871 1.5 
Loans delinquent 91-120 days202,371 1.4 251,075 1.7 125,471 0.8 
Loans delinquent 121-270 days712,753 5.0 592,449 3.9 1,026,050 6.6 
Loans delinquent 271 days or greater282,536 2.0 203,442 1.3 63,196 0.4 
Total loans in repayment14,295,763 87.7 100.0 %15,142,756 88.6 100.0 %15,662,225 84.2 100.0 %
Total federally insured loans16,295,377 100.0 % 17,091,047 100.0 % 18,605,383 100.0 %
Accrued interest receivable770,853 784,716 791,199 
Loan discount, net of unamortized premiums and deferred origination costs(27,317)(28,309)(14,608)
Allowance for loan losses(95,995)(103,381)(121,846)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$16,942,918 $17,744,073 $19,260,128 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $10,226 3.7 %$9,661 3.2 %$10,405 3.3 %
Loans in forbearance 2,838 1.0 3,601 1.2 7,567 2.4 
Loans in repayment status:
Loans current260,911 98.3 %280,457 98.0 %292,840 98.9 %
Loans delinquent 31-60 days1,699 0.6 2,403 0.8 1,343 0.5 
Loans delinquent 61-90 days1,040 0.4 976 0.3 843 0.3 
Loans delinquent 91 days or greater1,823 0.7 2,344 0.9 1,050 0.3 
Total loans in repayment265,473 95.3 100.0 %286,180 95.6 100.0 %296,076 94.3 100.0 %
Total private education loans278,537 100.0 % 299,442 100.0 % 314,048 100.0 %
Accrued interest receivable1,898 1,960 2,303 
Loan discount, net of unamortized premiums(598)(1,123)2,673 
Allowance for loan losses(14,622)(16,143)(20,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 $284,136 $298,354 
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Consumer loans - Non-Nelnet Bank:
Loans in deferment$72 0.2 %$43 0.1 %$306 0.3 %
Loans in repayment status:
Loans current43,424 97.3 %49,697 97.0 %108,126 97.9 %
Loans delinquent 31-60 days255 0.5 414 0.8 760 0.7 
Loans delinquent 61-90 days304 0.7 322 0.6 577 0.5 
Loans delinquent 91 days or greater658 1.5 825 1.6 1,023 0.9 
Total loans in repayment44,641 99.8 100.0 %51,258 99.9 100.0 %110,486 99.7 %100.0 %
Total consumer loans44,713 100.0 %51,301 100.0 %110,792 100.0 %
Accrued interest receivable374 396 934 
Loan premium1,040 913 1,845 
Allowance for loan losses(5,710)(6,481)(14,134)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 $46,129 $99,437 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$286 0.3 %$330 0.4 %
Loans in forbearance948 1.2 1,057 1.2 
Loans in repayment status:
Loans current80,421 98.6 %85,599 98.8 %
Loans delinquent 30-59 days402 0.5 816 1.0 
Loans delinquent 60-89 days427 0.5 — — 
Loans delinquent 90-119 days90 0.1 — — 
Loans delinquent 120-270 days157 0.2 209 0.2 
Loans delinquent 271 days or greater58 0.1 — — 
Total loans in repayment81,555 98.5 100.0 %86,624 98.4 100.0 %
Total federally insured loans82,789 100.0 %88,011 100.0 %
Accrued interest receivable1,231 1,216 
Loan premium25 26 
Allowance for loan losses(247)(268)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$83,798 $88,985 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$497 0.2 %$150 0.1 %$82 0.1 %
Loans in forbearance317 0.1 460 0.3 29 — 
Loans in repayment status:
Loans current284,081 99.8 %169,157 99.9 %79,120 100.0 %
Loans delinquent 30-59 days422 0.2 51 — — — 
Loans delinquent 60-89 days78 — — — — — 
Loans delinquent 90 days or greater73 — 72 0.1 — — 
Total loans in repayment284,654 99.7 100.0 %169,280 99.6 100.0 %79,120 99.9 100.0 %
Total private education loans285,468 100.0 %169,890 100.0 %79,231 100.0 %
Accrued interest receivable418 264 125 
Deferred origination costs4,593 2,560 999 
Allowance for loan losses(1,251)(840)(744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 $171,874 $79,611 
(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 March 31, 2022
Three months ended March 31, 202220212020Total
FICO at origination:
Less than 705$2,097 5,841 99 8,037 
705 - 73410,935 11,391 272 22,598 
735 - 76417,278 17,906 1,049 36,233 
765 - 79434,510 34,100 1,389 69,999 
Greater than 79462,116 79,633 6,852 148,601 
$126,936 148,871 9,661 285,468 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2021 and March 31, 2022, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$121 3,030 1,899 3,318 — 1,858 10,226 
Loans in forbearance— 10 372 858 181 1,417 2,838 
Loans in repayment status:
Loans current1,452 2,796 60,651 46,107 284 149,621 260,911 
Loans delinquent 31-60 days— 10 239 — 1,448 1,699 
Loans delinquent 61-90 days— 13 102 — — 925 1,040 
Loans delinquent 91 days or greater— — 87 — — 1,736 1,823 
Total loans in repayment1,452 2,811 60,850 46,346 284 153,730 265,473 
Total private education loans$1,573 5,851 63,121 50,522 465 157,005 278,537 
Accrued interest receivable1,898 
Loan discount, net of unamortized premiums(598)
Allowance for loan losses(14,622)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 
Consumer loans - Non-Nelnet Bank:
Loans in deferment$— 34 — 32 — 72 
Loans in repayment status:
Loans current17,335 17,475 574 3,738 4,243 59 43,424 
Loans delinquent 31-60 days32 74 15 99 31 255 
Loans delinquent 61-90 days— 181 50 12 57 304 
Loans delinquent 91 days or greater— 54 39 208 357 — 658 
Total loans in repayment17,367 17,784 678 4,057 4,688 67 44,641 
Total consumer loans$17,367 17,818 678 4,089 4,694 67 44,713 
Accrued interest receivable374 
Loan premium1,040 
Allowance for loan losses(5,710)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$133 364 — — — — 497 
Loans in forbearance139 178 — — — — 317 
Loans in repayment status:
Loans current126,380 148,040 9,661 — — — 284,081 
Loans delinquent 30-59 days284 138 — — — — 422 
Loans delinquent 60-89 days— 78 — — — — 78 
Loans delinquent 90 days or greater— 73 — — — — 73 
Total loans in repayment126,664 148,329 9,661 — — — 284,654 
Total private education loans$126,936 148,871 9,661 — — — 285,468 
Accrued interest receivable418 
Deferred origination costs4,593 
Allowance for loan losses(1,251)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 
(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.
v3.22.1
Bonds and Notes Payable
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 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$15,144,282 
0.37% - 2.46%
5/27/25 - 9/25/69
Bonds and notes based on auction225,535 
0.00% - 1.43%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes15,369,817 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
736,079 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,017 
0.61%
5/22/23
Private education loan warehouse facility96,714 0.55%6/30/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
28,039 
1.90% / 2.21%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
26,764 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement267,481 1.08%5/4/22
Repurchase agreements384,343 
0.95% - 1.46%
4/14/22 - 12/20/23
Secured line of credit5,000 2.05%5/30/22
 16,919,254   
Discount on bonds and notes payable and debt issuance costs(182,553)
Total$16,736,701 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
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.
FFELP loan warehouse facility
As of March 31, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $60.0 million, liquidity provisions through May 23, 2022, and a final maturity of May 22, 2023. As of March 31, 2022, $5.0 million was outstanding under this facility, $55.0 million was available for future funding, and the Company had $0.3 million advanced as equity support.
Private education loan warehouse facility
As of March 31, 2022, the Company's private education warehouse facility had an aggregate maximum financing amount available of $175.0 million and an advance rate of 80 to 90 percent. On January 28, 2022, the Company amended the facility to extend the liquidity provisions through June 30, 2022 and final maturity date to June 30, 2023. As of March 31, 2022, $96.7 million was outstanding under this warehouse facility, $78.3 million was available for future funding, and the Company had $10.6 million advanced as equity support.
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 March 31, 2022, no amount was outstanding on the line of credit and $495.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $737.5 million, subject to certain conditions.
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. As of March 31, 2022, $267.5 million 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, 2022, the agreement automatically renewed for another year through May 4, 2023. 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 under this agreement 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 this participation agreement.
Repurchase Agreements
On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities. The first agreement has maturity dates of November 20, 2023 and December 20, 2023, or earlier if either party provides 180 days’ prior written notice, and the second agreement has maturity dates (as of March 31, 2022) of April 14, 2022, May 27, 2022, and January 13, 2023. Included in “bonds and notes payable” as of March 31, 2022 was $192.9 million subject to the first agreement and $191.4 million subject to the second agreement.
See note 5 for additional information about the private education loan asset-backed securities investments serving as collateral for these repurchase agreements.
Accrued Interest Liability
During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined was no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest expense on bonds and notes payable and bank deposits" in the consolidated statements of income.
Debt Repurchases
During the three months ended March 31, 2022, the Company repurchased $18.5 million of its own debt. The gain recognized from these debt repurchases was not significant. No debt was repurchased during the three months ended March 31, 2021.
The Company has retained certain of its own asset-backed securities upon their initial issuance or 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 March 31, 2022, the Company holds $398.1 million (par value) of its own asset-backed securities. As of March 31, 2022, $45.7 million of the Company's repurchased asset-backed securities were financed with proceeds from the Company's repurchase agreements (as discussed above).
v3.22.1
Derivative Financial Instruments
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2021 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2022 and December 31, 2021 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
2022$2,000,000 
2023750,000 
20241,750,000 
20261,150,000 
2027250,000 
$5,900,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2022 and December 31, 2021 was one-month LIBOR plus 9.1 basis points.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of March 31, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023750,000 0.30 900,000 0.62 
20242,500,000 0.35 2,500,000 0.35 
2025500,000 0.35 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $4,350,000 0.44 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
On April 28, 2022, the Company terminated $1.25 billion in notional amount of derivatives ($500 million, $250 million, and $500 million that had maturity dates in 2023, 2024, and 2025, respectively) that are included in the table above.
Consolidated Financial Statement Impact Related to Derivatives - Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20222021
Settlements:  
1:3 basis swaps$396 (19)
Interest rate swaps - floor income hedges(3,205)(4,285)
Total settlements - income (expense)(2,809)(4,304)
Change in fair value:  
1:3 basis swaps889 2,799 
Interest rate swaps - floor income hedges144,845 36,010 
Total change in fair value - income (expense)145,734 38,809 
Derivative market value adjustments and derivative settlements, net - income (expense)$142,925 34,505 
v3.22.1
Investments
3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investments Investments
A summary of the Company's investments follows:
As of March 31, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$507,378 12,079 (2,388)517,069 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)388,736 — (16,851)371,885 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale49,306 (78)49,232 22,435 — — 22,435 
Total available-for-sale debt securities$945,420 12,083 (19,317)938,186 917,412 15,217 (2,960)929,669 
Equity securities71,698 71,986 
Total investments (at fair value)1,009,884 1,001,655 
Other Investments (not measured at fair value):
Other debt securities - held-to-maturity8,200 8,200 
Venture capital and funds:
Measurement alternative164,368 157,609 
Equity method74,339 67,840 
Total venture capital and funds238,707 225,449 
Real estate:
Equity method50,257 47,226 
Notes receivable4,169 — 
Total real estate54,426 47,226 
Investment in ALLO:
Voting interest/equity method (d)108,773 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)139,459 137,342 
Total investment in ALLO248,232 224,589 
Beneficial interest in loan securitizations (f):
Private education loans73,915 66,008 
Consumer loans31,222 28,366 
Federally insured student loans25,217 25,768 
Total beneficial interest in loan securitizations130,354 120,142 
Solar (g)(44,354)(42,457)
Tax liens, affordable housing, and other4,129 4,115 
Total investments (not measured at fair value)639,694 587,264 
Total investments$1,649,578 $1,588,919 

(a)    As of March 31, 2022, the aggregate fair value of asset-backed securities classified as available-for-sale with unrealized losses was $640.6 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of March 31, 2022, $267.5 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    As of March 31, 2022, a total of $374.4 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 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. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $13.1 million and $22.2 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment.
Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income.
(e)    As of March 31, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $2.1 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2022, the Company's ownership correlates to approximately $680 million, $190 million, and $450 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2022, the Company has funded a total of $231.4 million in solar investments, which includes $62.6 million funded by syndication partners. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2022 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of March 31, 2022, the Company is committed to fund an additional $19.0 million on these projects, of which $14.8 million will 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. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $1.0 million and $1.7 million, respectively, on its solar investments. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments during the three months ended March 31, 2022 and 2021 include losses of $1.8 million and $0.6 million, respectively, attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income.
v3.22.1
Intangible Assets
3 Months Ended
Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2022 (months)
As ofAs of
March 31, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $99,366 and $97,398, respectively)
100$45,926 47,894 
Computer software (net of accumulated amortization of $4,236 and $3,669, respectively)
213,618 4,135 
Total - amortizable intangible assets, net94$49,544 52,029 
The Company recorded amortization expense on its intangible assets of $2.5 million and $8.4 million during the three months ended March 31, 2022 and 2021, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2022, the Company estimates it will record amortization expense as follows:
2022 (April 1 - December 31)$7,454 
20239,830 
20247,457 
20254,644 
20264,517 
2027 and thereafter15,642 
 $49,544 
v3.22.1
Goodwill
3 Months Ended
Mar. 31, 2022
Goodwill [Abstract]  
Goodwill Goodwill
The carrying amount of goodwill as of March 31, 2022 and December 31, 2021 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 76,570 41,883 — — 142,092 
v3.22.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$183,328 3,319 186,647 121,766 1,832 123,598 
Denominator:
Weighted-average common shares outstanding - basic and diluted37,365,339 676,495 38,041,834 38,031,267 572,288 38,603,555 
Earnings per share - basic and diluted$4.91 4.91 4.91 3.20 3.20 3.20 
v3.22.1
Segment Reporting
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 15 of the notes to consolidated financial statements included in the 2021 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$67 339 118,598 3,030 3,992 (828)125,196 
Interest expense24 — 46,003 856 2,026 (828)48,079 
Net interest income43 339 72,595 2,174 1,966 — 77,117 
Less (negative provision) provision for loan losses— — (864)429 — — (435)
Net interest income after provision for loan losses43 339 73,459 1,745 1,966 — 77,552 
Other income/expense:
Loan servicing and systems revenue136,368 — — — — — 136,368 
Intersegment revenue8,480 — — — (8,483)— 
Education technology, services, and payment processing revenue— 112,286 — — — — 112,286 
Other740 — 6,511 1,500 1,125 — 9,877 
Gain on sale of loans— — 2,989 — — — 2,989 
Derivative settlements, net— — (2,809)— — — (2,809)
Derivative market value adjustments, net— — 145,734 — — — 145,734 
Total other income/expense145,588 112,289 152,425 1,500 1,125 (8,483)404,445 
Cost of services— 35,545 — — — — 35,545 
Operating expenses:
Salaries and benefits91,972 31,286 591 1,554 24,012 — 149,414 
Depreciation and amortization4,954 2,315 — 9,684 — 16,956 
Other expenses16,213 5,764 3,033 682 13,804 — 39,499 
Intersegment expenses, net20,398 4,605 8,831 45 (25,396)(8,483)— 
Total operating expenses133,537 43,970 12,455 2,284 22,104 (8,483)205,869 
Income (loss) before income taxes12,094 33,113 213,429 961 (19,013)— 240,583 
Income tax (expense) benefit(2,903)(7,947)(51,223)(223)6,598 — (55,697)
Net income (loss)9,191 25,166 162,206 738 (12,415)— 184,886 
Net loss attributable to noncontrolling interests— — — — 1,761 — 1,761 
Net income (loss) attributable to Nelnet, Inc.$9,191 25,166 162,206 738 (10,654)— 186,647 
Total assets as of March 31, 2022$259,712 376,794 18,158,972 656,242 2,066,417 (528,396)20,989,741 
 Three months ended March 31, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$34 263 126,402 1,376 1,246 (218)129,103 
Interest expense23 — 26,950 194 824 (218)27,773 
Net interest income11 263 99,452 1,182 422 — 101,330 
Less (negative provision) provision for loan losses— — (17,470)422 — — (17,048)
Net interest income after provision for loan losses11 263 116,922 760 422 — 118,378 
Other income/expense:
Loan servicing and systems revenue111,517 — — — — — 111,517 
Intersegment revenue8,268 — — — (8,271)— 
Education technology, services, and payment processing revenue— 95,258 — — — — 95,258 
Other1,113 — 2,881 22 (6,184)— (2,168)
Gain on sale of loans— — — — — — — 
Derivative settlements, net— — (4,304)— — — (4,304)
Derivative market value adjustments, net— — 38,809 — — — 38,809 
Total other income/expense120,898 95,261 37,386 22 (6,184)(8,271)239,112 
Cost of services— 27,052 — — — — 27,052 
Operating expenses:
Salaries and benefits66,458 25,941 495 1,488 21,409 — 115,791 
Depreciation and amortization8,192 3,071 — — 8,920 — 20,184 
Other expenses13,285 4,822 3,777 545 14,272 — 36,698 
Intersegment expenses, net16,890 3,664 8,427 (20,713)(8,271)— 
Total operating expenses104,825 37,498 12,699 2,036 23,888 (8,271)172,673 
Income (loss) before income taxes16,084 30,974 141,609 (1,254)(29,650)— 157,765 
Income tax (expense) benefit(3,860)(7,434)(33,987)286 10,133 — (34,861)
Net income (loss)12,224 23,540 107,622 (968)(19,517)— 122,904 
Net loss attributable to noncontrolling interests— — — — 694 — 694 
Net income (loss) attributable to Nelnet, Inc.$12,224 23,540 107,622 (968)(18,823)— 123,598 
Total assets as of March 31, 2021$191,910 372,315 20,367,532 296,908 1,148,560 (210,017)22,167,208 
v3.22.1
Disaggregated Revenue
3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables provides disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20222021
Government servicing - Nelnet$61,049 34,872 
Government servicing - Great Lakes48,076 43,302 
Private education and consumer loan servicing12,873 8,548 
FFELP servicing4,248 4,670 
Software services 7,400 8,454 
Outsourced services and other2,722 11,671 
Loan servicing and systems revenue$136,368 111,517 
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20222021
Tuition payment plan services$30,716 29,550 
Payment processing38,071 33,038 
Education technology and services43,251 32,527 
Other248 143 
Education technology, services, and payment processing revenue$112,286 95,258 
Other Income/Expense
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended March 31,
20222021
Income/gains from investments, net$11,856 8,498 
Borrower late fee income2,431 442 
ALLO preferred return2,117 2,321 
Investment advisory services1,282 2,697 
Negative provision for beneficial interests investment— 2,436 
Loss from ALLO voting membership interest investment(13,130)(22,219)
Loss from solar investments(1,030)(1,679)
Other6,351 5,336 
$9,877 (2,168)
v3.22.1
Major Customer
3 Months Ended
Mar. 31, 2022
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Nelnet Servicing, LLC ("Nelnet Servicing") and Great Lakes Educational Loan Services, Inc. ("Great Lakes"), subsidiaries of the Company, each earn loan servicing revenue from a servicing contract with the Department. Revenues earned by Nelnet Servicing and Great Lakes related to these contracts are set forth in the "Government servicing - Nelnet" and "Government servicing - Great Lakes" line items of the "Loan Servicing and Systems" table in note 10.
Nelnet Servicing's and Great Lakes' student loan servicing contracts with the Department are scheduled to expire on December 14, 2023. In 2017, the Department initiated a contract procurement process referred to as the Next Generation Financial Services Environment ("NextGen") for a new framework for the servicing of all student loans owned by the Department. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment is required to provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance. The Company cannot predict the timing, nature, or ultimate outcome of NextGen or any other contract procurement process by the Department.
v3.22.1
Fair Value
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.

 As of March 31, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 517,069 517,069 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 371,885 371,885 — 412,552 412,552 
Other debt securities - available-for-sale100 49,132 49,232 100 22,335 22,435 
Equity securities59,943 — 59,943 63,154 — 63,154 
Equity securities measured at net asset value (a)11,755 8,832 
Total investments 60,043 938,086 1,009,884 63,254 929,569 1,001,655 
Total assets$60,043 938,086 1,009,884 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$17,656,032 16,846,802 — — 17,656,032 
Accrued loan interest receivable774,774 774,774 — 774,774 — 
Cash and cash equivalents162,785 162,785 162,785 — — 
Investments (at fair value)1,009,884 1,009,884 60,043 938,086 — 
Beneficial interest in loan securitizations145,623 130,354 — — 145,623 
Restricted cash757,954 757,954 757,954 — — 
Restricted cash – due to customers256,927 256,927 256,927 — — 
Financial liabilities:  
Bonds and notes payable16,705,877 16,736,701 — 16,705,877 — 
Accrued interest payable7,216 7,216 — 7,216 — 
Bank deposits469,559 484,047 189,319 280,240 — 
Due to customers276,191 276,191 276,191 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2021 Annual Report.
v3.22.1
Basis of Financial Reporting (Policies)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. 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, 2021 (the "2021 Annual Report").
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,741,495 3,904,000 
Consolidation12,553,882 13,187,047 
Total16,295,377 17,091,047 
Private education loans278,537 299,442 
Consumer loans44,713 51,301 
Non-Nelnet Bank loans16,618,627 17,441,790 
Nelnet Bank:
Federally insured student loans82,789 88,011 
Private education loans285,468 169,890 
Nelnet Bank loans368,257 257,901 
 
Accrued interest receivable774,774 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,257)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(95,995)(103,381)
Private education loans(14,622)(16,143)
Consumer loans(5,710)(6,481)
Non-Nelnet Bank allowance for loan losses(116,327)(126,005)
Nelnet Bank:
Federally insured loans(247)(268)
Private education loans(1,251)(840)
Nelnet Bank allowance for loan losses(1,498)(1,108)
 $17,621,576 18,335,197 
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
March 31, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.59 %0.60 %
Private education loans5.25 %5.39 %
Consumer loans12.77 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.30 %0.30 %
Private education loans0.44 %0.49 %
(a) As of March 31, 2022 and December 31, 2021, 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 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively.
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 deterioration (a)Loan salesBalance at end of period
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761)— 123 — 95,995 
Private education loans16,143 (400)(1,299)176 — 14,622 
Consumer loans6,481 2,284 (937)166 — (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)— — — — 247 
Private education loans840 426 (13)— — (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
Three months ended March 31, 2021
Non-Nelnet Bank:
Federally insured loans$128,590 (7,483)(61)— 800 — 121,846 
Private education loans19,529 1,431 (493)202 — 20,670 
Consumer loans27,256 (11,418)(1,950)246 — — 14,134 
Nelnet Bank:
Private education loans323 422 — — — (1)744 
$175,698 (17,048)(2,504)448 800 — 157,394 
(a)    During the three months ended March 31, 2022 and 2021, the Company acquired $9.2 million (par value) and $54.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
Loan Status and Delinquencies The table below shows the Company’s loan status and delinquency amounts.
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $839,566 5.2 % $829,624 4.9 % $1,006,605 5.4 %
Loans in forbearance 1,160,048 7.1  1,118,667 6.5  1,936,553 10.4 
Loans in repayment status:  
Loans current12,352,543 86.4 %12,847,685 84.9 %13,787,038 88.0 %
Loans delinquent 31-60 days462,750 3.2 895,656 5.9 425,599 2.7 
Loans delinquent 61-90 days282,810 2.0 352,449 2.3 234,871 1.5 
Loans delinquent 91-120 days202,371 1.4 251,075 1.7 125,471 0.8 
Loans delinquent 121-270 days712,753 5.0 592,449 3.9 1,026,050 6.6 
Loans delinquent 271 days or greater282,536 2.0 203,442 1.3 63,196 0.4 
Total loans in repayment14,295,763 87.7 100.0 %15,142,756 88.6 100.0 %15,662,225 84.2 100.0 %
Total federally insured loans16,295,377 100.0 % 17,091,047 100.0 % 18,605,383 100.0 %
Accrued interest receivable770,853 784,716 791,199 
Loan discount, net of unamortized premiums and deferred origination costs(27,317)(28,309)(14,608)
Allowance for loan losses(95,995)(103,381)(121,846)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$16,942,918 $17,744,073 $19,260,128 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $10,226 3.7 %$9,661 3.2 %$10,405 3.3 %
Loans in forbearance 2,838 1.0 3,601 1.2 7,567 2.4 
Loans in repayment status:
Loans current260,911 98.3 %280,457 98.0 %292,840 98.9 %
Loans delinquent 31-60 days1,699 0.6 2,403 0.8 1,343 0.5 
Loans delinquent 61-90 days1,040 0.4 976 0.3 843 0.3 
Loans delinquent 91 days or greater1,823 0.7 2,344 0.9 1,050 0.3 
Total loans in repayment265,473 95.3 100.0 %286,180 95.6 100.0 %296,076 94.3 100.0 %
Total private education loans278,537 100.0 % 299,442 100.0 % 314,048 100.0 %
Accrued interest receivable1,898 1,960 2,303 
Loan discount, net of unamortized premiums(598)(1,123)2,673 
Allowance for loan losses(14,622)(16,143)(20,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 $284,136 $298,354 
As of March 31, 2022As of December 31, 2021As of March 31, 2021
Consumer loans - Non-Nelnet Bank:
Loans in deferment$72 0.2 %$43 0.1 %$306 0.3 %
Loans in repayment status:
Loans current43,424 97.3 %49,697 97.0 %108,126 97.9 %
Loans delinquent 31-60 days255 0.5 414 0.8 760 0.7 
Loans delinquent 61-90 days304 0.7 322 0.6 577 0.5 
Loans delinquent 91 days or greater658 1.5 825 1.6 1,023 0.9 
Total loans in repayment44,641 99.8 100.0 %51,258 99.9 100.0 %110,486 99.7 %100.0 %
Total consumer loans44,713 100.0 %51,301 100.0 %110,792 100.0 %
Accrued interest receivable374 396 934 
Loan premium1,040 913 1,845 
Allowance for loan losses(5,710)(6,481)(14,134)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 $46,129 $99,437 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$286 0.3 %$330 0.4 %
Loans in forbearance948 1.2 1,057 1.2 
Loans in repayment status:
Loans current80,421 98.6 %85,599 98.8 %
Loans delinquent 30-59 days402 0.5 816 1.0 
Loans delinquent 60-89 days427 0.5 — — 
Loans delinquent 90-119 days90 0.1 — — 
Loans delinquent 120-270 days157 0.2 209 0.2 
Loans delinquent 271 days or greater58 0.1 — — 
Total loans in repayment81,555 98.5 100.0 %86,624 98.4 100.0 %
Total federally insured loans82,789 100.0 %88,011 100.0 %
Accrued interest receivable1,231 1,216 
Loan premium25 26 
Allowance for loan losses(247)(268)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$83,798 $88,985 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$497 0.2 %$150 0.1 %$82 0.1 %
Loans in forbearance317 0.1 460 0.3 29 — 
Loans in repayment status:
Loans current284,081 99.8 %169,157 99.9 %79,120 100.0 %
Loans delinquent 30-59 days422 0.2 51 — — — 
Loans delinquent 60-89 days78 — — — — — 
Loans delinquent 90 days or greater73 — 72 0.1 — — 
Total loans in repayment284,654 99.7 100.0 %169,280 99.6 100.0 %79,120 99.9 100.0 %
Total private education loans285,468 100.0 %169,890 100.0 %79,231 100.0 %
Accrued interest receivable418 264 125 
Deferred origination costs4,593 2,560 999 
Allowance for loan losses(1,251)(840)(744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 $171,874 $79,611 
(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 March 31, 2022
Three months ended March 31, 202220212020Total
FICO at origination:
Less than 705$2,097 5,841 99 8,037 
705 - 73410,935 11,391 272 22,598 
735 - 76417,278 17,906 1,049 36,233 
765 - 79434,510 34,100 1,389 69,999 
Greater than 79462,116 79,633 6,852 148,601 
$126,936 148,871 9,661 285,468 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$121 3,030 1,899 3,318 — 1,858 10,226 
Loans in forbearance— 10 372 858 181 1,417 2,838 
Loans in repayment status:
Loans current1,452 2,796 60,651 46,107 284 149,621 260,911 
Loans delinquent 31-60 days— 10 239 — 1,448 1,699 
Loans delinquent 61-90 days— 13 102 — — 925 1,040 
Loans delinquent 91 days or greater— — 87 — — 1,736 1,823 
Total loans in repayment1,452 2,811 60,850 46,346 284 153,730 265,473 
Total private education loans$1,573 5,851 63,121 50,522 465 157,005 278,537 
Accrued interest receivable1,898 
Loan discount, net of unamortized premiums(598)
Allowance for loan losses(14,622)
Total private education loans and accrued interest receivable, net of allowance for loan losses$265,215 
Consumer loans - Non-Nelnet Bank:
Loans in deferment$— 34 — 32 — 72 
Loans in repayment status:
Loans current17,335 17,475 574 3,738 4,243 59 43,424 
Loans delinquent 31-60 days32 74 15 99 31 255 
Loans delinquent 61-90 days— 181 50 12 57 304 
Loans delinquent 91 days or greater— 54 39 208 357 — 658 
Total loans in repayment17,367 17,784 678 4,057 4,688 67 44,641 
Total consumer loans$17,367 17,818 678 4,089 4,694 67 44,713 
Accrued interest receivable374 
Loan premium1,040 
Allowance for loan losses(5,710)
Total consumer loans and accrued interest receivable, net of allowance for loan losses$40,417 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$133 364 — — — — 497 
Loans in forbearance139 178 — — — — 317 
Loans in repayment status:
Loans current126,380 148,040 9,661 — — — 284,081 
Loans delinquent 30-59 days284 138 — — — — 422 
Loans delinquent 60-89 days— 78 — — — — 78 
Loans delinquent 90 days or greater— 73 — — — — 73 
Total loans in repayment126,664 148,329 9,661 — — — 284,654 
Total private education loans$126,936 148,871 9,661 — — — 285,468 
Accrued interest receivable418 
Deferred origination costs4,593 
Allowance for loan losses(1,251)
Total private education loans and accrued interest receivable, net of allowance for loan losses$289,228 
(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.
v3.22.1
Bonds and Notes Payable (Tables)
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 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$15,144,282 
0.37% - 2.46%
5/27/25 - 9/25/69
Bonds and notes based on auction225,535 
0.00% - 1.43%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes15,369,817 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
736,079 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,017 
0.61%
5/22/23
Private education loan warehouse facility96,714 0.55%6/30/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
28,039 
1.90% / 2.21%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
26,764 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement267,481 1.08%5/4/22
Repurchase agreements384,343 
0.95% - 1.46%
4/14/22 - 12/20/23
Secured line of credit5,000 2.05%5/30/22
 16,919,254   
Discount on bonds and notes payable and debt issuance costs(182,553)
Total$16,736,701 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
v3.22.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Basis Swap
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
2022$2,000,000 
2023750,000 
20241,750,000 
20261,150,000 
2027250,000 
$5,900,000 
Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of March 31, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023750,000 0.30 900,000 0.62 
20242,500,000 0.35 2,500,000 0.35 
2025500,000 0.35 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $4,350,000 0.44 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
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 March 31,
 20222021
Settlements:  
1:3 basis swaps$396 (19)
Interest rate swaps - floor income hedges(3,205)(4,285)
Total settlements - income (expense)(2,809)(4,304)
Change in fair value:  
1:3 basis swaps889 2,799 
Interest rate swaps - floor income hedges144,845 36,010 
Total change in fair value - income (expense)145,734 38,809 
Derivative market value adjustments and derivative settlements, net - income (expense)$142,925 34,505 
v3.22.1
Investments (Tables)
3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investments
A summary of the Company's investments follows:
As of March 31, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$507,378 12,079 (2,388)517,069 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)388,736 — (16,851)371,885 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale49,306 (78)49,232 22,435 — — 22,435 
Total available-for-sale debt securities$945,420 12,083 (19,317)938,186 917,412 15,217 (2,960)929,669 
Equity securities71,698 71,986 
Total investments (at fair value)1,009,884 1,001,655 
Other Investments (not measured at fair value):
Other debt securities - held-to-maturity8,200 8,200 
Venture capital and funds:
Measurement alternative164,368 157,609 
Equity method74,339 67,840 
Total venture capital and funds238,707 225,449 
Real estate:
Equity method50,257 47,226 
Notes receivable4,169 — 
Total real estate54,426 47,226 
Investment in ALLO:
Voting interest/equity method (d)108,773 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)139,459 137,342 
Total investment in ALLO248,232 224,589 
Beneficial interest in loan securitizations (f):
Private education loans73,915 66,008 
Consumer loans31,222 28,366 
Federally insured student loans25,217 25,768 
Total beneficial interest in loan securitizations130,354 120,142 
Solar (g)(44,354)(42,457)
Tax liens, affordable housing, and other4,129 4,115 
Total investments (not measured at fair value)639,694 587,264 
Total investments$1,649,578 $1,588,919 

(a)    As of March 31, 2022, the aggregate fair value of asset-backed securities classified as available-for-sale with unrealized losses was $640.6 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of March 31, 2022, $267.5 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    As of March 31, 2022, a total of $374.4 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 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. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $13.1 million and $22.2 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment.
Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income.
(e)    As of March 31, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $2.1 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2022, the Company's ownership correlates to approximately $680 million, $190 million, and $450 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2022, the Company has funded a total of $231.4 million in solar investments, which includes $62.6 million funded by syndication partners. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2022 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of March 31, 2022, the Company is committed to fund an additional $19.0 million on these projects, of which $14.8 million will 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. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $1.0 million and $1.7 million, respectively, on its solar investments. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments during the three months ended March 31, 2022 and 2021 include losses of $1.8 million and $0.6 million, respectively, attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income.
v3.22.1
Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2022 (months)
As ofAs of
March 31, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $99,366 and $97,398, respectively)
100$45,926 47,894 
Computer software (net of accumulated amortization of $4,236 and $3,669, respectively)
213,618 4,135 
Total - amortizable intangible assets, net94$49,544 52,029 
Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2022, the Company estimates it will record amortization expense as follows:
2022 (April 1 - December 31)$7,454 
20239,830 
20247,457 
20254,644 
20264,517 
2027 and thereafter15,642 
 $49,544 
v3.22.1
Goodwill (Tables)
3 Months Ended
Mar. 31, 2022
Goodwill [Abstract]  
Goodwill
The carrying amount of goodwill as of March 31, 2022 and December 31, 2021 by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 76,570 41,883 — — 142,092 
v3.22.1
Earnings per Common Share (Tables)
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$183,328 3,319 186,647 121,766 1,832 123,598 
Denominator:
Weighted-average common shares outstanding - basic and diluted37,365,339 676,495 38,041,834 38,031,267 572,288 38,603,555 
Earnings per share - basic and diluted$4.91 4.91 4.91 3.20 3.20 3.20 
v3.22.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Operating Segments Reconciliation to Consolidated Financial Statements The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$67 339 118,598 3,030 3,992 (828)125,196 
Interest expense24 — 46,003 856 2,026 (828)48,079 
Net interest income43 339 72,595 2,174 1,966 — 77,117 
Less (negative provision) provision for loan losses— — (864)429 — — (435)
Net interest income after provision for loan losses43 339 73,459 1,745 1,966 — 77,552 
Other income/expense:
Loan servicing and systems revenue136,368 — — — — — 136,368 
Intersegment revenue8,480 — — — (8,483)— 
Education technology, services, and payment processing revenue— 112,286 — — — — 112,286 
Other740 — 6,511 1,500 1,125 — 9,877 
Gain on sale of loans— — 2,989 — — — 2,989 
Derivative settlements, net— — (2,809)— — — (2,809)
Derivative market value adjustments, net— — 145,734 — — — 145,734 
Total other income/expense145,588 112,289 152,425 1,500 1,125 (8,483)404,445 
Cost of services— 35,545 — — — — 35,545 
Operating expenses:
Salaries and benefits91,972 31,286 591 1,554 24,012 — 149,414 
Depreciation and amortization4,954 2,315 — 9,684 — 16,956 
Other expenses16,213 5,764 3,033 682 13,804 — 39,499 
Intersegment expenses, net20,398 4,605 8,831 45 (25,396)(8,483)— 
Total operating expenses133,537 43,970 12,455 2,284 22,104 (8,483)205,869 
Income (loss) before income taxes12,094 33,113 213,429 961 (19,013)— 240,583 
Income tax (expense) benefit(2,903)(7,947)(51,223)(223)6,598 — (55,697)
Net income (loss)9,191 25,166 162,206 738 (12,415)— 184,886 
Net loss attributable to noncontrolling interests— — — — 1,761 — 1,761 
Net income (loss) attributable to Nelnet, Inc.$9,191 25,166 162,206 738 (10,654)— 186,647 
Total assets as of March 31, 2022$259,712 376,794 18,158,972 656,242 2,066,417 (528,396)20,989,741 
 Three months ended March 31, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$34 263 126,402 1,376 1,246 (218)129,103 
Interest expense23 — 26,950 194 824 (218)27,773 
Net interest income11 263 99,452 1,182 422 — 101,330 
Less (negative provision) provision for loan losses— — (17,470)422 — — (17,048)
Net interest income after provision for loan losses11 263 116,922 760 422 — 118,378 
Other income/expense:
Loan servicing and systems revenue111,517 — — — — — 111,517 
Intersegment revenue8,268 — — — (8,271)— 
Education technology, services, and payment processing revenue— 95,258 — — — — 95,258 
Other1,113 — 2,881 22 (6,184)— (2,168)
Gain on sale of loans— — — — — — — 
Derivative settlements, net— — (4,304)— — — (4,304)
Derivative market value adjustments, net— — 38,809 — — — 38,809 
Total other income/expense120,898 95,261 37,386 22 (6,184)(8,271)239,112 
Cost of services— 27,052 — — — — 27,052 
Operating expenses:
Salaries and benefits66,458 25,941 495 1,488 21,409 — 115,791 
Depreciation and amortization8,192 3,071 — — 8,920 — 20,184 
Other expenses13,285 4,822 3,777 545 14,272 — 36,698 
Intersegment expenses, net16,890 3,664 8,427 (20,713)(8,271)— 
Total operating expenses104,825 37,498 12,699 2,036 23,888 (8,271)172,673 
Income (loss) before income taxes16,084 30,974 141,609 (1,254)(29,650)— 157,765 
Income tax (expense) benefit(3,860)(7,434)(33,987)286 10,133 — (34,861)
Net income (loss)12,224 23,540 107,622 (968)(19,517)— 122,904 
Net loss attributable to noncontrolling interests— — — — 694 — 694 
Net income (loss) attributable to Nelnet, Inc.$12,224 23,540 107,622 (968)(18,823)— 123,598 
Total assets as of March 31, 2021$191,910 372,315 20,367,532 296,908 1,148,560 (210,017)22,167,208 
v3.22.1
Disaggregated Revenue (Tables)
3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Loan Servicing and Systems
 Three months ended March 31,
 20222021
Government servicing - Nelnet$61,049 34,872 
Government servicing - Great Lakes48,076 43,302 
Private education and consumer loan servicing12,873 8,548 
FFELP servicing4,248 4,670 
Software services 7,400 8,454 
Outsourced services and other2,722 11,671 
Loan servicing and systems revenue$136,368 111,517 
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20222021
Tuition payment plan services$30,716 29,550 
Payment processing38,071 33,038 
Education technology and services43,251 32,527 
Other248 143 
Education technology, services, and payment processing revenue$112,286 95,258 
Schedule of Other Income, by Component
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended March 31,
20222021
Income/gains from investments, net$11,856 8,498 
Borrower late fee income2,431 442 
ALLO preferred return2,117 2,321 
Investment advisory services1,282 2,697 
Negative provision for beneficial interests investment— 2,436 
Loss from ALLO voting membership interest investment(13,130)(22,219)
Loss from solar investments(1,030)(1,679)
Other6,351 5,336 
$9,877 (2,168)
v3.22.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2022
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 March 31, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 517,069 517,069 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 371,885 371,885 — 412,552 412,552 
Other debt securities - available-for-sale100 49,132 49,232 100 22,335 22,435 
Equity securities59,943 — 59,943 63,154 — 63,154 
Equity securities measured at net asset value (a)11,755 8,832 
Total investments 60,043 938,086 1,009,884 63,254 929,569 1,001,655 
Total assets$60,043 938,086 1,009,884 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value 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 March 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$17,656,032 16,846,802 — — 17,656,032 
Accrued loan interest receivable774,774 774,774 — 774,774 — 
Cash and cash equivalents162,785 162,785 162,785 — — 
Investments (at fair value)1,009,884 1,009,884 60,043 938,086 — 
Beneficial interest in loan securitizations145,623 130,354 — — 145,623 
Restricted cash757,954 757,954 757,954 — — 
Restricted cash – due to customers256,927 256,927 256,927 — — 
Financial liabilities:  
Bonds and notes payable16,705,877 16,736,701 — 16,705,877 — 
Accrued interest payable7,216 7,216 — 7,216 — 
Bank deposits469,559 484,047 189,319 280,240 — 
Due to customers276,191 276,191 276,191 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Accrued interest receivable $ 774,774 $ 788,552    
Loan discount, net of unamortized loan premiums and deferred origination costs (22,257) (25,933)    
Allowance for loan losses (117,825) (127,113) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 17,621,576 18,335,197    
Non-Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 16,618,627 17,441,790    
Allowance for loan losses (116,327) (126,005)    
Federally insured loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 16,295,377 17,091,047 18,605,383  
Accrued interest receivable 770,853 784,716 791,199  
Loan discount, net of unamortized loan premiums and deferred origination costs (27,317) (28,309) (14,608)  
Allowance for loan losses (95,995) (103,381) (121,846) (128,590)
Financing receivable, after allowance for credit loss 16,942,918 17,744,073 19,260,128  
Federally insured loans - Non-Nelnet Bank: | Stafford and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 3,741,495 3,904,000    
Federally insured loans - Non-Nelnet Bank: | Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 12,553,882 13,187,047    
Private education loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 278,537 299,442 314,048  
Accrued interest receivable 1,898 1,960 2,303  
Loan discount, net of unamortized loan premiums and deferred origination costs (598) (1,123) 2,673  
Allowance for loan losses (14,622) (16,143) (20,670) (19,529)
Financing receivable, after allowance for credit loss 265,215 284,136 298,354  
Consumer loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 44,713 51,301 110,792  
Accrued interest receivable 374 396 934  
Loan discount, net of unamortized loan premiums and deferred origination costs 1,040 913 1,845  
Allowance for loan losses (5,710) (6,481) (14,134) (27,256)
Financing receivable, after allowance for credit loss 40,417 46,129 99,437  
Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 368,257 257,901    
Allowance for loan losses (1,498) (1,108)    
Federally insured loans - Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 82,789 88,011    
Accrued interest receivable 1,231 1,216    
Loan discount, net of unamortized loan premiums and deferred origination costs 25 26    
Allowance for loan losses (247) (268)    
Financing receivable, after allowance for credit loss 83,798 88,985    
Private education loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 285,468 169,890 79,231  
Accrued interest receivable 418 264 125  
Loan discount, net of unamortized loan premiums and deferred origination costs 4,593 2,560 999  
Allowance for loan losses (1,251) (840) (744) $ (323)
Financing receivable, after allowance for credit loss $ 289,228 $ 171,874 $ 79,611  
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Mar. 31, 2022
Dec. 31, 2021
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% 0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 21.60% 22.20%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.25% 5.39%
Consumer loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 12.77% 12.63%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.30% 0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 11.80% 12.10%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.44% 0.49%
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
Jan. 26, 2022
Mar. 31, 2022
Consumer loans - Non-Nelnet Bank:    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Sale of financing receivable $ 18,100  
Loans sold, gain $ 3,000  
Residual interest received on sale of financing receivable 6.60%  
Consumer Portfolio Segment, Private Education Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Liability related to unfunded private education loan commitments   $ 36
Unfunded private education loan commitments   37,900
Provision for loan losses   $ 24
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period $ 127,113 $ 175,698
Negative provision for loan losses (459) (17,048)
Charge-offs (7,010) (2,504)
Recoveries 342 448
Initial allowance on loans purchased with credit deterioration 123 800
Loan sales (2,284) 0
Balance at end of period 117,825 157,394
Par value of loans purchased with deteriorated credit quality 9,200 54,000
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 103,381 128,590
Negative provision for loan losses (2,748) (7,483)
Charge-offs (4,761) (61)
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 123 800
Loan sales 0 0
Balance at end of period 95,995 121,846
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 16,143 19,529
Negative provision for loan losses (400) 1,431
Charge-offs (1,299) (493)
Recoveries 176 202
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales 2 1
Balance at end of period 14,622 20,670
Consumer loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 6,481 27,256
Negative provision for loan losses 2,284 (11,418)
Charge-offs (937) (1,950)
Recoveries 166 246
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales (2,284) 0
Balance at end of period 5,710 14,134
Federally insured loans - Nelnet Bank:    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 268  
Negative provision for loan losses (21)  
Charge-offs 0  
Recoveries 0  
Initial allowance on loans purchased with credit deterioration 0  
Loan sales 0  
Balance at end of period 247  
Private education loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Losses [Roll Forward]    
Balance at beginning of period 840 323
Negative provision for loan losses 426 422
Charge-offs (13) 0
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales (2) (1)
Balance at end of period $ 1,251 $ 744
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Loans in repayment status:        
Accrued interest receivable $ 774,774 $ 788,552    
(Loan discount, net of unamortized premiums) Loan premium (22,257) (25,933)    
Allowance for loan losses (117,825) (127,113) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 17,621,576 18,335,197    
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 839,566 $ 829,624 $ 1,006,605  
Loans in-school/grace/deferment, percent 5.20% 4.90% 5.40%  
Loans in forbearance $ 1,160,048 $ 1,118,667 $ 1,936,553  
Loans in forbearance, percent 7.10% 6.50% 10.40%  
Loans in repayment status:        
Loans receivable, gross $ 16,295,377 $ 17,091,047 $ 18,605,383  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 14,295,763 $ 15,142,756 $ 15,662,225  
Loans in repayment, percent 87.70% 88.60% 84.20%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 770,853 $ 784,716 $ 791,199  
(Loan discount, net of unamortized premiums) Loan premium (27,317) (28,309) (14,608)  
Allowance for loan losses (95,995) (103,381) (121,846) (128,590)
Financing receivable, after allowance for credit loss 16,942,918 17,744,073 19,260,128  
Federally insured loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 12,352,543 $ 12,847,685 $ 13,787,038  
Loans current, percentage 86.40% 84.90% 88.00%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 462,750 $ 895,656 $ 425,599  
Loans past due, percentage 3.20% 5.90% 2.70%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 282,810 $ 352,449 $ 234,871  
Loans past due, percentage 2.00% 2.30% 1.50%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days        
Loans in repayment status:        
Loans receivable, gross $ 202,371 $ 251,075 $ 125,471  
Loans past due, percentage 1.40% 1.70% 0.80%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days        
Loans in repayment status:        
Loans receivable, gross $ 712,753 $ 592,449 $ 1,026,050  
Loans past due, percentage 5.00% 3.90% 6.60%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 282,536 $ 203,442 $ 63,196  
Loans past due, percentage 2.00% 1.30% 0.40%  
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 10,226 $ 9,661 $ 10,405  
Loans in-school/grace/deferment, percent 3.70% 3.20% 3.30%  
Loans in forbearance $ 2,838 $ 3,601 $ 7,567  
Loans in forbearance, percent 1.00% 1.20% 2.40%  
Loans in repayment status:        
Loans receivable, gross $ 278,537 $ 299,442 $ 314,048  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 265,473 $ 286,180 $ 296,076  
Loans in repayment, percent 95.30% 95.60% 94.30%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,898 $ 1,960 $ 2,303  
(Loan discount, net of unamortized premiums) Loan premium (598) (1,123) 2,673  
Allowance for loan losses (14,622) (16,143) (20,670) (19,529)
Financing receivable, after allowance for credit loss 265,215 284,136 298,354  
Private education loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 260,911 $ 280,457 $ 292,840  
Loans current, percentage 98.30% 98.00% 98.90%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 1,699 $ 2,403 $ 1,343  
Loans past due, percentage 0.60% 0.80% 0.50%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 1,040 $ 976 $ 843  
Loans past due, percentage 0.40% 0.30% 0.30%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,823 $ 2,344 $ 1,050  
Loans past due, percentage 0.70% 0.90% 0.30%  
Consumer loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 72 $ 43 $ 306  
Loans in-school/grace/deferment, percent 0.20% 0.10% 0.30%  
Loans in repayment status:        
Loans receivable, gross $ 44,713 $ 51,301 $ 110,792  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 44,641 $ 51,258 $ 110,486  
Loans in repayment, percent 99.80% 99.90% 99.70%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 374 $ 396 $ 934  
(Loan discount, net of unamortized premiums) Loan premium 1,040 913 1,845  
Allowance for loan losses (5,710) (6,481) (14,134) (27,256)
Financing receivable, after allowance for credit loss 40,417 46,129 99,437  
Consumer loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 43,424 $ 49,697 $ 108,126  
Loans current, percentage 97.30% 97.00% 97.90%  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 255 $ 414 $ 760  
Loans past due, percentage 0.50% 0.80% 0.70%  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 304 $ 322 $ 577  
Loans past due, percentage 0.70% 0.60% 0.50%  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 658 $ 825 $ 1,023  
Loans past due, percentage 1.50% 1.60% 0.90%  
Federally insured loans - Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 286 $ 330    
Loans in-school/grace/deferment, percent 0.30% 0.40%    
Loans in forbearance $ 948 $ 1,057    
Loans in forbearance, percent 1.20% 1.20%    
Loans in repayment status:        
Loans receivable, gross $ 82,789 $ 88,011    
Total loans in repayment, percentage 100.00% 100.00%    
Total loans in repayment $ 81,555 $ 86,624    
Loans in repayment, percent 98.50% 98.40%    
Total loans, percent 100.00% 100.00%    
Accrued interest receivable $ 1,231 $ 1,216    
(Loan discount, net of unamortized premiums) Loan premium 25 26    
Allowance for loan losses (247) (268)    
Financing receivable, after allowance for credit loss 83,798 88,985    
Federally insured loans - Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 80,421 $ 85,599    
Loans current, percentage 98.60% 98.80%    
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 402 $ 816    
Loans past due, percentage 0.50% 1.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 427 $ 0    
Loans past due, percentage 0.50% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days        
Loans in repayment status:        
Loans receivable, gross $ 90 $ 0    
Loans past due, percentage 0.10% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days        
Loans in repayment status:        
Loans receivable, gross $ 157 $ 209    
Loans past due, percentage 0.20% 0.20%    
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 58 $ 0    
Loans past due, percentage 0.10% 0.00%    
Private education loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 497 $ 150 $ 82  
Loans in-school/grace/deferment, percent 0.20% 0.10% 0.10%  
Loans in forbearance $ 317 $ 460 $ 29  
Loans in forbearance, percent 0.10% 0.30% 0.00%  
Loans in repayment status:        
Loans receivable, gross $ 285,468 $ 169,890 $ 79,231  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 284,654 $ 169,280 $ 79,120  
Loans in repayment, percent 99.70% 99.60% 99.90%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 418 $ 264 $ 125  
(Loan discount, net of unamortized premiums) Loan premium 4,593 2,560 999  
Allowance for loan losses (1,251) (840) (744) $ (323)
Financing receivable, after allowance for credit loss 289,228 171,874 79,611  
Private education loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 284,081 $ 169,157 $ 79,120  
Loans current, percentage 99.80% 99.90% 100.00%  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 422 $ 51 $ 0  
Loans past due, percentage 0.20% 0.00% 0.00%  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 78 $ 0 $ 0  
Loans past due, percentage 0.00% 0.00% 0.00%  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 73 $ 72 $ 0  
Loans past due, percentage 0.00% 0.10% 0.00%  
v3.22.1
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
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 126,936 $ 159,204  
Fiscal year before current fiscal year 148,871 10,686  
Fiscal year two years before current fiscal year 9,661    
Total loans 285,468 169,890 $ 79,231
Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,097 6,481  
Fiscal year before current fiscal year 5,841 100  
Fiscal year two years before current fiscal year 99    
Total loans 8,037 6,581  
705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 10,935 11,697  
Fiscal year before current fiscal year 11,391 276  
Fiscal year two years before current fiscal year 272    
Total loans 22,598 11,973  
735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 17,278 18,611  
Fiscal year before current fiscal year 17,906 1,072  
Fiscal year two years before current fiscal year 1,049    
Total loans 36,233 19,683  
765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 34,510 36,274  
Fiscal year before current fiscal year 34,100 1,467  
Fiscal year two years before current fiscal year 1,389    
Total loans 69,999 37,741  
Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 62,116 86,141  
Fiscal year before current fiscal year 79,633 7,771  
Fiscal year two years before current fiscal year 6,852    
Total loans $ 148,601 $ 93,912  
v3.22.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]        
Accrued interest receivable $ 774,774 $ 788,552    
(Loan discount, net of unamortized premiums) Loan premium (22,257) (25,933)    
Allowance for loan losses (117,825) (127,113) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 17,621,576 18,335,197    
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 1,573      
2021 5,851      
2020 63,121      
2019 50,522      
2018 465      
Prior years 157,005      
Total loans 278,537 299,442 314,048  
Accrued interest receivable 1,898 1,960 2,303  
(Loan discount, net of unamortized premiums) Loan premium (598) (1,123) 2,673  
Allowance for loan losses (14,622) (16,143) (20,670) (19,529)
Financing receivable, after allowance for credit loss 265,215 284,136 298,354  
Private education loans - Non-Nelnet Bank: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 260,911 280,457 292,840  
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,699 2,403 1,343  
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,040 976 843  
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,823 2,344 1,050  
Private education loans - Non-Nelnet Bank: | Loans in school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 121      
2021 3,030      
2020 1,899      
2019 3,318      
2018 0      
Prior years 1,858      
Total loans 10,226      
Private education loans - Non-Nelnet Bank: | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 10      
2020 372      
2019 858      
2018 181      
Prior years 1,417      
Total loans 2,838      
Private education loans - Non-Nelnet Bank: | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 1,452      
2021 2,811      
2020 60,850      
2019 46,346      
2018 284      
Prior years 153,730      
Total loans 265,473      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 1,452      
2021 2,796      
2020 60,651      
2019 46,107      
2018 284      
Prior years 149,621      
Total loans 260,911      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 2      
2020 10      
2019 239      
2018 0      
Prior years 1,448      
Total loans 1,699      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 13      
2020 102      
2019 0      
2018 0      
Prior years 925      
Total loans 1,040      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 0      
2020 87      
2019 0      
2018 0      
Prior years 1,736      
Total loans 1,823      
Consumer loans - Non-Nelnet Bank:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 17,367      
2021 17,818      
2020 678      
2019 4,089      
2018 4,694      
Prior years 67      
Total loans 44,713 51,301 110,792  
Accrued interest receivable 374 396 934  
(Loan discount, net of unamortized premiums) Loan premium 1,040 913 1,845  
Allowance for loan losses (5,710) (6,481) (14,134) (27,256)
Financing receivable, after allowance for credit loss 40,417 46,129 99,437  
Consumer loans - Non-Nelnet Bank: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 43,424 49,697 108,126  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 255 414 760  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 304 322 577  
Consumer loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 658 825 1,023  
Consumer loans - Non-Nelnet Bank: | Loans in school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 34      
2020 0      
2019 32      
2018 6      
Prior years 0      
Total loans 72      
Consumer loans - Non-Nelnet Bank: | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 17,367      
2021 17,784      
2020 678      
2019 4,057      
2018 4,688      
Prior years 67      
Total loans 44,641      
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 17,335      
2021 17,475      
2020 574      
2019 3,738      
2018 4,243      
Prior years 59      
Total loans 43,424      
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 32      
2021 74      
2020 15      
2019 99      
2018 31      
Prior years 4      
Total loans 255      
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 181      
2020 50      
2019 12      
2018 57      
Prior years 4      
Total loans 304      
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 54      
2020 39      
2019 208      
2018 357      
Prior years 0      
Total loans 658      
Private education loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 126,936 159,204    
2021 148,871 10,686    
2020 9,661      
2019 0      
2018 0      
Prior years 0      
Total loans 285,468 169,890 79,231  
Accrued interest receivable 418 264 125  
(Loan discount, net of unamortized premiums) Loan premium 4,593 2,560 999  
Deferred origination costs 4,593      
Allowance for loan losses (1,251) (840) (744) $ (323)
Financing receivable, after allowance for credit loss 289,228 171,874 79,611  
Private education loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 284,081 $ 169,157 $ 79,120  
Private education loans - Nelnet Bank | Loans in school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 133      
2021 364      
2020 0      
2019 0      
2018 0      
Prior years 0      
Total loans 497      
Private education loans - Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 139      
2021 178      
2020 0      
2019 0      
2018 0      
Prior years 0      
Total loans 317      
Private education loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 126,664      
2021 148,329      
2020 9,661      
2019 0      
2018 0      
Prior years 0      
Total loans 284,654      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 126,380      
2021 148,040      
2020 9,661      
2019 0      
2018 0      
Prior years 0      
Total loans 284,081      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 284      
2021 138      
2020 0      
2019 0      
2018 0      
Prior years 0      
Total loans 422      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 78      
2020 0      
2019 0      
2018 0      
Prior years 0      
Total loans 78      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2022 0      
2021 73      
2020 0      
2019 0      
2018 0      
Prior years 0      
Total loans $ 73      
v3.22.1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 16,919,254 $ 17,824,087
Discount on bonds and notes payable and debt issuance costs (182,553) (192,998)
Bonds and notes payable, net 16,736,701 17,631,089
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 $ 267,481 $ 253,969
Interest rate 1.08% 0.78%
Repurchase agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 384,343 $ 483,848
Secured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 5,000 $ 5,000
Interest rate 2.05% 1.91%
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 15,144,282 $ 15,887,295
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 225,535 248,550
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 15,369,817 16,135,845
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 736,079 772,935
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 5,017 $ 5,048
Interest rate 0.61% 0.21%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 28,039 $ 31,818
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 26,764 28,613
Private education | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 96,714 $ 107,011
Interest rate 0.55% 0.24%
Minimum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 0.95% 0.66%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 0.37% 0.23%
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 | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.90% 1.65%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.60% 3.60%
Maximum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 1.46% 1.46%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 2.46% 2.10%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 1.43% 1.09%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 2.21% 1.85%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.22.1
Bonds and Notes Payable - Narrative (Details) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Debt Instrument [Line Items]      
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 192,900,000    
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities 191,400,000    
Decrease in interest on bonds, notes payable, and bank deposits   $ 23,800,000  
Repurchased debt during period 18,500,000 $ 0  
Par value of asset-based securities 938,186,000   $ 929,669,000
Asset-backed securities      
Debt Instrument [Line Items]      
Par value of asset-based securities 398,100,000    
Asset-based securities Financed through secured debt repurchase agreement 45,700,000    
Union Bank and Trust Company      
Debt Instrument [Line Items]      
Amount of participation, student loan asset-backed securities 267,500,000    
Warehouse facilities | Federally insured student loans | NFSLW-I      
Debt Instrument [Line Items]      
Maximum financing amount 60,000,000    
Amount outstanding 5,000,000    
Amount available 55,000,000    
Advanced as equity support 300,000    
Private Loan Warehouse Facility | Warehouse facilities      
Debt Instrument [Line Items]      
Maximum financing amount 175,000,000    
Amount outstanding 96,700,000    
Amount available 78,300,000    
Advanced as equity support $ 10,600,000    
Private Loan Warehouse Facility | Warehouse facilities | Minimum      
Debt Instrument [Line Items]      
Advance rate 80.00%    
Private Loan Warehouse Facility | Warehouse facilities | Maximum      
Debt Instrument [Line Items]      
Advance rate 90.00%    
Unsecured Line of Credit | Line of Credit      
Debt Instrument [Line Items]      
Amount outstanding $ 0    
Amount available 495,000,000    
Unsecured Line of Credit | Unsecured line of credit | Line of Credit      
Debt Instrument [Line Items]      
Maximum financing amount 495,000,000    
Higher borrowing capacity option $ 737,500,000    
v3.22.1
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 5,900,000,000 $ 5,900,000,000
2022    
Derivative [Line Items]    
Notional amount 2,000,000,000 2,000,000,000
2023    
Derivative [Line Items]    
Notional amount 750,000,000 750,000,000
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
v3.22.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Apr. 28, 2022
Mar. 31, 2022
Dec. 31, 2021
1:3 basis swaps | London Interbank Offered Rate (LIBOR)      
Derivative [Line Items]      
Weighted average rate   0.091% 0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges | Subsequent Event      
Derivative [Line Items]      
Derivative, notional amount, terminated $ 1,250    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023 | Subsequent Event      
Derivative [Line Items]      
Derivative, notional amount, terminated 500    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024 | Subsequent Event      
Derivative [Line Items]      
Derivative, notional amount, terminated 250    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025 | Subsequent Event      
Derivative [Line Items]      
Derivative, notional amount, terminated $ 500    
v3.22.1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 4,350,000,000 $ 5,000,000,000
Weighted average fixed rate paid by the Company 0.44% 0.55%
2022    
Derivative [Line Items]    
Notional amount $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company 0.00% 0.94%
2023    
Derivative [Line Items]    
Notional amount $ 750,000,000 $ 900,000,000
Weighted average fixed rate paid by the Company 0.30% 0.62%
2024    
Derivative [Line Items]    
Notional amount $ 2,500,000,000 $ 2,500,000,000
Weighted average fixed rate paid by the Company 0.35% 0.35%
2025    
Derivative [Line Items]    
Notional amount $ 500,000,000 $ 500,000,000
Weighted average fixed rate paid by the Company 0.35% 0.35%
2026    
Derivative [Line Items]    
Notional amount $ 500,000,000 $ 500,000,000
Weighted average fixed rate paid by the Company 1.02% 1.02%
2031    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 1.53% 1.53%
v3.22.1
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ (2,809) $ (4,304)
Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net (2,809) (4,304)
Change in fair value 145,734 38,809
Derivative market value adjustments and derivative settlements, net - income (expense) 142,925 34,505
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 396 (19)
Change in fair value 889 2,799
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net (3,205) (4,285)
Change in fair value $ 144,845 $ 36,010
v3.22.1
Investments (Details) - USD ($)
3 Months Ended
Feb. 25, 2022
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Investments (at fair value):        
Amortized cost   $ 945,420,000   $ 917,412,000
Gross unrealized gains   12,083,000   15,217,000
Gross unrealized losses   (19,317,000)   (2,960,000)
Fair value   938,186,000   929,669,000
Equity securities        
Fair value   71,698,000   71,986,000
Total investments (at fair value)        
Fair value   1,009,884,000   1,001,655,000
Other Investments (not measured at fair value):        
Other debt securities - held-to-maturity   8,200,000   8,200,000
Total investments (not measured at fair value)   639,694,000   587,264,000
Total investments   1,649,578,000   1,588,919,000
Asset -backed securities unrealized loss position   640,600,000    
Asset -backed securities unrealized loss position not due to credit loss   0    
Private education loan asset-backed securities subject to repurchase agreements with third-parties   374,400,000    
Loss from ALLO voting membership interest investment   13,130,000 $ 22,219,000  
Equity securities, realized gain   2,117,000 2,321,000  
Net loss attributable to noncontrolling interests   1,761,000 694,000  
FFELP loan asset-backed debt securities - available-for-sale        
Investments (at fair value):        
Amortized cost   507,378,000   480,691,000
Gross unrealized gains   12,079,000   14,710,000
Gross unrealized losses   (2,388,000)   (719,000)
Fair value   517,069,000   494,682,000
Private education loan asset-backed debt securities - available-for-sale        
Investments (at fair value):        
Amortized cost   388,736,000   414,286,000
Gross unrealized gains   0   507,000
Gross unrealized losses   (16,851,000)   (2,241,000)
Fair value   371,885,000   412,552,000
Other debt securities - available-for-sale        
Investments (at fair value):        
Amortized cost   49,306,000   22,435,000
Gross unrealized gains   4,000   0
Gross unrealized losses   (78,000)   0
Fair value   49,232,000   22,435,000
Union Bank and Trust Company        
Other Investments (not measured at fair value):        
Amount of participation, student loan asset-backed securities   267,500,000    
Miscellaneous Investments        
Other Investments (not measured at fair value):        
Beneficial interest in securitizations   130,354,000   120,142,000
Venture capital and funds: | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Measurement alternative   164,368,000   157,609,000
Equity method   74,339,000   67,840,000
Total investments (not measured at fair value)   238,707,000   225,449,000
Real estate: | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Equity method   50,257,000   47,226,000
Notes receivable   4,169,000   0
Total investments (not measured at fair value)   54,426,000   47,226,000
Partnership Interest | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Equity method   108,773,000   87,247,000
Preferred membership interest and accrued and unpaid preferred return   139,459,000   137,342,000
Total investments (not measured at fair value)   248,232,000   224,589,000
Additional equity investment $ 34,700,000      
Loss from ALLO voting membership interest investment   13,100,000 22,200,000  
Partnership Interest | Miscellaneous Investments | ALLO        
Other Investments (not measured at fair value):        
Preferred membership interest and accrued and unpaid preferred return   137,300,000    
Equity method investment, accrued and unpaid preferred return   2,100,000    
Beneficial interest in private education loan securitizations | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Beneficial interest in securitizations   73,915,000   66,008,000
Loans corresponding to beneficial interest   680,000,000    
Consumer loans | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Beneficial interest in securitizations   31,222,000   28,366,000
Loans corresponding to beneficial interest   190,000,000    
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Beneficial interest in securitizations   25,217,000   25,768,000
Loans corresponding to beneficial interest   450,000,000    
Solar        
Other Investments (not measured at fair value):        
Amount funded or committed to fund   231,400,000    
Amount funded or committed to fund by partners   62,600,000    
Equity method investment, amount committed to fund   19,000,000    
Equity method investment, amount committed to fund by partners   14,800,000    
Pre-tax loss from equity investment   1,000,000 1,700,000  
Net loss attributable to noncontrolling interests   $ 1,800,000 600,000  
Solar | Minimum        
Other Investments (not measured at fair value):        
Unrecognized tax benefits, resulting from prior period tax positions, period   5 years    
Solar | Maximum        
Other Investments (not measured at fair value):        
Unrecognized tax benefits, resulting from prior period tax positions, period   6 years    
Solar | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Total investments (not measured at fair value)   $ (44,354,000)   (42,457,000)
Tax liens, affordable housing, and other | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Total investments (not measured at fair value)   $ 4,129,000   $ 4,115,000
Preferred Partnership Interest | Miscellaneous Investments        
Other Investments (not measured at fair value):        
Equity method investment, preferred annual return   6.25%    
Equity securities, realized gain   $ 2,100,000 $ 2,300,000  
v3.22.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 94 months  
Amortizable intangible assets, net $ 49,544 $ 52,029
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 99,366 97,398
Weighted average remaining useful life 100 months  
Amortizable intangible assets, net $ 45,926 47,894
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 4,236 3,669
Weighted average remaining useful life 21 months  
Amortizable intangible assets, net $ 3,618 $ 4,135
v3.22.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Amortization of intangible assets $ 2.5 $ 8.4
v3.22.1
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2022 (April 1 - December 31) $ 7,454  
2023 9,830  
2024 7,457  
2025 4,644  
2026 4,517  
2027 and thereafter 15,642  
Amortizable intangible assets, net $ 49,544 $ 52,029
v3.22.1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]    
Goodwill $ 142,092 $ 142,092
Corporate and Other Activities    
Goodwill [Line Items]    
Goodwill 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Goodwill 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments    
Goodwill [Line Items]    
Goodwill 76,570 76,570
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Goodwill $ 0 $ 0
v3.22.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 186,647 $ 123,598
Net income attributable to Nelnet, Inc., diluted $ 186,647 $ 123,598
Weighted-average common shares outstanding - basic (in shares) 38,041,834 38,603,555
Weighted-average common shares outstanding - diluted (in shares) 38,041,834 38,603,555
Earnings per share - basic (in dollars per share) $ 4.91 $ 3.20
Earnings per share - diluted (in dollars per share) $ 4.91 $ 3.20
Common shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 183,328 $ 121,766
Net income attributable to Nelnet, Inc., diluted $ 183,328 $ 121,766
Weighted-average common shares outstanding - basic (in shares) 37,365,339 38,031,267
Weighted-average common shares outstanding - diluted (in shares) 37,365,339 38,031,267
Earnings per share - basic (in dollars per share) $ 4.91 $ 3.20
Earnings per share - diluted (in dollars per share) $ 4.91 $ 3.20
Unvested restricted stock shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 3,319 $ 1,832
Net income attributable to Nelnet, Inc., diluted $ 3,319 $ 1,832
Weighted-average common shares outstanding - basic (in shares) 676,495 572,288
Weighted-average common shares outstanding - diluted (in shares) 676,495 572,288
Earnings per share - basic (in dollars per share) $ 4.91 $ 3.20
Earnings per share - diluted (in dollars per share) $ 4.91 $ 3.20
v3.22.1
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Total interest income $ 125,196 $ 129,103  
Interest expense 48,079 27,773  
Net interest income 77,117 101,330  
Negative provision for loan losses (435) (17,048)  
Net interest income after provision for loan losses 77,552 118,378  
Other income/expense:      
Intersegment revenue 0 0  
Other 9,877 (2,168)  
Gain on sale of loans 2,989 0  
Derivative settlements, net (2,809) (4,304)  
Derivative market value adjustments, net 145,734 38,809  
Total other income/expense 404,445 239,112  
Cost to provide education technology, services, and payment processing services 35,545 27,052  
Operating expenses:      
Salaries and benefits 149,414 115,791  
Depreciation and amortization 16,956 20,184  
Other expenses 39,499 36,698  
Intersegment expenses, net 0 0  
Total operating expenses 205,869 172,673  
Income before income taxes 240,583 157,765  
Income tax (expense) benefit (55,697) (34,861)  
Net income 184,886 122,904  
Net loss attributable to noncontrolling interests 1,761 694  
Net income attributable to Nelnet, Inc. 186,647 123,598  
Total assets 20,989,741 22,167,208 $ 21,678,041
Operating Segments | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Total interest income 67 34  
Interest expense 24 23  
Net interest income 43 11  
Negative provision for loan losses 0 0  
Net interest income after provision for loan losses 43 11  
Other income/expense:      
Intersegment revenue 8,480 8,268  
Other 740 1,113  
Gain on sale of loans 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income/expense 145,588 120,898  
Cost to provide education technology, services, and payment processing services 0 0  
Operating expenses:      
Salaries and benefits 91,972 66,458  
Depreciation and amortization 4,954 8,192  
Other expenses 16,213 13,285  
Intersegment expenses, net 20,398 16,890  
Total operating expenses 133,537 104,825  
Income before income taxes 12,094 16,084  
Income tax (expense) benefit (2,903) (3,860)  
Net income 9,191 12,224  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 9,191 12,224  
Total assets 259,712 191,910  
Operating Segments | Education Technology, Services, and Payment Processing      
Segment Reporting Information [Line Items]      
Total interest income 339 263  
Interest expense 0 0  
Net interest income 339 263  
Negative provision for loan losses 0 0  
Net interest income after provision for loan losses 339 263  
Other income/expense:      
Intersegment revenue 3 3  
Other 0 0  
Gain on sale of loans 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income/expense 112,289 95,261  
Cost to provide education technology, services, and payment processing services 35,545 27,052  
Operating expenses:      
Salaries and benefits 31,286 25,941  
Depreciation and amortization 2,315 3,071  
Other expenses 5,764 4,822  
Intersegment expenses, net 4,605 3,664  
Total operating expenses 43,970 37,498  
Income before income taxes 33,113 30,974  
Income tax (expense) benefit (7,947) (7,434)  
Net income 25,166 23,540  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 25,166 23,540  
Total assets 376,794 372,315  
Operating Segments | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Total interest income 118,598 126,402  
Interest expense 46,003 26,950  
Net interest income 72,595 99,452  
Negative provision for loan losses (864) (17,470)  
Net interest income after provision for loan losses 73,459 116,922  
Other income/expense:      
Intersegment revenue 0 0  
Other 6,511 2,881  
Gain on sale of loans 2,989 0  
Derivative settlements, net (2,809) (4,304)  
Derivative market value adjustments, net 145,734 38,809  
Total other income/expense 152,425 37,386  
Cost to provide education technology, services, and payment processing services 0 0  
Operating expenses:      
Salaries and benefits 591 495  
Depreciation and amortization 0 0  
Other expenses 3,033 3,777  
Intersegment expenses, net 8,831 8,427  
Total operating expenses 12,455 12,699  
Income before income taxes 213,429 141,609  
Income tax (expense) benefit (51,223) (33,987)  
Net income 162,206 107,622  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 162,206 107,622  
Total assets 18,158,972 20,367,532  
Operating Segments | Nelnet Bank      
Segment Reporting Information [Line Items]      
Total interest income 3,030 1,376  
Interest expense 856 194  
Net interest income 2,174 1,182  
Negative provision for loan losses 429 422  
Net interest income after provision for loan losses 1,745 760  
Other income/expense:      
Intersegment revenue 0 0  
Other 1,500 22  
Gain on sale of loans 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income/expense 1,500 22  
Cost to provide education technology, services, and payment processing services 0 0  
Operating expenses:      
Salaries and benefits 1,554 1,488  
Depreciation and amortization 3 0  
Other expenses 682 545  
Intersegment expenses, net 45 3  
Total operating expenses 2,284 2,036  
Income before income taxes 961 (1,254)  
Income tax (expense) benefit (223) 286  
Net income 738 (968)  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 738 (968)  
Total assets 656,242 296,908  
Corporate and Other Activities      
Segment Reporting Information [Line Items]      
Total interest income 3,992 1,246  
Interest expense 2,026 824  
Net interest income 1,966 422  
Negative provision for loan losses 0 0  
Net interest income after provision for loan losses 1,966 422  
Other income/expense:      
Intersegment revenue 0 0  
Other 1,125 (6,184)  
Gain on sale of loans 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income/expense 1,125 (6,184)  
Cost to provide education technology, services, and payment processing services 0 0  
Operating expenses:      
Salaries and benefits 24,012 21,409  
Depreciation and amortization 9,684 8,920  
Other expenses 13,804 14,272  
Intersegment expenses, net (25,396) (20,713)  
Total operating expenses 22,104 23,888  
Income before income taxes (19,013) (29,650)  
Income tax (expense) benefit 6,598 10,133  
Net income (12,415) (19,517)  
Net loss attributable to noncontrolling interests 1,761 694  
Net income attributable to Nelnet, Inc. (10,654) (18,823)  
Total assets 2,066,417 1,148,560  
Eliminations      
Segment Reporting Information [Line Items]      
Total interest income (828) (218)  
Interest expense (828) (218)  
Net interest income 0 0  
Negative provision for loan losses 0 0  
Net interest income after provision for loan losses 0 0  
Other income/expense:      
Intersegment revenue (8,483) (8,271)  
Other 0 0  
Gain on sale of loans 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income/expense (8,483) (8,271)  
Cost to provide education technology, services, and payment processing services 0 0  
Operating expenses:      
Salaries and benefits 0 0  
Depreciation and amortization 0 0  
Other expenses 0 0  
Intersegment expenses, net (8,483) (8,271)  
Total operating expenses (8,483) (8,271)  
Income before income taxes 0 0  
Income tax (expense) benefit 0 0  
Net income 0 0  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 0 0  
Total assets (528,396) (210,017)  
Loan servicing and systems      
Other income/expense:      
Revenue 136,368 111,517  
Loan servicing and systems | Operating Segments | Loan Servicing and Systems      
Other income/expense:      
Revenue 136,368 111,517  
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing      
Other income/expense:      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Asset Generation and Management      
Other income/expense:      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Nelnet Bank      
Other income/expense:      
Revenue 0 0  
Loan servicing and systems | Corporate and Other Activities      
Other income/expense:      
Revenue 0 0  
Loan servicing and systems | Eliminations      
Other income/expense:      
Revenue 0 0  
Education technology, services, and payment processing      
Other income/expense:      
Revenue 112,286 95,258  
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems      
Other income/expense:      
Revenue 0 0  
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing      
Other income/expense:      
Revenue 112,286 95,258  
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management      
Other income/expense:      
Revenue 0 0  
Education technology, services, and payment processing | Operating Segments | Nelnet Bank      
Other income/expense:      
Revenue 0 0  
Education technology, services, and payment processing | Corporate and Other Activities      
Other income/expense:      
Revenue 0 0  
Education technology, services, and payment processing | Eliminations      
Other income/expense:      
Revenue $ 0 $ 0  
v3.22.1
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Loan servicing and systems revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 136,368 $ 111,517
Government servicing - Nelnet    
Disaggregation of Revenue [Line Items]    
Revenue 61,049 34,872
Government servicing - Great Lakes    
Disaggregation of Revenue [Line Items]    
Revenue 48,076 43,302
Private education and consumer loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 12,873 8,548
FFELP servicing    
Disaggregation of Revenue [Line Items]    
Revenue 4,248 4,670
Software services    
Disaggregation of Revenue [Line Items]    
Revenue 7,400 8,454
Outsourced services and other    
Disaggregation of Revenue [Line Items]    
Revenue 2,722 11,671
Education technology, services, and payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 112,286 95,258
Tuition payment plan services    
Disaggregation of Revenue [Line Items]    
Revenue 30,716 29,550
Payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 38,071 33,038
Education technology and services    
Disaggregation of Revenue [Line Items]    
Revenue 43,251 32,527
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 248 $ 143
v3.22.1
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments $ 11,856 $ 8,498
Borrower late fee income 2,431 442
ALLO preferred return 2,117 2,321
Impairment expense and provision for beneficial interests, net 0 2,436
Loss from ALLO voting membership interest investment (13,130) (22,219)
Other 6,351 5,336
Total other 9,877 (2,168)
Solar    
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments (1,030) (1,679)
ALLO preferred return    
Disaggregation of Revenue [Line Items]    
Investment advisory services $ 1,282 $ 2,697
v3.22.1
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Financial assets:    
Fair value $ 1,009,884 $ 1,001,655
Total assets 1,009,884 1,001,655
FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 517,069 494,682
Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 371,885 412,552
Other debt securities - available-for-sale    
Financial assets:    
Fair value 49,232 22,435
Equity securities    
Financial assets:    
Fair value 59,943 63,154
Equity securities measured at net asset value    
Financial assets:    
Fair value 11,755 8,832
Level 1    
Financial assets:    
Fair value 60,043 63,254
Total assets 60,043 63,254
Level 1 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 100 100
Level 1 | Equity securities    
Financial assets:    
Fair value 59,943 63,154
Level 2    
Financial assets:    
Fair value 938,086 929,569
Total assets 938,086 929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 517,069 494,682
Level 2 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 371,885 412,552
Level 2 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 49,132 22,335
Level 2 | Equity securities    
Financial assets:    
Fair value $ 0 $ 0
v3.22.1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Financial assets:        
Loans receivable $ 17,621,576 $ 18,335,197    
Accrued loan interest receivable 774,774 788,552    
Cash and cash equivalents 162,785 125,563 $ 144,229 $ 121,249
Investments (at fair value) 1,649,578 1,588,919    
Restricted cash - due to customers 256,927 326,645 $ 193,081 $ 283,971
Financial liabilities:        
Accrued interest payable 7,216 4,566    
Bank deposits 484,047 344,315    
Due to customers 276,191 366,002    
Fair value        
Financial assets:        
Loans receivable 17,656,032 18,576,272    
Accrued loan interest receivable 774,774 788,552    
Cash and cash equivalents 162,785 125,563    
Investments (at fair value) 1,009,884 1,001,655    
Beneficial interest in loan securitizations 145,623 142,391    
Restricted cash 757,954 741,981    
Restricted cash - due to customers 256,927 326,645    
Financial liabilities:        
Bonds and notes payable 16,705,877 17,819,902    
Accrued interest payable 7,216 4,566    
Bank deposits 469,559 342,463    
Due to customers 276,191 366,002    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 162,785 125,563    
Investments (at fair value) 60,043 63,254    
Beneficial interest in loan securitizations 0 0    
Restricted cash 757,954 741,981    
Restricted cash - due to customers 256,927 326,645    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 189,319 184,897    
Due to customers 276,191 366,002    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 774,774 788,552    
Cash and cash equivalents 0 0    
Investments (at fair value) 938,086 929,569    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 16,705,877 17,819,902    
Accrued interest payable 7,216 4,566    
Bank deposits 280,240 157,566    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 17,656,032 18,576,272    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Beneficial interest in loan securitizations 145,623 142,391    
Restricted cash 0 0    
Restricted cash - due to customers 0 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 16,846,802 17,546,645    
Accrued loan interest receivable 774,774 788,552    
Cash and cash equivalents 162,785 125,563    
Investments (at fair value) 1,009,884 1,001,655    
Beneficial interest in loan securitizations 130,354 120,142    
Restricted cash 757,954 741,981    
Restricted cash - due to customers 256,927 326,645    
Financial liabilities:        
Bonds and notes payable 16,736,701 17,631,089    
Accrued interest payable 7,216 4,566    
Bank deposits 484,047 344,315    
Due to customers $ 276,191 $ 366,002