NELNET INC, 10-K filed on 2/25/2016
Annual Report
Document and Entity Information Document (USD $)
12 Months Ended
Dec. 31, 2015
Jun. 30, 2015
Jan. 31, 2016
Common Class A [Member]
Jan. 31, 2016
Common Class B [Member]
Document Information [Line Items]
 
 
 
 
Entity Registrant Name
NELNET INC 
 
 
 
Document Type
10-K 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
31,729,166 
11,476,932 
Entity Public Float
 
$ 1,092,135,927 
 
 
Amendment Flag
false 
 
 
 
Entity Central Index Key
0001258602 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
Entity Voluntary Filers
No 
 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
 
Document Fiscal Year Focus
2015 
 
 
 
Document Fiscal Period Focus
Q4 
 
 
 
Consolidated Balance Sheets (USD $)
Dec. 31, 2015
Dec. 31, 2014
Assets:
 
 
Student loans receivable, net
$ 28,324,552,000 
$ 28,005,195,000 
Cash and cash equivalents:
 
 
Cash and cash equivalents - not held at a related party
11,379,000 
37,781,000 
Cash and cash equivalents - held at a related party
52,150,000 
92,700,000 
Total cash and cash equivalents
63,529,000 
130,481,000 
Investments and notes receivable
303,681,000 
235,709,000 
Restricted cash and investments
832,624,000 
850,440,000 
Restricted cash - due to customers
144,771,000 
118,488,000 
Accrued interest receivable
383,825,000 
351,588,000 
Accounts receivable (net of allowance for doubtful accounts of $2,003 and $1,656, respectively)
51,345,000 
50,552,000 
Goodwill
146,000,000 
126,200,000 
Intangible assets, net
51,062,000 
42,582,000 
Property and equipment, net
80,482,000 
45,894,000 
Other assets
75,344,000 
76,622,000 
Fair value of derivative instruments
28,690,000 
64,392,000 
Fair value of derivative instrument, net
28,690,000 
64,392,000 
Total assets
30,485,905,000 
30,098,143,000 
Liabilities:
 
 
Bonds and notes payable
28,172,682,000 
28,027,350,000 
Accrued interest payable
31,507,000 
25,904,000 
Other liabilities
169,906,000 
167,881,000 
Due to customers
144,771,000 
118,488,000 
Fair value of derivative instruments
74,881,000 
32,842,000 
Total liabilities
28,593,747,000 
28,372,465,000 
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
0 
17,290,000 
Retained earnings
1,881,708,000 
1,702,560,000 
Accumulated other comprehensive earnings
2,284,000 
5,135,000 
Total Nelnet, Inc. shareholders' equity
1,884,432,000 
1,725,448,000 
Noncontrolling interest
7,726,000 
230,000 
Total equity
1,892,158,000 
1,725,678,000 
Total liabilities and equity
30,485,905,000 
30,098,143,000 
Common Class A [Member]
 
 
Common stock:
 
 
Common stock
325,000 
348,000 
Common Class B [Member]
 
 
Common stock:
 
 
Common stock
115,000 
115,000 
Variable Interest Entity, Primary Beneficiary [Member]
 
 
Assets:
 
 
Student loans receivable, net
28,499,180,000 
28,181,244,000 
Cash and cash equivalents:
 
 
Restricted cash and investments
814,294,000 
846,199,000 
Other assets
384,230,000 
351,934,000 
Fair value of derivative instrument, net
(64,080,000)
(20,455,000)
Liabilities:
 
 
Bonds and notes payable
28,405,133,000 
28,391,530,000 
Other liabilities
353,607,000 
280,233,000 
Common stock:
 
 
Net assets of consolidated variable interest entities
$ 874,884,000 
$ 687,159,000 
Consolidated Balance Sheets (unaudited) (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Allowance for loan losses
$ 50,498 
$ 48,900 
Allowance for doubtful accounts (in Dollars)
$ 2,003 
$ 1,656 
Preferred stock, par value (in Dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, authorized shares
50,000,000 
50,000,000 
Preferred stock, issued shares
0 
0 
Preferred stock, outstanding shares
0 
0 
Common Class A [Member]
 
 
Par value (in Dollars per share)
$ 0.01 
$ 0.01 
Shares authorized
600,000,000 
600,000,000 
Shares issued
32,476,528 
34,756,384 
Shares outstanding
32,476,528 
34,756,384 
Common Class B [Member]
 
 
Par value (in Dollars per share)
$ 0.01 
$ 0.01 
Shares authorized
60,000,000 
60,000,000 
Shares issued
11,476,932 
11,486,932 
Shares outstanding
11,476,932 
11,486,932 
Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest income:
 
 
 
Loan interest
$ 726,258 
$ 703,007 
$ 638,142 
Investment interest
7,851 
6,793 
6,668 
Total interest income
734,109 
709,800 
644,810 
Interest expense:
 
 
 
Interest on bonds and notes payable
302,210 
273,237 
230,935 
Net interest income
431,899 
436,563 
413,875 
Less provision for loan losses
10,150 
9,500 
18,500 
Net interest income after provision for loan losses
421,749 
427,063 
395,375 
Other income (expense):
 
 
 
Loan and guaranty servicing revenue
239,858 
240,414 
243,428 
Tuition payment processing, school information, and campus commerce revenue
120,365 
98,156 
80,682 
Enrollment services revenue
70,705 
82,883 
98,078 
Other income, net
27,630 
54,002 
46,298 
Gain on sale of loans and debt repurchases, net
5,153 
3,651 
11,699 
Derivative market value and foreign currency adjustments and derivative settlements, net
4,401 
15,860 
18,957 
Total other income
468,112 
494,966 
499,142 
Operating expenses:
 
 
 
Salaries and benefits
247,914 
228,079 
196,169 
Cost to provide enrollment services
45,535 
53,307 
64,961 
Loan servicing fees
30,213 
27,009 
23,881 
Depreciation and amortization
26,343 
21,134 
18,311 
Other
119,212 
122,981 
125,661 
Total operating expenses
469,217 
452,510 
428,983 
Income before income taxes
420,644 
469,519 
465,534 
Income tax expense
152,380 
160,238 
161,193 
Net income
268,264 
309,281 
304,341 
Net income attributable to noncontrolling interest
285 
1,671 
1,669 
Net income attributable to Nelnet, Inc.
$ 267,979 
$ 307,610 
$ 302,672 
Earnings per common share:
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$ 5.89 
$ 6.62 
$ 6.50 
Weighted average common shares outstanding - basic and diluted
45,529,340 
46,469,615 
46,570,314 
Consolidated Statements of Comprehensive Income (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income
$ 83,518 
$ 48,977 
$ 70,963 
$ 64,806 
$ 73,919 
$ 85,376 
$ 75,687 
$ 74,299 
$ 268,264 
$ 309,281 
$ 304,341 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding (losses) gains arising during period, net
 
 
 
 
 
 
 
 
(1,570)
9,006 
9,134 
Less reclassification adjustment for gains recognized in net income, net of losses
 
 
 
 
 
 
 
 
(2,955)
(8,506)
(5,938)
Income tax effect
 
 
 
 
 
 
 
 
1,674 
(184)
(1,190)
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(2,851)
316 
2,006 
Comprehensive income
 
 
 
 
 
 
 
 
265,413 
309,597 
306,347 
Comprehensive income attributable to noncontrolling interest
168 
22 
54 
41 
308 
157 
693 
513 
285 
1,671 
1,669 
Comprehensive income attributable to Nelnet, Inc.
 
 
 
 
 
 
 
 
$ 265,128 
$ 307,926 
$ 304,678 
Consolidated Statements of Shareholders' Equity (USD $)
In Thousands, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Additional paid-in capital [Member]
Retained earnings [Member]
Accumulated other comprehensive earnings [Member]
Noncontrolling interest [Member]
Common Class A [Member]
Common Stock [Member]
Common Class B [Member]
Common Stock [Member]
Balance at Dec. 31, 2012
$ 1,165,213 
$ 0 
$ 32,540 
$ 1,129,389 
$ 2,813 
$ 5 
$ 351 
$ 115 
Balance (in Shares) at Dec. 31, 2012
 
0 
 
 
 
 
35,116,913 
11,495,377 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
5 
 
 
 
 
5 
 
 
Net income attributable to Nelnet, Inc.
302,672 
 
 
302,672 
 
 
 
 
Net income attributable to noncontrolling interest
1,669 
 
 
 
 
1,669 
 
 
Net income
304,341 
 
 
 
 
 
 
 
Other comprehensive income
2,006 
 
 
 
2,006 
 
 
 
Distribution to noncontrolling interest
(1,351)
 
 
 
 
(1,351)
 
 
Cash dividend on Class A and Class B common stock
(18,569)
 
 
(18,569)
 
 
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
 
 
 
 
157,684 
0 
Issuance of common stock, net of forfeitures
2,379 
 
2,377 
 
 
 
2 
0 
Compensation expense for stock based awards
3,102 
 
3,102 
 
 
 
 
 
Repurchase of common stock (in Shares)
 
 
 
 
 
 
(393,259)
0 
Repurchase of common stock
(13,136)
 
(13,132)
 
 
 
(4)
0 
Balance at Dec. 31, 2013
1,443,990 
0 
24,887 
1,413,492 
4,819 
328 
349 
115 
Balance (in Shares) at Dec. 31, 2013
 
0 
 
 
 
 
34,881,338 
11,495,377 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
201 
 
 
 
 
201 
 
 
Net income attributable to Nelnet, Inc.
307,610 
 
 
307,610 
 
 
 
 
Net income attributable to noncontrolling interest
1,671 
 
 
 
 
1,671 
 
 
Net income
309,281 
 
 
 
 
 
 
 
Other comprehensive income
316 
 
 
 
316 
 
 
 
Distribution to noncontrolling interest
(1,970)
 
 
 
 
(1,970)
 
 
Cash dividend on Class A and Class B common stock
(18,542)
 
 
(18,542)
 
 
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
 
 
 
 
248,290 
0 
Issuance of common stock, net of forfeitures
3,554 
 
3,551 
 
 
 
3 
0 
Compensation expense for stock based awards
4,561 
 
4,561 
 
 
 
 
 
Repurchase of common stock (in Shares)
 
 
 
 
 
 
(381,689)
0 
Repurchase of common stock
(15,713)
 
(15,709)
 
 
 
(4)
0 
Conversion of Stock, Shares Converted
0 
 
 
 
 
 
8,445 
(8,445)
Conversion of Stock, Amount Converted
 
 
 
 
 
 
0 
0 
Balance at Dec. 31, 2014
1,725,678 
0 
17,290 
1,702,560 
5,135 
230 
348 
115 
Balance (in Shares) at Dec. 31, 2014
 
0 
 
 
 
 
34,756,384 
11,486,932 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Issuance of noncontrolling interest
7,443 
 
 
 
 
7,443 
 
 
Net income attributable to Nelnet, Inc.
267,979 
 
 
267,979 
 
 
 
 
Net income attributable to noncontrolling interest
285 
 
 
 
 
285 
 
 
Net income
268,264 
 
 
 
 
 
 
 
Other comprehensive income
(2,851)
 
 
 
(2,851)
 
 
 
Distribution to noncontrolling interest
(232)
 
 
 
 
(232)
 
 
Cash dividend on Class A and Class B common stock
(19,025)
 
 
(19,025)
 
 
 
 
Issuance of common stock, net of forfeitures (in Shares)
 
 
 
 
 
 
159,303 
0 
Issuance of common stock, net of forfeitures
3,862 
 
3,860 
 
 
 
2 
0 
Compensation expense for stock based awards
5,188 
 
5,188 
 
 
 
 
 
Repurchase of common stock (in Shares)
 
 
 
 
 
 
(2,449,159)
0 
Repurchase of common stock
(96,169)
 
(26,338)
(69,806)
 
 
(25)
0 
Conversion of Stock, Shares Converted
0 
 
 
 
 
 
10,000 
(10,000)
Conversion of Stock, Amount Converted
 
 
 
 
 
 
0 
0 
Balance at Dec. 31, 2015
$ 1,892,158 
$ 0 
$ 0 
$ 1,881,708 
$ 2,284 
$ 7,726 
$ 325 
$ 115 
Balance (in Shares) at Dec. 31, 2015
 
0 
 
 
 
 
32,476,528 
11,476,932 
Consolidated Statements of Shareholders' Equity (Parentheticals)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash dividend on Class A and Class B common stock - per share
$ 0.42 
$ 0.40 
$ 0.40 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income attributable to Nelnet, Inc.
$ 267,979 
$ 307,610 
$ 302,672 
Net income attributable to noncontrolling interest
285 
1,671 
1,669 
Net income
268,264 
309,281 
304,341 
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:
 
 
 
Depreciation and amortization, including debt discounts and student loan premiums and deferred origination costs
123,736 
107,969 
79,484 
Student loan discount accretion
(43,766)
(43,479)
(36,258)
Provision for loan losses
10,150 
9,500 
18,500 
Derivative market value adjustment
15,150 
20,310 
(83,878)
Foreign currency transaction adjustment
(43,801)
(58,013)
35,285 
Payment to enter into derivative instruments
(2,936)
(9,087)
0 
Proceeds to terminate and/or amend derivative instruments, net of payments
65,527 
1,765 
65,890 
(Gain) loss on sale of loans, net
(351)
2,964 
(33)
Gain from debt repurchases
(4,802)
(6,615)
(11,666)
Gain from sale of available-for-sale securities, net
(2,955)
(8,506)
(5,938)
(Purchases) proceeds related to trading securities, net
(3,120)
3,128 
0 
Deferred income tax expense
7,049 
19,659 
2,539 
Non-cash compensation expense
5,347 
4,699 
3,329 
Other
3,875 
7,127 
112 
(Increase) decrease in accrued interest receivable
(3,819)
5,205 
8,341 
Decrease in accounts receivable
1,061 
6,690 
7,566 
Decrease (increase) in other assets
375 
2,372 
(4,783)
Increase (decrease) in accrued interest payable
5,117 
3,009 
(433)
(Decrease) increase in other liabilities
(8,736)
(20,529)
4,782 
Net cash provided by operating activities
391,365 
357,449 
387,180 
Cash flows from investing activities, net of acquisitions:
 
 
 
Purchases of student loans and student loan residual interests
(2,189,450)
(3,753,936)
(2,392,676)
Net proceeds from student loan repayments, claims, capitalized interest, and other
3,668,302 
3,700,005 
2,852,177 
Proceeds from sale of student loans
3,996 
50,190 
43,292 
Purchases of available-for-sale securities
(100,476)
(192,998)
(219,894)
Proceeds from sales of available-for-sale securities
95,758 
241,793 
103,250 
Purchases of investments and issuance of notes receivable
(93,948)
(45,925)
(20,302)
Proceeds from investments and notes receivable
29,799 
15,819 
0 
Purchases of property and equipment, net
(16,761)
(26,488)
(17,010)
Decrease (increase) in restricted cash and investments, net
67,108 
(51,135)
147,743 
Business and asset acquisitions, net of cash acquired
(46,966)
(46,833)
0 
Net cash provided by (used in) investing activities
1,417,362 
(109,508)
496,580 
Cash flows from financing activities, net of borrowings assumed:
 
 
 
Payments on bonds and notes payable
(4,368,180)
(3,632,741)
(5,153,057)
Proceeds from issuance of bonds and notes payable
2,614,595 
3,502,316 
4,312,720 
Payments of debt issuance costs
(11,162)
(14,934)
(13,697)
Dividends paid
(19,025)
(18,542)
(18,569)
Repurchases of common stock
(96,169)
(15,713)
(13,136)
Proceeds from issuance of common stock
801 
656 
561 
Issuance of noncontrolling interest
3,693 
201 
5 
Distribution to noncontrolling interest
(232)
(1,970)
(1,351)
Net cash (used in) financing activities
(1,875,679)
(180,727)
(886,524)
Net (decrease) increase in cash and cash equivalents
(66,952)
67,214 
(2,764)
Cash and cash equivalents, beginning of year
130,481 
63,267 
66,031 
Cash and cash equivalents, end of year
63,529 
130,481 
63,267 
Cash disbursements made for:
 
 
 
Interest
228,248 
210,700 
190,998 
Income taxes, net of refunds
147,235 
155,828 
154,840 
Noncash investing and financing activities:
 
 
 
Student loans and other assets acquired
2,025,453 
2,571,997 
1,715,260 
Sale of education lending subsidiary, including student loans and other assets
0 
246,376 
0 
Note receivable obtained in connection with sale of education lending subsidiary
0 
20,737 
0 
Borrowings and other liabilities transferred in sale of education lending subsidiary
0 
225,139 
0 
Borrowings and other liabilities assumed in acquisition of student loans
1,885,453 
2,444,874 
1,676,761 
Issuance of minority interest
$ 3,750 
$ 0 
$ 0 
Description of Business
Description of Business [Text Block]
Description of Business

Nelnet, Inc. and its subsidiaries (“Nelnet” or the “Company”) is a diverse company with a focus on delivering education-related products and services and student loan asset management. The largest operating businesses engage in student loan servicing, tuition payment processing and school information systems, and telecommunications. A significant portion of the Company's revenue is net interest income earned on a portfolio of federally insured student loans. The Company also makes investments to further diversify the Company both within and outside of its historical core education-related businesses, including, but not limited to, investments in real estate and start-up ventures. Substantially all revenue from external customers is earned, and all long-lived assets are located, in the United States.

The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the Federal Family Education Loan Program (“FFELP” or “FFEL Program”) of the U.S. Department of Education (the “Department”).

Effective July 1, 2010, the Health Care and Education Reconciliation Act of 2010 (the "Reconciliation Act of 2010”) prohibits new loan originations under the FFEL Program and requires that all new federal student loan originations be made through the Federal Direct Loan Program. This law does not alter or affect the terms and conditions of existing FFELP loans. As a result of this law, the Company no longer originates new FFELP loans. However, the Company believes there may be continued opportunities to purchase FFELP loan portfolios from current FFELP loan holders as the program winds down. To reduce its reliance on interest income on student loans, the Company has expanded its services and products. This expansion has been accomplished through internal growth and innovation as well as business acquisitions.

On December 31, 2015, the Company purchased 92.5 percent of the ownership interests of Allo Communications LLC (“Allo”).  The remaining 7.5 percent of the ownership interests of Allo is owned by Allo management, who has the opportunity to earn an additional 11.5 percent (up to 19 percent), of the total ownership interests based on the financial performance of Allo.  Allo provides pure fiber optic service to homes and businesses for internet, television, and telephone services.  The acquisition of Allo provides additional diversification of the Company's revenues and cash flows outside of education.  In addition, the acquisition leverages the Company's existing infrastructure, customer service capabilities and call centers, and financial strength and liquidity for continued growth.  For financial reporting purposes, the Company will disclose the operating results of Allo as a separate reportable operating segment.  The Allo assets acquired and liabilities assumed were recorded by the Company at their respective estimated fair values at the date of acquisition.  As such, Allo’s assets and liabilities as of December 31, 2015 are included in the Company’s consolidated balance sheet.  However, Allo had no impact on the consolidated statement of income for 2015.  Beginning January 1, 2016, the Company will reflect the operations of Allo in the consolidated statements of income.  Revenue from telecommunications services will be recognized when the services are provided to customers.

The Company has four reportable operating segments. The Company's reportable operating segments include:

• Student Loan and Guaranty Servicing
• Tuition Payment Processing and Campus Commerce
• Asset Generation and Management
• Telecommunications

A description of each reportable operating segment is included below. See note 14 for additional information on the Company's segment reporting.
Student Loan and Guaranty Servicing

The following are the primary products and services the Company offers as part of its Student Loan and Guaranty Servicing operating segment:
 
•
Servicing federally-owned student loans for the Department
•
Servicing FFELP loans
•
Marketing, originating, and servicing private education loans
•
Servicing and outsourcing services for FFELP guaranty agencies, including FFELP guaranty collection services
•
Providing student loan servicing software and other information technology products and services
•
Providing outsourced services including call center, processing, and marketing services

The Student Loan and Guaranty Servicing operating segment provides for the servicing of the Company's student loan portfolio and the portfolios of third parties. The loan servicing activities include loan conversion activities, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliations, and claim processing. These activities are performed internally for the Company's portfolio in addition to generating external fee revenue when performed for third-party clients.

The Company is one of four private sector companies awarded a student loan servicing contract by the Department to provide additional servicing capacity for loans owned by the Department.

This operating segment also provides servicing activities for guaranty agencies, which serve as intermediaries between the Department and FFELP lenders, and are responsible for paying the claims made on defaulted loans. The services provided by the Company include providing software and data center services, borrower and loan updates, default aversion tracking services, claim processing services, and post-default collection services.

This operating segment also provides student loan servicing software, which is used internally by the Company and licensed to third-party student loan holders and servicers. These software systems have been adapted so that they can be offered as hosted servicing software solutions usable by third parties to service various types of student loans, including Federal Direct Loan Program and FFEL Program loans.

In addition, this segment provides business process outsourcing specializing in contact center management. The contact center solutions and services include taking inbound calls, helping with outreach campaigns and sales, and interacting with customers through multi-channels.

Tuition Payment Processing and Campus Commerce

The Company's Tuition Payment Processing and Campus Commerce operating segment provides products and services to help students and families manage the payment of education costs. In addition, this operating segment provides school information system software for private and faith-based schools that help schools automate administrative processes such as admissions, scheduling, student billing, attendance, and grade book management. This segment also provides innovative education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data.

In the K-12 market, the Company offers actively managed tuition payment plans and billing services, school information system software, and assistance with financial needs assessment and donor management. In the higher education market, the Company primarily offers actively managed tuition payment plans and campus commerce technologies and payment processing.
Asset Generation and Management

The Company's Asset Generation and Management operating segment includes the acquisition, management, and ownership of the Company's student loan assets. Nearly all student loan assets included in this segment are loans originated under the FFEL Program, including the Stafford Loan Program, the PLUS Loan program, and loans that reflect the consolidation into a single loan of certain previously separate borrower obligations (“Consolidation”). The Company generates a substantial portion of its earnings from the spread, referred to as the Company's student loan spread, between the yield it receives on its student loan portfolio and the associated costs to finance such portfolio. The student loan assets are held in a series of education lending subsidiaries and associated securitization trusts designed specifically for this purpose. In addition to the student loan spread earned on its portfolio, all costs and activity associated with managing the portfolio, such as servicing of the assets and debt maintenance, are included in this segment.

Telecommunications

As discussed previously, on December 31, 2015, the Company acquired 92.5 percent of the membership interests of Allo.  Allo derives its revenue primarily from the sale of advanced telecommunication services to residential and business customers in Nebraska, including internet, television, and telephone services.  Internet and television services include revenue from residential and business customers for subscriptions to Allo's video and data products.  Allo data services can provide high-speed internet access at various symmetrical speeds of up to 1 gigabit per second. Local calling services include fiber telephone service and other basic services.  Long-distance services include traditional domestic and international long distance which enables customers to make calls that terminate outside their local calling area. 

Corporate and Other Activities

Other business activities and operating segments that are not reportable are combined and included in Corporate and Other Activities. Corporate and Other Activities include the following items:

•
The operating results of Whitetail Rock Capital Management, LLC ("WRCM"), the Company's SEC-registered investment advisory subsidiary
•
The operating results of the Enrollment Services business
•
Income earned on certain investment activities
•
Interest expense incurred on unsecured debt transactions
•
Other product and service offerings that are not considered reportable operating segments

Corporate and Other Activities also include certain corporate activities and overhead functions related to executive management, human resources, accounting, legal, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services.
Summary of Significant Accounting Policies and Practices
Significant Accounting Policies [Text Block]
Summary of Significant Accounting Policies and Practices

Consolidation

The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries, including its education lending subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company's education lending subsidiaries (or Variable Interest Entities ("VIEs")) are engaged in the securitization of education finance assets. These education lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's education lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each education lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company has determined it is the primary beneficiary of its education lending subsidiaries (VIEs). The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company is generally the administrator and master servicer of the securitized assets held in its education lending subsidiaries and owns the residual interest of the securitization trusts. As a result, for accounting purposes, the transfers of student loans to the eligible lender trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet.
Reclassifications

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

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

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

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

Noncontrolling Interest

Noncontrolling interest reflects the proportionate share of membership interest (equity) and net income attributable to the holders of minority membership interests in the following entities:
•
Whitetail Rock Capital Management, LLC (“WRCM”) - WRCM is the Company’s SEC-registered investment advisory subsidiary.  WRCM issued 10 percent minority membership interests on January 1, 2012.

•
Allo Communications LLC - On December 31, 2015, the Company purchased 92.5 percent of the ownership interests of Allo. The remaining 7.5 percent of the ownership interests of Allo is owned by Allo management, who has the opportunity to earn an additional 11.5 percent (up to 19 percent) of the total ownership interests based on the financial performance of Allo.

•
401 Building, LLC (“401 Building”) - 401 Building is an entity established on October 19, 2015 for the sole purpose of acquiring, developing, and operating a commercial building. The Company owns 50 percent of 401 Building.

•
TDP Phase Three, LLC (“TDP”) - TDP is an entity established on October 20, 2015 for the sole purpose of developing and operating a commercial building. The Company owns 25 percent of TDP.

The Company plans to be a tenant in the buildings being developed by 401 Building and TDP once development is complete. Because the Company, as lessee, is involved in the asset construction, 401 Building and TDP is included in the Company's consolidated financial statements.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates.

Student Loans Receivable

Student loans consist of federally insured student loans and private education loans. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of which are amortized to interest income. Loans which are held-for-investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. There were no loans classified as held for sale as of December 31, 2015 and 2014.

Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five and ten years. Consolidation loans have repayment periods of twelve to thirty years. FFELP loans do not require repayment while the borrower is in-school, and during the grace period immediately upon leaving school. The borrower may also be granted a deferment or forbearance for a period of time based on need, during which time the borrower is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment, and forbearance period. Interest rates on loans may be fixed or variable, dependent upon the type of loan, terms of the loan agreements, and date of origination.

Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances.

Student loans receivable also includes private education loans. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFELP. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to 30 years. The private education loans are not covered by a guarantee or collateral in the event of borrower default.

Allowance for Loan Losses

The allowance for loan losses represents management's estimate of probable losses on student loans. The provision for loan losses reflects the activity for the applicable period and provides an allowance at a level that the Company's management believes is appropriate to cover probable losses inherent in the loan portfolio. The Company evaluates the adequacy of the allowance for loan losses on its federally insured loan portfolio separately from its private education loan portfolio. These evaluation processes are subject to numerous judgments and uncertainties.

The allowance for the federally insured loan portfolio is based on periodic evaluations of the Company's loan portfolios considering loans in repayment versus those in a nonpaying status, delinquency status, trends in defaults in the portfolio based on Company and industry data, past experience, trends in student loan claims rejected for payment by guarantors, changes to federal student loan programs, current economic conditions, and other relevant factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company's loss exposure on the outstanding balance of the Company's federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured.

In determining the appropriate allowance for loan losses on the private education loans, the Company considers several factors, including: loans in repayment versus those in a nonpaying status, delinquency status, type of program, trends in defaults in the portfolio based on Company and industry data, past experience, current economic conditions, and other relevant factors. The Company places a private education loan on nonaccrual status when the collection of principal and interest is 90 days past due, and charges off the loan when the collection of principal and interest is 120 days past due. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Management has determined that each of the federally insured loan portfolio and the private education loan portfolio meets the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses.  Accordingly, the portfolio segment disclosures are presented on this basis in note 3 for each of these portfolios.  The Company does not disaggregate its portfolio segment student loan portfolios into classes of financing receivables. The Company collectively evaluates loans for impairment and as of December 31, 2015 and 2014, the Company did not have any impaired loans as defined in the Receivables Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification.

For loans purchased where there is evidence of credit deterioration since the origination of the loan, the Company records a credit discount, separate from the allowance for loan losses, which is non-accretable to interest income. Remaining discounts and premiums for purchased loans are recognized in interest income over the remaining estimated lives of the loans. The Company continues to evaluate credit losses associated with purchased loans based on current information and changes in expectations to determine the need for any additional allowance for loan losses.

Cash and Cash Equivalents and Statement of Cash Flows

For purposes of the consolidated statements of cash flows, the Company considers all investments with maturities when purchased of three months or less to be cash equivalents.

Accrued interest on loans purchased and sold is included in cash flows from operating activities in the respective period. Net purchased accrued interest was $71.4 million, $55.0 million, and $29.0 million in 2015, 2014, and 2013, respectively.

Investments

The Company's available-for-sale investment portfolio consists of student loan asset-backed securities and equity and debt securities. These securities are carried at fair value, with the temporary changes in fair value, net of taxes, carried as a separate component of shareholders’ equity. The amortized cost of debt securities in this category (including the student loan asset-backed securities) is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Other-than-temporary impairment is evaluated by considering several factors, including the length of time and extent to which the fair value has been less than the amortized cost basis, the financial condition and near-term prospects of the issuer of the security (considering factors such as adverse conditions specific to the security and ratings agency actions), and the intent and ability of the Company to retain the investment to allow for any anticipated recovery in fair value. The entire fair value loss on a security that has experienced an other-than-temporary impairment is recorded in earnings if the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the expected recovery of the loss. However, if the impairment is other-than-temporary, and either of those two conditions does not exist, the portion of the impairment related to credit losses is recorded in earnings and the impairment related to other factors is recorded in other comprehensive income.

Securities classified as trading are accounted for at fair value, with unrealized gains and losses included in "other income" in the consolidated statements of income.

Securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity and are accounted for at amortized cost unless the security is determined to have an other-than-temporary impairment. In that case, it is accounted for in the same manner as described above for available-for-sale investments.

When an investment is sold, the cost basis is determined through specific identification of the security sold.

The Company accounts for investments in which it does not have significant influence or a controlling financial interest using the cost method of accounting.  Cost method investments are recorded at cost.  Cost method investments are evaluated for other-than-temporary impairment in the same manner as described above for available-for-sale investments.

The Company accounts for investments over which it has significant influence but not a controlling financial interest using the equity method of accounting.  Equity method investments are recorded at cost and subsequently increased or decreased by the amount of the Company’s proportionate share of the net earnings or losses and other comprehensive income of the investee.  Equity method investments are evaluated for other-than-temporary impairment using certain impairment indicators such as a series of operating losses of an investee or other factors.  These factors may indicate that a decrease in value of the investment has occurred that is other-than-temporary and shall be recognized.

Restricted Cash and Investments 

Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the student loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative counterparties.
Cash balances that the Company's indentured trusts deposit in guaranteed investment contracts that are held for the related asset-backed note holders are classified as restricted investments. The Company has classified these investments as held-to-maturity and accounts for them at amortized cost, which approximates fair value.

Restricted Cash - Due to Customers

As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. In addition, as part of the Company's Tuition Payment Processing and Campus Commerce operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the accompanying consolidated balance sheets.

Accounts Receivable

Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon individual customer experience, as well as the age of receivables and likelihood of collection.

Business Combinations

The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings.

Goodwill

The Company reviews goodwill for impairment annually (in the fourth quarter) and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Goodwill is tested for impairment using a fair value approach at the reporting unit level. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics.
The Company tests goodwill for impairment in accordance with applicable accounting guidance. The guidance provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test.
If the Company elects to not perform a qualitative assessment or if the Company determines it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company performs a two-step impairment test on goodwill. In the first step, the Company compares the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is considered not impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit's goodwill. If the carrying value of a reporting unit's goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference.
Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions, and determination of appropriate market comparables. Actual future results may differ from those estimates.
See note 9 for information regarding the Company's annual goodwill impairment review.
Intangible Assets

Intangible assets with finite lives are amortized over their estimated lives. Such assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, the Company uses a straight-line amortization method.

The Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization.

Property and Equipment

Property and equipment are carried at cost, net of accumulated depreciation. Equipment held under capital leases are stated at the lower of the fair value of the asset or the net present value of the minimum lease payments at the inception of the lease. Maintenance and repairs are charged to expense as incurred, and major improvements, including leasehold improvements, are capitalized. Gains and losses from the sale of property and equipment are included in determining net income. The Company uses the straight-line method for recording depreciation and amortization. Equipment held under capital leases and leasehold improvements are amortized straight-line over the shorter of the lease term or estimated useful life of the asset.

Impairment of Long‑Lived Assets

The Company reviews its long-lived assets, such as property and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company uses estimates to determine the fair value of long-lived assets. Such estimates are generally based on estimated future cash flows or cost savings associated with particular assets and are discounted to present value using an appropriate discount rate. The estimates of future cash flows associated with assets are generally prepared using a cost savings method, a lost income method, or an excess return method, as appropriate. In utilizing such methods, management must make certain assumptions about the amount and timing of estimated future cash flows and other economic benefits from the assets, the remaining economic useful life of the assets, and general economic factors concerning the selection of an appropriate discount rate. The Company may also use replacement cost or market comparison approaches to estimating fair value if such methods are determined to be more appropriate.

Assumptions and estimates about future values and remaining useful lives of the Company's intangible and other long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy and internal forecasts. Although the Company believes the historical assumptions and estimates used are reasonable and appropriate, different assumptions and estimates could materially impact the reported financial results.

Other Assets

Other assets are recorded at cost or amortized cost and consist primarily of debt issuance costs and prepaid expenses. Debt issuance costs are amortized using the effective interest method.

Fair Value Measurements

The Company uses estimates of fair value in applying various accounting standards for its financial statements.

Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company's policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value, such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. In some cases fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Transaction costs are not included in the determination of fair value. When possible, the Company seeks to validate the model's output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates of current or future values.

The Company categorizes its fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring assets and liabilities at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels include:

•
Level 1: Quoted prices for identical instruments in active markets. The types of financial instruments included in Level 1 are highly liquid instruments with quoted prices.

•
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose primary value drivers are observable.

•
Level 3: Instruments whose primary value drivers are unobservable. Inputs are developed based on the best information available; however, significant judgment is required by management in developing the inputs.

The Company's accounting policy is to recognize transfers between levels of the fair value hierarchy at the end of the reporting period.

Revenue Recognition

Loan interest income - Loan interest is paid by the Department or the borrower, depending on the status of the loan at the time of the accrual. In addition, the Department makes quarterly interest subsidy payments on certain qualified FFELP loans until the student is required under the provisions of the Higher Education Act to begin repayment. Borrower repayment of FFELP loans normally begins within six months after completion of the borrower's course of study, leaving school, or ceasing to carry at least one-half the normal full-time academic load, as determined by the educational institution. Borrower repayment of PLUS and Consolidation loans normally begins within 60 days from the date of loan disbursement. Borrower repayment of private education loans typically begins six months following the borrower's graduation from a qualified institution, and the interest is either paid by the borrower or capitalized annually or at repayment.

The Department provides a special allowance to lenders participating in the FFEL Program. The special allowance is accrued based upon the fiscal quarter average rate of 13-week Treasury Bill auctions (for loans originated prior to January 1, 2000), the fiscal quarter average rate of the daily three-month financial commercial paper rates (for loans originated on and after January 1, 2000) or the fiscal quarter average rate of daily one-month LIBOR rates (for loans originated on and after January 1, 2000, and for lenders which elected to change the SAP index to one-month LIBOR effective April 1, 2012) relative to the yield of the student loan.

The Company recognizes student loan income as earned, net of amortization of loan premiums and deferred origination costs and the accretion of loan discounts. Loan income is recognized based upon the expected yield of the loan after giving effect to interest rate reductions resulting from borrower utilization of incentives such as timely payments (“borrower benefits”) and other yield adjustments. Loan premiums or discounts, deferred origination costs, and borrower benefits are amortized/accreted over the estimated life of the loan, which includes an estimate of prepayment rates. The Company periodically evaluates the assumptions used to estimate the life of the loans and prepayment rates.
The Company also pays the Department an annual 105 basis point rebate fee on Consolidation loans. These rebate fees are netted against loan interest income.
Student loan and guaranty servicing revenue – Student loan and guaranty servicing revenue consists of the following items:

•
Loan and guaranty servicing fees – Loan servicing fees are determined according to individual agreements with customers and are calculated based on the dollar value of loans, number of loans, or number of borrowers serviced for each customer. Guaranty servicing fees are generally calculated based on the number of loans serviced, volume of loans serviced, or amounts collected. Revenue is recognized over the period in which services are provided to customers, and when ultimate collection is assured.

•
Guaranty collections revenue – Guaranty collections revenue is earned when collected. Collection costs paid to third parties associated with this revenue is expensed upon successful collection.

•
Software services revenue – Software services revenue is determined from individual agreements with customers and includes license and maintenance fees associated with student loan software products.  Computer and software consulting and remote hosting revenues are recognized over the period in which services are provided to customers.

Tuition payment processing, school information, and campus commerce revenue - Tuition payment processing, school information, and campus commerce revenue includes actively managed tuition payment solutions, remote hosted school information systems software, and online payment processing. Fees for these services are recognized over the period in which services are provided to customers. Cash received in advance of the delivery of services is included in deferred revenue.

Enrollment Services Revenue – Enrollment services revenue primarily consists of the following items:

•
Inquiry Generation and Management - This revenue is derived primarily from fees which are earned through the delivery of qualified inquiries or clicks. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is reasonably assured. Delivery is deemed to have occurred at the time a qualified inquiry or click is delivered to the customer, provided that no significant obligations remain. From time to time, the Company may agree to credit certain inquiries or clicks if they fail to meet the contractual or other guidelines of a particular client. The Company has established a sales reserve based on historical experience. To date, such credits have been immaterial and within management’s expectations.

For a portion of this revenue, the Company has agreements with providers of online media or traffic (“inquiry generation vendors”) used in the generation of inquiries or clicks. The Company receives a fee from its customers and pays a fee to the inquiry generation vendors either on a cost per inquiry, cost per click, or cost per number of impressions basis. The Company is the primary obligor in the transaction. As a result, the fees paid by the Company’s customers are recognized as revenue and the fees paid to its inquiry generation vendors are included in “cost to provide enrollment services” in the Company’s consolidated statements of income.

•
Content Solutions - Several content solutions services, including services to connect students to colleges and universities, are sold based on subscriptions. Revenue from sales of subscription services is recognized ratably over the term of the contract as earned. Subscription revenue received or receivable in advance of the delivery of services is included in deferred revenue. Revenue from the sale of print products is generally earned and recognized, net of estimated returns, upon shipment or delivery. All other revenue is recognized over the period in which services are provided to customers.

Other income - Other income includes realized and unrealized gains and losses on investments and borrower late fee income, which is earned by the education lending subsidiaries and is recognized when payments are collected from the borrower. Other income also includes investment advisory income. The Company provides investment advisory services through an SEC-registered investment advisor subsidiary under various arrangements and earns annual fees on the outstanding balance of investments and certain performance measures, which are recognized monthly as earned.

Interest Expense

Interest expense is based upon contractual interest rates, adjusted for the amortization of debt issuance costs and the accretion of discounts. The amortization of debt issuance costs and accretion of discounts are recognized using the effective interest method.

Transfer of Financial Assets and Extinguishments of Liabilities

The Company accounts for loan sales and debt repurchases in accordance with applicable accounting guidance. If a transfer of loans qualifies as a sale, the Company derecognizes the loan and recognizes a gain or loss as the difference between the carrying basis of the loan sold and the consideration received. The Company from time to time repurchases its outstanding debt and records a gain or loss on the early extinguishment of debt based upon the difference between the carrying amount of the debt and the amount paid to the third party. The Company recognizes the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction.

Derivative Accounting

The Company records derivative instruments on the consolidated balance sheets as either an asset or liability measured at its fair value. The Company determines the fair value for its derivative instruments using either (i) pricing models that consider current market conditions and the contractual terms of the derivative instrument or (ii) counterparty valuations. The Company does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instruments that are recognized at fair value and executed with the same counterparty under a master netting arrangement. The factors that impact the fair value of the Company's derivatives include interest rates, time value, forward interest rate curve, and volatility factors, as well as foreign exchange rates. Pricing models and their underlying assumptions impact the amount and timing of unrealized gains and losses recognized, and the use of different pricing models or assumptions could produce different financial results. Management has structured all of the Company's derivative transactions with the intent that each is economically effective; however, the Company's derivative instruments do not qualify for hedge accounting. As a result, the change in fair value of derivative instruments is reported in current period earnings. Changes or shifts in the forward yield curve and fluctuations in currency rates can significantly impact the valuation of the Company’s derivatives, and therefore impact the financial position and results of operations of the Company. Any proceeds received or payments made by the Company to terminate a derivative in advance of its expiration date, or to amend the terms of an existing derivative, are included in the Company's consolidated statements of income and are accounted for as a change in fair value of such derivative. The changes in fair value of derivative instruments, as well as the settlement payments made on such derivatives, are included in “derivative market value and foreign currency adjustments and derivative settlements, net” on the consolidated statements of income.

Foreign Currency

During 2006, the Company issued Euro-denominated bonds, which are included in “bonds and notes payable” on the consolidated balance sheets. Transaction gains and losses resulting from exchange rate changes when re-measuring these bonds to U.S. dollars at the balance sheet date are included in “derivative market value and foreign currency adjustments and derivative settlements, net” on the consolidated statements of income.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
 
Income tax expense includes deferred tax expense, which represents the net change in the deferred tax asset or liability balance during the year, plus any change made in the valuation allowance, and current tax expense, which represents the amount of tax currently payable to or receivable from a tax authority plus amounts for expected tax deficiencies (including both tax and interest).

Compensation Expense for Stock Based Awards

The Company has a restricted stock plan that is intended to provide incentives to attract, retain, and motivate employees in order to achieve long term growth and profitability objectives. The restricted stock plan provides for the grant to eligible employees of awards of restricted shares of Class A common stock. The fair value of restricted stock awards is determined on the grant date based on the Company's stock price and is amortized to compensation cost over the related vesting periods, which range up to ten years. For those awards with only service conditions that have graded vesting schedules, the Company recognizes compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in substance, multiple awards.

Stock Repurchases

In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company.
Student Loans Receivable and Allowance for Loan Losses
Student Loans Receivable and Allowance for Loan Losses
 Student Loans Receivable and Allowance for Loan Losses

Student loans receivable consisted of the following:
 
As of December 31,
 
2015
 
2014
Federally insured loans
 
 
 
Stafford and other
$
6,202,064

 
6,030,825

Consolidation
22,086,043

 
22,165,605

Total
28,288,107

 
28,196,430

Private education loans
267,642

 
27,478

 
28,555,749

 
28,223,908

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(180,699
)
 
(169,813
)
Allowance for loan losses – federally insured loans
(35,490
)
 
(39,170
)
Allowance for loan losses – private education loans
(15,008
)
 
(9,730
)
 
$
28,324,552

 
28,005,195


(a) At December 31, 2015 and 2014, "loan discount, net of unamortized loan premiums and deferred origination costs" included $33.0 million and $28.8 million, respectively, of non-accretable discount associated with purchased loan portfolios of $10.8 billion and $8.5 billion, respectively.

Acquisition of Student Loan Residual Interests

On October 31, 2013, the Company acquired the ownership interest in a federally insured student loan securitization trust giving the Company rights to the residual interest in $1.6 billion of securitized federally insured consolidation loans. The trust includes loans funded to term with $1.6 billion (par value) of notes payable that carry interest rates on a spread to LIBOR or are set and periodically reset via a "dutch auction."

On April 25, 2014, the Company acquired the ownership interest in three FFELP student loan securitization trusts giving the Company rights to the residual interest in a total of $2.6 billion of securitized federally insured loans and related assets. These trusts include loans funded to term with $2.6 billion (par value) of notes payable that carry interest rates on a spread to LIBOR or are set and periodically reset via a "dutch auction."

On May 26, 2015, the Company acquired the ownership interest in a federally insured student loan securitization trust, giving the Company rights to the residual interest in $504.2 million of securitized federally insured loans. The trust includes loans funded to term with $448.9 million (par value) of bonds and notes payable.

On August 3, 2015, the Company acquired the ownership interest in two federally insured student loan securitization trusts, giving the Company rights to the residual interest in $1.5 billion of securitized federally insured loans. The two trusts include loans funded to term with $1.5 billion (par value) of bonds and notes payable.

The Company has consolidated the previously disclosed trusts on its consolidated balance sheet because management has determined the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded all assets and liabilities of the trusts at fair value, resulting in the Company recognizing a student loan fair value discount of $52.9 million, $68.7 million, and $40.9 million, during the years 2013, 2014, and 2015, respectively. Additionally, a bonds and notes payable net fair value discount of $91.8 million, $163.7 million, and $84.5 million, was recorded by the Company in 2013, 2014, and 2015, respectively. These discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities. All other assets acquired and liabilities assumed (restricted cash, accrued interest receivable/payable, and other assets/liabilities) were recorded at cost, which approximates fair value.
Private Education Loans

During 2015, the Company entered into an agreement with CommonBond, Inc. ("CommonBond"), a student lending company that provides private education loans to graduate students, under which the Company committed to purchase private education loans for a period of 18 months, with the total purchase obligation limited to $200.0 million. As of December 31, 2015, the Company had purchased $160.1 million in private education loans from CommonBond pursuant to this agreement.

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Year ended December 31,
 
2015
 
2014
 
2013
Balance at beginning of period
$
48,900

 
55,122

 
51,902

Provision for loan losses:
 
 
 
 
 
Federally insured loans
8,000

 
11,000

 
20,000

Private education loans
2,150

 
(1,500
)
 
(1,500
)
Total provision for loan losses
10,150

 
9,500

 
18,500

Charge-offs:
 

 
 

 
 
Federally insured loans
(11,730
)
 
(15,260
)
 
(15,588
)
Private education loans
(2,414
)
 
(2,332
)
 
(3,683
)
Total charge-offs
(14,144
)
 
(17,592
)
 
(19,271
)
Recoveries - private education loans
1,050

 
1,315

 
1,577

Purchase (sale) of federally insured loans, net
50

 
(10
)
 
(1,093
)
Sale of private education loans, net
(140
)
 
(1,620
)
 
—

Transfer from repurchase obligation related to private education loans repurchased, net
4,632

 
2,185

 
3,507

Balance at end of period
$
50,498

 
48,900

 
55,122

 
 
 
 
 
 
Allocation of the allowance for loan losses:
 

 
 

 
 
Federally insured loans
$
35,490

 
39,170

 
43,440

Private education loans
15,008

 
9,730

 
11,682

Total allowance for loan losses
$
50,498

 
48,900

 
55,122



Repurchase Obligation

The Company has sold various portfolios of private education loans to third-parties. Per the terms of the servicing agreements, the Company’s servicing operations are obligated to repurchase loans subject to the sale agreements in the event such loans become 60 or 90 days delinquent. As of December 31, 2015 and 2014, the balance of loans subject to these repurchase obligations was $46.8 million and $155.3 million, respectively. The Company repurchased $98.6 million of private education loans during 2015 as a result of terminating such agreements. The Company's estimate related to its obligation to repurchase these loans is included in "other liabilities" in the Company's consolidated balance sheets and was $2.7 million and $11.8 million, as of December 31, 2015 and 2014, respectively.

Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.
 
As of December 31,
 
2015
 
2014
 
2013
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment (a)
$
2,292,941

 
 
 
$
2,805,228

 
 
 
$
2,872,505

 
 
Loans in forbearance (b)
2,979,357

 
 
 
3,288,412

 
 
 
3,370,025

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
19,447,541

 
84.4
%
 
18,460,279

 
83.5
%
 
16,337,922

 
82.4
%
Loans delinquent 31-60 days (c)
1,028,396

 
4.5

 
1,043,119

 
4.8

 
967,318

 
4.9

Loans delinquent 61-90 days (c)
566,953

 
2.5

 
588,777

 
2.7

 
550,333

 
2.9

Loans delinquent 91-120 days (c)
415,747

 
1.8

 
404,905

 
1.8

 
390,791

 
2.0

Loans delinquent 121-270 days (c)
1,166,940

 
5.1

 
1,204,405

 
5.4

 
1,117,936

 
5.6

Loans delinquent 271 days or greater (c)(d)
390,232

 
1.7

 
401,305

 
1.8

 
443,373

 
2.2

Total loans in repayment
23,015,809

 
100.0
%
 
22,102,790

 
100.0
%
 
19,807,673

 
100.0
%
Total federally insured loans
$
28,288,107

 
 

 
$
28,196,430

 
 

 
$
26,050,203

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment (a)
$
30,795

 
 
 
$
905

 
 
 
$
2,700

 
 
Loans in forbearance (b)
350

 
 
 
—

 
 
 
366

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
228,464

 
96.7
%
 
18,390

 
69.2
%
 
59,001

 
86.7
%
Loans delinquent 31-60 days (c)
1,771

 
0.7

 
1,078

 
4.1

 
1,672

 
2.5

Loans delinquent 61-90 days (c)
1,283

 
0.5

 
1,035

 
3.9

 
1,718

 
2.5

Loans delinquent 91 days or greater (c)
4,979

 
2.1

 
6,070

 
22.8

 
5,646

 
8.3

Total loans in repayment
236,497

 
100.0
%
 
26,573

 
100.0
%
 
68,037

 
100.0
%
Total private education loans
$
267,642

 
 

 
$
27,478

 
 

 
$
71,103

 
 

(a)
Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet required to make payments on the loans, e.g., residency periods for medical students or a grace period for bar exam preparation for law students.

(b)
Loans for borrowers who have temporarily ceased making full payments due to hardship or other factors, according to a schedule approved by the servicer consistent with the established loan program servicing procedures and policies.

(c)
The period of delinquency is based on the number of days scheduled payments are contractually past due and relate to repayment loans, that is, receivables not charged off, and not in school, grace, deferment, or forbearance.

(d)
A portion of loans included in loans delinquent 271 days or greater includes loans in claim status, which are loans that have gone into default and have been submitted to the guaranty agency.
Bonds and Notes Payable
Bonds and Notes Payable
Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
 
As of December 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,155,336

 
0.05% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,160,365

 
0.88% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
26,315,701

 
 
 
 
FFELP warehouse facilities
1,855,907

 
0.27% - 0.56%
 
4/29/18 - 12/14/18
Private education loan warehouse facility
181,184

 
0.57%
 
12/26/16
Unsecured line of credit
100,000

 
1.79% - 1.92%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
3.99%
 
9/15/61
Other borrowings
93,355

 
1.93% - 3.38%
 
10/31/16 - 12/15/45
 
28,603,331

 
 
 
 
Discount on bonds and notes payable
(430,649
)
 
 
 
 
Total
$
28,172,682

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

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

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

 
 
 
 
FFELP warehouse facilities
1,241,665

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

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

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

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

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

 
 
 
 


Secured Financing Transactions

The Company has historically relied upon secured financing vehicles as its most significant source of funding for student loans. The net cash flow the Company receives from the securitized student loans generally represents the excess amounts, if any, generated by the underlying student loans over the amounts required to be paid to the bondholders, after deducting servicing fees and any other expenses relating to the securitizations. The Company’s rights to cash flow from securitized student loans are subordinate to bondholder interests, and the securitized student loans may fail to generate any cash flow beyond what is due to bondholders. The Company’s secured financing vehicles during the periods presented include loan warehouse facilities and asset-backed securitizations.

The majority of the bonds and notes payable are primarily secured by the student loans receivable, related accrued interest, and by the amounts on deposit in the accounts established under the respective bond resolutions or financing agreements.
FFELP warehouse facilities

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

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

 
875,000

 
500,000

 
2,125,000

Amount outstanding
738,034

 
686,764

 
431,109

 
1,855,907

Amount available
$
11,966

 
188,236

 
68,891

 
269,093

Expiration of liquidity provisions
April 29, 2016

 
July 8, 2016

 
December 16, 2016

 
 
Final maturity date
April 29, 2018

 
July 9, 2018

 
December 14, 2018

 
 
Maximum advance rates
92.2 - 95.0%

 
92.0 - 98.0%

 
85.0 - 95.0%

 
 
Minimum advance rates
92.2 - 95.0%

 
84.0 - 90.0%

 
85.0 - 95.0%

 
 
Advanced as equity support
$
45,301

 
32,757

 
36,089

 
114,147


Each FFELP warehouse facility is supported by 364-day liquidity provisions, which are subject to the respective expiration date shown in the previous table. In the event the Company is unable to renew the liquidity provisions by such date, the facility would become a term facility at a stepped-up cost, with no additional student loans being eligible for financing, and the Company would be required to refinance the existing loans in the facility by the facility's final maturity date. The NFSLW-I warehouse facility provides for formula-based advance rates, depending on FFELP loan type, up to a maximum of the principal and interest of loans financed as shown in the table above. The advance rates for collateral may increase or decrease based on market conditions, but they are subject to minimums as disclosed above. The NHELP-III and NHELP-II warehouse facilities have static advance rates that require initial equity for loan funding, but do not require increased equity based on market movements.

The FFELP warehouse facilities contain financial covenants relating to levels of the Company’s consolidated net worth, ratio of recourse indebtedness to adjusted EBITDA, and unencumbered cash. Any noncompliance with these covenants could result in a requirement for the immediate repayment of any outstanding borrowings under the facilities.

Asset-backed securitizations

The following tables summarize the asset-backed securitization transactions completed in 2015 and 2014.
 
 
Securitizations completed during the year ended December 31, 2015
 
 
2015-1
 
2015-2
 
2015-3
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2015-2 total
 
Class A-1 notes
 
Class A-2 notes
 
Class A-3 notes
 
2015-3 total
 
 
Date securities issued
 
2/27/15
 
3/26/15
 
3/26/15
 
3/26/15
 
5/21/15
 
5/21/15
 
5/21/15
 
5/21/15
 
 
Total original principal amount
 
$
566,346

 
122,500

 
584,500

 
722,000

 
82,500

 
270,000

 
41,400

 
401,400

 
$
1,689,746

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

 
122,500

 
584,500

 
707,000

 
82,500

 
270,000

 
41,400

 
393,900

 
1,654,132

Bond discount
 
—

 
—

 
—

 
—

 
—

 
(380
)
 
(1,095
)
 
(1,475
)
 
(1,475
)
Issue price
 
$
553,232

 
122,500

 
584,500

 
707,000

 
82,500

 
269,620

 
40,305

 
392,425

 
1,652,657

Cost of funds (1-month LIBOR plus:)
 
0.59
%
 
0.27
%
 
0.60
%
 
 
 
0.30
%
 
0.60
%
 
0.90
%
 
 
 
 
Final maturity date
 
4/25/41

 
3/25/20

 
9/25/42

 
 
 
1/27/25

 
2/26/46

 
6/25/49

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

 
 
 
 
 
15,000

 
 
 
 
 
 
 
7,500

 
35,614

Bond discount
 
(1,157
)
 
 
 
 
 
(1,793
)
 
 
 
 
 
 
 
(968
)
 
(3,918
)
Issue price
 
$
11,957

 
 
 
 
 
13,207

 
 
 
 
 
 
 
6,532

 
31,696

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

 
 
 
 
 
5/25/49

 
 
 
 
 
 
 
6/27/50

 
 

 
 
Securitizations completed during the year ended December 31, 2014
 
 
2014-1
 
2014-2
 
2014-3
 
2014-4
 
2014-5
 
2014-6
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
Class A-3 notes
 
2014-2 total
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2014-4 total
 
 
 
 
 
 
Date securities issued
 
2/6/14
 
3/12/14
 
3/12/14
 
3/12/14
 
3/12/14
 
4/30/14
 
5/23/14
 
5/23/14
 
5/23/14
 
6/18/14
 
7/31/14
 
 
Total original principal amount
 
$
458,500

 
191,000

 
222,000

 
84,000

 
509,000

 
719,800

 
267,500

 
107,500

 
384,500

 
603,000

 
565,000

 
$
3,239,800

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A senior notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
445,000

 
191,000

 
222,000

 
84,000

 
497,000

 
700,700

 
267,500

 
107,500

 
375,000

 
587,000

 
565,000

 
3,169,700

Bond discount
 
—

 
—

 
—

 
(535
)
 
(535
)
 
—

 
—

 
—

 
—

 
—

 
(3,124
)
 
(3,659
)
Issue price
 
$
445,000

 
191,000

 
222,000

 
83,465

 
496,465

 
700,700

 
267,500

 
107,500

 
375,000

 
587,000

 
561,876

 
3,166,041

Cost of funds (1-month LIBOR plus:)
 
0.57
%
 
0.28
%
 
0.60
%
 
0.85
%
 
 
 
0.58
%
 
0.54
%
 
0.95
%
 
 
 
0.55
%
 
0.65
%
 
 
Final maturity date
 
9/25/41

 
6/25/21

 
3/25/30

 
7/27/37

 
 
 
6/25/41

 
11/27/34

 
11/25/43

 
 
 
7/25/41

 
11/25/47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B subordinated notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
13,500

 
 
 
 
 
 
 
12,000

 
19,100

 
 
 
 
 
9,500

 
16,000

 
 
 
70,100

Bond discount
 
(1,132
)
 
 
 
 
 
 
 
(1,046
)
 
(1,467
)
 
 
 
 
 
(1,138
)
 
(1,232
)
 
 
 
(6,015
)
Issue price
 
$
12,368

 
 
 
 
 
 
 
10,954

 
17,633

 
 
 
 
 
8,362

 
14,768

 
 
 
64,085

Cost of funds (1-month LIBOR plus:)
 
1.50
%
 
 
 
 
 
 
 
1.50
%
 
1.50
%
 
 
 
 
 
1.50
%
 
1.50
%
 
 
 
 
Final maturity date
 
10/25/47

 
 
 
 
 
 
 
6/25/41

 
10/25/50

 
 
 
 
 
9/25/51

 
5/25/49

 
 
 
 


Auction Rate Securities

The interest rates on certain of the Company's asset-backed securities are set and periodically reset via a "dutch auction" ("Auction Rate Securities"). As of December 31, 2015, the Company is currently the sponsor on $1.2 billion of Auction Rate Securities.

Since February 2008, problems in the auction rate securities market as a whole have led to failures of the auctions pursuant to which the Company's Auction Rate Securities' interest rates are set. As a result, the Auction Rate Securities generally pay interest to the holder at a maximum rate as defined by the indenture. While these rates will vary, they will generally be based on a spread to LIBOR or Treasury Securities, or the Net Loan Rate as defined in the indenture. Based on the relative levels of these indices as of December 31, 2015, the rates expected to be paid by the Company range from 91-day T-Bill plus 125 basis points, on the low end, to LIBOR plus 250 basis points, on the high end. These maximum rates are subject to increase if the credit ratings on the bonds are downgraded.

Private Education Loan Warehouse Facility
On June 26, 2015, the Company entered into a $275.0 million private education loan warehouse facility. As of December 31, 2015, there was $181.2 million outstanding on the facility and $93.8 million was available for future use. The facility has a static advance rate that requires initial equity for loan funding, but does not require increased equity based on market movements. The maximum advance rate on the entire facility is 88 percent and minimum advance rates, depending on loan characteristics and program type, range from 64 percent to 99 percent. As of December 31, 2015, $25.2 million was advanced on the facility as equity support. The facility is supported by liquidity provisions, which have a defined expiration date of June 24, 2016. In the event the Company is unable to renew the liquidity provisions by such date, the facility would become a term facility at a stepped-up cost, with no additional student loans being eligible for financing, and the Company would be required to refinance the existing loans in the facility by the facility's final maturity date of December 26, 2016.

Unsecured Line of Credit

The Company has a $350.0 million unsecured line of credit that has a maturity date of October 30, 2020. As of December 31, 2015, the unsecured line of credit had $100.0 million outstanding and $250.0 million was available for future use.

The line of credit agreement contains certain financial covenants that, if not met, lead to an event of default under the agreement.  The covenants include maintaining:

•
A minimum consolidated net worth
•
A minimum adjusted EBITDA to corporate debt interest (over the last four rolling quarters)
•
A limitation on recourse indebtedness
•
A limitation on the amount of unsecuritized private education loans in the Company’s portfolio
•
A limitation on permitted investments, including business acquisitions that are not in one of the Company's existing lines of business

As of December 31, 2015, the Company was in compliance with all of these requirements. Many of these covenants are duplicated in the Company's other lending facilities, including its warehouse facilities.

The Company's operating line of credit does not have any covenants related to unsecured debt ratings. However, changes in the Company's ratings (as well as the amounts the Company borrows) have modest implications on the pricing level at which the Company obtains funds

A default on the Company's warehouse facilities would result in an event of default on the Company's unsecured line of credit that would result in the outstanding balance on the line of credit becoming immediately due and payable.

Junior Subordinated Hybrid Securities

On September 27, 2006, the Company issued $200.0 million aggregate principal amount of Junior Subordinated Hybrid Securities ("Hybrid Securities"). The Hybrid Securities are unsecured obligations of the Company. The interest rate on the Hybrid Securities through September 29, 2036 ("the scheduled maturity date") is equal to three-month LIBOR plus 3.375%, payable quarterly, which was 3.99% at December 31, 2015. The principal amount of the Hybrid Securities will become due on the scheduled maturity date only to the extent that prior to such date the Company has received proceeds from the sale of certain qualifying capital securities (as defined in the Hybrid Securities' indenture). If any amount is not paid on the scheduled maturity date, it will remain outstanding and bear interest at a floating rate as defined in the indenture, payable monthly. On September 15, 2061, the Company must pay any remaining principal and interest on the Hybrid Securities in full whether or not the Company has sold qualifying capital securities. At the Company's option, the Hybrid Securities are redeemable in whole or in part at their principal amount plus accrued and unpaid interest, provided in the case of a redemption in part that the principal amount outstanding after such redemption is at least $50.0 million. As of December 31, 2015, the outstanding balance on the Hybrid Securities was $57.2 million.

Other Borrowings

The Company has a $75.0 million line of credit, which is collateralized by asset-backed security investments, with a maturity date of October 31, 2016. The line of credit has covenants and cross default provisions similar to those under the Company's unsecured line of credit. As of December 31, 2015, $75.0 million was outstanding on this line of credit.

The Company also has two notes payable, which were each issued by TDP on December 30, 2015 in connection with the development of a commercial building. As of December 31, 2015, one note has $12.0 million outstanding with a maturity date of March 31, 2023; the other note has $6.4 million outstanding with a maturity date of December 15, 2045. Both of these notes have a fixed interest rate of 3.38%.

Debt Covenants

Certain bond resolutions contain, among other requirements, covenants relating to restrictions on additional indebtedness, limits as to direct and indirect administrative expenses, and maintaining certain financial ratios. Management believes the Company is in compliance with all covenants of the bond indentures and related credit agreements as of December 31, 2015.

Maturity Schedule

Bonds and notes outstanding as of December 31, 2015 are due in varying amounts as shown below.
2016
 
$
256,184

2017
 
—

2018
 
1,855,907

2019
 
173,755

2020
 
194,648

2021 and thereafter
 
26,122,837

 
 
$
28,603,331


Generally, the Company's secured financing instruments bearing interest at variable rates can be redeemed on any interest payment date at par plus accrued interest. Subject to certain provisions, all bonds and notes are subject to redemption prior to maturity at the option of certain education lending subsidiaries.

Debt Repurchases

The following table summarizes the Company's repurchases of its own debt. Gains recorded by the Company from the repurchase of debt are included in "gain on sale of loans and debt repurchases, net" on the Company’s consolidated statements of income.

 
Par value
 
Purchase price
 
Gain
 
Par value
 
Purchase price
 
Gain
 
Par value
 
Purchase price
 
Gain
 
Year ended December 31,
 
2015
 
2014
 
2013
Unsecured debt - Hybrid Securities
$
14,504

 
11,374

 
3,130

 
24,769

 
19,761

 
5,008

 
2,775

 
2,080

 
695

   Asset-backed securities
32,026

 
30,354

 
1,672

 
29,243

 
27,636

 
1,607

 
87,696

 
76,725

 
10,971

 
$
46,530

 
41,728

 
4,802

 
54,012

 
47,397

 
6,615

 
90,471

 
78,805

 
11,666

Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk and foreign currency exchange risk.

Interest Rate Risk

The Company is exposed to interest rate risk in the form of basis risk and repricing risk because the interest rate characteristics of the Company's assets do not match the interest rate characteristics of the funding for those assets. The Company has adopted a policy of periodically reviewing the mismatch related to the interest rate characteristics of its assets and liabilities together with the Company's outlook as to current and future market conditions. Based on those factors, the Company uses derivative instruments as part of its overall risk management strategy. Derivative instruments used as part of the Company's interest rate risk management strategy currently include basis swaps and interest rate swaps.

Basis Swaps

Interest earned on the majority of the Company's FFELP student loan assets is indexed to the one-month LIBOR rate.  Meanwhile, the Company funds a majority of its assets with three-month LIBOR indexed floating rate securities.  The different interest rate characteristics of the Company's loan assets and liabilities funding these assets results in basis risk.

The Company also faces repricing risk due to the timing of the interest rate resets on its liabilities, which may occur as infrequently as once a quarter, in contrast to the timing of the interest rate resets on its assets, which generally occur daily. As of December 31, 2015, the Company had $26.0 billion, $1.4 billion, and $0.8 billion of FFELP loans indexed to the one-month LIBOR rate, three-month commercial paper rate, and the three-month treasury bill rate, respectively, the indices for which reset daily, and $15.8 billion of debt indexed to three-month LIBOR, the indices for which reset quarterly, and $10.1 billion of debt indexed to one-month LIBOR, the indices for which reset monthly.

The Company has used derivative instruments to hedge its basis risk and repricing risk. The Company has entered into basis swaps 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).

The following table summarizes the Company’s 1:3 Basis Swaps outstanding:
 
 
 
 
As of December 31,
 
 
 
2015
 
2014
 
Maturity
 
Notional amount
 
Notional amount
 
2016
 
 
$
7,500,000

 
—

 
2021
 
 
—

 
250,000

 
2022
 
 
—

 
1,900,000

 
2023
 
 
—

 
3,650,000

 
2024
 
 
—

 
250,000

 
2026
 
 
—

 
800,000

 
2028
 
 
—

 
100,000

 
2036
 
 
—

 
700,000

 
2039
 
 
—

 
150,000

 
 
 
 
$
7,500,000

 
7,800,000


The weighted average rate paid by the Company on the 1:3 Basis Swaps as of December 31, 2015 and 2014, was one-month LIBOR plus 10.0 basis points and 3.5 basis points, respectively.
Interest rate swaps – floor income hedges

FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the Special Allowance Payments ("SAP") formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its student loan portfolio with variable rate debt. In low and/or certain declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, these student loans earn at a fixed rate while the interest on the variable rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income.

Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed rate floor income and variable rate floor income for these loans to the Department.

Absent the use of derivative instruments, a rise in interest rates may reduce the amount of floor income received and this may have an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed rate loans effectively become variable rate loans, the impact of the rate fluctuations is reduced.

As of December 31, 2015 and 2014, the Company had $11.1 billion and $12.7 billion, respectively, of student loan assets that were earning fixed rate floor income, of which the weighted average estimated variable conversion rate for these loans, which is the estimated short-term interest rate at which loans would convert to a variable rate, was 2.15% and 1.84%, respectively.

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

 
—
%
 
$
1,100,000

 
0.89
%
 
2016
 
1,000,000

 
0.76

 
750,000

 
0.85

 
2017
 
2,100,000

 
0.84

 
1,250,000

 
0.86

 
2018
 
1,600,000

 
1.08

 
—

 
—

 
2019
 
500,000

 
1.12

 
—

 
—

 
2025
 
100,000

 
2.32

 
—

 
—

 
 
 
$
5,300,000

 
0.95
%
 
$
3,100,000

 
0.87
%
 
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
On August 20, 2014, the Company paid $9.1 million for an interest rate swaption to economically hedge loans earning fixed rate floor income. The interest rate swap option gives the Company the right, but not the obligation, to enter into a $250 million notional interest rate swap in which the Company would pay a fixed amount of 3.30% and receive discrete one-month LIBOR. If the interest rate swap option is exercised, the swap would become effective in 2019 and mature in 2024.

Interest rate swaps – unsecured debt hedges

As of December 31, 2015 and 2014, the Company had $57.2 million and $71.7 million, respectively, of unsecured Hybrid Securities outstanding. The interest rate on the Hybrid Securities through September 29, 2036 is equal to three-month LIBOR plus 3.375%, payable quarterly. As of December 31, 2015 and 2014, the Company had the following derivatives outstanding that are used to effectively convert the variable interest rate on a portion of the Hybrid Securities to a fixed rate of 7.66%.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

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

Interest Rate Caps

In June 2015, in conjunction with the entry into the $275.0 million private education loan warehouse facility, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million. The first interest rate cap has a notional amount of $125.0 million and a one-month LIBOR strike rate of 2.50%, and the second interest rate cap has a notional amount of $150.0 million and a one-month LIBOR strike rate of 4.99%. In the event that the one-month LIBOR rate rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. Both interest rate cap contracts have a maturity date of July 15, 2020.

Foreign Currency Exchange Risk

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

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

The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instruments.
 
Year ended December 31,
 
2015
 
2014
 
2013 (b)
Re-measurement of Euro Notes
$
43,801

 
58,013

 
(35,285
)
Change in fair value of cross currency interest rate swaps
(45,195
)
 
(57,289
)
 
26,354

Total impact to consolidated statements of income - (expense) income (a)
$
(1,394
)
 
724

 
(8,931
)

(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
(b)
The 2013 operating results include the re-measurement of an additional €420.5 million of student loan asset-backed Euro notes and the change in fair value of a related cross-currency interest rate swap entered into in connection with the issuance of such notes. In November 2013, the principal amount outstanding on the notes was changed to U.S. dollars and the cross-currency interest swap was terminated.
The re-measurement of the Euro-denominated bonds generally correlates with the change in fair value of the corresponding cross-currency interest rate swap. However, the Company will experience unrealized gains or losses related to the cross-currency interest rate swap if the two underlying indices (and related forward curve) do not move in parallel.
Consolidated Financial Statement Impact Related to Derivatives
 
The following table summarizes the fair value of the Company’s derivatives as reflected on the consolidated balance sheets.
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
1:3 basis swaps
$
724

 
53,549

 
410

 
—

Interest rate swaps - floor income hedges
21,408

 
5,165

 
1,175

 
5,034

Interest rate swap option - floor income hedge
3,257

 
5,678

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
7,646

 
7,353

Interest rate caps
1,570

 
—

 
—

 
—

Cross-currency interest rate swap
—

 
—

 
65,650

 
20,455

Other
1,731

 
—

 
—

 
—

Total
$
28,690

 
64,392

 
74,881

 
32,842



During the years ended December 31, 2015 and 2014, the Company terminated certain derivatives for net proceeds of $65.5 million and $1.8 million, respectively.
Offsetting of Derivative Assets/Liabilities

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

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of December 31, 2015
 
$
28,690

 
(851
)
 
1,632

 
29,471

Balance as of December 31, 2014
 
64,392

 
(12,387
)
 
—

 
52,005


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of December 31, 2015
 
$
(74,881
)
 
851

 
13,168

 
(60,862
)
Balance as of December 31, 2014
 
(32,842
)
 
12,387

 
(1,454
)
 
(21,909
)


The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Settlements:
 
 

 
 

 
 
1:3 basis swaps
 
$
1,058

 
3,389

 
3,301

Interest rate swaps - floor income hedges
 
(23,041
)
 
(24,380
)
 
(31,022
)
Interest rate swaps - hybrid debt hedges
 
(1,012
)
 
(1,025
)
 
(1,670
)
Cross-currency interest rate swaps
 
(1,255
)
 
173

 
(245
)
Total settlements - (expense) income
 
(24,250
)
 
(21,843
)
 
(29,636
)
Change in fair value:
 
 

 
 

 
 

1:3 basis swaps
 
12,292

 
36,824

 
7,467

Interest rate swaps - floor income hedges
 
20,103

 
8,797

 
36,719

Interest rate swap option - floor income hedge
 
(2,420
)
 
(3,409
)
 
—

Interest rate swaps - hybrid debt hedges
 
(295
)
 
(5,233
)
 
12,997

Interest rate caps
 
(1,365
)
 
—

 
—

Cross-currency interest rate swaps
 
(45,195
)
 
(57,289
)
 
26,354

Other
 
1,730

 
—

 
341

Total change in fair value - (expense) income
 
(15,150
)
 
(20,310
)
 
83,878

Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
 
43,801

 
58,013

 
(35,285
)
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
 
$
4,401

 
15,860

 
18,957



Derivative Instruments - Credit and Market Risk

By using derivative instruments, the Company is exposed to credit and market risk. The Company manages credit and market risks associated with interest rates by establishing and monitoring limits as to the types and degree of risk that may be undertaken and by entering into transactions with high-quality counterparties that are reviewed periodically by the Company's risk committee. As of December 31, 2015, all of the Company's derivative counterparties had investment grade credit ratings. The Company also has a policy of requiring that all derivative contracts be governed by an International Swaps and Derivatives Association, Inc. Master Agreement.

Credit Risk

When the fair value of a derivative contract is positive (an asset in the Company's consolidated balance sheet), this generally indicates that the counterparty would owe the Company if the derivative was settled. If the counterparty fails to perform, credit risk with such counterparty is equal to the extent of the fair value gain in the derivative less any collateral held by the Company. If the Company was unable to collect from a counterparty, it would have a loss equal to the amount the derivative is recorded in the consolidated balance sheet.

The Company considers counterparties' credit risk when determining the fair value of derivative positions on its exposure net of collateral. However, the Company does not use the collateral to offset fair value amounts recognized for derivative instruments in the financial statements.

Market Risk

When the fair value of a derivative instrument is negative (a liability in the Company's consolidated balance sheet), the Company would owe the counterparty if the derivative was settled and, therefore, has no immediate credit risk.  If the negative fair value of derivatives with a counterparty exceeds a specified threshold, the Company may have to make a collateral deposit with the counterparty. The threshold at which the Company may be required to post collateral is dependent upon the Company's unsecured credit rating.  The Company believes any downgrades from its current unsecured credit rating (Standard & Poor's: BBB- (stable outlook) and Moody's: Ba1 (stable outlook)), would not result in additional collateral requirements of a material nature. In addition, no counterparty has the right to terminate its contracts in the event of downgrades from the current rating. However, some derivative contracts have mutual optional termination provisions that can be exercised during 2022. As of December 31, 2015, the fair value of derivatives with early termination provisions was a negative $2.8 million (a liability on the Company's balance sheet).

Interest rate movements have an impact on the amount of collateral the Company is required to deposit with its derivative instrument counterparties. With the Company's current derivative portfolio, the Company does not currently anticipate near term movement in interest rates having a material impact on its liquidity or capital resources, nor expects future movements in interest rates to have a material impact on its ability to meet potential collateral deposits with its counterparties. Due to the existing low interest rate environment, the Company's exposure to downward movements in interest rates on its interest rate swaps is limited.  In addition, the historical high correlation between one-month and three-month LIBOR limits the Company's exposure to interest rate movements on the 1:3 Basis Swaps. 

The Company's cross-currency interest rate swap was entered into as a result of an asset-backed security financing and was entered into at the securitization trust level with the counterparty. Trust related derivatives do not contain credit contingent features related to the Company or the trust's credit ratings. As such, there are no collateral requirements and as a result the impact of changes to foreign currency rates has no impact on the amount of collateral the Company would be required to deposit with the counterparty on this derivative.
Investments
Investments
Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:
 
As of December 31, 2015
 
As of December 31, 2014
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
139,970

 
3,402

 
(1,362
)
 
142,010

 
131,589

 
6,204

 
(236
)
 
137,557

Equity securities
846

 
1,686

 
(100
)
 
2,432

 
1,553

 
2,216

 
(33
)
 
3,736

Total available-for-sale investments
$
140,816

 
5,088

 
(1,462
)
 
144,442

 
133,142

 
8,420

 
(269
)
 
141,293

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
6,045

 
 
 
 
 
 
 
7,830

Equity securities
 
 
 
 
 
 
4,905

 
 
 
 
 
 
 
—

Total trading investments
 
 
 
 
 
 
10,950

 
 
 
 
 
 
 
7,830

Total available-for-sale and trading investments
 
 
 
 
 
 
155,392

 
 
 
 
 
 
 
149,123

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds (c)
 
 
 
 
 
 
63,323

 
 
 
 
 
 
 
19,987

Real estate (d)
 
 
 
 
 
 
50,463

 
 
 
 
 
 
 
18,661

Notes receivable (e)
 
 
 
 
 
 
18,473

 
 
 
 
 
 
 
22,255

Tax liens and affordable housing
 
 
 
 
 
 
16,030

 
 
 
 
 
 
 
25,683

Total investments and notes receivable
 
 
 
 
 
 
$
303,681

 
 
 
 
 
 
 
235,709


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

(b)
As of December 31, 2015, the stated maturities of the Company's student loan asset-backed securities and other debt securities classified as available-for-sale are shown in the following table:

Year of Maturity:
Amortized cost
 
Fair value
Within 1 year
$
6,323

 
6,283

1-5 years
125

 
125

6-10 years
279

 
279

After 10 years
133,243

 
135,323

Total
$
139,970

 
142,010



(c)
As of December 31, 2015 and 2014, "Venture capital and funds" included $41.4 million and $0.8 million, respectively, of the Company's equity investment in Hudl. See note 19 for further information.

(d)
As of December 31, 2015, "Real estate" included $25.0 million of the Company's investment in TDP. This investment includes $3.5 million of land, construction in progress, and related assets and $21.5 million of restricted cash to be used for real estate development. TDP has notes payable of $18.4 million outstanding as of December 31, 2015.

(e)
As of December 31, 2015 and 2014, "Notes receivable" included $17.3 million and $20.7 million, respectively, of a note receivable obtained in connection with the sale of an education lending subsidiary.

The following table summarizes the amount included in "other income, net" in the consolidated statements of income related to the Company's investments classified as available-for-sale and trading.
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Available-for-sale securities:
 
 
 
 
 
 
Gross realized gains
 
$
3,402

 
8,581

 
6,270

Gross realized losses
 
(447
)
 
(75
)
 
(332
)
Trading securities:
 
 
 
 
 
 
Unrealized (losses) gains, net
 
(715
)
 
(135
)
 
221

Realized (losses) gains, net
 
(2,097
)
 
(1,082
)
 
5

 
 
$
143

 
7,289

 
6,164

Business Combination Busniess Combination (Notes)
Business Combination Disclosure [Text Block]
Business Combination

Wilcomp Software, L.P. (d.b.a. RenWeb School Management Software) (“RenWeb”)

On June 3, 2014, the Company purchased 100 percent of the ownership interests of RenWeb. RenWeb provides school information systems for private and faith-based schools that help schools automate administrative processes such as admissions, scheduling, student billing, attendance, and grade book management. The combination of RenWeb’s school administration software and the Company’s tuition management and financial needs assessment services is expected to significantly increase the value of the Company’s offerings in this area, allowing the Company to deliver a comprehensive suite of solutions to schools.

The initial consideration paid by the Company for RenWeb was $44.0 million. In addition to the initial purchase price, additional payments are to be paid by the Company to the former owners of RenWeb based on certain operating results and other performance measures of RenWeb as defined in the purchase agreement. The contingent payments, if any, are payable when earned, and the potential undiscounted amount of all future payments that the Company could be required to make under the contingent consideration arrangement was between $0 and $4.0 million. As of the acquisition date, the Company accrued $2.3 million as additional consideration, which represented the estimated fair value of the contingent consideration arrangement. In December 2014, the Company reduced the estimated fair value of the contingent consideration by $1.3 million. During 2015, the Company increased the estimated fair value of the contingent consideration by $0.9 million and paid $1.0 million of contingent consideration to the former owners. All remaining payments, if any, are to be paid no later than January 2017.



The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
Cash and cash equivalents
 
$
326

Accounts receivable
 
961

Property and equipment
 
105

Other assets
 
22

Intangible assets
 
37,188

Excess cost over fair value of net assets acquired (goodwill)
 
9,082

Other liabilities
 
(1,341
)
Net assets acquired
 
$
46,343



The $37.2 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 18 years. The intangible assets that made up this amount included customer relationships of $25.5 million (20-year useful life), trade name of $6.4 million (20-year useful life), computer software of $4.9 million (5-year useful life), and non-competition agreements of $0.4 million (10-year useful life).

The $9.1 million of goodwill was assigned to the Tuition Payment Processing and Campus Commerce operating segment and is expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies as discussed previously.

The proforma impacts of the acquisition on the Company's historical results prior to the acquisition were not material.

Allo

On December 31, 2015, the Company purchased 92.5 percent of the ownership interests of Allo for total cash consideration of $46.25 million.  The remaining 7.5 percent of the ownership interests of Allo is owned by Allo management, who has the opportunity to earn an additional 11.5 percent (up to 19 percent) of the total ownership interests based on the financial performance of Allo.  Allo provides pure fiber optic service to homes and businesses for internet, television, and telephone services.  The acquisition of Allo provides additional diversification of the Company's revenues and cash flows outside of education.  In addition, the acquisition leverages the Company's existing infrastructure, customer service capabilities and call centers, and financial strength and liquidity for continued growth. 

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to Allo are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition.
Cash and cash equivalents
 
$
334

Restricted cash and investments
 
850

Accounts receivable
 
1,854

Property and equipment
 
34,377

Other assets
 
405

Intangible assets
 
11,140

Excess cost over fair value of net assets acquired (goodwill)
 
19,800

Other liabilities
 
(4,856
)
Bonds and notes payable
 
(13,904
)
Net assets acquired
 
50,000

Minority interest
 
(3,750
)
Total consideration paid by the Company
 
$
46,250



The $11.1 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 12 years. The intangible assets that made up this amount included customer relationships of $6.1 million (10-year useful life) and a trade name of $5.0 million (15-year useful life).

The $19.8 million of goodwill was assigned to the Telecommunications operating segment and is expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributable to future customers to be generated through the continued expansion of Allo's services in rural markets.

The proforma impacts of the acquisition on the Company's historical results prior to the acquisition were not material.
Intangible Assets Intangible Assets
Intangible Assets Disclosure [Text Block]
Intangible Assets

Intangible assets consist of the following:
 
Weighted average remaining useful life as of December 31, 2015 (months)
 
As of December 31, 2015
 
As of December 31, 2014
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $23,195 and $17,361, respectively)
199
 
$
27,576

 
27,330

Computer software (net of accumulated amortization of $4,397 and $1,896, respectively)
34
 
11,601

 
6,969

Trade names (net of accumulated amortization of $795 and $272, respectively)
202
 
10,687

 
6,150

Content (net of accumulated amortization of $900 and $0, respectively)
12
 
900

 
1,800

Covenants not to compete (net of accumulated amortization of $56 and $21, respectively)
101
 
298

 
333

Total - amortizable intangible assets
158
 
$
51,062

 
42,582



The Company recorded amortization expense on its intangible assets of $9.8 million, $6.5 million, and $3.3 million during the years ended December 31, 2015, 2014, and 2013, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of December 31, 2015, the Company estimates it will record amortization expense as follows:
2016
$
9,990

2017
7,002

2018
6,533

2019
3,886

2020
3,564

2021 and thereafter
20,087

 
$
51,062

Goodwill Goodwill
Goodwill Disclosure [Text Block]
Goodwill

The change in the carrying amount of goodwill by reportable operating segment was as follows:
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset Generation and Management (a)
 
Tele- communications
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2013
$
8,596

 
58,086

 
41,883

 
—

 
8,553

 
117,118

Goodwill acquired during the period
—

 
9,082

 
—

 
—

 
—

 
9,082

Balance as of December 31, 2014
8,596

 
67,168

 
41,883

 
—

 
8,553

 
126,200

Goodwill acquired during the period
—

 
—

 
—

 
19,800

 
—

 
19,800

Balance as of December 31, 2015
$
8,596

 
67,168

 
41,883

 
19,800

 
8,553

 
146,000


(a)
As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the Asset Generation and Management reporting unit due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio. Management believes the elimination of new FFELP loan originations will not have an adverse impact on the fair value of the Company's other reporting units.

The Company reviews goodwill for impairment annually. This annual review is completed by the Company as of November 30 of each year and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable.
For the 2013, 2014, and 2015 annual review of goodwill, the Company assessed qualitative factors and concluded it was not more likely than not that the fair value of its reporting units were less than their carrying amount. As such, the Company was not required to perform the two-step impairment test and concluded there was no impairment of goodwill.
Property and Equipment
Property, Plant and Equipment Disclosure [Text Block]
Property and Equipment

Property and equipment, including $1.3 million of telecommunications customer located property owned under capital leases as of December 31, 2015, consisted of the following:
 
 
 
As of December 31,
 
Useful life
 
2015
 
2014
Non-telecommunications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
89,093

 
85,294

Office furniture and equipment
3-7 years
 
12,638

 
12,265

Building and building improvements
5-39 years
 
12,239

 
11,336

Transportation equipment
4-10 years
 
3,868

 
3,877

Leasehold improvements
5-20 years
 
3,545

 
3,645

Land
—
 
700

 
700

Construction in progress
—
 
1,210

 
13,168

 
 
 
123,293

 
130,285

Accumulated depreciation - non-telecommunications
 
 
77,188

 
84,391

Non-telecommunications, net property and equipment
 
 
46,105

 
45,894

 
 
 
 
 
 
Telecommunications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
25,669

 
—

Customer located property
5-10 years
 
6,912

 
—

Central office
5-15 years
 
909

 
—

Other
1-20 years
 
887

 
—

 
 
 
34,377

 
—

Accumulated depreciation - telecommunications
 
 
—

 
—

Telecommunications, net property and equipment
 
 
34,377

 
—

Total property and equipment, net
 
 
$
80,482

 
45,894



Depreciation expense for the years ended December 31, 2015, 2014, and 2013 related to property and equipment was $16.5 million, $14.6 million, and $15.1 million, respectively.
Shareholders' Equity
Stockholders' Equity Note Disclosure [Text Block]
Shareholders’ Equity

Classes of Common Stock

The Company's common stock is divided into two classes. The Class B common stock has ten votes per share and the Class A common stock has one vote per share on all matters to be voted on by the Company's shareholders. Each Class B share is convertible at any time at the holder's option into one Class A share. With the exception of the voting rights and the conversion feature, the Class A and Class B shares are identical in terms of other rights, including dividend and liquidation rights.

Stock Repurchases

The Company has a stock repurchase program that expires on May 24, 2018 in which it can repurchase up to five million shares of its Class A common stock on the open market, through private transactions, or otherwise. As of December 31, 2015, 3.2 million shares may still be purchased under the Company's stock repurchase program. Shares repurchased by the Company during 2015, 2014, and 2013 are shown in the table below.
 
 
Total shares repurchased
 
Purchase price (in thousands)
 
Average price of shares repurchased (per share)
Year ended December 31, 2015
 
2,449,159

 
$
96,169

 
$
39.27

Year ended December 31, 2014
 
381,689

 
15,713

 
41.17

Year ended December 31, 2013
 
393,259

 
13,136

 
33.40



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

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 
Year ended December 31,
 
2015
 
2014
 
2013
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
265,129

 
2,850

 
267,979

 
304,540

 
3,070

 
307,610

 
300,043

 
2,629

 
302,672

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
45,045,199

 
484,141

 
45,529,340

 
46,005,915

 
463,700

 
46,469,615

 
46,165,785

 
404,529

 
46,570,314

Earnings per share - basic and diluted
$
5.89

 
5.89

 
5.89

 
6.62

 
6.62

 
6.62

 
6.50

 
6.50

 
6.50



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

As of December 31, 2015, a cumulative amount of 146,901 shares have been deferred by non-employee directors under the Directors Stock Compensation Plan and will become issuable upon the termination of service by the respective non-employee director on the board of directors. These shares are included in the Company's weighted average shares outstanding calculation.
Income Taxes
Income Tax Disclosure
Income Taxes

The Company is subject to income taxes in the United States, Canada, and Australia. Significant judgment is required in evaluating the Company's tax positions and determining the provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain.
 
As required by the Income Taxes Topic of the FASB Accounting Standards Codification, the Company recognizes in the consolidated financial statements only those tax positions determined to be more likely than not of being sustained upon examination, based on the technical merits of the positions. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change.

As of December 31, 2015, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $27.7 million, which is included in “other liabilities” on the consolidated balance sheet. Of this total, $18.0 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Company currently anticipates uncertain tax positions will decrease by $6.6 million prior to December 31, 2016 as a result of a lapse of applicable statutes of limitations, settlements, correspondence with examining authorities, and recognition or measurement considerations with federal and state jurisdictions; however, actual developments in this area could differ from those currently expected. Of the anticipated $6.6 million decrease, $4.3 million, if recognized, would favorably affect the Company's effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows:
 
Year ended December 31,
 
2015
 
2014
Gross balance - beginning of year
$
21,336

 
19,141

Additions based on tax positions of prior years
4,749

 
1,421

Additions based on tax positions related to the current year
5,096

 
4,393

Settlements with taxing authorities
—

 
(833
)
Reductions for tax positions of prior years
(1,327
)
 
(641
)
Reductions based on tax positions related to the current year
—

 
—

Reductions due to lapse of applicable statutes of limitations
(2,166
)
 
(2,145
)
Gross balance - end of year
$
27,688

 
21,336


All the reductions shown in the table above that are due to prior year tax positions and the lapse of statutes of limitations impacted the effective tax rate.

The Company's policy is to recognize interest and penalties accrued on uncertain tax positions as part of interest expense and other expense, respectively. As of December 31, 2015 and 2014, $3.2 million and $2.1 million in accrued interest and penalties, respectively, were included in “other liabilities” on the consolidated balance sheets. The Company recognized interest expense of $1.2 million and $0.1 million related to uncertain tax positions for the years ended December 31, 2015 and 2014, respectively. During 2013, the Company recognized a decrease to interest expense of $1.3 million. The impact to the consolidated statements of income related to penalties for uncertain tax positions was not significant for the years 2015, 2014, and 2013. The impact of timing differences and tax attributes are considered when calculating interest and penalty accruals associated with the unrecognized tax benefits.

The Company and its subsidiaries file a consolidated federal income tax return in the U.S. and the Company or one of its subsidiaries files income tax returns in various state, local, and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2011. The Company is no longer subject to U.S. state and local income tax examinations by tax authorities prior to 2007. As of December 31, 2015, the Company has significant tax uncertainties that remain unsettled in the following jurisdictions:

California        2010 through 2012
New York        2008 through 2011
Texas            2007 through 2009

The provision for income taxes consists of the following components:
 
Year ended December 31,
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
140,778

 
138,269

 
153,756

State
4,530

 
2,545

 
4,776

Foreign
23

 
(235
)
 
122

Total current provision
145,331

 
140,579

 
158,654

 
 
 
 
 
 
Deferred:
 
 
 
 
 
Federal
3,572

 
16,598

 
1,676

State
3,875

 
3,464

 
868

Foreign
(398
)
 
(403
)
 
(5
)
Total deferred provision
7,049

 
19,659

 
2,539

Provision for income tax expense
$
152,380

 
160,238

 
161,193



The differences between the income tax provision computed at the statutory federal corporate tax rate and the financial statement provision for income taxes are shown below:
 
Year ended December 31,
 
2015
 
2014
 
2013
Tax expense at federal rate
35.0
  %
 
35.0
  %
 
35.0
  %
Increase (decrease) resulting from:
 
 
 
 
 
State tax, net of federal income tax benefit
1.0

 
0.7

 
0.8

Provision for uncertain federal and state tax matters
0.9

 
0.4

 
(0.6)

Tax credits
(0.5)

 
(0.4)

 
(0.4)

Other
(0.1)

 
(1.4)

 
—

Effective tax rate
36.3
  %
 
34.3
  %
 
34.8
  %


The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:
 
As of December 31,
 
2015
 
2014
Deferred tax assets:
 
 
 
Student loans
$
20,711

 
21,139

Intangible assets
10,482

 
12,682

Securitizations
6,684

 
7,626

Capital loss carry-back
4,169

 
3,974

Accrued expenses
3,034

 
2,872

Stock compensation
2,882

 
2,490

Deferred revenue
2,220

 
1,548

Other
—

 
109

Total gross deferred tax assets
50,182

 
52,440

Less valuation allowance
(222
)
 
(304
)
Net deferred tax assets
49,960

 
52,136

Deferred tax liabilities:
 
 
 
Basis in certain derivative contracts
24,101

 
15,692

Debt repurchases
18,759

 
24,918

Loan origination services
15,695

 
19,258

Depreciation
5,514

 
4,122

Partnership basis
1,748

 
1,143

Unrealized gain on debt and equity securities
1,400

 
3,016

Other
47

 
—

Total gross deferred tax liabilities
67,264

 
68,149

Net deferred tax (liability) asset
$
(17,304
)
 
(16,013
)


The Company has performed an evaluation of the recoverability of deferred tax assets. In assessing the realizability of the Company's deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected taxable income, carry back opportunities, and tax planning strategies in making the assessment of the amount of the valuation allowance. With the exception of a portion of the Company's state net operating loss, it is management's opinion that it is more likely than not that the deferred tax assets will be realized and should not be reduced by a valuation allowance. The amount of deferred tax assets considered realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced.

Included on the balance sheet at December 31, 2015 and 2014 was a current income tax receivable of $12.0 million and $10.2 million, respectively.
Segment Reporting
Segment Reporting
 Segment Reporting

The Company has four reportable operating segments. The Company's reportable operating segments include:

• Student Loan and Guaranty Servicing
• Tuition Payment Processing and Campus Commerce
• Asset Generation and Management
• Telecommunications

The Company earns fee-based revenue through its Student Loan and Guaranty Servicing and Tuition Payment Processing operating segments. In addition, the Company earns interest income on its student loan portfolio in its Asset Generation and Management operating segment.

On December 31, 2015, the Company purchased 92.5 percent of the ownership interests of Allo.  Allo provides pure fiber optic service to homes and businesses for internet, television, and telephone services.  The acquisition of Allo provides additional diversification of the Company's revenues and cash flows outside of education.  For financial reporting purposes, the Company will disclose the operating results of Allo as a separate reportable operating segment.  The Allo assets acquired and liabilities assumed were recorded by the Company at their respective estimated fair values at the date of acquisition.  As such, Allo’s assets and liabilities as of December 31, 2015 are included in the Company’s consolidated balance sheet.  However, Allo had no impact on the consolidated statement of income during 2015.  Beginning January 1, 2016, the Company will reflect the operations of Allo in the consolidated statements of income. 

The Company’s operating segments are defined by the products and services they offer and the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. See note 1, "Description of Business," for a description of each operating segment, including the primary products and services offered.

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

The management reporting process measures the performance of the Company’s operating segments based on the management structure of the Company, as well as the methodology used by management to evaluate performance and allocate resources. Executive management (the "chief operating decision maker") evaluates the performance of the Company’s operating segments based on their financial results prepared in conformity with U.S. GAAP.  

The accounting policies of the Company’s operating segments are the same as those described in the summary of significant accounting policies. Intersegment revenues are charged by a segment that provides a product or service to another segment.  Intersegment revenues and expenses are included within each segment consistent with the income statement presentation provided to management.  Income taxes are allocated based on 38% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.

Corporate and Other Activities

Other business activities and operating segments that are not reportable are combined and included in Corporate and Other Activities. Corporate and Other Activities includes the following items:

•
Income earned on certain investment activities
•
Interest expense incurred on unsecured debt transactions
•
Other product and service offerings that are not considered reportable operating segments including, but not limited to, WRCM, the SEC-registered investment advisory subsidiary, and the Enrollment Services business
Corporate and Other Activities also includes certain corporate activities and overhead functions related to executive management, human resources, accounting, legal, enterprise risk management, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services.

Segment Results

The following tables include the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.

 
Year ended December 31, 2015
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Telecommunications
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
49

 
3

 
728,199

 
—

 
7,686

 
(1,828
)
 
734,109

Interest expense
—

 
—

 
297,625

 
—

 
6,413

 
(1,828
)
 
302,210

Net interest income
49

 
3

 
430,574

 
—

 
1,273

 
—

 
431,899

Less provision for loan losses
—

 
—

 
10,150

 
—

 
—

 
—

 
10,150

Net interest income after provision for loan losses
49

 
3

 
420,424

 
—

 
1,273

 
—

 
421,749

Other income (expense):
 

 
 

 
 

 
 
 
 

 
 

 
 

Loan and guaranty servicing revenue
239,858

 
—

 
—

 
—

 
—

 
—

 
239,858

Intersegment servicing revenue
50,354

 
—

 
—

 
—

 
—

 
(50,354
)
 
—

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

 
120,365

 
—

 
—

 
—

 
—

 
120,365

Enrollment services revenue
—

 
—

 
—

 
—

 
70,705

 
—

 
70,705

Other income, net
—

 
(925
)
 
15,939

 
—

 
12,616

 
—

 
27,630

Gain on sale of loans and debt repurchases, net
—

 
—

 
2,034

 
—

 
3,119

 
—

 
5,153

Derivative market value and foreign currency adjustments, net
—

 
—

 
27,216

 
—

 
1,435

 
—

 
28,651

Derivative settlements, net
—

 
—

 
(23,238
)
 
—

 
(1,012
)
 
—

 
(24,250
)
Total other income (expense)
290,212

 
119,440

 
21,951

 
—

 
86,863

 
(50,354
)
 
468,112

Operating expenses:
 

 
 

 
 

 
 
 
 

 
 

 
 

Salaries and benefits
134,634

 
55,523

 
2,172

 
—

 
55,585

 
—

 
247,914

Cost to provide enrollment services
—

 
—

 
—

 
—

 
45,535

 
—

 
45,535

Loan servicing fees
—

 
—

 
30,213

 
—

 
—

 
—

 
30,213

Depreciation and amortization
1,931

 
8,992

 
—

 
—

 
15,420

 
—

 
26,343

Other
57,799

 
15,161

 
5,083

 
—

 
41,169

 
—

 
119,212

Intersegment expenses, net
43,034

 
11,056

 
51,036

 
—

 
(54,772
)
 
(50,354
)
 
—

Total operating expenses
237,398

 
90,732

 
88,504

 
—

 
102,937

 
(50,354
)
 
469,217

Income (loss) before income taxes and corporate overhead allocation
52,863

 
28,711

 
353,871

 
—

 
(14,801
)
 
—

 
420,644

Corporate overhead allocation
(9,628
)
 
(3,852
)
 
(4,816
)
 
—

 
18,296

 
—

 
—

Income before income taxes
43,235

 
24,859

 
349,055

 
—

 
3,495

 
—

 
420,644

Income tax (expense) benefit
(16,430
)
 
(9,446
)
 
(132,641
)
 
—

 
6,137

 
—

 
(152,380
)
Net income
26,805

 
15,413

 
216,414

 
—

 
9,632

 
—

 
268,264

  Net income attributable to noncontrolling interest
(20
)
 
—

 
—

 
—

 
305

 
—

 
285

Net income attributable to Nelnet, Inc.
$
26,825

 
15,413

 
216,414

 
—

 
9,327

 
—

 
267,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
80,459

 
229,615

 
29,699,164

 
68,760

 
626,830

 
(218,923
)
 
30,485,905





 
Year ended December 31, 2014
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
30

 
6

 
703,382

 
8,618

 
(2,236
)
 
709,800

Interest expense
—

 
—

 
269,742

 
5,731

 
(2,236
)
 
273,237

Net interest income
30

 
6

 
433,640

 
2,887

 
—

 
436,563

Less provision for loan losses
—

 
—

 
9,500

 
—

 
—

 
9,500

Net interest income after provision for loan losses
30

 
6

 
424,140

 
2,887

 
—

 
427,063

Other income (expense):
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
240,414

 
—

 
—

 
—

 
—

 
240,414

Intersegment servicing revenue
55,139

 
—

 
—

 
—

 
(55,139
)
 
—

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

 
98,156

 
—

 
—

 
—

 
98,156

Enrollment services revenue
—

 
—

 
—

 
82,883

 
—

 
82,883

Other income, net
—

 
1,268

 
21,532

 
31,202

 
—

 
54,002

Gain on sale of loans and debt repurchases, net
—

 
—

 
(1,357
)
 
5,008

 
—

 
3,651

Derivative market value and foreign currency adjustments, net
—

 
—

 
42,935

 
(5,232
)
 
—

 
37,703

Derivative settlements, net
—

 
—

 
(20,818
)
 
(1,025
)
 
—

 
(21,843
)
Total other income (expense)
295,553

 
99,424

 
42,292

 
112,836

 
(55,139
)
 
494,966

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
125,844

 
48,453

 
2,316

 
51,466

 
—

 
228,079

Cost to provide enrollment services
—

 
—

 
—

 
53,307

 
—

 
53,307

Loan servicing fees
—

 
—

 
27,009

 
—

 
—

 
27,009

Depreciation and amortization
1,734

 
8,169

 
—

 
11,231

 
—

 
21,134

Other
59,521

 
13,006

 
6,602

 
43,852

 
—

 
122,981

Intersegment expenses, net
36,646

 
5,864

 
55,808

 
(43,179
)
 
(55,139
)
 
—

Total operating expenses
223,745

 
75,492

 
91,735

 
116,677

 
(55,139
)
 
452,510

Income (loss) before income taxes and corporate overhead allocation
71,838

 
23,938

 
374,697

 
(954
)
 
—

 
469,519

Corporate overhead allocation
(9,029
)
 
(3,010
)
 
(5,017
)
 
17,056

 
—

 
—

Income before income taxes
62,809

 
20,928

 
369,680

 
16,102

 
—

 
469,519

Income tax (expense) benefit
(23,867
)
 
(7,952
)
 
(140,477
)
 
12,058

 
—

 
(160,238
)
Net income
38,942

 
12,976

 
229,203

 
28,160

 
—

 
309,281

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
1,671

 
—

 
1,671

Net income attributable to Nelnet, Inc.
$
38,942

 
12,976

 
229,203

 
26,489

 
—

 
307,610

Total assets
$
84,495

 
231,991

 
29,505,439

 
497,147

 
(220,929
)
 
30,098,143

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2013
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
40

 
—

 
638,604

 
9,433

 
(3,267
)
 
644,810

Interest expense
—

 
—

 
229,533

 
4,669

 
(3,267
)
 
230,935

Net interest income
40

 
—

 
409,071

 
4,764

 
—

 
413,875

Less provision for loan losses
—

 
—

 
18,500

 
—

 
—

 
18,500

Net interest income after provision for loan losses
40

 
—

 
390,571

 
4,764

 
—

 
395,375

Other income (expense):
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
243,428

 
—

 
—

 
—

 
—

 
243,428

Intersegment servicing revenue
56,744

 
—

 
—

 
—

 
(56,744
)
 
—

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

 
80,682

 
—

 
—

 
—

 
80,682

Enrollment services revenue
—

 
—

 
—

 
98,078

 
—

 
98,078

Other income, net
—

 
—

 
15,223

 
32,218

 
(1,143
)
 
46,298

Gain on sale of loans and debt repurchases
—

 
—

 
11,004

 
695

 
—

 
11,699

Derivative market value and foreign currency adjustments, net
—

 
—

 
35,256

 
13,337

 
—

 
48,593

Derivative settlements, net
—

 
—

 
(27,966
)
 
(1,670
)
 
—

 
(29,636
)
Total other income (expense)
300,172

 
80,682

 
33,517

 
142,658

 
(57,887
)
 
499,142

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
106,825

 
37,575

 
2,292

 
49,477

 
—

 
196,169

Cost to provide enrollment services
—

 
—

 
—

 
64,961

 
—

 
64,961

Loan servicing fees
—

 
—

 
23,881

 
—

 
—

 
23,881

Depreciation and amortization
3,924

 
4,518

 
—

 
9,869

 
—

 
18,311

Other
67,494

 
9,147

 
7,064

 
43,099

 
(1,143
)
 
125,661

Intersegment expenses, net
35,743

 
5,989

 
57,572

 
(42,560
)
 
(56,744
)
 
—

Total operating expenses
213,986

 
57,229

 
90,809

 
124,846

 
(57,887
)
 
428,983

Income before income taxes and corporate overhead allocation
86,226

 
23,453

 
333,279

 
22,576

 
—

 
465,534

Corporate overhead allocation
(6,150
)
 
(1,957
)
 
(3,896
)
 
12,003

 
—

 
—

Income before income taxes
80,076

 
21,496

 
329,383

 
34,579

 
—

 
465,534

Income tax (expense) benefit
(30,430
)
 
(8,168
)
 
(125,165
)
 
2,570

 
—

 
(161,193
)
Net income
49,646

 
13,328

 
204,218

 
37,149

 
—

 
304,341

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
1,669

 
—

 
1,669

Net income attributable to Nelnet, Inc.
$
49,646

 
13,328

 
204,218

 
35,480

 
—

 
302,672

Total assets
$
84,986

 
219,064

 
27,387,461

 
425,959

 
(346,621
)
 
27,770,849

 
 
 
 
 
 
 
 
 
 
 
 
Major Customer Major Customer
Concentration Risk Disclosure [Text Block]
Major Customer

The Company earns loan servicing revenue from a servicing contract with the Department that currently expires on June 16, 2019. Revenue earned by the Company's Student Loan and Guaranty Servicing operating segment related to this contract was $133.2 million, $124.4 million, and $97.4 million for the years ended December 31, 2015, 2014, and 2013, respectively.
Leases
Leases of Lessee Disclosure [Text Block]
Leases

The Company leases certain office space and equipment under operating leases and certain property and equipment related to its telecommunications business under capital leases. As operating leases expire, it is expected that they will be replaced with similar leases. Future minimum lease payments under these leases are shown below:
 
Capital leases
 
Operating leases
2016
$
588

 
5,258

2017
333

 
4,192

2018
92

 
3,405

2019
7

 
2,512

2020
—

 
1,926

2021 and thereafter
—

 
5,007

Total minimum lease payments
1,020

 
$
22,300

Less amounts representing interest
(67
)
 
 
Capital lease obligation (a)
$
953

 
 


(a)
Capital leases are included in "other liabilities" on the Company's consolidated balance sheet.

Total rental expense incurred by the Company for the years ended December 31, 2015, 2014, and 2013 was $8.1 million, $8.8 million, and $8.1 million, respectively.
Defined Contribution Benefit Plan
Pension and Other Postretirement Benefits Disclosure [Text Block]
Defined Contribution Benefit Plan

The Company has a 401(k) savings plan that covers substantially all of its employees. Employees may contribute up to 100 percent of their pre‑tax salary, subject to IRS limitations. The Company matches up to 100 percent on the first 3 percent of contributions and 50 percent on the next 2 percent. The Company made contributions to the plan of $4.6 million, $4.2 million, and $3.8 million during the years ended December 31, 2015, 2014, and 2013, respectively.
Stock Based Compensation Plan
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock Based Compensation Plans

Restricted Stock Plan

The following table summarizes restricted stock activity:
 
Year ended December 31,
 
2015
 
2014
 
2013
Non-vested shares at beginning of year
499,463

 
407,051

 
378,671

Granted
126,946

 
189,716

 
131,933

Vested
(108,424
)
 
(77,219
)
 
(62,491
)
Canceled
(46,388
)
 
(20,085
)
 
(41,062
)
Non-vested shares at end of year
471,597

 
499,463

 
407,051



As of December 31, 2015, there was $8.7 million of unrecognized compensation cost included in equity on the consolidated balance sheet related to restricted stock, which is expected to be recognized as compensation expense as shown in the table below.
2016
$
3,477

2017
2,076

2018
1,256

2019
751

2020
440

2021 and thereafter
658

 
$
8,658



For the years ended December 31, 2015, 2014, and 2013, the Company recognized compensation expense of $5.2 million, $4.6 million, and $3.1 million, respectively, related to shares issued under the restricted stock plan, which is included in "salaries and benefits" on the consolidated statements of income.

Employee Share Purchase Plan

The Company has an employee share purchase plan pursuant to which employees are entitled to purchase Class A common stock from payroll deductions at a 15 percent discount from market value. During the years ended December 31, 2015, 2014, and 2013, the Company recognized compensation expense of approximately $147,000, $131,000, and $148,000, respectively, in connection with issuing 23,912 shares, 18,140 shares, and 18,004 shares, respectively, under this plan.

Non-employee Directors Compensation Plan

The Company has a compensation plan for non-employee directors pursuant to which non-employee directors can elect to receive their annual retainer fees in the form of cash or Class A common stock. If a nonemployee director elects to receive Class A common stock, the number of shares of Class A common stock that are awarded is equal to the amount of the annual retainer fee otherwise payable in cash divided by 85 percent of the fair market value of a share of Class A common stock on the date the fee is payable. Non-employee directors who choose to receive Class A common stock may also elect to defer receipt of the Class A common stock until termination of their service on the board of directors.

For the years ended December 31, 2015, 2014, and 2013, the Company recognized approximately $905,000, $777,000, and $673,000, respectively, of expense related to this plan. The following table provides the number of shares awarded under this plan for the years ended December 31, 2015, 2014, and 2013.

 
Shares issued - not deferred
 
Shares- deferred
 
Total
Year ended December 31, 2015
8,164

 
10,406

 
18,570

Year ended December 31, 2014
8,067

 
10,175

 
18,242

Year ended December 31, 2013
10,156

 
5,279

 
15,435



As of December 31, 2015, a cumulative amount of 146,901 shares have been deferred by directors and will be issued upon the termination of their service on the board of directors. These shares are included in the Company's weighted average shares outstanding calculation.
Related Party Transactions
Related Party Transactions Disclosure [Text Block]
Related Parties

Transactions with Union Financial Services

Union Financial Services, Inc. ("UFS") is owned 50 percent by Michael S. Dunlap, Executive Chairman and a member of the board of directors and a significant shareholder of the Company, and 50 percent by Stephen F. Butterfield, Vice Chairman and a member of the board of directors of the Company. During 2013, the Company purchased an aircraft for total consideration of $5.8 million and sold an interest in such aircraft to UFS for $2.0 million. After the completion of this transaction, the Company and UFS own 65 percent and 35 percent of the aircraft, respectively.

Transactions with Union Bank and Trust Company

Union Bank and Trust Company ("Union Bank") is controlled by Farmers & Merchants Investment Inc. (“F&M”), which owns a majority of Union Bank's common stock and a minority share of Union Bank's non-voting preferred stock. Mr. Dunlap, along with his spouse and children, owns or controls a significant portion of the stock of F&M, and Mr. Dunlap's sister, Angela L. Muhleisen, along with her husband and children, also owns or controls a significant portion of F&M stock. Mr. Dunlap serves as a Director and Chairman of F&M. Ms. Muhleisen serves as Director and President of F&M and as a Director, Chairperson, President, and Chief Executive Officer of Union Bank. Union Bank is deemed to have beneficial ownership of a significant number of shares of the Company because it serves in a capacity of trustee or account manager for various trusts and accounts holding shares of the Company, and may share voting and/or investment power with respect to such shares. Mr. Dunlap and Ms. Muhleisen beneficially own a significant percent of the voting rights of the Company's outstanding common stock.

The Company has entered into certain contractual arrangements with Union Bank. These transactions are summarized below.

Loan Purchases and Sales

During the year ended December 31, 2013, the Company purchased FFELP student loans from Union Bank of $478.2 million (par value). The FFELP loans purchased during 2013 were purchased at a discount of $11.4 million. During each of the years ended December 31, 2014 and 2013, the Company purchased private education loans from Union Bank of $0.2 million (par value). Additionally, on December 22, 2014, the Company entered into an agreement with Union Bank in which the Company will provide marketing, origination, and loan servicing services to Union Bank related to private education loans. The Company has committed to purchase, or arrange for a designee to purchase, all volume originated by Union Bank under this agreement. During 2015, the Company purchased $4.4 million (par value) of private education loans from Union Bank, pursuant to this agreement. As of December 31, 2015, the balance of private education loans held by Union Bank pursuant to this agreement was $17.6 million. No loans were originated under this agreement in 2014.

During 2014, the Company sold $16.5 million (par value) of private education loans to Union Bank. No discount or premium was received.

Loan Servicing

The Company serviced $563.1 million, $581.4 million, and $598.9 million of FFELP and private education loans for Union Bank as of December 31, 2015, 2014, and 2013, respectively Servicing revenue earned by the Company from servicing loans for Union Bank was $0.5 million, $0.4 million, and $1.3 million for the years ended December 31, 2015, 2014, and 2013, respectively. In September 2013, the servicing agreement between the Company and Union Bank was amended to change the calculation of servicing fees paid by Union Bank, which led to a decrease in the servicing revenue earned by the Company from Union Bank. As of December 31, 2015 and 2014, accounts receivable includes approximately $59,000 and $36,000, respectively, due from Union Bank for loan servicing.

Funding - Participation Agreement

The Company maintains an agreement with Union Bank, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loans (the “FFELP Participation Agreement”). The Company uses this facility as a source to fund FFELP student loans. As of December 31, 2015 and 2014, $471.6 million and $543.0 million, respectively, of loans 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. This agreement provides beneficiaries of Union Bank's grantor trusts with access to investments in interests in student loans, while providing liquidity to the Company on a short-term basis. The Company can participate loans to Union Bank to the extent of availability under the grantor trusts, up to $750 million or an amount in excess of $750 million if mutually agreed to by both parties. Loans participated under this agreement have been accounted for by the Company as loan sales. Accordingly, the participation interests sold are not included on the Company's consolidated balance sheets.

Subparticipation Agreement

On January 1, 2014, the Company subparticipated the Company's participation interest in a loan receivable from an unrelated third party to Union Bank. As of December 31, 2014, the participated portion of the loan was $2.6 million, with an obligation to fund an additional $0.5 million. As part of this agreement, Union Bank paid the Company monthly servicing fees equal to 40 basis points on the participated portion of the outstanding principal balance of the loan. On May 22, 2015, the Company paid Union Bank $3.1 million to pay off the outstanding loan balance and terminated the subparticipation agreement. The outstanding balance of the subparticipation agreement was included in bonds and notes payable on the Company's consolidated balance sheets.

Operating Cash Accounts

The majority of the Company's cash operating accounts are maintained at Union Bank. The Company also invests amounts in the Short term Federal Investment Trust (“STFIT”) of the Student Loan Trust Division of Union Bank, which are included in “cash and cash equivalents - held at a related party” and “restricted cash - due to customers” on the accompanying consolidated balance sheets. As of December 31, 2015 and 2014, the Company had $88.4 million and $107.6 million, respectively, invested in the STFIT or deposited at Union Bank in operating accounts, of which $36.3 million and $14.9 million as of December 31, 2015 and 2014, respectively, represented cash collected for customers. Interest income earned by the Company on the amounts invested in the STFIT for the years ended December 31, 2015, 2014, and 2013, was $0.2 million, $0.2 million, and $0.1 million, respectively.

529 Plan Administration Services

The Company provides certain 529 Plan administration services to certain college savings plans (the “College Savings Plans”) through a contract with Union Bank, as the program manager. Union Bank is entitled to a fee as program manager pursuant to its program management agreement with the College Savings Plans. For the years ended December 31, 2015, 2014, and 2013, the Company has received fees of $3.5 million, $3.4 million, and $2.8 million, respectively, from Union Bank related to the administration services provided to the College Savings Plans.

Lease Arrangements

Union Bank leases approximately 4,000 square feet in the Company's corporate headquarters building. Union Bank paid the Company approximately $73,000, $76,000, and $72,000 for commercial rent and storage income during 2015, 2014, and 2013, respectively. The lease agreement expires on June 30, 2018.

The Company had a lease agreement with Union Bank under which the Company leased office space. The Company paid Union Bank approximately$71,000, and $159,000 during 2014 and 2013, respectively. The lease agreement expired in May 2014.

Other Fees Paid to Union Bank

During the years ended December 31, 2015, 2014, and 2013, the Company paid Union Bank approximately $47,000, $57,000, and $107,000, respectively, in commissions; approximately $111,000, $117,000, and $140,000, respectively, in cash management fees, and approximately $205,000, $311,000, and $52,000, respectively, in connection with servicing opportunities for various asset classes. In addition, the Company pays Union Bank $36,000 each year for administrative services.

Other Fees Received from Union Bank

During the years ended December 31, 2015, 2014, and 2013, Union Bank paid the Company approximately $201,000, $178,000, and $170,000, respectively, under an employee sharing arrangement and approximately $19,000, $14,000, and $18,000, respectively, for health and productivity services.

401(k) Plan Administration

Union Bank administers the Company's 401(k) defined contribution plan. Fees paid to Union Bank to administer the plan are paid by the plan participants and were approximately $469,000, $450,000, and $370,000 during the years ended December 31, 2015, 2014, and 2013, respectively.

Investment Services

Union Bank has established various trusts whereby Union Bank serves as trustee for the purpose of purchasing, holding, managing, and selling investments in student loan asset-backed securities. On May 9, 2011, WRCM, an SEC-registered investment advisor and a subsidiary of the Company, entered into a management agreement with Union Bank, effective as of May 1, 2011, under which WRCM performs various advisory and management services on behalf of Union Bank with respect to investments in securities by the trusts, including identifying securities for purchase or sale by the trusts. The agreement provides that Union Bank will pay to WRCM annual fees of 25 basis points on the outstanding balance of the investments in the trusts.  As of December 31, 2015, the outstanding balance of investments in the trusts was $685.0 million. In addition, Union Bank will pay additional fees to WRCM of up to 50 percent of the gains from the sale of securities from the trusts.  For the years ended December 31, 2015, 2014, and 2013, the Company earned $2.7 million, $13.4 million, and $12.9 million, respectively, of fees under this agreement.

In January 2012 and October 2015, WRCM entered into management agreements with Union Bank under which it was designated to serve as investment advisor with respect to the assets within several trusts established by Mr. Dunlap and his spouse. Union Bank serves as trustee for the trusts. Per the terms of the agreements, Union Bank pays WRCM five basis points of the aggregate value of the assets of the trusts as of the last day of each calendar quarter. Mr. Dunlap and his spouse contributed a total of 3,375,000 and 3,000,000 shares of the Company's Class B common stock to the trusts upon the establishment of the trusts in 2011 and 2015, respectively. For the years ended December 31, 2015, 2014, and 2013, the Company earned approximately $71,000, $66,000, and $61,000, respectively, of fees under these agreements.

As of December 31, 2015 and 2014, accounts receivable included $1.1 million and $1.7 million, respectively, due from Union Bank related to fees earned by WRCM from the investment services described above.

WRCM has established five private investment funds for the primary purpose of purchasing, selling, investing, and trading, directly or indirectly, in student loan asset-backed securities, and to engage in financial transactions related thereto. Mr. Dunlap, UFS, Jeffrey R. Noordhoek (an executive officer of the Company), Ms. Muhleisen and her spouse, and WRCM have invested in certain of these funds. Based upon the current level of holdings by non-affiliated limited partners, the management agreements provide non-affiliated limited partners the ability to remove WRCM as manager without cause. WRCM earns 50 basis points (annually) on the outstanding balance of the investments in these funds, of which WRCM pays approximately 50 percent of such amount to Union Bank as custodian.  As of December 31, 2015, the outstanding balance of investments in these five funds was $178.6 million. For the years ended December 31, 2015, 2014, and 2013, the Company paid Union Bank $0.4 million, $0.3 million, and $0.3 million, respectively, as custodian.

Transactions with Agile Sports Technologies, Inc. (doing business as "Hudl")

On March 17, 2015, the Company made a $40.5 million equity investment in Hudl. David Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. Prior to the 2015 investment, the Company and Michael Dunlap, the Company's Executive Chairman and a principal shareholder, made separate equity investments in Hudl. Subsequent to the Company's March 2015 investment, the Company and Mr. Dunlap hold combined direct and indirect equity ownership interests in Hudl of 18.7% and 2.8%, respectively. The Company's and Mr. Dunlap's direct and indirect equity ownership interests in Hudl consist of preferred stock with certain liquidation preferences that are considered substantive. Accordingly, for accounting purposes, the Company's and Mr. Dunlap's equity ownership interests are not considered in-substance common stock and the Company is accounting for its equity investment in Hudl under the cost method. The Company's investment in Hudl is included in "investments and notes receivable" in the Company's consolidated balance sheet.
Fair Value
Fair Value
Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the year ended December 31, 2015.
 
As of December 31, 2015
 
As of December 31, 2014
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Investments: (a)
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
$
—

 
147,925

 
147,925

 
—

 
145,000

 
145,000

Equity securities
7,337

 
—

 
7,337

 
3,736

 
—

 
3,736

Debt securities
130

 
—

 
130

 
387

 
—

 
387

      Total investments
7,467

 
147,925

 
155,392

 
4,123

 
145,000

 
149,123

Fair value of derivative instruments (b)
—

 
28,690

 
28,690

 
—

 
64,392

 
64,392

      Total assets
$
7,467

 
176,615

 
184,082

 
4,123

 
209,392

 
213,515

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Fair value of derivative instruments (b):
$
—

 
74,881

 
74,881

 
—

 
32,842

 
32,842

      Total liabilities
$
—

 
74,881

 
74,881

 
—

 
32,842

 
32,842


(a)
Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and include investments traded on an active exchange, such as the New York Stock Exchange, and corporate bonds, mortgage-backed securities, U.S. government bonds, and U.S. Treasury securities that trade in active markets. Level 2 investments include student loan asset-backed securities. The fair value for the student loan asset-backed securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk.

(b)
All derivatives are accounted for at fair value on a recurring basis.  The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves, forward foreign currency exchange rates, and volatilities from active markets.  

When determining the fair value of derivatives, the Company takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,217,536

 
28,172,682

 
—

 
27,217,536

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—


 
As of December 31, 2014
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,954,266

 
28,005,195

 
—

 
—

 
28,954,266

Cash and cash equivalents
130,481

 
130,481

 
130,481

 
—

 
—

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

 
149,123

 
4,123

 
145,000

 
—

Notes receivable
22,255

 
22,255

 
—

 
22,255

 
—

Restricted cash
800,164

 
800,164

 
800,164

 
—

 
—

Restricted cash – due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Restricted investments
50,276

 
50,276

 
50,276

 
—

 
—

Accrued interest receivable
351,588

 
351,588

 
—

 
351,588

 
—

Derivative instruments
64,392

 
64,392

 
—

 
64,392

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,809,997

 
28,027,350

 
—

 
27,809,997

 
—

Accrued interest payable
25,904

 
25,904

 
—

 
25,904

 
—

Due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Derivative instruments
32,842

 
32,842

 
—

 
32,842

 
—



The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring basis are previously discussed.  The remaining financial assets and liabilities were estimated using the following methods and assumptions:

Student Loans Receivable

If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Fair values for student loan receivables were determined by modeling loan cash flows using stated terms of the assets and internally-developed assumptions to determine aggregate portfolio yield, net present value, and average life. The significant assumptions used to project cash flows are prepayment speeds, default rates, cost of funds, required return on equity, and future interest rate and index relationships. A number of significant inputs into the models are internally derived and not observable to market participants.

Notes Receivable

Fair values for notes receivable were determined by using model-derived valuations with observable inputs, including current market rates.

Cash and Cash Equivalents, Restricted Cash, Restricted Cash – Due to Customers, Restricted Investments, Accrued Interest Receivable/Payable and Due to Customers

The carrying amount approximates fair value due to the variable rate of interest and/or the short maturities of these instruments.

Bonds and Notes Payable

Bonds and notes payable are accounted for at cost in the financial statements except when denominated in a foreign currency. Foreign currency-denominated borrowings are re-measured at current spot rates in the financial statements. The fair value of bonds and notes payable was determined from quotes from broker-dealers or through standard bond pricing models using the stated terms of the borrowings, observable yield curves, market credit spreads, and weighted average life of underlying collateral. Fair value adjustments for unsecured corporate debt are made based on indicative quotes from observable trades.

Limitations

The fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, the calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument.  Changes in assumptions could significantly affect the estimates.
Legal Proceedings (Notes)
Legal Matters and Contingencies [Text Block]
Legal Proceedings

The Company is subject to various claims, lawsuits, and proceedings that arise in the normal course of business. These matters frequently involve claims by student loan borrowers disputing the manner in which their student loans have been serviced or the accuracy of reports to credit bureaus, claims by student loan borrowers or other consumers alleging that state or Federal consumer protection laws have been violated in the process of collecting loans or conducting other business activities, and disputes with other business entities. In addition, from time to time the Company receives information and document requests from state or federal regulators concerning its business practices. The Company cooperates with these inquiries and responds to the requests. While the Company cannot predict the ultimate outcome of any regulatory examination, inquiry, or investigation, the Company believes its activities have materially complied with applicable law, including the Higher Education Act, the rules and regulations adopted by the Department thereunder, and the Department's guidance regarding those rules and regulations. On the basis of present information, anticipated insurance coverage, and advice received from counsel, it is the opinion of the Company's management that the disposition or ultimate determination of these claims, lawsuits, and proceedings will not have a material adverse effect on the Company's business, financial position, or results of operations.
Quarterly Financial Information
Quarterly Financial Information [Text Block]
Quarterly Financial Information (Unaudited)
 
2015
 
First quarter
 
Second quarter
 
Third quarter
 
Fourth quarter
Net interest income
$
102,595

 
105,096

 
111,993

 
112,215

Less provision for loan losses
2,000

 
2,150

 
3,000

 
3,000

Net interest income after provision for loan losses
100,595

 
102,946

 
108,993

 
109,215

Loan and guaranty servicing revenue
57,811

 
63,833

 
61,520

 
56,694

Tuition payment processing, school information, and campus commerce revenue
34,680

 
27,686

 
30,439

 
27,561

Enrollment services revenue
17,863

 
17,161

 
19,500

 
16,181

Other income, net
6,918

 
7,504

 
6,523

 
6,684

Gain on sale of loans and debt repurchases, net
2,875

 
1,515

 
597

 
166

Derivative market value and foreign currency adjustments and derivative settlements, net
(3,078
)
 
6,502

 
(30,658
)
 
31,635

Salaries and benefits
(61,050
)
 
(58,787
)
 
(63,215
)
 
(64,862
)
Cost to provide enrollment services
(11,702
)
 
(11,162
)
 
(12,534
)
 
(10,137
)
Loan servicing fees
(7,616
)
 
(7,420
)
 
(7,793
)
 
(7,384
)
Depreciation and amortization
(5,662
)
 
(6,501
)
 
(6,977
)
 
(7,203
)
Operating expenses - other
(29,198
)
 
(31,958
)
 
(30,419
)
 
(27,637
)
Income tax expense
(37,630
)
 
(40,356
)
 
(26,999
)
 
(47,395
)
Net income
64,806

 
70,963

 
48,977

 
83,518

Net income attributable to noncontrolling interest
41

 
54

 
22

 
168

Net income attributable to Nelnet, Inc.
$
64,765

 
70,909

 
48,955

 
83,350

Earnings per common share:
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$
1.40

 
1.54

 
1.09

 
1.86

 
2014
 
First quarter
 
Second quarter
 
Third quarter
 
Fourth quarter
Net interest income
$
98,871

 
107,713

 
117,487

 
112,492

Less provision for loan losses
2,500

 
1,500

 
2,000

 
3,500

Net interest income after provision for loan losses
96,371

 
106,213

 
115,487

 
108,992

Loan and guaranty servicing revenue
64,757

 
66,460

 
52,659

 
56,538

Tuition payment processing, school information, and campus commerce revenue
25,235

 
21,834

 
26,399

 
24,688

Enrollment services revenue
22,011

 
20,145

 
22,936

 
17,791

Other income, net
18,131

 
15,315

 
7,650

 
12,906

Gain on sale of loans and debt repurchases, net
39

 
18

 
—

 
3,594

Derivative market value and foreign currency adjustments and derivative settlements, net
(4,265
)
 
1,570

 
24,203

 
(5,648
)
Salaries and benefits
(52,484
)
 
(53,888
)
 
(61,098
)
 
(60,609
)
Cost to provide enrollment services
(14,475
)
 
(13,311
)
 
(14,178
)
 
(11,343
)
Loan servicing fees
(5,403
)
 
(7,317
)
 
(7,077
)
 
(7,212
)
Depreciation and amortization
(4,783
)
 
(5,214
)
 
(5,493
)
 
(5,644
)
Operating expenses - other
(30,224
)
 
(33,060
)
 
(29,599
)
 
(30,098
)
Income tax expense
(40,611
)
 
(43,078
)
 
(46,513
)
 
(30,036
)
Net income
74,299

 
75,687

 
85,376

 
73,919

Net income attributable to noncontrolling interest
513

 
693

 
157

 
308

Net income attributable to Nelnet, Inc.
$
73,786

 
74,994

 
85,219

 
73,611

Earnings per common share:
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$
1.59

 
1.61

 
1.84

 
1.59

Condensed Parent Only Financial Statements
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Condensed Parent Company Financial Statements

The following represents the condensed balance sheets as of December 31, 2015 and 2014 and condensed statements of income, comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2015 for Nelnet, Inc.

The Company is limited in the amount of funds that can be transferred to it by its subsidiaries through intercompany loans, advances, or cash dividends. These limitations relate to the restrictions by trust indentures under the education lending subsidiaries debt financing arrangements. The amounts of cash and investments restricted in the respective reserve accounts of the education lending subsidiaries are shown on the consolidated balance sheets as restricted cash and investments.
Balance Sheets
(Parent Company Only)
As of December 31, 2015 and 2014
 
2015
 
2014
Assets:
 
 
 
Cash and cash equivalents
$
19,419

 
30,712

Investments and notes receivable
228,690

 
136,432

Investment in subsidiary debt
49,932

 
122,057

Restricted cash
14,802

 
127

Investment in subsidiaries
1,519,103

 
1,300,032

Other assets
326,765

 
283,831

Fair value of derivative instruments
27,120

 
64,392

Total assets
$
2,185,831

 
1,937,583

Liabilities:
 
 
 
Notes payable
$
232,184

 
149,265

Other liabilities
56,234

 
50,253

Fair value of derivative instruments
9,231

 
12,387

Total liabilities
297,649

 
211,905

Equity:
 
 
 
Nelnet, Inc. shareholders' equity:
 
 
 
Common stock
440

 
463

Additional paid-in capital
—

 
17,290

Retained earnings
1,881,708

 
1,702,560

Accumulated other comprehensive earnings
2,284

 
5,135

Total Nelnet, Inc. shareholders' equity
1,884,432

 
1,725,448

Noncontrolling interest
3,750

 
230

Total equity
1,888,182

 
1,725,678

Total liabilities and shareholders' equity
$
2,185,831

 
1,937,583


Statements of Income
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Investment interest
$
5,776

 
6,863

 
7,911

Interest on bonds and notes payable
6,242

 
5,492

 
4,433

Net interest (expense) income
(466
)
 
1,371

 
3,478

Other income (expense):
 

 
 

 
 

Other income, net
4,012

 
8,943

 
7,112

Gain from debt repurchases
4,904

 
6,685

 
11,905

Equity in subsidiaries income
276,825

 
316,934

 
275,989

Derivative market value adjustments and derivative settlements, net
8,416

 
14,963

 
28,134

Total other income
294,157

 
347,525

 
323,140

Operating expenses
5,057

 
5,598

 
5,626

Income before income taxes
288,634

 
343,298

 
320,992

Income tax expense
(20,655
)
 
(34,017
)
 
(16,651
)
Net income
267,979

 
309,281

 
304,341

Net income attributable to noncontrolling interest
—

 
1,671

 
1,669

Net income attributable to Nelnet, Inc.
$
267,979

 
307,610

 
302,672




Statements of Comprehensive Income
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Net income
$
267,979

 
309,281

 
304,341

Other comprehensive income:
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
Unrealized holding (losses) gains arising during period, net
(1,570
)
 
9,006

 
9,134

Less reclassification adjustment for gains recognized in net income, net of losses
(2,955
)
 
(8,506
)
 
(5,938
)
Income tax effect
1,674

 
(184
)
 
(1,190
)
Total other comprehensive (loss) income
(2,851
)
 
316

 
2,006

Comprehensive income
265,128

 
309,597

 
306,347

Comprehensive income attributable to noncontrolling interest
—

 
1,671

 
1,669

Comprehensive income attributable to Nelnet, Inc.
$
265,128

 
307,926

 
304,678



Statements of Cash Flows
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Net income attributable to Nelnet, Inc.
$
267,979

 
307,610

 
302,672

Net income attributable to noncontrolling interest
—

 
1,671

 
1,669

Net income
267,979

 
309,281

 
304,341

Adjustments to reconcile net income to net cash (used by) provided by operating activities:
 
 
 
 
 
Depreciation and amortization
327

 
303

 
284

Derivative market value adjustment
(31,411
)
 
(36,979
)
 
(57,525
)
Proceeds (payments) to terminate and/or amend derivative instruments, net
65,527

 
1,765

 
(6,469
)
Payment to enter into derivative instruments
—

 
(9,087
)
 
—

Equity in earnings of subsidiaries
(276,825
)
 
(316,934
)
 
(275,989
)
Gain from sale of available-for-sale securities, net
(2,955
)
 
(8,506
)
 
(5,938
)
Gain from debt repurchases
(4,904
)
 
(6,685
)
 
(11,905
)
Other
7,460

 
5,396

 
3,835

(Increase) decrease in other assets
(78,698
)
 
4,057

 
209,896

Increase in other liabilities
9,825

 
12,512

 
16,205

Net cash (used by) provided by operating activities
(43,675
)
 
(44,877
)
 
176,735

Cash flows from investing activities
 
 
 
 
 
(Increase) decrease in restricted cash
(13,825
)
 
3,636

 
59,495

Purchases of available-for-sale securities
(98,332
)
 
(192,315
)
 
(217,415
)
Proceeds from sales of available-for-sale securities
94,722

 
240,371

 
116,337

Capital contributions to/from subsidiaries, net
120,291

 
(25,017
)
 
—

Sales (purchases) of subsidiary debt, net
72,125

 
111,038

 
(66,272
)
Purchases of investments and issuances of notes receivable
(55,206
)
 
(14,769
)
 
(11,758
)
Business acquisitions, net of cash acquired
(45,916
)
 
—

 
—

Net cash provided by (used in) investing activities
73,859

 
122,944

 
(119,613
)
Cash flows from financing activities:
 
 
 
 
 
Payments on notes payable
(42,541
)
 
(63,084
)
 
(147,080
)
Proceeds from issuance of notes payable
116,460

 
27,577

 
135,000

Payments of debt issuance costs
(773
)
 
(512
)
 
(644
)
Dividends paid
(19,025
)
 
(18,542
)
 
(18,569
)
Repurchases of common stock
(96,169
)
 
(15,713
)
 
(13,136
)
Proceeds from issuance of common stock
801

 
656

 
561

Issuance of noncontrolling interest
—

 
201

 
5

Distribution to noncontrolling interest
(230
)
 
(1,970
)
 
(1,351
)
Net cash used in financing activities
(41,477
)
 
(71,387
)
 
(45,214
)
Net (decrease) increase in cash and cash equivalents
(11,293
)
 
6,680

 
11,908

Cash and cash equivalents, beginning of period
30,712

 
24,032

 
12,124

Cash and cash equivalents, end of period
$
19,419

 
30,712

 
24,032

 
 
 
 
 
 
Cash disbursements made for:
 
 
 
 
 
Interest
$
5,914

 
5,189

 
4,150

Income taxes, net of refunds
$
147,130

 
155,715

 
59,565

 
 
 
 
 
 
Noncash investing and financing activities:
 
 
 
 
 
Issuance of minority interest
$
3,750

 
—

 
—

Summary of Significant Accounting Policies and Practices Summary of Significant Accounting Policies (Policies)
Consolidation, Policy [Policy Text Block] 
Consolidation

The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries, including its education lending subsidiaries for which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company's education lending subsidiaries (or Variable Interest Entities ("VIEs")) are engaged in the securitization of education finance assets. These education lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's education lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each education lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company has determined it is the primary beneficiary of its education lending subsidiaries (VIEs). The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company is generally the administrator and master servicer of the securitized assets held in its education lending subsidiaries and owns the residual interest of the securitization trusts. As a result, for accounting purposes, the transfers of student loans to the eligible lender trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet.
Reclassification, Policy [Policy Text Block] 
Reclassifications

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

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

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

The reclassifications had no effect on consolidated net income or consolidated assets and liabilities.
Noncontrolling Interest, Policy [Policy Text Block] 
Noncontrolling Interest

Noncontrolling interest reflects the proportionate share of membership interest (equity) and net income attributable to the holders of minority membership interests i
Use of Estimates, Policy [Policy Text Block] 

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates.
Student Loans Receivable, Policy [Policy Text Block] 

Student Loans Receivable

Student loans consist of federally insured student loans and private education loans. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of which are amortized to interest income. Loans which are held-for-investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. There were no loans classified as held for sale as of December 31, 2015 and 2014.

Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five and ten years. Consolidation loans have repayment periods of twelve to thirty years. FFELP loans do not require repayment while the borrower is in-school, and during the grace period immediately upon leaving school. The borrower may also be granted a deferment or forbearance for a period of time based on need, during which time the borrower is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment, and forbearance period. Interest rates on loans may be fixed or variable, dependent upon the type of loan, terms of the loan agreements, and date of origination.

Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances.

Student loans receivable also includes private education loans. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFELP. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to 30 years. The private education loans are not covered by a guarantee or collateral in the event of borrower default.
Allowance for Loan Losses, Policy [Policy Text Block] 

Allowance for Loan Losses

The allowance for loan losses represents management's estimate of probable losses on student loans. The provision for loan losses reflects the activity for the applicable period and provides an allowance at a level that the Company's management believes is appropriate to cover probable losses inherent in the loan portfolio. The Company evaluates the adequacy of the allowance for loan losses on its federally insured loan portfolio separately from its private education loan portfolio. These evaluation processes are subject to numerous judgments and uncertainties.

The allowance for the federally insured loan portfolio is based on periodic evaluations of the Company's loan portfolios considering loans in repayment versus those in a nonpaying status, delinquency status, trends in defaults in the portfolio based on Company and industry data, past experience, trends in student loan claims rejected for payment by guarantors, changes to federal student loan programs, current economic conditions, and other relevant factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company's loss exposure on the outstanding balance of the Company's federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured.

In determining the appropriate allowance for loan losses on the private education loans, the Company considers several factors, including: loans in repayment versus those in a nonpaying status, delinquency status, type of program, trends in defaults in the portfolio based on Company and industry data, past experience, current economic conditions, and other relevant factors. The Company places a private education loan on nonaccrual status when the collection of principal and interest is 90 days past due, and charges off the loan when the collection of principal and interest is 120 days past due. Collections, if any, are reflected as a recovery through the allowance for loan losses.

Management has determined that each of the federally insured loan portfolio and the private education loan portfolio meets the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses.  Accordingly, the portfolio segment disclosures are presented on this basis in note 3 for each of these portfolios.  The Company does not disaggregate its portfolio segment student loan portfolios into classes of financing receivables. The Company collectively evaluates loans for impairment and as of December 31, 2015 and 2014, the Company did not have any impaired loans as defined in the Receivables Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification.

For loans purchased where there is evidence of credit deterioration since the origination of the loan, the Company records a credit discount, separate from the allowance for loan losses, which is non-accretable to interest income. Remaining discounts and premiums for purchased loans are recognized in interest income over the remaining estimated lives of the loans. The Company continues to evaluate credit losses associated with purchased loans based on current information and changes in expectations to determine the need for any additional allowance for loan losses.
Cash and Cash Equivalents, Policy [Policy Text Block] 

Cash and Cash Equivalents and Statement of Cash Flows

For purposes of the consolidated statements of cash flows, the Company considers all investments with maturities when purchased of three months or less to be cash equivalents.

Accrued interest on loans purchased and sold is included in cash flows from operating activities in the respective period. Net purchased accrued interest was $71.4 million, $55.0 million, and $29.0 million in 2015, 2014, and 2013, respectively
Investments, Policy [Policy Text Block] 

Investments

The Company's available-for-sale investment portfolio consists of student loan asset-backed securities and equity and debt securities. These securities are carried at fair value, with the temporary changes in fair value, net of taxes, carried as a separate component of shareholders’ equity. The amortized cost of debt securities in this category (including the student loan asset-backed securities) is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Other-than-temporary impairment is evaluated by considering several factors, including the length of time and extent to which the fair value has been less than the amortized cost basis, the financial condition and near-term prospects of the issuer of the security (considering factors such as adverse conditions specific to the security and ratings agency actions), and the intent and ability of the Company to retain the investment to allow for any anticipated recovery in fair value. The entire fair value loss on a security that has experienced an other-than-temporary impairment is recorded in earnings if the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the expected recovery of the loss. However, if the impairment is other-than-temporary, and either of those two conditions does not exist, the portion of the impairment related to credit losses is recorded in earnings and the impairment related to other factors is recorded in other comprehensive income.

Securities classified as trading are accounted for at fair value, with unrealized gains and losses included in "other income" in the consolidated statements of income.

Securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity and are accounted for at amortized cost unless the security is determined to have an other-than-temporary impairment. In that case, it is accounted for in the same manner as described above for available-for-sale investments.

When an investment is sold, the cost basis is determined through specific identification of the security sold
Restricted Cash and Investments, Policy [Policy Text Block] 

Restricted Cash and Investments 

Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the student loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative counterparties.
Cash balances that the Company's indentured trusts deposit in guaranteed investment contracts that are held for the related asset-backed note holders are classified as restricted investments. The Company has classified these investments as held-to-maturity and accounts for them at amortized cost, which approximates fair value
Restricted Cash - Due to Customers [Policy Text Block] 

Restricted Cash - Due to Customers

As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. In addition, as part of the Company's Tuition Payment Processing and Campus Commerce operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the accompanying consolidated balance sheets.
Accounts Receivable, Policy [Policy Text Block] 

Accounts Receivable

Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon individual customer experience, as well as the age of receivables and likelihood of collection.
Business Combinations Policy [Policy Text Block] 

Business Combinations

The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings
Goodwill and Intangible Assets, Policy [Policy Text Block] 
Goodwill

The Company reviews goodwill for impairment annually (in the fourth quarter) and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Goodwill is tested for impairment using a fair value approach at the reporting unit level. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics.
The Company tests goodwill for impairment in accordance with applicable accounting guidance. The guidance provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test.
If the Company elects to not perform a qualitative assessment or if the Company determines it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company performs a two-step impairment test on goodwill. In the first step, the Company compares the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is considered not impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit's goodwill. If the carrying value of a reporting unit's goodwill exceeds its implied fair value, then the Company would record an impairment loss equal to the difference.
Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions, and determination of appropriate market comparables. Actual future results may differ from those estimates.
See note 9 for information regarding the Company's annual goodwill impairment review.
Intangible Assets

Intangible assets with finite lives are amortized over their estimated lives. Such assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, the Company uses a straight-line amortization method.

The Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization.
Property and Equipment, Policy [Policy Text Block] 

Property and Equipment

Property and equipment are carried at cost, net of accumulated depreciation. Equipment held under capital leases are stated at the lower of the fair value of the asset or the net present value of the minimum lease payments at the inception of the lease. Maintenance and repairs are charged to expense as incurred, and major improvements, including leasehold improvements, are capitalized. Gains and losses from the sale of property and equipment are included in determining net income. The Company uses the straight-line method for recording depreciation and amortization. Equipment held under capital leases and leasehold improvements are amortized straight-line over the shorter of the lease term or estimated useful life of the asset
Impairment of Long-Lived Assets, Policy [Policy Text Block] 

Impairment of Long‑Lived Assets

The Company reviews its long-lived assets, such as property and equipment and purchased intangibles subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company uses estimates to determine the fair value of long-lived assets. Such estimates are generally based on estimated future cash flows or cost savings associated with particular assets and are discounted to present value using an appropriate discount rate. The estimates of future cash flows associated with assets are generally prepared using a cost savings method, a lost income method, or an excess return method, as appropriate. In utilizing such methods, management must make certain assumptions about the amount and timing of estimated future cash flows and other economic benefits from the assets, the remaining economic useful life of the assets, and general economic factors concerning the selection of an appropriate discount rate. The Company may also use replacement cost or market comparison approaches to estimating fair value if such methods are determined to be more appropriate.

Assumptions and estimates about future values and remaining useful lives of the Company's intangible and other long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy and internal forecasts. Although the Company believes the historical assumptions and estimates used are reasonable and appropriate, different assumptions and estimates could materially impact the reported financial results.
Other Assets [Policy Text Block] 

Other Assets

Other assets are recorded at cost or amortized cost and consist primarily of debt issuance costs and prepaid expenses. Debt issuance costs are amortized using the effective interest method.
Fair Value Measurements, Policy [Policy Text Block] 

Fair Value Measurements

The Company uses estimates of fair value in applying various accounting standards for its financial statements.

Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company's policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value, such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. In some cases fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Transaction costs are not included in the determination of fair value. When possible, the Company seeks to validate the model's output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates of current or future values.

The Company categorizes its fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring assets and liabilities at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels include:

•
Level 1: Quoted prices for identical instruments in active markets. The types of financial instruments included in Level 1 are highly liquid instruments with quoted prices.

•
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose primary value drivers are observable.

•
Level 3: Instruments whose primary value drivers are unobservable. Inputs are developed based on the best information available; however, significant judgment is required by management in developing the inputs.

The Company's accounting policy is to recognize transfers between levels of the fair value hierarchy at the end of the reporting period
Revenue Recognition, Policy [Policy Text Block] 

Revenue Recognition

Loan interest income - Loan interest is paid by the Department or the borrower, depending on the status of the loan at the time of the accrual. In addition, the Department makes quarterly interest subsidy payments on certain qualified FFELP loans until the student is required under the provisions of the Higher Education Act to begin repayment. Borrower repayment of FFELP loans normally begins within six months after completion of the borrower's course of study, leaving school, or ceasing to carry at least one-half the normal full-time academic load, as determined by the educational institution. Borrower repayment of PLUS and Consolidation loans normally begins within 60 days from the date of loan disbursement. Borrower repayment of private education loans typically begins six months following the borrower's graduation from a qualified institution, and the interest is either paid by the borrower or capitalized annually or at repayment.

The Department provides a special allowance to lenders participating in the FFEL Program. The special allowance is accrued based upon the fiscal quarter average rate of 13-week Treasury Bill auctions (for loans originated prior to January 1, 2000), the fiscal quarter average rate of the daily three-month financial commercial paper rates (for loans originated on and after January 1, 2000) or the fiscal quarter average rate of daily one-month LIBOR rates (for loans originated on and after January 1, 2000, and for lenders which elected to change the SAP index to one-month LIBOR effective April 1, 2012) relative to the yield of the student loan.

The Company recognizes student loan income as earned, net of amortization of loan premiums and deferred origination costs and the accretion of loan discounts. Loan income is recognized based upon the expected yield of the loan after giving effect to interest rate reductions resulting from borrower utilization of incentives such as timely payments (“borrower benefits”) and other yield adjustments. Loan premiums or discounts, deferred origination costs, and borrower benefits are amortized/accreted over the estimated life of the loan, which includes an estimate of prepayment rates. The Company periodically evaluates the assumptions used to estimate the life of the loans and prepayment rates.
The Company also pays the Department an annual 105 basis point rebate fee on Consolidation loans. These rebate fees are netted against loan interest income.
Student loan and guaranty servicing revenue – Student loan and guaranty servicing revenue consists of the following items:

•
Loan and guaranty servicing fees – Loan servicing fees are determined according to individual agreements with customers and are calculated based on the dollar value of loans, number of loans, or number of borrowers serviced for each customer. Guaranty servicing fees are generally calculated based on the number of loans serviced, volume of loans serviced, or amounts collected. Revenue is recognized over the period in which services are provided to customers, and when ultimate collection is assured.

•
Guaranty collections revenue – Guaranty collections revenue is earned when collected. Collection costs paid to third parties associated with this revenue is expensed upon successful collection.

•
Software services revenue – Software services revenue is determined from individual agreements with customers and includes license and maintenance fees associated with student loan software products.  Computer and software consulting and remote hosting revenues are recognized over the period in which services are provided to customers.

Tuition payment processing, school information, and campus commerce revenue - Tuition payment processing, school information, and campus commerce revenue includes actively managed tuition payment solutions, remote hosted school information systems software, and online payment processing. Fees for these services are recognized over the period in which services are provided to customers. Cash received in advance of the delivery of services is included in deferred revenue.

Enrollment Services Revenue – Enrollment services revenue primarily consists of the following items:

•
Inquiry Generation and Management - This revenue is derived primarily from fees which are earned through the delivery of qualified inquiries or clicks. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is reasonably assured. Delivery is deemed to have occurred at the time a qualified inquiry or click is delivered to the customer, provided that no significant obligations remain. From time to time, the Company may agree to credit certain inquiries or clicks if they fail to meet the contractual or other guidelines of a particular client. The Company has established a sales reserve based on historical experience. To date, such credits have been immaterial and within management’s expectations.

For a portion of this revenue, the Company has agreements with providers of online media or traffic (“inquiry generation vendors”) used in the generation of inquiries or clicks. The Company receives a fee from its customers and pays a fee to the inquiry generation vendors either on a cost per inquiry, cost per click, or cost per number of impressions basis. The Company is the primary obligor in the transaction. As a result, the fees paid by the Company’s customers are recognized as revenue and the fees paid to its inquiry generation vendors are included in “cost to provide enrollment services” in the Company’s consolidated statements of income.

•
Content Solutions - Several content solutions services, including services to connect students to colleges and universities, are sold based on subscriptions. Revenue from sales of subscription services is recognized ratably over the term of the contract as earned. Subscription revenue received or receivable in advance of the delivery of services is included in deferred revenue. Revenue from the sale of print products is generally earned and recognized, net of estimated returns, upon shipment or delivery. All other revenue is recognized over the period in which services are provided to customers.

Other income - Other income includes realized and unrealized gains and losses on investments and borrower late fee income, which is earned by the education lending subsidiaries and is recognized when payments are collected from the borrower. Other income also includes investment advisory income. The Company provides investment advisory services through an SEC-registered investment advisor subsidiary under various arrangements and earns annual fees on the outstanding balance of investments and certain performance measures, which are recognized monthly as earned.
Interest Expense, Policy [Policy Text Block] 

Interest Expense

Interest expense is based upon contractual interest rates, adjusted for the amortization of debt issuance costs and the accretion of discounts. The amortization of debt issuance costs and accretion of discounts are recognized using the effective interest method
Assets or Liabilities that Relate to Transferor's Continuing Involvement in Securitized or Asset-backed Financing Assets, Policy [Policy Text Block] 

Transfer of Financial Assets and Extinguishments of Liabilities

The Company accounts for loan sales and debt repurchases in accordance with applicable accounting guidance. If a transfer of loans qualifies as a sale, the Company derecognizes the loan and recognizes a gain or loss as the difference between the carrying basis of the loan sold and the consideration received. The Company from time to time repurchases its outstanding debt and records a gain or loss on the early extinguishment of debt based upon the difference between the carrying amount of the debt and the amount paid to the third party. The Company recognizes the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction
Derivative Accounting, Policy [Policy Text Block] 

Derivative Accounting

The Company records derivative instruments on the consolidated balance sheets as either an asset or liability measured at its fair value. The Company determines the fair value for its derivative instruments using either (i) pricing models that consider current market conditions and the contractual terms of the derivative instrument or (ii) counterparty valuations. The Company does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) arising from derivative instruments that are recognized at fair value and executed with the same counterparty under a master netting arrangement. The factors that impact the fair value of the Company's derivatives include interest rates, time value, forward interest rate curve, and volatility factors, as well as foreign exchange rates. Pricing models and their underlying assumptions impact the amount and timing of unrealized gains and losses recognized, and the use of different pricing models or assumptions could produce different financial results. Management has structured all of the Company's derivative transactions with the intent that each is economically effective; however, the Company's derivative instruments do not qualify for hedge accounting. As a result, the change in fair value of derivative instruments is reported in current period earnings. Changes or shifts in the forward yield curve and fluctuations in currency rates can significantly impact the valuation of the Company’s derivatives, and therefore impact the financial position and results of operations of the Company. Any proceeds received or payments made by the Company to terminate a derivative in advance of its expiration date, or to amend the terms of an existing derivative, are included in the Company's consolidated statements of income and are accounted for as a change in fair value of such derivative. The changes in fair value of derivative instruments, as well as the settlement payments made on such derivatives, are included in “derivative market value and foreign currency adjustments and derivative settlements, net” on the consolidated statements of income
Foreign Currency, Policy [Policy Text Block] 

Foreign Currency

During 2006, the Company issued Euro-denominated bonds, which are included in “bonds and notes payable” on the consolidated balance sheets. Transaction gains and losses resulting from exchange rate changes when re-measuring these bonds to U.S. dollars at the balance sheet date are included in “derivative market value and foreign currency adjustments and derivative settlements, net” on the consolidated statements of income
Income Taxes, Policy [Policy Text Block] 

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
 
Income tax expense includes deferred tax expense, which represents the net change in the deferred tax asset or liability balance during the year, plus any change made in the valuation allowance, and current tax expense, which represents the amount of tax currently payable to or receivable from a tax authority plus amounts for expected tax deficiencies (including both tax and interest)
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] 

Compensation Expense for Stock Based Awards

The Company has a restricted stock plan that is intended to provide incentives to attract, retain, and motivate employees in order to achieve long term growth and profitability objectives. The restricted stock plan provides for the grant to eligible employees of awards of restricted shares of Class A common stock. The fair value of restricted stock awards is determined on the grant date based on the Company's stock price and is amortized to compensation cost over the related vesting periods, which range up to ten years. For those awards with only service conditions that have graded vesting schedules, the Company recognizes compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in substance, multiple awards
Stock Repurchases [Policy Text Block] 

Stock Repurchases

In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company.
Student Loans Receivable and Allowance for Loan Losses (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable 
Student loans receivable consisted of the following:
 
As of December 31,
 
2015
 
2014
Federally insured loans
 
 
 
Stafford and other
$
6,202,064

 
6,030,825

Consolidation
22,086,043

 
22,165,605

Total
28,288,107

 
28,196,430

Private education loans
267,642

 
27,478

 
28,555,749

 
28,223,908

Loan discount, net of unamortized loan premiums and deferred origination costs (a)
(180,699
)
 
(169,813
)
Allowance for loan losses – federally insured loans
(35,490
)
 
(39,170
)
Allowance for loan losses – private education loans
(15,008
)
 
(9,730
)
 
$
28,324,552

 
28,005,195


(a) At December 31, 2015 and 2014, "loan discount, net of unamortized loan premiums and deferred origination costs" included $33.0 million and $28.8 million, respectively, of non-accretable discount associated with purchased loan portfolios of $10.8 billion and $8.5 billion, respectively.
Allowance for Credit Losses on Financing Receivables 
The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of student loans. Activity in the allowance for loan losses is shown below.
 
Year ended December 31,
 
2015
 
2014
 
2013
Balance at beginning of period
$
48,900

 
55,122

 
51,902

Provision for loan losses:
 
 
 
 
 
Federally insured loans
8,000

 
11,000

 
20,000

Private education loans
2,150

 
(1,500
)
 
(1,500
)
Total provision for loan losses
10,150

 
9,500

 
18,500

Charge-offs:
 

 
 

 
 
Federally insured loans
(11,730
)
 
(15,260
)
 
(15,588
)
Private education loans
(2,414
)
 
(2,332
)
 
(3,683
)
Total charge-offs
(14,144
)
 
(17,592
)
 
(19,271
)
Recoveries - private education loans
1,050

 
1,315

 
1,577

Purchase (sale) of federally insured loans, net
50

 
(10
)
 
(1,093
)
Sale of private education loans, net
(140
)
 
(1,620
)
 
—

Transfer from repurchase obligation related to private education loans repurchased, net
4,632

 
2,185

 
3,507

Balance at end of period
$
50,498

 
48,900

 
55,122

 
 
 
 
 
 
Allocation of the allowance for loan losses:
 

 
 

 
 
Federally insured loans
$
35,490

 
39,170

 
43,440

Private education loans
15,008

 
9,730

 
11,682

Total allowance for loan losses
$
50,498

 
48,900

 
55,122

Financing Receivable Credit Quality Indicators 
Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs.  The table below shows the Company’s loan delinquency amounts.
 
As of December 31,
 
2015
 
2014
 
2013
Federally insured loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment (a)
$
2,292,941

 
 
 
$
2,805,228

 
 
 
$
2,872,505

 
 
Loans in forbearance (b)
2,979,357

 
 
 
3,288,412

 
 
 
3,370,025

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
19,447,541

 
84.4
%
 
18,460,279

 
83.5
%
 
16,337,922

 
82.4
%
Loans delinquent 31-60 days (c)
1,028,396

 
4.5

 
1,043,119

 
4.8

 
967,318

 
4.9

Loans delinquent 61-90 days (c)
566,953

 
2.5

 
588,777

 
2.7

 
550,333

 
2.9

Loans delinquent 91-120 days (c)
415,747

 
1.8

 
404,905

 
1.8

 
390,791

 
2.0

Loans delinquent 121-270 days (c)
1,166,940

 
5.1

 
1,204,405

 
5.4

 
1,117,936

 
5.6

Loans delinquent 271 days or greater (c)(d)
390,232

 
1.7

 
401,305

 
1.8

 
443,373

 
2.2

Total loans in repayment
23,015,809

 
100.0
%
 
22,102,790

 
100.0
%
 
19,807,673

 
100.0
%
Total federally insured loans
$
28,288,107

 
 

 
$
28,196,430

 
 

 
$
26,050,203

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private education loans:
 
 
 
 
 
 
 
 
 
 
 
Loans in-school/grace/deferment (a)
$
30,795

 
 
 
$
905

 
 
 
$
2,700

 
 
Loans in forbearance (b)
350

 
 
 
—

 
 
 
366

 
 
Loans in repayment status:
 
 
 
 
 
 
 
 
 
 
 
Loans current
228,464

 
96.7
%
 
18,390

 
69.2
%
 
59,001

 
86.7
%
Loans delinquent 31-60 days (c)
1,771

 
0.7

 
1,078

 
4.1

 
1,672

 
2.5

Loans delinquent 61-90 days (c)
1,283

 
0.5

 
1,035

 
3.9

 
1,718

 
2.5

Loans delinquent 91 days or greater (c)
4,979

 
2.1

 
6,070

 
22.8

 
5,646

 
8.3

Total loans in repayment
236,497

 
100.0
%
 
26,573

 
100.0
%
 
68,037

 
100.0
%
Total private education loans
$
267,642

 
 

 
$
27,478

 
 

 
$
71,103

 
 

(a)
Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet required to make payments on the loans, e.g., residency periods for medical students or a grace period for bar exam preparation for law students.

(b)
Loans for borrowers who have temporarily ceased making full payments due to hardship or other factors, according to a schedule approved by the servicer consistent with the established loan program servicing procedures and policies.

(c)
The period of delinquency is based on the number of days scheduled payments are contractually past due and relate to repayment loans, that is, receivables not charged off, and not in school, grace, deferment, or forbearance.

(d)
A portion of loans included in loans delinquent 271 days or greater includes loans in claim status, which are loans that have gone into default and have been submitted to the guaranty agency.
Bonds and Notes payable (Tables)
Schedule of Debt 
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 
 
As of December 31, 2015
 
Carrying
amount
 
Interest rate
range
 
Final maturity
Variable-rate bonds and notes issued in asset-backed securitizations:
 
 
 
 
 
Bonds and notes based on indices
$
25,155,336

 
0.05% - 6.90%
 
8/26/19 - 8/26/52
Bonds and notes based on auction
1,160,365

 
0.88% - 2.17%
 
3/22/32 - 11/26/46
Total variable-rate bonds and notes
26,315,701

 
 
 
 
FFELP warehouse facilities
1,855,907

 
0.27% - 0.56%
 
4/29/18 - 12/14/18
Private education loan warehouse facility
181,184

 
0.57%
 
12/26/16
Unsecured line of credit
100,000

 
1.79% - 1.92%
 
10/30/20
Unsecured debt - Junior Subordinated Hybrid Securities
57,184

 
3.99%
 
9/15/61
Other borrowings
93,355

 
1.93% - 3.38%
 
10/31/16 - 12/15/45
 
28,603,331

 
 
 
 
Discount on bonds and notes payable
(430,649
)
 
 
 
 
Total
$
28,172,682

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

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

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

 
 
 
 
FFELP warehouse facilities
1,241,665

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

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

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

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

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

 
 
 
 
Schedule of Line of Credit Facilities 

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

 
875,000

 
500,000

 
2,125,000

Amount outstanding
738,034

 
686,764

 
431,109

 
1,855,907

Amount available
$
11,966

 
188,236

 
68,891

 
269,093

Expiration of liquidity provisions
April 29, 2016

 
July 8, 2016

 
December 16, 2016

 
 
Final maturity date
April 29, 2018

 
July 9, 2018

 
December 14, 2018

 
 
Maximum advance rates
92.2 - 95.0%

 
92.0 - 98.0%

 
85.0 - 95.0%

 
 
Minimum advance rates
92.2 - 95.0%

 
84.0 - 90.0%

 
85.0 - 95.0%

 
 
Advanced as equity support
$
45,301

 
32,757

 
36,089

 
114,147


Each FFELP warehouse facility is supported by 364-day liquidity provisions, which are subject to the respective expiration date shown in the previous table. In the event the Company is unable to renew the liquidity provisions by such date, the facility would become a term facility at a stepped-up cost, with no additional student loans being eligible for financing, and the Company would be required to refinance the existing loans in the facility by the facility's final maturity date. The NFSLW-I warehouse facility provides for formula-based advance rates, depending on FFELP loan type, up to a maximum of the principal and interest of loans financed as shown in the table above. The advance rates for collateral may increase or decrease based on market conditions, but they are subject to minimums as disclosed above. The NHELP-III and NHELP-II warehouse facilities have static advance rates that require initial equity for loan funding, but do not require increased equity based on market movements.

The FFELP warehouse facilities contain financial covenants relating to levels of the Company’s consolidated net worth, ratio of recourse indebtedness to adjusted EBITDA, and unencumbered cash. Any noncompliance with these covenants could result in a requirement for the immediate repayment of any outstanding borrowings under the facilities.

Schedule of Long-term Debt Instruments [Table Text Block] 
The following tables summarize the asset-backed securitization transactions completed in 2015 and 2014.
 
 
Securitizations completed during the year ended December 31, 2015
 
 
2015-1
 
2015-2
 
2015-3
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2015-2 total
 
Class A-1 notes
 
Class A-2 notes
 
Class A-3 notes
 
2015-3 total
 
 
Date securities issued
 
2/27/15
 
3/26/15
 
3/26/15
 
3/26/15
 
5/21/15
 
5/21/15
 
5/21/15
 
5/21/15
 
 
Total original principal amount
 
$
566,346

 
122,500

 
584,500

 
722,000

 
82,500

 
270,000

 
41,400

 
401,400

 
$
1,689,746

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

 
122,500

 
584,500

 
707,000

 
82,500

 
270,000

 
41,400

 
393,900

 
1,654,132

Bond discount
 
—

 
—

 
—

 
—

 
—

 
(380
)
 
(1,095
)
 
(1,475
)
 
(1,475
)
Issue price
 
$
553,232

 
122,500

 
584,500

 
707,000

 
82,500

 
269,620

 
40,305

 
392,425

 
1,652,657

Cost of funds (1-month LIBOR plus:)
 
0.59
%
 
0.27
%
 
0.60
%
 
 
 
0.30
%
 
0.60
%
 
0.90
%
 
 
 
 
Final maturity date
 
4/25/41

 
3/25/20

 
9/25/42

 
 
 
1/27/25

 
2/26/46

 
6/25/49

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

 
 
 
 
 
15,000

 
 
 
 
 
 
 
7,500

 
35,614

Bond discount
 
(1,157
)
 
 
 
 
 
(1,793
)
 
 
 
 
 
 
 
(968
)
 
(3,918
)
Issue price
 
$
11,957

 
 
 
 
 
13,207

 
 
 
 
 
 
 
6,532

 
31,696

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

 
 
 
 
 
5/25/49

 
 
 
 
 
 
 
6/27/50

 
 

 
 
Securitizations completed during the year ended December 31, 2014
 
 
2014-1
 
2014-2
 
2014-3
 
2014-4
 
2014-5
 
2014-6
 
Total
 
 
 
 
Class A-1 notes
 
Class A-2 notes
 
Class A-3 notes
 
2014-2 total
 
 
 
Class A-1 notes
 
Class A-2 notes
 
2014-4 total
 
 
 
 
 
 
Date securities issued
 
2/6/14
 
3/12/14
 
3/12/14
 
3/12/14
 
3/12/14
 
4/30/14
 
5/23/14
 
5/23/14
 
5/23/14
 
6/18/14
 
7/31/14
 
 
Total original principal amount
 
$
458,500

 
191,000

 
222,000

 
84,000

 
509,000

 
719,800

 
267,500

 
107,500

 
384,500

 
603,000

 
565,000

 
$
3,239,800

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class A senior notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
445,000

 
191,000

 
222,000

 
84,000

 
497,000

 
700,700

 
267,500

 
107,500

 
375,000

 
587,000

 
565,000

 
3,169,700

Bond discount
 
—

 
—

 
—

 
(535
)
 
(535
)
 
—

 
—

 
—

 
—

 
—

 
(3,124
)
 
(3,659
)
Issue price
 
$
445,000

 
191,000

 
222,000

 
83,465

 
496,465

 
700,700

 
267,500

 
107,500

 
375,000

 
587,000

 
561,876

 
3,166,041

Cost of funds (1-month LIBOR plus:)
 
0.57
%
 
0.28
%
 
0.60
%
 
0.85
%
 
 
 
0.58
%
 
0.54
%
 
0.95
%
 
 
 
0.55
%
 
0.65
%
 
 
Final maturity date
 
9/25/41

 
6/25/21

 
3/25/30

 
7/27/37

 
 
 
6/25/41

 
11/27/34

 
11/25/43

 
 
 
7/25/41

 
11/25/47

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Class B subordinated notes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total original principal amount
 
$
13,500

 
 
 
 
 
 
 
12,000

 
19,100

 
 
 
 
 
9,500

 
16,000

 
 
 
70,100

Bond discount
 
(1,132
)
 
 
 
 
 
 
 
(1,046
)
 
(1,467
)
 
 
 
 
 
(1,138
)
 
(1,232
)
 
 
 
(6,015
)
Issue price
 
$
12,368

 
 
 
 
 
 
 
10,954

 
17,633

 
 
 
 
 
8,362

 
14,768

 
 
 
64,085

Cost of funds (1-month LIBOR plus:)
 
1.50
%
 
 
 
 
 
 
 
1.50
%
 
1.50
%
 
 
 
 
 
1.50
%
 
1.50
%
 
 
 
 
Final maturity date
 
10/25/47

 
 
 
 
 
 
 
6/25/41

 
10/25/50

 
 
 
 
 
9/25/51

 
5/25/49

 
 
 
 


Schedule of Maturities of Long-term Debt [Table Text Block] 
Bonds and notes outstanding as of December 31, 2015 are due in varying amounts as shown below.
2016
 
$
256,184

2017
 
—

2018
 
1,855,907

2019
 
173,755

2020
 
194,648

2021 and thereafter
 
26,122,837

 
 
$
28,603,331


Schedule of Extinguishment of Debt [Table Text Block] 
The following table summarizes the Company's repurchases of its own debt. Gains recorded by the Company from the repurchase of debt are included in "gain on sale of loans and debt repurchases, net" on the Company’s consolidated statements of income.

 
Par value
 
Purchase price
 
Gain
 
Par value
 
Purchase price
 
Gain
 
Par value
 
Purchase price
 
Gain
 
Year ended December 31,
 
2015
 
2014
 
2013
Unsecured debt - Hybrid Securities
$
14,504

 
11,374

 
3,130

 
24,769

 
19,761

 
5,008

 
2,775

 
2,080

 
695

   Asset-backed securities
32,026

 
30,354

 
1,672

 
29,243

 
27,636

 
1,607

 
87,696

 
76,725

 
10,971

 
$
46,530

 
41,728

 
4,802

 
54,012

 
47,397

 
6,615

 
90,471

 
78,805

 
11,666

Derivative Financial Instruments (Tables)
Interest Rate Swaps - 1:3 Basis swaps 
The following table summarizes the Company’s 1:3 Basis Swaps outstanding:
 
 
 
 
As of December 31,
 
 
 
2015
 
2014
 
Maturity
 
Notional amount
 
Notional amount
 
2016
 
 
$
7,500,000

 
—

 
2021
 
 
—

 
250,000

 
2022
 
 
—

 
1,900,000

 
2023
 
 
—

 
3,650,000

 
2024
 
 
—

 
250,000

 
2026
 
 
—

 
800,000

 
2028
 
 
—

 
100,000

 
2036
 
 
—

 
700,000

 
2039
 
 
—

 
150,000

 
 
 
 
$
7,500,000

 
7,800,000


The weighted average rate paid by the Company on the 1:3 Basis Swaps as of December 31, 2015 and 2014, was one-month LIBOR plus 10.0 basis points and 3.5 basis points, respectively.
Interest Rate Swaps - Floor Income Hedges 
The following tables summarize the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
 
 
 
As of December 31, 2015
 
As of December 31, 2014
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
 
 
 
 
 
 
2015
 
$
—

 
—
%
 
$
1,100,000

 
0.89
%
 
2016
 
1,000,000

 
0.76

 
750,000

 
0.85

 
2017
 
2,100,000

 
0.84

 
1,250,000

 
0.86

 
2018
 
1,600,000

 
1.08

 
—

 
—

 
2019
 
500,000

 
1.12

 
—

 
—

 
2025
 
100,000

 
2.32

 
—

 
—

 
 
 
$
5,300,000

 
0.95
%
 
$
3,100,000

 
0.87
%
 
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Interest Rate Swaps - Unsecured Debt Hedges 
the Company had the following derivatives outstanding that are used to effectively convert the variable interest rate on a portion of the Hybrid Securities to a fixed rate of 7.66%.
 
Maturity
 
Notional amount
 
Weighted average fixed rate paid by the Company (a)
2036
 
$
25,000

 
4.28%
(a)
For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Impact of Foreign Exchange Contracts on the Statement of Income 
The following table shows the income statement impact as a result of the re-measurement of the Euro Notes and the change in the fair value of the related derivative instruments.
 
Year ended December 31,
 
2015
 
2014
 
2013 (b)
Re-measurement of Euro Notes
$
43,801

 
58,013

 
(35,285
)
Change in fair value of cross currency interest rate swaps
(45,195
)
 
(57,289
)
 
26,354

Total impact to consolidated statements of income - (expense) income (a)
$
(1,394
)
 
724

 
(8,931
)

(a)
The financial statement impact of the above items is included in "Derivative market value and foreign currency adjustments and derivative settlements, net" in the Company's consolidated statements of income.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
The following table summarizes the fair value of the Company’s derivatives as reflected on the consolidated balance sheets.
 
Fair value of asset derivatives
 
Fair value of liability derivatives
 
As of
 
As of
 
As of
 
As of
 
December 31, 2015
 
December 31, 2014
 
December 31, 2015
 
December 31, 2014
1:3 basis swaps
$
724

 
53,549

 
410

 
—

Interest rate swaps - floor income hedges
21,408

 
5,165

 
1,175

 
5,034

Interest rate swap option - floor income hedge
3,257

 
5,678

 
—

 
—

Interest rate swaps - hybrid debt hedges
—

 
—

 
7,646

 
7,353

Interest rate caps
1,570

 
—

 
—

 
—

Cross-currency interest rate swap
—

 
—

 
65,650

 
20,455

Other
1,731

 
—

 
—

 
—

Total
$
28,690

 
64,392

 
74,881

 
32,842

Schedule of Derivative Instruments [Table Text Block] 
The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged:

 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative assets
 
Gross amounts of recognized assets presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of December 31, 2015
 
$
28,690

 
(851
)
 
1,632

 
29,471

Balance as of December 31, 2014
 
64,392

 
(12,387
)
 
—

 
52,005


 
 
 
 
Gross amounts not offset in the consolidated balance sheets
 
 
Derivative liabilities
 
Gross amounts of recognized liabilities presented in the consolidated balance sheets
 
Derivatives subject to enforceable master netting arrangement
 
Cash collateral pledged (received)
 
Net asset (liability)
Balance as of December 31, 2015
 
$
(74,881
)
 
851

 
13,168

 
(60,862
)
Balance as of December 31, 2014
 
(32,842
)
 
12,387

 
(1,454
)
 
(21,909
)


Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 
The following table summarizes the effect of derivative instruments in the consolidated statements of income.
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Settlements:
 
 

 
 

 
 
1:3 basis swaps
 
$
1,058

 
3,389

 
3,301

Interest rate swaps - floor income hedges
 
(23,041
)
 
(24,380
)
 
(31,022
)
Interest rate swaps - hybrid debt hedges
 
(1,012
)
 
(1,025
)
 
(1,670
)
Cross-currency interest rate swaps
 
(1,255
)
 
173

 
(245
)
Total settlements - (expense) income
 
(24,250
)
 
(21,843
)
 
(29,636
)
Change in fair value:
 
 

 
 

 
 

1:3 basis swaps
 
12,292

 
36,824

 
7,467

Interest rate swaps - floor income hedges
 
20,103

 
8,797

 
36,719

Interest rate swap option - floor income hedge
 
(2,420
)
 
(3,409
)
 
—

Interest rate swaps - hybrid debt hedges
 
(295
)
 
(5,233
)
 
12,997

Interest rate caps
 
(1,365
)
 
—

 
—

Cross-currency interest rate swaps
 
(45,195
)
 
(57,289
)
 
26,354

Other
 
1,730

 
—

 
341

Total change in fair value - (expense) income
 
(15,150
)
 
(20,310
)
 
83,878

Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
 
43,801

 
58,013

 
(35,285
)
Derivative market value and foreign currency adjustments and derivative settlements, net - income (expense)
 
$
4,401

 
15,860

 
18,957

Investments (Tables)
Summary Investment Holdings 
A summary of the Company's investments and notes receivable follows:
 
As of December 31, 2015
 
As of December 31, 2014
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses (a)
 
Fair value
 
Amortized cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair value
 
 
 
 
 
 
 
 
Investments (at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed and other debt securities (b)
$
139,970

 
3,402

 
(1,362
)
 
142,010

 
131,589

 
6,204

 
(236
)
 
137,557

Equity securities
846

 
1,686

 
(100
)
 
2,432

 
1,553

 
2,216

 
(33
)
 
3,736

Total available-for-sale investments
$
140,816

 
5,088

 
(1,462
)
 
144,442

 
133,142

 
8,420

 
(269
)
 
141,293

Trading investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loan asset-backed securities
 
 
 
 
 
 
6,045

 
 
 
 
 
 
 
7,830

Equity securities
 
 
 
 
 
 
4,905

 
 
 
 
 
 
 
—

Total trading investments
 
 
 
 
 
 
10,950

 
 
 
 
 
 
 
7,830

Total available-for-sale and trading investments
 
 
 
 
 
 
155,392

 
 
 
 
 
 
 
149,123

Other Investments and Notes Receivable (not measured at fair value):
 
 
 
 
 
 
 
 
 
 
 
 
Venture capital and funds (c)
 
 
 
 
 
 
63,323

 
 
 
 
 
 
 
19,987

Real estate (d)
 
 
 
 
 
 
50,463

 
 
 
 
 
 
 
18,661

Notes receivable (e)
 
 
 
 
 
 
18,473

 
 
 
 
 
 
 
22,255

Tax liens and affordable housing
 
 
 
 
 
 
16,030

 
 
 
 
 
 
 
25,683

Total investments and notes receivable
 
 
 
 
 
 
$
303,681

 
 
 
 
 
 
 
235,709


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

(b)
As of December 31, 2015, the stated maturities of the Company's student loan asset-backed securities and other debt securities classified as available-for-sale are shown in the following table:

Year of Maturity:
Amortized cost
 
Fair value
Within 1 year
$
6,323

 
6,283

1-5 years
125

 
125

6-10 years
279

 
279

After 10 years
133,243

 
135,323

Total
$
139,970

 
142,010



(c)
As of December 31, 2015 and 2014, "Venture capital and funds" included $41.4 million and $0.8 million, respectively, of the Company's equity investment in Hudl. See note 19 for further information.

(d)
As of December 31, 2015, "Real estate" included $25.0 million of the Company's investment in TDP. This investment includes $3.5 million of land, construction in progress, and related assets and $21.5 million of restricted cash to be used for real estate development. TDP has notes payable of $18.4 million outstanding as of December 31, 2015.

(e)
As of December 31, 2015 and 2014, "Notes receivable" included $17.3 million and $20.7 million, respectively, of a note receivable obtained in connection with the sale of an education lending subsidiary.

Available-for-sale Securities [Table Text Block] 
As of December 31, 2015, the stated maturities of the Company's student loan asset-backed securities and other debt securities classified as available-for-sale are shown in the following table:

Year of Maturity:
Amortized cost
 
Fair value
Within 1 year
$
6,323

 
6,283

1-5 years
125

 
125

6-10 years
279

 
279

After 10 years
133,243

 
135,323

Total
$
139,970

 
142,010

Gain (Loss) on Investments 
The following table summarizes the amount included in "other income, net" in the consolidated statements of income related to the Company's investments classified as available-for-sale and trading.
 
 
Year ended December 31,
 
 
2015
 
2014
 
2013
Available-for-sale securities:
 
 
 
 
 
 
Gross realized gains
 
$
3,402

 
8,581

 
6,270

Gross realized losses
 
(447
)
 
(75
)
 
(332
)
Trading securities:
 
 
 
 
 
 
Unrealized (losses) gains, net
 
(715
)
 
(135
)
 
221

Realized (losses) gains, net
 
(2,097
)
 
(1,082
)
 
5

 
 
$
143

 
7,289

 
6,164

Business Combination Business Combination (Tables)
Fair Value, by Balance Sheet Grouping [Table Text Block] 
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,217,536

 
28,172,682

 
—

 
27,217,536

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—


 
As of December 31, 2014
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,954,266

 
28,005,195

 
—

 
—

 
28,954,266

Cash and cash equivalents
130,481

 
130,481

 
130,481

 
—

 
—

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

 
149,123

 
4,123

 
145,000

 
—

Notes receivable
22,255

 
22,255

 
—

 
22,255

 
—

Restricted cash
800,164

 
800,164

 
800,164

 
—

 
—

Restricted cash – due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Restricted investments
50,276

 
50,276

 
50,276

 
—

 
—

Accrued interest receivable
351,588

 
351,588

 
—

 
351,588

 
—

Derivative instruments
64,392

 
64,392

 
—

 
64,392

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,809,997

 
28,027,350

 
—

 
27,809,997

 
—

Accrued interest payable
25,904

 
25,904

 
—

 
25,904

 
—

Due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Derivative instruments
32,842

 
32,842

 
—

 
32,842

 
—

Fair Value, by Balance Sheet Grouping [Table Text Block] 
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
Cash and cash equivalents
 
$
326

Accounts receivable
 
961

Property and equipment
 
105

Other assets
 
22

Intangible assets
 
37,188

Excess cost over fair value of net assets acquired (goodwill)
 
9,082

Other liabilities
 
(1,341
)
Net assets acquired
 
$
46,343

Fair Value, by Balance Sheet Grouping [Table Text Block] 
Cash and cash equivalents
 
$
334

Restricted cash and investments
 
850

Accounts receivable
 
1,854

Property and equipment
 
34,377

Other assets
 
405

Intangible assets
 
11,140

Excess cost over fair value of net assets acquired (goodwill)
 
19,800

Other liabilities
 
(4,856
)
Bonds and notes payable
 
(13,904
)
Net assets acquired
 
50,000

Minority interest
 
(3,750
)
Total consideration paid by the Company
 
$
46,250

Intangible Assets Intangible Assets (Tables)
Schedule of Finite-Lived Intangible Assets [Table Text Block] 
Intangible assets consist of the following:
 
Weighted average remaining useful life as of December 31, 2015 (months)
 
As of December 31, 2015
 
As of December 31, 2014
 
 
 
Amortizable intangible assets:
 
 
 
Customer relationships (net of accumulated amortization of $23,195 and $17,361, respectively)
199
 
$
27,576

 
27,330

Computer software (net of accumulated amortization of $4,397 and $1,896, respectively)
34
 
11,601

 
6,969

Trade names (net of accumulated amortization of $795 and $272, respectively)
202
 
10,687

 
6,150

Content (net of accumulated amortization of $900 and $0, respectively)
12
 
900

 
1,800

Covenants not to compete (net of accumulated amortization of $56 and $21, respectively)
101
 
298

 
333

Total - amortizable intangible assets
158
 
$
51,062

 
42,582

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] 
As of December 31, 2015, the Company estimates it will record amortization expense as follows:
2016
$
9,990

2017
7,002

2018
6,533

2019
3,886

2020
3,564

2021 and thereafter
20,087

 
$
51,062

Goodwill Goodwill (Tables)
Schedule of Goodwill [Table Text Block]
The change in the carrying amount of goodwill by reportable operating segment was as follows:
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset Generation and Management (a)
 
Tele- communications
 
Corporate and Other Activities
 
Total
Balance as of December 31, 2013
$
8,596

 
58,086

 
41,883

 
—

 
8,553

 
117,118

Goodwill acquired during the period
—

 
9,082

 
—

 
—

 
—

 
9,082

Balance as of December 31, 2014
8,596

 
67,168

 
41,883

 
—

 
8,553

 
126,200

Goodwill acquired during the period
—

 
—

 
—

 
19,800

 
—

 
19,800

Balance as of December 31, 2015
$
8,596

 
67,168

 
41,883

 
19,800

 
8,553

 
146,000


(a)
As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the Asset Generation and Management reporting unit due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio. Management believes the elimination of new FFELP loan originations will not have an adverse impact on the fair value of the Company's other reporting units.
Property and Equipment Property and Equipment (Tables)
Property, Plant and Equipment [Table Text Block]
Property and equipment, including $1.3 million of telecommunications customer located property owned under capital leases as of December 31, 2015, consisted of the following:
 
 
 
As of December 31,
 
Useful life
 
2015
 
2014
Non-telecommunications:
 
 
 
 
 
Computer equipment and software
1-5 years
 
$
89,093

 
85,294

Office furniture and equipment
3-7 years
 
12,638

 
12,265

Building and building improvements
5-39 years
 
12,239

 
11,336

Transportation equipment
4-10 years
 
3,868

 
3,877

Leasehold improvements
5-20 years
 
3,545

 
3,645

Land
—
 
700

 
700

Construction in progress
—
 
1,210

 
13,168

 
 
 
123,293

 
130,285

Accumulated depreciation - non-telecommunications
 
 
77,188

 
84,391

Non-telecommunications, net property and equipment
 
 
46,105

 
45,894

 
 
 
 
 
 
Telecommunications:
 
 
 
 
 
Network plant and fiber
5-15 years
 
25,669

 
—

Customer located property
5-10 years
 
6,912

 
—

Central office
5-15 years
 
909

 
—

Other
1-20 years
 
887

 
—

 
 
 
34,377

 
—

Accumulated depreciation - telecommunications
 
 
—

 
—

Telecommunications, net property and equipment
 
 
34,377

 
—

Total property and equipment, net
 
 
$
80,482

 
45,894

Shareholders' Equity Shareholders' Equity (Tables)
Stock Repurchases [Table Text Block]
Shares repurchased by the Company during 2015, 2014, and 2013 are shown in the table below.
 
 
Total shares repurchased
 
Purchase price (in thousands)
 
Average price of shares repurchased (per share)
Year ended December 31, 2015
 
2,449,159

 
$
96,169

 
$
39.27

Year ended December 31, 2014
 
381,689

 
15,713

 
41.17

Year ended December 31, 2013
 
393,259

 
13,136

 
33.40

Earnings per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
 
Year ended December 31,
 
2015
 
2014
 
2013
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
 
Common shareholders
 
Unvested restricted stock shareholders
 
Total
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc.
$
265,129

 
2,850

 
267,979

 
304,540

 
3,070

 
307,610

 
300,043

 
2,629

 
302,672

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic and diluted
45,045,199

 
484,141

 
45,529,340

 
46,005,915

 
463,700

 
46,469,615

 
46,165,785

 
404,529

 
46,570,314

Earnings per share - basic and diluted
$
5.89

 
5.89

 
5.89

 
6.62

 
6.62

 
6.62

 
6.50

 
6.50

 
6.50

Income Taxes Income Taxes (Tables)
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] 
As of December 31, 2015, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $27.7 million, which is included in “other liabilities” on the consolidated balance sheet. Of this total, $18.0 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Company currently anticipates uncertain tax positions will decrease by $6.6 million prior to December 31, 2016 as a result of a lapse of applicable statutes of limitations, settlements, correspondence with examining authorities, and recognition or measurement considerations with federal and state jurisdictions; however, actual developments in this area could differ from those currently expected. Of the anticipated $6.6 million decrease, $4.3 million, if recognized, would favorably affect the Company's effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows:
 
Year ended December 31,
 
2015
 
2014
Gross balance - beginning of year
$
21,336

 
19,141

Additions based on tax positions of prior years
4,749

 
1,421

Additions based on tax positions related to the current year
5,096

 
4,393

Settlements with taxing authorities
—

 
(833
)
Reductions for tax positions of prior years
(1,327
)
 
(641
)
Reductions based on tax positions related to the current year
—

 
—

Reductions due to lapse of applicable statutes of limitations
(2,166
)
 
(2,145
)
Gross balance - end of year
$
27,688

 
21,336


All the reductions shown in the table above that are due to prior year tax positions and the lapse of statutes of limitations impacted the effective tax rate
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] 
The provision for income taxes consists of the following components:
 
Year ended December 31,
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
140,778

 
138,269

 
153,756

State
4,530

 
2,545

 
4,776

Foreign
23

 
(235
)
 
122

Total current provision
145,331

 
140,579

 
158,654

 
 
 
 
 
 
Deferred:
 
 
 
 
 
Federal
3,572

 
16,598

 
1,676

State
3,875

 
3,464

 
868

Foreign
(398
)
 
(403
)
 
(5
)
Total deferred provision
7,049

 
19,659

 
2,539

Provision for income tax expense
$
152,380

 
160,238

 
161,193

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] 
The differences between the income tax provision computed at the statutory federal corporate tax rate and the financial statement provision for income taxes are shown below:
 
Year ended December 31,
 
2015
 
2014
 
2013
Tax expense at federal rate
35.0
  %
 
35.0
  %
 
35.0
  %
Increase (decrease) resulting from:
 
 
 
 
 
State tax, net of federal income tax benefit
1.0

 
0.7

 
0.8

Provision for uncertain federal and state tax matters
0.9

 
0.4

 
(0.6)

Tax credits
(0.5)

 
(0.4)

 
(0.4)

Other
(0.1)

 
(1.4)

 
—

Effective tax rate
36.3
  %
 
34.3
  %
 
34.8
  %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] 
The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following:
 
As of December 31,
 
2015
 
2014
Deferred tax assets:
 
 
 
Student loans
$
20,711

 
21,139

Intangible assets
10,482

 
12,682

Securitizations
6,684

 
7,626

Capital loss carry-back
4,169

 
3,974

Accrued expenses
3,034

 
2,872

Stock compensation
2,882

 
2,490

Deferred revenue
2,220

 
1,548

Other
—

 
109

Total gross deferred tax assets
50,182

 
52,440

Less valuation allowance
(222
)
 
(304
)
Net deferred tax assets
49,960

 
52,136

Deferred tax liabilities:
 
 
 
Basis in certain derivative contracts
24,101

 
15,692

Debt repurchases
18,759

 
24,918

Loan origination services
15,695

 
19,258

Depreciation
5,514

 
4,122

Partnership basis
1,748

 
1,143

Unrealized gain on debt and equity securities
1,400

 
3,016

Other
47

 
—

Total gross deferred tax liabilities
67,264

 
68,149

Net deferred tax (liability) asset
$
(17,304
)
 
(16,013
)
Segment Reporting (Tables)
Schedule of Segment Reporting Information, by Segment
The following tables include the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.

 
Year ended December 31, 2015
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Telecommunications
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
49

 
3

 
728,199

 
—

 
7,686

 
(1,828
)
 
734,109

Interest expense
—

 
—

 
297,625

 
—

 
6,413

 
(1,828
)
 
302,210

Net interest income
49

 
3

 
430,574

 
—

 
1,273

 
—

 
431,899

Less provision for loan losses
—

 
—

 
10,150

 
—

 
—

 
—

 
10,150

Net interest income after provision for loan losses
49

 
3

 
420,424

 
—

 
1,273

 
—

 
421,749

Other income (expense):
 

 
 

 
 

 
 
 
 

 
 

 
 

Loan and guaranty servicing revenue
239,858

 
—

 
—

 
—

 
—

 
—

 
239,858

Intersegment servicing revenue
50,354

 
—

 
—

 
—

 
—

 
(50,354
)
 
—

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

 
120,365

 
—

 
—

 
—

 
—

 
120,365

Enrollment services revenue
—

 
—

 
—

 
—

 
70,705

 
—

 
70,705

Other income, net
—

 
(925
)
 
15,939

 
—

 
12,616

 
—

 
27,630

Gain on sale of loans and debt repurchases, net
—

 
—

 
2,034

 
—

 
3,119

 
—

 
5,153

Derivative market value and foreign currency adjustments, net
—

 
—

 
27,216

 
—

 
1,435

 
—

 
28,651

Derivative settlements, net
—

 
—

 
(23,238
)
 
—

 
(1,012
)
 
—

 
(24,250
)
Total other income (expense)
290,212

 
119,440

 
21,951

 
—

 
86,863

 
(50,354
)
 
468,112

Operating expenses:
 

 
 

 
 

 
 
 
 

 
 

 
 

Salaries and benefits
134,634

 
55,523

 
2,172

 
—

 
55,585

 
—

 
247,914

Cost to provide enrollment services
—

 
—

 
—

 
—

 
45,535

 
—

 
45,535

Loan servicing fees
—

 
—

 
30,213

 
—

 
—

 
—

 
30,213

Depreciation and amortization
1,931

 
8,992

 
—

 
—

 
15,420

 
—

 
26,343

Other
57,799

 
15,161

 
5,083

 
—

 
41,169

 
—

 
119,212

Intersegment expenses, net
43,034

 
11,056

 
51,036

 
—

 
(54,772
)
 
(50,354
)
 
—

Total operating expenses
237,398

 
90,732

 
88,504

 
—

 
102,937

 
(50,354
)
 
469,217

Income (loss) before income taxes and corporate overhead allocation
52,863

 
28,711

 
353,871

 
—

 
(14,801
)
 
—

 
420,644

Corporate overhead allocation
(9,628
)
 
(3,852
)
 
(4,816
)
 
—

 
18,296

 
—

 
—

Income before income taxes
43,235

 
24,859

 
349,055

 
—

 
3,495

 
—

 
420,644

Income tax (expense) benefit
(16,430
)
 
(9,446
)
 
(132,641
)
 
—

 
6,137

 
—

 
(152,380
)
Net income
26,805

 
15,413

 
216,414

 
—

 
9,632

 
—

 
268,264

  Net income attributable to noncontrolling interest
(20
)
 
—

 
—

 
—

 
305

 
—

 
285

Net income attributable to Nelnet, Inc.
$
26,825

 
15,413

 
216,414

 
—

 
9,327

 
—

 
267,979

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
80,459

 
229,615

 
29,699,164

 
68,760

 
626,830

 
(218,923
)
 
30,485,905





 
Year ended December 31, 2014
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
30

 
6

 
703,382

 
8,618

 
(2,236
)
 
709,800

Interest expense
—

 
—

 
269,742

 
5,731

 
(2,236
)
 
273,237

Net interest income
30

 
6

 
433,640

 
2,887

 
—

 
436,563

Less provision for loan losses
—

 
—

 
9,500

 
—

 
—

 
9,500

Net interest income after provision for loan losses
30

 
6

 
424,140

 
2,887

 
—

 
427,063

Other income (expense):
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
240,414

 
—

 
—

 
—

 
—

 
240,414

Intersegment servicing revenue
55,139

 
—

 
—

 
—

 
(55,139
)
 
—

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

 
98,156

 
—

 
—

 
—

 
98,156

Enrollment services revenue
—

 
—

 
—

 
82,883

 
—

 
82,883

Other income, net
—

 
1,268

 
21,532

 
31,202

 
—

 
54,002

Gain on sale of loans and debt repurchases, net
—

 
—

 
(1,357
)
 
5,008

 
—

 
3,651

Derivative market value and foreign currency adjustments, net
—

 
—

 
42,935

 
(5,232
)
 
—

 
37,703

Derivative settlements, net
—

 
—

 
(20,818
)
 
(1,025
)
 
—

 
(21,843
)
Total other income (expense)
295,553

 
99,424

 
42,292

 
112,836

 
(55,139
)
 
494,966

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
125,844

 
48,453

 
2,316

 
51,466

 
—

 
228,079

Cost to provide enrollment services
—

 
—

 
—

 
53,307

 
—

 
53,307

Loan servicing fees
—

 
—

 
27,009

 
—

 
—

 
27,009

Depreciation and amortization
1,734

 
8,169

 
—

 
11,231

 
—

 
21,134

Other
59,521

 
13,006

 
6,602

 
43,852

 
—

 
122,981

Intersegment expenses, net
36,646

 
5,864

 
55,808

 
(43,179
)
 
(55,139
)
 
—

Total operating expenses
223,745

 
75,492

 
91,735

 
116,677

 
(55,139
)
 
452,510

Income (loss) before income taxes and corporate overhead allocation
71,838

 
23,938

 
374,697

 
(954
)
 
—

 
469,519

Corporate overhead allocation
(9,029
)
 
(3,010
)
 
(5,017
)
 
17,056

 
—

 
—

Income before income taxes
62,809

 
20,928

 
369,680

 
16,102

 
—

 
469,519

Income tax (expense) benefit
(23,867
)
 
(7,952
)
 
(140,477
)
 
12,058

 
—

 
(160,238
)
Net income
38,942

 
12,976

 
229,203

 
28,160

 
—

 
309,281

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
1,671

 
—

 
1,671

Net income attributable to Nelnet, Inc.
$
38,942

 
12,976

 
229,203

 
26,489

 
—

 
307,610

Total assets
$
84,495

 
231,991

 
29,505,439

 
497,147

 
(220,929
)
 
30,098,143

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2013
 
Student Loan and Guaranty Servicing
 
Tuition Payment Processing and Campus Commerce
 
Asset
Generation and
Management
 
Corporate and Other Activities
 
Eliminations
 
Total
Total interest income
$
40

 
—

 
638,604

 
9,433

 
(3,267
)
 
644,810

Interest expense
—

 
—

 
229,533

 
4,669

 
(3,267
)
 
230,935

Net interest income
40

 
—

 
409,071

 
4,764

 
—

 
413,875

Less provision for loan losses
—

 
—

 
18,500

 
—

 
—

 
18,500

Net interest income after provision for loan losses
40

 
—

 
390,571

 
4,764

 
—

 
395,375

Other income (expense):
 

 
 

 
 

 
 

 
 

 
 

Loan and guaranty servicing revenue
243,428

 
—

 
—

 
—

 
—

 
243,428

Intersegment servicing revenue
56,744

 
—

 
—

 
—

 
(56,744
)
 
—

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

 
80,682

 
—

 
—

 
—

 
80,682

Enrollment services revenue
—

 
—

 
—

 
98,078

 
—

 
98,078

Other income, net
—

 
—

 
15,223

 
32,218

 
(1,143
)
 
46,298

Gain on sale of loans and debt repurchases
—

 
—

 
11,004

 
695

 
—

 
11,699

Derivative market value and foreign currency adjustments, net
—

 
—

 
35,256

 
13,337

 
—

 
48,593

Derivative settlements, net
—

 
—

 
(27,966
)
 
(1,670
)
 
—

 
(29,636
)
Total other income (expense)
300,172

 
80,682

 
33,517

 
142,658

 
(57,887
)
 
499,142

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Salaries and benefits
106,825

 
37,575

 
2,292

 
49,477

 
—

 
196,169

Cost to provide enrollment services
—

 
—

 
—

 
64,961

 
—

 
64,961

Loan servicing fees
—

 
—

 
23,881

 
—

 
—

 
23,881

Depreciation and amortization
3,924

 
4,518

 
—

 
9,869

 
—

 
18,311

Other
67,494

 
9,147

 
7,064

 
43,099

 
(1,143
)
 
125,661

Intersegment expenses, net
35,743

 
5,989

 
57,572

 
(42,560
)
 
(56,744
)
 
—

Total operating expenses
213,986

 
57,229

 
90,809

 
124,846

 
(57,887
)
 
428,983

Income before income taxes and corporate overhead allocation
86,226

 
23,453

 
333,279

 
22,576

 
—

 
465,534

Corporate overhead allocation
(6,150
)
 
(1,957
)
 
(3,896
)
 
12,003

 
—

 
—

Income before income taxes
80,076

 
21,496

 
329,383

 
34,579

 
—

 
465,534

Income tax (expense) benefit
(30,430
)
 
(8,168
)
 
(125,165
)
 
2,570

 
—

 
(161,193
)
Net income
49,646

 
13,328

 
204,218

 
37,149

 
—

 
304,341

  Net income attributable to noncontrolling interest
—

 
—

 
—

 
1,669

 
—

 
1,669

Net income attributable to Nelnet, Inc.
$
49,646

 
13,328

 
204,218

 
35,480

 
—

 
302,672

Total assets
$
84,986

 
219,064

 
27,387,461

 
425,959

 
(346,621
)
 
27,770,849

 
 
 
 
 
 
 
 
 
 
 
 
Leases Leases (Tables)
Schedule of future minimum lease payments for capital and operating leases [Table Text Block]
The Company leases certain office space and equipment under operating leases and certain property and equipment related to its telecommunications business under capital leases. As operating leases expire, it is expected that they will be replaced with similar leases. Future minimum lease payments under these leases are shown below:
 
Capital leases
 
Operating leases
2016
$
588

 
5,258

2017
333

 
4,192

2018
92

 
3,405

2019
7

 
2,512

2020
—

 
1,926

2021 and thereafter
—

 
5,007

Total minimum lease payments
1,020

 
$
22,300

Less amounts representing interest
(67
)
 
 
Capital lease obligation (a)
$
953

 
 
Stock Based Compensation Plan Stock Based Compensation (Tables)
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] 
The following table summarizes restricted stock activity:
 
Year ended December 31,
 
2015
 
2014
 
2013
Non-vested shares at beginning of year
499,463

 
407,051

 
378,671

Granted
126,946

 
189,716

 
131,933

Vested
(108,424
)
 
(77,219
)
 
(62,491
)
Canceled
(46,388
)
 
(20,085
)
 
(41,062
)
Non-vested shares at end of year
471,597

 
499,463

 
407,051

Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] 
As of December 31, 2015, there was $8.7 million of unrecognized compensation cost included in equity on the consolidated balance sheet related to restricted stock, which is expected to be recognized as compensation expense as shown in the table below.
2016
$
3,477

2017
2,076

2018
1,256

2019
751

2020
440

2021 and thereafter
658

 
$
8,658

Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] 
The following table provides the number of shares awarded under this plan for the years ended December 31, 2015, 2014, and 2013.

 
Shares issued - not deferred
 
Shares- deferred
 
Total
Year ended December 31, 2015
8,164

 
10,406

 
18,570

Year ended December 31, 2014
8,067

 
10,175

 
18,242

Year ended December 31, 2013
10,156

 
5,279

 
15,435

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

 
147,925

 
147,925

 
—

 
145,000

 
145,000

Equity securities
7,337

 
—

 
7,337

 
3,736

 
—

 
3,736

Debt securities
130

 
—

 
130

 
387

 
—

 
387

      Total investments
7,467

 
147,925

 
155,392

 
4,123

 
145,000

 
149,123

Fair value of derivative instruments (b)
—

 
28,690

 
28,690

 
—

 
64,392

 
64,392

      Total assets
$
7,467

 
176,615

 
184,082

 
4,123

 
209,392

 
213,515

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Fair value of derivative instruments (b):
$
—

 
74,881

 
74,881

 
—

 
32,842

 
32,842

      Total liabilities
$
—

 
74,881

 
74,881

 
—

 
32,842

 
32,842


(a)
Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and include investments traded on an active exchange, such as the New York Stock Exchange, and corporate bonds, mortgage-backed securities, U.S. government bonds, and U.S. Treasury securities that trade in active markets. Level 2 investments include student loan asset-backed securities. The fair value for the student loan asset-backed securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk.

(b)
All derivatives are accounted for at fair value on a recurring basis.  The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves, forward foreign currency exchange rates, and volatilities from active markets.  

When determining the fair value of derivatives, the Company takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.
Fair Value, by Balance Sheet Grouping [Table Text Block] 
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:

 
As of December 31, 2015
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,611,350

 
28,324,552

 
—

 
—

 
28,611,350

Cash and cash equivalents
63,529

 
63,529

 
63,529

 
—

 
—

Investments (available-for-sale and trading)
155,392

 
155,392

 
7,467

 
147,925

 
—

Notes receivable
18,067

 
18,473

 
—

 
18,067

 
—

Restricted cash
823,450

 
823,450

 
823,450

 
—

 
—

Restricted cash – due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Restricted investments
9,174

 
9,174

 
9,174

 
—

 
—

Accrued interest receivable
383,825

 
383,825

 
—

 
383,825

 
—

Derivative instruments
28,690

 
28,690

 
—

 
28,690

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,217,536

 
28,172,682

 
—

 
27,217,536

 
—

Accrued interest payable
31,507

 
31,507

 
—

 
31,507

 
—

Due to customers
144,771

 
144,771

 
144,771

 
—

 
—

Derivative instruments
74,881

 
74,881

 
—

 
74,881

 
—


 
As of December 31, 2014
 
Fair value
 
Carrying value
 
Level 1
 
Level 2
 
Level 3
Financial assets:
 
 
 
 
 
 
 
 
 
Student loans receivable
$
28,954,266

 
28,005,195

 
—

 
—

 
28,954,266

Cash and cash equivalents
130,481

 
130,481

 
130,481

 
—

 
—

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

 
149,123

 
4,123

 
145,000

 
—

Notes receivable
22,255

 
22,255

 
—

 
22,255

 
—

Restricted cash
800,164

 
800,164

 
800,164

 
—

 
—

Restricted cash – due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Restricted investments
50,276

 
50,276

 
50,276

 
—

 
—

Accrued interest receivable
351,588

 
351,588

 
—

 
351,588

 
—

Derivative instruments
64,392

 
64,392

 
—

 
64,392

 
—

Financial liabilities:
 

 
 

 
 
 
 
 
 
Bonds and notes payable
27,809,997

 
28,027,350

 
—

 
27,809,997

 
—

Accrued interest payable
25,904

 
25,904

 
—

 
25,904

 
—

Due to customers
118,488

 
118,488

 
118,488

 
—

 
—

Derivative instruments
32,842

 
32,842

 
—

 
32,842

 
—

Quarterly Financial Information Quarterly Financial Information (Tables)
Schedule of Quarterly Financial Information [Table Text Block]
Quarterly Financial Information (Unaudited)
 
2015
 
First quarter
 
Second quarter
 
Third quarter
 
Fourth quarter
Net interest income
$
102,595

 
105,096

 
111,993

 
112,215

Less provision for loan losses
2,000

 
2,150

 
3,000

 
3,000

Net interest income after provision for loan losses
100,595

 
102,946

 
108,993

 
109,215

Loan and guaranty servicing revenue
57,811

 
63,833

 
61,520

 
56,694

Tuition payment processing, school information, and campus commerce revenue
34,680

 
27,686

 
30,439

 
27,561

Enrollment services revenue
17,863

 
17,161

 
19,500

 
16,181

Other income, net
6,918

 
7,504

 
6,523

 
6,684

Gain on sale of loans and debt repurchases, net
2,875

 
1,515

 
597

 
166

Derivative market value and foreign currency adjustments and derivative settlements, net
(3,078
)
 
6,502

 
(30,658
)
 
31,635

Salaries and benefits
(61,050
)
 
(58,787
)
 
(63,215
)
 
(64,862
)
Cost to provide enrollment services
(11,702
)
 
(11,162
)
 
(12,534
)
 
(10,137
)
Loan servicing fees
(7,616
)
 
(7,420
)
 
(7,793
)
 
(7,384
)
Depreciation and amortization
(5,662
)
 
(6,501
)
 
(6,977
)
 
(7,203
)
Operating expenses - other
(29,198
)
 
(31,958
)
 
(30,419
)
 
(27,637
)
Income tax expense
(37,630
)
 
(40,356
)
 
(26,999
)
 
(47,395
)
Net income
64,806

 
70,963

 
48,977

 
83,518

Net income attributable to noncontrolling interest
41

 
54

 
22

 
168

Net income attributable to Nelnet, Inc.
$
64,765

 
70,909

 
48,955

 
83,350

Earnings per common share:
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$
1.40

 
1.54

 
1.09

 
1.86

 
2014
 
First quarter
 
Second quarter
 
Third quarter
 
Fourth quarter
Net interest income
$
98,871

 
107,713

 
117,487

 
112,492

Less provision for loan losses
2,500

 
1,500

 
2,000

 
3,500

Net interest income after provision for loan losses
96,371

 
106,213

 
115,487

 
108,992

Loan and guaranty servicing revenue
64,757

 
66,460

 
52,659

 
56,538

Tuition payment processing, school information, and campus commerce revenue
25,235

 
21,834

 
26,399

 
24,688

Enrollment services revenue
22,011

 
20,145

 
22,936

 
17,791

Other income, net
18,131

 
15,315

 
7,650

 
12,906

Gain on sale of loans and debt repurchases, net
39

 
18

 
—

 
3,594

Derivative market value and foreign currency adjustments and derivative settlements, net
(4,265
)
 
1,570

 
24,203

 
(5,648
)
Salaries and benefits
(52,484
)
 
(53,888
)
 
(61,098
)
 
(60,609
)
Cost to provide enrollment services
(14,475
)
 
(13,311
)
 
(14,178
)
 
(11,343
)
Loan servicing fees
(5,403
)
 
(7,317
)
 
(7,077
)
 
(7,212
)
Depreciation and amortization
(4,783
)
 
(5,214
)
 
(5,493
)
 
(5,644
)
Operating expenses - other
(30,224
)
 
(33,060
)
 
(29,599
)
 
(30,098
)
Income tax expense
(40,611
)
 
(43,078
)
 
(46,513
)
 
(30,036
)
Net income
74,299

 
75,687

 
85,376

 
73,919

Net income attributable to noncontrolling interest
513

 
693

 
157

 
308

Net income attributable to Nelnet, Inc.
$
73,786

 
74,994

 
85,219

 
73,611

Earnings per common share:
 
 
 
 
 
 
 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$
1.59

 
1.61

 
1.84

 
1.59

Condensed Parent Only Financial Statements Condensed Parent Only Financial Statements (Tables)
parent only balance sheet [Table Text Block] 
Balance Sheets
(Parent Company Only)
As of December 31, 2015 and 2014
 
2015
 
2014
Assets:
 
 
 
Cash and cash equivalents
$
19,419

 
30,712

Investments and notes receivable
228,690

 
136,432

Investment in subsidiary debt
49,932

 
122,057

Restricted cash
14,802

 
127

Investment in subsidiaries
1,519,103

 
1,300,032

Other assets
326,765

 
283,831

Fair value of derivative instruments
27,120

 
64,392

Total assets
$
2,185,831

 
1,937,583

Liabilities:
 
 
 
Notes payable
$
232,184

 
149,265

Other liabilities
56,234

 
50,253

Fair value of derivative instruments
9,231

 
12,387

Total liabilities
297,649

 
211,905

Equity:
 
 
 
Nelnet, Inc. shareholders' equity:
 
 
 
Common stock
440

 
463

Additional paid-in capital
—

 
17,290

Retained earnings
1,881,708

 
1,702,560

Accumulated other comprehensive earnings
2,284

 
5,135

Total Nelnet, Inc. shareholders' equity
1,884,432

 
1,725,448

Noncontrolling interest
3,750

 
230

Total equity
1,888,182

 
1,725,678

Total liabilities and shareholders' equity
$
2,185,831

 
1,937,583

parent only income statement [Table Text Block] 
Statements of Income
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Investment interest
$
5,776

 
6,863

 
7,911

Interest on bonds and notes payable
6,242

 
5,492

 
4,433

Net interest (expense) income
(466
)
 
1,371

 
3,478

Other income (expense):
 

 
 

 
 

Other income, net
4,012

 
8,943

 
7,112

Gain from debt repurchases
4,904

 
6,685

 
11,905

Equity in subsidiaries income
276,825

 
316,934

 
275,989

Derivative market value adjustments and derivative settlements, net
8,416

 
14,963

 
28,134

Total other income
294,157

 
347,525

 
323,140

Operating expenses
5,057

 
5,598

 
5,626

Income before income taxes
288,634

 
343,298

 
320,992

Income tax expense
(20,655
)
 
(34,017
)
 
(16,651
)
Net income
267,979

 
309,281

 
304,341

Net income attributable to noncontrolling interest
—

 
1,671

 
1,669

Net income attributable to Nelnet, Inc.
$
267,979

 
307,610

 
302,672

Parent Only Statement of Other Comprehensive Income [Table Text Block] 
Statements of Comprehensive Income
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Net income
$
267,979

 
309,281

 
304,341

Other comprehensive income:
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
Unrealized holding (losses) gains arising during period, net
(1,570
)
 
9,006

 
9,134

Less reclassification adjustment for gains recognized in net income, net of losses
(2,955
)
 
(8,506
)
 
(5,938
)
Income tax effect
1,674

 
(184
)
 
(1,190
)
Total other comprehensive (loss) income
(2,851
)
 
316

 
2,006

Comprehensive income
265,128

 
309,597

 
306,347

Comprehensive income attributable to noncontrolling interest
—

 
1,671

 
1,669

Comprehensive income attributable to Nelnet, Inc.
$
265,128

 
307,926

 
304,678

parent only statement of cash flows [Table Text Block] 
Statements of Cash Flows
(Parent Company Only)
Years ended December 31, 2015, 2014, and 2013
 
2015
 
2014
 
2013
Net income attributable to Nelnet, Inc.
$
267,979

 
307,610

 
302,672

Net income attributable to noncontrolling interest
—

 
1,671

 
1,669

Net income
267,979

 
309,281

 
304,341

Adjustments to reconcile net income to net cash (used by) provided by operating activities:
 
 
 
 
 
Depreciation and amortization
327

 
303

 
284

Derivative market value adjustment
(31,411
)
 
(36,979
)
 
(57,525
)
Proceeds (payments) to terminate and/or amend derivative instruments, net
65,527

 
1,765

 
(6,469
)
Payment to enter into derivative instruments
—

 
(9,087
)
 
—

Equity in earnings of subsidiaries
(276,825
)
 
(316,934
)
 
(275,989
)
Gain from sale of available-for-sale securities, net
(2,955
)
 
(8,506
)
 
(5,938
)
Gain from debt repurchases
(4,904
)
 
(6,685
)
 
(11,905
)
Other
7,460

 
5,396

 
3,835

(Increase) decrease in other assets
(78,698
)
 
4,057

 
209,896

Increase in other liabilities
9,825

 
12,512

 
16,205

Net cash (used by) provided by operating activities
(43,675
)
 
(44,877
)
 
176,735

Cash flows from investing activities
 
 
 
 
 
(Increase) decrease in restricted cash
(13,825
)
 
3,636

 
59,495

Purchases of available-for-sale securities
(98,332
)
 
(192,315
)
 
(217,415
)
Proceeds from sales of available-for-sale securities
94,722

 
240,371

 
116,337

Capital contributions to/from subsidiaries, net
120,291

 
(25,017
)
 
—

Sales (purchases) of subsidiary debt, net
72,125

 
111,038

 
(66,272
)
Purchases of investments and issuances of notes receivable
(55,206
)
 
(14,769
)
 
(11,758
)
Business acquisitions, net of cash acquired
(45,916
)
 
—

 
—

Net cash provided by (used in) investing activities
73,859

 
122,944

 
(119,613
)
Cash flows from financing activities:
 
 
 
 
 
Payments on notes payable
(42,541
)
 
(63,084
)
 
(147,080
)
Proceeds from issuance of notes payable
116,460

 
27,577

 
135,000

Payments of debt issuance costs
(773
)
 
(512
)
 
(644
)
Dividends paid
(19,025
)
 
(18,542
)
 
(18,569
)
Repurchases of common stock
(96,169
)
 
(15,713
)
 
(13,136
)
Proceeds from issuance of common stock
801

 
656

 
561

Issuance of noncontrolling interest
—

 
201

 
5

Distribution to noncontrolling interest
(230
)
 
(1,970
)
 
(1,351
)
Net cash used in financing activities
(41,477
)
 
(71,387
)
 
(45,214
)
Net (decrease) increase in cash and cash equivalents
(11,293
)
 
6,680

 
11,908

Cash and cash equivalents, beginning of period
30,712

 
24,032

 
12,124

Cash and cash equivalents, end of period
$
19,419

 
30,712

 
24,032

 
 
 
 
 
 
Cash disbursements made for:
 
 
 
 
 
Interest
$
5,914

 
5,189

 
4,150

Income taxes, net of refunds
$
147,130

 
155,715

 
59,565

 
 
 
 
 
 
Noncash investing and financing activities:
 
 
 
 
 
Issuance of minority interest
$
3,750

 
—

 
—

Description of Business Telecommunications (Details) (Telecommunications [Member])
Dec. 31, 2015
Telecommunications [Member]
 
Noncontrolling Interest [Line Items]
 
Business Acquisition, Percentage of Voting Interests Acquired
92.50% 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
7.50% 
Noncontrolling Interest, Minimum earn up percentage by noncontrolling owners
11.50% 
Noncontrolling Interest, Maximum earn up percentage by noncontrolling owners
19.00% 
Summary of Significant Accounting Policies and Practices Noncontrolling Interest (Details)
Dec. 31, 2015
Whitetail Rock [Member]
 
Noncontrolling Interest [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
10.00% 
401 Building, LLC [Member]
 
Noncontrolling Interest [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
50.00% 
TDP Phase Three, LLC [Member]
 
Noncontrolling Interest [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
25.00% 
Telecommunications [Member]
 
Noncontrolling Interest [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
7.50% 
Noncontrolling Interest, Minimum earn up percentage by noncontrolling owners
11.50% 
Business Acquisition, Percentage of Voting Interests Acquired
92.50% 
Noncontrolling Interest, Maximum earn up percentage by noncontrolling owners
19.00% 
Summary of Significant Accounting Policies and Practices Student Loans Receivable (Details) (held for sale [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
held for sale [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Student loans receivable, gross
$ 0 
$ 0 
Summary of Significant Accounting Policies and Practices Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
 
 
Impaired Financing Receivable, Recorded Investment
$ 0 
$ 0 
Threshold Period Past Due For Financing Receivable to be Placed on Nonaccrual Status
90 days 
 
Threshold Period Past Due for Write-off of Financing Receivable
120 days 
 
Loans disbursed on or after July 1, 2006 [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Line Items]
 
 
Percent of Principal and Interest Federally Guaranteed
97.00% 
 
Loans disbursed between October 1, 1993 and July 1, 2006 [Member]
 
 
Financing Receivable, Allowance for Credit Losses [Line Items]
 
 
Percent of Principal and Interest Federally Guaranteed
98.00% 
 
Summary of Significant Accounting Policies and Practices Cash and Cash Equivalents and Statement of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]
 
 
 
purchased accrued interest
$ 71.4 
$ 55.0 
$ 29.0 
Student Loans Receivable and Allowance for Loan Losses Student Loans Receivable (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
$ 50,498 
$ 48,900 
$ 55,122 
$ 51,902 
Student loans receivable, net
28,324,552 
28,005,195 
 
 
Federally insured student loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
35,490 
39,170 
43,440 
 
Private education loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Allowance for loan losses
15,008 
9,730 
11,682 
 
held for investment [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
28,555,749 
28,223,908 
 
 
Loan discount, net of unamortized loan premiums and deferred origination costs
180,699 1
169,813 1
 
 
Student loans receivable, net
28,324,552 
28,005,195 
 
 
held for investment [Member] |
Federally insured student loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
28,288,107 
28,196,430 
 
 
Allowance for loan losses
35,490 
39,170 
 
 
held for investment [Member] |
Private education loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
267,642 
27,478 
 
 
Allowance for loan losses
15,008 
9,730 
 
 
held for investment [Member] |
Stafford and other [Member] |
Federally insured student loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
6,202,064 
6,030,825 
 
 
held for investment [Member] |
Consolidation [Member] |
Federally insured student loans [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
22,086,043 
22,165,605 
 
 
Non-Accretable Discount [Member] |
held for investment [Member]
 
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
Student loans receivable, gross
10,800,000 
8,500,000 
 
 
Loan discount, net of unamortized loan premiums and deferred origination costs
$ 33,000 
$ 28,800 
 
 
Student Loans Receivable and Allowance for Loan Losses Significat Purchases and Obligations (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Variable-rate bonds and notes [Member]
Dec. 31, 2014
Variable-rate bonds and notes [Member]
Dec. 31, 2015
GCO Trust-II [Member]
Dec. 31, 2015
GCO Trust-II [Member]
Variable-rate bonds and notes [Member]
Dec. 31, 2015
Student Loan Securitization Trusts - 2014 Trusts [Member]
Dec. 31, 2015
Student Loan Securitization Trusts - 2014 Trusts [Member]
Variable-rate bonds and notes [Member]
Dec. 31, 2015
Student Loan Securitization Trust - May Trust [Member]
Dec. 31, 2015
Student Loan Securitization Trust - May Trust [Member]
Variable-rate bonds and notes [Member]
Dec. 31, 2015
Student Loan Securitization Trust - August Trusts [Member]
Dec. 31, 2015
Student Loan Securitization Trust - August Trusts [Member]
Variable-rate bonds and notes [Member]
Dec. 31, 2015
CommonBond Purchase Commitment [Member]
Private education loans [Member]
Dec. 31, 2015
Amended Purchase Commitment [Member]
CommonBond Purchase Commitment [Member]
Private education loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Purchase Commitment, Period
 
 
 
 
 
 
 
 
 
 
 
 
18 months 
 
Loans and Leases Receivable, Commitments to Purchase or Sell
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 200,000,000 
Financing Receivable, Significant Purchases
 
 
 
 
1,600,000,000 
 
2,600,000,000 
 
504,200,000 
 
1,500,000,000 
 
160,100,000 
 
Debt and Capital Lease Obligations
28,172,682,000 
28,027,350,000 
26,315,701,000 
27,025,100,000 
 
1,600,000,000 
 
2,600,000,000 
 
448,900,000 
 
1,500,000,000 
 
 
Loans Receivable, Description of Variable Rate Basis
 
 
 
 
 
LIBOR 
 
LIBOR 
 
 
 
 
 
 
Student loan fair value discount
 
 
 
 
52,900,000 
 
68,700,000 
 
40,900,000 
 
 
 
 
 
Debt Instrument, Unamortized Discount
 
 
 
 
 
$ 91,800,000 
 
$ 163,700,000 
 
$ 84,500,000 
 
 
 
 
Activity in the Allowance for Loan Losses (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses - balance
 
 
 
$ 48,900 
 
 
 
$ 55,122 
$ 48,900 
$ 55,122 
$ 51,902 
Provision for loan losses
3,000 
3,000 
2,150 
2,000 
3,500 
2,000 
1,500 
2,500 
10,150 
9,500 
18,500 
Charge-offs
 
 
 
 
 
 
 
 
(14,144)
(17,592)
(19,271)
Allowance for loan losses - balance
50,498 
 
 
 
48,900 
 
 
 
50,498 
48,900 
55,122 
Federally insured loans [Member]
 
 
 
 
 
 
 
 
 
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses - balance
 
 
 
39,170 
 
 
 
43,440 
39,170 
43,440 
 
Provision for loan losses
 
 
 
 
 
 
 
 
8,000 
11,000 
20,000 
Charge-offs
 
 
 
 
 
 
 
 
(11,730)
(15,260)
(15,588)
Purchase (sale) of financing receivables, net
 
 
 
 
 
 
 
 
50 
(10)
(1,093)
Allowance for loan losses - balance
35,490 
 
 
 
39,170 
 
 
 
35,490 
39,170 
43,440 
Private education loans [Member]
 
 
 
 
 
 
 
 
 
 
 
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses - balance
 
 
 
9,730 
 
 
 
11,682 
9,730 
11,682 
 
Provision for loan losses
 
 
 
 
 
 
 
 
2,150 
 
 
Valuation Allowances and Reserves, Recoveries
 
 
 
 
 
 
 
 
 
1,500 
1,500 
Charge-offs
 
 
 
 
 
 
 
 
(2,414)
(2,332)
(3,683)
Recoveries - non-federally insured loans
 
 
 
 
 
 
 
 
1,050 
1,315 
1,577 
Purchase (sale) of financing receivables, net
 
 
 
 
 
 
 
 
(140)
(1,620)
0 
Transfer from repurchase obligation related to non-federally insured loans repurchased, net
 
 
 
 
 
 
 
 
4,632 
2,185 
3,507 
Allowance for loan losses - balance
$ 15,008 
 
 
 
$ 9,730 
 
 
 
$ 15,008 
$ 9,730 
$ 11,682 
Repurchase Obligations (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Repurchase Obligation [Line Items]
 
 
Student loans receivable, net
$ 28,324,552,000 
$ 28,005,195,000 
Private education loans sold subject to repurchase agreement [Member]
 
 
Repurchase Obligation [Line Items]
 
 
Days delinquent to trigger repurchase range, minimum
60 
 
Days delinquent to trigger repurchase range, maximum
90 
 
Student loans receivable, net
46,800,000 
155,300,000 
Repurchase obligation
2,700,000 
11,800,000 
Financing Receivable, Significant Purchases
$ 98,600,000 
 
Student Loan Status and Delinquency (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Financing Receivable, Recorded Investment, Past Due [Line Items]
 
 
 
Loans in-school/grace/deferment
$ 2,292,941 1
$ 2,805,228 1
$ 2,872,505 1
Loans in forbearance
2,979,357 2
3,288,412 2
3,370,025 2
Loans in repayment status:
 
 
 
Loans current
19,447,541 
18,460,279 
16,337,922 
Loans current, percentage
84.40% 
83.50% 
82.40% 
Total loans in repayment
23,015,809 
22,102,790 
19,807,673 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Student loans receivable, gross
28,288,107 
28,196,430 
26,050,203 
Private education loans [Member]
 
 
 
Financing Receivable, Recorded Investment, Past Due [Line Items]
 
 
 
Loans in-school/grace/deferment
30,795 1
905 1
2,700 1
Loans in forbearance
350 2
0 2
366 2
Loans in repayment status:
 
 
 
Loans current
228,464 
18,390 
59,001 
Loans current, percentage
96.70% 
69.20% 
86.70% 
Total loans in repayment
236,497 
26,573 
68,037 
Total loans in repayment, percentage
100.00% 
100.00% 
100.00% 
Student loans receivable, gross
267,642 
27,478 
71,103 
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,028,396 3
1,043,119 3
967,318 3
Financing Receivable, Percent Past Due
4.50% 3
4.80% 3
4.90% 3
Financing Receivables, 31 to 60 Days Past Due [Member] [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,771 3
1,078 3
1,672 3
Financing Receivable, Percent Past Due
0.70% 3
4.10% 3
2.50% 3
Financing Receivables, 61 to 90 Days Past Due [Member] |
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
566,953 3
588,777 3
550,333 3
Financing Receivable, Percent Past Due
2.50% 3
2.70% 3
2.90% 3
Financing Receivables, 61 to 90 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,283 3
1,035 3
1,718 3
Financing Receivable, Percent Past Due
0.50% 3
3.90% 3
2.50% 3
Financing receivables, 91-120 days past due [Member] |
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
415,747 3
404,905 3
390,791 3
Financing Receivable, Percent Past Due
1.80% 3
1.80% 3
2.00% 3
Financing Receivables, Equal to Greater than 91 Days Past Due [Member] |
Private education loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
4,979 3
6,070 3
5,646 3
Financing Receivable, Percent Past Due
2.10% 3
22.80% 3
8.30% 3
Financing receivables, 121-270 days past due [Member] |
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
1,166,940 3
1,204,405 3
1,117,936 3
Financing Receivable, Percent Past Due
5.10% 3
5.40% 3
5.60% 3
Financing receivables, 271 days or greater past due [Member] |
Federally insured loans, excluding rehabilitated loans [Member]
 
 
 
Loans in repayment status:
 
 
 
Financing Receivable, Recorded Investment, Past Due
$ 390,232 3 4
$ 401,305 3 4
$ 443,373 3 4
Financing Receivable, Percent Past Due
1.70% 3 4
1.80% 3 4
2.20% 3 4
Outstanding Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 28,172,682 
$ 28,027,350 
Debt Instrument, Unamortized Discount (Premium), Net
(430,649)
(393,072)
Variable-rate bonds and notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
26,315,701 
27,025,100 
Bonds and notes based on indices [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
25,155,336 
25,713,431 
Interest rate range - minimum
0.05% 
0.19% 
Interest rate range - maximum
6.90% 
6.90% 
Final maturity, start
Aug. 26, 2019 
May 25, 2018 
Final maturity, end
Aug. 26, 2052 
Aug. 26, 2052 
Bonds and notes based on auction [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,160,365 
1,311,669 
Interest rate range - minimum
0.88% 
0.47% 
Interest rate range - maximum
2.17% 
2.17% 
Final maturity, start
Mar. 22, 2032 
Mar. 22, 2032 
Final maturity, end
Nov. 26, 2046 
Nov. 26, 2046 
FFELP Warehouse Total [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
1,855,907 
1,241,665 
Interest rate range - minimum
0.27% 
0.16% 
Interest rate range - maximum
0.56% 
0.26% 
Final maturity, start
Apr. 29, 2018 
Jan. 17, 2016 
Final maturity, end
Dec. 14, 2018 
Jun. 11, 2017 
Private Loan Warehouse Total [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
181,184 
 
Interest rate range - minimum
0.57% 
   
Interest rate range - maximum
0.57% 
   
Final maturity, start
Dec. 26, 2016 
   
Final maturity, end
Dec. 26, 2016 
   
Unsecured line of credit [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
100,000 
0 
Interest rate range - minimum
1.79% 
0.00% 
Interest rate range - maximum
1.92% 
0.00% 
Final maturity, start
Oct. 30, 2020 
Jun. 30, 2019 
Final maturity, end
Oct. 30, 2020 
Jun. 30, 2019 
Unsecured debt - Junior Subordinated Hybrid Securities [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
57,184 
71,688 
Interest rate range - minimum
3.99% 
3.63% 
Interest rate range - maximum
3.99% 
3.63% 
Final maturity, start
Sep. 15, 2061 
Sep. 15, 2061 
Final maturity, end
Sep. 15, 2061 
Sep. 15, 2061 
Notes Payable, Other Payables [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
93,355 
81,969 
Interest rate range - minimum
1.93% 
1.67% 
Interest rate range - maximum
3.38% 
5.10% 
Final maturity, start
Oct. 31, 2016 
Nov. 11, 2015 
Final maturity, end
Dec. 15, 2045 
Dec. 31, 2018 
Bonds and notes payable, gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Bonds and notes payable
$ 28,603,331 
$ 28,420,422 
Bonds and Notes Payable Outstanding Lines of Credit (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Secured line of credit [Member]
Dec. 31, 2015
TDP Note 1 [Member]
Dec. 31, 2015
TDP Note 2 [Member]
Dec. 31, 2015
Warehouse Agreement Borrowings [Member]
NHELP-II Warehouse [Member]
Dec. 31, 2015
Warehouse Agreement Borrowings [Member]
NHELP-III Warehouse [Member]
Dec. 31, 2015
Warehouse Agreement Borrowings [Member]
NFSLW-I Warehouse [Member]
Dec. 31, 2015
Warehouse Agreement Borrowings [Member]
FFELP Warehouse Total [Member]
Dec. 31, 2015
Unsecured Line of Credit [Member]
Dec. 31, 2015
Private Loan Warehouse Total [Member]
Warehouse Agreement Borrowings [Member]
Dec. 31, 2015
Auction Rate Securities [Member]
Dec. 31, 2015
Minimum [Member]
Auction Rate Securities [Member]
Dec. 31, 2015
Maximum [Member]
Auction Rate Securities [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds and notes payable
$ 28,172,682 
$ 28,027,350 
 
 
 
 
 
 
 
 
 
$ 1,200,000 
 
 
Debt Instrument, Description of Variable Rate Basis
 
 
 
 
 
 
 
 
 
 
 
 
91-day T-Bill 
LIBOR 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
 
 
 
 
1.25% 
2.50% 
Maximum financing amount
 
 
75,000 
 
 
500,000 
750,000 
875,000 
2,125,000 
350,000 
275,000 
 
 
 
Amount outstanding
 
 
75,000 
12,000 
6,400 
431,109 
738,034 
686,764 
1,855,907 
100,000 
181,200 
 
 
 
Amount available
 
 
 
 
 
68,891 
11,966 
188,236 
269,093 
250,000 
93,800 
 
 
 
Expiration of liquidity provisions
 
 
 
 
 
Dec. 16, 2016 
Apr. 29, 2016 
Jul. 08, 2016 
 
 
Jun. 24, 2016 
 
 
 
Debt Instrument, Maturity Date
 
 
 
 
 
Dec. 14, 2018 
Apr. 29, 2018 
Jul. 09, 2018 
 
Oct. 30, 2020 
Dec. 26, 2016 
 
 
 
Final maturity date
 
 
Oct. 31, 2016 
Mar. 31, 2023 
Dec. 15, 2045 
 
 
 
 
 
 
 
 
 
Advanced as equity support
 
 
 
 
 
$ 36,089 
$ 45,301 
$ 32,757 
$ 114,147 
 
$ 25,200 
 
 
 
Minimum advance rates - range minimum
 
 
 
 
 
85.00% 
92.20% 
84.00% 
 
 
63.75% 
 
 
 
Minimum advance rates - range maximum
 
 
 
 
 
95.00% 
95.00% 
90.00% 
 
 
99.25% 
 
 
 
Maximum advance rates - range minimum
 
 
 
 
 
85.00% 
92.20% 
92.00% 
 
 
 
 
 
 
Maximum advance rates - range maximum
 
 
 
 
 
95.00% 
95.00% 
98.00% 
 
 
88.00% 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
3.38% 
3.38% 
 
 
 
 
 
 
 
 
 
Bonds and Notes Payable Asset-backed Securitizations (Details) (Asset-backed Securities [Member], USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
2015-1 Securitization [Member]
Dec. 31, 2015
2015-2 Securitization [Member]
Dec. 31, 2015
2015-2 Securitization [Member]
2015-2 Securitization Class A-1 [Member]
Dec. 31, 2015
2015-2 Securitization [Member]
2015-2 Securitization Class A-2 [Member]
Dec. 31, 2015
2015-3 Securitization [Member]
Dec. 31, 2015
2015-3 Securitization [Member]
2015-3 Securitization Class A-1 [Member]
Dec. 31, 2015
2015-3 Securitization [Member]
2015-3 Securitization Class A-2 [Member]
Dec. 31, 2015
2015-3 Securitization [Member]
2015-3 Securitization Class A-3 [Member]
Dec. 31, 2014
2014-1 Securitization [Member]
Dec. 31, 2014
2014-2 Securitization [Member]
Dec. 31, 2014
2014-2 Securitization [Member]
2014-2 Securitization Class A-1 [Member]
Dec. 31, 2014
2014-2 Securitization [Member]
2014-2 Securitization Class A-2 [Member]
Dec. 31, 2014
2014-2 Securitization [Member]
2014-2 Securitization Class A-3 [Member]
Dec. 31, 2014
2014-3 Securitization [Member]
Dec. 31, 2014
2014-4 Securitization [Member]
Dec. 31, 2014
2014-4 Securitization [Member]
2014-4 Securitization Class A-1 [Member]
Dec. 31, 2014
2014-4 Securitization [Member]
2014-4 Securitization Class A-2 [Member]
Dec. 31, 2014
2014-5 Securitization [Member]
Dec. 31, 2014
2014-6 Securitization [Member]
Dec. 31, 2015
Class A [Member]
Dec. 31, 2014
Class A [Member]
Dec. 31, 2015
Class A [Member]
2015-1 Securitization [Member]
Dec. 31, 2015
Class A [Member]
2015-2 Securitization [Member]
Dec. 31, 2015
Class A [Member]
2015-2 Securitization [Member]
2015-2 Securitization Class A-1 [Member]
Dec. 31, 2015
Class A [Member]
2015-2 Securitization [Member]
2015-2 Securitization Class A-2 [Member]
Dec. 31, 2015
Class A [Member]
2015-3 Securitization [Member]
Dec. 31, 2015
Class A [Member]
2015-3 Securitization [Member]
2015-3 Securitization Class A-1 [Member]
Dec. 31, 2015
Class A [Member]
2015-3 Securitization [Member]
2015-3 Securitization Class A-2 [Member]
Dec. 31, 2015
Class A [Member]
2015-3 Securitization [Member]
2015-3 Securitization Class A-3 [Member]
Dec. 31, 2014
Class A [Member]
2014-1 Securitization [Member]
Dec. 31, 2014
Class A [Member]
2014-2 Securitization [Member]
Dec. 31, 2014
Class A [Member]
2014-2 Securitization [Member]
2014-2 Securitization Class A-1 [Member]
Dec. 31, 2014
Class A [Member]
2014-2 Securitization [Member]
2014-2 Securitization Class A-2 [Member]
Dec. 31, 2014
Class A [Member]
2014-2 Securitization [Member]
2014-2 Securitization Class A-3 [Member]
Dec. 31, 2014
Class A [Member]
2014-3 Securitization [Member]
Dec. 31, 2014
Class A [Member]
2014-4 Securitization [Member]
Dec. 31, 2014
Class A [Member]
2014-4 Securitization [Member]
2014-4 Securitization Class A-1 [Member]
Dec. 31, 2014
Class A [Member]
2014-4 Securitization [Member]
2014-4 Securitization Class A-2 [Member]
Dec. 31, 2014
Class A [Member]
2014-5 Securitization [Member]
Dec. 31, 2014
Class A [Member]
2014-6 Securitization [Member]
Dec. 31, 2015
Class B [Member]
Dec. 31, 2014
Class B [Member]
Dec. 31, 2015
Class B [Member]
2015-1 Securitization [Member]
Dec. 31, 2015
Class B [Member]
2015-2 Securitization [Member]
Dec. 31, 2015
Class B [Member]
2015-3 Securitization [Member]
Dec. 31, 2014
Class B [Member]
2014-1 Securitization [Member]
Dec. 31, 2014
Class B [Member]
2014-2 Securitization [Member]
Dec. 31, 2014
Class B [Member]
2014-3 Securitization [Member]
Dec. 31, 2014
Class B [Member]
2014-4 Securitization [Member]
Dec. 31, 2014
Class B [Member]
2014-5 Securitization [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Issuance Date
 
 
Feb. 27, 2015 
Mar. 26, 2015 
Mar. 26, 2015 
Mar. 26, 2015 
May 21, 2015 
May 21, 2015 
May 21, 2015 
May 21, 2015 
Feb. 06, 2014 
Mar. 12, 2014 
Mar. 12, 2014 
Mar. 12, 2014 
Mar. 12, 2014 
Apr. 30, 2014 
May 23, 2014 
May 23, 2014 
May 23, 2014 
Jun. 18, 2014 
Jul. 31, 2014 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total original principal amount
$ 1,689,746 
$ 3,239,800 
$ 566,346 
$ 722,000 
$ 122,500 
$ 584,500 
$ 401,400 
$ 82,500 
$ 270,000 
$ 41,400 
$ 458,500 
$ 509,000 
$ 191,000 
$ 222,000 
$ 84,000 
$ 719,800 
$ 384,500 
$ 267,500 
$ 107,500 
$ 603,000 
$ 565,000 
$ 1,654,132 
$ 3,169,700 
$ 553,232 
$ 707,000 
$ 122,500 
$ 584,500 
$ 393,900 
$ 82,500 
$ 270,000 
$ 41,400 
$ 445,000 
$ 497,000 
$ 191,000 
$ 222,000 
$ 84,000 
$ 700,700 
$ 375,000 
$ 267,500 
$ 107,500 
$ 587,000 
$ 565,000 
$ 35,614 
$ 70,100 
$ 13,114 
$ 15,000 
$ 7,500 
$ 13,500 
$ 12,000 
$ 19,100 
$ 9,500 
$ 16,000 
Bond discount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,475)
(3,659)
0 
0 
0 
0 
(1,475)
0 
(380)
(1,095)
0 
(535)
0 
0 
(535)
0 
0 
0 
0 
0 
(3,124)
(3,918)
(6,015)
(1,157)
(1,793)
(968)
(1,132)
(1,046)
(1,467)
(1,138)
(1,232)
Issue price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,652,657 
$ 3,166,041 
$ 553,232 
$ 707,000 
$ 122,500 
$ 584,500 
$ 392,425 
$ 82,500 
$ 269,620 
$ 40,305 
$ 445,000 
$ 496,465 
$ 191,000 
$ 222,000 
$ 83,465 
$ 700,700 
$ 375,000 
$ 267,500 
$ 107,500 
$ 587,000 
$ 561,876 
$ 31,696 
$ 64,085 
$ 11,957 
$ 13,207 
$ 6,532 
$ 12,368 
$ 10,954 
$ 17,633 
$ 8,362 
$ 14,768 
Cost of funds (1-month LIBOR plus:)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.59% 
 
0.27% 
0.60% 
 
0.30% 
0.60% 
0.90% 
0.57% 
 
0.28% 
0.60% 
0.85% 
0.58% 
 
0.54% 
0.95% 
0.55% 
0.65% 
 
 
1.50% 
1.50% 
1.50% 
1.50% 
1.50% 
1.50% 
1.50% 
1.50% 
Final maturity date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apr. 25, 2041 
 
Mar. 25, 2020 
Sep. 25, 2042 
 
Jan. 27, 2025 
Feb. 26, 2046 
Jun. 25, 2049 
Sep. 25, 2041 
 
Jun. 25, 2021 
Mar. 25, 2030 
Jul. 27, 2037 
Jun. 25, 2041 
 
Nov. 27, 2034 
Nov. 25, 2043 
Jul. 25, 2041 
Nov. 25, 2047 
 
 
Jun. 25, 2046 
May 25, 2049 
Jun. 27, 2050 
Oct. 25, 2047 
Jun. 25, 2041 
Oct. 25, 2050 
Sep. 25, 2051 
May 25, 2049 
Bonds and Notes Payable Junior Subordinated Hybrid Securities (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Debt and Capital Lease Obligations
$ 28,172,682,000 
$ 28,027,350,000 
Junior Subordinated Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Face Amount
200,000,000 
 
Debt Instrument, Interest Rate, Stated Percentage
3.99% 
 
Debt Instrument, Description of Variable Rate Basis
three-month LIBOR 
 
Debt Instrument, Basis Spread on Variable Rate
3.375% 
 
Required minimum balance after optional redemption
50,000,000 
 
Debt and Capital Lease Obligations
$ 57,184,000 
$ 71,688,000 
Bonds and Notes Payable Maturity of long-term debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Notes payable
$ 28,172,682 
$ 28,027,350 
Debt and Capital Lease Obligations, Gross [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months
256,184 
 
Long-term Debt, Maturities, Repayments of Principal in Year Two
0 
 
Long-term Debt, Maturities, Repayments of Principal in Year Three
1,855,907 
 
Long-term Debt, Maturities, Repayments of Principal in Year Four
173,755 
 
Long-term Debt, Maturities, Repayments of Principal in Year Five
194,648 
 
Long-term Debt, Maturities, Repayments of Principal after Year Five
26,122,837 
 
Notes payable
$ 28,603,331 
$ 28,420,422 
Bonds and Notes Payable Debt Repurchases (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
 
Extinguishment of Debt, Amount
$ 46,530 
$ 54,012 
$ 90,471 
Debt Instrument, Repurchase price
41,728 
47,397 
78,805 
Gain (Loss) on Repurchase of Debt Instrument
4,802 
6,615 
11,666 
Asset-backed Securities [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Extinguishment of Debt, Amount
32,026 
29,243 
87,696 
Debt Instrument, Repurchase price
30,354 
27,636 
76,725 
Gain (Loss) on Repurchase of Debt Instrument
1,672 
1,607 
10,971 
Unsecured Debt [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Extinguishment of Debt, Amount
14,504 
24,769 
2,775 
Debt Instrument, Repurchase price
11,374 
19,761 
2,080 
Gain (Loss) on Repurchase of Debt Instrument
$ 3,130 
$ 5,008 
$ 695 
Derivative Financial Instruments Outstanding (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
 
Increase (Decrease) in Financial Instruments Used in Operating Activities
$ 2,936,000 
$ 9,087,000 
$ 0 
Student loans receivable, net
28,324,552,000 
28,005,195,000 
 
Bonds and notes payable
28,172,682,000 
28,027,350,000 
 
Junior Subordinated Hybrid Securities [Member]
 
 
 
Derivative [Line Items]
 
 
 
Bonds and notes payable
57,184,000 
71,688,000 
 
Debt Instrument, Description of Variable Rate Basis
three-month LIBOR 
 
 
1:3 basis swaps [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
7,500,000,000 
7,800,000,000 
 
Derivative, Type of Interest Rate Paid on Swap
one-month LIBOR 
 
 
Weighted average basis spread on variable rate
0.10% 
0.035% 
 
1:3 basis swaps [Member] |
One-month LIBOR, Daily reset [Member]
 
 
 
Derivative [Line Items]
 
 
 
Student loans receivable, net
26,000,000,000 
 
 
Derivative, Type of Interest Rate Paid on Swap
one-month LIBOR 
 
 
1:3 basis swaps [Member] |
Three-month commercial paper rate [Member]
 
 
 
Derivative [Line Items]
 
 
 
Student loans receivable, net
1,400,000,000 
 
 
Derivative, Type of Interest Rate Paid on Swap
three-month commercial paper rate 
 
 
1:3 basis swaps [Member] |
Three-month treasury bill, Daily reset [Member]
 
 
 
Derivative [Line Items]
 
 
 
Student loans receivable, net
800,000,000 
 
 
Derivative, Type of Interest Rate Paid on Swap
three-month treasury bill rate 
 
 
1:3 basis swaps [Member] |
Three-month LIBOR, Quarterly reset [Member]
 
 
 
Derivative [Line Items]
 
 
 
Bonds and notes payable
15,800,000,000 
 
 
Derivative, Type of Interest Rate Paid on Swap
three-month LIBOR 
 
 
1:3 basis swaps [Member] |
One-month LIBOR, Monthly reset [Member]
 
 
 
Derivative [Line Items]
 
 
 
Bonds and notes payable
10,100,000,000 
 
 
Derivative, Type of Interest Rate Paid on Swap
one-month LIBOR 
 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2016 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
7,500,000,000 
0 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2021 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
250,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2022 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
1,900,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2023 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
3,650,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2024 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
250,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2026 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
800,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2028 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
100,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2036 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
700,000,000 
 
1:3 basis swaps [Member] |
One Month to Three Month Basis Swap Outstanding - Maturity 2039 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
150,000,000 
 
Interest Rate Swap [Member] |
unsecured debt hedges [Member] |
Junior Subordinated Hybrid Securities [Member] |
Maturity 2036 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Bonds and notes payable
57,200,000 
71,700,000 
 
Unsecured debt scheduled interest rate change date
Sep. 29, 2036 
 
 
Debt Instrument, Description of Variable Rate Basis
three-month LIBOR 
 
 
Derivative, Notional Amount
25,000,000 
25,000,000 
 
Weighted average fixed rate paid by the Company
4.28% 1
4.28% 1
 
Weighted average basis spread on variable rate
3.375% 
 
 
Derivative, Fixed Interest Rate
7.66% 
7.66% 
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member]
 
 
 
Derivative [Line Items]
 
 
 
Student loans earning fixed rate floor income
11,100,000,000 
12,700,000,000 
 
Weighted Average Variable Conversion Rate
2.15% 
1.84% 
 
Derivative, Notional Amount
5,300,000,000 
3,100,000,000 
 
Weighted average fixed rate paid by the Company
0.95% 1
0.87% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2015 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
0 
1,100,000,000 
 
Weighted average fixed rate paid by the Company
0.00% 1
0.89% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2016 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
1,000,000,000 
750,000,000 
 
Weighted average fixed rate paid by the Company
0.76% 1
0.85% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2017 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
2,100,000,000 
1,250,000,000 
 
Weighted average fixed rate paid by the Company
0.84% 1
0.86% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2018 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
1,600,000,000 
0 
 
Weighted average fixed rate paid by the Company
1.08% 1
0.00% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2019 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
500,000,000 
0 
 
Weighted average fixed rate paid by the Company
1.12% 1
0.00% 1
 
Interest Rate Swap [Member] |
Interest rate swaps - floor income hedges [Member] |
Fixed Rate Floor Income Interest Rate Swap - Maturity 2025 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
100,000,000 
0 
 
Weighted average fixed rate paid by the Company
2.32% 1
0.00% 1
 
Interest rate swap option - floor income hedge [Member]
 
 
 
Derivative [Line Items]
 
 
 
Increase (Decrease) in Financial Instruments Used in Operating Activities
 
9,100,000 
 
Derivative, Notional Amount
250,000,000 
 
 
Derivative, Swaption Interest Rate
3.30% 
 
 
Derivative, Type of Interest Rate Received on Swap
one-month LIBOR 
 
 
Interest Rate Cap [Member]
 
 
 
Derivative [Line Items]
 
 
 
Increase (Decrease) in Financial Instruments Used in Operating Activities
2,900,000 
 
 
Derivative, Notional Amount
275,000,000 
 
 
Interest Rate Cap [Member] |
Interest Rate Cap 1 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
125,000,000 
 
 
Derivative, Description of Terms
one-month LIBOR 
 
 
Derivative, Cap Interest Rate
2.50% 
 
 
Interest Rate Cap [Member] |
Interest Rate Cap 2 [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Notional Amount
150,000,000 
 
 
Derivative, Description of Terms
one-month LIBOR 
 
 
Derivative, Cap Interest Rate
4.99% 
 
 
Private Loan Warehouse Total [Member] |
Interest Rate Cap [Member]
 
 
 
Derivative [Line Items]
 
 
 
Bonds and notes payable
$ 275,000,000 
 
 
Derivative Financial Instruments Cross-currency Interest Rate Swaps (Details)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2015
Cross-currency interest rate swaps [Member]
USD ($)
Dec. 31, 2014
Cross-currency interest rate swaps [Member]
USD ($)
Dec. 31, 2013
Cross-currency interest rate swaps [Member]
USD ($)
Dec. 31, 2015
Cross-currency interest rate swaps [Member]
EUR (€)
Nov. 30, 2013
Cross-currency interest rate swap 1 [Member]
EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
 
 
Bonds and notes payable
$ 28,172,682 
$ 28,027,350 
 
 
 
 
€ 352,700 
€ 420,500 
Derivative, Notional Amount
 
 
 
450,000 
 
 
352,700 
 
Re-measurement of Euro Notes
43,801 
58,013 
(35,285)
43,801 
58,013 
(35,285)1
 
 
Change in fair value of cross currency interest rate swaps
(15,150)
(20,310)
83,878 
(45,195)
(57,289)
26,354 1
 
 
Total impact to consolidated statements of income - income (expense)
$ (15,150)
$ (20,310)
$ 83,878 
$ (1,394)2
$ 724 2
$ (8,931)1 2
 
 
Derivative Financial Instruments Fair Value of Derivative Instruments (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Liability, Fair Value, Amount Not Offset Against Collateral
$ 2,800,000 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
28,690,000 
64,392,000 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
74,881,000 
32,842,000 
 
Proceeds to terminate and/or amend derivative instruments, net of payments
65,527,000 
1,765,000 
65,890,000 
1:3 basis swaps [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
724,000 
53,549,000 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
410,000 
0 
 
Interest rate swaps - floor income hedges [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
21,408,000 
5,165,000 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
1,175,000 
5,034,000 
 
Interest rate swap option - floor income hedge [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
3,257,000 
5,678,000 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0 
0 
 
Interest rate swaps - hybrid debt hedges [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
0 
0 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
7,646,000 
7,353,000 
 
Interest Rate Cap [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
1,570,000 
0 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
0 
0 
 
Cross-currency interest rate swaps [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
0 
0 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
65,650,000 
20,455,000 
 
Other [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value
1,731,000 
0 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
$ 0 
$ 0 
 
Derivative Financial Instruments Gross/Net (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Fair value of derivative instrument, net
$ 28,690 
$ 64,392 
Derivative Liabilities Not Designated As Hedging Instruments, Net
60,862 
21,909 
Derivative Assets Not Designated As Hedging Instruments, Net
29,471 
52,005 
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value
74,881 
32,842 
Derivative Liability, Fair Value, Amount Offset Against Collateral
851 
12,387 
Derivative, Collateral, Obligation to Return Cash
 
1,454 
Derivative, Collateral, Right to Reclaim Cash
13,168 
 
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Fair Value, Amount Offset Against Collateral
(851)
(12,387)
Derivative, Collateral, Right to Reclaim Cash
$ 1,632 
$ 0 
Derivative Financial Instruments Income Statement Effect of Derivative Instruments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative settlements
$ (24,250)
$ (21,843)
$ (29,636)
Change in fair value
(15,150)
(20,310)
83,878 
Re-measurement of Euro Notes (foreign currency transaction adjustment) - income (expense)
43,801 
58,013 
(35,285)
Derivative market value and foreign currency adjustments and derivative settlements - income (expense)
4,401 
15,860 
18,957 
1:3 basis swaps [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative settlements
1,058 
3,389 
3,301 
Change in fair value
12,292 
36,824 
7,467 
Interest rate swaps - floor income hedges [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative settlements
(23,041)
(24,380)
(31,022)
Change in fair value
20,103 
8,797 
36,719 
Interest rate swap option - floor income hedge [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Change in fair value
(2,420)
(3,409)
0 
Interest rate swaps - hybrid debt hedges [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative settlements
(1,012)
(1,025)
(1,670)
Change in fair value
(295)
(5,233)
12,997 
Interest Rate Cap [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Change in fair value
(1,365)
0 
0 
Cross-currency interest rate swaps [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative settlements
(1,255)
173 
(245)
Change in fair value
(45,195)
(57,289)
26,354 
Other [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Change in fair value
$ 1,730 
$ 0 
$ 341 
Investments and Restricted Investments Summary (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Investment Holdings [Line Items]
 
 
Investments and notes receivable
$ 303,681,000 
$ 235,709,000 
Investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
155,392,000 
149,123,000 
Investments [Member] |
Available-for-sale securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
140,816,000 
133,142,000 
Gross Unrealized Gains
5,088,000 
8,420,000 
Gross Unrealized Losses
(1,462,000)1
(269,000)
Investments, Fair Value Disclosure
144,442,000 
141,293,000 
Investments [Member] |
Available-for-sale securities [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
139,970,000 2
131,589,000 2
Gross Unrealized Gains
3,402,000 2
6,204,000 2
Gross Unrealized Losses
(1,362,000)1 2
(236,000)2
Investments, Fair Value Disclosure
142,010,000 2
137,557,000 2
Investments [Member] |
Available-for-sale securities [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Amortized cost
846,000 
1,553,000 
Gross Unrealized Gains
1,686,000 
2,216,000 
Gross Unrealized Losses
(100,000)1
(33,000)
Investments, Fair Value Disclosure
2,432,000 
3,736,000 
Investments [Member] |
Trading investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
10,950,000 
7,830,000 
Investments [Member] |
Trading investments [Member] |
Student Loan Asset-Backed and Other Debt Securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
6,045,000 
7,830,000 
Investments [Member] |
Trading investments [Member] |
Equity securities [Member]
 
 
Investment Holdings [Line Items]
 
 
Investments, Fair Value Disclosure
4,905,000 
0 
Miscellaneous Investments [Member] |
Venture Capital Funds [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
63,323,000 3
19,987,000 3
Miscellaneous Investments [Member] |
Real Estate Investment [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
50,463,000 4
18,661,000 4
Miscellaneous Investments [Member] |
Notes Receivable [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
18,473,000 5
22,255,000 5
Miscellaneous Investments [Member] |
Tax liens and affordable housing investments [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
16,030,000 
25,683,000 
Investment in Hudl [Member] |
Miscellaneous Investments [Member] |
Venture Capital Funds [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
41,400,000 
800,000 
TDP Phase Three, LLC [Member] |
Miscellaneous Investments [Member] |
Real Estate Investment [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
25,000,000 
 
Land
3,500,000 
 
Restricted Cash and Cash Equivalents
21,500,000 
 
Notes Payable
18,400,000 
 
Connected with sale of education lending subsidiary [Member] |
Miscellaneous Investments [Member] |
Notes Receivable [Member]
 
 
Investment Holdings [Line Items]
 
 
Other Investments
$ 17,300,000 
$ 20,700,000 
Investments Available for Sale Securities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
 
Amortized cost, within 1 year
$ 6,323 
Fair value, within 1 year
6,283 
Amortized cost, 1-5 years
125 
Fair value, 1-5 years
125 
Amortized cost, 6-10 years
279 
Fair value, 6-10 years
279 
Amortized cost, after 10 years
133,243 
Fair value, after 10 years
135,323 
Amortized cost
139,970 
Fair value
$ 142,010 
Investments Realized and Unrealized Gains (losses) on Investments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
 
 
 
Investment gains (losses) included in other income
$ 143 
$ 7,289 
$ 6,164 
Available-for-sale Securities [Member]
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
Gross realized gains
3,402 
8,581 
6,270 
Gross realized losses
(447)
(75)
(332)
Trading Securities [Member]
 
 
 
Gain (Loss) on Investments [Line Items]
 
 
 
Unrealized gains (losses), net
(715)
(135)
221 
Realized gains (losses), net
$ (2,097)
$ (1,082)
$ 5 
Business Combination Schedule of Assets Acquired at Fair Value(Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jun. 3, 2014
RenWeb Acquisition [Member]
Dec. 31, 2015
Telecommunications [Member]
Business Acquisition [Line Items]
 
 
 
 
 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents
 
 
 
$ 326 
$ 334 
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Restricted Cash And Equivalents
 
 
 
 
850 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables
 
 
 
961 
1,854 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment
 
 
 
105 
34,377 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets
 
 
 
22 
405 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill
 
 
 
37,188 
11,140 
Goodwill
146,000 
126,200 
117,118 
9,082 
19,800 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other
 
 
 
1,341 
4,856 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities
 
 
 
 
13,904 
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
 
 
 
46,343 
50,000 
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value
 
 
 
 
3,750 
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest
 
 
 
 
$ 46,250 
Business Combination Acquisition Details (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2014
RenWeb Acquisition [Member]
Jun. 3, 2014
RenWeb Acquisition [Member]
Dec. 31, 2015
Telecommunications [Member]
Dec. 31, 2014
Customer Relationships [Member]
RenWeb Acquisition [Member]
Dec. 31, 2015
Customer Relationships [Member]
Telecommunications [Member]
Dec. 31, 2014
Trade Names [Member]
RenWeb Acquisition [Member]
Dec. 31, 2015
Trade Names [Member]
Telecommunications [Member]
Dec. 31, 2014
Computer Software [Member]
RenWeb Acquisition [Member]
Dec. 31, 2014
Noncompete Agreements [Member]
RenWeb Acquisition [Member]
Dec. 31, 2015
Change in fair value [Member]
RenWeb Acquisition [Member]
Dec. 31, 2014
Change in fair value [Member]
RenWeb Acquisition [Member]
Dec. 31, 2015
amount paid [Member]
RenWeb Acquisition [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Percentage of Voting Interests Acquired
 
100.00% 
92.50% 
 
 
 
 
 
 
 
 
 
Business Combination, Consideration Transferred
$ 44,000,000 
 
$ 46,250,000 
 
 
 
 
 
 
 
 
 
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low
 
0 
 
 
 
 
 
 
 
 
 
 
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High
 
4,000,000 
 
 
 
 
 
 
 
 
 
 
Business Combination, Contingent Consideration, Liability
 
2,300,000 
 
 
 
 
 
 
 
 
 
 
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
 
 
 
 
 
 
 
 
 
900,000 
(1,300,000)
(1,000,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill
 
37,188,000 
11,140,000 
 
 
 
 
 
 
 
 
 
Finite-lived Intangible Assets Acquired
 
 
 
25,500,000 
6,100,000 
6,400,000 
5,000,000 
4,900,000 
400,000 
 
 
 
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life
18 years 
 
12 years 
20 years 
10 years 
20 years 
15 years 
5 years 
10 years 
 
 
 
Business Acquisition, Goodwill, Expected Tax Deductible Amount
 
$ 9,100,000 
$ 19,800,000 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
 
 
7.50% 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest, Minimum earn up percentage by noncontrolling owners
 
 
11.50% 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest, Maximum earn up percentage by noncontrolling owners
 
 
19.00% 
 
 
 
 
 
 
 
 
 
Intangible Assets Intangible Assets - Schedule of Intangible Assets (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
158 months 
 
Finite-Lived Intangible Assets, Net
$ 51,062,000 
$ 42,582,000 
Customer Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
199 months 
 
Finite-Lived Intangible Assets, Net
27,576,000 
27,330,000 
Accumulated amortization
23,195,000 
17,361,000 
Computer Software [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
34 months 
 
Finite-Lived Intangible Assets, Net
11,601,000 
6,969,000 
Accumulated amortization
4,397,000 
1,896,000 
Trade Names [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
202 months 
 
Finite-Lived Intangible Assets, Net
10,687,000 
6,150,000 
Accumulated amortization
795,000 
272,000 
Noncompete Agreements [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
101 months 
 
Finite-Lived Intangible Assets, Net
298,000 
333,000 
Accumulated amortization
56,000 
21,000 
Media Content [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Finite-Lived Intangible Asset, Useful Life
12 months 
 
Finite-Lived Intangible Assets, Net
900,000 
1,800,000 
Accumulated amortization
$ 900,000 
$ 0 
Intangible Assets Intangible Assets - Expected Future Amortization Expense (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Intangible Assets [Abstract]
 
 
 
Amortization of Intangible Assets
$ 9,800,000 
$ 6,500,000 
$ 3,300,000 
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months
9,990,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Two
7,002,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Three
6,533,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Four
3,886,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, Year Five
3,564,000 
 
 
Finite-Lived Intangible Assets, Amortization Expense, after Year Five
20,087,000 
 
 
Finite-Lived Intangible Assets, Net
$ 51,062,000 
$ 42,582,000 
 
Goodwill Goodwill (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
$ 126,200 
$ 117,118 
Goodwill, Acquired During Period
19,800 
9,082 
Goodwill, Ending Balance
146,000 
126,200 
Student Loan and Guaranty Servicing [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
8,596 
8,596 
Goodwill, Acquired During Period
0 
0 
Goodwill, Ending Balance
8,596 
8,596 
Tuition Payment Processing and Campus Commerce [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
67,168 
58,086 
Goodwill, Acquired During Period
0 
9,082 
Goodwill, Ending Balance
67,168 
67,168 
Asset Generation and Management [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
41,883 1
41,883 1
Goodwill, Acquired During Period
0 1
0 1
Goodwill, Ending Balance
41,883 1
41,883 1
Telecommunications [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
0 
0 
Goodwill, Acquired During Period
19,800 
0 
Goodwill, Ending Balance
19,800 
0 
Corporate and Other Activities [Member]
 
 
Goodwill [Line Items]
 
 
Goodwill, Begining Balance
8,553 
8,553 
Goodwill, Acquired During Period
0 
0 
Goodwill, Ending Balance
$ 8,553 
$ 8,553 
Property and Equipment Property and Equipment (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Net
$ 80,482,000 
$ 45,894,000 
 
Depreciation Expense
16,500,000 
14,600,000 
15,100,000 
non-telecommunications [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
123,293,000 
130,285,000 
 
Accumulated Depreciation
77,188,000 
84,391,000 
 
Property, Plant and Equipment, Net
46,105,000 
45,894,000 
 
non-telecommunications [Member] |
Computer Equipment and Software [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
89,093,000 
85,294,000 
 
non-telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
12,638,000 
12,265,000 
 
non-telecommunications [Member] |
Building [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
12,239,000 
11,336,000 
 
non-telecommunications [Member] |
Transportation Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
3,868,000 
3,877,000 
 
non-telecommunications [Member] |
Leasehold Improvements [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
3,545,000 
3,645,000 
 
non-telecommunications [Member] |
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
700,000 
700,000 
 
non-telecommunications [Member] |
Construction in progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
1,210,000 
13,168,000 
 
Telecommunications [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
34,377,000 
0 
 
Accumulated Depreciation
0 
0 
 
Property, Plant and Equipment, Net
34,377,000 
0 
 
Telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
909,000 
0 
 
Telecommunications [Member] |
network plant and fiber [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
25,669,000 
0 
 
Telecommunications [Member] |
Assets Held under Capital Leases [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
1,300,000 
 
 
Telecommunications [Member] |
Customer located property [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
6,912,000 
0 
 
Telecommunications [Member] |
Other [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Gross
$ 887,000 
$ 0 
 
Minimum [Member] |
non-telecommunications [Member] |
Computer Equipment and Software [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
1 year 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
3 years 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Building [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Transportation Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
4 years 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Leasehold Improvements [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
0 years 
 
 
Minimum [Member] |
non-telecommunications [Member] |
Construction in progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
0 years 
 
 
Minimum [Member] |
Telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Minimum [Member] |
Telecommunications [Member] |
network plant and fiber [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Minimum [Member] |
Telecommunications [Member] |
Customer located property [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Minimum [Member] |
Telecommunications [Member] |
Other [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
1 year 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Computer Equipment and Software [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
5 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
7 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Building [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
39 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Transportation Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
10 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Leasehold Improvements [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
20 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Land [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
0 years 
 
 
Maximum [Member] |
non-telecommunications [Member] |
Construction in progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
0 years 
 
 
Maximum [Member] |
Telecommunications [Member] |
Office Furniture and Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
15 years 
 
 
Maximum [Member] |
Telecommunications [Member] |
network plant and fiber [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
15 years 
 
 
Maximum [Member] |
Telecommunications [Member] |
Customer located property [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
10 years 
 
 
Maximum [Member] |
Telecommunications [Member] |
Other [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, Plant and Equipment, Useful Life
20 years 
 
 
Shareholders' Equity Classes of Common Stock (Details)
12 Months Ended
Dec. 31, 2015
Common Class B [Member]
 
Class of Stock [Line Items]
 
Common Stock, Voting Rights, Number of Votes Per Share
ten 
Common Class A [Member]
 
Class of Stock [Line Items]
 
Common Stock, Voting Rights, Number of Votes Per Share
one 
Shareholders' Equity Stock Repurchases (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Class of Stock [Line Items]
 
 
 
Stock Repurchase Program, Number of Shares Authorized to be Repurchased
5,000,000 
 
 
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased
3,200,000 
 
 
Stock Repurchased and Retired During Period, Shares
2,449,159 
381,689 
393,259 
Stock Repurchased and Retired During Period, Value
$ 96,169 
$ 15,713 
$ 13,136 
Average price of shares repurchased (per share)
$ 39.27 
$ 41.17 
$ 33.40 
Earnings per Common Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
$ 83,350 
$ 48,955 
$ 70,909 
$ 64,765 
$ 73,611 
$ 85,219 
$ 74,994 
$ 73,786 
$ 267,979 
$ 307,610 
$ 302,672 
Weighted Average Number of Shares Outstanding, Basic and Diluted
 
 
 
 
 
 
 
 
45,529,340 
46,469,615 
46,570,314 
Earnings per share - basic and diluted
$ 1.86 
$ 1.09 
$ 1.54 
$ 1.40 
$ 1.59 
$ 1.84 
$ 1.61 
$ 1.59 
$ 5.89 
$ 6.62 
$ 6.50 
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Antidilutive securities excluded from computation of earnings per share
 
 
 
 
 
 
 
 
0 
0 
0 
Unvested restricted stock shareholders [Member]
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
2,850 
3,070 
2,629 
Weighted Average Number of Shares Outstanding, Basic and Diluted
 
 
 
 
 
 
 
 
484,141 
463,700 
404,529 
Earnings per share - basic and diluted
 
 
 
 
 
 
 
 
$ 5.89 
$ 6.62 
$ 6.50 
Common shareholders [Member]
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
$ 265,129 
$ 304,540 
$ 300,043 
Weighted Average Number of Shares Outstanding, Basic and Diluted
 
 
 
 
 
 
 
 
45,045,199 
46,005,915 
46,165,785 
Earnings per share - basic and diluted
 
 
 
 
 
 
 
 
$ 5.89 
$ 6.62 
$ 6.50 
Shares Issued - Deferred [Member]
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Non Employee Director Stock, Cumulative Deferred Shares
146,901 
 
 
 
 
 
 
 
146,901 
 
 
Income Taxes Gross Unrecognized Tax Benefits (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
 
 
Unrecognized Tax Benefits - Gross balance - Period Start
$ 21,336,000 
$ 19,141,000 
Additions based on tax positions of prior years
4,749,000 
1,421,000 
Additions based on tax positions related to the current year
5,096,000 
4,393,000 
Settlements with taxing authorities
0 
(833,000)
Reductions for tax positions of prior years
(1,327,000)
(641,000)
Reductions based on tax positions related to the current year
0 
0 
Reductions due to lapse of applicable statute of limitations
(2,166,000)
(2,145,000)
Unrecognized Tax Benefits - Gross balance - Period End
27,688,000 
21,336,000 
Unrecognized Tax Benefits that Would Impact Effective Tax Rate
18,000,000 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
6,600,000 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
3,200,000 
2,100,000 
Favorably affect the effective tax rate [Member]
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
$ 4,300,000 
 
Income Taxes Interest and Penalties Accrued on Uncertain Tax Positions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest and Penalties Related to Uncertain Tax Provisions [Line Items]
 
 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
$ 3.2 
$ 2.1 
 
Unrecognized Tax Benefits, Interest on Income Taxes Expense
$ 1.2 
$ 0.1 
$ (1.3)
Income Taxes Income Tax Provision (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Schedule of Income Tax Expense/Benefit [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Current Federal Tax Expense (Benefit)
 
 
 
 
 
 
 
 
$ 140,778 
$ 138,269 
$ 153,756 
Current State and Local Tax Expense (Benefit)
 
 
 
 
 
 
 
 
4,530 
2,545 
4,776 
Current Foreign Tax Expense (Benefit)
 
 
 
 
 
 
 
 
23 
(235)
122 
Current Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
145,331 
140,579 
158,654 
Deferred Federal Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
3,572 
16,598 
1,676 
Deferred State and Local Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
3,875 
3,464 
868 
Deferred Foreign Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
(398)
(403)
(5)
Deferred Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
7,049 
19,659 
2,539 
Income Tax Expense (Benefit)
$ 47,395 
$ 26,999 
$ 40,356 
$ 37,630 
$ 30,036 
$ 46,513 
$ 43,078 
$ 40,611 
$ 152,380 
$ 160,238 
$ 161,193 
Income Taxes Effective Tax Rate Reconciliation (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Schedule of Effective Tax Rate Reconciliation [Line Items]
 
 
 
Tax expense at federal rate
35.00% 
35.00% 
35.00% 
Increase (decrease) resulting from: [Abstract]
 
 
 
State tax, net of federal income tax benefit
1.00% 
0.70% 
0.80% 
Provision of uncertain federal and state tax matters
0.90% 
0.40% 
(0.60%)
Tax credits
(0.50%)
(0.40%)
(0.40%)
Other
(0.10%)
(1.40%)
0.00% 
Effective tax rate
36.30% 
34.30% 
34.80% 
Income Taxes Deferred Tax Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Deferred Tax Assets, Net [Abstract]
 
 
Student loans
$ 20,711 
$ 21,139 
Intangible assets
10,482 
12,682 
Securitizations
6,684 
7,626 
Capital loss carry-back
4,169 
3,974 
Accrued expenses
3,034 
2,872 
Stock compensation
2,882 
2,490 
Deferred revenue
2,220 
1,548 
Other
0 
109 
Deferred Tax Assets, Gross
50,182 
52,440 
Deferred Tax Assets, Valuation Allowance
(222)
(304)
Deferred Tax Assets, Net of Valuation Allowance
49,960 
52,136 
Deferred Tax Liabilities, Net [Abstract]
 
 
Debt repurchases
18,759 
24,918 
Loan origination services
15,695 
19,258 
Basis in certain derivative contracts
24,101 
15,692 
Depreciation
5,514 
4,122 
Unrealized gain on debt and equity securities
1,400 
3,016 
Deferred Tax Liabilities, Other
47 
0 
Partnership Basis
1,748 
1,143 
Deferred Tax Liabilities, Gross
67,264 
68,149 
Net Deferred Tax Liability
$ (17,304)
$ (16,013)
Income Taxes Income Taxes Payable / Receivable (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Income Tax Disclosure [Abstract]
 
 
Income Taxes Receivable
$ 12.0 
$ 10.2 
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
$ 734,109 
$ 709,800 
$ 644,810 
Interest expense
 
 
 
 
 
 
 
 
302,210 
273,237 
230,935 
Net interest income
112,215 
111,993 
105,096 
102,595 
112,492 
117,487 
107,713 
98,871 
431,899 
436,563 
413,875 
Less provision for loan losses
3,000 
3,000 
2,150 
2,000 
3,500 
2,000 
1,500 
2,500 
10,150 
9,500 
18,500 
Net interest income after provision for loan losses
109,215 
108,993 
102,946 
100,595 
108,992 
115,487 
106,213 
96,371 
421,749 
427,063 
395,375 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
56,694 
61,520 
63,833 
57,811 
56,538 
52,659 
66,460 
64,757 
239,858 
240,414 
243,428 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Tuition payment processing, school information, and campus commerce revenue
27,561 
30,439 
27,686 
34,680 
24,688 
26,399 
21,834 
25,235 
120,365 
98,156 
80,682 
Enrollment services revenue
16,181 
19,500 
17,161 
17,863 
17,791 
22,936 
20,145 
22,011 
70,705 
82,883 
98,078 
Other income, net
 
 
 
 
 
 
 
 
27,630 
54,002 
46,298 
Gain on sale of loans and debt repurchases, net
166 
597 
1,515 
2,875 
3,594 
0 
18 
39 
5,153 
3,651 
11,699 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
28,651 
37,703 
48,593 
Derivative settlements, net
 
 
 
 
 
 
 
 
(24,250)
(21,843)
(29,636)
Total other income
 
 
 
 
 
 
 
 
468,112 
494,966 
499,142 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
64,862 
63,215 
58,787 
61,050 
60,609 
61,098 
53,888 
52,484 
247,914 
228,079 
196,169 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
45,535 
53,307 
64,961 
Loan servicing fees
7,384 
7,793 
7,420 
7,616 
7,212 
7,077 
7,317 
5,403 
30,213 
27,009 
23,881 
Depreciation and amortization
7,203 
6,977 
6,501 
5,662 
5,644 
5,493 
5,214 
4,783 
26,343 
21,134 
18,311 
Other
27,637 
30,419 
31,958 
29,198 
30,098 
29,599 
33,060 
30,224 
119,212 
122,981 
125,661 
Intersegment expenses, net
 
 
 
 
 
 
 
 
0 
0 
0 
Total operating expenses
 
 
 
 
 
 
 
 
469,217 
452,510 
428,983 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
420,644 
469,519 
465,534 
Corporate overhead allocation
 
 
 
 
 
 
 
 
0 
0 
0 
Income before income taxes
 
 
 
 
 
 
 
 
420,644 
469,519 
465,534 
Income tax expense
(47,395)
(26,999)
(40,356)
(37,630)
(30,036)
(46,513)
(43,078)
(40,611)
(152,380)
(160,238)
(161,193)
Net income
83,518 
48,977 
70,963 
64,806 
73,919 
85,376 
75,687 
74,299 
268,264 
309,281 
304,341 
Net income attributable to noncontrolling interest
168 
22 
54 
41 
308 
157 
693 
513 
285 
1,671 
1,669 
Net Income (Loss) Attributable to Parent
83,350 
48,955 
70,909 
64,765 
73,611 
85,219 
74,994 
73,786 
267,979 
307,610 
302,672 
Total assets
30,485,905 
 
 
 
30,098,143 
 
 
 
30,485,905 
30,098,143 
27,770,849 
Student Loan and Guaranty Servicing [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
49 
30 
40 
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income
 
 
 
 
 
 
 
 
49 
30 
40 
Less provision for loan losses
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
49 
30 
40 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
239,858 
240,414 
243,428 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
50,354 
55,139 
56,744 
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Enrollment services revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Other income, net
 
 
 
 
 
 
 
 
0 
0 
0 
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative settlements, net
 
 
 
 
 
 
 
 
0 
0 
0 
Total other income
 
 
 
 
 
 
 
 
290,212 
295,553 
300,172 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
134,634 
125,844 
106,825 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
0 
0 
0 
Loan servicing fees
 
 
 
 
 
 
 
 
0 
0 
0 
Depreciation and amortization
 
 
 
 
 
 
 
 
1,931 
1,734 
3,924 
Other
 
 
 
 
 
 
 
 
57,799 
59,521 
67,494 
Intersegment expenses, net
 
 
 
 
 
 
 
 
43,034 
36,646 
35,743 
Total operating expenses
 
 
 
 
 
 
 
 
237,398 
223,745 
213,986 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
52,863 
71,838 
86,226 
Corporate overhead allocation
 
 
 
 
 
 
 
 
(9,628)
(9,029)
(6,150)
Income before income taxes
 
 
 
 
 
 
 
 
43,235 
62,809 
80,076 
Income tax expense
 
 
 
 
 
 
 
 
(16,430)
(23,867)
(30,430)
Net income
 
 
 
 
 
 
 
 
26,805 
38,942 
49,646 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
(20)
0 
0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
26,825 
38,942 
49,646 
Total assets
80,459 
 
 
 
84,495 
 
 
 
80,459 
84,495 
84,986 
Tuition Payment Processing and Campus Commerce [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
3 
6 
0 
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income
 
 
 
 
 
 
 
 
3 
6 
0 
Less provision for loan losses
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
3 
6 
0 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
120,365 
98,156 
80,682 
Enrollment services revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Other income, net
 
 
 
 
 
 
 
 
(925)
1,268 
0 
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative settlements, net
 
 
 
 
 
 
 
 
0 
0 
0 
Total other income
 
 
 
 
 
 
 
 
119,440 
99,424 
80,682 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
55,523 
48,453 
37,575 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
0 
0 
0 
Loan servicing fees
 
 
 
 
 
 
 
 
0 
0 
0 
Depreciation and amortization
 
 
 
 
 
 
 
 
8,992 
8,169 
4,518 
Other
 
 
 
 
 
 
 
 
15,161 
13,006 
9,147 
Intersegment expenses, net
 
 
 
 
 
 
 
 
11,056 
5,864 
5,989 
Total operating expenses
 
 
 
 
 
 
 
 
90,732 
75,492 
57,229 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
28,711 
23,938 
23,453 
Corporate overhead allocation
 
 
 
 
 
 
 
 
(3,852)
(3,010)
(1,957)
Income before income taxes
 
 
 
 
 
 
 
 
24,859 
20,928 
21,496 
Income tax expense
 
 
 
 
 
 
 
 
(9,446)
(7,952)
(8,168)
Net income
 
 
 
 
 
 
 
 
15,413 
12,976 
13,328 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
15,413 
12,976 
13,328 
Total assets
229,615 
 
 
 
231,991 
 
 
 
229,615 
231,991 
219,064 
Asset Generation and Management [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
728,199 
703,382 
638,604 
Interest expense
 
 
 
 
 
 
 
 
297,625 
269,742 
229,533 
Net interest income
 
 
 
 
 
 
 
 
430,574 
433,640 
409,071 
Less provision for loan losses
 
 
 
 
 
 
 
 
10,150 
9,500 
18,500 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
420,424 
424,140 
390,571 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Enrollment services revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Other income, net
 
 
 
 
 
 
 
 
15,939 
21,532 
15,223 
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
2,034 
(1,357)
11,004 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
27,216 
42,935 
35,256 
Derivative settlements, net
 
 
 
 
 
 
 
 
(23,238)
(20,818)
(27,966)
Total other income
 
 
 
 
 
 
 
 
21,951 
42,292 
33,517 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
2,172 
2,316 
2,292 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
0 
0 
0 
Loan servicing fees
 
 
 
 
 
 
 
 
30,213 
27,009 
23,881 
Depreciation and amortization
 
 
 
 
 
 
 
 
0 
0 
0 
Other
 
 
 
 
 
 
 
 
5,083 
6,602 
7,064 
Intersegment expenses, net
 
 
 
 
 
 
 
 
51,036 
55,808 
57,572 
Total operating expenses
 
 
 
 
 
 
 
 
88,504 
91,735 
90,809 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
353,871 
374,697 
333,279 
Corporate overhead allocation
 
 
 
 
 
 
 
 
(4,816)
(5,017)
(3,896)
Income before income taxes
 
 
 
 
 
 
 
 
349,055 
369,680 
329,383 
Income tax expense
 
 
 
 
 
 
 
 
(132,641)
(140,477)
(125,165)
Net income
 
 
 
 
 
 
 
 
216,414 
229,203 
204,218 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
216,414 
229,203 
204,218 
Total assets
29,699,164 
 
 
 
29,505,439 
 
 
 
29,699,164 
29,505,439 
27,387,461 
Telecommunications [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
0 
 
 
Interest expense
 
 
 
 
 
 
 
 
0 
 
 
Net interest income
 
 
 
 
 
 
 
 
0 
 
 
Less provision for loan losses
 
 
 
 
 
 
 
 
0 
 
 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
0 
 
 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
0 
 
 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
0 
 
 
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
0 
 
 
Enrollment services revenue
 
 
 
 
 
 
 
 
0 
 
 
Other income, net
 
 
 
 
 
 
 
 
0 
 
 
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
0 
 
 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
0 
 
 
Derivative settlements, net
 
 
 
 
 
 
 
 
0 
 
 
Total other income
 
 
 
 
 
 
 
 
0 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
0 
 
 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
0 
 
 
Loan servicing fees
 
 
 
 
 
 
 
 
0 
 
 
Depreciation and amortization
 
 
 
 
 
 
 
 
0 
 
 
Other
 
 
 
 
 
 
 
 
0 
 
 
Intersegment expenses, net
 
 
 
 
 
 
 
 
0 
 
 
Total operating expenses
 
 
 
 
 
 
 
 
0 
 
 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
0 
 
 
Corporate overhead allocation
 
 
 
 
 
 
 
 
0 
 
 
Income before income taxes
 
 
 
 
 
 
 
 
0 
 
 
Income tax expense
 
 
 
 
 
 
 
 
0 
 
 
Net income
 
 
 
 
 
 
 
 
0 
 
 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
 
 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
0 
 
 
Total assets
68,760 
 
 
 
 
 
 
 
68,760 
 
 
Corporate and Other Activities [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
7,686 
8,618 
9,433 
Interest expense
 
 
 
 
 
 
 
 
6,413 
5,731 
4,669 
Net interest income
 
 
 
 
 
 
 
 
1,273 
2,887 
4,764 
Less provision for loan losses
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
1,273 
2,887 
4,764 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Enrollment services revenue
 
 
 
 
 
 
 
 
70,705 
82,883 
98,078 
Other income, net
 
 
 
 
 
 
 
 
12,616 
31,202 
32,218 
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
3,119 
5,008 
695 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
1,435 
(5,232)
13,337 
Derivative settlements, net
 
 
 
 
 
 
 
 
(1,012)
(1,025)
(1,670)
Total other income
 
 
 
 
 
 
 
 
86,863 
112,836 
142,658 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
55,585 
51,466 
49,477 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
45,535 
53,307 
64,961 
Loan servicing fees
 
 
 
 
 
 
 
 
0 
0 
0 
Depreciation and amortization
 
 
 
 
 
 
 
 
15,420 
11,231 
9,869 
Other
 
 
 
 
 
 
 
 
41,169 
43,852 
43,099 
Intersegment expenses, net
 
 
 
 
 
 
 
 
(54,772)
(43,179)
(42,560)
Total operating expenses
 
 
 
 
 
 
 
 
102,937 
116,677 
124,846 
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
(14,801)
(954)
22,576 
Corporate overhead allocation
 
 
 
 
 
 
 
 
18,296 
(17,056)
12,003 
Income before income taxes
 
 
 
 
 
 
 
 
3,495 
16,102 
34,579 
Income tax expense
 
 
 
 
 
 
 
 
6,137 
(12,058)
2,570 
Net income
 
 
 
 
 
 
 
 
9,632 
28,160 
37,149 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
305 
1,671 
1,669 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
9,327 
26,489 
35,480 
Total assets
626,830 
 
 
 
497,147 
 
 
 
626,830 
497,147 
425,959 
Eliminations [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total interest income
 
 
 
 
 
 
 
 
(1,828)
(2,236)
(3,267)
Interest expense
 
 
 
 
 
 
 
 
(1,828)
(2,236)
(3,267)
Net interest income
 
 
 
 
 
 
 
 
0 
0 
0 
Less provision for loan losses
 
 
 
 
 
 
 
 
0 
0 
0 
Net interest income after provision for loan losses
 
 
 
 
 
 
 
 
0 
0 
0 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Intersegment servicing revenue
 
 
 
 
 
 
 
 
(50,354)
(55,139)
(56,744)
Tuition payment processing, school information, and campus commerce revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Enrollment services revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Other income, net
 
 
 
 
 
 
 
 
0 
0 
(1,143)
Gain on sale of loans and debt repurchases, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative market value and foreign currency adjustments, net
 
 
 
 
 
 
 
 
0 
0 
0 
Derivative settlements, net
 
 
 
 
 
 
 
 
0 
0 
0 
Total other income
 
 
 
 
 
 
 
 
(50,354)
(55,139)
(57,887)
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
Salaries and benefits
 
 
 
 
 
 
 
 
0 
0 
0 
Cost to provide enrollment services
 
 
 
 
 
 
 
 
0 
0 
0 
Loan servicing fees
 
 
 
 
 
 
 
 
0 
0 
0 
Depreciation and amortization
 
 
 
 
 
 
 
 
0 
0 
0 
Other
 
 
 
 
 
 
 
 
0 
0 
(1,143)
Intersegment expenses, net
 
 
 
 
 
 
 
 
(50,354)
(55,139)
(56,744)
Total operating expenses
 
 
 
 
 
 
 
 
(50,354)
(55,139)
(57,887)
Income (loss) before income taxes and corporate overhead allocation
 
 
 
 
 
 
 
 
0 
0 
0 
Corporate overhead allocation
 
 
 
 
 
 
 
 
0 
0 
0 
Income before income taxes
 
 
 
 
 
 
 
 
0 
0 
0 
Income tax expense
 
 
 
 
 
 
 
 
0 
0 
0 
Net income
 
 
 
 
 
 
 
 
0 
0 
0 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
0 
0 
0 
Total assets
$ (218,923)
 
 
 
$ (220,929)
 
 
 
$ (218,923)
$ (220,929)
$ (346,621)
Segment Reporting Business Acquisition (Details) (Telecommunications [Member])
Dec. 31, 2015
Telecommunications [Member]
 
Business Acquisition [Line Items]
 
Business Acquisition, Percentage of Voting Interests Acquired
92.50% 
Major Customer Major Customer (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Concentration Risk [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
$ 56,694 
$ 61,520 
$ 63,833 
$ 57,811 
$ 56,538 
$ 52,659 
$ 66,460 
$ 64,757 
$ 239,858 
$ 240,414 
$ 243,428 
Concentration Risk Dollar Value [Member]
 
 
 
 
 
 
 
 
 
 
 
Concentration Risk [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
$ 133,200 
$ 124,400 
$ 97,400 
Leases Minimum Future Rentals (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Capital and Operating Leased Assets [Line Items]
 
 
 
Operating Leases, Rent Expense, Net
$ 8,100,000 
$ 8,800,000 
$ 8,100,000 
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
Operating Leases, Future Minimum Payments Due, Next Twelve Months
5,258,000 
 
 
Operating Leases, Future Minimum Payments, Due in Two Years
4,192,000 
 
 
Operating Leases, Future Minimum Payments, Due in Three Years
3,405,000 
 
 
Operating Leases, Future Minimum Payments, Due in Four Years
2,512,000 
 
 
Operating Leases, Future Minimum Payments, Due in Five Years
1,926,000 
 
 
Operating Leases, Future Minimum Payments, Due Thereafter
5,007,000 
 
 
Operating Leases, Future Minimum Payments Due
22,300,000 
 
 
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
Capital Leases, Future Minimum Payments Due, Next Twelve Months
588,000 
 
 
Capital Leases, Future Minimum Payments Due in Two Years
333,000 
 
 
Capital Leases, Future Minimum Payments Due in Three Years
92,000 
 
 
Capital Leases, Future Minimum Payments Due in Four Years
7,000 
 
 
Capital Leases, Future Minimum Payments Due in Five Years
0 
 
 
Capital Leases, Future Minimum Payments Due Thereafter
0 
 
 
Capital Leases, Future Minimum Payments Due
1,020,000 
 
 
Capital Leases, Future Minimum Payments, Interest Included in Payments
(67,000)
 
 
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments
$ 953,000 
 
 
Defined Contribution Benefit Plan Defined Contribution Benefit Plan (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Defined Contribution Benefit Plan [Line Items]
 
 
 
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent
100.00% 
 
 
Defined Contribution Plan, Cost Recognized
$ 4.6 
$ 4.2 
$ 3.8 
Employer Match on Employee Contributions up to Three Percent of Employee Salary [Member]
 
 
 
Defined Contribution Benefit Plan [Line Items]
 
 
 
Defined Contribution Plan, Employer Matching Contribution, Percent
100.00% 
 
 
Employer Match on Employee Contributions Between Three and Five Percent of Employee Salary [Member]
 
 
 
Defined Contribution Benefit Plan [Line Items]
 
 
 
Defined Contribution Plan, Employer Matching Contribution, Percent
50.00% 
 
 
Maximum Employee Contribution Percentage Eligible for 100 Percent Employer Match [Member]
 
 
 
Defined Contribution Benefit Plan [Line Items]
 
 
 
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent
3.00% 
 
 
Maximum Employee Contribution Percentage Eligible for 50 Percent Employer Match After 100 Percent Employer Match [Member]
 
 
 
Defined Contribution Benefit Plan [Line Items]
 
 
 
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent
2.00% 
 
 
Stock Based Compensation Plan Employee Stock Based Compensation (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Restricted Stock Activity
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price
15.00% 
 
 
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
$ 8,658,000 
 
 
Allocated Share-based Compensation Expense
5,200,000 
4,600,000 
3,100,000 
Non-vested Shares at Beginning of Year
499,463 
407,051 
378,671 
Granted
126,946 
189,716 
131,933 
Vested
(108,424)
(77,219)
(62,491)
Canceled
(46,388)
(20,085)
(41,062)
Non-vested Shares at End of Year
471,597 
499,463 
407,051 
Employee Share Purchase Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Allocated Share-based Compensation Expense
147,000 
131,000 
148,000 
Employee Share-based Compensation, Shares Issued
23,912 
18,140 
18,004 
Year one [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
3,477,000 
 
 
Year two [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
2,076,000 
 
 
Year three [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
1,256,000 
 
 
Year four [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
751,000 
 
 
Year five [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
440,000 
 
 
Year six and thereafter [Member] |
Restricted Stock Plan [Member]
 
 
 
Restricted Stock Activity
 
 
 
Employee Share-based Compensation Expense
$ 658,000 
 
 
Stock Based Compensation Plan Non-employee Directors Compensation Plan (Details) (USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Goods and Nonemployee Services Transaction [Line Items]
 
 
 
Share-based Goods and Nonemployee Services Transaction, Securities Issued
18,570 
18,242 
15,435 
Non-employee Director Stock at Lower Cost
85.00% 
 
 
Share-based Goods and Nonemployee Services Transaction, Expense
$ 905,000 
$ 777,000 
$ 673,000 
Shares Issued - Deferred [Member]
 
 
 
Share-based Goods and Nonemployee Services Transaction [Line Items]
 
 
 
Share-based Goods and Nonemployee Services Transaction, Securities Issued
10,406 
10,175 
5,279 
Non Employee Director Stock, Cumulative Deferred Shares
146,901 
 
 
Shares Issued - Not Deferred [Member]
 
 
 
Share-based Goods and Nonemployee Services Transaction [Line Items]
 
 
 
Share-based Goods and Nonemployee Services Transaction, Securities Issued
8,164 
8,067 
10,156 
Related Party Transactions Transactions with Union Financial Services, Inc. (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2015
Board of Directors Chairman [Member]
 
 
Related Party Transaction [Line Items]
 
 
Percent ownership of Union Financial Services Inc.
 
50.00% 
Director [Member]
 
 
Related Party Transaction [Line Items]
 
 
Percent ownership of Union Financial Services Inc.
 
50.00% 
Nelnet, Inc. [Member]
 
 
Related Party Transaction [Line Items]
 
 
Aircraft purchase price
$ 5.8 
 
Percent of aircraft owned
 
65.00% 
Union Financial Services Inc. [Member]
 
 
Related Party Transaction [Line Items]
 
 
Proceeds from sale of percentage of aircraft
$ 2.0 
 
Percent of aircraft owned
 
35.00% 
Related Party Transactions Transactions with Union Bank and Trust Company (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Loan Servicing [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Student loans receivable, net
$ 28,324,552,000 
 
 
 
$ 28,005,195,000 
 
 
 
$ 28,324,552,000 
$ 28,005,195,000 
 
Loan and guaranty servicing revenue
56,694,000 
61,520,000 
63,833,000 
57,811,000 
56,538,000 
52,659,000 
66,460,000 
64,757,000 
239,858,000 
240,414,000 
243,428,000 
Accounts Receivable, Net
51,345,000 
 
 
 
50,552,000 
 
 
 
51,345,000 
50,552,000 
 
Operating Cash Accounts [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents related party
52,150,000 
 
 
 
92,700,000 
 
 
 
52,150,000 
92,700,000 
 
Restricted cash - due to customers
144,771,000 
 
 
 
118,488,000 
 
 
 
144,771,000 
118,488,000 
 
Interest and Dividend Income, Operating
 
 
 
 
 
 
 
 
734,109,000 
709,800,000 
644,810,000 
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Loan Servicing [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Student loans receivable, net
563,100,000 
 
 
 
581,400,000 
 
 
 
563,100,000 
581,400,000 
598,900,000 
Loan and guaranty servicing revenue
 
 
 
 
 
 
 
 
500,000 
400,000 
1,300,000 
Accounts Receivable, Net
59,000 
 
 
 
36,000 
 
 
 
59,000 
36,000 
 
Funding, Participation Agreement [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Amount of Participation, FFELP Student Loans
471,600,000 
 
 
 
543,000,000 
 
 
 
471,600,000 
543,000,000 
 
Maximum Participation to Union Bank FFELP Loans
 
 
 
 
 
 
 
 
750,000,000 
 
 
Subparticipation Agreement [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Amount of Participation
 
 
 
 
2,600,000 
 
 
 
 
2,600,000 
 
basis points earned on outstanding balance
 
 
 
 
40 
 
 
 
 
40 
 
Contractual Obligation
 
 
 
 
500,000 
 
 
 
 
500,000 
 
Amount paid to settle the subparticipation agreement
 
 
 
 
 
 
 
 
3,100,000 
 
 
Operating Cash Accounts [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents related party
88,400,000 
 
 
 
107,600,000 
 
 
 
88,400,000 
107,600,000 
 
Restricted cash - due to customers
36,300,000 
 
 
 
14,900,000 
 
 
 
36,300,000 
14,900,000 
 
Interest and Dividend Income, Operating
 
 
 
 
 
 
 
 
200,000 
200,000 
100,000 
Lease Arrangements [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Square Footage Leased to Union Bank and Trust Company
 
 
 
 
 
 
 
 
4,000 
 
 
Operating Leases, Income Statement, Lease Revenue
 
 
 
 
 
 
 
 
73,000 
76,000 
72,000 
Operating Leases, Rent Expense
 
 
 
 
 
 
 
 
 
71,000 
159,000 
529 Plan Administration Fees [Member] |
Received from Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
3,500,000 
3,400,000 
2,800,000 
General and Administrative Expense [Member] |
Paid to Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
36,000 
36,000 
36,000 
Selling Expense [Member] |
Paid to Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
47,000 
57,000 
107,000 
Cash Management [Member] |
Paid to Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
111,000 
117,000 
140,000 
Other services [Member] |
Paid to Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
205,000 
311,000 
52,000 
Employee Sharing Arrangement [Member] |
Received from Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
201,000 
178,000 
170,000 
Health and Productivity Services [Member] |
Received from Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
19,000 
14,000 
18,000 
401K Plan Administrative Fees [Member] |
Paid to Union Bank [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Other Fees Paid to/Received from Union Bank [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party
 
 
 
 
 
 
 
 
469,000 
450,000 
370,000 
Federally insured loans [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Loan Purchases and Sales [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Financing Receivable, Significant Purchases
 
 
 
 
 
 
 
 
 
 
478,200,000 
Student loan fair value discount
 
 
 
 
 
 
 
 
 
 
11,400,000 
Private education loans [Member] |
Union Bank and Trust Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Loan Purchases and Sales [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Financing Receivable, Significant Purchases
 
 
 
 
 
 
 
 
4,400,000 
200,000 
200,000 
Student loans receivable, gross
17,600,000 
 
 
 
 
 
 
 
17,600,000 
 
 
Financing Receivable, Significant Sales
 
 
 
 
 
 
 
 
 
16,500,000 
 
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Other
 
 
 
 
$ 0 
 
 
 
 
$ 0 
 
Related Party Transactions Investment Services (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2014
Union Bank and Trust Company [Member]
BasisPoints
Dec. 31, 2015
Union Bank and Whitetail Rock Capital Management management agreement dated May 9, 2011, effective as of May 1, 2011 [Member]
Dec. 31, 2014
Union Bank and Whitetail Rock Capital Management management agreement dated May 9, 2011, effective as of May 1, 2011 [Member]
Dec. 31, 2013
Union Bank and Whitetail Rock Capital Management management agreement dated May 9, 2011, effective as of May 1, 2011 [Member]
Dec. 31, 2015
Union Bank and Whitetail Rock Capital Management management agreement dated January 20, 2012 [Member]
BasisPoints
Dec. 31, 2014
Union Bank and Whitetail Rock Capital Management management agreement dated January 20, 2012 [Member]
Dec. 31, 2013
Union Bank and Whitetail Rock Capital Management management agreement dated January 20, 2012 [Member]
Dec. 31, 2015
Union Bank and Whitetail Rock Capital Management management agreement dated January 20, 2012 [Member]
Board of Directors Chairman [Member]
Dec. 31, 2011
Union Bank and Whitetail Rock Capital Management management agreement dated January 20, 2012 [Member]
Board of Directors Chairman [Member]
Dec. 31, 2015
SLABS Fund-I, SLABS Fund-II, SLABS Fund-III, SLABS Fund-IV, and SLABS Fund-V [Member]
Dec. 31, 2014
SLABS Fund-I, SLABS Fund-II, SLABS Fund-III, SLABS Fund-IV, and SLABS Fund-V [Member]
Dec. 31, 2013
SLABS Fund-I, SLABS Fund-II, SLABS Fund-III, SLABS Fund-IV, and SLABS Fund-V [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Basis points Whitetail Rock Capital Management earns from Union Bank on outstanding balance
40 
25 
 
 
5 
 
 
 
 
50 
 
 
Shares contributed to the trusts
 
 
 
 
 
 
 
3,000,000 
3,375,000 
 
 
 
Amount invested in funds under Whitetail Rock Capital Management management agreement
 
$ 685,000,000 
 
 
 
 
 
 
 
$ 178,600,000 
 
 
Percent of gains from the sale of securities Whitetail Rock Capital Management earns
 
50.00% 
 
 
 
 
 
 
 
 
 
 
Fee revenue related to investment services
 
2,700,000 
13,400,000 
12,900,000 
71,000 
66,000 
61,000 
 
 
 
 
 
Receivables due from Union Bank and Trust
 
 
 
 
1,100,000 
1,700,000 
 
 
 
 
 
 
Percentage of basis points earned paid to Union Bank as custodian
 
 
 
 
 
 
 
 
 
50.00% 
 
 
Fees paid to Union Bank as custodian
 
 
 
 
 
 
 
 
 
$ 400,000 
$ 300,000 
$ 300,000 
Related Party Transactions Transactions with Agile Sports Technologies, Inc. (doing business as "Hudl") (Details) (Agile Sports Technologies, Inc. [Member], USD $)
In Millions, unless otherwise specified
Mar. 17, 2015
Dec. 31, 2015
Parent Company [Member]
Dec. 31, 2015
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
 
 
 
Cost Method Investments, Original Cost
$ 40.5 
 
 
Equity Method Investment, Ownership Percentage
 
18.70% 
2.80% 
Assets and Liabilities that are Measured at Fair Value (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
$ 155,392 1
$ 149,123 1
Fair value of derivative instruments
28,690 2
64,392 2
Total assets
184,082 
213,515 
Liabilities [Abstract]
 
 
Fair value of derivative instruments
74,881 2
32,842 2
Total liabilities
74,881 
32,842 
Student loan asset-backed securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
147,925 1
145,000 1
Equity securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
7,337 1
3,736 1
Debt securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
130 1
387 1
Level 1 [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
7,467 1
4,123 1
Fair value of derivative instruments
0 2
0 2
Total assets
7,467 
4,123 
Liabilities [Abstract]
 
 
Fair value of derivative instruments
0 2
0 2
Total liabilities
0 
0 
Level 1 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
0 1
0 1
Level 1 [Member] |
Equity securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
7,337 1
3,736 1
Level 1 [Member] |
Debt securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
130 1
387 1
Level 2 [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
147,925 1
145,000 1
Fair value of derivative instruments
28,690 2
64,392 2
Total assets
176,615 
209,392 
Liabilities [Abstract]
 
 
Fair value of derivative instruments
74,881 2
32,842 2
Total liabilities
74,881 
32,842 
Level 2 [Member] |
Student loan asset-backed securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
147,925 1
145,000 1
Level 2 [Member] |
Equity securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
0 1
0 1
Level 2 [Member] |
Debt securities [Member]
 
 
Assets [Abstract]
 
 
Investments, Fair Value Disclosure
$ 0 1
$ 0 1
[1] Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and include investments traded on an active exchange, such as the New York Stock Exchange, and corporate bonds, mortgage-backed securities, U.S. government bonds, and U.S. Treasury securities that trade in active markets. Level 2 investments include student loan asset-backed securities. The fair value for the student loan asset-backed securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk.
Fair Value of Financial Instruments (Details) (USD $)
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
$ 28,324,552,000 
$ 28,005,195,000 
 
 
Cash and cash equivalents
63,529,000 
130,481,000 
63,267,000 
66,031,000 
Investments (available-for-sale and trading)
303,681,000 
235,709,000 
 
 
Restricted cash - due to customers
144,771,000 
118,488,000 
 
 
Accrued interest receivable
383,825,000 
351,588,000 
 
 
Fair value of derivative instruments
28,690,000 
64,392,000 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
28,172,682,000 
28,027,350,000 
 
 
Accrued interest payable
31,507,000 
25,904,000 
 
 
Due to customers
144,771,000 
118,488,000 
 
 
Fair value of derivative instruments
74,881,000 
32,842,000 
 
 
Fair value [Member]
 
 
 
 
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
28,611,350,000 
28,954,266,000 
 
 
Cash and cash equivalents
63,529,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
155,392,000 
149,123,000 
 
 
Notes Receivable
18,067,000 
22,255,000 
 
 
Restricted cash
823,450,000 
800,164,000 
 
 
Restricted cash - due to customers
144,771,000 
118,488,000 
 
 
Restricted investments
9,174,000 
50,276,000 
 
 
Accrued interest receivable
383,825,000 
351,588,000 
 
 
Fair value of derivative instruments
28,690,000 
64,392,000 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
27,217,536,000 
27,809,997,000 
 
 
Accrued interest payable
31,507,000 
25,904,000 
 
 
Due to customers
144,771,000 
118,488,000 
 
 
Fair value of derivative instruments
74,881,000 
32,842,000 
 
 
Fair value [Member] |
Level 1 [Member]
 
 
 
 
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
0 
0 
 
 
Cash and cash equivalents
63,529,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
7,467,000 
4,123,000 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
823,450,000 
800,164,000 
 
 
Restricted cash - due to customers
144,771,000 
118,488,000 
 
 
Restricted investments
9,174,000 
50,276,000 
 
 
Accrued interest receivable
0 
0 
 
 
Fair value of derivative instruments
0 
0 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
144,771,000 
118,488,000 
 
 
Fair value of derivative instruments
0 
0 
 
 
Fair value [Member] |
Level 2 [Member]
 
 
 
 
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
147,925,000 
145,000,000 
 
 
Notes Receivable
18,067,000 
22,255,000 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
383,825,000 
351,588,000 
 
 
Fair value of derivative instruments
28,690,000 
64,392,000 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
27,217,536,000 
27,809,997,000 
 
 
Accrued interest payable
31,507,000 
25,904,000 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
74,881,000 
32,842,000 
 
 
Fair value [Member] |
Level 3 [Member]
 
 
 
 
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
28,611,350,000 
28,954,266,000 
 
 
Cash and cash equivalents
0 
0 
 
 
Investments (available-for-sale and trading)
0 
0 
 
 
Notes Receivable
0 
0 
 
 
Restricted cash
0 
0 
 
 
Restricted cash - due to customers
0 
0 
 
 
Restricted investments
0 
0 
 
 
Accrued interest receivable
0 
0 
 
 
Fair value of derivative instruments
0 
0 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
0 
0 
 
 
Accrued interest payable
0 
0 
 
 
Due to customers
0 
0 
 
 
Fair value of derivative instruments
0 
0 
 
 
Carrying value [Member]
 
 
 
 
Financial Assets [Abstract]
 
 
 
 
Student loans receivable, net
28,324,552,000 
28,005,195,000 
 
 
Cash and cash equivalents
63,529,000 
130,481,000 
 
 
Investments (available-for-sale and trading)
155,392,000 
149,123,000 
 
 
Notes Receivable
18,473,000 
22,255,000 
 
 
Restricted cash
823,450,000 
800,164,000 
 
 
Restricted cash - due to customers
144,771,000 
118,488,000 
 
 
Restricted investments
9,174,000 
50,276,000 
 
 
Accrued interest receivable
383,825,000 
351,588,000 
 
 
Fair value of derivative instruments
28,690,000 
64,392,000 
 
 
Financial Liabilities [Abstract]
 
 
 
 
Bonds and notes payable
28,172,682,000 
28,027,350,000 
 
 
Accrued interest payable
31,507,000 
25,904,000 
 
 
Due to customers
144,771,000 
118,488,000 
 
 
Fair value of derivative instruments
$ 74,881,000 
$ 32,842,000 
 
 
Quarterly Financial Information Quarterly Financial Information (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net interest income
$ 112,215 
$ 111,993 
$ 105,096 
$ 102,595 
$ 112,492 
$ 117,487 
$ 107,713 
$ 98,871 
$ 431,899 
$ 436,563 
$ 413,875 
Provision for loan losses
3,000 
3,000 
2,150 
2,000 
3,500 
2,000 
1,500 
2,500 
10,150 
9,500 
18,500 
Net interest income after provision for loan losses
109,215 
108,993 
102,946 
100,595 
108,992 
115,487 
106,213 
96,371 
421,749 
427,063 
395,375 
Loan and guaranty servicing revenue
56,694 
61,520 
63,833 
57,811 
56,538 
52,659 
66,460 
64,757 
239,858 
240,414 
243,428 
Tuition payment processing, school information, and campus commerce revenue
27,561 
30,439 
27,686 
34,680 
24,688 
26,399 
21,834 
25,235 
120,365 
98,156 
80,682 
Enrollment services revenue
16,181 
19,500 
17,161 
17,863 
17,791 
22,936 
20,145 
22,011 
70,705 
82,883 
98,078 
Other income, net
6,684 
6,523 
7,504 
6,918 
12,906 
7,650 
15,315 
18,131 
27,630 
54,002 
46,298 
Gain on sale of loans and debt repurchases, net
166 
597 
1,515 
2,875 
3,594 
0 
18 
39 
5,153 
3,651 
11,699 
Derivative market value and foreign currency adjustments and derivative settlements, net
31,635 
(30,658)
6,502 
(3,078)
(5,648)
24,203 
1,570 
(4,265)
4,401 
15,860 
18,957 
Salaries and benefits
(64,862)
(63,215)
(58,787)
(61,050)
(60,609)
(61,098)
(53,888)
(52,484)
(247,914)
(228,079)
(196,169)
Cost to provide enrollment services
(10,137)
(12,534)
(11,162)
(11,702)
(11,343)
(14,178)
(13,311)
(14,475)
 
 
 
Loan servicing fees
(7,384)
(7,793)
(7,420)
(7,616)
(7,212)
(7,077)
(7,317)
(5,403)
(30,213)
(27,009)
(23,881)
Depreciation and amortization
(7,203)
(6,977)
(6,501)
(5,662)
(5,644)
(5,493)
(5,214)
(4,783)
(26,343)
(21,134)
(18,311)
Operating expenses - other
(27,637)
(30,419)
(31,958)
(29,198)
(30,098)
(29,599)
(33,060)
(30,224)
(119,212)
(122,981)
(125,661)
Income tax expense
(47,395)
(26,999)
(40,356)
(37,630)
(30,036)
(46,513)
(43,078)
(40,611)
(152,380)
(160,238)
(161,193)
Net income
83,518 
48,977 
70,963 
64,806 
73,919 
85,376 
75,687 
74,299 
268,264 
309,281 
304,341 
Net income attributable to noncontrolling interest
168 
22 
54 
41 
308 
157 
693 
513 
285 
1,671 
1,669 
Net income attributable to Nelnet, Inc.
$ 83,350 
$ 48,955 
$ 70,909 
$ 64,765 
$ 73,611 
$ 85,219 
$ 74,994 
$ 73,786 
$ 267,979 
$ 307,610 
$ 302,672 
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$ 1.86 
$ 1.09 
$ 1.54 
$ 1.40 
$ 1.59 
$ 1.84 
$ 1.61 
$ 1.59 
$ 5.89 
$ 6.62 
$ 6.50 
Condensed Parent Only Financial Statements Condensed Parent Only Balance Sheets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Assets:
 
 
 
 
Cash and cash equivalents
$ 63,529 
$ 130,481 
$ 63,267 
$ 66,031 
Investments and notes receivable
303,681 
235,709 
 
 
Restricted cash
832,624 
850,440 
 
 
Other assets
75,344 
76,622 
 
 
Fair value of derivative instruments
28,690 
64,392 
 
 
Total assets
30,485,905 
30,098,143 
27,770,849 
 
Liabilities:
 
 
 
 
Notes payable
28,172,682 
28,027,350 
 
 
Other liabilities
169,906 
167,881 
 
 
Fair value of derivative instruments
74,881 
32,842 
 
 
Total liabilities
28,593,747 
28,372,465 
 
 
Nelnet, Inc. shareholders' equity:
 
 
 
 
Additional paid-in capital
0 
17,290 
 
 
Retained earnings
1,881,708 
1,702,560 
 
 
Accumulated other comprehensive earnings
2,284 
5,135 
 
 
Total Nelnet, Inc. shareholders' equity
1,884,432 
1,725,448 
 
 
Noncontrolling interest
7,726 
230 
 
 
Total equity
1,892,158 
1,725,678 
1,443,990 
1,165,213 
Liabilities and Equity [Abstract]
 
 
 
 
Total liabilities and equity
30,485,905 
30,098,143 
 
 
Parent Company [Member]
 
 
 
 
Assets:
 
 
 
 
Cash and cash equivalents
19,419 
30,712 
24,032 
12,124 
Investments and notes receivable
228,690 
136,432 
 
 
Investment in subsidiary debt
49,932 
122,057 
 
 
Restricted cash
14,802 
127 
 
 
Investment in subsidiaries
1,519,103 
1,300,032 
 
 
Other assets
326,765 
283,831 
 
 
Fair value of derivative instruments
27,120 
64,392 
 
 
Total assets
2,185,831 
1,937,583 
 
 
Liabilities:
 
 
 
 
Notes payable
232,184 
149,265 
 
 
Other liabilities
56,234 
50,253 
 
 
Fair value of derivative instruments
9,231 
12,387 
 
 
Total liabilities
297,649 
211,905 
 
 
Nelnet, Inc. shareholders' equity:
 
 
 
 
Common stock
440 
463 
 
 
Additional paid-in capital
0 
17,290 
 
 
Retained earnings
1,881,708 
1,702,560 
 
 
Accumulated other comprehensive earnings
2,284 
5,135 
 
 
Total Nelnet, Inc. shareholders' equity
1,884,432 
1,725,448 
 
 
Noncontrolling interest
3,750 
230 
 
 
Total equity
1,888,182 
1,725,678 
 
 
Liabilities and Equity [Abstract]
 
 
 
 
Total liabilities and equity
$ 2,185,831 
$ 1,937,583 
 
 
Condensed Parent Only Financial Statements Condensed Parent Only Statements of Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Investment interest
 
 
 
 
 
 
 
 
$ 7,851 
$ 6,793 
$ 6,668 
Interest on bonds and notes payable
 
 
 
 
 
 
 
 
302,210 
273,237 
230,935 
Net interest (expense) income
112,215 
111,993 
105,096 
102,595 
112,492 
117,487 
107,713 
98,871 
431,899 
436,563 
413,875 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Other income, net
6,684 
6,523 
7,504 
6,918 
12,906 
7,650 
15,315 
18,131 
27,630 
54,002 
46,298 
Gain from debt repurchases
166 
597 
1,515 
2,875 
3,594 
0 
18 
39 
5,153 
3,651 
11,699 
Derivative market value adjustments and derivative settlements, net
31,635 
(30,658)
6,502 
(3,078)
(5,648)
24,203 
1,570 
(4,265)
4,401 
15,860 
18,957 
Total other income
 
 
 
 
 
 
 
 
468,112 
494,966 
499,142 
Operating expenses
 
 
 
 
 
 
 
 
469,217 
452,510 
428,983 
Income before income taxes
 
 
 
 
 
 
 
 
420,644 
469,519 
465,534 
Income tax expense
(47,395)
(26,999)
(40,356)
(37,630)
(30,036)
(46,513)
(43,078)
(40,611)
(152,380)
(160,238)
(161,193)
Net income
83,518 
48,977 
70,963 
64,806 
73,919 
85,376 
75,687 
74,299 
268,264 
309,281 
304,341 
Net income attributable to noncontrolling interest
168 
22 
54 
41 
308 
157 
693 
513 
285 
1,671 
1,669 
Net income attributable to Nelnet, Inc.
83,350 
48,955 
70,909 
64,765 
73,611 
85,219 
74,994 
73,786 
267,979 
307,610 
302,672 
Parent Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Investment interest
 
 
 
 
 
 
 
 
5,776 
6,863 
7,911 
Interest on bonds and notes payable
 
 
 
 
 
 
 
 
6,242 
5,492 
4,433 
Net interest (expense) income
 
 
 
 
 
 
 
 
(466)
1,371 
3,478 
Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
Other income, net
 
 
 
 
 
 
 
 
4,012 
8,943 
7,112 
Gain from debt repurchases
 
 
 
 
 
 
 
 
4,904 
6,685 
11,905 
Equity in subsidiaries income
 
 
 
 
 
 
 
 
276,825 
316,934 
275,989 
Derivative market value adjustments and derivative settlements, net
 
 
 
 
 
 
 
 
8,416 
14,963 
28,134 
Total other income
 
 
 
 
 
 
 
 
294,157 
347,525 
323,140 
Operating expenses
 
 
 
 
 
 
 
 
5,057 
5,598 
5,626 
Income before income taxes
 
 
 
 
 
 
 
 
288,634 
343,298 
320,992 
Income tax expense
 
 
 
 
 
 
 
 
(20,655)
(34,017)
(16,651)
Net income
 
 
 
 
 
 
 
 
267,979 
309,281 
304,341 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
1,671 
1,669 
Net income attributable to Nelnet, Inc.
 
 
 
 
 
 
 
 
$ 267,979 
$ 307,610 
$ 302,672 
Condensed Parent Only Financial Statements Parent Only Statement of Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income
$ 83,518 
$ 48,977 
$ 70,963 
$ 64,806 
$ 73,919 
$ 85,376 
$ 75,687 
$ 74,299 
$ 268,264 
$ 309,281 
$ 304,341 
Unrealized holding (losses) gains arising during period, net
 
 
 
 
 
 
 
 
(1,570)
9,006 
9,134 
Less reclassification adjustment for gains recognized in net income, net of losses
 
 
 
 
 
 
 
 
(2,955)
(8,506)
(5,938)
Income tax effect
 
 
 
 
 
 
 
 
1,674 
(184)
(1,190)
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(2,851)
316 
2,006 
Comprehensive income
 
 
 
 
 
 
 
 
265,413 
309,597 
306,347 
Net income attributable to noncontrolling interest
168 
22 
54 
41 
308 
157 
693 
513 
285 
1,671 
1,669 
Comprehensive income attributable to Nelnet, Inc.
 
 
 
 
 
 
 
 
265,128 
307,926 
304,678 
Parent Company [Member]
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
267,979 
309,281 
304,341 
Unrealized holding (losses) gains arising during period, net
 
 
 
 
 
 
 
 
(1,570)
9,006 
9,134 
Less reclassification adjustment for gains recognized in net income, net of losses
 
 
 
 
 
 
 
 
(2,955)
(8,506)
(5,938)
Income tax effect
 
 
 
 
 
 
 
 
1,674 
(184)
(1,190)
Total other comprehensive (loss) income
 
 
 
 
 
 
 
 
(2,851)
316 
2,006 
Comprehensive income
 
 
 
 
 
 
 
 
265,128 
309,597 
306,347 
Net income attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
1,671 
1,669 
Comprehensive income attributable to Nelnet, Inc.
 
 
 
 
 
 
 
 
$ 265,128 
$ 307,926 
$ 304,678 
Condensed Parent Only Financial Statements Condensed Parent Only Statements of Cash Flows (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net income attributable to Nelnet, Inc.
$ 267,979 
$ 307,610 
$ 302,672 
Net income attributable to noncontrolling interest
285 
1,671 
1,669 
Net income
268,264 
309,281 
304,341 
Adjustments to reconcile net income to net cash (used by) provided by operating activities:
 
 
 
Depreciation and amortization
123,736 
107,969 
79,484 
Proceeds (payments) to terminate and/or amend derivative instruments, net
65,527 
1,765 
65,890 
Payment to enter into derivative instruments
(2,936)
(9,087)
0 
Gain from sale of available-for-sale securities, net
(2,955)
(8,506)
(5,938)
(Increase) Decrease in other assets
375 
2,372 
(4,783)
Increase (decrease) in other liabilities
(8,736)
(20,529)
4,782 
Net cash (used in) provided by operating activities
391,365 
357,449 
387,180 
Cash flows from investing activities
 
 
 
Decrease (increase) in restricted cash
67,108 
(51,135)
147,743 
Purchases of available-for-sale securities
(100,476)
(192,998)
(219,894)
Business and asset acquisitions, net of cash acquired, including contingency payments
(46,966)
(46,833)
0 
Net cash provided by (used in) investing activities
1,417,362 
(109,508)
496,580 
Cash flows from financing activities:
 
 
 
Payments on notes payable
(4,368,180)
(3,632,741)
(5,153,057)
Proceeds from issuance of notes payable
2,614,595 
3,502,316 
4,312,720 
Payments of debt issuance costs
(11,162)
(14,934)
(13,697)
Dividends paid
(19,025)
(18,542)
(18,569)
Repurchases of common stock
(96,169)
(15,713)
(13,136)
Proceeds from issuance of common stock
801 
656 
561 
Issuance of noncontrolling interest
3,693 
201 
5 
Distribution to noncontrolling interest
(232)
(1,970)
(1,351)
Net cash used in financing activities
(1,875,679)
(180,727)
(886,524)
Net (decrease) increase in cash and cash equivalents
(66,952)
67,214 
(2,764)
Cash and cash equivalents, beginning of year
130,481 
63,267 
66,031 
Cash and cash equivalents, end of year
63,529 
130,481 
63,267 
Cash disbursements made for:
 
 
 
Interest
228,248 
210,700 
190,998 
Income taxes, net of refunds
147,235 
155,828 
154,840 
Noncash investing and financing activities:
 
 
 
Issuance of minority interest
3,750 
0 
0 
Parent Company [Member]
 
 
 
Net income attributable to Nelnet, Inc.
267,979 
307,610 
302,672 
Net income attributable to noncontrolling interest
0 
1,671 
1,669 
Net income
267,979 
309,281 
304,341 
Adjustments to reconcile net income to net cash (used by) provided by operating activities:
 
 
 
Depreciation and amortization
327 
303 
284 
Derivative market value adjustment
(31,411)
(36,979)
(57,525)
Proceeds (payments) to terminate and/or amend derivative instruments, net
65,527 
1,765 
(6,469)
Payment to enter into derivative instruments
0 
(9,087)
0 
Equity in earnings of subsidiaries
(276,825)
(316,934)
(275,989)
Gain from sale of available-for-sale securities, net
(2,955)
(8,506)
(5,938)
Gain from debt repurchases
(4,904)
(6,685)
(11,905)
Other non-cash items
7,460 
5,396 
3,835 
(Increase) Decrease in other assets
(78,698)
4,057 
209,896 
Increase (decrease) in other liabilities
9,825 
12,512 
16,205 
Net cash (used in) provided by operating activities
(43,675)
(44,877)
176,735 
Cash flows from investing activities
 
 
 
Decrease (increase) in restricted cash
(13,825)
3,636 
59,495 
Purchases of available-for-sale securities
(98,332)
(192,315)
(217,415)
Proceeds from sales of available-for-sale securities
94,722 
240,371 
116,337 
Capital contributions to/from subsidiaries, net
120,291 
(25,017)
0 
Sales (purchases) of subsidiary debt, net
72,125 
111,038 
(66,272)
Purchases of other investments, net
(55,206)
(14,769)
(11,758)
Business and asset acquisitions, net of cash acquired, including contingency payments
(45,916)
0 
0 
Net cash provided by (used in) investing activities
73,859 
122,944 
(119,613)
Cash flows from financing activities:
 
 
 
Payments on notes payable
(42,541)
(63,084)
(147,080)
Proceeds from issuance of notes payable
116,460 
27,577 
135,000 
Payments of debt issuance costs
(773)
(512)
(644)
Dividends paid
(19,025)
(18,542)
(18,569)
Repurchases of common stock
(96,169)
(15,713)
(13,136)
Proceeds from issuance of common stock
801 
656 
561 
Issuance of noncontrolling interest
0 
201 
5 
Distribution to noncontrolling interest
(230)
(1,970)
(1,351)
Net cash used in financing activities
(41,477)
(71,387)
(45,214)
Net (decrease) increase in cash and cash equivalents
(11,293)
6,680 
11,908 
Cash and cash equivalents, beginning of year
30,712 
24,032 
12,124 
Cash and cash equivalents, end of year
19,419 
30,712 
24,032 
Cash disbursements made for:
 
 
 
Interest
5,914 
5,189 
4,150 
Income taxes, net of refunds
147,130 
155,715 
59,565 
Noncash investing and financing activities:
 
 
 
Issuance of minority interest
$ 3,750 
$ 0 
$ 0