NELNET INC, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,515,182
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,658,604
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Loans and accrued interest receivable $ 10,155,483 $ 9,992,744
Cash and cash equivalents:    
Cash and cash equivalents 225,753 194,518
Investments at fair value 1,286,729 1,160,320
Other investments and notes receivable, net 818,210 1,040,376
Total investments and notes receivable 2,104,939 2,200,696
Restricted cash 317,958 332,100
Restricted cash - due to customers 258,065 404,402
Accounts receivable (net of allowance for doubtful accounts of $2,999 and $2,877, respectively) 127,490 159,934
Goodwill 158,029 158,029
Intangible assets, net 33,278 36,328
Property and equipment, net 85,040 95,185
Other assets 245,053 203,817
Total assets 13,711,088 13,777,753
Liabilities:    
Bonds and notes payable 7,903,561 8,309,797
Accrued interest payable 19,296 21,046
Bank deposits 1,382,042 1,186,131
Other liabilities 494,387 483,193
Due to customers 429,109 478,469
Total liabilities 10,228,395 10,478,636
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 637 7,389
Retained earnings 3,576,192 3,340,540
Accumulated other comprehensive (loss) earnings, net (2,208) 1,470
Total Nelnet, Inc. shareholders' equity 3,574,983 3,349,762
Noncontrolling interests (92,290) (50,645)
Total equity 3,482,693 3,299,117
Total liabilities and equity 13,711,088 13,777,753
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 8,783,481 9,122,609
Cash and cash equivalents:    
Restricted cash 297,566 287,389
Liabilities:    
Bonds and notes payable 8,198,240 8,452,614
Common stock:    
Accrued interest payable and other liabilities (70,575) (88,200)
Net assets of consolidated education and other lending variable interest entities 812,232 869,184
Class A    
Common stock:    
Common stock 255 256
Class B    
Common stock:    
Common stock 107 107
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 135,256 48,838
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents $ 90,497 $ 145,680
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Allowance for loan losses $ 125,349 $ 114,890
Allowance for doubtful accounts $ 2,999 $ 2,877
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 25,538,730 25,634,748
Common stock, outstanding (in shares) 25,538,730 25,634,748
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,658,604 10,658,604
Common stock, outstanding (in shares) 10,658,604 10,658,604
v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loan interest $ 172,104 $ 202,129 $ 338,543 $ 418,853
Investment interest 40,185 40,737 81,574 92,814
Total interest income 212,289 242,866 420,117 511,667
Interest expense on bonds and notes payable and bank deposits 132,854 176,459 257,968 371,039
Net interest income 79,435 66,407 162,149 140,628
Less provision for loan losses 17,930 3,611 33,267 14,440
Net interest income after provision for loan losses 61,505 62,796 128,882 126,188
Other income (expense):        
Other, net 22,976 14,020 46,670 18,103
Gain (loss) on sale of loans, net 0 (1,438) 909 (1,579)
Gain on partial redemption of ALLO investment 175,044 0 175,044 0
Derivative market value adjustments and derivative settlements, net (3,122) 3,182 (8,701) 12,903
Total other income (expense), net 461,177 266,270 776,955 577,179
Cost of services and expenses:        
Cost of services 55,739 48,490 113,247 111,328
Operating Expenses        
Salaries and benefits 134,699 139,634 272,922 283,509
Depreciation and amortization 7,624 15,142 16,879 31,911
Reinsurance losses and underwriting expenses 25,662 10,988 47,874 22,305
Other expenses 51,306 48,608 99,532 94,136
Total operating expenses 219,291 214,372 437,207 431,861
Impairment expense and provision for beneficial interests 10,288 7,776 11,879 7,813
Total expenses 285,318 270,638 562,333 551,002
Income before income taxes 237,364 58,428 343,504 152,365
Income tax expense 59,510 14,753 84,521 37,936
Net income 177,854 43,675 258,983 114,429
Net loss attributable to noncontrolling interests 3,605 1,416 5,035 4,069
Net income (loss) attributable to Nelnet, Inc. $ 181,459 $ 45,091 $ 264,018 $ 118,498
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Weighted-average common shares outstanding - basic (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Weighted-average common shares outstanding - diluted (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 120,724 $ 109,052 $ 241,465 $ 236,252
Cost of services and expenses:        
Cost of services 1,845 196 3,478 196
Education technology services and payments revenue        
Other income (expense):        
Revenue 118,184 116,909 265,515 260,449
Cost of services and expenses:        
Cost of services 39,844 40,222 87,891 88,832
Reinsurance premiums earned        
Other income (expense):        
Revenue 26,112 14,851 50,799 27,631
Solar construction revenue        
Other income (expense):        
Revenue 1,259 9,694 5,254 23,420
Cost of services and expenses:        
Cost of services $ 14,050 $ 8,072 $ 21,878 $ 22,300
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 177,854 $ 43,675 $ 258,983 $ 114,429
Other comprehensive (loss) income:        
Net changes related to foreign currency translation adjustments (131) (21) (147) (16)
Net changes related to available-for-sale debt securities:        
Unrealized holding (losses) gains arising during period, net (657) 8,874 (3,425) 25,635
Reclassification of gains recognized in net income, net (595) (1,053) (1,077) (1,605)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 94 51 141 122
Income tax effect 278 (1,890) 1,047 (5,797)
Unrealized gains (losses) during period after reclassifications and tax (880) 5,982 (3,314) 18,355
Net changes related to cash flow hedges:        
Fair value adjustments during period, net (625) 0 (625) 0
Income tax effect 150 0 150 0
Net changes related to cash flow hedges: (475) 0 (475) 0
Net changes related to equity method investee's other comprehensive income:        
(Loss) gain on cash flow hedge (385) 335 340 (632)
Income tax effect 92 (80) (82) 152
Net changes related to equity method investee's other comprehensive, after income tax effect (293) 255 258 (480)
Other comprehensive (loss) income (1,779) 6,216 (3,678) 17,859
Comprehensive income 176,075 49,891 255,305 132,288
Comprehensive loss attributable to noncontrolling interests 3,605 1,416 5,035 4,069
Comprehensive income attributable to Nelnet, Inc. $ 179,680 $ 51,307 $ 260,340 $ 136,357
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023       0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2023         26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 $ 3,200,107     $ 0 $ 264 $ 107 $ 3,096 $ 3,270,403 $ (20,119) $ (53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 114,429             118,498   (4,069)
Other comprehensive income (loss) 17,859               17,859  
Issuance of noncontrolling interests 8,151                 8,151
Distribution to noncontrolling interests (26,570)                 (26,570)
Cash dividend on Class A and Class B common stock (20,528)             (20,528)    
Issuance of common stock, net of forfeitures (in shares)         69,914          
Issuance of common stock, net of forfeitures 3,298       $ 1   3,297      
Compensation expense for stock based awards 5,834           5,834      
Repurchase of common stock (in shares)         (884,704)          
Repurchase of common stock (82,311)       $ (9)   (11,570) (70,732)    
Acquisition of remaining 20% of NextGen, net of tax (247)             (2,340)   2,093
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024       0            
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2024         25,585,840 10,663,088        
Ending balance at Jun. 30, 2024 3,220,022     $ 0 $ 256 $ 107 657 3,295,301 (2,260) (74,039)
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024       0            
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 31, 2024         26,055,314 10,663,088        
Beginning balance at Mar. 31, 2024 3,235,720     $ 0 $ 261 $ 107 1,101 3,304,197 (8,476) (61,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 43,675             45,091   (1,416)
Other comprehensive income (loss) 6,216               6,216  
Issuance of noncontrolling interests 6,618                 6,618
Distribution to noncontrolling interests (19,864)                 (19,864)
Cash dividend on Class A and Class B common stock (10,158)             (10,158)    
Issuance of common stock, net of forfeitures (in shares)         18,506          
Issuance of common stock, net of forfeitures 2,171           2,171      
Compensation expense for stock based awards 2,733           2,733      
Repurchase of common stock (in shares)         (487,980)          
Repurchase of common stock (46,842)       $ (5)   (5,348) (41,489)    
Acquisition of remaining 20% of NextGen, net of tax (247)             (2,340)   2,093
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024       0            
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2024         25,585,840 10,663,088        
Ending balance at Jun. 30, 2024 $ 3,220,022     $ 0 $ 256 $ 107 657 3,295,301 (2,260) (74,039)
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 0     0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2024   25,634,748 10,658,604   25,634,748 10,658,604        
Beginning balance at Dec. 31, 2024 $ 3,299,117     $ 0 $ 256 $ 107 7,389 3,340,540 1,470 (50,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 258,983             264,018   (5,035)
Other comprehensive income (loss) (3,678)               (3,678)  
Issuance of noncontrolling interests 6,179                 6,179
Distribution to noncontrolling interests (37,406)                 (37,406)
Cash dividend on Class A and Class B common stock (20,322)             (20,322)    
Issuance of common stock, net of forfeitures (in shares)         126,027          
Issuance of common stock, net of forfeitures 2,817       $ 1   2,816      
Compensation expense for stock based awards 6,351           6,351      
Repurchase of common stock (in shares)         (222,045)          
Repurchase of common stock (25,818)       $ (2)   (15,919) (9,897)    
Acquisition of remaining 20% of NextGen, net of tax $ (3,530)             1,853   (5,383)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025 0     0            
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2025   25,538,730 10,658,604   25,538,730 10,658,604        
Ending balance at Jun. 30, 2025 $ 3,482,693     $ 0 $ 255 $ 107 637 3,576,192 (2,208) (92,290)
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025       0            
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 31, 2025         25,697,581 10,658,604        
Beginning balance at Mar. 31, 2025 3,363,009     $ 0 $ 257 $ 107 6,649 3,412,939 (429) (56,514)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 177,854             181,459   (3,605)
Other comprehensive income (loss) (1,779)               (1,779)  
Issuance of noncontrolling interests 3,882                 3,882
Distribution to noncontrolling interests (30,670)                 (30,670)
Cash dividend on Class A and Class B common stock (10,162)             (10,162)    
Issuance of common stock, net of forfeitures (in shares)         24,703          
Issuance of common stock, net of forfeitures 2,153           2,153      
Compensation expense for stock based awards 3,296           3,296      
Repurchase of common stock (in shares)         (183,554)          
Repurchase of common stock (21,360)       $ (2)   (11,461) (9,897)    
Acquisition of remaining 20% of NextGen, net of tax $ (3,530)             1,853   (5,383)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025 0     0            
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2025   25,538,730 10,658,604   25,538,730 10,658,604        
Ending balance at Jun. 30, 2025 $ 3,482,693     $ 0 $ 255 $ 107 $ 637 $ 3,576,192 $ (2,208) $ (92,290)
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
GRNE Solar        
Acquisition of remaining 20% of GRNE Solar 20.00% 20.00% 20.00% 20.00%
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.28 $ 0.56 $ 0.56
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.28 $ 0.56 $ 0.56
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Net cash provided by operating activities:    
Net income (loss) attributable to Nelnet, Inc. $ 264,018 $ 118,498
Net loss attributable to noncontrolling interests (5,035) (4,069)
Net income 258,983 114,429
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 52,406 69,623
Loan discount and deferred lender fees accretion (42,502) (22,538)
Provision for loan losses 33,267 14,440
Derivative market value adjustments 10,190 (9,497)
(Payments to) proceeds from clearinghouse - initial and variation margin, net (4,030) 5,716
Gain on partial redemption of ALLO investment (175,044) 0
(Gain) loss on sale of loans, net (909) 1,579
(Gain) loss on investments, net (19,650) 6,985
Deferred income tax benefit (88,924) (4,814)
Non-cash compensation expense 6,513 6,004
Impairment expense and provision for beneficial interests 11,879 7,813
Changes in operating assets and liabilities:    
Decrease in loan and investment accrued interest receivable 15,218 150,907
Decrease in accounts receivable 32,523 36,329
Decrease in other assets 23,510 39,667
Decrease in the carrying amount of ROU asset 1,958 1,911
Decrease in accrued interest payable (6,072) (8,250)
Increase (decrease) in other liabilities 65,986 (62,638)
Decrease in the carrying amount of lease liability (3,384) (1,982)
Other 1,011 (365)
Total adjustments (86,054) 230,890
Net cash provided by operating activities 172,929 345,319
Cash flows from investing activities, net of acquisitions:    
Net proceeds from loan repayments, claims, and capitalized interest 881,096 2,125,052
Purchases of available-for-sale securities (240,476) (295,319)
Proceeds from sales of available-for-sale securities 109,609 266,547
Proceeds from beneficial interest in loan securitizations 38,235 19,513
Purchases of other investments and issuance of notes receivable (161,828) (197,440)
Proceeds from other investments and repayments of notes receivable 454,829 53,635
Redemption of held-to-maturity debt securities 7,796 5,041
Purchases of property and equipment (7,074) (33,842)
Net cash provided by investing activities 709,828 1,823,622
Cash flows from financing activities, net of acquisitions:    
Payments on bonds and notes payable (1,117,852) (2,283,381)
Proceeds from issuance of bonds and notes payable 25 37
Payments of debt issuance costs (3,999) (693)
Increase in bank deposits, net 195,911 146,873
Decrease in due to customers (49,489) (36,642)
Dividends paid (20,322) (20,528)
Repurchases of common stock (25,818) (82,311)
Proceeds from issuance of common stock 920 967
Acquisition of noncontrolling interest (3,944) (325)
Issuance of noncontrolling interests 15,580 27,396
Distribution to noncontrolling interests (3,351) (2,335)
Net cash used in financing activities (1,012,339) (2,250,942)
Effect of exchange rate changes on cash and restricted cash 338 (87)
Net decrease in cash, cash equivalents, and restricted cash (129,244) (82,088)
Cash, cash equivalents, and restricted cash, beginning of period 931,020 1,025,491
Cash, cash equivalents, and restricted cash, end of period 801,776 943,403
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 244,109 355,943
Cash disbursements made for income taxes, net of refunds and credits received [1] 26,886 11,932
Cash disbursements made for operating leases 2,604 2,451
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 6,495 49
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 0 13,693
Distribution to noncontrolling interests 34,055 24,235
Issuance of noncontrolling interests 9,401 19,245
Nonrelated Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (368,499) (430,575)
Proceeds from sale of loans 72,626 111,316
Related Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (136,667) 0
Proceeds from sale of loans $ 60,181 $ 199,694
[1] The Company utilized $36.6 million and $20.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 36,600 $ 20,300
Cash and cash equivalents:    
Total cash and cash equivalents 225,753 145,478
Restricted cash 317,958 538,446
Restricted cash - due to customers 258,065 259,479
Cash, cash equivalents, and restricted cash $ 801,776 $ 943,403
v3.25.2
Basis of Financial Reporting
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.2
Partial Redemption of ALLO Investment
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Partial Redemption of ALLO Investment Partial Redemption of ALLO Investment
Nelnet had both voting and preferred membership interest investments in ALLO Holdings, LLC (referred to collectively with its subsidiary ALLO Communications LLC as "ALLO"). In June 2025, ALLO executed a financing transaction that resulted in gross proceeds to ALLO of $500 million (the “Financing”). In conjunction with the Financing, Nelnet, ALLO, and certain other ALLO investors entered into a Membership Unit Redemption Agreement (the “Redemption Agreement”) pursuant to which ALLO agreed to redeem certain of its membership interests from certain investors in ALLO, including Nelnet (the “Transaction”).
As part of the Transaction, ALLO redeemed all of Nelnet's outstanding preferred membership interests on June 4, 2025, including the preferred return accrued on such membership interests through the Transaction's closing date. In addition, ALLO redeemed a portion of Nelnet’s voting membership interest in ALLO.
Upon closing, Nelnet received cash proceeds of $410.9 million from ALLO for these redemptions and recognized a pre-tax gain of $175.0 million, which is included in "gain on partial redemption of ALLO investment" on the Company's consolidated statements of income.
Following the closing of the Transaction, Nelnet no longer owns any preferred membership interests in ALLO, but maintains a significant voting equity investment in ALLO. Nelnet’s ownership of voting membership interest in ALLO decreased from 45% to 27%. Nelnet will continue to account for its remaining 27% voting membership interest in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting, with the carrying value of such interest remaining at $0.
As part of the ALLO recapitalization transaction completed in December 2020, Nelnet and SDC (a third-party global digital infrastructure investor and member of ALLO) entered into an agreement in which Nelnet has a contingent obligation to pay SDC in the event Nelnet disposes of its voting membership interests in ALLO that it holds, and realizes from such disposition certain targeted return levels. Upon closing of the Transaction described above, Nelnet recalculated its contingent obligation to reflect the reduction in Nelnet's voting membership interests that are subject to the contingency. This resulted in a reduction in the estimated fair value of the contingent payment liability of $4.9 million during the second quarter of 2025, which is included in (and decreased) "other expenses" on the Company's consolidated statements of income. Based on Nelnet's remaining voting membership interests in ALLO, the maximum contingent obligation that Nelnet may owe SDC upon future disposals of Nelnet's voting membership interests in ALLO is $9 million (down from $35 million). The estimated fair value of the contingent payment as of June 30, 2025 is $3.4 million, which is included in "other liabilities" on the consolidated balance sheet.
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,039,136 2,108,960 
Consolidation6,327,949 6,279,604 
Total8,367,085 8,388,564 
Private education loans (a)156,614 221,744 
Consumer and other loans411,470 345,560 
Non-Nelnet Bank loans8,935,169 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other10,040 — 
Consolidation96,515 — 
Total106,555 — 
Private education loans (a)516,663 482,445 
Consumer and other loans204,423 162,152 
Nelnet Bank loans827,641 644,597 
Accrued interest receivable560,927 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(42,905)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(47,627)(49,091)
Private education loans(7,406)(11,130)
Consumer and other loans(48,028)(38,468)
Non-Nelnet Bank allowance for loan losses(103,061)(98,689)
Nelnet Bank:
Federally insured loans(355)— 
Private education loans(12,360)(10,086)
Consumer and other loans(9,573)(6,115)
Nelnet Bank allowance for loan losses(22,288)(16,201)
 $10,155,483 9,992,744 
(a)    During the second quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $42.2 million of private education loans to Nelnet Bank.
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:
As ofAs of
June 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.59 %
Private education loans4.73 %5.02 %
Consumer and other loans11.67 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.33 %— 
Private education loans2.39 %2.09 %
Consumer and other loans4.68 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 20.4% and 20.6% as of June 30, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 16.5% as of June 30, 2025.
Student Loan Trust Acquisitions
In March 2025, the Company acquired the ownership interests in certain trusts giving the Company rights to the residual interest. The trusts included $646.9 million (par value) of federally insured Stafford and consolidation loans funded to term with $721.3 million (par value) of bonds and notes payable, $32.2 million of cash and restricted cash, and $27.4 million of other net assets. The Company has consolidated these trusts on its consolidated balance sheet as the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded the student loans and bonds and notes payable at fair value, resulting in the recognition of a student loan net discount of $6.6 million and a bonds and notes payable discount of $31.1 million. These net discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationBalance at end of period
Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$48,906 2,112 (3,391)— — 47,627 
Private education loans10,394 (2,760)(523)295 — 7,406 
Consumer and other loans43,904 11,781 (7,967)310 — 48,028 
Nelnet Bank:
Federally insured loans362 9 (16)— — 355 
Private education loans9,893 2,839 (1,739)307 1,060 12,360 
Consumer and other loans6,617 3,731 (878)103 — 9,573 
$120,076 17,712 (14,514)1,015 1,060 125,349 
Three months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$61,723 (1,970)(5,573)— — 54,180 
Private education loans14,736 — (1,827)156 — 13,065 
Consumer and other loans18,761 (2,255)(2,634)263 — 14,135 
Nelnet Bank:
Private education loans3,660 255 (460)104 — 3,559 
Consumer and other loans7,128 7,519 (2,837)15 — 11,825 
$106,008 3,549 (13,331)538 — 96,764 
Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 4,746 (6,210)— — 47,627 
Private education loans11,130 (2,760)(1,457)493 — 7,406 
Consumer and other loans38,468 22,158 (13,143)545 — 48,028 
Nelnet Bank:
Federally insured loans— 374 (19)— — 355 
Private education loans10,086 3,925 (3,134)423 1,060 12,360 
Consumer and other loans6,115 4,734 (1,447)171 — 9,573 
$114,890 33,177 (25,410)1,632 1,060 125,349 
Six months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (3,840)(10,433)— — 54,180 
Private education loans15,750 (265)(2,840)420 — 13,065 
Consumer and other loans11,742 6,335 (4,586)644 — 14,135 
Nelnet Bank:
Private education loans3,347 1,012 (906)106 — 3,559 
Consumer and other loans5,351 11,236 (4,804)42 — 11,825 
$104,643 14,478 (23,569)1,212 — 96,764 
(a) Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. The following table presents the reduction to provision for loan losses as a result of the contribution of Non-Nelnet Bank private education loans to Nelnet Bank during the second quarter of 2025 and the consumer and other loan sales during 2024:
    
Provision for current periodReduction to provisionProvision
(negative provision) for loan losses
Three months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Three months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$10,340 (12,595)(2,255)
Six months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Six months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$19,030 (12,695)6,335 
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:
Three months ended June 30,Six months ended June 30,
2025202420252024
Non-Nelnet Bank:
Federally insured loans0.16 %0.22 %0.14 %0.19 %
Private education loans0.55 %2.64 %1.02 %1.85 %
Consumer and other loans7.62 %4.62 %6.58 %4.98 %
Nelnet Bank:
Federally insured loans0.06 %— 0.06 %— 
Private education loans1.10 %0.40 %1.08 %0.44 %
Consumer and other loans (a)1.71 %7.44 %1.49 %7.66 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods. Provision for loan losses was also impacted by the reversal of provision for consumer and other loans sold in 2024. The Company recorded a negative provision for loan losses for its federally insured loan portfolio in 2024 due to an increase in prepayment assumptions.
Unfunded Loan Commitments
As of June 30, 2025 and December 31, 2024, Nelnet Bank had a liability of approximately $416,000 and $326,000, respectively, related to $62.2 million and $40.7 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedSix months ended
June 30,June 30,
2025202420252024
Provision for loan losses from allowance activity table above$17,712 3,549 33,177 14,478 
Provision (negative provision) for unfunded loan commitments218 62 90 (38)
Provision for loan losses reported in consolidated statements of income$17,930 3,611 33,267 14,440 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but for purposes of the following tables, do not include those loans while they are in forbearance). The following table presents the Company’s loan status and delinquency amounts:
As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $393,460 4.7 % $376,765 4.5 % $440,891 4.6 %
Loans in forbearance 555,469 6.6  586,412 7.0  702,539 7.4 
Loans in repayment status:  
Loans current6,378,571 86.0 %6,374,897 85.9 %7,012,655 84.1 %
Loans delinquent 31-60 days261,809 3.5 243,348 3.3 339,262 4.1 
Loans delinquent 61-90 days175,562 2.4 166,474 2.2 234,746 2.8 
Loans delinquent 91-120 days111,678 1.5 113,838 1.5 151,447 1.8 
Loans delinquent 121-270 days360,754 4.9 380,823 5.1 377,660 4.5 
Loans delinquent 271 days or greater129,782 1.7 146,007 2.0 224,533 2.7 
Total loans in repayment7,418,156 88.7 100.0 %7,425,387 88.5 100.0 %8,340,303 88.0 100.0 %
Total federally insured loans8,367,085 100.0 % 8,388,564 100.0 % 9,483,733 100.0 %
Accrued interest receivable545,288 540,272 612,374 
Loan discount, net of unamortized premiums and deferred origination costs(26,523)(21,513)(24,222)
Allowance for loan losses(47,627)(49,091)(54,180)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$8,838,223 $8,858,232 $10,017,705 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $4,433 2.8 %$5,997 2.7 %$7,906 3.2 %
Loans in forbearance 1,530 1.0 2,089 0.9 2,248 0.9 
Loans in repayment status:
Loans current147,690 98.0 %206,825 96.8 %230,512 97.1 %
Loans delinquent 31-60 days1,246 0.8 3,424 1.6 2,814 1.2 
Loans delinquent 61-90 days564 0.4 1,275 0.6 1,395 0.6 
Loans delinquent 91 days or greater1,151 0.8 2,134 1.0 2,562 1.1 
Total loans in repayment150,651 96.2 100.0 %213,658 96.4 100.0 %237,283 95.9 100.0 %
Total private education loans156,614 100.0 % 221,744 100.0 % 247,437 100.0 %
Accrued interest receivable1,299 2,019 2,407 
Loan discount, net of unamortized premiums(5,162)(6,350)(7,194)
Allowance for loan losses(7,406)(11,130)(13,065)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 $206,283 $229,585 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$1,355 0.3 %$150 0.0 %$122 0.1 %
Loans in repayment status:
Loans current399,263 97.3 %335,355 97.1 %174,295 97.2 %
Loans delinquent 31-60 days3,731 0.9 3,667 1.1 2,100 1.2 
Loans delinquent 61-90 days3,096 0.8 2,143 0.6 1,857 1.0 
Loans delinquent 91 days or greater4,025 1.0 4,245 1.2 1,073 0.6 
Total loans in repayment410,115 99.7 100.0 %345,410 100.0 100.0 %179,325 99.9 100.0 %
Total consumer and other loans411,470 100.0 %345,560 100.0 %179,447 100.0 %
Accrued interest receivable2,260 1,868 763 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)(10,713)(9,205)
Allowance for loan losses(48,028)(38,468)(14,135)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 $298,247 $156,870 
As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$2,665 2.5 %
Loans in forbearance5,550 5.2 
Loans in repayment status:
Loans current88,408 89.9 %
Loans delinquent 30-59 days2,806 2.9 
Loans delinquent 60-89 days2,001 2.0 
Loans delinquent 90-119 days1,683 1.7 
Loans delinquent 120-270 days2,495 2.5 
Loans delinquent 271 days or greater947 1.0 
Total loans in repayment98,340 92.3 100.0 %
Total federally insured loans106,555 100.0 %
Accrued interest receivable5,194 
Loan premium1,221 
Allowance for loan losses(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$112,615 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$45,107 8.7 %$31,674 6.6 %$41,394 11.7 %
Loans in forbearance1,926 0.4 3,061 0.6 1,985 0.6 
Loans in repayment status:
Loans current460,426 98.0 %439,569 98.2 %308,591 99.2 %
Loans delinquent 30-59 days3,102 0.7 4,327 1.0 934 0.3 
Loans delinquent 60-89 days2,710 0.6 1,497 0.3 444 0.2 
Loans delinquent 90 days or greater3,392 0.7 2,317 0.5 1,064 0.3 
Total loans in repayment469,630 90.9 100.0 %447,710 92.8 100.0 %311,033 87.7 100.0 %
Total private education loans516,663 100.0 %482,445 100.0 %354,412 100.0 %
Accrued interest receivable5,540 4,103 2,709 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)(4,581)5,501 
Allowance for loan losses(12,360)(10,086)(3,559)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 $471,881 $359,063 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$8,538 4.2 %$5,186 3.2 %$1,414 0.8 %
Loans in repayment status:
Loans current194,507 99.3 %155,772 99.2 %181,558 97.3 %
Loans delinquent 30-59 days1,001 0.5 803 0.5 1,516 0.8 
Loans delinquent 60-89 days193 0.1 243 0.2 1,814 1.0 
Loans delinquent 90 days or greater184 0.1 148 0.1 1,637 0.9 
Total loans in repayment195,885 95.8 100.0 %156,966 96.8 100.0 %186,525 99.2 100.0 %
Total consumer and other loans204,423 100.0 %162,152 100.0 %187,939 100.0 %
Accrued interest receivable1,346 1,021 1,219 
Loan premium, net of unaccreted discount2,444 1,043 (1,037)
Allowance for loan losses(9,573)(6,115)(11,825)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 $158,101 $176,296 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,057 2,986 3,197 4,408 3,857 22,149 38,654 7.5 %
705 - 7342,753 5,017 8,301 18,528 7,076 15,980 57,655 11.2 
735 - 7644,251 5,693 7,795 27,968 11,821 23,990 81,518 15.8 
765 - 7944,260 6,576 5,416 43,694 22,369 29,537 111,852 21.6 
Greater than 7946,154 14,728 13,632 62,114 44,955 77,929 219,512 42.5 
No FICO score available or required (a)— 2,367 5,105 — — — 7,472 1.4 
$19,475 37,367 43,446 156,712 90,078 169,585 516,663 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 6.4 %
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 10.9 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 15.5 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 22.0 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 43.5 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 1.7 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$6,132 17,946 1,627 — 295 1,463 27,463 13.4 %
720 - 76912,060 39,184 3,981 17 5,770 7,662 68,674 33.6 
Greater than 76928,891 52,873 6,252 98 5,597 3,566 97,277 47.6 
No FICO score available or required (a)2,124 8,123 434 274 54 — 11,009 5.4 
$49,207 118,126 12,294 389 11,716 12,691 204,423 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 14.3 %
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 37.3 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 45.5 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 2.9 
$121,740 13,278 399 12,417 8,878 5,440 162,152 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of June 30, 2025 and December 31, 2024, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 332 2,124 1,977 4,433 
Loans in forbearance— — — 29 375 1,126 1,530 
Loans in repayment status:
Loans current— — 185 3,868 5,031 138,606 147,690 
Loans delinquent 31-60 days— — — 23 31 1,192 1,246 
Loans delinquent 61-90 days— — — — 5 559 564 
Loans delinquent 91 days or greater— — — — 84 1,067 1,151 
Total loans in repayment— — 185 3,891 5,151 141,424 150,651 
Total private education loans$— — 185 4,252 7,650 144,527 156,614 
Accrued interest receivable1,299 
Loan discount, net of unamortized premiums(5,162)
Allowance for loan losses(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 
Gross charge-offs - six months ended June 30, 2025$— — — — 52 1,405 1,457 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 453 902 — — — 1,355 
Loans in repayment status:
Loans current191,184 174,221 31,379 1,891 307 281 399,263 
Loans delinquent 31-60 days423 2,348 751 190 19 — 3,731 
Loans delinquent 61-90 days254 1,750 865 224 — 3 3,096 
Loans delinquent 91 days or greater9 3,019 706 291 — — 4,025 
Total loans in repayment191,870 181,338 33,701 2,596 326 284 410,115 
Total consumer and other loans$191,870 181,791 34,603 2,596 326 284 411,470 
Accrued interest receivable2,260 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)
Allowance for loan losses(48,028)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 
Gross charge-offs - six months ended June 30, 2025$3,774 4,426 4,745 184 9 5 13,143 
Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$8,171 20,707 8,999 5,413 354 1,463 45,107 
Loans in forbearance— 25 262 414 165 1,060 1,926 
Loans in repayment status:
Loans current11,189 16,157 33,073 150,025 88,331 161,651 460,426 
Loans delinquent 30-59 days66 246 364 268 184 1,974 3,102 
Loans delinquent 60-89 days— 31 305 290 289 1,795 2,710 
Loans delinquent 90 days or greater49 201 443 302 755 1,642 3,392 
Total loans in repayment11,304 16,635 34,185 150,885 89,559 167,062 469,630 
Total private education loans$19,475 37,367 43,446 156,712 90,078 169,585 516,663 
Accrued interest receivable5,540 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)
Allowance for loan losses(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 
Gross charge-offs - six months ended June 30, 2025$— 191 498 335 259 1,851 3,134 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$5,092 3,446 — — — — 8,538 
Loans in repayment status:
Loans current44,054 113,832 12,180 389 11,468 12,584 194,507 
Loans delinquent 30-59 days61 573 114 — 156 97 1,001 
Loans delinquent 60-89 days— 183 — — — 10 193 
Loans delinquent 90 days or greater— 92 — — 92 — 184 
Total loans in repayment44,115 114,680 12,294 389 11,716 12,691 195,885 
Total consumer and other loans$49,207 118,126 12,294 389 11,716 12,691 204,423 
Accrued interest receivable1,346 
Loan premium, net of unaccreted discount2,444 
Allowance for loan losses(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 
Gross charge-offs - six months ended June 30, 2025$— 784 283 — 214 166 1,447 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.2
Bonds and Notes Payable
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,611,844 
4.69% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction321,880 
5.42% - 6.92%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes6,933,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		324,392 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities553,313 
5.19% - 5.31%
7/31/26 / 5/1/27
Consumer loan warehouse facilities68,026 
5.69% - 6.43%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations44,793 
5.90% / 6.56%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations35,152 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements2,051 
5.06% - 5.82%
5/4/26 / 7/28/32
7,961,451   
Discount on bonds and notes payable and debt issuance costs(57,890)
Total$7,903,561 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Warehouse Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of June 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 403,872 196,128 7/31/20257/31/2026note (b)$30,511 
FFELP (c)375,000 149,441 225,559 5/1/20265/1/202792 %12,574 
$975,000 553,313 421,687 $43,085 
Consumer$100,000 3,001 96,999 11/13/202611/13/202770 %$1,394 
Consumer (d)125,000 65,000 60,000 7/31/20272/29/2028
60% - 80%
21,071 
Consumer (e)2,000 25 1,975 7/15/20271/15/2028
50% - 90%
5 
$227,000 68,026 158,974 $22,470 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
(d)    On June 16, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2027 and February 29, 2028, respectively.
(e)    The Company closed on this facility on May 15, 2025.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of June 30, 2025, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended June 30,Six months ended June 30,
2025202420252024
Purchase price$(141,998)(4,199)(142,869)(4,199)
Par value142,396 4,190 143,320 4,190 
Remaining unamortized cost of issuance(10)— (12)— 
Gain (loss), net$388 (9)439 (9)
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of June 30, 2025, the Company holds $238.8 million (par value) of its own FFELP asset-backed securities.
v3.25.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2024 Annual Report.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of June 30, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of June 30, 2025 and December 31, 2024 to economically hedge loans earning fixed rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
MaturityNotional amountWeighted average fixed rate paid by the Company
2026$200,000 3.92 %
202850,000 3.56 
2029 (a)50,000 3.17 
2030 (b)100,000 3.63 
 $400,000 3.71 %
(a)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(b)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
Nelnet Bank Derivatives
Nelnet Bank uses non-centrally cleared derivative instruments to hedge exposure to variability in cash flows from variable rate intercompany and third-party deposits to minimize volatility from future changes in interest rates. Nelnet Bank has designated all of its derivative instruments as cash flow hedges; however, the derivatives that hedge intercompany deposits are not eligible for hedge accounting in the consolidated financial statements.
Interest Rate Swaps - Intercompany Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivative instruments, the Company receives monthly or quarterly payments based on SOFR that reset daily.
As of June 30, 2025As of December 31, 2024
MaturityNotional amountWeighted average fixed rate paid by the CompanyNotional amountWeighted average fixed rate paid by the Company
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 25,000 3.37 
2030 (a)50,000 3.06 50,000 3.06 
2032 (b)25,000 4.03 25,000 4.03 
2033 (c)25,000 3.90 25,000 3.90 
2035 (d)30,000 3.79 — — 
 $195,000 3.50 %$165,000 3.44 %
(a)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(b)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(c)    This $25 million notional amount derivative has a forward effective start date in November 2025.
(d)    This $30 million notional amount derivative has a forward effective start date in May 2028.
Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
As of June 30, 2025
MaturityNotional amountWeighted average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %

Changes in the fair value of derivatives that hedge third-party deposits and qualify as cash flow hedges in the consolidated financial statements are recognized in other comprehensive income, net of tax. Derivative settlements for cash flow hedges are included in "interest expense" on the consolidated statements of income, which were not material for the three and six months ended June 30, 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2025As of December 31, 2024As of June 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$402 3,232 1,452 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 625 — 
$402 3,232 2,077 53 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended June 30,Six months ended June 30,
 2025202420252024
Settlements:  
Basis swaps$154 249 307 614 
Interest rate swaps - floor income hedges427 1,193 855 2,383 
Interest rate swaps - intercompany deposits163 207 327 409 
Total settlements - income744 1,649 1,489 3,406 
Change in fair value:  
Basis swaps(143)(232)(281)(586)
Interest rate swaps - floor income hedges(2,022)1,168 (5,680)7,228 
Interest rate swaps - intercompany deposits(1,701)597 (4,229)2,855 
Total change in fair value - (expense) income(3,866)1,533 (10,190)9,497 
Derivative market value adjustments and derivative settlements, net - (expense) income$(3,122)3,182 (8,701)12,903 
v3.25.2
Investments and Notes Receivable
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of June 30, 2025As of December 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$128,213 3,977 (3,056)129,134 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)119,014 3,350 (450)121,914 98,914 3,151 (78)101,987 
Private education loan (b)216,233 52 (16,339)199,946 237,288 — (18,118)219,170 
Other debt securities44,617 2,245 (15)46,847 32,552 2,500 — 35,052 
Total Non-Nelnet Bank508,077 9,624 (19,860)497,841 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan234,438 5,862 (714)239,586 231,543 6,060 (270)237,333 
Private education loan15,250 — (1)15,249 1,596 — — 1,596 
Other debt securities451,116 1,309 (2,121)450,304 296,944 1,775 (1,325)297,394 
Total Nelnet Bank700,804 7,171 (2,836)705,139 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,208,881 16,795 (22,696)1,202,980 1,087,223 19,290 (20,687)1,085,826 
Equity securities and funds measured at net asset value83,749 74,494 
Total investments at fair value1,286,729 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan201,806 203,439 
Private education loan1,785 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities203,591 210,774 
Venture capital, funds, and other:
Measurement alternative (c)207,086 200,782 
Equity method172,935 170,258 
Total venture capital and funds380,021 371,040 
Real estate equity method176,411 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return— 225,614 
Total investment in ALLO— 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $41,008 and $38,590 as of June 30, 2025 and December 31, 2024, respectively
127,729 142,764 
Private education loans, net of allowance for credit losses of $4,970 and $901 as of June 30, 2025 and December 31, 2024, respectively
44,502 52,824 
Federally insured student loans18,622 18,221 
Total beneficial interest in loan securitizations, net of allowance190,853 213,809 
Solar (f)(200,784)(155,048)
Notes receivable54,603 32,258 
Tax liens, affordable housing, and other13,515 10,184 
Total other investments and notes receivable (not measured at fair value)818,210 1,040,376 
Total investments and notes receivable$2,104,939 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of June 30, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. See note 2 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the three months ended March 31, 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. The Company recognized income on its ALLO preferred membership interests of $6.0 million and $4.2 million during the three months ended June 30, 2025 and 2024, respectively, and $14.4 million and $6.6 million during the six months ended June 30, 2025 and 2024, respectively. The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2025, the Company's ownership correlates to approximately $1.00 billion, $420 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. The Company recorded a $1.5 million and $5.0 million allowance for credit losses (and related provision expense) during the first and second quarters of 2025, respectively, on these investments. This expense is included in "impairment expense and provision for beneficial interests" on the consolidated statements of income.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of June 30, 2025, the Company has invested a total of $300.6 million and its third-party investors have invested $285.8 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of June 30, 2025, the Company and its third-party co-investors have earned $334.2 million and $290.7 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $200.8 million as of June 30, 2025 represents the sum of total tax credits earned on solar projects placed in service through June 30, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of June 30, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $97.7 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments at the end of the contractual agreement (typically five years), which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net gain excluding amounts attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company):
Three months ended June 30,Six months ended June 30,
2025202420252024
Losses from HLBV accounting (gross)$(6,463)(6,818)(9,079)(4,038)
Gains from sales (gross)4,961 4,208 8,033 4,208 
(Losses) gains from solar investments, net(1,502)(2,610)(1,046)170 
Less: (losses) gains attributable to noncontrolling members, net(3,159)8 (4,204)(1,633)
Net gain (loss), excluding amounts attributed to noncontrolling interest investors$1,657 (2,618)3,158 1,803 
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of June 30, 2025:
As of June 30, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 204 2,520 125,489 128,213 
FFELP loan and other debt securities - restricted— 5,500 15,081 98,433 119,014 
Private education loan— — — 216,233 216,233 
Other debt securities— 4,819 12,281 27,517 44,617 
Total Non-Nelnet Bank— 10,523 29,882 467,672 508,077 
Fair value— 10,632 29,921 457,288 497,841 
Nelnet Bank:
FFELP loan51,575 13,304 27,983 141,576 234,438 
Private education loan— — 14,210 1,040 15,250 
Other debt securities— 39,249 75,189 336,678 451,116 
Total Nelnet Bank51,575 52,553 117,382 479,294 700,804 
Fair value51,214 52,572 117,649 483,704 705,139 
Total available-for-sale asset-backed securities at amortized cost$51,575 63,076 147,264 946,966 1,208,881 
Total available-for-sale asset-backed securities at fair value$51,214 63,204 147,570 940,992 1,202,980 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan$— 2,632 11,730 187,444 201,806 
Private education loan— — — 1,785 1,785 
Total held-to-maturity asset-backed securities at amortized cost$— 2,632 11,730 189,229 203,591 
Total held-to-maturity asset-backed securities at fair value$— 2,686 11,576 194,202 208,464 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 190,853 
Fair value$— — — — 201,025 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of June 30, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$203,591 5,523 (650)208,464 
Beneficial interest in loan securitizations190,853 11,643 (1,471)201,025 
The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2025 and the fair value of such securities as of June 30, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of June 30, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(245)9,992 (2,811)45,914 (3,056)55,906 
FFELP loan and other debt securities - restricted(129)21,535 (321)8,014 (450)29,549 
Private education loan— — (16,339)175,268 (16,339)175,268 
Other debt securities(15)1,985 — — (15)1,985 
Total Non-Nelnet Bank(389)33,512 (19,471)229,196 (19,860)262,708 
Nelnet Bank:
FFELP loan(481)58,186 (233)16,216 (714)74,402 
Private education loan(1)14,208 — — (1)14,208 
Other debt securities(975)169,486 (1,146)13,778 (2,121)183,264 
Total Nelnet Bank(1,457)241,880 (1,379)29,994 (2,836)271,874 
Total available-for-sale asset-backed securities$(1,846)275,392 (20,850)259,190 (22,696)534,582 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities:
Three months endedSix months ended
June 30,June 30,
2025202420252024
Gross proceeds from sales$34,828 113,173 109,609 266,547 
Gross realized gains$622 1,516 1,555 2,571 
Gross realized losses(27)(463)(478)(966)
Net gains$595 1,053 1,077 1,605 
v3.25.2
Intangible Assets
 6 Months Ended
Jun. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2025 (months)
As ofAs of
June 30, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $55,723 and $54,644, respectively)
92$32,121 34,960 
Trade name (net of accumulated amortization of $244 and $205, respectively)
82526 565 
Computer software (net of accumulated amortization of $1,089 and $917, respectively)
22631 803 
Total amortizable intangible assets, net90$33,278 36,328 
The Company recorded amortization expense on its intangible assets of $1.5 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.1 million and $4.3 million during the six months ended June 30, 2025 and 2024, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2025, the Company estimates it will record amortization expense as follows:
2025 (July 1 - December 31)$3,049 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $33,278 
v3.25.2
Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of June 30, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.2
Impairment Expense and Provision for Beneficial Interests
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Expense, Provision for Beneficial Interests Impairment Expense and Provision for Beneficial Interests
The following table presents the impairment charges and provision for beneficial interests by asset and reportable operating segment recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 4,977 — — — 4,977 
Leases, buildings, and associated improvements (b)— — — — — 3,269 3,269 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 4,977 — — 5,311 10,288 
Three months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
$— — 5,911 — — 1,865 7,776 
Six months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 6,487 — — — 6,487 
Leases, buildings, and associated improvements (b)— — — — 81 3,269 3,350 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 6,487 — 81 5,311 11,879 
Six months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
Investments - venture capital— — — — — 37 37 
$— — 5,911 — — 1,902 7,813 
(a)     The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations. See note 6 for additional information.
(b)    The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space.
(c)    In the second quarter of 2025, the Company received notification of a customer contract cancellation. As a result, the Company recorded an impairment charge related to construction in progress for a solar facility.
In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and discontinued its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.25.2
Bank Deposits
 6 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
June 30, 2025December 31, 2024
Retail and other savings$1,092,175 916,475 
Brokered CDs, net of brokered deposit fees269,058 247,872 
Retail and other CDs, net of issuance fees20,809 21,784 
Total interest-bearing deposits$1,382,042 1,186,131 
As of June 30, 2025 and December 31, 2024, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $149.9 million and $68.5 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents certificates of deposit remaining maturities as of June 30, 2025:
One year or less$149,010 
After one year to two years74,863 
After two years to three years454 
After three years to four years42,910 
After four years to five years1,579 
After five years21,051 
Total$289,867 
Retail and other savings deposits included deposits from Educational 529 College Savings and Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Deposits that exceeded the FDIC insurance limits as of June 30, 2025 were $44.3 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries. Union Bank, a related party, is the program manager for certain of the Educational 529 College Savings plans and trustee for the STFIT.
v3.25.2
Earnings per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
 Three months ended June 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$178,170 3,289 181,459 44,239 852 45,091 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,824,313 661,292 36,485,605 35,835,387 690,095 36,525,482 
Earnings per share - basic and diluted$4.97 4.97 4.97 1.23 1.23 1.23 
Six months ended June 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$259,158 4,860 264,018 116,178 2,320 118,498 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,810,499 671,536 36,482,035 36,119,876 721,351 36,841,227 
Earnings per share - basic and diluted$7.24 7.24 7.24 3.22 3.22 3.22 
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2024 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 157,300 14,804 172,104 — — — 172,104 
Investment interest624 5,417 12,641 13,934 32,616 8,870 2,661 (3,963)40,185 
Total interest income624 5,417 169,941 28,738 204,720 8,870 2,661 (3,963)212,289 
Interest expense— — 120,066 14,672 134,738 1,428 651 (3,963)132,854 
Net interest income624 5,417 49,875 14,066 69,982 7,442 2,010 — 79,435 
Less provision (negative provision) for loan losses— — 11,133 6,797 17,930 — — — 17,930 
Net interest income after provision for loan losses624 5,417 38,742 7,269 52,052 7,442 2,010 — 61,505 
Other income (expense):
LSS revenue120,724 — — — 120,724 — — — 120,724 
Intersegment revenue5,603 65 — — 5,668 — — (5,668)— 
ETSP revenue— 118,184 — — 118,184 — — — 118,184 
Reinsurance premiums earned— — — — — 26,112 — — 26,112 
Solar construction revenue— — — — — — 1,259 — 1,259 
Other, net113 — 7,507 392 8,012 5,265 9,603 96 22,976 
Gain (loss) on sale of loans, net— — — — — — — — — 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 581 163 744 — — — 744 
Derivative market value adjustments, net— — (2,165)(1,701)(3,866)— — — (3,866)
Total other income (expense), net126,440 118,249 5,923 (1,146)249,466 31,377 185,906 (5,572)461,177 
Cost of services and expenses:
Total cost of services1,845 39,844 — — 41,689 — 14,050 — 55,739 
Salaries and benefits65,549 41,598 1,469 2,791 111,407 539 22,784 (30)134,699 
Depreciation and amortization1,821 2,505 — 352 4,678 — 2,946 — 7,624 
Reinsurance losses and underwriting expenses— — — — — 25,662 — — 25,662 
Postage expense9,551 9,551 (9,551)— 
Servicing fees7,102 824 7,926 (7,926)— 
Other expenses (a)11,099 9,904 2,464 1,969 25,436 2,206 11,695 11,969 51,306 
Intersegment expenses, net17,240 6,273 1,260 652 25,425 321 (25,616)(130)— 
Total operating expenses105,260 60,280 12,295 6,588 184,423 28,728 11,809 (5,668)219,291 
Impairment expense and provision for beneficial interests— — 4,977 — 4,977 — 5,311 — 10,288 
Total expenses107,105 100,124 17,272 6,588 231,089 28,728 31,170 (5,668)285,318 
Income (loss) before income taxes19,959 23,542 27,393 (465)70,429 10,091 156,746 96 237,364 
Income tax (expense) benefit(4,790)(5,650)(6,569)101 (16,908)(2,395)(40,207)— (59,510)
Net income (loss)15,169 17,892 20,824 (364)53,521 7,696 116,539 96 177,854 
Net (income) loss attributable to noncontrolling interests— — (23)— (23)(114)3,838 (96)3,605 
Net income (loss) attributable to Nelnet, Inc.$15,169 17,892 20,801 (364)53,498 7,582 120,377 — 181,459 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Three months ended June 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 193,707 8,422 202,129 — — — 202,129 
Investment interest1,258 5,715 13,709 10,811 31,493 15,880 2,646 (9,282)40,737 
Total interest income1,258 5,715 207,416 19,233 233,622 15,880 2,646 (9,282)242,866 
Interest expense— — 171,632 10,769 182,401 2,606 733 (9,282)176,459 
Net interest income1,258 5,715 35,784 8,464 51,221 13,274 1,913 — 66,407 
Less provision (negative provision) for loan losses— — (4,225)7,836 3,611 — — — 3,611 
Net interest income after provision for loan losses1,258 5,715 40,009 628 47,610 13,274 1,913 — 62,796 
Other income (expense):
LSS revenue109,052 — — — 109,052 — — — 109,052 
Intersegment revenue6,106 56 — — 6,162 — — (6,162)— 
ETSP revenue— 116,909 — — 116,909 — — — 116,909 
Reinsurance premiums earned— — — — — 14,851 — — 14,851 
Solar construction revenue— — — — — — 9,694 — 9,694 
Other, net685 — 1,337 775 2,797 851 10,372 — 14,020 
Gain (loss) on sale of loans, net— — (1,438)— (1,438)— — — (1,438)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 1,442 207 1,649 — — — 1,649 
Derivative market value adjustments, net— — 936 597 1,533 — — — 1,533 
Total other income (expense), net115,843 116,965 2,277 1,579 236,664 15,702 20,066 (6,162)266,270 
Cost of services and expenses:
Total cost of services196 40,222 — — 40,418 — 8,072 — 48,490 
Salaries and benefits70,631 40,736 1,113 2,798 115,278 374 24,786 (804)139,634 
Depreciation and amortization5,342 2,712 — 341 8,395 — 6,748 — 15,142 
Reinsurance losses and underwriting expenses— — — — — 10,988 — — 10,988 
Postage expense9,277 9,277 (9,277)— 
Servicing fees8,541 193 8,734 (8,734)— 
Other expenses (a)11,188 8,600 1,139 2,002 22,929 841 12,842 11,996 48,608 
Intersegment expenses, net18,224 4,811 1,272 591 24,898 248 (25,803)657 — 
Total operating expenses114,662 56,859 12,065 5,925 189,511 12,451 18,573 (6,162)214,372 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,865 — 7,776 
Total expenses114,858 97,081 17,976 5,925 235,840 12,451 28,510 (6,162)270,638 
Income (loss) before income taxes2,243 25,599 24,310 (3,718)48,434 16,525 (6,531)— 58,428 
Income tax (expense) benefit(538)(6,150)(5,835)916 (11,607)(3,935)788 — (14,753)
Net income (loss)1,705 19,449 18,475 (2,802)36,827 12,590 (5,743)— 43,675 
Net (income) loss attributable to noncontrolling interests— 29 — — 29 (129)1,516 — 1,416 
Net income (loss) attributable to Nelnet, Inc.$1,705 19,478 18,475 (2,802)36,856 12,461 (4,227)— 45,091 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
Six months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 311,768 26,775 338,543 — — — 338,543 
Investment interest1,345 12,356 25,411 26,430 65,542 17,690 4,973 (6,632)81,574 
Total interest income1,345 12,356 337,179 53,205 404,085 17,690 4,973 (6,632)420,117 
Interest expense— — 234,369 26,749 261,118 2,198 1,284 (6,632)257,968 
Net interest income1,345 12,356 102,810 26,456 142,967 15,492 3,689 — 162,149 
Less provision (negative provision) for loan losses— — 24,144 9,123 33,267 — — — 33,267 
Net interest income after provision for loan losses1,345 12,356 78,666 17,333 109,700 15,492 3,689 — 128,882 
Other income (expense):
LSS revenue241,465 — — — 241,465 — — — 241,465 
Intersegment revenue11,287 129 — — 11,416 — — (11,416)— 
ETSP revenue— 265,515 — — 265,515 — — — 265,515 
Reinsurance premiums earned— — — — — 50,799 — — 50,799 
Solar construction revenue— — — — — — 5,254 — 5,254 
Other, net225 — 11,502 534 12,261 6,376 27,840 193 46,670 
Gain (loss) on sale of loans, net— — 909 — 909 — — — 909 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,162 327 1,489 — — — 1,489 
Derivative market value adjustments, net— — (5,961)(4,229)(10,190)— — — (10,190)
Total other income (expense), net252,977 265,644 7,612 (3,368)522,865 57,175 208,138 (11,223)776,955 
Cost of services and expenses:
Total cost of services3,478 87,891 — — 91,369 — 21,878 — 113,247 
Salaries and benefits135,123 83,339 2,690 5,607 226,759 1,017 45,279 (134)272,922 
Depreciation and amortization4,474 4,936 — 691 10,101 — 6,778 — 16,879 
Reinsurance losses and underwriting expenses— — — — — 47,874 — — 47,874 
Postage expense17,127 17,127 (17,127)— 
Servicing fees14,013 1,491 15,504 (15,504)— 
Other expenses (a)21,931 18,952 3,352 3,327 47,562 2,978 27,281 21,711 99,532 
Intersegment expenses, net33,718 11,877 2,510 1,362 49,467 565 (49,670)(362)— 
Total operating expenses212,373 119,104 22,565 12,478 366,520 52,434 29,668 (11,416)437,207 
Impairment expense and provision for beneficial interests— — 6,487 — 6,487 81 5,311 — 11,879 
Total expenses215,851 206,995 29,052 12,478 464,376 52,515 56,857 (11,416)562,333 
Income (loss) before income taxes38,471 71,005 57,226 1,487 168,189 20,152 154,970 193 343,504 
Income tax (expense) benefit(9,233)(17,052)(13,725)(333)(40,343)(4,779)(39,398)— (84,521)
Net income (loss)29,238 53,953 43,501 1,154 127,846 15,373 115,572 193 258,983 
Net (income) loss attributable to noncontrolling interests— 45 (40)— 5 (238)5,461 (193)5,035 
Net income (loss) attributable to Nelnet, Inc.$29,238 53,998 43,461 1,154 127,851 15,135 121,033 — 264,018 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Six months ended June 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 403,335 15,518 418,853 — — — 418,853 
Investment interest3,152 13,580 35,544 20,779 73,055 31,495 6,461 (18,197)92,814 
Total interest income3,152 13,580 438,879 36,297 491,908 31,495 6,461 (18,197)511,667 
Interest expense— — 362,537 20,266 382,803 5,024 1,409 (18,197)371,039 
Net interest income3,152 13,580 76,342 16,031 109,105 26,471 5,052 — 140,628 
Less provision (negative provision) for loan losses— — 2,230 12,210 14,440 — — — 14,440 
Net interest income after provision for loan losses3,152 13,580 74,112 3,821 94,665 26,471 5,052 — 126,188 
Other income (expense):
LSS revenue236,252 — — — 236,252 — — — 236,252 
Intersegment revenue12,991 106 — — 13,097 — — (13,097)— 
ETSP revenue— 260,449 — — 260,449 — — — 260,449 
Reinsurance premiums earned— — — — — 27,631 — — 27,631 
Solar construction revenue— — — — — — 23,420 — 23,420 
Other, net1,395 — 6,321 1,150 8,866 1,013 8,224 — 18,103 
Gain (loss) on sale of loans, net— — (1,579)— (1,579)— — — (1,579)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 2,997 409 3,406 — — — 3,406 
Derivative market value adjustments, net— — 6,642 2,855 9,497 — — — 9,497 
Total other income (expense), net250,638 260,555 14,381 4,414 529,988 28,644 31,644 (13,097)577,179 
Cost of services and expenses:
Total cost of services196 88,832 — — 89,028 — 22,300 — 111,328 
Salaries and benefits147,353 80,903 2,308 5,518 236,082 732 48,307 (1,611)283,509 
Depreciation and amortization10,450 5,395 — 601 16,446 — 15,464 — 31,911 
Reinsurance losses and underwriting expenses— — — — — 22,305 — — 22,305 
Postage expense19,883 19,883 (19,883)— 
Servicing fees17,492 426 17,918 (17,918)— 
Other expenses (a)20,119 16,158 2,246 3,113 41,636 1,327 26,243 24,928 94,136 
Intersegment expenses, net37,555 9,612 2,481 1,148 50,796 465 (52,648)1,387 — 
Total operating expenses235,360 112,068 24,527 10,806 382,761 24,829 37,366 (13,097)431,861 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,902 — 7,813 
Total expenses235,556 200,900 30,438 10,806 477,700 24,829 61,568 (13,097)551,002 
Income (loss) before income taxes18,234 73,235 58,055 (2,571)146,953 30,286 (24,872)— 152,365 
Income tax (expense) benefit(4,376)(17,585)(13,933)657 (35,237)(7,209)4,511 — (37,936)
Net income (loss)13,858 55,650 44,122 (1,914)111,716 23,077 (20,361)— 114,429 
Net (income) loss attributable to noncontrolling interests— 46 — — 46 (249)4,272 — 4,069 
Net income (loss) attributable to Nelnet, Inc.$13,858 55,696 44,122 (1,914)111,762 22,828 (16,089)— 118,498 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, computer services and subscriptions, FDIC insurance, and management fee expense.
v3.25.2
Disaggregated Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Government loan servicing$85,737 87,014 173,100 192,490 
Private education and consumer loan servicing22,733 12,959 45,426 25,577 
FFELP loan servicing2,241 3,245 4,873 6,624 
Software services9,452 4,879 16,444 9,420 
Outsourced services561 955 1,622 2,141 
Loan servicing and systems revenue$120,724 109,052 241,465 236,252 
Education Technology Services and Payments
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Tuition payment plan services$36,013 34,164 76,085 73,043 
Payment processing37,515 34,326 89,051 82,113 
Education technology services44,481 47,205 100,177 103,227 
Other175 1,214 202 2,066 
Education technology services and payments revenue$118,184 116,909 265,515 260,449 
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2025202420252024
Investment activity, net$8,852 217 14,012 (1,082)
ALLO preferred return5,985 4,160 14,400 6,569 
Borrower late fee income1,642 2,584 3,231 5,718 
Investment advisory services (WRCM)1,504 1,524 2,977 3,033 
Administration/sponsor fee income1,293 1,482 2,598 3,028 
Loss from ALLO voting membership interest investment— — — (10,693)
(Loss) gain from solar investments, net(1,502)(2,610)(1,046)170 
Other5,202 6,663 10,498 11,360 
Other, net$22,976 14,020 46,670 18,103 
v3.25.2
Reinsurance
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Reinsurance Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedSix months ended
June 30,June 30,
2025202420252024
Premiums written:
Assumed$55,798 41,264 110,404 72,151 
Ceded(16,916)(20,550)(36,965)(35,993)
Net premiums written$38,882 20,714 73,439 36,158 
Premiums earned:
Assumed$44,079 29,889 91,803 55,393 
Ceded(17,967)(15,038)(41,004)(27,762)
Net premiums earned$26,112 14,851 50,799 27,631 
Loss reserve, commissions, and broker fees:
Assumed$45,100 21,675 87,741 44,517 
Ceded(19,438)(10,687)(39,867)(22,212)
Reinsurance losses and underwriting expenses$25,662 10,988 47,874 22,305 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $57.1 million and $33.1 million as of June 30, 2025 and December 31, 2024, respectively, which is included in "other liabilities" on the consolidated balance sheets.
v3.25.2
Major Customer
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
The Company earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $85.7 million and $87.0 million for the three months ended June 30, 2025 and 2024, respectively, and $173.1 million and $192.5 million for the six months ended June 30, 2025 and 2024, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract which replaced the legacy Department student loan servicing contract.
The USDS contract became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to the Company and four other third-party servicers that were awarded a USDS contract. Servicing under the USDS contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. The Company earns less revenue from the Department on a per-borrower blended basis under the new USDS servicing contract as compared with the legacy servicing contract.
v3.25.2
Fair Value
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 As of June 30, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,202,880 1,202,980 100 1,085,726 1,085,826 
Equity securities1,100 — 1,100 455 — 455 
Equity securities measured at net asset value (a)82,649 74,039 
Total investments1,200 1,202,880 1,286,729 555 1,085,726 1,160,320 
Derivative instruments— 402 402 — 3,232 3,232 
Total assets$1,200 1,203,282 1,287,131 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 2,077 2,077 — 53 53 
Total liabilities$— 2,077 2,077 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of June 30, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,990,823 9,594,556 — — 9,990,823 
Accrued loan interest receivable560,927 560,927 — 560,927 — 
Cash and cash equivalents225,753 225,753 225,753 — — 
Investments at fair value1,286,729 1,286,729 1,200 1,202,880 — 
Investments - held-to-maturity asset-backed securities208,464 203,591 — 208,464 — 
Notes receivable54,603 54,603 — 54,603 — 
Beneficial interest in loan securitizations201,025 190,853 — — 201,025 
Restricted cash317,958 317,958 317,958 — — 
Restricted cash – due to customers258,065 258,065 258,065 — — 
Derivative instruments402 402 — 402 — 
Financial liabilities:  
Bonds and notes payable7,847,907 7,903,561 — 7,847,907 — 
Accrued interest payable19,296 19,296 — 19,296 — 
Bank deposits1,368,830 1,382,042 919,731 449,099 — 
Due to customers429,109 429,109 429,109 — — 
Derivative instruments2,077 2,077 — 2,077 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans:
Name and TitleDate of Adoption of Rule 10b5-1 Trading Plan
Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)
Aggregate Number of Securities to Be Purchased or Sold
Thomas E. Henning
Director
6/6/202510/5/2025
Sale of an aggregate of 8,196 shares of Class A common stock by Mr. Henning and his spouse
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Thomas E. Henning [Member]  
Trading Arrangements, by Individual  
Name Thomas E. Henning
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 6/6/2025
Expiration Date 10/5/2025
Arrangement Duration 121 days
Aggregate Available 8,196
v3.25.2
Basis of Financial Reporting (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,039,136 2,108,960 
Consolidation6,327,949 6,279,604 
Total8,367,085 8,388,564 
Private education loans (a)156,614 221,744 
Consumer and other loans411,470 345,560 
Non-Nelnet Bank loans8,935,169 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other10,040 — 
Consolidation96,515 — 
Total106,555 — 
Private education loans (a)516,663 482,445 
Consumer and other loans204,423 162,152 
Nelnet Bank loans827,641 644,597 
Accrued interest receivable560,927 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(42,905)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(47,627)(49,091)
Private education loans(7,406)(11,130)
Consumer and other loans(48,028)(38,468)
Non-Nelnet Bank allowance for loan losses(103,061)(98,689)
Nelnet Bank:
Federally insured loans(355)— 
Private education loans(12,360)(10,086)
Consumer and other loans(9,573)(6,115)
Nelnet Bank allowance for loan losses(22,288)(16,201)
 $10,155,483 9,992,744 
(a)    During the second quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $42.2 million of private education loans to Nelnet Bank.
Schedule of Net Charge-offs as a Percentage of Average Loans
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios:
As ofAs of
June 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.57 %0.59 %
Private education loans4.73 %5.02 %
Consumer and other loans11.67 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.33 %— 
Private education loans2.39 %2.09 %
Consumer and other loans4.68 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 20.4% and 20.6% as of June 30, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 16.5% as of June 30, 2025.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:
Three months ended June 30,Six months ended June 30,
2025202420252024
Non-Nelnet Bank:
Federally insured loans0.16 %0.22 %0.14 %0.19 %
Private education loans0.55 %2.64 %1.02 %1.85 %
Consumer and other loans7.62 %4.62 %6.58 %4.98 %
Nelnet Bank:
Federally insured loans0.06 %— 0.06 %— 
Private education loans1.10 %0.40 %1.08 %0.44 %
Consumer and other loans (a)1.71 %7.44 %1.49 %7.66 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationBalance at end of period
Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$48,906 2,112 (3,391)— — 47,627 
Private education loans10,394 (2,760)(523)295 — 7,406 
Consumer and other loans43,904 11,781 (7,967)310 — 48,028 
Nelnet Bank:
Federally insured loans362 9 (16)— — 355 
Private education loans9,893 2,839 (1,739)307 1,060 12,360 
Consumer and other loans6,617 3,731 (878)103 — 9,573 
$120,076 17,712 (14,514)1,015 1,060 125,349 
Three months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$61,723 (1,970)(5,573)— — 54,180 
Private education loans14,736 — (1,827)156 — 13,065 
Consumer and other loans18,761 (2,255)(2,634)263 — 14,135 
Nelnet Bank:
Private education loans3,660 255 (460)104 — 3,559 
Consumer and other loans7,128 7,519 (2,837)15 — 11,825 
$106,008 3,549 (13,331)538 — 96,764 
Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 4,746 (6,210)— — 47,627 
Private education loans11,130 (2,760)(1,457)493 — 7,406 
Consumer and other loans38,468 22,158 (13,143)545 — 48,028 
Nelnet Bank:
Federally insured loans— 374 (19)— — 355 
Private education loans10,086 3,925 (3,134)423 1,060 12,360 
Consumer and other loans6,115 4,734 (1,447)171 — 9,573 
$114,890 33,177 (25,410)1,632 1,060 125,349 
Six months ended June 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (3,840)(10,433)— — 54,180 
Private education loans15,750 (265)(2,840)420 — 13,065 
Consumer and other loans11,742 6,335 (4,586)644 — 14,135 
Nelnet Bank:
Private education loans3,347 1,012 (906)106 — 3,559 
Consumer and other loans5,351 11,236 (4,804)42 — 11,825 
$104,643 14,478 (23,569)1,212 — 96,764 
(a) Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. The following table presents the reduction to provision for loan losses as a result of the contribution of Non-Nelnet Bank private education loans to Nelnet Bank during the second quarter of 2025 and the consumer and other loan sales during 2024:
    
Provision for current periodReduction to provisionProvision
(negative provision) for loan losses
Three months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Three months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$10,340 (12,595)(2,255)
Six months ended June 30, 2025
Non-Nelnet Bank
Private education loans$(994)(1,766)(2,760)
Six months ended June 30, 2024
Non-Nelnet Bank
Consumer and other loans$19,030 (12,695)6,335 
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedSix months ended
June 30,June 30,
2025202420252024
Provision for loan losses from allowance activity table above$17,712 3,549 33,177 14,478 
Provision (negative provision) for unfunded loan commitments218 62 90 (38)
Provision for loan losses reported in consolidated statements of income$17,930 3,611 33,267 14,440 
Schedule of Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts:
As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $393,460 4.7 % $376,765 4.5 % $440,891 4.6 %
Loans in forbearance 555,469 6.6  586,412 7.0  702,539 7.4 
Loans in repayment status:  
Loans current6,378,571 86.0 %6,374,897 85.9 %7,012,655 84.1 %
Loans delinquent 31-60 days261,809 3.5 243,348 3.3 339,262 4.1 
Loans delinquent 61-90 days175,562 2.4 166,474 2.2 234,746 2.8 
Loans delinquent 91-120 days111,678 1.5 113,838 1.5 151,447 1.8 
Loans delinquent 121-270 days360,754 4.9 380,823 5.1 377,660 4.5 
Loans delinquent 271 days or greater129,782 1.7 146,007 2.0 224,533 2.7 
Total loans in repayment7,418,156 88.7 100.0 %7,425,387 88.5 100.0 %8,340,303 88.0 100.0 %
Total federally insured loans8,367,085 100.0 % 8,388,564 100.0 % 9,483,733 100.0 %
Accrued interest receivable545,288 540,272 612,374 
Loan discount, net of unamortized premiums and deferred origination costs(26,523)(21,513)(24,222)
Allowance for loan losses(47,627)(49,091)(54,180)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$8,838,223 $8,858,232 $10,017,705 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $4,433 2.8 %$5,997 2.7 %$7,906 3.2 %
Loans in forbearance 1,530 1.0 2,089 0.9 2,248 0.9 
Loans in repayment status:
Loans current147,690 98.0 %206,825 96.8 %230,512 97.1 %
Loans delinquent 31-60 days1,246 0.8 3,424 1.6 2,814 1.2 
Loans delinquent 61-90 days564 0.4 1,275 0.6 1,395 0.6 
Loans delinquent 91 days or greater1,151 0.8 2,134 1.0 2,562 1.1 
Total loans in repayment150,651 96.2 100.0 %213,658 96.4 100.0 %237,283 95.9 100.0 %
Total private education loans156,614 100.0 % 221,744 100.0 % 247,437 100.0 %
Accrued interest receivable1,299 2,019 2,407 
Loan discount, net of unamortized premiums(5,162)(6,350)(7,194)
Allowance for loan losses(7,406)(11,130)(13,065)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 $206,283 $229,585 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$1,355 0.3 %$150 0.0 %$122 0.1 %
Loans in repayment status:
Loans current399,263 97.3 %335,355 97.1 %174,295 97.2 %
Loans delinquent 31-60 days3,731 0.9 3,667 1.1 2,100 1.2 
Loans delinquent 61-90 days3,096 0.8 2,143 0.6 1,857 1.0 
Loans delinquent 91 days or greater4,025 1.0 4,245 1.2 1,073 0.6 
Total loans in repayment410,115 99.7 100.0 %345,410 100.0 100.0 %179,325 99.9 100.0 %
Total consumer and other loans411,470 100.0 %345,560 100.0 %179,447 100.0 %
Accrued interest receivable2,260 1,868 763 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)(10,713)(9,205)
Allowance for loan losses(48,028)(38,468)(14,135)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 $298,247 $156,870 
As of June 30, 2025As of December 31, 2024As of June 30, 2024
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$2,665 2.5 %
Loans in forbearance5,550 5.2 
Loans in repayment status:
Loans current88,408 89.9 %
Loans delinquent 30-59 days2,806 2.9 
Loans delinquent 60-89 days2,001 2.0 
Loans delinquent 90-119 days1,683 1.7 
Loans delinquent 120-270 days2,495 2.5 
Loans delinquent 271 days or greater947 1.0 
Total loans in repayment98,340 92.3 100.0 %
Total federally insured loans106,555 100.0 %
Accrued interest receivable5,194 
Loan premium1,221 
Allowance for loan losses(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$112,615 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$45,107 8.7 %$31,674 6.6 %$41,394 11.7 %
Loans in forbearance1,926 0.4 3,061 0.6 1,985 0.6 
Loans in repayment status:
Loans current460,426 98.0 %439,569 98.2 %308,591 99.2 %
Loans delinquent 30-59 days3,102 0.7 4,327 1.0 934 0.3 
Loans delinquent 60-89 days2,710 0.6 1,497 0.3 444 0.2 
Loans delinquent 90 days or greater3,392 0.7 2,317 0.5 1,064 0.3 
Total loans in repayment469,630 90.9 100.0 %447,710 92.8 100.0 %311,033 87.7 100.0 %
Total private education loans516,663 100.0 %482,445 100.0 %354,412 100.0 %
Accrued interest receivable5,540 4,103 2,709 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)(4,581)5,501 
Allowance for loan losses(12,360)(10,086)(3,559)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 $471,881 $359,063 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$8,538 4.2 %$5,186 3.2 %$1,414 0.8 %
Loans in repayment status:
Loans current194,507 99.3 %155,772 99.2 %181,558 97.3 %
Loans delinquent 30-59 days1,001 0.5 803 0.5 1,516 0.8 
Loans delinquent 60-89 days193 0.1 243 0.2 1,814 1.0 
Loans delinquent 90 days or greater184 0.1 148 0.1 1,637 0.9 
Total loans in repayment195,885 95.8 100.0 %156,966 96.8 100.0 %186,525 99.2 100.0 %
Total consumer and other loans204,423 100.0 %162,152 100.0 %187,939 100.0 %
Accrued interest receivable1,346 1,021 1,219 
Loan premium, net of unaccreted discount2,444 1,043 (1,037)
Allowance for loan losses(9,573)(6,115)(11,825)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 $158,101 $176,296 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,057 2,986 3,197 4,408 3,857 22,149 38,654 7.5 %
705 - 7342,753 5,017 8,301 18,528 7,076 15,980 57,655 11.2 
735 - 7644,251 5,693 7,795 27,968 11,821 23,990 81,518 15.8 
765 - 7944,260 6,576 5,416 43,694 22,369 29,537 111,852 21.6 
Greater than 7946,154 14,728 13,632 62,114 44,955 77,929 219,512 42.5 
No FICO score available or required (a)— 2,367 5,105 — — — 7,472 1.4 
$19,475 37,367 43,446 156,712 90,078 169,585 516,663 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 6.4 %
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 10.9 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 15.5 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 22.0 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 43.5 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 1.7 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2025
Six months ended June 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$6,132 17,946 1,627 — 295 1,463 27,463 13.4 %
720 - 76912,060 39,184 3,981 17 5,770 7,662 68,674 33.6 
Greater than 76928,891 52,873 6,252 98 5,597 3,566 97,277 47.6 
No FICO score available or required (a)2,124 8,123 434 274 54 — 11,009 5.4 
$49,207 118,126 12,294 389 11,716 12,691 204,423 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 14.3 %
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 37.3 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 45.5 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 2.9 
$121,740 13,278 399 12,417 8,878 5,440 162,152 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 332 2,124 1,977 4,433 
Loans in forbearance— — — 29 375 1,126 1,530 
Loans in repayment status:
Loans current— — 185 3,868 5,031 138,606 147,690 
Loans delinquent 31-60 days— — — 23 31 1,192 1,246 
Loans delinquent 61-90 days— — — — 5 559 564 
Loans delinquent 91 days or greater— — — — 84 1,067 1,151 
Total loans in repayment— — 185 3,891 5,151 141,424 150,651 
Total private education loans$— — 185 4,252 7,650 144,527 156,614 
Accrued interest receivable1,299 
Loan discount, net of unamortized premiums(5,162)
Allowance for loan losses(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses$145,345 
Gross charge-offs - six months ended June 30, 2025$— — — — 52 1,405 1,457 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 453 902 — — — 1,355 
Loans in repayment status:
Loans current191,184 174,221 31,379 1,891 307 281 399,263 
Loans delinquent 31-60 days423 2,348 751 190 19 — 3,731 
Loans delinquent 61-90 days254 1,750 865 224 — 3 3,096 
Loans delinquent 91 days or greater9 3,019 706 291 — — 4,025 
Total loans in repayment191,870 181,338 33,701 2,596 326 284 410,115 
Total consumer and other loans$191,870 181,791 34,603 2,596 326 284 411,470 
Accrued interest receivable2,260 
Loan discount and deferred lender fees, net of unamortized premiums(6,296)
Allowance for loan losses(48,028)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$359,406 
Gross charge-offs - six months ended June 30, 2025$3,774 4,426 4,745 184 9 5 13,143 
Six months ended June 30, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$8,171 20,707 8,999 5,413 354 1,463 45,107 
Loans in forbearance— 25 262 414 165 1,060 1,926 
Loans in repayment status:
Loans current11,189 16,157 33,073 150,025 88,331 161,651 460,426 
Loans delinquent 30-59 days66 246 364 268 184 1,974 3,102 
Loans delinquent 60-89 days— 31 305 290 289 1,795 2,710 
Loans delinquent 90 days or greater49 201 443 302 755 1,642 3,392 
Total loans in repayment11,304 16,635 34,185 150,885 89,559 167,062 469,630 
Total private education loans$19,475 37,367 43,446 156,712 90,078 169,585 516,663 
Accrued interest receivable5,540 
Loan discount, net of unamortized premiums and deferred origination costs(8,589)
Allowance for loan losses(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses$501,254 
Gross charge-offs - six months ended June 30, 2025$— 191 498 335 259 1,851 3,134 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$5,092 3,446 — — — — 8,538 
Loans in repayment status:
Loans current44,054 113,832 12,180 389 11,468 12,584 194,507 
Loans delinquent 30-59 days61 573 114 — 156 97 1,001 
Loans delinquent 60-89 days— 183 — — — 10 193 
Loans delinquent 90 days or greater— 92 — — 92 — 184 
Total loans in repayment44,115 114,680 12,294 389 11,716 12,691 195,885 
Total consumer and other loans$49,207 118,126 12,294 389 11,716 12,691 204,423 
Accrued interest receivable1,346 
Loan premium, net of unaccreted discount2,444 
Allowance for loan losses(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$198,640 
Gross charge-offs - six months ended June 30, 2025$— 784 283 — 214 166 1,447 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.2
Bonds and Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,611,844 
4.69% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction321,880 
5.42% - 6.92%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes6,933,724 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		324,392 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities553,313 
5.19% - 5.31%
7/31/26 / 5/1/27
Consumer loan warehouse facilities68,026 
5.69% - 6.43%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations44,793 
5.90% / 6.56%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations35,152 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements2,051 
5.06% - 5.82%
5/4/26 / 7/28/32
7,961,451   
Discount on bonds and notes payable and debt issuance costs(57,890)
Total$7,903,561 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of June 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 403,872 196,128 7/31/20257/31/2026note (b)$30,511 
FFELP (c)375,000 149,441 225,559 5/1/20265/1/202792 %12,574 
$975,000 553,313 421,687 $43,085 
Consumer$100,000 3,001 96,999 11/13/202611/13/202770 %$1,394 
Consumer (d)125,000 65,000 60,000 7/31/20272/29/2028
60% - 80%
21,071 
Consumer (e)2,000 25 1,975 7/15/20271/15/2028
50% - 90%
5 
$227,000 68,026 158,974 $22,470 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
(d)    On June 16, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2027 and February 29, 2028, respectively.
(e)    The Company closed on this facility on May 15, 2025.
Schedule Of Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended June 30,Six months ended June 30,
2025202420252024
Purchase price$(141,998)(4,199)(142,869)(4,199)
Par value142,396 4,190 143,320 4,190 
Remaining unamortized cost of issuance(10)— (12)— 
Gain (loss), net$388 (9)439 (9)
v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps as of June 30, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
The following table summarizes the outstanding derivative instruments used by the Company as of June 30, 2025 and December 31, 2024 to economically hedge loans earning fixed rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
MaturityNotional amountWeighted average fixed rate paid by the Company
2026$200,000 3.92 %
202850,000 3.56 
2029 (a)50,000 3.17 
2030 (b)100,000 3.63 
 $400,000 3.71 %
(a)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(b)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivative instruments, the Company receives monthly or quarterly payments based on SOFR that reset daily.
As of June 30, 2025As of December 31, 2024
MaturityNotional amountWeighted average fixed rate paid by the CompanyNotional amountWeighted average fixed rate paid by the Company
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 25,000 3.37 
2030 (a)50,000 3.06 50,000 3.06 
2032 (b)25,000 4.03 25,000 4.03 
2033 (c)25,000 3.90 25,000 3.90 
2035 (d)30,000 3.79 — — 
 $195,000 3.50 %$165,000 3.44 %
(a)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(b)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(c)    This $25 million notional amount derivative has a forward effective start date in November 2025.
(d)    This $30 million notional amount derivative has a forward effective start date in May 2028.
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
As of June 30, 2025
MaturityNotional amountWeighted average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2025As of December 31, 2024As of June 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$402 3,232 1,452 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 625 — 
$402 3,232 2,077 53 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of June 30, 2025As of December 31, 2024As of June 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$402 3,232 1,452 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 625 — 
$402 3,232 2,077 53 
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended June 30,Six months ended June 30,
 2025202420252024
Settlements:  
Basis swaps$154 249 307 614 
Interest rate swaps - floor income hedges427 1,193 855 2,383 
Interest rate swaps - intercompany deposits163 207 327 409 
Total settlements - income744 1,649 1,489 3,406 
Change in fair value:  
Basis swaps(143)(232)(281)(586)
Interest rate swaps - floor income hedges(2,022)1,168 (5,680)7,228 
Interest rate swaps - intercompany deposits(1,701)597 (4,229)2,855 
Total change in fair value - (expense) income(3,866)1,533 (10,190)9,497 
Derivative market value adjustments and derivative settlements, net - (expense) income$(3,122)3,182 (8,701)12,903 
v3.25.2
Investments and Notes Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of June 30, 2025As of December 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$128,213 3,977 (3,056)129,134 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)119,014 3,350 (450)121,914 98,914 3,151 (78)101,987 
Private education loan (b)216,233 52 (16,339)199,946 237,288 — (18,118)219,170 
Other debt securities44,617 2,245 (15)46,847 32,552 2,500 — 35,052 
Total Non-Nelnet Bank508,077 9,624 (19,860)497,841 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan234,438 5,862 (714)239,586 231,543 6,060 (270)237,333 
Private education loan15,250 — (1)15,249 1,596 — — 1,596 
Other debt securities451,116 1,309 (2,121)450,304 296,944 1,775 (1,325)297,394 
Total Nelnet Bank700,804 7,171 (2,836)705,139 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,208,881 16,795 (22,696)1,202,980 1,087,223 19,290 (20,687)1,085,826 
Equity securities and funds measured at net asset value83,749 74,494 
Total investments at fair value1,286,729 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan201,806 203,439 
Private education loan1,785 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities203,591 210,774 
Venture capital, funds, and other:
Measurement alternative (c)207,086 200,782 
Equity method172,935 170,258 
Total venture capital and funds380,021 371,040 
Real estate equity method176,411 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return— 225,614 
Total investment in ALLO— 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $41,008 and $38,590 as of June 30, 2025 and December 31, 2024, respectively
127,729 142,764 
Private education loans, net of allowance for credit losses of $4,970 and $901 as of June 30, 2025 and December 31, 2024, respectively
44,502 52,824 
Federally insured student loans18,622 18,221 
Total beneficial interest in loan securitizations, net of allowance190,853 213,809 
Solar (f)(200,784)(155,048)
Notes receivable54,603 32,258 
Tax liens, affordable housing, and other13,515 10,184 
Total other investments and notes receivable (not measured at fair value)818,210 1,040,376 
Total investments and notes receivable$2,104,939 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of June 30, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. See note 2 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the three months ended March 31, 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. The Company recognized income on its ALLO preferred membership interests of $6.0 million and $4.2 million during the three months ended June 30, 2025 and 2024, respectively, and $14.4 million and $6.6 million during the six months ended June 30, 2025 and 2024, respectively. The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2025, the Company's ownership correlates to approximately $1.00 billion, $420 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. The Company recorded a $1.5 million and $5.0 million allowance for credit losses (and related provision expense) during the first and second quarters of 2025, respectively, on these investments. This expense is included in "impairment expense and provision for beneficial interests" on the consolidated statements of income.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of June 30, 2025, the Company has invested a total of $300.6 million and its third-party investors have invested $285.8 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of June 30, 2025, the Company and its third-party co-investors have earned $334.2 million and $290.7 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $200.8 million as of June 30, 2025 represents the sum of total tax credits earned on solar projects placed in service through June 30, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of June 30, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $97.7 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments at the end of the contractual agreement (typically five years), which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net gain excluding amounts attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company):
Three months ended June 30,Six months ended June 30,
2025202420252024
Losses from HLBV accounting (gross)$(6,463)(6,818)(9,079)(4,038)
Gains from sales (gross)4,961 4,208 8,033 4,208 
(Losses) gains from solar investments, net(1,502)(2,610)(1,046)170 
Less: (losses) gains attributable to noncontrolling members, net(3,159)8 (4,204)(1,633)
Net gain (loss), excluding amounts attributed to noncontrolling interest investors$1,657 (2,618)3,158 1,803 
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of June 30, 2025:
As of June 30, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 204 2,520 125,489 128,213 
FFELP loan and other debt securities - restricted— 5,500 15,081 98,433 119,014 
Private education loan— — — 216,233 216,233 
Other debt securities— 4,819 12,281 27,517 44,617 
Total Non-Nelnet Bank— 10,523 29,882 467,672 508,077 
Fair value— 10,632 29,921 457,288 497,841 
Nelnet Bank:
FFELP loan51,575 13,304 27,983 141,576 234,438 
Private education loan— — 14,210 1,040 15,250 
Other debt securities— 39,249 75,189 336,678 451,116 
Total Nelnet Bank51,575 52,553 117,382 479,294 700,804 
Fair value51,214 52,572 117,649 483,704 705,139 
Total available-for-sale asset-backed securities at amortized cost$51,575 63,076 147,264 946,966 1,208,881 
Total available-for-sale asset-backed securities at fair value$51,214 63,204 147,570 940,992 1,202,980 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan$— 2,632 11,730 187,444 201,806 
Private education loan— — — 1,785 1,785 
Total held-to-maturity asset-backed securities at amortized cost$— 2,632 11,730 189,229 203,591 
Total held-to-maturity asset-backed securities at fair value$— 2,686 11,576 194,202 208,464 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 190,853 
Fair value$— — — — 201,025 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of June 30, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$203,591 5,523 (650)208,464 
Beneficial interest in loan securitizations190,853 11,643 (1,471)201,025 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses as of June 30, 2025 and the fair value of such securities as of June 30, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of June 30, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(245)9,992 (2,811)45,914 (3,056)55,906 
FFELP loan and other debt securities - restricted(129)21,535 (321)8,014 (450)29,549 
Private education loan— — (16,339)175,268 (16,339)175,268 
Other debt securities(15)1,985 — — (15)1,985 
Total Non-Nelnet Bank(389)33,512 (19,471)229,196 (19,860)262,708 
Nelnet Bank:
FFELP loan(481)58,186 (233)16,216 (714)74,402 
Private education loan(1)14,208 — — (1)14,208 
Other debt securities(975)169,486 (1,146)13,778 (2,121)183,264 
Total Nelnet Bank(1,457)241,880 (1,379)29,994 (2,836)271,874 
Total available-for-sale asset-backed securities$(1,846)275,392 (20,850)259,190 (22,696)534,582 
Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities:
Three months endedSix months ended
June 30,June 30,
2025202420252024
Gross proceeds from sales$34,828 113,173 109,609 266,547 
Gross realized gains$622 1,516 1,555 2,571 
Gross realized losses(27)(463)(478)(966)
Net gains$595 1,053 1,077 1,605 
v3.25.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2025 (months)
As ofAs of
June 30, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $55,723 and $54,644, respectively)
92$32,121 34,960 
Trade name (net of accumulated amortization of $244 and $205, respectively)
82526 565 
Computer software (net of accumulated amortization of $1,089 and $917, respectively)
22631 803 
Total amortizable intangible assets, net90$33,278 36,328 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2025, the Company estimates it will record amortization expense as follows:
2025 (July 1 - December 31)$3,049 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $33,278 
v3.25.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of June 30, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.2
Impairment Expense and Provision for Beneficial Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Impairment Charges by Asset and Segment
The following table presents the impairment charges and provision for beneficial interests by asset and reportable operating segment recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 4,977 — — — 4,977 
Leases, buildings, and associated improvements (b)— — — — — 3,269 3,269 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 4,977 — — 5,311 10,288 
Three months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
$— — 5,911 — — 1,865 7,776 
Six months ended June 30, 2025
Investments - beneficial interest in loan securitizations (a)$— — 6,487 — — — 6,487 
Leases, buildings, and associated improvements (b)— — — — 81 3,269 3,350 
Property and equipment - solar facilities (c)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— — 6,487 — 81 5,311 11,879 
Six months ended June 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 5,911 — — — 5,911 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
Investments - venture capital— — — — — 37 37 
$— — 5,911 — — 1,902 7,813 
(a)     The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations. See note 6 for additional information.
(b)    The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space.
(c)    In the second quarter of 2025, the Company received notification of a customer contract cancellation. As a result, the Company recorded an impairment charge related to construction in progress for a solar facility.
In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and discontinued its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.25.2
Bank Deposits (Tables)
 6 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
June 30, 2025December 31, 2024
Retail and other savings$1,092,175 916,475 
Brokered CDs, net of brokered deposit fees269,058 247,872 
Retail and other CDs, net of issuance fees20,809 21,784 
Total interest-bearing deposits$1,382,042 1,186,131 
Schedule of Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of June 30, 2025:
One year or less$149,010 
After one year to two years74,863 
After two years to three years454 
After three years to four years42,910 
After four years to five years1,579 
After five years21,051 
Total$289,867 
v3.25.2
Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
 Three months ended June 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$178,170 3,289 181,459 44,239 852 45,091 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,824,313 661,292 36,485,605 35,835,387 690,095 36,525,482 
Earnings per share - basic and diluted$4.97 4.97 4.97 1.23 1.23 1.23 
Six months ended June 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$259,158 4,860 264,018 116,178 2,320 118,498 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,810,499 671,536 36,482,035 36,119,876 721,351 36,841,227 
Earnings per share - basic and diluted$7.24 7.24 7.24 3.22 3.22 3.22 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 157,300 14,804 172,104 — — — 172,104 
Investment interest624 5,417 12,641 13,934 32,616 8,870 2,661 (3,963)40,185 
Total interest income624 5,417 169,941 28,738 204,720 8,870 2,661 (3,963)212,289 
Interest expense— — 120,066 14,672 134,738 1,428 651 (3,963)132,854 
Net interest income624 5,417 49,875 14,066 69,982 7,442 2,010 — 79,435 
Less provision (negative provision) for loan losses— — 11,133 6,797 17,930 — — — 17,930 
Net interest income after provision for loan losses624 5,417 38,742 7,269 52,052 7,442 2,010 — 61,505 
Other income (expense):
LSS revenue120,724 — — — 120,724 — — — 120,724 
Intersegment revenue5,603 65 — — 5,668 — — (5,668)— 
ETSP revenue— 118,184 — — 118,184 — — — 118,184 
Reinsurance premiums earned— — — — — 26,112 — — 26,112 
Solar construction revenue— — — — — — 1,259 — 1,259 
Other, net113 — 7,507 392 8,012 5,265 9,603 96 22,976 
Gain (loss) on sale of loans, net— — — — — — — — — 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 581 163 744 — — — 744 
Derivative market value adjustments, net— — (2,165)(1,701)(3,866)— — — (3,866)
Total other income (expense), net126,440 118,249 5,923 (1,146)249,466 31,377 185,906 (5,572)461,177 
Cost of services and expenses:
Total cost of services1,845 39,844 — — 41,689 — 14,050 — 55,739 
Salaries and benefits65,549 41,598 1,469 2,791 111,407 539 22,784 (30)134,699 
Depreciation and amortization1,821 2,505 — 352 4,678 — 2,946 — 7,624 
Reinsurance losses and underwriting expenses— — — — — 25,662 — — 25,662 
Postage expense9,551 9,551 (9,551)— 
Servicing fees7,102 824 7,926 (7,926)— 
Other expenses (a)11,099 9,904 2,464 1,969 25,436 2,206 11,695 11,969 51,306 
Intersegment expenses, net17,240 6,273 1,260 652 25,425 321 (25,616)(130)— 
Total operating expenses105,260 60,280 12,295 6,588 184,423 28,728 11,809 (5,668)219,291 
Impairment expense and provision for beneficial interests— — 4,977 — 4,977 — 5,311 — 10,288 
Total expenses107,105 100,124 17,272 6,588 231,089 28,728 31,170 (5,668)285,318 
Income (loss) before income taxes19,959 23,542 27,393 (465)70,429 10,091 156,746 96 237,364 
Income tax (expense) benefit(4,790)(5,650)(6,569)101 (16,908)(2,395)(40,207)— (59,510)
Net income (loss)15,169 17,892 20,824 (364)53,521 7,696 116,539 96 177,854 
Net (income) loss attributable to noncontrolling interests— — (23)— (23)(114)3,838 (96)3,605 
Net income (loss) attributable to Nelnet, Inc.$15,169 17,892 20,801 (364)53,498 7,582 120,377 — 181,459 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Three months ended June 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 193,707 8,422 202,129 — — — 202,129 
Investment interest1,258 5,715 13,709 10,811 31,493 15,880 2,646 (9,282)40,737 
Total interest income1,258 5,715 207,416 19,233 233,622 15,880 2,646 (9,282)242,866 
Interest expense— — 171,632 10,769 182,401 2,606 733 (9,282)176,459 
Net interest income1,258 5,715 35,784 8,464 51,221 13,274 1,913 — 66,407 
Less provision (negative provision) for loan losses— — (4,225)7,836 3,611 — — — 3,611 
Net interest income after provision for loan losses1,258 5,715 40,009 628 47,610 13,274 1,913 — 62,796 
Other income (expense):
LSS revenue109,052 — — — 109,052 — — — 109,052 
Intersegment revenue6,106 56 — — 6,162 — — (6,162)— 
ETSP revenue— 116,909 — — 116,909 — — — 116,909 
Reinsurance premiums earned— — — — — 14,851 — — 14,851 
Solar construction revenue— — — — — — 9,694 — 9,694 
Other, net685 — 1,337 775 2,797 851 10,372 — 14,020 
Gain (loss) on sale of loans, net— — (1,438)— (1,438)— — — (1,438)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 1,442 207 1,649 — — — 1,649 
Derivative market value adjustments, net— — 936 597 1,533 — — — 1,533 
Total other income (expense), net115,843 116,965 2,277 1,579 236,664 15,702 20,066 (6,162)266,270 
Cost of services and expenses:
Total cost of services196 40,222 — — 40,418 — 8,072 — 48,490 
Salaries and benefits70,631 40,736 1,113 2,798 115,278 374 24,786 (804)139,634 
Depreciation and amortization5,342 2,712 — 341 8,395 — 6,748 — 15,142 
Reinsurance losses and underwriting expenses— — — — — 10,988 — — 10,988 
Postage expense9,277 9,277 (9,277)— 
Servicing fees8,541 193 8,734 (8,734)— 
Other expenses (a)11,188 8,600 1,139 2,002 22,929 841 12,842 11,996 48,608 
Intersegment expenses, net18,224 4,811 1,272 591 24,898 248 (25,803)657 — 
Total operating expenses114,662 56,859 12,065 5,925 189,511 12,451 18,573 (6,162)214,372 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,865 — 7,776 
Total expenses114,858 97,081 17,976 5,925 235,840 12,451 28,510 (6,162)270,638 
Income (loss) before income taxes2,243 25,599 24,310 (3,718)48,434 16,525 (6,531)— 58,428 
Income tax (expense) benefit(538)(6,150)(5,835)916 (11,607)(3,935)788 — (14,753)
Net income (loss)1,705 19,449 18,475 (2,802)36,827 12,590 (5,743)— 43,675 
Net (income) loss attributable to noncontrolling interests— 29 — — 29 (129)1,516 — 1,416 
Net income (loss) attributable to Nelnet, Inc.$1,705 19,478 18,475 (2,802)36,856 12,461 (4,227)— 45,091 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
Six months ended June 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 311,768 26,775 338,543 — — — 338,543 
Investment interest1,345 12,356 25,411 26,430 65,542 17,690 4,973 (6,632)81,574 
Total interest income1,345 12,356 337,179 53,205 404,085 17,690 4,973 (6,632)420,117 
Interest expense— — 234,369 26,749 261,118 2,198 1,284 (6,632)257,968 
Net interest income1,345 12,356 102,810 26,456 142,967 15,492 3,689 — 162,149 
Less provision (negative provision) for loan losses— — 24,144 9,123 33,267 — — — 33,267 
Net interest income after provision for loan losses1,345 12,356 78,666 17,333 109,700 15,492 3,689 — 128,882 
Other income (expense):
LSS revenue241,465 — — — 241,465 — — — 241,465 
Intersegment revenue11,287 129 — — 11,416 — — (11,416)— 
ETSP revenue— 265,515 — — 265,515 — — — 265,515 
Reinsurance premiums earned— — — — — 50,799 — — 50,799 
Solar construction revenue— — — — — — 5,254 — 5,254 
Other, net225 — 11,502 534 12,261 6,376 27,840 193 46,670 
Gain (loss) on sale of loans, net— — 909 — 909 — — — 909 
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,162 327 1,489 — — — 1,489 
Derivative market value adjustments, net— — (5,961)(4,229)(10,190)— — — (10,190)
Total other income (expense), net252,977 265,644 7,612 (3,368)522,865 57,175 208,138 (11,223)776,955 
Cost of services and expenses:
Total cost of services3,478 87,891 — — 91,369 — 21,878 — 113,247 
Salaries and benefits135,123 83,339 2,690 5,607 226,759 1,017 45,279 (134)272,922 
Depreciation and amortization4,474 4,936 — 691 10,101 — 6,778 — 16,879 
Reinsurance losses and underwriting expenses— — — — — 47,874 — — 47,874 
Postage expense17,127 17,127 (17,127)— 
Servicing fees14,013 1,491 15,504 (15,504)— 
Other expenses (a)21,931 18,952 3,352 3,327 47,562 2,978 27,281 21,711 99,532 
Intersegment expenses, net33,718 11,877 2,510 1,362 49,467 565 (49,670)(362)— 
Total operating expenses212,373 119,104 22,565 12,478 366,520 52,434 29,668 (11,416)437,207 
Impairment expense and provision for beneficial interests— — 6,487 — 6,487 81 5,311 — 11,879 
Total expenses215,851 206,995 29,052 12,478 464,376 52,515 56,857 (11,416)562,333 
Income (loss) before income taxes38,471 71,005 57,226 1,487 168,189 20,152 154,970 193 343,504 
Income tax (expense) benefit(9,233)(17,052)(13,725)(333)(40,343)(4,779)(39,398)— (84,521)
Net income (loss)29,238 53,953 43,501 1,154 127,846 15,373 115,572 193 258,983 
Net (income) loss attributable to noncontrolling interests— 45 (40)— 5 (238)5,461 (193)5,035 
Net income (loss) attributable to Nelnet, Inc.$29,238 53,998 43,461 1,154 127,851 15,135 121,033 — 264,018 
Total assets as of June 30, 2025$168,435 533,317 10,036,454 1,767,193 12,505,399 1,077,523 541,471 (413,305)13,711,088 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Six months ended June 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 403,335 15,518 418,853 — — — 418,853 
Investment interest3,152 13,580 35,544 20,779 73,055 31,495 6,461 (18,197)92,814 
Total interest income3,152 13,580 438,879 36,297 491,908 31,495 6,461 (18,197)511,667 
Interest expense— — 362,537 20,266 382,803 5,024 1,409 (18,197)371,039 
Net interest income3,152 13,580 76,342 16,031 109,105 26,471 5,052 — 140,628 
Less provision (negative provision) for loan losses— — 2,230 12,210 14,440 — — — 14,440 
Net interest income after provision for loan losses3,152 13,580 74,112 3,821 94,665 26,471 5,052 — 126,188 
Other income (expense):
LSS revenue236,252 — — — 236,252 — — — 236,252 
Intersegment revenue12,991 106 — — 13,097 — — (13,097)— 
ETSP revenue— 260,449 — — 260,449 — — — 260,449 
Reinsurance premiums earned— — — — — 27,631 — — 27,631 
Solar construction revenue— — — — — — 23,420 — 23,420 
Other, net1,395 — 6,321 1,150 8,866 1,013 8,224 — 18,103 
Gain (loss) on sale of loans, net— — (1,579)— (1,579)— — — (1,579)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 2,997 409 3,406 — — — 3,406 
Derivative market value adjustments, net— — 6,642 2,855 9,497 — — — 9,497 
Total other income (expense), net250,638 260,555 14,381 4,414 529,988 28,644 31,644 (13,097)577,179 
Cost of services and expenses:
Total cost of services196 88,832 — — 89,028 — 22,300 — 111,328 
Salaries and benefits147,353 80,903 2,308 5,518 236,082 732 48,307 (1,611)283,509 
Depreciation and amortization10,450 5,395 — 601 16,446 — 15,464 — 31,911 
Reinsurance losses and underwriting expenses— — — — — 22,305 — — 22,305 
Postage expense19,883 19,883 (19,883)— 
Servicing fees17,492 426 17,918 (17,918)— 
Other expenses (a)20,119 16,158 2,246 3,113 41,636 1,327 26,243 24,928 94,136 
Intersegment expenses, net37,555 9,612 2,481 1,148 50,796 465 (52,648)1,387 — 
Total operating expenses235,360 112,068 24,527 10,806 382,761 24,829 37,366 (13,097)431,861 
Impairment expense and provision for beneficial interests— — 5,911 — 5,911 — 1,902 — 7,813 
Total expenses235,556 200,900 30,438 10,806 477,700 24,829 61,568 (13,097)551,002 
Income (loss) before income taxes18,234 73,235 58,055 (2,571)146,953 30,286 (24,872)— 152,365 
Income tax (expense) benefit(4,376)(17,585)(13,933)657 (35,237)(7,209)4,511 — (37,936)
Net income (loss)13,858 55,650 44,122 (1,914)111,716 23,077 (20,361)— 114,429 
Net (income) loss attributable to noncontrolling interests— 46 — — 46 (249)4,272 — 4,069 
Net income (loss) attributable to Nelnet, Inc.$13,858 55,696 44,122 (1,914)111,762 22,828 (16,089)— 118,498 
Total assets as of June 30, 2024$264,381 478,077 11,315,210 1,185,302 13,242,970 1,038,068 778,549 (558,394)14,501,193 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, computer services and subscriptions, FDIC insurance, and management fee expense.
v3.25.2
Disaggregated Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Government loan servicing$85,737 87,014 173,100 192,490 
Private education and consumer loan servicing22,733 12,959 45,426 25,577 
FFELP loan servicing2,241 3,245 4,873 6,624 
Software services9,452 4,879 16,444 9,420 
Outsourced services561 955 1,622 2,141 
Loan servicing and systems revenue$120,724 109,052 241,465 236,252 
 Three months ended June 30,Six months ended June 30,
 2025202420252024
Tuition payment plan services$36,013 34,164 76,085 73,043 
Payment processing37,515 34,326 89,051 82,113 
Education technology services44,481 47,205 100,177 103,227 
Other175 1,214 202 2,066 
Education technology services and payments revenue$118,184 116,909 265,515 260,449 
Schedule of Components of Other Income (Expenses)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2025202420252024
Investment activity, net$8,852 217 14,012 (1,082)
ALLO preferred return5,985 4,160 14,400 6,569 
Borrower late fee income1,642 2,584 3,231 5,718 
Investment advisory services (WRCM)1,504 1,524 2,977 3,033 
Administration/sponsor fee income1,293 1,482 2,598 3,028 
Loss from ALLO voting membership interest investment— — — (10,693)
(Loss) gain from solar investments, net(1,502)(2,610)(1,046)170 
Other5,202 6,663 10,498 11,360 
Other, net$22,976 14,020 46,670 18,103 
v3.25.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Effects of Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedSix months ended
June 30,June 30,
2025202420252024
Premiums written:
Assumed$55,798 41,264 110,404 72,151 
Ceded(16,916)(20,550)(36,965)(35,993)
Net premiums written$38,882 20,714 73,439 36,158 
Premiums earned:
Assumed$44,079 29,889 91,803 55,393 
Ceded(17,967)(15,038)(41,004)(27,762)
Net premiums earned$26,112 14,851 50,799 27,631 
Loss reserve, commissions, and broker fees:
Assumed$45,100 21,675 87,741 44,517 
Ceded(19,438)(10,687)(39,867)(22,212)
Reinsurance losses and underwriting expenses$25,662 10,988 47,874 22,305 
v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 As of June 30, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,202,880 1,202,980 100 1,085,726 1,085,826 
Equity securities1,100 — 1,100 455 — 455 
Equity securities measured at net asset value (a)82,649 74,039 
Total investments1,200 1,202,880 1,286,729 555 1,085,726 1,160,320 
Derivative instruments— 402 402 — 3,232 3,232 
Total assets$1,200 1,203,282 1,287,131 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 2,077 2,077 — 53 53 
Total liabilities$— 2,077 2,077 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of June 30, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$9,990,823 9,594,556 — — 9,990,823 
Accrued loan interest receivable560,927 560,927 — 560,927 — 
Cash and cash equivalents225,753 225,753 225,753 — — 
Investments at fair value1,286,729 1,286,729 1,200 1,202,880 — 
Investments - held-to-maturity asset-backed securities208,464 203,591 — 208,464 — 
Notes receivable54,603 54,603 — 54,603 — 
Beneficial interest in loan securitizations201,025 190,853 — — 201,025 
Restricted cash317,958 317,958 317,958 — — 
Restricted cash – due to customers258,065 258,065 258,065 — — 
Derivative instruments402 402 — 402 — 
Financial liabilities:  
Bonds and notes payable7,847,907 7,903,561 — 7,847,907 — 
Accrued interest payable19,296 19,296 — 19,296 — 
Bank deposits1,368,830 1,382,042 919,731 449,099 — 
Due to customers429,109 429,109 429,109 — — 
Derivative instruments2,077 2,077 — 2,077 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.2
Partial Redemption of ALLO Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 04, 2025
Jun. 03, 2025
Apr. 18, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Unusual or Infrequent Item, or Both [Line Items]              
Gross proceeds to ALLO     $ 500,000        
Proceeds from sale of preferred membership interests $ 410,900            
Gain on partial redemption of ALLO investment 175,000     $ 175,044 $ 0 $ 175,044 $ 0
Equity method       0   0  
Reduction in the estimated fair value of contingent payment liability       4,900      
Fair value of contingent payment       $ 3,400   $ 3,400  
Contingent consideration, liability, higher estimate $ 9,000 $ 35,000          
Variable Interest Entity, Primary Beneficiary | ALLO              
Unusual or Infrequent Item, or Both [Line Items]              
Subsidiary, ownership percentage 27.00% 45.00%          
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 560,927   $ 549,283      
Loan discount, net of unamortized premiums and deferred origination costs (42,905)   (42,114)      
Allowance for loan losses (125,349) $ (120,076) (114,890) $ (96,764) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,155,483   9,992,744      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 8,935,169   8,955,868      
Allowance for loan losses (103,061)   (98,689)      
Federally insured loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 8,367,085   8,388,564 9,483,733    
Accrued interest receivable 545,288   540,272 612,374    
Allowance for loan losses (47,627) (48,906) (49,091) (54,180) (61,723) (68,453)
Financing receivable, after allowance for credit loss 8,838,223   8,858,232 10,017,705    
Federally insured loans - Non-Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 2,039,136   2,108,960      
Federally insured loans - Non-Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 6,327,949   6,279,604      
Private education loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 156,614   221,744 247,437    
Accrued interest receivable 1,299   2,019 2,407    
Allowance for loan losses (7,406) (10,394) (11,130) (13,065) (14,736) (15,750)
Financing receivable, after allowance for credit loss 145,345   206,283 229,585    
Private education loans - Non-Nelnet Bank | Asset Generation and Management            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Contributed loans 42,200          
Consumer loans and other loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 411,470   345,560 179,447    
Accrued interest receivable 2,260   1,868 763    
Allowance for loan losses (48,028) (43,904) (38,468) (14,135) (18,761) (11,742)
Financing receivable, after allowance for credit loss 359,406   298,247 156,870    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 827,641   644,597      
Allowance for loan losses (22,288)   (16,201)      
Federally insured loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 106,555   0      
Allowance for loan losses (355) (362) 0      
Federally insured loans - Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 10,040   0      
Federally insured loans - Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 96,515   0      
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 516,663   482,445 354,412    
Accrued interest receivable 5,540   4,103 2,709    
Allowance for loan losses (12,360) (9,893) (10,086) (3,559) (3,660) (3,347)
Financing receivable, after allowance for credit loss 501,254   471,881 359,063    
Consumer and other loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 204,423   162,152 187,939    
Accrued interest receivable 1,346   1,021 1,219    
Allowance for loan losses (9,573) $ (6,617) (6,115) (11,825) $ (7,128) $ (5,351)
Financing receivable, after allowance for credit loss $ 198,640   $ 158,101 $ 176,296    
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Jun. 30, 2025
Dec. 31, 2024
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.57% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 20.40% 20.60%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.73% 5.02%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 11.67% 11.13%
Federally insured loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.33% 0.00%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 16.50%  
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 2.39% 2.09%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.68% 3.77%
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Student Loan Trust Acquisitions (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Bonds and notes payable $ 7,903,561   $ 8,309,797    
Cash, cash equivalents, and restricted cash $ 801,776   $ 931,020 $ 943,403 $ 1,025,491
Student Loan, Stafford and Consolidation          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   $ 646,900      
Bonds and notes payable   721,300      
Cash, cash equivalents, and restricted cash   32,200      
Other net assets   27,400      
Financing receivable, after allowance for credit loss, net discount   6,600      
Financing receivable, after allowance for credit loss, bonds and notes payable discount   $ 31,100      
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 120,076 $ 106,008 $ 114,890 $ 104,643
Provision (negative provision) for loan losses 17,712 3,549 33,177 14,478
Charge-offs (14,514) (13,331) (25,410) (23,569)
Recoveries 1,015 538 1,632 1,212
Initial allowance on loans purchased with credit deterioration 1,060 0 1,060 0
Balance at end of period 125,349 96,764 125,349 96,764
Provision (negative provision) for loan losses 17,712 3,549 33,177 14,478
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 48,906 61,723 49,091 68,453
Provision (negative provision) for loan losses 2,112 (1,970) 4,746 (3,840)
Charge-offs (3,391) (5,573) (6,210) (10,433)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Balance at end of period 47,627 54,180 47,627 54,180
Provision (negative provision) for loan losses 2,112 (1,970) 4,746 (3,840)
Private education loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 10,394 14,736 11,130 15,750
Provision (negative provision) for loan losses (2,760) 0 (2,760) (265)
Charge-offs (523) (1,827) (1,457) (2,840)
Recoveries 295 156 493 420
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Balance at end of period 7,406 13,065 7,406 13,065
Provision for current period (994)   (994)  
Reduction to provision (1,766)   (1,766)  
Provision (negative provision) for loan losses (2,760) 0 (2,760) (265)
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 43,904 18,761 38,468 11,742
Provision (negative provision) for loan losses 11,781 (2,255) 22,158 6,335
Charge-offs (7,967) (2,634) (13,143) (4,586)
Recoveries 310 263 545 644
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Balance at end of period 48,028 14,135 48,028 14,135
Provision for current period   10,340   19,030
Reduction to provision   (12,595)   (12,695)
Provision (negative provision) for loan losses 11,781 (2,255) 22,158 6,335
Federally insured loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 362   0  
Provision (negative provision) for loan losses 9   374  
Charge-offs (16)   (19)  
Recoveries 0   0  
Initial allowance on loans purchased with credit deterioration 0   0  
Balance at end of period 355   355  
Provision (negative provision) for loan losses 9   374  
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 9,893 3,660 10,086 3,347
Provision (negative provision) for loan losses 2,839 255 3,925 1,012
Charge-offs (1,739) (460) (3,134) (906)
Recoveries 307 104 423 106
Initial allowance on loans purchased with credit deterioration 1,060 0 1,060 0
Balance at end of period 12,360 3,559 12,360 3,559
Provision (negative provision) for loan losses 2,839 255 3,925 1,012
Consumer and other loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 6,617 7,128 6,115 5,351
Provision (negative provision) for loan losses 3,731 7,519 4,734 11,236
Charge-offs (878) (2,837) (1,447) (4,804)
Recoveries 103 15 171 42
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Balance at end of period 9,573 11,825 9,573 11,825
Provision (negative provision) for loan losses $ 3,731 $ 7,519 $ 4,734 $ 11,236
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.16% 0.22% 0.14% 0.19%
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.55% 2.64% 1.02% 1.85%
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 7.62% 4.62% 6.58% 4.98%
Federally insured loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.06% 0.00% 0.06% 0.00%
Private education loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 1.10% 0.40% 1.08% 0.44%
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 1.71% 7.44% 1.49% 7.66%
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - Consumer Portfolio Segment, Unfunded Private Education Loan Commitments - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Liability related to unfunded education loan commitments $ 416 $ 326
Unfunded private education loan commitments $ 62,200 $ 40,700
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]        
Provision for loan losses from allowance activity table above $ 17,712 $ 3,549 $ 33,177 $ 14,478
Provision (negative provision) for unfunded loan commitments 218 62 90 (38)
Provision for loan losses reported in consolidated statements of income $ 17,930 $ 3,611 $ 33,267 $ 14,440
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Loans in repayment status:            
Accrued interest receivable $ 560,927   $ 549,283      
Allowance for loan losses (125,349) $ (120,076) (114,890) $ (96,764) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,155,483   9,992,744      
Federally insured loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 393,460   $ 376,765 $ 440,891    
Loans in-school/grace/deferment, percent 4.70%   4.50% 4.60%    
Loans in forbearance $ 555,469   $ 586,412 $ 702,539    
Loans in forbearance, percent 6.60%   7.00% 7.40%    
Loans in repayment status:            
Loans receivable, gross $ 8,367,085   $ 8,388,564 $ 9,483,733    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 7,418,156   $ 7,425,387 $ 8,340,303    
Loans in repayment, percent 88.70%   88.50% 88.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 545,288   $ 540,272 $ 612,374    
Loan discount, net of unamortized premiums and deferred origination costs (26,523)   (21,513) (24,222)    
Allowance for loan losses (47,627) (48,906) (49,091) (54,180) (61,723) (68,453)
Financing receivable, after allowance for credit loss 8,838,223   8,858,232 10,017,705    
Federally insured loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 6,378,571   $ 6,374,897 $ 7,012,655    
Loans current, percentage 86.00%   85.90% 84.10%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans past due, percentage 3.50%          
Federally insured loans - Non-Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans past due, percentage 2.40%          
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 261,809   $ 243,348 $ 339,262    
Loans past due, percentage     3.30% 4.10%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross 175,562   $ 166,474 $ 234,746    
Loans past due, percentage     2.20% 2.80%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 111,678   $ 113,838 $ 151,447    
Loans past due, percentage 1.50%   1.50% 1.80%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 360,754   $ 380,823 $ 377,660    
Loans past due, percentage 4.90%   5.10% 4.50%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 129,782   $ 146,007 $ 224,533    
Loans past due, percentage 1.70%   2.00% 2.70%    
Private education loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 4,433   $ 5,997 $ 7,906    
Loans in-school/grace/deferment, percent 2.80%   2.70% 3.20%    
Loans in forbearance $ 1,530   $ 2,089 $ 2,248    
Loans in forbearance, percent 1.00%   0.90% 0.90%    
Loans in repayment status:            
Loans receivable, gross $ 156,614   $ 221,744 $ 247,437    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 150,651   $ 213,658 $ 237,283    
Loans in repayment, percent 96.20%   96.40% 95.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,299   $ 2,019 $ 2,407    
Loan discount, net of unamortized premiums and deferred origination costs (5,162)   (6,350) (7,194)    
Allowance for loan losses (7,406) (10,394) (11,130) (13,065) (14,736) (15,750)
Financing receivable, after allowance for credit loss 145,345   206,283 229,585    
Private education loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 147,690   $ 206,825 $ 230,512    
Loans current, percentage 98.00%   96.80% 97.10%    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 1,246   $ 3,424 $ 2,814    
Loans past due, percentage 0.80%   1.60% 1.20%    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 564   $ 1,275 $ 1,395    
Loans past due, percentage 0.40%   0.60% 0.60%    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,151   $ 2,134 $ 2,562    
Loans past due, percentage 0.80%   1.00% 1.10%    
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 1,355   $ 150 $ 122    
Loans in-school/grace/deferment, percent 0.30%   0.00% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 411,470   $ 345,560 $ 179,447    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 410,115   $ 345,410 $ 179,325    
Loans in repayment, percent 99.70%   100.00% 99.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,260   $ 1,868 $ 763    
Loan discount, net of unamortized premiums and deferred origination costs (6,296)   (10,713) (9,205)    
Allowance for loan losses (48,028) (43,904) (38,468) (14,135) (18,761) (11,742)
Financing receivable, after allowance for credit loss 359,406   298,247 156,870    
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 399,263   $ 335,355 $ 174,295    
Loans current, percentage 97.30%   97.10% 97.20%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 3,731   $ 3,667 $ 2,100    
Loans past due, percentage 0.90%   1.10% 1.20%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 3,096   $ 2,143 $ 1,857    
Loans past due, percentage 0.80%   0.60% 1.00%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 4,025   $ 4,245 $ 1,073    
Loans past due, percentage 1.00%   1.20% 0.60%    
Federally insured loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 2,665          
Loans in-school/grace/deferment, percent 2.50%          
Loans in forbearance $ 5,550          
Loans in forbearance, percent 5.20%          
Loans in repayment status:            
Loans receivable, gross $ 106,555          
Total loans in repayment, percentage 100.00%          
Total loans in repayment $ 98,340          
Loans in repayment, percent 92.30%          
Total loans, percent 100.00%          
Accrued interest receivable $ 5,194          
Loan discount, net of unamortized premiums and deferred origination costs 1,221          
Allowance for loan losses (355)          
Financing receivable, after allowance for credit loss 112,615          
Federally insured loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 88,408          
Loans current, percentage 89.90%          
Federally insured loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 2,806          
Loans past due, percentage 2.90%          
Federally insured loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 2,001          
Loans past due, percentage 2.00%          
Federally insured loans - Nelnet Bank | Financing receivables, 90-119 days past due            
Loans in repayment status:            
Loans receivable, gross $ 1,683          
Loans past due, percentage 1.70%          
Federally insured loans - Nelnet Bank | Financing receivables, 120-270 days past due            
Loans in repayment status:            
Loans receivable, gross $ 2,495          
Loans past due, percentage 2.50%          
Federally insured loans - Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 947          
Loans past due, percentage 1.00%          
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 45,107   $ 31,674 $ 41,394    
Loans in-school/grace/deferment, percent 8.70%   6.60% 11.70%    
Loans in forbearance $ 1,926   $ 3,061 $ 1,985    
Loans in forbearance, percent 0.40%   0.60% 0.60%    
Loans in repayment status:            
Loans receivable, gross $ 516,663   $ 482,445 $ 354,412    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 469,630   $ 447,710 $ 311,033    
Loans in repayment, percent 90.90%   92.80% 87.70%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 5,540   $ 4,103 $ 2,709    
Loan discount, net of unamortized premiums and deferred origination costs (8,589)   (4,581) 5,501    
Allowance for loan losses (12,360) (9,893) (10,086) (3,559) (3,660) (3,347)
Financing receivable, after allowance for credit loss 501,254   471,881 359,063    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 460,426   $ 439,569 $ 308,591    
Loans current, percentage 98.00%   98.20% 99.20%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 3,102   $ 4,327 $ 934    
Loans past due, percentage 0.70%   1.00% 0.30%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 2,710   $ 1,497 $ 444    
Loans past due, percentage 0.60%   0.30% 0.20%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 3,392   $ 2,317 $ 1,064    
Loans past due, percentage 0.70%   0.50% 0.30%    
Consumer and other loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 8,538   $ 5,186 $ 1,414    
Loans in-school/grace/deferment, percent 4.20%   3.20% 0.80%    
Loans in repayment status:            
Loans receivable, gross $ 204,423   $ 162,152 $ 187,939    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 195,885   $ 156,966 $ 186,525    
Loans in repayment, percent 95.80%   96.80% 99.20%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,346   $ 1,021 $ 1,219    
Loan discount, net of unamortized premiums and deferred origination costs 2,444   1,043 (1,037)    
Allowance for loan losses (9,573) $ (6,617) (6,115) (11,825) $ (7,128) $ (5,351)
Financing receivable, after allowance for credit loss 198,640   158,101 176,296    
Consumer and other loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 194,507   $ 155,772 $ 181,558    
Loans current, percentage 99.30%   99.20% 97.30%    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 1,001   $ 803 $ 1,516    
Loans past due, percentage 0.50%   0.50% 0.80%    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 193   $ 243 $ 1,814    
Loans past due, percentage 0.10%   0.20% 1.00%    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 184   $ 148 $ 1,637    
Loans past due, percentage 0.10%   0.10% 0.90%    
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 19,475 $ 27,747  
Fiscal year before current fiscal year 37,367 48,159  
Fiscal year two years before current fiscal year 43,446 168,137  
Fiscal year three years before current fiscal year 156,712 97,969  
Fiscal year four years before current fiscal year 90,078 7,554  
Fiscal year five years before current fiscal year 169,585 132,879  
Total loans $ 516,663 $ 482,445 $ 354,412
Percent of total 100.00% 100.00%  
Private education loans - Nelnet Bank | Less than 680      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 2,057 $ 2,566  
Fiscal year before current fiscal year 2,986 3,578  
Fiscal year two years before current fiscal year 3,197 4,759  
Fiscal year three years before current fiscal year 4,408 4,182  
Fiscal year four years before current fiscal year 3,857 331  
Fiscal year five years before current fiscal year 22,149 15,485  
Total loans $ 38,654 $ 30,901  
Percent of total 7.50% 6.40%  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 2,753 $ 3,736  
Fiscal year before current fiscal year 5,017 8,874  
Fiscal year two years before current fiscal year 8,301 19,666  
Fiscal year three years before current fiscal year 18,528 7,531  
Fiscal year four years before current fiscal year 7,076 426  
Fiscal year five years before current fiscal year 15,980 12,349  
Total loans $ 57,655 $ 52,582  
Percent of total 11.20% 10.90%  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 4,251 $ 4,398  
Fiscal year before current fiscal year 5,693 8,629  
Fiscal year two years before current fiscal year 7,795 29,918  
Fiscal year three years before current fiscal year 27,968 12,775  
Fiscal year four years before current fiscal year 11,821 1,286  
Fiscal year five years before current fiscal year 23,990 17,920  
Total loans $ 81,518 $ 74,926  
Percent of total 15.80% 15.50%  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 4,260 $ 4,600  
Fiscal year before current fiscal year 6,576 6,115  
Fiscal year two years before current fiscal year 5,416 46,340  
Fiscal year three years before current fiscal year 43,694 24,073  
Fiscal year four years before current fiscal year 22,369 1,105  
Fiscal year five years before current fiscal year 29,537 23,867  
Total loans $ 111,852 $ 106,100  
Percent of total 21.60% 22.00%  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 6,154 $ 9,971  
Fiscal year before current fiscal year 14,728 15,471  
Fiscal year two years before current fiscal year 13,632 67,454  
Fiscal year three years before current fiscal year 62,114 49,408  
Fiscal year four years before current fiscal year 44,955 4,406  
Fiscal year five years before current fiscal year 77,929 63,258  
Total loans $ 219,512 $ 209,968  
Percent of total 42.50% 43.50%  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 0 $ 2,476  
Fiscal year before current fiscal year 2,367 5,492  
Fiscal year two years before current fiscal year 5,105 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0 0  
Fiscal year five years before current fiscal year 0 0  
Total loans $ 7,472 $ 7,968  
Percent of total 1.40% 1.70%  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 49,207 $ 121,740  
Fiscal year before current fiscal year 118,126 13,278  
Fiscal year two years before current fiscal year 12,294 399  
Fiscal year three years before current fiscal year 389 12,417  
Fiscal year four years before current fiscal year 11,716 8,878  
Fiscal year five years before current fiscal year 12,691 5,440  
Total loans $ 204,423 $ 162,152 $ 187,939
Percent of total 100.00% 100.00%  
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 6,132 $ 19,264  
Fiscal year before current fiscal year 17,946 1,762  
Fiscal year two years before current fiscal year 1,627 0  
Fiscal year three years before current fiscal year 0 376  
Fiscal year four years before current fiscal year 295 675  
Fiscal year five years before current fiscal year 1,463 1,170  
Total loans $ 27,463 $ 23,247  
Percent of total 13.40% 14.30%  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 12,060 $ 41,217  
Fiscal year before current fiscal year 39,184 4,502  
Fiscal year two years before current fiscal year 3,981 19  
Fiscal year three years before current fiscal year 17 6,152  
Fiscal year four years before current fiscal year 5,770 5,448  
Fiscal year five years before current fiscal year 7,662 3,105  
Total loans $ 68,674 $ 60,443  
Percent of total 33.60% 37.30%  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 28,891 $ 57,323  
Fiscal year before current fiscal year 52,873 6,577  
Fiscal year two years before current fiscal year 6,252 103  
Fiscal year three years before current fiscal year 98 5,834  
Fiscal year four years before current fiscal year 5,597 2,755  
Fiscal year five years before current fiscal year 3,566 1,165  
Total loans $ 97,277 $ 73,757  
Percent of total 47.60% 45.50%  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 2,124 $ 3,936  
Fiscal year before current fiscal year 8,123 437  
Fiscal year two years before current fiscal year 434 277  
Fiscal year three years before current fiscal year 274 55  
Fiscal year four years before current fiscal year 54 0  
Fiscal year five years before current fiscal year 0 0  
Total loans $ 11,009 $ 4,705  
Percent of total 5.40% 2.90%  
v3.25.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 560,927   $ 549,283      
Allowance for loan losses (125,349) $ (120,076) (114,890) $ (96,764) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,155,483   9,992,744      
Private education loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 185          
2022 4,252          
2021 7,650          
Prior years 144,527          
Total loans 156,614   221,744 247,437    
Accrued interest receivable 1,299   2,019 2,407    
Loan premium (discount) (5,162)   (6,350) (7,194)    
Allowance for loan losses (7,406) (10,394) (11,130) (13,065) (14,736) (15,750)
Financing receivable, after allowance for credit loss 145,345   206,283 229,585    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 0          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 52          
Current period gross charge-offs, more than five years before current fiscal year 1,405          
Current period gross charge-offs, total 1,457          
Private education loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 147,690   206,825 230,512    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,246   3,424 2,814    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 564   1,275 1,395    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,151   2,134 2,562    
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 0          
2022 332          
2021 2,124          
Prior years 1,977          
Total loans 4,433          
Private education loans - Non-Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 0          
2022 29          
2021 375          
Prior years 1,126          
Total loans 1,530          
Private education loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 185          
2022 3,891          
2021 5,151          
Prior years 141,424          
Total loans 150,651          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 185          
2022 3,868          
2021 5,031          
Prior years 138,606          
Total loans 147,690          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 0          
2022 23          
2021 31          
Prior years 1,192          
Total loans 1,246          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 0          
2022 0          
2021 5          
Prior years 559          
Total loans 564          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 0          
2023 0          
2022 0          
2021 84          
Prior years 1,067          
Total loans 1,151          
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 191,870          
2024 181,791          
2023 34,603          
2022 2,596          
2021 326          
Prior years 284          
Total loans 411,470   345,560 179,447    
Accrued interest receivable 2,260   1,868 763    
Loan premium (discount) (6,296)   (10,713) (9,205)    
Allowance for loan losses (48,028) (43,904) (38,468) (14,135) (18,761) (11,742)
Financing receivable, after allowance for credit loss 359,406   298,247 156,870    
Current period gross charge-offs, current fiscal year 3,774          
Current period gross charge-offs, fiscal year before current fiscal year 4,426          
Current period gross charge-offs, two years before current fiscal year 4,745          
Current period gross charge-offs, three years before current fiscal year 184          
Current period gross charge-offs, four years before current fiscal year 9          
Current period gross charge-offs, more than five years before current fiscal year 5          
Current period gross charge-offs, total 13,143          
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 399,263   335,355 174,295    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,731   3,667 2,100    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,096   2,143 1,857    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 4,025   4,245 1,073    
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 453          
2023 902          
2022 0          
2021 0          
Prior years 0          
Total loans 1,355          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 191,870          
2024 181,338          
2023 33,701          
2022 2,596          
2021 326          
Prior years 284          
Total loans 410,115          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 191,184          
2024 174,221          
2023 31,379          
2022 1,891          
2021 307          
Prior years 281          
Total loans 399,263          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 423          
2024 2,348          
2023 751          
2022 190          
2021 19          
Prior years 0          
Total loans 3,731          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 254          
2024 1,750          
2023 865          
2022 224          
2021 0          
Prior years 3          
Total loans 3,096          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 9          
2024 3,019          
2023 706          
2022 291          
2021 0          
Prior years 0          
Total loans 4,025          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 19,475   27,747      
2024 37,367   48,159      
2023 43,446   168,137      
2022 156,712   97,969      
2021 90,078   7,554      
Prior years 169,585   132,879      
Total loans 516,663   482,445 354,412    
Accrued interest receivable 5,540   4,103 2,709    
Loan premium (discount) (8,589)   (4,581) 5,501    
Loan discount, net of unamortized premiums and deferred origination costs (8,589)          
Allowance for loan losses (12,360) (9,893) (10,086) (3,559) (3,660) (3,347)
Financing receivable, after allowance for credit loss 501,254   471,881 359,063    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 191          
Current period gross charge-offs, two years before current fiscal year 498          
Current period gross charge-offs, three years before current fiscal year 335          
Current period gross charge-offs, four years before current fiscal year 259          
Current period gross charge-offs, more than five years before current fiscal year 1,851          
Current period gross charge-offs, total 3,134          
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 460,426   439,569 308,591    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,102   4,327 934    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,710   1,497 444    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,392   2,317 1,064    
Private education loans - Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 8,171          
2024 20,707          
2023 8,999          
2022 5,413          
2021 354          
Prior years 1,463          
Total loans 45,107          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 25          
2023 262          
2022 414          
2021 165          
Prior years 1,060          
Total loans 1,926          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 11,304          
2024 16,635          
2023 34,185          
2022 150,885          
2021 89,559          
Prior years 167,062          
Total loans 469,630          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 11,189          
2024 16,157          
2023 33,073          
2022 150,025          
2021 88,331          
Prior years 161,651          
Total loans 460,426          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 66          
2024 246          
2023 364          
2022 268          
2021 184          
Prior years 1,974          
Total loans 3,102          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 31          
2023 305          
2022 290          
2021 289          
Prior years 1,795          
Total loans 2,710          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 49          
2024 201          
2023 443          
2022 302          
2021 755          
Prior years 1,642          
Total loans 3,392          
Consumer and other loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 49,207   121,740      
2024 118,126   13,278      
2023 12,294   399      
2022 389   12,417      
2021 11,716   8,878      
Prior years 12,691   5,440      
Total loans 204,423   162,152 187,939    
Accrued interest receivable 1,346   1,021 1,219    
Loan premium (discount) 2,444   1,043 (1,037)    
Allowance for loan losses (9,573) $ (6,617) (6,115) (11,825) $ (7,128) $ (5,351)
Financing receivable, after allowance for credit loss 198,640   158,101 176,296    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 784          
Current period gross charge-offs, two years before current fiscal year 283          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 214          
Current period gross charge-offs, more than five years before current fiscal year 166          
Current period gross charge-offs, total 1,447          
Consumer and other loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 194,507   155,772 181,558    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,001   803 1,516    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 193   243 1,814    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 184   $ 148 $ 1,637    
Consumer and other loans - Nelnet Bank | Loans in deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 5,092          
2024 3,446          
2023 0          
2022 0          
2021 0          
Prior years 0          
Total loans 8,538          
Consumer and other loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 44,115          
2024 114,680          
2023 12,294          
2022 389          
2021 11,716          
Prior years 12,691          
Total loans 195,885          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 44,054          
2024 113,832          
2023 12,180          
2022 389          
2021 11,468          
Prior years 12,584          
Total loans 194,507          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 61          
2024 573          
2023 114          
2022 0          
2021 156          
Prior years 97          
Total loans 1,001          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 183          
2023 0          
2022 0          
2021 0          
Prior years 10          
Total loans 193          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2025 0          
2024 92          
2023 0          
2022 0          
2021 92          
Prior years 0          
Total loans $ 184          
v3.25.2
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 7,961,451 $ 8,358,451
Discount on bonds and notes payable and debt issuance costs (57,890) (48,654)
Bonds and notes payable, net 7,903,561 8,309,797
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 2,051 $ 3,320
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,611,844 6,923,824
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 321,880 36,395
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,933,724 6,960,219
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 324,392 346,359
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 553,313 853,165
Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 68,026 90,000
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 44,793 54,973
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 35,152 $ 50,415
Interest rate 7.15%  
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.06% 5.27%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 4.69% 4.89%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 5.42% 5.71%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.19% 4.41%
Minimum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.69% 4.46%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.90% 5.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.82% 5.82%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 6.43% 6.45%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.92% 5.72%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.31% 4.69%
Maximum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 6.43% 4.57%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.56% 6.82%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   7.15%
v3.25.2
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jul. 17, 2025
FFELP Warehouse Facilities    
Line of Credit Facility [Line Items]    
Maximum financing amount $ 975,000  
Amount outstanding 553,313  
Amount available 421,687  
Advanced as equity support 43,085  
FFELP Warehouse Facility Due January 2025    
Line of Credit Facility [Line Items]    
Maximum financing amount 600,000  
Amount outstanding 403,872  
Amount available 196,128  
Advanced as equity support 30,511  
FFELP Warehouse Facility Due January 2026    
Line of Credit Facility [Line Items]    
Maximum financing amount 600,000  
FFELP Warehouse Facility Due January 2027 | Subsequent Event    
Line of Credit Facility [Line Items]    
Maximum financing amount   $ 800,000
FFELP Warehouse Facility Due April 2025    
Line of Credit Facility [Line Items]    
Maximum financing amount 375,000  
Amount outstanding 149,441  
Amount available $ 225,559  
Advance rate 92.00%  
Advanced as equity support $ 12,574  
FFELP Warehouse Facility Due November 2024    
Line of Credit Facility [Line Items]    
Advance rate, maximum, lower range 90.00%  
Advance rate, maximum, higher range 96.00%  
Advance rate, minimum, lower range 84.00%  
Advance rate, minimum, higher range 90.00%  
Consumer Loan Warehouse Facility    
Line of Credit Facility [Line Items]    
Maximum financing amount $ 227,000  
Amount outstanding 68,026  
Amount available 158,974  
Advanced as equity support 22,470  
Consumer Loan Warehouse Facility Due November 2026    
Line of Credit Facility [Line Items]    
Maximum financing amount 100,000  
Amount outstanding 3,001  
Amount available $ 96,999  
Advance rate 70.00%  
Advanced as equity support $ 1,394  
Consumer Loan Warehouse Facility Due July 2027    
Line of Credit Facility [Line Items]    
Maximum financing amount 125,000  
Amount outstanding 65,000  
Amount available 60,000  
Advanced as equity support $ 21,071  
Consumer Loan Warehouse Facility Due July 2027 | Minimum    
Line of Credit Facility [Line Items]    
Advance rate 60.00%  
Consumer Loan Warehouse Facility Due July 2027 | Maximum    
Line of Credit Facility [Line Items]    
Advance rate 80.00%  
Consumer Loan Warehouse Facility Due July 15 2027    
Line of Credit Facility [Line Items]    
Maximum financing amount $ 2,000  
Amount outstanding 25  
Amount available 1,975  
Advanced as equity support $ 5  
Consumer Loan Warehouse Facility Due July 15 2027 | Minimum    
Line of Credit Facility [Line Items]    
Advance rate 50.00%  
Consumer Loan Warehouse Facility Due July 15 2027 | Maximum    
Line of Credit Facility [Line Items]    
Advance rate 90.00%  
v3.25.2
Bonds and Notes Payable - Narrative (Details)
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Par value of asset-based securities $ 1,202,980,000
Asset-backed securities  
Debt Instrument [Line Items]  
Par value of asset-based securities 238,800,000
Unsecured Line of Credit | Line of Credit  
Debt Instrument [Line Items]  
Amount outstanding 0
Amount available 495,000,000.0
Unsecured Line of Credit | Unsecured Debt | Line of Credit  
Debt Instrument [Line Items]  
Maximum financing amount $ 495,000,000.0
v3.25.2
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Disclosure [Abstract]        
Purchase price $ (141,998) $ (4,199) $ (142,869) $ (4,199)
Par value 142,396 4,190 143,320 4,190
Remaining unamortized cost of issuance (10) 0 (12) 0
Gain (loss), net $ 388 $ (9) $ 439 $ (9)
v3.25.2
Derivative Financial Instruments - Outstanding Basis Swap (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional amount   $ 165,000,000
2026    
Derivative [Line Items]    
Notional amount $ 1,150,000,000  
2027    
Derivative [Line Items]    
Notional amount 250,000,000  
Basis swaps    
Derivative [Line Items]    
Notional amount $ 1,400,000,000  
v3.25.2
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional amount   $ 165,000,000
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Interest rate swaps - third-party deposits (cash flow hedges)    
Derivative [Line Items]    
Notional amount $ 50,000,000  
Weighted average fixed rate paid by the Company 3.72%  
2030    
Derivative [Line Items]    
Notional amount $ 25,000,000  
Weighted average fixed rate paid by the Company 3.57%  
2035    
Derivative [Line Items]    
Notional amount $ 25,000,000  
Weighted average fixed rate paid by the Company 3.87%  
v3.25.2
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional amount   $ 165,000,000
Interest rate swaps - intercompany deposits    
Derivative [Line Items]    
Notional amount $ 195,000,000  
Weighted average fixed rate paid by the Company 3.50% 3.44%
2028    
Derivative [Line Items]    
Notional amount $ 40,000,000 $ 40,000,000
Weighted average fixed rate paid by the Company 3.33% 3.33%
2029    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.37% 3.37%
2030    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.06% 3.06%
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount 25,000,000 25,000,000
2032    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 4.03% 4.03%
2033    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.90% 3.90%
2035    
Derivative [Line Items]    
Notional amount $ 30,000,000 $ 0
Weighted average fixed rate paid by the Company 3.79% 0.00%
v3.25.2
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair value of asset derivatives $ 402 $ 3,232
Fair value of liability derivatives 2,077 53
Interest rate swaps - intercompany deposits    
Derivative [Line Items]    
Fair value of asset derivatives 402 3,232
Fair value of liability derivatives 1,452 53
Interest rate swaps - third-party deposits (cash flow hedges)    
Derivative [Line Items]    
Fair value of asset derivatives 0 0
Fair value of liability derivatives $ 625 $ 0
v3.25.2
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 744 $ 1,649 $ 1,489 $ 3,406
Change in fair value $ (3,866) $ 1,533 $ (10,190) $ 9,497
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 744 $ 1,649 $ 1,489 $ 3,406
Derivative market value adjustments and derivative settlements, net - (expense) income (3,122) 3,182 (8,701) 12,903
Basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (143) (232) (281) (586)
Basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 154 249 307 614
Interest rate swaps - floor income hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (2,022) 1,168 (5,680) 7,228
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 427 1,193 855 2,383
Interest rate swaps - intercompany deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (1,701) 597 (4,229) 2,855
Interest rate swaps - intercompany deposits | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 163 $ 207 $ 327 $ 409
v3.25.2
Investments and Notes Receivable - Summary of Investments (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Marketable Securities [Line Items]              
Amortized cost $ 1,208,881       $ 1,208,881    
Fair value 1,202,980       1,202,980    
Equity securities and funds measured at net asset value 83,749       83,749   $ 74,494
Total investments at fair value 1,286,729       1,286,729   1,160,320
Fair value 203,591       203,591   210,774
Equity method 0       0    
Beneficial interest in securitizations 190,853       190,853   213,809
Notes receivable 54,603       54,603   32,258
Other investments and notes receivable, net 818,210       818,210   1,040,376
Total investments and notes receivable 2,104,939       $ 2,104,939   2,200,696
Debt covenant, percent of principle balance debt issue required before liquidation         0.33    
ALLO preferred return 5,985   $ 4,160   $ 14,400 $ 6,569  
Investments - beneficial interest in loan securitizations 4,977 $ 1,500 5,911   6,487 5,911  
Net loss attributable to noncontrolling interests (3,605)   (1,416)   (5,035) (4,069)  
Net income attributable to Nelnet, Inc. 181,459   45,091   264,018 118,498  
Venture capital, funds, and other:              
Marketable Securities [Line Items]              
Measurement alternative 207,086       207,086   200,782
Equity method 172,935       172,935   170,258
Other investments 380,021       380,021   371,040
Venture capital, funds, and other: | Hudl              
Marketable Securities [Line Items]              
Measurement alternative 172,500       172,500    
Payments to acquire investments   $ 3,800          
Real estate equity method              
Marketable Securities [Line Items]              
Equity method 176,411       176,411   131,745
Partnership Interest              
Marketable Securities [Line Items]              
Equity method 0     $ 0 0   0
Other investments 0       0   225,614
Preferred membership interests and accrued and unpaid preferred return 0       0   225,614
Equity securities, realized loss       $ 10,700      
Consumer Loan              
Marketable Securities [Line Items]              
Beneficial interest in securitizations 127,729       127,729   142,764
Beneficial interest in securitization, allowance for credit losses 41,008       41,008   38,590
Loans corresponding to beneficial interest 1,000,000       1,000,000    
Beneficial interest in private education loan securitizations              
Marketable Securities [Line Items]              
Beneficial interest in securitizations 44,502       44,502   52,824
Beneficial interest in securitization, allowance for credit losses 4,970       4,970   901
Loans corresponding to beneficial interest 420,000       420,000    
Beneficial interest in federally insured loan securitizations              
Marketable Securities [Line Items]              
Beneficial interest in securitizations 18,622       18,622   18,221
Loans corresponding to beneficial interest 280,000       280,000    
Solar              
Marketable Securities [Line Items]              
Solar (200,784)       (200,784)   (155,048)
Amount funded or committed to fund 300,600       300,600    
Amount funded or committed to fund by partners 285,800       285,800    
Tax credits by partners 334,200       334,200    
Carrying value (200,800)       (200,800)    
Equity method investment attributable to parent (97,700)       $ (97,700)    
Contractual term         5 years    
Losses from HLBV accounting (gross) (6,463)   (6,818)   $ (9,079) (4,038)  
Gains from sales (gross) 4,961   4,208   8,033 4,208  
(Losses) gains from solar investments, net (1,502)   (2,610)   (1,046) 170  
Net loss attributable to noncontrolling interests (3,159)   8   (4,204) (1,633)  
Net income attributable to Nelnet, Inc. 1,657   (2,618)   3,158 1,803  
Solar | Third-Party Co-Investors              
Marketable Securities [Line Items]              
Tax credits by partners 290,700       290,700    
Tax liens, affordable housing, and other              
Marketable Securities [Line Items]              
Other investments 13,515       13,515   10,184
Preferred Partnership Interest              
Marketable Securities [Line Items]              
ALLO preferred return 6,000   $ 4,200   14,400 $ 6,600  
FFELP loan              
Marketable Securities [Line Items]              
Amortized cost 128,213       128,213   188,386
Gross unrealized gains 3,977       3,977   5,804
Gross unrealized losses (3,056)       (3,056)   (896)
Fair value 129,134       129,134   193,294
FFELP loan and other debt securities - restricted              
Marketable Securities [Line Items]              
Amortized cost 119,014       119,014   98,914
Gross unrealized gains 3,350       3,350   3,151
Gross unrealized losses (450)       (450)   (78)
Fair value 121,914       121,914   101,987
Private education loan              
Marketable Securities [Line Items]              
Amortized cost 216,233       216,233   237,288
Gross unrealized gains 52       52   0
Gross unrealized losses (16,339)       (16,339)   (18,118)
Fair value 199,946       199,946   219,170
Other debt securities              
Marketable Securities [Line Items]              
Amortized cost 44,617       44,617   32,552
Gross unrealized gains 2,245       2,245   2,500
Gross unrealized losses (15)       (15)   0
Fair value 46,847       46,847   35,052
Total Non-Nelnet Bank              
Marketable Securities [Line Items]              
Amortized cost 508,077       508,077   557,140
Gross unrealized gains 9,624       9,624   11,455
Gross unrealized losses (19,860)       (19,860)   (19,092)
Fair value 497,841       497,841   549,503
FFELP loan              
Marketable Securities [Line Items]              
Amortized cost 234,438       234,438   231,543
Gross unrealized gains 5,862       5,862   6,060
Gross unrealized losses (714)       (714)   (270)
Fair value 239,586       239,586   237,333
Private education loan              
Marketable Securities [Line Items]              
Amortized cost 15,250       15,250   1,596
Gross unrealized gains 0       0   0
Gross unrealized losses (1)       (1)   0
Fair value 15,249       15,249   1,596
Other debt securities              
Marketable Securities [Line Items]              
Amortized cost 451,116       451,116   296,944
Gross unrealized gains 1,309       1,309   1,775
Gross unrealized losses (2,121)       (2,121)   (1,325)
Fair value 450,304       450,304   297,394
Total Nelnet Bank              
Marketable Securities [Line Items]              
Amortized cost 700,804       700,804   530,083
Gross unrealized gains 7,171       7,171   7,835
Gross unrealized losses (2,836)       (2,836)   (1,595)
Fair value 705,139       705,139   536,323
Total available-for-sale asset-backed securities              
Marketable Securities [Line Items]              
Amortized cost 1,208,881       1,208,881   1,087,223
Gross unrealized gains 16,795       16,795   19,290
Gross unrealized losses (22,696)       (22,696)   (20,687)
Fair value 1,202,980       1,202,980   1,085,826
FFELP loan              
Marketable Securities [Line Items]              
Fair value 201,806       201,806   203,439
Private education loan              
Marketable Securities [Line Items]              
Fair value $ 1,785       $ 1,785   $ 7,335
v3.25.2
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 51,575  
Amortized cost, after 1 year through 5 years 63,076  
Amortized cost, after 5 years through 10 years 147,264  
Amortized cost, after 10 years 946,966  
Amortized cost 1,208,881  
Fair value    
Fair value, 1 year or less 51,214  
Fair value, after 1 year through 5 years 63,204  
Fair value, after 5 years through 10 years 147,570  
Fair value, after 10 years 940,992  
Total 1,202,980  
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,632  
Amortized cost, after 5 years through 10 years 11,730  
Amortized cost, after 10 years 189,229  
Total 203,591 $ 210,774
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 2,686  
Fair value, after 5 years through 10 years 11,576  
Fair value, after 10 years 194,202  
Total 208,464  
Beneficial interest in loan securitizations    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Beneficial interest in securitizations 190,853 213,809
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations 201,025  
FFELP loan and other debt securities - restricted    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 5,500  
Amortized cost, after 5 years through 10 years 15,081  
Amortized cost, after 10 years 98,433  
Amortized cost 119,014 98,914
Fair value    
Total 121,914 101,987
Total Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 10,523  
Amortized cost, after 5 years through 10 years 29,882  
Amortized cost, after 10 years 467,672  
Amortized cost 508,077 557,140
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 10,632  
Fair value, after 5 years through 10 years 29,921  
Fair value, after 10 years 457,288  
Total 497,841 549,503
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 204  
Amortized cost, after 5 years through 10 years 2,520  
Amortized cost, after 10 years 125,489  
Amortized cost 128,213 188,386
Fair value    
Total 129,134 193,294
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 216,233  
Amortized cost 216,233 237,288
Fair value    
Total 199,946 219,170
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 4,819  
Amortized cost, after 5 years through 10 years 12,281  
Amortized cost, after 10 years 27,517  
Amortized cost 44,617 32,552
Fair value    
Total 46,847 35,052
Total Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 51,575  
Amortized cost, after 1 year through 5 years 52,553  
Amortized cost, after 5 years through 10 years 117,382  
Amortized cost, after 10 years 479,294  
Amortized cost 700,804 530,083
Fair value    
Fair value, 1 year or less 51,214  
Fair value, after 1 year through 5 years 52,572  
Fair value, after 5 years through 10 years 117,649  
Fair value, after 10 years 483,704  
Total 705,139 536,323
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 51,575  
Amortized cost, after 1 year through 5 years 13,304  
Amortized cost, after 5 years through 10 years 27,983  
Amortized cost, after 10 years 141,576  
Amortized cost 234,438 231,543
Fair value    
Total 239,586 237,333
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 14,210  
Amortized cost, after 10 years 1,040  
Amortized cost 15,250 1,596
Fair value    
Total 15,249 1,596
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 39,249  
Amortized cost, after 5 years through 10 years 75,189  
Amortized cost, after 10 years 336,678  
Amortized cost 451,116 296,944
Fair value    
Total 450,304 297,394
FFELP loan    
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,632  
Amortized cost, after 5 years through 10 years 11,730  
Amortized cost, after 10 years 187,444  
Total 201,806 $ 203,439
Private education loan, Held-To-Maturity, Nelnet Bank    
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 1,785  
Total $ 1,785  
v3.25.2
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Carrying value $ 203,591 $ 210,774
Gross unrealized gains 5,523  
Gross unrealized losses (650)  
Fair value 208,464  
Beneficial interest in loan securitizations, Carrying Value 190,853 $ 213,809
Gross unrealized gains 11,643  
Gross unrealized losses (1,471)  
Beneficial interest in loan securitizations $ 201,025  
v3.25.2
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Jun. 30, 2025
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,846,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (20,850,000)
Total, unrealized loss (22,696,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 275,392,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 259,190,000
Total, fair value 534,582,000
Total Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (389,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (19,471,000)
Total, unrealized loss (19,860,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 33,512,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 229,196,000
Total, fair value 262,708,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (245,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,811,000)
Total, unrealized loss (3,056,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 9,992,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 45,914,000
Total, fair value 55,906,000
FFELP loan and other debt securities - restricted  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (129,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (321,000)
Total, unrealized loss (450,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 21,535,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 8,014,000
Total, fair value 29,549,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (16,339,000)
Total, unrealized loss (16,339,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 175,268,000
Total, fair value 175,268,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (15,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (15,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 1,985,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 1,985,000
Total Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,457,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,379,000)
Total, unrealized loss (2,836,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 241,880,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 29,994,000
Total, fair value 271,874,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (481,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (233,000)
Total, unrealized loss (714,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 58,186,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 16,216,000
Total, fair value 74,402,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (1,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 14,208,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 14,208,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (975,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,146,000)
Total, unrealized loss (2,121,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 169,486,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 13,778,000
Total, fair value $ 183,264,000
v3.25.2
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments [Abstract]        
Gross proceeds from sales $ 34,828 $ 113,173 $ 109,609 $ 266,547
Gross realized gains 622 1,516 1,555 2,571
Gross realized losses (27) (463) (478) (966)
Net gains $ 595 $ 1,053 $ 1,077 $ 1,605
v3.25.2
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 90 months  
Finite lived intangible assets $ 33,278 $ 36,328
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 92 months  
Finite lived intangible assets $ 32,121 34,960
Accumulated amortization $ 55,723 54,644
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 82 months  
Finite lived intangible assets $ 526 565
Accumulated amortization $ 244 205
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 22 months  
Finite lived intangible assets $ 631 803
Accumulated amortization $ 1,089 $ 917
v3.25.2
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 1.5 $ 2.1 $ 3.1 $ 4.3
v3.25.2
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2025 (July 1 - December 31) $ 3,049  
2026 6,012  
2027 5,714  
2028 5,354  
2029 4,008  
2030 and thereafter 9,141  
Finite lived intangible assets, net $ 33,278 $ 36,328
v3.25.2
Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems (LSS) | Operating Segments    
Goodwill [Line Items]    
Total goodwill 23,639 23,639
Education Technology Services and Payments (ETSP) | Operating Segments    
Goodwill [Line Items]    
Total goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Total goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Total goodwill $ 0 $ 0
v3.25.2
Impairment Expense and Provision for Beneficial Interests - Schedule of Impairment Charges by Asset and Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations $ 4,977 $ 1,500 $ 5,911 $ 6,487 $ 5,911
Investments - venture capital 140     140 37
Impairment expense and provision for beneficial interests 10,288   7,776 11,879 7,813
Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 1,902   1,170 1,902 1,170
Other assets - solar inventory     695   695
Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 3,269     3,350  
Operating Segments | Loan Servicing and Systems (LSS)          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 0   0 0 0
Investments - venture capital 0     0 0
Impairment expense and provision for beneficial interests 0   0 0 0
Operating Segments | Loan Servicing and Systems (LSS) | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0   0 0 0
Other assets - solar inventory     0   0
Operating Segments | Loan Servicing and Systems (LSS) | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0     0  
Operating Segments | Education Technology Services and Payments (ETSP)          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 0   0 0 0
Investments - venture capital 0     0 0
Impairment expense and provision for beneficial interests 0   0 0 0
Operating Segments | Education Technology Services and Payments (ETSP) | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0   0 0 0
Other assets - solar inventory     0   0
Operating Segments | Education Technology Services and Payments (ETSP) | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0     0  
Operating Segments | Asset Generation and Management          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 4,977   5,911 6,487 5,911
Investments - venture capital 0     0 0
Impairment expense and provision for beneficial interests 4,977   5,911 6,487 5,911
Operating Segments | Asset Generation and Management | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0   0 0 0
Other assets - solar inventory     0   0
Operating Segments | Asset Generation and Management | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0     0  
Operating Segments | Nelnet Bank          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 0   0 0 0
Investments - venture capital 0     0 0
Impairment expense and provision for beneficial interests 0   0 0 0
Operating Segments | Nelnet Bank | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0   0 0 0
Other assets - solar inventory     0   0
Operating Segments | Nelnet Bank | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0     0  
NFS Other Operating Segments          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 0   0 0 0
Investments - venture capital 0     0 0
Impairment expense and provision for beneficial interests 0   0 81 0
NFS Other Operating Segments | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0   0 0 0
Other assets - solar inventory     0   0
NFS Other Operating Segments | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 0     81  
Corporate and Other Activities          
Segment Reporting Information [Line Items]          
Investments - beneficial interest in loan securitizations 0   0 0 0
Investments - venture capital 140     140 37
Impairment expense and provision for beneficial interests 5,311   1,865 5,311 1,902
Corporate and Other Activities | Solar          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities 1,902   1,170 1,902 1,170
Other assets - solar inventory     $ 695   $ 695
Corporate and Other Activities | Leases, buildings, and associated improvements          
Segment Reporting Information [Line Items]          
Property and equipment - solar facilities $ 3,269     $ 3,269  
v3.25.2
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deposits [Abstract]    
Retail and other savings $ 1,092,175 $ 916,475
Brokered CDs, net of brokered deposit fees 269,058 247,872
Retail and other CDs, net of issuance fees 20,809 21,784
Total interest-bearing deposits $ 1,382,042 $ 1,186,131
v3.25.2
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 149,900 $ 68,500    
Restricted cash 317,958 $ 332,100 $ 538,446 $ 488,723
Deposits exceeding the FDIC insurance limits 44,300      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.25.2
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Deposits [Abstract]  
One year or less $ 149,010
After one year to two years 74,863
After two years to three years 454
After three years to four years 42,910
After four years to five years 1,579
After five years 21,051
Total $ 289,867
v3.25.2
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 181,459 $ 45,091 $ 264,018 $ 118,498
Net income attributable to Nelnet, Inc., diluted $ 181,459 $ 45,091 $ 264,018 $ 118,498
Weighted-average common shares outstanding - basic (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Weighted-average common shares outstanding - diluted (in shares) 36,485,605 36,525,482 36,482,035 36,841,227
Earnings per share - basic (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Earnings per share - diluted (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 178,170 $ 44,239 $ 259,158 $ 116,178
Net income attributable to Nelnet, Inc., diluted $ 178,170 $ 44,239 $ 259,158 $ 116,178
Weighted-average common shares outstanding - basic (in shares) 35,824,313 35,835,387 35,810,499 36,119,876
Weighted-average common shares outstanding - diluted (in shares) 35,824,313 35,835,387 35,810,499 36,119,876
Earnings per share - basic (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Earnings per share - diluted (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 3,289 $ 852 $ 4,860 $ 2,320
Net income attributable to Nelnet, Inc., diluted $ 3,289 $ 852 $ 4,860 $ 2,320
Weighted-average common shares outstanding - basic (in shares) 661,292 690,095 671,536 721,351
Weighted-average common shares outstanding - diluted (in shares) 661,292 690,095 671,536 721,351
Earnings per share - basic (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
Earnings per share - diluted (in dollars per share) $ 4.97 $ 1.23 $ 7.24 $ 3.22
v3.25.2
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 04, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Interest income:            
Loan interest   $ 172,104 $ 202,129 $ 338,543 $ 418,853  
Investment interest   40,185 40,737 81,574 92,814  
Total interest income   212,289 242,866 420,117 511,667  
Interest expense   132,854 176,459 257,968 371,039  
Net interest income   79,435 66,407 162,149 140,628  
Less provision for loan losses   17,930 3,611 33,267 14,440  
Net interest income after provision for loan losses   61,505 62,796 128,882 126,188  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   22,976 14,020 46,670 18,103  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment $ 175,000 175,044 0 175,044 0  
Derivative settlements, net   744 1,649 1,489 3,406  
Derivative market value adjustments, net   (3,866) 1,533 (10,190) 9,497  
Total other income (expense), net   461,177 266,270 776,955 577,179  
Cost of services and expenses:            
Cost of services   55,739 48,490 113,247 111,328  
Operating Expenses            
Salaries and benefits   134,699 139,634 272,922 283,509  
Depreciation and amortization   7,624 15,142 16,879 31,911  
Reinsurance losses and underwriting expenses   25,662 10,988 47,874 22,305  
Postage Expense   0 0 0 0  
Servicing Fees   0 0 0 0  
Other expenses   51,306 48,608 99,532 94,136  
Intersegment expenses, net   0 0 0 0  
Total operating expenses   219,291 214,372 437,207 431,861  
Impairment expense and provision for beneficial interests   10,288 7,776 11,879 7,813  
Total expenses   285,318 270,638 562,333 551,002  
Income before income taxes   237,364 58,428 343,504 152,365  
Income tax (expense) benefit   (59,510) (14,753) (84,521) (37,936)  
Net income   177,854 43,675 258,983 114,429  
Net (income) loss attributable to noncontrolling interests   3,605 1,416 5,035 4,069  
Net income (loss) attributable to Nelnet, Inc.   181,459 45,091 264,018 118,498  
Total assets   13,711,088 14,501,193 13,711,088 14,501,193 $ 13,777,753
Operating Segments            
Interest income:            
Total interest income   204,720 233,622 404,085 491,908  
Interest expense   134,738 182,401 261,118 382,803  
Net interest income   69,982 51,221 142,967 109,105  
Less provision for loan losses   17,930 3,611 33,267 14,440  
Net interest income after provision for loan losses   52,052 47,610 109,700 94,665  
Other income (expense):            
Intersegment revenue   5,668 6,162 11,416 13,097  
Other, net   8,012 2,797 12,261 8,866  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   744 1,649 1,489 3,406  
Derivative market value adjustments, net   (3,866) 1,533 (10,190) 9,497  
Total other income (expense), net   249,466 236,664 522,865 529,988  
Cost of services and expenses:            
Cost of services   41,689 40,418 91,369 89,028  
Operating Expenses            
Salaries and benefits   111,407 115,278 226,759 236,082  
Depreciation and amortization   4,678 8,395 10,101 16,446  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   9,551 9,277 17,127 19,883  
Servicing Fees   7,926 8,734 15,504 17,918  
Other expenses   25,436 22,929 47,562 41,636  
Intersegment expenses, net   25,425 24,898 49,467 50,796  
Total operating expenses   184,423 189,511 366,520 382,761  
Impairment expense and provision for beneficial interests   4,977 5,911 6,487 5,911  
Total expenses   231,089 235,840 464,376 477,700  
Income before income taxes   70,429 48,434 168,189 146,953  
Income tax (expense) benefit   (16,908) (11,607) (40,343) (35,237)  
Net income   53,521 36,827 127,846 111,716  
Net (income) loss attributable to noncontrolling interests   (23) 29 5 46  
Net income (loss) attributable to Nelnet, Inc.   53,498 36,856 127,851 111,762  
Total assets   12,505,399 13,242,970 12,505,399 13,242,970  
Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Total interest income   624 1,258 1,345 3,152  
Interest expense   0 0 0 0  
Net interest income   624 1,258 1,345 3,152  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   624 1,258 1,345 3,152  
Other income (expense):            
Intersegment revenue   5,603 6,106 11,287 12,991  
Other, net   113 685 225 1,395  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   126,440 115,843 252,977 250,638  
Cost of services and expenses:            
Cost of services   1,845 196 3,478 196  
Operating Expenses            
Salaries and benefits   65,549 70,631 135,123 147,353  
Depreciation and amortization   1,821 5,342 4,474 10,450  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   9,551 9,277 17,127 19,883  
Servicing Fees    
Other expenses   11,099 11,188 21,931 20,119  
Intersegment expenses, net   17,240 18,224 33,718 37,555  
Total operating expenses   105,260 114,662 212,373 235,360  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   107,105 114,858 215,851 235,556  
Income before income taxes   19,959 2,243 38,471 18,234  
Income tax (expense) benefit   (4,790) (538) (9,233) (4,376)  
Net income   15,169 1,705 29,238 13,858  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   15,169 1,705 29,238 13,858  
Total assets   168,435 264,381 168,435 264,381  
Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Total interest income   5,417 5,715 12,356 13,580  
Interest expense   0 0 0 0  
Net interest income   5,417 5,715 12,356 13,580  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   5,417 5,715 12,356 13,580  
Other income (expense):            
Intersegment revenue   65 56 129 106  
Other, net   0 0 0 0  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   118,249 116,965 265,644 260,555  
Cost of services and expenses:            
Cost of services   39,844 40,222 87,891 88,832  
Operating Expenses            
Salaries and benefits   41,598 40,736 83,339 80,903  
Depreciation and amortization   2,505 2,712 4,936 5,395  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees    
Other expenses   9,904 8,600 18,952 16,158  
Intersegment expenses, net   6,273 4,811 11,877 9,612  
Total operating expenses   60,280 56,859 119,104 112,068  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   100,124 97,081 206,995 200,900  
Income before income taxes   23,542 25,599 71,005 73,235  
Income tax (expense) benefit   (5,650) (6,150) (17,052) (17,585)  
Net income   17,892 19,449 53,953 55,650  
Net (income) loss attributable to noncontrolling interests   0 29 45 46  
Net income (loss) attributable to Nelnet, Inc.   17,892 19,478 53,998 55,696  
Total assets   533,317 478,077 533,317 478,077  
Operating Segments | Asset Generation and Management            
Interest income:            
Total interest income   169,941 207,416 337,179 438,879  
Interest expense   120,066 171,632 234,369 362,537  
Net interest income   49,875 35,784 102,810 76,342  
Less provision for loan losses   11,133 (4,225) 24,144 2,230  
Net interest income after provision for loan losses   38,742 40,009 78,666 74,112  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   7,507 1,337 11,502 6,321  
Gain (loss) on sale of loans, net   0 (1,438) 909 (1,579)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   581 1,442 1,162 2,997  
Derivative market value adjustments, net   (2,165) 936 (5,961) 6,642  
Total other income (expense), net   5,923 2,277 7,612 14,381  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   1,469 1,113 2,690 2,308  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees   7,102 8,541 14,013 17,492  
Other expenses   2,464 1,139 3,352 2,246  
Intersegment expenses, net   1,260 1,272 2,510 2,481  
Total operating expenses   12,295 12,065 22,565 24,527  
Impairment expense and provision for beneficial interests   4,977 5,911 6,487 5,911  
Total expenses   17,272 17,976 29,052 30,438  
Income before income taxes   27,393 24,310 57,226 58,055  
Income tax (expense) benefit   (6,569) (5,835) (13,725) (13,933)  
Net income   20,824 18,475 43,501 44,122  
Net (income) loss attributable to noncontrolling interests   (23) 0 (40) 0  
Net income (loss) attributable to Nelnet, Inc.   20,801 18,475 43,461 44,122  
Total assets   10,036,454 11,315,210 10,036,454 11,315,210  
Operating Segments | Nelnet Bank            
Interest income:            
Total interest income   28,738 19,233 53,205 36,297  
Interest expense   14,672 10,769 26,749 20,266  
Net interest income   14,066 8,464 26,456 16,031  
Less provision for loan losses   6,797 7,836 9,123 12,210  
Net interest income after provision for loan losses   7,269 628 17,333 3,821  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   392 775 534 1,150  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   163 207 327 409  
Derivative market value adjustments, net   (1,701) 597 (4,229) 2,855  
Total other income (expense), net   (1,146) 1,579 (3,368) 4,414  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   2,791 2,798 5,607 5,518  
Depreciation and amortization   352 341 691 601  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees   824 193 1,491 426  
Other expenses   1,969 2,002 3,327 3,113  
Intersegment expenses, net   652 591 1,362 1,148  
Total operating expenses   6,588 5,925 12,478 10,806  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   6,588 5,925 12,478 10,806  
Income before income taxes   (465) (3,718) 1,487 (2,571)  
Income tax (expense) benefit   101 916 (333) 657  
Net income   (364) (2,802) 1,154 (1,914)  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   (364) (2,802) 1,154 (1,914)  
Total assets   1,767,193 1,185,302 1,767,193 1,185,302  
NFS Other Operating Segments            
Interest income:            
Total interest income   8,870 15,880 17,690 31,495  
Interest expense   1,428 2,606 2,198 5,024  
Net interest income   7,442 13,274 15,492 26,471  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   7,442 13,274 15,492 26,471  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   5,265 851 6,376 1,013  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   31,377 15,702 57,175 28,644  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   539 374 1,017 732  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   25,662 10,988 47,874 22,305  
Postage Expense    
Servicing Fees    
Other expenses   2,206 841 2,978 1,327  
Intersegment expenses, net   321 248 565 465  
Total operating expenses   28,728 12,451 52,434 24,829  
Impairment expense and provision for beneficial interests   0 0 81 0  
Total expenses   28,728 12,451 52,515 24,829  
Income before income taxes   10,091 16,525 20,152 30,286  
Income tax (expense) benefit   (2,395) (3,935) (4,779) (7,209)  
Net income   7,696 12,590 15,373 23,077  
Net (income) loss attributable to noncontrolling interests   (114) (129) (238) (249)  
Net income (loss) attributable to Nelnet, Inc.   7,582 12,461 15,135 22,828  
Total assets   1,077,523 1,038,068 1,077,523 1,038,068  
Corporate and Other Activities            
Interest income:            
Total interest income   2,661 2,646 4,973 6,461  
Interest expense   651 733 1,284 1,409  
Net interest income   2,010 1,913 3,689 5,052  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   2,010 1,913 3,689 5,052  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   9,603 10,372 27,840 8,224  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   175,044 0 175,044 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   185,906 20,066 208,138 31,644  
Cost of services and expenses:            
Cost of services   14,050 8,072 21,878 22,300  
Operating Expenses            
Salaries and benefits   22,784 24,786 45,279 48,307  
Depreciation and amortization   2,946 6,748 6,778 15,464  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense    
Servicing Fees    
Other expenses   11,695 12,842 27,281 26,243  
Intersegment expenses, net   (25,616) (25,803) (49,670) (52,648)  
Total operating expenses   11,809 18,573 29,668 37,366  
Impairment expense and provision for beneficial interests   5,311 1,865 5,311 1,902  
Total expenses   31,170 28,510 56,857 61,568  
Income before income taxes   156,746 (6,531) 154,970 (24,872)  
Income tax (expense) benefit   (40,207) 788 (39,398) 4,511  
Net income   116,539 (5,743) 115,572 (20,361)  
Net (income) loss attributable to noncontrolling interests   3,838 1,516 5,461 4,272  
Net income (loss) attributable to Nelnet, Inc.   120,377 (4,227) 121,033 (16,089)  
Total assets   541,471 778,549 541,471 778,549  
Eliminations/ Reclassifications            
Interest income:            
Total interest income   (3,963) (9,282) (6,632) (18,197)  
Interest expense   (3,963) (9,282) (6,632) (18,197)  
Net interest income   0 0 0 0  
Less provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   0 0 0 0  
Other income (expense):            
Intersegment revenue   (5,668) (6,162) (11,416) (13,097)  
Other, net   96 0 193 0  
Gain (loss) on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   (5,572) (6,162) (11,223) (13,097)  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   (30) (804) (134) (1,611)  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage Expense   (9,551) (9,277) (17,127) (19,883)  
Servicing Fees   (7,926) (8,734) (15,504) (17,918)  
Other expenses   11,969 11,996 21,711 24,928  
Intersegment expenses, net   (130) 657 (362) 1,387  
Total operating expenses   (5,668) (6,162) (11,416) (13,097)  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   (5,668) (6,162) (11,416) (13,097)  
Income before income taxes   96 0 193 0  
Income tax (expense) benefit   0 0 0 0  
Net income   96 0 193 0  
Net (income) loss attributable to noncontrolling interests   (96) 0 (193) 0  
Net income (loss) attributable to Nelnet, Inc.   0 0 0 0  
Total assets   (413,305) (558,394) (413,305) (558,394)  
Loan interest            
Interest income:            
Loan interest   172,104 202,129 338,543 418,853  
Loan interest | Operating Segments            
Interest income:            
Loan interest   172,104 202,129 338,543 418,853  
Loan interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Asset Generation and Management            
Interest income:            
Loan interest   157,300 193,707 311,768 403,335  
Loan interest | Operating Segments | Nelnet Bank            
Interest income:            
Loan interest   14,804 8,422 26,775 15,518  
Loan interest | NFS Other Operating Segments            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Corporate and Other Activities            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Eliminations/ Reclassifications            
Interest income:            
Loan interest   0 0 0 0  
Investment interest            
Interest income:            
Investment interest   40,185 40,737 81,574 92,814  
Investment interest | Operating Segments            
Interest income:            
Investment interest   32,616 31,493 65,542 73,055  
Investment interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Investment interest   624 1,258 1,345 3,152  
Investment interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Investment interest   5,417 5,715 12,356 13,580  
Investment interest | Operating Segments | Asset Generation and Management            
Interest income:            
Investment interest   12,641 13,709 25,411 35,544  
Investment interest | Operating Segments | Nelnet Bank            
Interest income:            
Investment interest   13,934 10,811 26,430 20,779  
Investment interest | NFS Other Operating Segments            
Interest income:            
Investment interest   8,870 15,880 17,690 31,495  
Investment interest | Corporate and Other Activities            
Interest income:            
Investment interest   2,661 2,646 4,973 6,461  
Investment interest | Eliminations/ Reclassifications            
Interest income:            
Investment interest   (3,963) (9,282) (6,632) (18,197)  
Loan servicing and systems revenue            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Cost of services and expenses:            
Cost of services   1,845 196 3,478 196  
Loan servicing and systems revenue | Operating Segments            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   120,724 109,052 241,465 236,252  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Cost of services and expenses:            
Cost of services   39,844 40,222 87,891 88,832  
Education technology services and payments revenue | Operating Segments            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Education technology services and payments revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   118,184 116,909 265,515 260,449  
Education technology services and payments revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned            
Other income (expense):            
Revenue   26,112 14,851 50,799 27,631  
Reinsurance premiums earned | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | NFS Other Operating Segments            
Other income (expense):            
Revenue   26,112 14,851 50,799 27,631  
Reinsurance premiums earned | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue            
Other income (expense):            
Revenue   1,259 9,694 5,254 23,420  
Cost of services and expenses:            
Cost of services   14,050 8,072 21,878 22,300  
Solar construction revenue | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   1,259 9,694 5,254 23,420  
Solar construction revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   $ 0 $ 0 $ 0 $ 0  
v3.25.2
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 120,724 $ 109,052 $ 241,465 $ 236,252
Government loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 85,737 87,014 173,100 192,490
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 22,733 12,959 45,426 25,577
FFELP loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 2,241 3,245 4,873 6,624
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 9,452 4,879 16,444 9,420
Outsourced services        
Disaggregation of Revenue [Line Items]        
Revenue 561 955 1,622 2,141
Education technology services and payments revenue        
Disaggregation of Revenue [Line Items]        
Revenue 118,184 116,909 265,515 260,449
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 36,013 34,164 76,085 73,043
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 37,515 34,326 89,051 82,113
Education technology services        
Disaggregation of Revenue [Line Items]        
Revenue 44,481 47,205 100,177 103,227
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 175 $ 1,214 $ 202 $ 2,066
v3.25.2
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Investment activity, net $ 8,852 $ 217 $ 14,012 $ (1,082)
ALLO preferred return 5,985 4,160 14,400 6,569
Borrower late fee income $ 1,642 $ 2,584 $ 3,231 $ 5,718
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net Other, net Other, net Other, net
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net Other, net Other, net Other, net
Other $ 5,202 $ 6,663 $ 10,498 $ 11,360
Other, net 22,976 14,020 46,670 18,103
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
(Loss) gain from investments, net 0 0 0 (10,693)
Solar        
Disaggregation of Revenue [Line Items]        
(Loss) gain from investments, net (1,502) (2,610) (1,046) 170
Investment Advice        
Disaggregation of Revenue [Line Items]        
Investment advisory services (WRCM) 1,504 1,524 2,977 3,033
Administration/sponsor fee income        
Disaggregation of Revenue [Line Items]        
Administration/sponsor fee income $ 1,293 $ 1,482 $ 2,598 $ 3,028
v3.25.2
Reinsurance - Schedule Of Reinsurance Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Premiums written:        
Assumed $ 55,798 $ 41,264 $ 110,404 $ 72,151
Ceded (16,916) (20,550) (36,965) (35,993)
Net premiums written 38,882 20,714 73,439 36,158
Premiums earned:        
Assumed 44,079 29,889 91,803 55,393
Ceded (17,967) (15,038) (41,004) (27,762)
Net premiums earned 26,112 14,851 50,799 27,631
Loss reserve, commissions, and broker fees:        
Assumed 45,100 21,675 87,741 44,517
Ceded (19,438) (10,687) (39,867) (22,212)
Reinsurance losses and underwriting expenses $ 25,662 $ 10,988 $ 47,874 $ 22,305
v3.25.2
Reinsurance - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Insurance [Abstract]    
Loss reserve balance $ 57.1 $ 33.1
v3.25.2
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 24, 2023
extension
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Concentration Risk [Line Items]          
Revenue | $   $ 85.7 $ 87.0 $ 173.1 $ 192.5
Contract with customer, contract term 5 years        
Contract with customer, option to extend, option one, number of extensions 2        
Contract with customer, option to extend, option one, extension period 2 years        
Contract with customer, option to extend, option two, number of extensions 1        
Contract with customer, option to extend, option two, extension period 1 year        
v3.25.2
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Total investments $ 1,286,729 $ 1,160,320
Derivative instruments $ 402 $ 3,232
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Total assets $ 1,287,131 $ 1,163,552
Liabilities:    
Derivative instruments $ 2,077 $ 53
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Total liabilities $ 2,077 $ 53
Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,202,980 1,085,826
Equity securities    
Assets:    
Total investments 1,100 455
Equity securities measured at net asset value    
Assets:    
Total investments 82,649 74,039
Level 1    
Assets:    
Total investments 1,200 555
Derivative instruments 0 0
Total assets 1,200 555
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 100 100
Level 1 | Equity securities    
Assets:    
Total investments 1,100 455
Level 2    
Assets:    
Total investments 1,202,880 1,085,726
Derivative instruments 402 3,232
Total assets 1,203,282 1,088,958
Liabilities:    
Derivative instruments 2,077 53
Total liabilities 2,077 53
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,202,880 1,085,726
Level 2 | Equity securities    
Assets:    
Total investments $ 0 $ 0
v3.25.2
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Financial assets:        
Loans receivable $ 10,155,483 $ 9,992,744    
Accrued loan interest receivable 560,927 549,283    
Cash and cash equivalents 225,753 194,518 $ 145,478 $ 168,112
Investments - held-to-maturity asset-backed securities 208,464      
Beneficial interest in loan securitizations 201,025      
Restricted cash - due to customers 258,065 404,402 $ 259,479 $ 368,656
Financial liabilities:        
Accrued interest payable 19,296 21,046    
Bank deposits 1,382,042 1,186,131    
Due to customers 429,109 478,469    
Fair value        
Financial assets:        
Loans receivable 9,990,823 10,008,165    
Accrued loan interest receivable 560,927 549,283    
Cash and cash equivalents 225,753 194,518    
Investments at fair value 1,286,729 1,160,320    
Investments - held-to-maturity asset-backed securities 208,464 216,164    
Notes receivable 54,603 32,258    
Beneficial interest in loan securitizations 201,025 229,510    
Restricted cash 317,958 332,100    
Restricted cash - due to customers 258,065 404,402    
Derivative instruments 402 3,232    
Financial liabilities:        
Bonds and notes payable 7,847,907 8,343,565    
Accrued interest payable 19,296 21,046    
Bank deposits 1,368,830 1,172,707    
Due to customers 429,109 478,469    
Derivative instruments 2,077 53    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 225,753 194,518    
Investments at fair value 1,200 555    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 317,958 332,100    
Restricted cash - due to customers 258,065 404,402    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 919,731 744,721    
Due to customers 429,109 478,469    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 560,927 549,283    
Cash and cash equivalents 0 0    
Investments at fair value 1,202,880 1,085,726    
Investments - held-to-maturity asset-backed securities 208,464 216,164    
Notes receivable 54,603 32,258    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 402 3,232    
Financial liabilities:        
Bonds and notes payable 7,847,907 8,343,565    
Accrued interest payable 19,296 21,046    
Bank deposits 449,099 427,986    
Due to customers 0 0    
Derivative instruments 2,077 53    
Fair value | Level 3        
Financial assets:        
Loans receivable 9,990,823 10,008,165    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments at fair value 0 0    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 201,025 229,510    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 9,594,556 9,443,461    
Accrued loan interest receivable 560,927 549,283    
Cash and cash equivalents 225,753 194,518    
Investments at fair value 1,286,729 1,160,320    
Investments - held-to-maturity asset-backed securities 203,591 210,774    
Notes receivable 54,603 32,258    
Beneficial interest in loan securitizations 190,853 213,809    
Restricted cash 317,958 332,100    
Restricted cash - due to customers 258,065 404,402    
Derivative instruments 402 3,232    
Financial liabilities:        
Bonds and notes payable 7,903,561 8,309,797    
Accrued interest payable 19,296 21,046    
Bank deposits 1,382,042 1,186,131    
Due to customers 429,109 478,469    
Derivative instruments $ 2,077 $ 53