NELNET INC, 10-Q filed on 11/7/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
9 Months Ended
Sep. 30, 2022
Oct. 31, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   26,437,070
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,673,659
v3.22.2.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $119,057 and $127,113, respectively) $ 15,876,251 $ 18,335,197
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 30,800 30,128
Cash and cash equivalents - held at a related party 32,398 95,435
Total cash and cash equivalents 63,198 125,563
Investments and notes receivable 2,063,514 1,588,919
Restricted cash 799,212 741,981
Restricted cash - due to customers 180,919 326,645
Accounts receivable (net of allowance for doubtful accounts of $3,195 and $1,160, respectively) 121,945 163,315
Goodwill 172,033 142,092
Intangible assets, net 70,368 52,029
Property and equipment, net 127,094 119,413
Other assets 88,999 82,887
Total assets 19,563,533 21,678,041
Liabilities:    
Bonds and notes payable 15,042,595 17,631,089
Accrued interest payable 21,796 4,566
Bank deposits 580,825 344,315
Other liabilities 445,606 379,231
Due to customers 306,352 366,002
Total liabilities 16,397,174 18,725,203
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 837 1,000
Retained earnings 3,208,044 2,940,523
Accumulated other comprehensive (loss) earnings, net (28,639) 9,304
Total Nelnet, Inc. shareholders' equity 3,180,614 2,951,206
Noncontrolling interests (14,255) 1,632
Total equity 3,166,359 2,952,838
Total liabilities and equity 19,563,533 21,678,041
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $119,057 and $127,113, respectively) 15,173,335 17,981,414
Cash and cash equivalents:    
Restricted cash 712,435 674,073
Liabilities:    
Bonds and notes payable 14,725,098 17,462,456
Common stock:    
Accrued interest payable and other liabilities (96,004) (36,276)
Net assets of consolidated education lending variable interest entities 1,064,668 1,156,755
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,483,298 shares and 27,239,654 shares, respectively    
Common stock:    
Common stock 265 272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,673,659 shares and 10,676,642 shares, respectively    
Common stock:    
Common stock $ 107 $ 107
v3.22.2.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Allowance for loan losses $ 119,057 $ 127,113
Allowance for doubtful accounts $ 3,195 $ 1,160
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 50,000,000 50,000,000
Preferred stock, issued shares (in shares) 0 0
Preferred stock, outstanding shares (in shares) 0 0
Common Class A    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 600,000,000 600,000,000
Shares issued (in shares) 26,483,298 27,239,654
Shares outstanding (in shares) 26,483,298 27,239,654
Common Class B    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 60,000,000 60,000,000
Shares issued (in shares) 10,673,659 10,676,642
Shares outstanding (in shares) 10,673,659 10,676,642
v3.22.2.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loan interest $ 176,244 $ 124,096 $ 422,327 $ 370,219
Investment interest 26,889 12,558 57,589 29,122
Total interest income 203,133 136,654 479,916 399,341
Interest expense on bonds and notes payable and bank deposits 126,625 50,176 248,347 127,939
Net interest income 76,508 86,478 231,569 271,402
Provision (negative provision) for loan losses 9,665 5,827 18,640 (10,847)
Net interest income after provision for loan losses 66,843 80,651 212,929 282,249
Other income/expense:        
Other 2,225 11,867 24,750 30,183
Gain on sale of loans 2,627 3,444 5,616 18,715
Impairment expense and provision for beneficial interests, net 121 (14,159) (6,163) (12,223)
Derivative market value adjustments and derivative settlements, net 63,262 1,351 251,210 28,868
Total other income/expense 318,684 200,178 990,420 658,788
Total cost of services 48,644 31,335 115,041 80,063
Operating expenses:        
Salaries and benefits 147,198 128,592 438,010 363,351
Depreciation and amortization 18,772 15,710 53,978 56,129
Other expenses 43,858 38,324 120,297 107,611
Total operating expenses 209,828 182,626 612,285 527,091
Income before income taxes 127,055 66,868 476,023 333,883
Income tax expense 26,586 15,649 107,765 76,747
Net income 100,469 51,219 368,258 257,136
Net loss attributable to noncontrolling interests 4,329 1,919 8,315 3,467
Net income attributable to Nelnet, Inc. $ 104,798 $ 53,138 $ 376,573 $ 260,603
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Weighted-average common shares outstanding - basic (in shares) 37,380,493 38,595,721 37,708,425 38,646,892
Weighted-average common shares outstanding - diluted (in shares) 37,380,493 38,595,721 37,708,425 38,646,892
Loan servicing and systems revenue        
Other income/expense:        
Revenue $ 134,197 $ 112,351 $ 395,438 $ 335,961
Education technology, services, and payment processing revenue        
Other income/expense:        
Revenue 106,894 85,324 310,211 257,284
Total cost of services 42,676 31,335 109,073 80,063
Solar construction revenue        
Other income/expense:        
Revenue 9,358 0 9,358 0
Total cost of services $ 5,968 $ 0 $ 5,968 $ 0
v3.22.2.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 100,469 $ 51,219 $ 368,258 $ 257,136
Other comprehensive income (loss):        
Net changes related to foreign currency translation adjustments 18 (9) 19 (9)
Net changes related to available-for-sale debt securities:        
Unrealized holding gains (losses) arising during period, net 4,790 4,524 (45,730) 11,770
Reclassification of gains recognized in net income, net of losses (578) (1,173) (4,220) (2,052)
Income tax effect (1,011) (804) 11,988 (2,332)
Unrealized gains (losses) during period after reclassifications and tax 3,201 2,547 (37,962) 7,386
Other comprehensive income (loss) 3,219 2,538 (37,943) 7,377
Comprehensive income 103,688 53,757 330,315 264,513
Comprehensive loss attributable to noncontrolling interests 4,329 1,919 8,315 3,467
Comprehensive income attributable to Nelnet, Inc. $ 108,017 $ 55,676 $ 338,630 $ 267,980
v3.22.2.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2020   0 27,193,154 11,155,571        
Beginning balance at Dec. 31, 2020 $ 2,628,349 $ 0 $ 272 $ 112 $ 3,794 $ 2,621,762 $ 6,102 $ (3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 11,823             11,823
Net income (loss) 257,136         260,603   (3,467)
Other comprehensive income (loss) 7,377           7,377  
Distribution to noncontrolling interests (6,954)             (6,954)
Cash dividend on Class A and Class B common stock (25,319)         (25,319)    
Issuance of common stock, net of forfeitures (in shares)     261,760          
Issuance of common stock, net of forfeitures 4,409   $ 3   4,406      
Compensation expense for stock based awards 7,628       7,628      
Repurchase of common stock (in shares)     (372,661)          
Repurchase of common stock (27,486)   $ (4)   (14,235) (13,247)    
Conversion of common stock (in shares)     474,117 (474,117)        
Conversion of common stock 0   $ 5 $ (5)        
Ending balance (in shares) at Sep. 30, 2021   0 27,556,370 10,681,454        
Ending balance at Sep. 30, 2021 2,856,963 $ 0 $ 276 $ 107 1,593 2,843,799 13,479 (2,291)
Beginning balance (in shares) at Jun. 30, 2021   0 27,494,942 11,054,171        
Beginning balance at Jun. 30, 2021 2,828,618 $ 0 $ 275 $ 111 10,158 2,812,315 10,941 (5,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 4,935             4,935
Net income (loss) 51,219         53,138   (1,919)
Other comprehensive income (loss) 2,538           2,538  
Distribution to noncontrolling interests (125)             (125)
Cash dividend on Class A and Class B common stock (8,407)         (8,407)    
Issuance of common stock, net of forfeitures (in shares)     29,805          
Issuance of common stock, net of forfeitures 493       493      
Compensation expense for stock based awards 2,770       2,770      
Repurchase of common stock (in shares)     (341,094)          
Repurchase of common stock (25,078)   $ (3)   (11,828) (13,247)    
Conversion of common stock (in shares)     372,717 (372,717)        
Conversion of common stock 0   $ 4 $ (4)        
Ending balance (in shares) at Sep. 30, 2021   0 27,556,370 10,681,454        
Ending balance at Sep. 30, 2021 2,856,963 $ 0 $ 276 $ 107 1,593 2,843,799 13,479 (2,291)
Beginning balance (in shares) at Dec. 31, 2021   0 27,239,654 10,676,642        
Beginning balance at Dec. 31, 2021 2,952,838 $ 0 $ 272 $ 107 1,000 2,940,523 9,304 1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 25,297             25,297
Net income (loss) 368,258         376,573   (8,315)
Other comprehensive income (loss) (37,943)           (37,943)  
Distribution to noncontrolling interests (32,869)             (32,869)
Cash dividend on Class A and Class B common stock (26,960)         (26,960)    
Issuance of common stock, net of forfeitures (in shares)     348,831          
Issuance of common stock, net of forfeitures 6,978   $ 4   6,974      
Compensation expense for stock based awards 9,659       9,659      
Repurchase of common stock (in shares)     (1,108,170)          
Repurchase of common stock (93,224)   $ (11)   (16,796) (76,417)    
Conversion of common stock (in shares)     2,983 (2,983)        
Conversion of common stock 0              
Other (5,675)         (5,675)    
Ending balance (in shares) at Sep. 30, 2022   0 26,483,298 10,673,659        
Ending balance at Sep. 30, 2022 3,166,359 $ 0 $ 265 $ 107 837 3,208,044 (28,639) (14,255)
Beginning balance (in shares) at Jun. 30, 2022   0 26,613,733 10,674,892        
Beginning balance at Jun. 30, 2022 3,091,145 $ 0 $ 266 $ 107 1,180 3,127,687 (31,858) (6,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 14,018             14,018
Net income (loss) 100,469         104,798   (4,329)
Other comprehensive income (loss) 3,219           3,219  
Distribution to noncontrolling interests (17,707)             (17,707)
Cash dividend on Class A and Class B common stock (8,925)         (8,925)    
Issuance of common stock, net of forfeitures (in shares)     38,192          
Issuance of common stock, net of forfeitures 477   $ 1   476      
Compensation expense for stock based awards 3,631       3,631      
Repurchase of common stock (in shares)     (169,860)          
Repurchase of common stock (14,293)   $ (2)   (4,450) (9,841)    
Conversion of common stock (in shares)     1,233 (1,233)        
Conversion of common stock 0              
Other (5,675)         (5,675)    
Ending balance (in shares) at Sep. 30, 2022   0 26,483,298 10,673,659        
Ending balance at Sep. 30, 2022 $ 3,166,359 $ 0 $ 265 $ 107 $ 837 $ 3,208,044 $ (28,639) $ (14,255)
v3.22.2.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22 $ 0.72 $ 0.66
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22 $ 0.72 $ 0.66
v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 376,573 $ 260,603
Net loss attributable to noncontrolling interests (8,315) (3,467)
Net income 368,258 257,136
Adjustments to reconcile net income to net cash provided by operating activities, net of business acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 113,655 113,651
Loan discount accretion (27,963) (25,048)
Provision (negative provision) for loan losses 18,640 (10,847)
Derivative market value adjustments (239,125) (44,455)
Proceeds from termination of derivative instruments, net 91,786 0
Proceeds from clearinghouse - initial and variation margin, net of payments 227,448 41,033
Gain on sale of loans (5,616) (18,715)
Loss (gain) on investments, net 13,605 (293)
(Gain) loss from repurchases of debt, net (1,231) 3,964
Proceeds from sale (purchases) of equity securities, net 42,863 (41,591)
Deferred income tax expense 57,633 33,078
Non-cash compensation expense 9,872 7,824
Provision for beneficial interests and impairment expense, net 6,163 12,223
Increase in loan and investment accrued interest receivable (16,206) (41,931)
Decrease (increase) in accounts receivable 47,514 (2,137)
(Increase) decrease in other assets, net (73,291) 35,381
Decrease in the carrying amount of ROU asset, net 4,476 5,652
Increase (decrease) in accrued interest payable 17,230 (24,260)
Increase in other liabilities, net 5,388 41,040
Decrease in the carrying amount of lease liability (4,227) (5,158)
Net cash provided by operating activities 656,872 336,547
Cash flows from investing activities, net of business acquisitions:    
Purchases and originations of loans (539,118) (1,145,775)
Purchases of loans from a related party (8,242) (21,476)
Net proceeds from loan repayments, claims, and capitalized interest 2,955,097 2,010,645
Proceeds from sale of loans 38,559 85,906
Purchases of available-for-sale securities (944,588) (521,565)
Proceeds from sales of available-for-sale securities 450,457 104,520
Proceeds from beneficial interest in loan securitizations 17,754 30,811
Purchases of other investments and issuance of notes receivable (192,773) (166,664)
Proceeds from other investments 42,524 209,634
Purchases of property and equipment (44,423) (42,594)
Business acquisitions, net of cash acquired (35,973) 0
Net cash provided by investing activities 1,739,274 543,442
Cash flows from financing activities, net of business acquisitions:    
Payments on bonds and notes payable (3,035,082) (2,479,582)
Proceeds from issuance of bonds and notes payable 413,391 1,738,405
Payments of debt issuance costs (1,160) (6,778)
Increase in bank deposits, net 236,510 146,018
(Decrease) increase in due to customers (59,467) 53,146
Dividends paid (26,960) (25,319)
Repurchases of common stock (93,224) (27,486)
Proceeds from issuance of common stock 1,206 1,108
Issuance of noncontrolling interests 19,380 13,905
Distribution to noncontrolling interests (1,153) (548)
Net cash used in financing activities (2,546,559) (587,131)
Effect of exchange rate changes on cash (447) (175)
Net (decrease) increase in cash, cash equivalents, and restricted cash (150,860) 292,683
Cash, cash equivalents, and restricted cash, beginning of period 1,194,189 958,395
Cash, cash equivalents, and restricted cash, end of period 1,043,329 1,251,078
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 196,278 117,336
Cash disbursements made for income taxes, net of refunds and credits received [1] 37,467 10,921
Cash disbursements made for operating leases 5,221 6,003
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 5,981 4,026
Receipt of beneficial interest in consumer loan securitizations 8,336 23,506
Distribution to noncontrolling interests 31,716 6,406
Issuance of noncontrolling interests $ 5,917 $ 2,082
[1] The Company utilized $9.4 million and $22.2 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2022 and 2021, respectively.
v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2022
Sep. 30, 2021
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 9,400 $ 22,200
Cash and cash equivalents:    
Total cash and cash equivalents 63,198 191,936
Restricted cash 799,212 764,089
Restricted cash - due to customers 180,919 295,053
Cash, cash equivalents, and restricted cash $ 1,043,329 $ 1,251,078
v3.22.2.2
Basis of Financial Reporting
9 Months Ended
Sep. 30, 2022
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”) as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report").
Reclassification of Prior Period Cash Flows Presentation
Prior to June 30, 2022, the line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was presented in cash flows from operating activities. Beginning in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, the Company corrected this presentation in its statements of cash flows to show this activity as a financing activity. This correction had no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction had a corresponding impact on the amounts of cash flows from operating and financing activities, it had no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements, or its previously issued financial statements for 2021, 2020, and 2019.
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses
9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,298,138 3,904,000 
Consolidation11,002,253 13,187,047 
Total14,300,391 17,091,047 
Private education loans262,183 299,442 
Consumer and other loans231,441 51,301 
Non-Nelnet Bank loans14,794,015 17,441,790 
Nelnet Bank:
Federally insured student loans72,905 88,011 
Private education loans356,571 169,890 
Nelnet Bank loans429,476 257,901 
Accrued interest receivable793,838 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,021)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(87,778)(103,381)
Private education loans(15,577)(16,143)
Consumer and other loans(13,290)(6,481)
Non-Nelnet Bank allowance for loan losses(116,645)(126,005)
Nelnet Bank:
Federally insured loans(164)(268)
Private education loans(2,248)(840)
Nelnet Bank allowance for loan losses(2,412)(1,108)
 $15,876,251 18,335,197 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.61 %0.60 %
Private education loans5.94 %5.39 %
Consumer and other loans (b)5.74 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.22 %0.30 %
Private education loans0.63 %0.49 %
(a)    As of September 30, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 22.3% and 22.2%, respectively, and for Nelnet Bank was 8.9% and 12.1%, respectively.
(b)    During 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of September 30, 2022 as compared to December 31, 2021.
Gain on Sale of Loans
On January 26, 2022 and July 7, 2022, the Company sold $18.1 million (par value) and $28.9 million (par value) of consumer loans, respectively, to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) and $2.6 million (pre-tax), respectively, as part of these transactions. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent and 7.6 percent residual interest, respectively, in the consumer loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$92,593 888 (5,715)— 12 — 87,778 
Private education loans15,253 1,154 (1,066)236 — — 15,577 
Consumer and other loans10,576 7,173 (1,021)147 — (3,585)13,290 
Nelnet Bank:
Federally insured loans258 (94)— — — — 164 
Private education loans1,744 504 — — — — 2,248 
$120,424 9,625 (7,802)383 12 (3,585)119,057 
Three months ended September 30, 2021
Non-Nelnet Bank:
Federally insured loans$120,802 4,452 (10,330)— 935 — 115,859 
Private education loans19,403 (1,208)(954)113 — (301)17,053 
Consumer and other loans4,702 2,696 (1,133)187 — (2,023)4,429 
Nelnet Bank:
Federally insured loans245 44 — — — — 289 
Private education loans567 (157)— — — 414 
$145,719 5,827 (12,417)304 935 (2,324)138,044 
Nine months ended September 30, 2022
Non-Nelnet Bank
Federally insured loans$103,381 505 (16,264)— 156 — 87,778 
Private education loans16,143 1,971 (3,072)531 — 15,577 
Consumer and other loans6,481 14,702 (2,489)465 — (5,869)13,290 
Nelnet Bank
Federally insured loans268 (102)(2)— — — 164 
Private education loans840 1,499 (87)— — (4)2,248 
$127,113 18,575 (21,914)996 156 (5,869)119,057 
Nine months ended September 30, 2021
Non-Nelnet Bank
Federally insured loans$128,590 (3,428)(11,563)— 2,260 — 115,859 
Private education loans19,529 (781)(1,850)454 — (299)17,053 
Consumer and other loans27,256 (7,016)(4,547)668 — (11,932)4,429 
Nelnet Bank
Federally insured loans— 289 — — — — 289 
Private education loans323 89 — — (2)414 
$175,698 (10,847)(17,960)1,126 2,260 (12,233)138,044 
(a)    During the three months ended September 30, 2022 and 2021, and nine months ended September 30, 2022 and 2021, the Company acquired $0.9 million (par value), $64.6 million (par value), $11.6 million (par value), and $153.3 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
The Company recorded a negative provision for loan losses for its federally insured loan portfolio during the first quarter of 2022 due to the amortization of the portfolio and an increase in expected prepayments as a result of an initiative offered by the Department of Education (the “Department”) for Federal Family Education Loan Program ("FFELP" or "FFEL Program") borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department by October 31, 2022 to qualify for loan forgiveness under the Public Service Loan Forgiveness program. The Company recorded a provision for loan losses on its consumer loan portfolio during the first quarter of 2022 as a result of loans acquired during the period.
The Company recorded a provision for loan losses for its federally insured, private education, consumer, and other loan portfolios during the second and third quarters of 2022 due to management's estimate of declining economic conditions. In addition, the Company recorded provision for loan losses on its consumer and other loan and Nelnet Bank private education loan portfolios during these periods as a result of loans acquired and originated during the period. The provision for loan losses recognized by the Company for its federally insured loan portfolio during these periods was partially offset due to the continued amortization of the portfolio.
Unfunded Private Education Loan Commitments
As of September 30, 2022, Nelnet Bank has a liability of approximately $76,000 related to $4.3 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheet. During the nine months ended September 30, 2022, Nelnet Bank recognized provision for loan losses of approximately $65,000 related to unfunded loan commitments.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company's federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.
As of September 30, 2022As of December 31, 2021As of September 30, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $719,724 5.0 % $829,624 4.9 % $909,228 5.0 %
Loans in forbearance 1,384,709 9.7  1,118,667 6.5  1,826,082 10.1 
Loans in repayment status:  
Loans current10,454,046 85.7 %12,847,685 84.9 %13,525,751 88.1 %
Loans delinquent 31-60 days431,471 3.6 895,656 5.9 548,670 3.6 
Loans delinquent 61-90 days261,616 2.1 352,449 2.3 286,681 1.9 
Loans delinquent 91-120 days185,753 1.5 251,075 1.7 163,447 1.1 
Loans delinquent 121-270 days540,555 4.4 592,449 3.9 467,441 3.0 
Loans delinquent 271 days or greater322,517 2.7 203,442 1.3 354,188 2.3 
Total loans in repayment12,195,958 85.3 100.0 %15,142,756 88.6 100.0 %15,346,178 84.9 100.0 %
Total federally insured loans14,300,391 100.0 % 17,091,047 100.0 % 18,081,488 100.0 %
Accrued interest receivable786,494 784,716 831,142 
Loan discount, net of unamortized premiums and deferred origination costs(25,381)(28,309)(23,229)
Allowance for loan losses(87,778)(103,381)(115,859)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$14,973,726 $17,744,073 $18,773,542 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $15,556 5.9 %$9,661 3.2 %$10,282 3.2 %
Loans in forbearance 2,745 1.1 3,601 1.2 3,554 1.1 
Loans in repayment status:
Loans current238,926 98.0 %280,457 98.0 %300,231 98.3 %
Loans delinquent 31-60 days2,014 0.8 2,403 0.8 1,870 0.6 
Loans delinquent 61-90 days992 0.4 976 0.3 912 0.3 
Loans delinquent 91 days or greater1,950 0.8 2,344 0.9 2,363 0.8 
Total loans in repayment243,882 93.0 100.0 %286,180 95.6 100.0 %305,376 95.7 100.0 %
Total private education loans262,183 100.0 % 299,442 100.0 % 319,212 100.0 %
Accrued interest receivable2,207 1,960 2,076 
Loan discount, net of unamortized premiums(185)(1,123)(1,496)
Allowance for loan losses(15,577)(16,143)(17,053)
Total private education loans and accrued interest receivable, net of allowance for loan losses$248,628 $284,136 $302,739 
As of September 30, 2022As of December 31, 2021As of September 30, 2021
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$29 0.0 %$43 0.1 %$18 0.0 %
Loans in repayment status:
Loans current228,827 98.9 %49,697 97.0 %35,744 96.6 %
Loans delinquent 31-60 days1,019 0.4 414 0.8 319 0.9 
Loans delinquent 61-90 days427 0.2 322 0.6 243 0.7 
Loans delinquent 91 days or greater1,139 0.5 825 1.6 670 1.8 
Total loans in repayment231,412 100.0 100.0 %51,258 99.9 100.0 %36,976 100.0 100.0 %
Total consumer and other loans231,441 100.0 %51,301 100.0 %36,994 100.0 %
Accrued interest receivable2,561 396 280 
Loan discount, net of unamortized premiums(1,847)913 664 
Allowance for loan losses(13,290)(6,481)(4,429)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$218,865 $46,129 $33,509 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$274 0.4 %$330 0.4 %$283 0.3 %
Loans in forbearance2,551 3.5 1,057 1.2 1,722 1.8 
Loans in repayment status:
Loans current68,970 98.4 %85,599 98.8 %91,366 99.4 %
Loans delinquent 30-59 days353 0.5 816 1.0 277 0.3 
Loans delinquent 60-89 days130 0.2 — — 35 0.0 
Loans delinquent 90-119 days0.0 — — 45 0.1 
Loans delinquent 120-270 days508 0.7 209 0.2 202 0.2 
Loans delinquent 271 days or greater114 0.2 — — — — 
Total loans in repayment70,080 96.1 100.0 %86,624 98.4 100.0 %91,925 97.9 100.0 %
Total federally insured loans72,905 100.0 %88,011 100.0 %93,930 100.0 %
Accrued interest receivable1,607 1,216 1,177 
Loan premium23 26 28 
Allowance for loan losses(164)(268)(289)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$74,371 $88,985 $94,846 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$10,888 3.1 %$150 0.1 %$82 0.1 %
Loans in forbearance524 0.1 460 0.3 193 0.2 
Loans in repayment status:
Loans current344,469 99.8 %169,157 99.9 %98,120 100.0 %
Loans delinquent 30-59 days197 0.1 51 0.0 — — 
Loans delinquent 60-89 days79 0.0 — — — — 
Loans delinquent 90 days or greater414 0.1 72 0.1 — — 
Total loans in repayment345,159 96.8 100.0 %169,280 99.6 100.0 %98,120 99.7 100.0 %
Total private education loans356,571 100.0 %169,890 100.0 %98,395 100.0 %
Accrued interest receivable969 264 156 
Deferred origination costs, net of unaccreted discount5,369 2,560 1,430 
Allowance for loan losses(2,248)(840)(414)
Total private education loans and accrued interest receivable, net of allowance for loan losses$360,661 $171,874 $99,567 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores - Nelnet Bank Private Education Loans
An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of September 30, 2022
Nine months ended September 30, 202220212020Total
FICO at origination:
Less than 705$5,105 5,516 350 10,971 
705 - 73421,916 10,745 537 33,198 
735 - 76434,495 17,107 1,485 53,087 
765 - 79457,481 32,421 1,639 91,541 
Greater than 79488,097 73,190 6,487 167,774 
$207,094 138,979 10,498 356,571 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2021 and September 30, 2022, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$2,051 7,282 1,664 2,956 101 1,502 15,556 
Loans in forbearance— 30 423 1,244 134 914 2,745 
Loans in repayment status:
Loans current3,877 2,912 55,156 42,006 172 134,803 238,926 
Loans delinquent 31-60 days— 11 174 38 1,782 2,014 
Loans delinquent 61-90 days— 35 202 76 — 679 992 
Loans delinquent 91 days or greater— — 13 — — 1,937 1,950 
Total loans in repayment3,877 2,958 55,380 42,256 210 139,201 243,882 
Total private education loans$5,928 10,270 57,467 46,456 445 141,617 262,183 
Accrued interest receivable2,207 
Loan discount, net of unamortized premiums(185)
Allowance for loan losses(15,577)
Total private education loans and accrued interest receivable, net of allowance for loan losses$248,628 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$20 — — — — 29 
Loans in repayment status:
Loans current190,237 32,198 1,682 2,419 2,272 19 228,827 
Loans delinquent 31-60 days535 320 60 76 28 — 1,019 
Loans delinquent 61-90 days328 73 13 10 — 427 
Loans delinquent 91 days or greater151 441 14 189 344 — 1,139 
Total loans in repayment191,251 33,032 1,759 2,697 2,654 19 231,412 
Total consumer and other loans$191,271 33,032 1,759 2,697 2,663 19 231,441 
Accrued interest receivable2,561 
Loan discount, net of unamortized premiums(1,847)
Allowance for loan losses(13,290)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$218,865 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$8,239 1,215 1,434 — — — 10,888 
Loans in forbearance221 211 92 — — — 524 
Loans in repayment status:
Loans current198,423 137,074 8,972 — — — 344,469 
Loans delinquent 30-59 days132 65 — — — — 197 
Loans delinquent 60-89 days79 — — — — — 79 
Loans delinquent 90 days or greater— 414 — — — — 414 
Total loans in repayment198,634 137,553 8,972 — — — 345,159 
Total private education loans$207,094 138,979 10,498 — — — 356,571 
Accrued interest receivable969 
Deferred origination costs, net of unaccreted discount5,369 
Allowance for loan losses(2,248)
Total private education loans and accrued interest receivable, net of allowance for loan losses$360,661 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.22.2.2
Bonds and Notes Payable
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$13,056,109 
2.89% - 5.08%
8/26/30 - 9/25/69
Bonds and notes based on auction208,660 
0.00% - 2.82%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes13,264,769 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
646,956 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility249,543 
3.20%
11/22/23
Private education loan warehouse facility86,154 3.07%10/31/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
22,161 
4.65% / 4.83%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
24,056 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement399,744 3.77%5/4/23
Repurchase agreements506,968 
0.97% - 4.26%
10/7/22 - 11/27/24
Other - due to related party743 
3.55% - 5.35%
11/22/22 - 10/14/28
 15,201,094   
Discount on bonds and notes payable and debt issuance costs(158,499)
Total$15,042,595 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements.
FFELP loan warehouse facility
As of September 30, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $300.0 million that was increased from $25.0 million per a July 29, 2022 amendment to the facility. A May 2022 amendment extended the liquidity provisions and final maturity to November 22, 2022 and November 22, 2023, respectively. As of September 30, 2022, $249.5 million was outstanding under this facility, $50.5 million was available for future funding, and the Company had $20.3 million advanced as equity support.
Private education loan warehouse facility
As of September 30, 2022, the Company's private education warehouse facility had an aggregate maximum financing amount available of $175.0 million and an advance rate of 80 to 90 percent. On June 30, 2022, the Company amended the facility to extend the liquidity provisions through October 31, 2022 and final maturity date to October 31, 2023. As of September 30, 2022, $86.2 million was outstanding under this warehouse facility, $88.8 million was available for future funding, and the Company had $9.8 million advanced as equity support.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of September 30, 2022, no amount was outstanding on the line of credit and $495.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $737.5 million, subject to certain conditions.
Participation Agreement
The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities. As of September 30, 2022, $399.7 million of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. On May 4, 2022, the agreement automatically renewed for another year through May 4, 2023. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheet as "investments and notes receivable" and the participation interests outstanding have been accounted for by the Company as a secured borrowing.
See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under this participation agreement.
Repurchase Agreements
On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities. The first agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the second agreement has various maturity dates through January 13, 2023. Included in “bonds and notes payable” as of September 30, 2022 was $218.0 million subject to the first agreement and $289.0 million subject to the second agreement.
See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for these repurchase agreements.
Accrued Interest Liability
During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined was no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest expense on bonds and notes payable and bank deposits" in the consolidated statements of income.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other" in "other income/expense" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2022202120222021
Purchase price$(13,563)(184,827)(67,081)(205,269)
Par value13,903 184,781 69,133 204,597 
Remaining unamortized cost of issuance(180)(3,222)(821)(3,292)
 Gain (loss)$160 (3,268)1,231 (3,964)
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2022, the Company holds $431.5 million (par value) of its own FFELP asset-backed securities. As of September 30, 2022, $230.6 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreements (as discussed above).
v3.22.2.2
Derivative Financial Instruments
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2021 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2022 and December 31, 2021 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of September 30, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
September 30, 2022December 31, 2021
2022$1,000,000 2,000,000 
2023750,000 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$4,900,000 5,900,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2022 and December 31, 2021 was one-month LIBOR plus 9.4 basis points and 9.1 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023— — 900,000 0.62 
20242,000,000 0.35 2,500,000 0.35 
2025— — 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $2,600,000 0.52 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
In March 2022, the Company terminated $650 million in notional amount of derivatives ($500 million and $150 million that had maturity dates in 2022 and 2023, respectively) for net payments of $0.1 million. On April 29, 2022, the Company terminated $1.25 billion in notional amount of derivatives ($500 million, $250 million, and $500 million that had maturity dates in 2023, 2024, and 2025, respectively) for total proceeds of $68.1 million. On August 26, 2022, the Company terminated $500 million in notional amount of derivatives ($250 million that had maturity dates in each of 2023 and 2024) for total proceeds of $23.8 million.
Consolidated Financial Statement Impact Related to Derivatives - Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Settlements:  
1:3 basis swaps$(1,085)(700)242 (939)
Interest rate swaps - floor income hedges11,356 (5,209)11,843 (14,648)
Total settlements - income (expense)10,271 (5,909)12,085 (15,587)
Change in fair value:  
1:3 basis swaps189 1,061 929 2,755 
Interest rate swaps - floor income hedges52,802 6,199 238,196 41,700 
Total change in fair value - income52,991 7,260 239,125 44,455 
Derivative market value adjustments and derivative settlements, net - income$63,262 1,351 251,210 28,868 
v3.22.2.2
Investments and Notes Receivable
9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of September 30, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$783,676 7,767 (6,434)785,009 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)352,500 — (34,599)317,901 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale279,589 357 (4,785)275,161 22,435 — — 22,435 
Total available-for-sale debt securities$1,415,765 8,124 (45,818)1,378,071 917,412 15,217 (2,960)929,669 
Equity securities39,214 71,986 
Total investments (at fair value)1,417,285 1,001,655 
Other Investments and Notes Receivable (not measured at fair value):
Other debt securities - held-to-maturity8,440 8,200 
Venture capital and funds:
Measurement alternative159,437 157,609 
Equity method81,231 67,840 
Total venture capital and funds240,668 225,449 
Real estate:
Equity method81,820 47,226 
Investment in ALLO:
Voting interest/equity method (d)74,271 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)143,763 137,342 
Total investment in ALLO218,034 224,589 
Beneficial interest in loan securitizations (f):
Private education loans, including accrued interest77,447 66,008 
Consumer loans27,617 28,366 
Federally insured student loans24,844 25,768 
Total beneficial interest in loan securitizations129,908 120,142 
Solar (g)(71,000)(42,457)
Notes receivable32,124 — 
Tax liens, affordable housing, and other6,235 4,115 
Total investments (not measured at fair value)646,229 587,264 
Total investments and notes receivable$2,063,514 $1,588,919 

(a)    As of September 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.0 billion. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of September 30, 2022, $399.7 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    As of September 30, 2022, $350.9 million (par value) of private education loan asset-backed securities are subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $17.6 million and $10.5 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the nine months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $47.6 million and $31.6 million, respectively. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income.
(e)    As of September 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $6.4 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.2 million and $2.0 million during the three months ended September 30, 2022 and 2021, respectively, and $6.4 million during each of the nine months ended September 30, 2022 and 2021. This income is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2022, the Company's ownership correlates to approximately $630 million, $150 million, and $420 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    As of September 30, 2022, the Company has funded a total of $252.1 million in solar investments, which includes $81.3 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. The solar investment balance at September 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of September 30, 2022, the Company is committed to fund an additional $42.8 million on these projects, of which $35.1 million will be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized pre-tax losses on its solar investments of $4.2 million and $3.4 million during the three months ended September 30, 2022 and 2021, respectively, and $7.1 million and $7.4 million during the nine months ended September 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Solar losses attributed to minority interest investors was $4.1 million and $2.1 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $4.0 million for the nine months ended September 30, 2022 and 2021, respectively.
Impairment Expense
During the second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense and provision for beneficial interests, net" on the consolidated statements of income.
v3.22.2.2
Business Combinations
9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Business Combinations Business Combinations
NGWeb Solutions, LLC
On April 30, 2022, the Company acquired 30 percent of the ownership interests of NGWeb Solutions, LLC ("NextGen") for total cash consideration of $9.2 million. NextGen provides software solutions primarily to higher education institutions to enable administrators to efficiently manage online forms, scholarships, employment, online timesheets, and other specialized processes that require signed authorizations and interactions with student information.
Prior to the acquisition, the Company owned 50 percent of the ownership interests of NextGen and accounted for this investment under the equity method. As a result of the acquisition, the previously held 50 percent ownership interests was remeasured to its fair value as of the April 30, 2022 date of acquisition of the additional 30 percent of the ownership interests, resulting in a $15.2 million revaluation gain, which is included in "other" in "other income/expense" on the consolidated statements of income. For segment reporting, this gain is included in Corporate and Other Activities. Subsequent to the acquisition, the Company has consolidated the operating results of NextGen and such results are included in the Education Technology, Services, and Payment Processing reportable segment.
The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended September 30, 2022, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments had no impact on operating results.
Cash and cash equivalents$1,885 
Accounts receivable1,315 
Property and equipment800 
Other assets201 
Intangible assets15,250 
Excess cost over fair value of net assets acquired (goodwill)15,937 
Other liabilities(4,550)
Net assets acquired30,838 
Minority interest(6,291)
Remeasurement of previously held investment(15,342)
Total consideration paid by the Company$9,205 
The $15.3 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 14 years. The intangible assets that made up this amount include customer relationships of $12.8 million (15-year useful life), computer software of $1.7 million (5-year useful life) and a trade name of $0.8 million (10-year useful life).
The $15.9 million of goodwill is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to the synergies and economies of scale expected from combining the operations of the Company and NextGen.
The pro forma impacts of the NextGen acquisition on the Company's historical results prior to the acquisition were not material.
GRNE Solar
On July 1, 2022, the Company acquired 80 percent of the ownership interests of two subsidiaries of GRNE Solutions, LLC named GRNE-Nelnet, LLC ("GRNE") and ENRG-Nelnet, LLC ("ENRG") (collectively referred to as "GRNE Solar") for total cash consideration of $30.4 million. GRNE designs and installs residential, commercial, and utility-scale solar systems in the Midwest. ENRG owns certain assets that generate and sell solar energy. The acquisition diversifies the Company's position in the renewable energy space to include solar construction. For segment reporting, the operating results of GRNE Solar are included in Corporate and Other Activities.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
Cash and cash equivalents$1,742 
Accounts receivable4,941 
Property and equipment8,720 
Other assets3,092 
Intangible assets11,683 
Excess cost over fair value of net assets acquired (goodwill)14,004 
Bonds and notes payable(750)
Other liabilities(5,438)
Net assets acquired37,994 
Minority interest(7,599)
Total consideration paid by the Company$30,395 
The $11.7 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 8 years. The intangible assets that made up this amount include a trade name of $8.1 million (10-year useful life), customer relationships of $1.1 million (3-year useful life), and other separably identified intangibles of $2.4 million (5-year useful life).
The $14.0 million of goodwill is expected to be deductible for tax purposes. The amount allocated to goodwill was attributed to synergies from combining the operations of the Company and GRNE Solar and intangible assets that do not qualify for separate recognition.
The pro forma impacts of the GRNE Solar acquisition on the Company's historical results prior to the acquisition were not material.
v3.22.2.2
Intangible Assets
9 Months Ended
Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2022 (months)
As ofAs of
September 30, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $49,709 and $97,398, respectively)
112$55,385 47,894 
Trade names (net of accumulated amortization of $312)
1178,598 — 
Computer software (net of accumulated amortization of $3,730 and $3,669, respectively)
304,190 4,135 
Other (net of accumulated amortization of $245)
572,195 — 
Total - amortizable intangible assets, net106$70,368 52,029 
The Company recorded amortization expense on its intangible assets of $3.3 million for the three months ended September 30, 2022 and 2021, and $8.6 million and $19.9 million during the nine months ended September 30, 2022 and 2021, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2022, the Company estimates it will record amortization expense as follows:
2022 (October 1 - December 31)$3,509 
202313,222 
202410,691 
20257,604 
20267,259 
2027 and thereafter28,083 
 $70,368 
v3.22.2.2
Goodwill
9 Months Ended
Sep. 30, 2022
Goodwill [Abstract]  
Goodwill Goodwill
The carrying amount of goodwill by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Balance as of December 31, 2021 and March 31, 2022$23,639 76,570 41,883 — — 142,092 
Goodwill acquired during the period (NextGen)— 7,025 — — — 7,025 
Balance as of June 30, 202223,639 83,595 41,883 — — 149,117 
Goodwill acquired during the period (GRNE Solar)— — — — 14,004 14,004 
NextGen purchase price allocation adjustment— 8,912 — — — 8,912 
Balance as of September 30, 2022$23,639 92,507 41,883 — 14,004 172,033 
v3.22.2.2
Earnings per Common Share
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$102,763 2,035 104,798 52,245 893 53,138 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,654,781 725,712 37,380,493 37,947,257 648,464 38,595,721 
Earnings per share - basic and diluted$2.80 2.80 2.80 1.38 1.38 1.38 
Nine months ended September 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$369,479 7,094 376,573 256,416 4,187 260,603 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,998,100 710,325 37,708,425 38,025,898 620,994 38,646,892 
Earnings per share - basic and diluted$9.99 9.99 9.99 6.74 6.74 6.74 
v3.22.2.2
Segment Reporting
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 15 of the notes to consolidated financial statements included in the 2021 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$831 3,707 182,932 7,551 10,860 (2,748)203,133 
Interest expense— — 120,009 3,298 6,067 (2,748)126,625 
Net interest income831 3,707 62,923 4,253 4,793 — 76,508 
Less provision (negative provision) for loan losses— — 9,215 450 — — 9,665 
Net interest income after provision for loan losses831 3,707 53,708 3,803 4,793 — 66,843 
Other income/expense:
Loan servicing and systems revenue134,197 — — — — — 134,197 
Intersegment revenue8,281 — — — (8,289)— 
Education technology, services, and payment processing revenue— 106,894 — — — — 106,894 
Solar construction revenue— — — — 9,358 — 9,358 
Other596 — 4,627 566 (3,564)— 2,225 
Gain on sale of loans— — 2,627 — — — 2,627 
Impairment expense and provision for beneficial interests, net— — — — 121 — 121 
Derivative settlements, net— — 10,271 — — — 10,271 
Derivative market value adjustments, net— — 52,991 — — — 52,991 
Total other income/expense143,074 106,902 70,516 566 5,915 (8,289)318,684 
Cost of services:
Cost to provide education technology, services, and payment processing services— 42,676 — — — — 42,676 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 42,676 — — 5,968 — 48,644 
Operating expenses:
Salaries and benefits82,067 34,950 653 1,814 27,713 — 147,198 
Depreciation and amortization5,784 2,532 — 10,452 — 18,772 
Other expenses16,654 7,034 3,349 1,427 15,395 — 43,858 
Intersegment expenses, net17,486 4,762 8,350 69 (22,378)(8,289)— 
Total operating expenses121,991 49,278 12,352 3,314 31,182 (8,289)209,828 
Income (loss) before income taxes21,914 18,655 111,872 1,055 (26,442)— 127,055 
Income tax (expense) benefit(5,259)(4,475)(26,849)(246)10,244 — (26,586)
Net income (loss)16,655 14,180 85,023 809 (16,198)— 100,469 
Net (income) loss attributable to noncontrolling interests— (61)— — 4,390 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$16,655 14,119 85,023 809 (11,808)— 104,798 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
 Three months ended September 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$31 344 131,781 2,061 2,609 (172)136,654 
Interest expense24 — 48,662 421 1,242 (172)50,176 
Net interest income344 83,119 1,640 1,367 — 86,478 
Less provision (negative provision) for loan losses— — 5,940 (113)— — 5,827 
Net interest income after provision for loan losses344 77,179 1,753 1,367 — 80,651 
Other income/expense:
Loan servicing and systems revenue112,351 — — — — — 112,351 
Intersegment revenue8,621 — — — (8,624)— 
Education technology, services, and payment processing revenue— 85,324 — — — — 85,324 
Solar construction revenue— — — — — — — 
Other727 13 (7,275)450 17,952 — 11,867 
Gain on sale of loans— — 3,444 — — — 3,444 
Impairment expense and provision for beneficial interests, net(13,243)— — — (916)— (14,159)
Derivative settlements, net— — (5,909)— — — (5,909)
Derivative market value adjustments, net— — 7,260 — — — 7,260 
Total other income/expense108,456 85,340 (2,480)450 17,036 (8,624)200,178 
Cost of services:
Cost to provide education technology, services, and payment processing services— 31,335 — — — — 31,335 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 31,335 — — — — 31,335 
Operating expenses:
Salaries and benefits75,305 29,119 542 890 22,735 — 128,592 
Depreciation and amortization4,245 2,762 — — 8,702 — 15,710 
Other expenses12,738 4,804 5,420 445 14,918 — 38,324 
Intersegment expenses, net19,217 3,672 8,652 32 (22,949)(8,624)— 
Total operating expenses111,505 40,357 14,614 1,367 23,406 (8,624)182,626 
Income (loss) before income taxes(3,042)13,992 60,085 836 (5,003)— 66,868 
Income tax (expense) benefit730 (3,358)(14,421)(200)1,600 — (15,649)
Net income (loss)(2,312)10,634 45,664 636 (3,403)— 51,219 
Net (income) loss attributable to noncontrolling interests— — — — 1,919 — 1,919 
Net income (loss) attributable to Nelnet, Inc.$(2,312)10,634 45,664 636 (1,484)— 53,138 
Total assets as of September 30, 2021$238,602 415,178 20,001,997 413,155 1,740,060 (406,253)22,402,739 
Nine months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,144 4,920 441,926 15,792 21,087 (4,953)479,916 
Interest expense44 — 235,720 5,792 11,745 (4,953)248,347 
Net interest income1,100 4,920 206,206 10,000 9,342 — 231,569 
Less provision (negative provision) for loan losses— — 17,178 1,462 — — 18,640 
Net interest income after provision for loan losses1,100 4,920 189,028 8,538 9,342 — 212,929 
Other income/expense:
Loan servicing and systems revenue395,438 — — — — — 395,438 
Intersegment revenue25,142 16 — — — (25,158)— 
Education technology, services, and payment processing revenue— 310,211 — — — — 310,211 
Solar construction revenue— — — — 9,358 — 9,358 
Other1,946 — 16,270 2,224 4,309 — 24,750 
Gain on sale of loans— — 5,616 — — — 5,616 
Impairment expense and provision for beneficial interests, net— — — — (6,163)— (6,163)
Derivative settlements, net— — 12,085 — — — 12,085 
Derivative market value adjustments, net— — 239,125 — — — 239,125 
Total other income/expense422,526 310,227 273,096 2,224 7,504 (25,158)990,420 
Cost of services:
Cost to provide education technology, services, and payment processing services— 109,073 — — — — 109,073 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 109,073 — — 5,968 — 115,041 
Operating expenses:
Salaries and benefits257,259 98,356 1,858 5,082 75,455 — 438,010 
Depreciation and amortization16,056 7,544 — 11 30,366 — 53,978 
Other expenses46,375 19,549 9,925 3,009 41,438 — 120,297 
Intersegment expenses, net56,442 14,171 25,694 171 (71,320)(25,158)— 
Total operating expenses376,132 139,620 37,477 8,273 75,939 (25,158)612,285 
Income (loss) before income taxes47,494 66,454 424,647 2,489 (65,061)— 476,023 
Income tax (expense) benefit(11,399)(15,947)(101,915)(574)22,070 — (107,765)
Net income (loss)36,095 50,507 322,732 1,915 (42,991)— 368,258 
Net (income) loss attributable to noncontrolling interests— (8)— — 8,323 — 8,315 
Net income (loss) attributable to Nelnet, Inc.$36,095 50,499 322,732 1,915 (34,668)— 376,573 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
Nine months ended September 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$95 818 388,149 5,479 5,379 (578)399,341 
Interest expense70 — 124,282 1,007 3,158 (578)127,939 
Net interest income25 818 263,867 4,472 2,221 — 271,402 
Less provision (negative provision) for loan losses— — (11,225)378 — — (10,847)
Net interest income after provision for loan losses25 818 275,092 4,094 2,221 — 282,249 
Other income/expense:
Loan servicing and systems revenue335,961 — — — — — 335,961 
Intersegment revenue25,369 — — — (25,378)— 
Education technology, services, and payment processing revenue— 257,284 — — — — 257,284 
Solar construction revenue— — — — — — — 
Other2,541 13 (4,514)475 31,668 — 30,183 
Gain on sale of loans— — 18,715 — — — 18,715 
Impairment expense and provision for beneficial interests, net(13,243)— 2,436 — (1,416)— (12,223)
Derivative settlements, net— — (15,587)— — — (15,587)
Derivative market value adjustments, net— — 44,455 — — — 44,455 
Total other income/expense350,628 257,306 45,505 475 30,252 (25,378)658,788 
Cost of services:
Cost to provide education technology, services, and payment processing services— 80,063 — — — — 80,063 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 80,063 — — — — 80,063 
Operating expenses:
Salaries and benefits210,151 82,154 1,594 3,956 65,496 — 363,351 
Depreciation and amortization20,411 8,789 — — 26,927 — 56,129 
Other expenses39,296 14,063 12,763 1,227 40,265 — 107,611 
Intersegment expenses, net52,241 10,856 25,627 72 (63,419)(25,378)— 
Total operating expenses322,099 115,862 39,984 5,255 69,269 (25,378)527,091 
Income (loss) before income taxes28,554 62,199 280,613 (686)(36,796)— 333,883 
Income tax (expense) benefit(6,853)(14,928)(67,347)151 12,230 — (76,747)
Net income (loss)21,701 47,271 213,266 (535)(24,566)— 257,136 
Net (income) loss attributable to noncontrolling interests— — — — 3,467 — 3,467 
Net income (loss) attributable to Nelnet, Inc.$21,701 47,271 213,266 (535)(21,099)— 260,603 
Total assets as of September 30, 2021$238,602 415,178 20,001,997 413,155 1,740,060 (406,253)22,402,739 
v3.22.2.2
Disaggregated Revenue
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Government servicing$104,428 84,084 312,368 241,497 
Private education and consumer loan servicing12,198 13,198 37,194 34,563 
FFELP servicing4,127 4,557 12,386 13,930 
Software services 8,229 6,952 23,536 22,779 
Outsourced services and other5,215 3,560 9,954 23,192 
Loan servicing and systems revenue$134,197 112,351 395,438 335,961 
Education Technology, Services, and Payment Processing
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Tuition payment plan services$25,779 23,618 84,131 79,706 
Payment processing47,957 39,852 113,996 97,898 
Education technology and services32,548 21,295 110,755 78,752 
Other610 559 1,329 928 
Education technology, services, and payment processing revenue$106,894 85,324 310,211 257,284 
Other Income/Expense
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Income/gains from investments, net$10,701 16,050 40,685 40,141 
Borrower late fee income2,824 514 7,693 1,698 
ALLO preferred return2,164 2,043 6,420 6,384 
Administration/sponsor fee income1,920 1,670 6,055 1,670 
Investment advisory services1,612 2,400 4,375 6,242 
Loss from ALLO voting membership interest investment(17,562)(10,495)(47,633)(31,620)
Loss from solar investments(4,216)(3,393)(7,100)(7,375)
Other4,782 3,078 14,255 13,043 
$2,225 11,867 24,750 30,183 
v3.22.2.2
Major Customer
9 Months Ended
Sep. 30, 2022
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
The Company earns loan servicing revenue from servicing contracts with the Department. Revenues earned by the Company related to these contracts are set forth in the "Government servicing" line item of the "Loan Servicing and Systems" table in note 11.
The Company's student loan servicing contracts with the Department are scheduled to expire on December 14, 2023. In 2017, the Department initiated a contract procurement process referred to as the Next Generation Financial Services Environment for a new framework for the servicing of all student loans owned by the Department. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the process, including that any new federal student loan servicing environment is required to provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance. In the second quarter of 2022, the Department released a solicitation entitled Unified Servicing and Data Solution ("USDS") for the new servicing framework. The Company responded to the USDS
solicitation. The Company cannot predict the timing, nature, or ultimate outcome of this or any other contract procurement process by the Department.
On August 24, 2022, the Department issued a bulletin titled “Biden-Harris Administration Announces Final Student Loan Pause Extension Through December 31 and Targeted Debt Cancellation to Smooth Transition to Repayment” (the “August 24, 2022 Bulletin”). The August 24, 2022 Bulletin indicates the Department will provide targeted student debt cancellation to borrowers with loans held by the Department, and that borrowers whose annual income for either 2020 or 2021 was under $125,000 (for single or married, filing separately) or under $250,000 (for married couples, filing jointly or heads of household) will be eligible for otherwise unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. On October 21, 2022, the U.S. Court of Appeals for the Eighth Circuit issued a temporary administrative stay of implementation of the Department's student debt relief plan in response to a legal challenge that was initiated by other parties (not the Company).
As of September 30, 2022, the Company was servicing 15.7 million borrowers under its government servicing contracts. The Company cannot currently estimate how many borrowers meet the eligibility requirements and other terms and conditions for one-time debt relief under the August 24, 2022 Bulletin and subsequent publicly available guidance provided by the Department. However, revenue earned by the Company under its contracts will be negatively impacted if the Department’s student debt relief plan or other broad based loan forgiveness is implemented.
v3.22.2.2
Fair Value
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.

 As of September 30, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 785,009 785,009 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 317,901 317,901 — 412,552 412,552 
Other debt securities - available-for-sale100 275,061 275,161 100 22,335 22,435 
Equity securities7,254 — 7,254 63,154 — 63,154 
Equity securities measured at net asset value (a)31,960 8,832 
Total investments 7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 
Total assets$7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$15,390,107 15,082,413 — — 15,390,107 
Accrued loan interest receivable793,838 793,838 — 793,838 — 
Cash and cash equivalents63,198 63,198 63,198 — — 
Investments (at fair value)1,417,285 1,417,285 7,354 1,377,971 — 
Beneficial interest in loan securitizations143,128 129,908 — — 143,128 
Restricted cash799,212 799,212 799,212 — — 
Restricted cash – due to customers180,919 180,919 180,919 — — 
Financial liabilities:  
Bonds and notes payable14,653,852 15,042,595 — 14,653,852 — 
Accrued interest payable21,796 21,796 — 21,796 — 
Bank deposits550,834 580,825 208,811 342,023 — 
Due to customers306,352 306,352 306,352 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2021 Annual Report.
v3.22.2.2
Basis of Financial Reporting (Policies)
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report").
Reclassification of Prior Period Cash Flows Presentation
Reclassification of Prior Period Cash Flows Presentation
Prior to June 30, 2022, the line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was presented in cash flows from operating activities. Beginning in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, the Company corrected this presentation in its statements of cash flows to show this activity as a financing activity. This correction had no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction had a corresponding impact on the amounts of cash flows from operating and financing activities, it had no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements, or its previously issued financial statements for 2021, 2020, and 2019.
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,298,138 3,904,000 
Consolidation11,002,253 13,187,047 
Total14,300,391 17,091,047 
Private education loans262,183 299,442 
Consumer and other loans231,441 51,301 
Non-Nelnet Bank loans14,794,015 17,441,790 
Nelnet Bank:
Federally insured student loans72,905 88,011 
Private education loans356,571 169,890 
Nelnet Bank loans429,476 257,901 
Accrued interest receivable793,838 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,021)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(87,778)(103,381)
Private education loans(15,577)(16,143)
Consumer and other loans(13,290)(6,481)
Non-Nelnet Bank allowance for loan losses(116,645)(126,005)
Nelnet Bank:
Federally insured loans(164)(268)
Private education loans(2,248)(840)
Nelnet Bank allowance for loan losses(2,412)(1,108)
 $15,876,251 18,335,197 
Allowance for Loan Losses as a Percentage of the Ending Balance
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.61 %0.60 %
Private education loans5.94 %5.39 %
Consumer and other loans (b)5.74 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.22 %0.30 %
Private education loans0.63 %0.49 %
(a)    As of September 30, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 22.3% and 22.2%, respectively, and for Nelnet Bank was 8.9% and 12.1%, respectively.
(b)    During 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of September 30, 2022 as compared to December 31, 2021.
Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended September 30, 2022
Non-Nelnet Bank:
Federally insured loans$92,593 888 (5,715)— 12 — 87,778 
Private education loans15,253 1,154 (1,066)236 — — 15,577 
Consumer and other loans10,576 7,173 (1,021)147 — (3,585)13,290 
Nelnet Bank:
Federally insured loans258 (94)— — — — 164 
Private education loans1,744 504 — — — — 2,248 
$120,424 9,625 (7,802)383 12 (3,585)119,057 
Three months ended September 30, 2021
Non-Nelnet Bank:
Federally insured loans$120,802 4,452 (10,330)— 935 — 115,859 
Private education loans19,403 (1,208)(954)113 — (301)17,053 
Consumer and other loans4,702 2,696 (1,133)187 — (2,023)4,429 
Nelnet Bank:
Federally insured loans245 44 — — — — 289 
Private education loans567 (157)— — — 414 
$145,719 5,827 (12,417)304 935 (2,324)138,044 
Nine months ended September 30, 2022
Non-Nelnet Bank
Federally insured loans$103,381 505 (16,264)— 156 — 87,778 
Private education loans16,143 1,971 (3,072)531 — 15,577 
Consumer and other loans6,481 14,702 (2,489)465 — (5,869)13,290 
Nelnet Bank
Federally insured loans268 (102)(2)— — — 164 
Private education loans840 1,499 (87)— — (4)2,248 
$127,113 18,575 (21,914)996 156 (5,869)119,057 
Nine months ended September 30, 2021
Non-Nelnet Bank
Federally insured loans$128,590 (3,428)(11,563)— 2,260 — 115,859 
Private education loans19,529 (781)(1,850)454 — (299)17,053 
Consumer and other loans27,256 (7,016)(4,547)668 — (11,932)4,429 
Nelnet Bank
Federally insured loans— 289 — — — — 289 
Private education loans323 89 — — (2)414 
$175,698 (10,847)(17,960)1,126 2,260 (12,233)138,044 
(a)    During the three months ended September 30, 2022 and 2021, and nine months ended September 30, 2022 and 2021, the Company acquired $0.9 million (par value), $64.6 million (par value), $11.6 million (par value), and $153.3 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
Loan Status and Delinquencies The table below shows the Company’s loan status and delinquency amounts.
As of September 30, 2022As of December 31, 2021As of September 30, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $719,724 5.0 % $829,624 4.9 % $909,228 5.0 %
Loans in forbearance 1,384,709 9.7  1,118,667 6.5  1,826,082 10.1 
Loans in repayment status:  
Loans current10,454,046 85.7 %12,847,685 84.9 %13,525,751 88.1 %
Loans delinquent 31-60 days431,471 3.6 895,656 5.9 548,670 3.6 
Loans delinquent 61-90 days261,616 2.1 352,449 2.3 286,681 1.9 
Loans delinquent 91-120 days185,753 1.5 251,075 1.7 163,447 1.1 
Loans delinquent 121-270 days540,555 4.4 592,449 3.9 467,441 3.0 
Loans delinquent 271 days or greater322,517 2.7 203,442 1.3 354,188 2.3 
Total loans in repayment12,195,958 85.3 100.0 %15,142,756 88.6 100.0 %15,346,178 84.9 100.0 %
Total federally insured loans14,300,391 100.0 % 17,091,047 100.0 % 18,081,488 100.0 %
Accrued interest receivable786,494 784,716 831,142 
Loan discount, net of unamortized premiums and deferred origination costs(25,381)(28,309)(23,229)
Allowance for loan losses(87,778)(103,381)(115,859)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$14,973,726 $17,744,073 $18,773,542 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $15,556 5.9 %$9,661 3.2 %$10,282 3.2 %
Loans in forbearance 2,745 1.1 3,601 1.2 3,554 1.1 
Loans in repayment status:
Loans current238,926 98.0 %280,457 98.0 %300,231 98.3 %
Loans delinquent 31-60 days2,014 0.8 2,403 0.8 1,870 0.6 
Loans delinquent 61-90 days992 0.4 976 0.3 912 0.3 
Loans delinquent 91 days or greater1,950 0.8 2,344 0.9 2,363 0.8 
Total loans in repayment243,882 93.0 100.0 %286,180 95.6 100.0 %305,376 95.7 100.0 %
Total private education loans262,183 100.0 % 299,442 100.0 % 319,212 100.0 %
Accrued interest receivable2,207 1,960 2,076 
Loan discount, net of unamortized premiums(185)(1,123)(1,496)
Allowance for loan losses(15,577)(16,143)(17,053)
Total private education loans and accrued interest receivable, net of allowance for loan losses$248,628 $284,136 $302,739 
As of September 30, 2022As of December 31, 2021As of September 30, 2021
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$29 0.0 %$43 0.1 %$18 0.0 %
Loans in repayment status:
Loans current228,827 98.9 %49,697 97.0 %35,744 96.6 %
Loans delinquent 31-60 days1,019 0.4 414 0.8 319 0.9 
Loans delinquent 61-90 days427 0.2 322 0.6 243 0.7 
Loans delinquent 91 days or greater1,139 0.5 825 1.6 670 1.8 
Total loans in repayment231,412 100.0 100.0 %51,258 99.9 100.0 %36,976 100.0 100.0 %
Total consumer and other loans231,441 100.0 %51,301 100.0 %36,994 100.0 %
Accrued interest receivable2,561 396 280 
Loan discount, net of unamortized premiums(1,847)913 664 
Allowance for loan losses(13,290)(6,481)(4,429)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$218,865 $46,129 $33,509 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$274 0.4 %$330 0.4 %$283 0.3 %
Loans in forbearance2,551 3.5 1,057 1.2 1,722 1.8 
Loans in repayment status:
Loans current68,970 98.4 %85,599 98.8 %91,366 99.4 %
Loans delinquent 30-59 days353 0.5 816 1.0 277 0.3 
Loans delinquent 60-89 days130 0.2 — — 35 0.0 
Loans delinquent 90-119 days0.0 — — 45 0.1 
Loans delinquent 120-270 days508 0.7 209 0.2 202 0.2 
Loans delinquent 271 days or greater114 0.2 — — — — 
Total loans in repayment70,080 96.1 100.0 %86,624 98.4 100.0 %91,925 97.9 100.0 %
Total federally insured loans72,905 100.0 %88,011 100.0 %93,930 100.0 %
Accrued interest receivable1,607 1,216 1,177 
Loan premium23 26 28 
Allowance for loan losses(164)(268)(289)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$74,371 $88,985 $94,846 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$10,888 3.1 %$150 0.1 %$82 0.1 %
Loans in forbearance524 0.1 460 0.3 193 0.2 
Loans in repayment status:
Loans current344,469 99.8 %169,157 99.9 %98,120 100.0 %
Loans delinquent 30-59 days197 0.1 51 0.0 — — 
Loans delinquent 60-89 days79 0.0 — — — — 
Loans delinquent 90 days or greater414 0.1 72 0.1 — — 
Total loans in repayment345,159 96.8 100.0 %169,280 99.6 100.0 %98,120 99.7 100.0 %
Total private education loans356,571 100.0 %169,890 100.0 %98,395 100.0 %
Accrued interest receivable969 264 156 
Deferred origination costs, net of unaccreted discount5,369 2,560 1,430 
Allowance for loan losses(2,248)(840)(414)
Total private education loans and accrued interest receivable, net of allowance for loan losses$360,661 $171,874 $99,567 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of September 30, 2022
Nine months ended September 30, 202220212020Total
FICO at origination:
Less than 705$5,105 5,516 350 10,971 
705 - 73421,916 10,745 537 33,198 
735 - 76434,495 17,107 1,485 53,087 
765 - 79457,481 32,421 1,639 91,541 
Greater than 79488,097 73,190 6,487 167,774 
$207,094 138,979 10,498 356,571 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$2,051 7,282 1,664 2,956 101 1,502 15,556 
Loans in forbearance— 30 423 1,244 134 914 2,745 
Loans in repayment status:
Loans current3,877 2,912 55,156 42,006 172 134,803 238,926 
Loans delinquent 31-60 days— 11 174 38 1,782 2,014 
Loans delinquent 61-90 days— 35 202 76 — 679 992 
Loans delinquent 91 days or greater— — 13 — — 1,937 1,950 
Total loans in repayment3,877 2,958 55,380 42,256 210 139,201 243,882 
Total private education loans$5,928 10,270 57,467 46,456 445 141,617 262,183 
Accrued interest receivable2,207 
Loan discount, net of unamortized premiums(185)
Allowance for loan losses(15,577)
Total private education loans and accrued interest receivable, net of allowance for loan losses$248,628 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$20 — — — — 29 
Loans in repayment status:
Loans current190,237 32,198 1,682 2,419 2,272 19 228,827 
Loans delinquent 31-60 days535 320 60 76 28 — 1,019 
Loans delinquent 61-90 days328 73 13 10 — 427 
Loans delinquent 91 days or greater151 441 14 189 344 — 1,139 
Total loans in repayment191,251 33,032 1,759 2,697 2,654 19 231,412 
Total consumer and other loans$191,271 33,032 1,759 2,697 2,663 19 231,441 
Accrued interest receivable2,561 
Loan discount, net of unamortized premiums(1,847)
Allowance for loan losses(13,290)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$218,865 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$8,239 1,215 1,434 — — — 10,888 
Loans in forbearance221 211 92 — — — 524 
Loans in repayment status:
Loans current198,423 137,074 8,972 — — — 344,469 
Loans delinquent 30-59 days132 65 — — — — 197 
Loans delinquent 60-89 days79 — — — — — 79 
Loans delinquent 90 days or greater— 414 — — — — 414 
Total loans in repayment198,634 137,553 8,972 — — — 345,159 
Total private education loans$207,094 138,979 10,498 — — — 356,571 
Accrued interest receivable969 
Deferred origination costs, net of unaccreted discount5,369 
Allowance for loan losses(2,248)
Total private education loans and accrued interest receivable, net of allowance for loan losses$360,661 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.22.2.2
Bonds and Notes Payable (Tables)
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$13,056,109 
2.89% - 5.08%
8/26/30 - 9/25/69
Bonds and notes based on auction208,660 
0.00% - 2.82%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes13,264,769 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
646,956 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility249,543 
3.20%
11/22/23
Private education loan warehouse facility86,154 3.07%10/31/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
22,161 
4.65% / 4.83%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
24,056 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement399,744 3.77%5/4/23
Repurchase agreements506,968 
0.97% - 4.26%
10/7/22 - 11/27/24
Other - due to related party743 
3.55% - 5.35%
11/22/22 - 10/14/28
 15,201,094   
Discount on bonds and notes payable and debt issuance costs(158,499)
Total$15,042,595 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— 9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other" in "other income/expense" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2022202120222021
Purchase price$(13,563)(184,827)(67,081)(205,269)
Par value13,903 184,781 69,133 204,597 
Remaining unamortized cost of issuance(180)(3,222)(821)(3,292)
 Gain (loss)$160 (3,268)1,231 (3,964)
v3.22.2.2
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Basis Swap
The following table summarizes the Company’s outstanding basis swaps as of September 30, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
September 30, 2022December 31, 2021
2022$1,000,000 2,000,000 
2023750,000 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$4,900,000 5,900,000 
Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of September 30, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023— — 900,000 0.62 
20242,000,000 0.35 2,500,000 0.35 
2025— — 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $2,600,000 0.52 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Settlements:  
1:3 basis swaps$(1,085)(700)242 (939)
Interest rate swaps - floor income hedges11,356 (5,209)11,843 (14,648)
Total settlements - income (expense)10,271 (5,909)12,085 (15,587)
Change in fair value:  
1:3 basis swaps189 1,061 929 2,755 
Interest rate swaps - floor income hedges52,802 6,199 238,196 41,700 
Total change in fair value - income52,991 7,260 239,125 44,455 
Derivative market value adjustments and derivative settlements, net - income$63,262 1,351 251,210 28,868 
v3.22.2.2
Investments and Notes Receivable (Tables)
9 Months Ended
Sep. 30, 2022
Investments [Abstract]  
Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of September 30, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$783,676 7,767 (6,434)785,009 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)352,500 — (34,599)317,901 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale279,589 357 (4,785)275,161 22,435 — — 22,435 
Total available-for-sale debt securities$1,415,765 8,124 (45,818)1,378,071 917,412 15,217 (2,960)929,669 
Equity securities39,214 71,986 
Total investments (at fair value)1,417,285 1,001,655 
Other Investments and Notes Receivable (not measured at fair value):
Other debt securities - held-to-maturity8,440 8,200 
Venture capital and funds:
Measurement alternative159,437 157,609 
Equity method81,231 67,840 
Total venture capital and funds240,668 225,449 
Real estate:
Equity method81,820 47,226 
Investment in ALLO:
Voting interest/equity method (d)74,271 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)143,763 137,342 
Total investment in ALLO218,034 224,589 
Beneficial interest in loan securitizations (f):
Private education loans, including accrued interest77,447 66,008 
Consumer loans27,617 28,366 
Federally insured student loans24,844 25,768 
Total beneficial interest in loan securitizations129,908 120,142 
Solar (g)(71,000)(42,457)
Notes receivable32,124 — 
Tax liens, affordable housing, and other6,235 4,115 
Total investments (not measured at fair value)646,229 587,264 
Total investments and notes receivable$2,063,514 $1,588,919 

(a)    As of September 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.0 billion. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of September 30, 2022, $399.7 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    As of September 30, 2022, $350.9 million (par value) of private education loan asset-backed securities are subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $17.6 million and $10.5 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the nine months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $47.6 million and $31.6 million, respectively. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income.
(e)    As of September 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $6.4 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.2 million and $2.0 million during the three months ended September 30, 2022 and 2021, respectively, and $6.4 million during each of the nine months ended September 30, 2022 and 2021. This income is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2022, the Company's ownership correlates to approximately $630 million, $150 million, and $420 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    As of September 30, 2022, the Company has funded a total of $252.1 million in solar investments, which includes $81.3 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. The solar investment balance at September 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of September 30, 2022, the Company is committed to fund an additional $42.8 million on these projects, of which $35.1 million will be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized pre-tax losses on its solar investments of $4.2 million and $3.4 million during the three months ended September 30, 2022 and 2021, respectively, and $7.1 million and $7.4 million during the nine months ended September 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Solar losses attributed to minority interest investors was $4.1 million and $2.1 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $4.0 million for the nine months ended September 30, 2022 and 2021, respectively.
v3.22.2.2
Business Combinations (Tables)
9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended September 30, 2022, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments had no impact on operating results.
Cash and cash equivalents$1,885 
Accounts receivable1,315 
Property and equipment800 
Other assets201 
Intangible assets15,250 
Excess cost over fair value of net assets acquired (goodwill)15,937 
Other liabilities(4,550)
Net assets acquired30,838 
Minority interest(6,291)
Remeasurement of previously held investment(15,342)
Total consideration paid by the Company$9,205 
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.
Cash and cash equivalents$1,742 
Accounts receivable4,941 
Property and equipment8,720 
Other assets3,092 
Intangible assets11,683 
Excess cost over fair value of net assets acquired (goodwill)14,004 
Bonds and notes payable(750)
Other liabilities(5,438)
Net assets acquired37,994 
Minority interest(7,599)
Total consideration paid by the Company$30,395 
v3.22.2.2
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2022 (months)
As ofAs of
September 30, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $49,709 and $97,398, respectively)
112$55,385 47,894 
Trade names (net of accumulated amortization of $312)
1178,598 — 
Computer software (net of accumulated amortization of $3,730 and $3,669, respectively)
304,190 4,135 
Other (net of accumulated amortization of $245)
572,195 — 
Total - amortizable intangible assets, net106$70,368 52,029 
Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2022, the Company estimates it will record amortization expense as follows:
2022 (October 1 - December 31)$3,509 
202313,222 
202410,691 
20257,604 
20267,259 
2027 and thereafter28,083 
 $70,368 
v3.22.2.2
Goodwill (Tables)
9 Months Ended
Sep. 30, 2022
Goodwill [Abstract]  
Goodwill
The carrying amount of goodwill by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Balance as of December 31, 2021 and March 31, 2022$23,639 76,570 41,883 — — 142,092 
Goodwill acquired during the period (NextGen)— 7,025 — — — 7,025 
Balance as of June 30, 202223,639 83,595 41,883 — — 149,117 
Goodwill acquired during the period (GRNE Solar)— — — — 14,004 14,004 
NextGen purchase price allocation adjustment— 8,912 — — — 8,912 
Balance as of September 30, 2022$23,639 92,507 41,883 — 14,004 172,033 
v3.22.2.2
Earnings per Common Share (Tables)
9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$102,763 2,035 104,798 52,245 893 53,138 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,654,781 725,712 37,380,493 37,947,257 648,464 38,595,721 
Earnings per share - basic and diluted$2.80 2.80 2.80 1.38 1.38 1.38 
Nine months ended September 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$369,479 7,094 376,573 256,416 4,187 260,603 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,998,100 710,325 37,708,425 38,025,898 620,994 38,646,892 
Earnings per share - basic and diluted$9.99 9.99 9.99 6.74 6.74 6.74 
v3.22.2.2
Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Operating Segments Reconciliation to Consolidated Financial Statements The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$831 3,707 182,932 7,551 10,860 (2,748)203,133 
Interest expense— — 120,009 3,298 6,067 (2,748)126,625 
Net interest income831 3,707 62,923 4,253 4,793 — 76,508 
Less provision (negative provision) for loan losses— — 9,215 450 — — 9,665 
Net interest income after provision for loan losses831 3,707 53,708 3,803 4,793 — 66,843 
Other income/expense:
Loan servicing and systems revenue134,197 — — — — — 134,197 
Intersegment revenue8,281 — — — (8,289)— 
Education technology, services, and payment processing revenue— 106,894 — — — — 106,894 
Solar construction revenue— — — — 9,358 — 9,358 
Other596 — 4,627 566 (3,564)— 2,225 
Gain on sale of loans— — 2,627 — — — 2,627 
Impairment expense and provision for beneficial interests, net— — — — 121 — 121 
Derivative settlements, net— — 10,271 — — — 10,271 
Derivative market value adjustments, net— — 52,991 — — — 52,991 
Total other income/expense143,074 106,902 70,516 566 5,915 (8,289)318,684 
Cost of services:
Cost to provide education technology, services, and payment processing services— 42,676 — — — — 42,676 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 42,676 — — 5,968 — 48,644 
Operating expenses:
Salaries and benefits82,067 34,950 653 1,814 27,713 — 147,198 
Depreciation and amortization5,784 2,532 — 10,452 — 18,772 
Other expenses16,654 7,034 3,349 1,427 15,395 — 43,858 
Intersegment expenses, net17,486 4,762 8,350 69 (22,378)(8,289)— 
Total operating expenses121,991 49,278 12,352 3,314 31,182 (8,289)209,828 
Income (loss) before income taxes21,914 18,655 111,872 1,055 (26,442)— 127,055 
Income tax (expense) benefit(5,259)(4,475)(26,849)(246)10,244 — (26,586)
Net income (loss)16,655 14,180 85,023 809 (16,198)— 100,469 
Net (income) loss attributable to noncontrolling interests— (61)— — 4,390 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$16,655 14,119 85,023 809 (11,808)— 104,798 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
 Three months ended September 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$31 344 131,781 2,061 2,609 (172)136,654 
Interest expense24 — 48,662 421 1,242 (172)50,176 
Net interest income344 83,119 1,640 1,367 — 86,478 
Less provision (negative provision) for loan losses— — 5,940 (113)— — 5,827 
Net interest income after provision for loan losses344 77,179 1,753 1,367 — 80,651 
Other income/expense:
Loan servicing and systems revenue112,351 — — — — — 112,351 
Intersegment revenue8,621 — — — (8,624)— 
Education technology, services, and payment processing revenue— 85,324 — — — — 85,324 
Solar construction revenue— — — — — — — 
Other727 13 (7,275)450 17,952 — 11,867 
Gain on sale of loans— — 3,444 — — — 3,444 
Impairment expense and provision for beneficial interests, net(13,243)— — — (916)— (14,159)
Derivative settlements, net— — (5,909)— — — (5,909)
Derivative market value adjustments, net— — 7,260 — — — 7,260 
Total other income/expense108,456 85,340 (2,480)450 17,036 (8,624)200,178 
Cost of services:
Cost to provide education technology, services, and payment processing services— 31,335 — — — — 31,335 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 31,335 — — — — 31,335 
Operating expenses:
Salaries and benefits75,305 29,119 542 890 22,735 — 128,592 
Depreciation and amortization4,245 2,762 — — 8,702 — 15,710 
Other expenses12,738 4,804 5,420 445 14,918 — 38,324 
Intersegment expenses, net19,217 3,672 8,652 32 (22,949)(8,624)— 
Total operating expenses111,505 40,357 14,614 1,367 23,406 (8,624)182,626 
Income (loss) before income taxes(3,042)13,992 60,085 836 (5,003)— 66,868 
Income tax (expense) benefit730 (3,358)(14,421)(200)1,600 — (15,649)
Net income (loss)(2,312)10,634 45,664 636 (3,403)— 51,219 
Net (income) loss attributable to noncontrolling interests— — — — 1,919 — 1,919 
Net income (loss) attributable to Nelnet, Inc.$(2,312)10,634 45,664 636 (1,484)— 53,138 
Total assets as of September 30, 2021$238,602 415,178 20,001,997 413,155 1,740,060 (406,253)22,402,739 
Nine months ended September 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,144 4,920 441,926 15,792 21,087 (4,953)479,916 
Interest expense44 — 235,720 5,792 11,745 (4,953)248,347 
Net interest income1,100 4,920 206,206 10,000 9,342 — 231,569 
Less provision (negative provision) for loan losses— — 17,178 1,462 — — 18,640 
Net interest income after provision for loan losses1,100 4,920 189,028 8,538 9,342 — 212,929 
Other income/expense:
Loan servicing and systems revenue395,438 — — — — — 395,438 
Intersegment revenue25,142 16 — — — (25,158)— 
Education technology, services, and payment processing revenue— 310,211 — — — — 310,211 
Solar construction revenue— — — — 9,358 — 9,358 
Other1,946 — 16,270 2,224 4,309 — 24,750 
Gain on sale of loans— — 5,616 — — — 5,616 
Impairment expense and provision for beneficial interests, net— — — — (6,163)— (6,163)
Derivative settlements, net— — 12,085 — — — 12,085 
Derivative market value adjustments, net— — 239,125 — — — 239,125 
Total other income/expense422,526 310,227 273,096 2,224 7,504 (25,158)990,420 
Cost of services:
Cost to provide education technology, services, and payment processing services— 109,073 — — — — 109,073 
Cost to provide solar construction services— — — — 5,968 — 5,968 
Total cost of services— 109,073 — — 5,968 — 115,041 
Operating expenses:
Salaries and benefits257,259 98,356 1,858 5,082 75,455 — 438,010 
Depreciation and amortization16,056 7,544 — 11 30,366 — 53,978 
Other expenses46,375 19,549 9,925 3,009 41,438 — 120,297 
Intersegment expenses, net56,442 14,171 25,694 171 (71,320)(25,158)— 
Total operating expenses376,132 139,620 37,477 8,273 75,939 (25,158)612,285 
Income (loss) before income taxes47,494 66,454 424,647 2,489 (65,061)— 476,023 
Income tax (expense) benefit(11,399)(15,947)(101,915)(574)22,070 — (107,765)
Net income (loss)36,095 50,507 322,732 1,915 (42,991)— 368,258 
Net (income) loss attributable to noncontrolling interests— (8)— — 8,323 — 8,315 
Net income (loss) attributable to Nelnet, Inc.$36,095 50,499 322,732 1,915 (34,668)— 376,573 
Total assets as of September 30, 2022$235,858 440,859 16,374,493 884,089 2,360,882 (732,648)19,563,533 
Nine months ended September 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management
Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$95 818 388,149 5,479 5,379 (578)399,341 
Interest expense70 — 124,282 1,007 3,158 (578)127,939 
Net interest income25 818 263,867 4,472 2,221 — 271,402 
Less provision (negative provision) for loan losses— — (11,225)378 — — (10,847)
Net interest income after provision for loan losses25 818 275,092 4,094 2,221 — 282,249 
Other income/expense:
Loan servicing and systems revenue335,961 — — — — — 335,961 
Intersegment revenue25,369 — — — (25,378)— 
Education technology, services, and payment processing revenue— 257,284 — — — — 257,284 
Solar construction revenue— — — — — — — 
Other2,541 13 (4,514)475 31,668 — 30,183 
Gain on sale of loans— — 18,715 — — — 18,715 
Impairment expense and provision for beneficial interests, net(13,243)— 2,436 — (1,416)— (12,223)
Derivative settlements, net— — (15,587)— — — (15,587)
Derivative market value adjustments, net— — 44,455 — — — 44,455 
Total other income/expense350,628 257,306 45,505 475 30,252 (25,378)658,788 
Cost of services:
Cost to provide education technology, services, and payment processing services— 80,063 — — — — 80,063 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 80,063 — — — — 80,063 
Operating expenses:
Salaries and benefits210,151 82,154 1,594 3,956 65,496 — 363,351 
Depreciation and amortization20,411 8,789 — — 26,927 — 56,129 
Other expenses39,296 14,063 12,763 1,227 40,265 — 107,611 
Intersegment expenses, net52,241 10,856 25,627 72 (63,419)(25,378)— 
Total operating expenses322,099 115,862 39,984 5,255 69,269 (25,378)527,091 
Income (loss) before income taxes28,554 62,199 280,613 (686)(36,796)— 333,883 
Income tax (expense) benefit(6,853)(14,928)(67,347)151 12,230 — (76,747)
Net income (loss)21,701 47,271 213,266 (535)(24,566)— 257,136 
Net (income) loss attributable to noncontrolling interests— — — — 3,467 — 3,467 
Net income (loss) attributable to Nelnet, Inc.$21,701 47,271 213,266 (535)(21,099)— 260,603 
Total assets as of September 30, 2021$238,602 415,178 20,001,997 413,155 1,740,060 (406,253)22,402,739 
v3.22.2.2
Disaggregated Revenue (Tables)
9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Government servicing$104,428 84,084 312,368 241,497 
Private education and consumer loan servicing12,198 13,198 37,194 34,563 
FFELP servicing4,127 4,557 12,386 13,930 
Software services 8,229 6,952 23,536 22,779 
Outsourced services and other5,215 3,560 9,954 23,192 
Loan servicing and systems revenue$134,197 112,351 395,438 335,961 
Education Technology, Services, and Payment Processing
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Tuition payment plan services$25,779 23,618 84,131 79,706 
Payment processing47,957 39,852 113,996 97,898 
Education technology and services32,548 21,295 110,755 78,752 
Other610 559 1,329 928 
Education technology, services, and payment processing revenue$106,894 85,324 310,211 257,284 
Schedule of Other Income, by Component
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Income/gains from investments, net$10,701 16,050 40,685 40,141 
Borrower late fee income2,824 514 7,693 1,698 
ALLO preferred return2,164 2,043 6,420 6,384 
Administration/sponsor fee income1,920 1,670 6,055 1,670 
Investment advisory services1,612 2,400 4,375 6,242 
Loss from ALLO voting membership interest investment(17,562)(10,495)(47,633)(31,620)
Loss from solar investments(4,216)(3,393)(7,100)(7,375)
Other4,782 3,078 14,255 13,043 
$2,225 11,867 24,750 30,183 
v3.22.2.2
Fair Value (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.

 As of September 30, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 785,009 785,009 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 317,901 317,901 — 412,552 412,552 
Other debt securities - available-for-sale100 275,061 275,161 100 22,335 22,435 
Equity securities7,254 — 7,254 63,154 — 63,154 
Equity securities measured at net asset value (a)31,960 8,832 
Total investments 7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 
Total assets$7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value of Financial Instruments
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of September 30, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$15,390,107 15,082,413 — — 15,390,107 
Accrued loan interest receivable793,838 793,838 — 793,838 — 
Cash and cash equivalents63,198 63,198 63,198 — — 
Investments (at fair value)1,417,285 1,417,285 7,354 1,377,971 — 
Beneficial interest in loan securitizations143,128 129,908 — — 143,128 
Restricted cash799,212 799,212 799,212 — — 
Restricted cash – due to customers180,919 180,919 180,919 — — 
Financial liabilities:  
Bonds and notes payable14,653,852 15,042,595 — 14,653,852 — 
Accrued interest payable21,796 21,796 — 21,796 — 
Bank deposits550,834 580,825 208,811 342,023 — 
Due to customers306,352 306,352 306,352 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 793,838   $ 788,552      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (22,021)   (25,933)      
Allowance for loan losses (119,057) $ (120,424) (127,113) $ (138,044) $ (145,719) $ (175,698)
Financing receivable, after allowance for credit loss 15,876,251   18,335,197      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 14,794,015   17,441,790      
Allowance for loan losses (116,645)   (126,005)      
Federally insured loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 14,300,391   17,091,047 18,081,488    
Accrued interest receivable 786,494   784,716 831,142    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (25,381)   (28,309) (23,229)    
Allowance for loan losses (87,778) (92,593) (103,381) (115,859) (120,802) (128,590)
Financing receivable, after allowance for credit loss 14,973,726   17,744,073 18,773,542    
Federally insured loans - Non-Nelnet Bank: | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 3,298,138   3,904,000      
Federally insured loans - Non-Nelnet Bank: | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 11,002,253   13,187,047      
Private education loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 262,183   299,442 319,212    
Accrued interest receivable 2,207   1,960 2,076    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (185)   (1,123) (1,496)    
Allowance for loan losses (15,577) (15,253) (16,143) (17,053) (19,403) (19,529)
Financing receivable, after allowance for credit loss 248,628   284,136 302,739    
Consumer and other loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 231,441   51,301 36,994    
Accrued interest receivable 2,561   396 280    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (1,847)   913 664    
Allowance for loan losses (13,290) (10,576) (6,481) (4,429) (4,702) (27,256)
Financing receivable, after allowance for credit loss 218,865   46,129 33,509    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 429,476   257,901      
Allowance for loan losses (2,412)   (1,108)      
Federally insured loans - Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 72,905   88,011 93,930    
Accrued interest receivable 1,607   1,216 1,177    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 23   26 28    
Allowance for loan losses (164) (258) (268) (289) (245) 0
Financing receivable, after allowance for credit loss 74,371   88,985 94,846    
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 356,571   169,890 98,395    
Accrued interest receivable 969   264 156    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,369   2,560 1,430    
Allowance for loan losses (2,248) $ (1,744) (840) (414) $ (567) $ (323)
Financing receivable, after allowance for credit loss $ 360,661   $ 171,874 $ 99,567    
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Sep. 30, 2022
Dec. 31, 2021
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.61% 0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 22.30% 22.20%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.94% 5.39%
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.74% 12.63%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.22% 0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 8.90% 12.10%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.63% 0.49%
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
9 Months Ended
Jul. 07, 2022
Jan. 26, 2022
Sep. 30, 2022
Consumer and other loans - Non-Nelnet Bank:      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Sale of financing receivable $ 28,900 $ 18,100  
Loans sold, gain $ 2,600 $ 3,000  
Residual interest received on sale of financing receivable 7.60% 6.60%  
Consumer Portfolio Segment, Private Education Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Liability related to unfunded private education loan commitments     $ 76
Unfunded private education loan commitments     4,300
Provision for loan losses     $ 65
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 120,424 $ 145,719 $ 127,113 $ 175,698
Provision (negative provision) for loan losses 9,625 5,827 18,575 (10,847)
Charge-offs (7,802) (12,417) (21,914) (17,960)
Recoveries 383 304 996 1,126
Initial allowance on loans purchased with credit deterioration 12 935 156 2,260
Loan sales (3,585) (2,324) (5,869) (12,233)
Balance at end of period 119,057 138,044 119,057 138,044
Par value of loans purchased with deteriorated credit quality 900 64,600 11,600 153,300
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 92,593 120,802 103,381 128,590
Provision (negative provision) for loan losses 888 4,452 505 (3,428)
Charge-offs (5,715) (10,330) (16,264) (11,563)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 12 935 156 2,260
Loan sales 0 0 0 0
Balance at end of period 87,778 115,859 87,778 115,859
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 15,253 19,403 16,143 19,529
Provision (negative provision) for loan losses 1,154 (1,208) 1,971 (781)
Charge-offs (1,066) (954) (3,072) (1,850)
Recoveries 236 113 531 454
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 (301) 4 (299)
Balance at end of period 15,577 17,053 15,577 17,053
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 10,576 4,702 6,481 27,256
Provision (negative provision) for loan losses 7,173 2,696 14,702 (7,016)
Charge-offs (1,021) (1,133) (2,489) (4,547)
Recoveries 147 187 465 668
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales (3,585) (2,023) (5,869) (11,932)
Balance at end of period 13,290 4,429 13,290 4,429
Federally insured loans - Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 258 245 268 0
Provision (negative provision) for loan losses (94) 44 (102) 289
Charge-offs 0 0 (2) 0
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 164 289 164 289
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 1,744 567 840 323
Provision (negative provision) for loan losses 504 (157) 1,499 89
Charge-offs 0 0 (87) 0
Recoveries 0 4 0 4
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 (4) (2)
Balance at end of period $ 2,248 $ 414 $ 2,248 $ 414
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Loans in repayment status:            
Accrued interest receivable $ 793,838   $ 788,552      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (22,021)   (25,933)      
Allowance for loan losses (119,057) $ (120,424) (127,113) $ (138,044) $ (145,719) $ (175,698)
Financing receivable, after allowance for credit loss 15,876,251   18,335,197      
Federally insured loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 719,724   $ 829,624 $ 909,228    
Loans in-school/grace/deferment, percent 5.00%   4.90% 5.00%    
Loans in forbearance $ 1,384,709   $ 1,118,667 $ 1,826,082    
Loans in forbearance, percent 9.70%   6.50% 10.10%    
Loans in repayment status:            
Loans receivable, gross $ 14,300,391   $ 17,091,047 $ 18,081,488    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 12,195,958   $ 15,142,756 $ 15,346,178    
Loans in repayment, percent 85.30%   88.60% 84.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 786,494   $ 784,716 $ 831,142    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (25,381)   (28,309) (23,229)    
Allowance for loan losses (87,778) (92,593) (103,381) (115,859) (120,802) (128,590)
Financing receivable, after allowance for credit loss 14,973,726   17,744,073 18,773,542    
Federally insured loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 10,454,046   $ 12,847,685 $ 13,525,751    
Loans current, percentage 85.70%   84.90% 88.10%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 431,471   $ 895,656 $ 548,670    
Loans past due, percentage 3.60%   5.90% 3.60%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 261,616   $ 352,449 $ 286,681    
Loans past due, percentage 2.10%   2.30% 1.90%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 185,753   $ 251,075 $ 163,447    
Loans past due, percentage 1.50%   1.70% 1.10%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 540,555   $ 592,449 $ 467,441    
Loans past due, percentage 4.40%   3.90% 3.00%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 322,517   $ 203,442 $ 354,188    
Loans past due, percentage 2.70%   1.30% 2.30%    
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 15,556   $ 9,661 $ 10,282    
Loans in-school/grace/deferment, percent 5.90%   3.20% 3.20%    
Loans in forbearance $ 2,745   $ 3,601 $ 3,554    
Loans in forbearance, percent 1.10%   1.20% 1.10%    
Loans in repayment status:            
Loans receivable, gross $ 262,183   $ 299,442 $ 319,212    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 243,882   $ 286,180 $ 305,376    
Loans in repayment, percent 93.00%   95.60% 95.70%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,207   $ 1,960 $ 2,076    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (185)   (1,123) (1,496)    
Allowance for loan losses (15,577) (15,253) (16,143) (17,053) (19,403) (19,529)
Financing receivable, after allowance for credit loss 248,628   284,136 302,739    
Private education loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 238,926   $ 280,457 $ 300,231    
Loans current, percentage 98.00%   98.00% 98.30%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 2,014   $ 2,403 $ 1,870    
Loans past due, percentage 0.80%   0.80% 0.60%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 992   $ 976 $ 912    
Loans past due, percentage 0.40%   0.30% 0.30%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,950   $ 2,344 $ 2,363    
Loans past due, percentage 0.80%   0.90% 0.80%    
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 29   $ 43 $ 18    
Loans in-school/grace/deferment, percent 0.00%   0.10% 0.00%    
Loans in repayment status:            
Loans receivable, gross $ 231,441   $ 51,301 $ 36,994    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 231,412   $ 51,258 $ 36,976    
Loans in repayment, percent 100.00%   99.90% 100.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,561   $ 396 $ 280    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (1,847)   913 664    
Allowance for loan losses (13,290) (10,576) (6,481) (4,429) (4,702) (27,256)
Financing receivable, after allowance for credit loss 218,865   46,129 33,509    
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 228,827   $ 49,697 $ 35,744    
Loans current, percentage 98.90%   97.00% 96.60%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 1,019   $ 414 $ 319    
Loans past due, percentage 0.40%   0.80% 0.90%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 427   $ 322 $ 243    
Loans past due, percentage 0.20%   0.60% 0.70%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,139   $ 825 $ 670    
Loans past due, percentage 0.50%   1.60% 1.80%    
Federally insured loans - Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 274   $ 330 $ 283    
Loans in-school/grace/deferment, percent 0.40%   0.40% 0.30%    
Loans in forbearance $ 2,551   $ 1,057 $ 1,722    
Loans in forbearance, percent 3.50%   1.20% 1.80%    
Loans in repayment status:            
Loans receivable, gross $ 72,905   $ 88,011 $ 93,930    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 70,080   $ 86,624 $ 91,925    
Loans in repayment, percent 96.10%   98.40% 97.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,607   $ 1,216 $ 1,177    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 23   26 28    
Allowance for loan losses (164) (258) (268) (289) (245) 0
Financing receivable, after allowance for credit loss 74,371   88,985 94,846    
Federally insured loans - Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 68,970   $ 85,599 $ 91,366    
Loans current, percentage 98.40%   98.80% 99.40%    
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 353   $ 816 $ 277    
Loans past due, percentage 0.50%   1.00% 0.30%    
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 130   $ 0 $ 35    
Loans past due, percentage 0.20%   0.00% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days            
Loans in repayment status:            
Loans receivable, gross $ 5   $ 0 $ 45    
Loans past due, percentage 0.00%   0.00% 0.10%    
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days            
Loans in repayment status:            
Loans receivable, gross $ 508   $ 209 $ 202    
Loans past due, percentage 0.70%   0.20% 0.20%    
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 114   $ 0 $ 0    
Loans past due, percentage 0.20%   0.00% 0.00%    
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 10,888   $ 150 $ 82    
Loans in-school/grace/deferment, percent 3.10%   0.10% 0.10%    
Loans in forbearance $ 524   $ 460 $ 193    
Loans in forbearance, percent 0.10%   0.30% 0.20%    
Loans in repayment status:            
Loans receivable, gross $ 356,571   $ 169,890 $ 98,395    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 345,159   $ 169,280 $ 98,120    
Loans in repayment, percent 96.80%   99.60% 99.70%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 969   $ 264 $ 156    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,369   2,560 1,430    
Allowance for loan losses (2,248) $ (1,744) (840) (414) $ (567) $ (323)
Financing receivable, after allowance for credit loss 360,661   171,874 99,567    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 344,469   $ 169,157 $ 98,120    
Loans current, percentage 99.80%   99.90% 100.00%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 197   $ 51 $ 0    
Loans past due, percentage 0.10%   0.00% 0.00%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 79   $ 0 $ 0    
Loans past due, percentage 0.00%   0.00% 0.00%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 414   $ 72 $ 0    
Loans past due, percentage 0.10%   0.10% 0.00%    
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - Private education loans - Nelnet Bank - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 207,094 $ 159,204  
Fiscal year before current fiscal year 138,979 10,686  
Fiscal year two years before current fiscal year 10,498    
Total loans 356,571 169,890 $ 98,395
Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 5,105 6,481  
Fiscal year before current fiscal year 5,516 100  
Fiscal year two years before current fiscal year 350    
Total loans 10,971 6,581  
705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 21,916 11,697  
Fiscal year before current fiscal year 10,745 276  
Fiscal year two years before current fiscal year 537    
Total loans 33,198 11,973  
735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 34,495 18,611  
Fiscal year before current fiscal year 17,107 1,072  
Fiscal year two years before current fiscal year 1,485    
Total loans 53,087 19,683  
765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 57,481 36,274  
Fiscal year before current fiscal year 32,421 1,467  
Fiscal year two years before current fiscal year 1,639    
Total loans 91,541 37,741  
Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 88,097 86,141  
Fiscal year before current fiscal year 73,190 7,771  
Fiscal year two years before current fiscal year 6,487    
Total loans $ 167,774 $ 93,912  
v3.22.2.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 793,838   $ 788,552      
Loan discount, net of unamortized premiums (22,021)   (25,933)      
Allowance for loan losses (119,057) $ (120,424) (127,113) $ (138,044) $ (145,719) $ (175,698)
Financing receivable, after allowance for credit loss 15,876,251   18,335,197      
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 5,928          
2021 10,270          
2020 57,467          
2019 46,456          
2018 445          
Prior years 141,617          
Total loans 262,183   299,442 319,212    
Accrued interest receivable 2,207   1,960 2,076    
Loan discount, net of unamortized premiums (185)   (1,123) (1,496)    
Allowance for loan losses (15,577) (15,253) (16,143) (17,053) (19,403) (19,529)
Financing receivable, after allowance for credit loss 248,628   284,136 302,739    
Private education loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 238,926   280,457 300,231    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,014   2,403 1,870    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 992   976 912    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,950   2,344 2,363    
Private education loans - Non-Nelnet Bank: | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 2,051          
2021 7,282          
2020 1,664          
2019 2,956          
2018 101          
Prior years 1,502          
Total loans 15,556          
Private education loans - Non-Nelnet Bank: | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 0          
2021 30          
2020 423          
2019 1,244          
2018 134          
Prior years 914          
Total loans 2,745          
Private education loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 3,877          
2021 2,958          
2020 55,380          
2019 42,256          
2018 210          
Prior years 139,201          
Total loans 243,882          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 3,877          
2021 2,912          
2020 55,156          
2019 42,006          
2018 172          
Prior years 134,803          
Total loans 238,926          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 0          
2021 11          
2020 9          
2019 174          
2018 38          
Prior years 1,782          
Total loans 2,014          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 0          
2021 35          
2020 202          
2019 76          
2018 0          
Prior years 679          
Total loans 992          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 0          
2021 0          
2020 13          
2019 0          
2018 0          
Prior years 1,937          
Total loans 1,950          
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 191,271          
2021 33,032          
2020 1,759          
2019 2,697          
2018 2,663          
Prior years 19          
Total loans 231,441   51,301 36,994    
Accrued interest receivable 2,561   396 280    
Loan discount, net of unamortized premiums (1,847)   913 664    
Allowance for loan losses (13,290) (10,576) (6,481) (4,429) (4,702) (27,256)
Financing receivable, after allowance for credit loss 218,865   46,129 33,509    
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 228,827   49,697 35,744    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,019   414 319    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 427   322 243    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,139   825 670    
Consumer and other loans - Non-Nelnet Bank: | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 20          
2021 0          
2020 0          
2019 0          
2018 9          
Prior years 0          
Total loans 29          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 191,251          
2021 33,032          
2020 1,759          
2019 2,697          
2018 2,654          
Prior years 19          
Total loans 231,412          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 190,237          
2021 32,198          
2020 1,682          
2019 2,419          
2018 2,272          
Prior years 19          
Total loans 228,827          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 535          
2021 320          
2020 60          
2019 76          
2018 28          
Prior years 0          
Total loans 1,019          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 328          
2021 73          
2020 3          
2019 13          
2018 10          
Prior years 0          
Total loans 427          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 151          
2021 441          
2020 14          
2019 189          
2018 344          
Prior years 0          
Total loans 1,139          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 207,094   159,204      
2021 138,979   10,686      
2020 10,498          
2019 0          
2018 0          
Prior years 0          
Total loans 356,571   169,890 98,395    
Accrued interest receivable 969   264 156    
Loan discount, net of unamortized premiums 5,369   2,560 1,430    
Deferred origination costs, net of unaccreted discount 5,369          
Allowance for loan losses (2,248) $ (1,744) (840) (414) $ (567) $ (323)
Financing receivable, after allowance for credit loss 360,661   171,874 99,567    
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 344,469   $ 169,157 $ 98,120    
Private education loans - Nelnet Bank | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 8,239          
2021 1,215          
2020 1,434          
2019 0          
2018 0          
Prior years 0          
Total loans 10,888          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 221          
2021 211          
2020 92          
2019 0          
2018 0          
Prior years 0          
Total loans 524          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 198,634          
2021 137,553          
2020 8,972          
2019 0          
2018 0          
Prior years 0          
Total loans 345,159          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 198,423          
2021 137,074          
2020 8,972          
2019 0          
2018 0          
Prior years 0          
Total loans 344,469          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 132          
2021 65          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans 197          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 79          
2021 0          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans 79          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2022 0          
2021 414          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans $ 414          
v3.22.2.2
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 15,201,094 $ 17,824,087
Discount on bonds and notes payable and debt issuance costs (158,499) (192,998)
Bonds and notes payable, net 15,042,595 17,631,089
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 399,744 $ 253,969
Interest rate 3.77% 0.78%
Repurchase agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 506,968 $ 483,848
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 743  
Secured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross   $ 5,000
Interest rate   1.91%
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 13,056,109 $ 15,887,295
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 208,660 248,550
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 13,264,769 16,135,845
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 646,956 772,935
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 249,543 $ 5,048
Interest rate 3.20% 0.21%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 22,161 $ 31,818
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 24,056 28,613
Private education | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 86,154 $ 107,011
Interest rate 3.07% 0.24%
Minimum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 0.97% 0.66%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 3.55%  
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 2.89% 0.23%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 4.65% 1.65%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.60% 3.60%
Maximum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 4.26% 1.46%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 5.35%  
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 5.08% 2.10%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 2.82% 1.09%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 4.83% 1.85%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.22.2.2
Bonds and Notes Payable - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Jul. 29, 2022
Dec. 31, 2021
Debt Instrument [Line Items]          
Other borrowing agreement, termination notice period   5 days      
Other borrowings, maximum   $ 400,000,000      
Repurchase agreements, contractual maturity adjustment, written notice period     180 days    
Repurchase agreements, amount collateralized by private education loan asset-backed securities   218,000,000      
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities   289,000,000      
Decrease in interest on bonds, notes payable, and bank deposits $ 23,800,000        
Par value of asset-based securities   1,378,071,000     $ 929,669,000
Asset-backed securities          
Debt Instrument [Line Items]          
Par value of asset-based securities   431,500,000      
Asset-based securities serving as collateral on secured debt repurchase agreements   230,600,000      
Union Bank and Trust Company          
Debt Instrument [Line Items]          
Amount of participation, student loan asset-backed securities   399,700,000      
Warehouse facilities | Federally insured student loans | NFSLW-I          
Debt Instrument [Line Items]          
Maximum financing amount   300,000,000   $ 25,000,000  
Amount outstanding   249,500,000      
Amount available   50,500,000      
Advanced as equity support   20,300,000      
Private Loan Warehouse Facility | Warehouse facilities          
Debt Instrument [Line Items]          
Maximum financing amount   175,000,000      
Amount outstanding   86,200,000      
Amount available   88,800,000      
Advanced as equity support   $ 9,800,000      
Private Loan Warehouse Facility | Warehouse facilities | Minimum          
Debt Instrument [Line Items]          
Advance rate   80.00%      
Private Loan Warehouse Facility | Warehouse facilities | Maximum          
Debt Instrument [Line Items]          
Advance rate   90.00%      
Unsecured Line of Credit | Line of Credit          
Debt Instrument [Line Items]          
Amount outstanding   $ 0      
Amount available   495,000,000      
Unsecured Line of Credit | Unsecured line of credit | Line of Credit          
Debt Instrument [Line Items]          
Maximum financing amount   495,000,000      
Higher borrowing capacity option   $ 737,500,000      
v3.22.2.2
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Debt Disclosure [Abstract]        
Purchase price $ (13,563) $ (184,827) $ (67,081) $ (205,269)
Par value 13,903 184,781 69,133 204,597
Remaining unamortized cost of issuance (180) (3,222) (821) (3,292)
Gain (loss) $ 160 $ (3,268) $ 1,231 $ (3,964)
v3.22.2.2
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 4,900,000,000 $ 5,900,000,000
2022    
Derivative [Line Items]    
Notional amount 1,000,000,000 2,000,000,000
2023    
Derivative [Line Items]    
Notional amount 750,000,000 750,000,000
2024    
Derivative [Line Items]    
Notional amount 1,750,000,000 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.22.2.2
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
1 Months Ended
Aug. 26, 2022
Apr. 29, 2022
Mar. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
1:3 basis swaps | London Interbank Offered Rate (LIBOR)          
Derivative [Line Items]          
Weighted average rate       0.094% 0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges          
Derivative [Line Items]          
Derivative, notional amount, terminated $ 500.0 $ 1,250.0 $ 650.0    
Net payment for settlement of terminated derivatives     0.1    
Proceeds for settlement of terminated derivatives 23.8 68.1      
Interest Rate Swap | Interest rate swaps - floor income hedges | 2022          
Derivative [Line Items]          
Derivative, notional amount, terminated     500.0    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023          
Derivative [Line Items]          
Derivative, notional amount, terminated 250.0 500.0 $ 150.0    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024          
Derivative [Line Items]          
Derivative, notional amount, terminated $ 250.0 250.0      
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025          
Derivative [Line Items]          
Derivative, notional amount, terminated   $ 500.0      
v3.22.2.2
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 2,600,000,000 $ 5,000,000,000
Weighted average fixed rate paid by the Company 0.52% 0.55%
2022    
Derivative [Line Items]    
Notional amount $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company 0.00% 0.94%
2023    
Derivative [Line Items]    
Notional amount $ 0 $ 900,000,000
Weighted average fixed rate paid by the Company 0.00% 0.62%
2024    
Derivative [Line Items]    
Notional amount $ 2,000,000,000 $ 2,500,000,000
Weighted average fixed rate paid by the Company 0.35% 0.35%
2025    
Derivative [Line Items]    
Notional amount $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company 0.00% 0.35%
2026    
Derivative [Line Items]    
Notional amount $ 500,000,000 $ 500,000,000
Weighted average fixed rate paid by the Company 1.02% 1.02%
2031    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 1.53% 1.53%
v3.22.2.2
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 10,271 $ (5,909) $ 12,085 $ (15,587)
Change in fair value $ 52,991 $ 7,260 $ 239,125 $ 44,455
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 $ 10,271 $ (5,909) $ 12,085 $ (15,587)
Derivative market value adjustments and derivative settlements, net - income 63,262 1,351 251,210 28,868
1:3 basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value 189 $ 1,061 $ 929 $ 2,755
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
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net (1,085) $ (700) $ 242 $ (939)
Interest rate swaps - floor income hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value $ 52,802 $ 6,199 $ 238,196 $ 41,700
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
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 11,356 $ (5,209) $ 11,843 $ (14,648)
v3.22.2.2
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
3 Months Ended 9 Months Ended
Feb. 25, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Investments (at fair value):            
Amortized cost   $ 1,415,765,000   $ 1,415,765,000   $ 917,412,000
Gross unrealized gains   8,124,000   8,124,000   15,217,000
Gross unrealized losses   (45,818,000)   (45,818,000)   (2,960,000)
Fair value   1,378,071,000   1,378,071,000   929,669,000
Equity securities            
Fair value   39,214,000   39,214,000   71,986,000
Total investments (at fair value)            
Fair value   1,417,285,000   1,417,285,000   1,001,655,000
Other Investments and Notes Receivable (not measured at fair value):            
Other debt securities - held-to-maturity   8,440,000   8,440,000   8,200,000
Notes receivable   32,124,000   32,124,000   0
Total investments (not measured at fair value)   646,229,000   646,229,000   587,264,000
Total investments and notes receivable   2,063,514,000   2,063,514,000   1,588,919,000
Asset -backed securities unrealized loss position   1,000,000,000   1,000,000,000    
Asset -backed securities unrealized loss position not due to credit loss   0   0    
Private education loan asset-backed securities subject to repurchase agreements with third-parties   350,900,000   350,900,000    
Equity securities, realized gain   2,164,000 $ 2,043,000 6,420,000 $ 6,384,000  
Net loss attributable to noncontrolling interests   4,329,000 1,919,000 8,315,000 3,467,000  
FFELP loan asset-backed debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   783,676,000   783,676,000   480,691,000
Gross unrealized gains   7,767,000   7,767,000   14,710,000
Gross unrealized losses   (6,434,000)   (6,434,000)   (719,000)
Fair value   785,009,000   785,009,000   494,682,000
Private education loan asset-backed debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   352,500,000   352,500,000   414,286,000
Gross unrealized gains   0   0   507,000
Gross unrealized losses   (34,599,000)   (34,599,000)   (2,241,000)
Fair value   317,901,000   317,901,000   412,552,000
Other debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   279,589,000   279,589,000   22,435,000
Gross unrealized gains   357,000   357,000   0
Gross unrealized losses   (4,785,000)   (4,785,000)   0
Fair value   275,161,000   275,161,000   22,435,000
Union Bank and Trust Company            
Other Investments and Notes Receivable (not measured at fair value):            
Amount of participation, student loan asset-backed securities   399,700,000   399,700,000    
Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Beneficial interest in securitizations   129,908,000   129,908,000   120,142,000
Venture capital and funds: | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Measurement alternative   159,437,000   159,437,000   157,609,000
Equity method   81,231,000   81,231,000   67,840,000
Total investments (not measured at fair value)   240,668,000   240,668,000   225,449,000
Real estate: | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Equity method   81,820,000   81,820,000   47,226,000
Partnership Interest | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Equity method   74,271,000   74,271,000   87,247,000
Preferred membership interest and accrued and unpaid preferred return   143,763,000   143,763,000   137,342,000
Total investments (not measured at fair value)   218,034,000   218,034,000   224,589,000
Additional equity investment $ 34,700,000          
Equity securities, realized loss   17,600,000 10,500,000 47,600,000 31,600,000  
Partnership Interest | Miscellaneous Investments | ALLO            
Other Investments and Notes Receivable (not measured at fair value):            
Preferred membership interest and accrued and unpaid preferred return   137,300,000   137,300,000    
Equity method investment, accrued and unpaid preferred return   6,400,000   6,400,000    
Beneficial interest in private education loan securitizations | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Beneficial interest in securitizations   77,447,000   77,447,000   66,008,000
Loans corresponding to beneficial interest   630,000,000   630,000,000    
Consumer loans | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Beneficial interest in securitizations   27,617,000   27,617,000   28,366,000
Loans corresponding to beneficial interest   150,000,000   150,000,000    
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Beneficial interest in securitizations   24,844,000   24,844,000   25,768,000
Loans corresponding to beneficial interest   420,000,000   420,000,000    
Solar            
Other Investments and Notes Receivable (not measured at fair value):            
Amount funded or committed to fund   252,100,000   252,100,000    
Amount funded or committed to fund by partners   81,300,000   81,300,000    
Equity method investment, amount committed to fund   42,800,000   42,800,000    
Equity method investment, amount committed to fund by partners   35,100,000   35,100,000    
Pre-tax loss from equity investment   4,200,000 3,400,000 7,100,000 7,400,000  
Net loss attributable to noncontrolling interests   4,100,000 2,100,000 8,000,000 4,000,000  
Solar | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Total investments (not measured at fair value)   (71,000,000)   (71,000,000)   (42,457,000)
Tax liens, affordable housing, and other | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Total investments (not measured at fair value)   6,235,000   6,235,000   $ 4,115,000
Preferred Partnership Interest | Miscellaneous Investments            
Other Investments and Notes Receivable (not measured at fair value):            
Equity securities, realized gain   $ 2,200,000 $ 2,000,000 $ 6,400,000 $ 6,400,000  
Equity method investment, preferred annual return   6.25%   6.25%    
v3.22.2.2
Investments and Notes Receivable - Narrative (Details)
$ in Millions
3 Months Ended
Jun. 30, 2022
USD ($)
Investments [Abstract]  
Impairment charge $ 5.4
v3.22.2.2
Business Combinations - Narrative (Details)
$ in Thousands
9 Months Ended
Jul. 01, 2022
USD ($)
subsidiary
Apr. 30, 2022
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Apr. 29, 2022
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]              
Useful life     106 months        
Goodwill     $ 172,033 $ 149,117   $ 142,092 $ 142,092
Computer software              
Business Acquisition [Line Items]              
Useful life     30 months        
Customer relationships              
Business Acquisition [Line Items]              
Useful life     112 months        
Trade names              
Business Acquisition [Line Items]              
Useful life     117 months        
Other Intangible Assets              
Business Acquisition [Line Items]              
Useful life     57 months        
NGWeb Solutions, LLC              
Business Acquisition [Line Items]              
Percent ownership acquired   30.00%          
Payments to acquire businesses   $ 9,205          
Equity interest previously held         50.00%    
Revaluation gain   15,200          
Intangible assets   $ 15,250          
Weighted average useful life of intangible assets acquired   14 years          
Goodwill   $ 15,937          
NGWeb Solutions, LLC | Computer software              
Business Acquisition [Line Items]              
Intangible assets   $ 1,700          
Useful life   5 years          
NGWeb Solutions, LLC | Customer relationships              
Business Acquisition [Line Items]              
Intangible assets   $ 12,800          
Useful life   15 years          
NGWeb Solutions, LLC | Trade names              
Business Acquisition [Line Items]              
Intangible assets   $ 800          
Useful life   10 years          
GRNE Solar              
Business Acquisition [Line Items]              
Percent ownership acquired 80.00%            
Payments to acquire businesses $ 30,395            
Intangible assets $ 11,683            
Weighted average useful life of intangible assets acquired 8 years            
Goodwill $ 14,004            
Number of subsidiaries voting interest acquired | subsidiary 2            
Goodwill expected tax deductible amount $ 14,000            
GRNE Solar | Customer relationships              
Business Acquisition [Line Items]              
Intangible assets $ 1,100            
Useful life 3 years            
GRNE Solar | Trade names              
Business Acquisition [Line Items]              
Intangible assets $ 8,100            
Useful life 10 years            
GRNE Solar | Other Intangible Assets              
Business Acquisition [Line Items]              
Intangible assets $ 2,400            
Useful life 5 years            
v3.22.2.2
Business Combinations - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jul. 01, 2022
Apr. 30, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]            
Excess cost over fair value of net assets acquired (goodwill)     $ 172,033 $ 149,117 $ 142,092 $ 142,092
NGWeb Solutions, LLC            
Business Acquisition [Line Items]            
Cash and cash equivalents   $ 1,885        
Accounts receivable   1,315        
Property and equipment   800        
Other assets   201        
Intangible assets   15,250        
Excess cost over fair value of net assets acquired (goodwill)   15,937        
Other liabilities   (4,550)        
Net assets acquired   30,838        
Minority interest   (6,291)        
Remeasurement of previously held investment   (15,342)        
Total consideration paid by the Company   $ 9,205        
GRNE Solar            
Business Acquisition [Line Items]            
Cash and cash equivalents $ 1,742          
Accounts receivable 4,941          
Property and equipment 8,720          
Other assets 3,092          
Intangible assets 11,683          
Excess cost over fair value of net assets acquired (goodwill) 14,004          
Bonds and notes payable (750)          
Other liabilities (5,438)          
Net assets acquired 37,994          
Minority interest (7,599)          
Total consideration paid by the Company $ 30,395          
v3.22.2.2
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 106 months  
Amortizable intangible assets, net $ 70,368 $ 52,029
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 49,709 97,398
Weighted average remaining useful life 112 months  
Amortizable intangible assets, net $ 55,385 47,894
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 312  
Weighted average remaining useful life 117 months  
Amortizable intangible assets, net $ 8,598 0
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 3,730 3,669
Weighted average remaining useful life 30 months  
Amortizable intangible assets, net $ 4,190 4,135
Other    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 245  
Weighted average remaining useful life 57 months  
Amortizable intangible assets, net $ 2,195 $ 0
v3.22.2.2
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 3.3 $ 3.3 $ 8.6 $ 19.9
v3.22.2.2
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2022 (October 1 - December 31) $ 3,509  
2023 13,222  
2024 10,691  
2025 7,604  
2026 7,259  
2027 and thereafter 28,083  
Amortizable intangible assets, net $ 70,368 $ 52,029
v3.22.2.2
Goodwill (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Jun. 30, 2022
Goodwill [Roll Forward]      
Balance at beginning of period $ 149,117 $ 142,092 $ 142,092
Goodwill acquired during the period 14,004 7,025 7,025
NextGen purchase price allocation adjustment 8,912    
Balance at end of period 172,033 149,117 149,117
Corporate and Other Activities      
Goodwill [Roll Forward]      
Balance at beginning of period 0 0 0
Goodwill acquired during the period 14,004 0 0
NextGen purchase price allocation adjustment 0    
Balance at end of period 14,004 0 0
Loan Servicing and Systems | Operating Segments      
Goodwill [Roll Forward]      
Balance at beginning of period 23,639 23,639 23,639
Goodwill acquired during the period 0 0 0
NextGen purchase price allocation adjustment 0    
Balance at end of period 23,639 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments      
Goodwill [Roll Forward]      
Balance at beginning of period 83,595 76,570 76,570
Goodwill acquired during the period 0 7,025 7,025
NextGen purchase price allocation adjustment 8,912    
Balance at end of period 92,507 83,595 83,595
Asset Generation and Management | Operating Segments      
Goodwill [Roll Forward]      
Balance at beginning of period 41,883 41,883 41,883
Goodwill acquired during the period 0 0 0
NextGen purchase price allocation adjustment 0    
Balance at end of period 41,883 41,883 41,883
Nelnet Bank | Operating Segments      
Goodwill [Roll Forward]      
Balance at beginning of period 0 0 0
Goodwill acquired during the period 0 0 0
NextGen purchase price allocation adjustment 0    
Balance at end of period $ 0 $ 0 $ 0
v3.22.2.2
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 104,798 $ 53,138 $ 376,573 $ 260,603
Net income attributable to Nelnet, Inc., diluted $ 104,798 $ 53,138 $ 376,573 $ 260,603
Weighted-average common shares outstanding - basic (in shares) 37,380,493 38,595,721 37,708,425 38,646,892
Weighted-average common shares outstanding - diluted (in shares) 37,380,493 38,595,721 37,708,425 38,646,892
Earnings per share - basic (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Earnings per share - diluted (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 102,763 $ 52,245 $ 369,479 $ 256,416
Net income attributable to Nelnet, Inc., diluted $ 102,763 $ 52,245 $ 369,479 $ 256,416
Weighted-average common shares outstanding - basic (in shares) 36,654,781 37,947,257 36,998,100 38,025,898
Weighted-average common shares outstanding - diluted (in shares) 36,654,781 37,947,257 36,998,100 38,025,898
Earnings per share - basic (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Earnings per share - diluted (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 2,035 $ 893 $ 7,094 $ 4,187
Net income attributable to Nelnet, Inc., diluted $ 2,035 $ 893 $ 7,094 $ 4,187
Weighted-average common shares outstanding - basic (in shares) 725,712 648,464 710,325 620,994
Weighted-average common shares outstanding - diluted (in shares) 725,712 648,464 710,325 620,994
Earnings per share - basic (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
Earnings per share - diluted (in dollars per share) $ 2.80 $ 1.38 $ 9.99 $ 6.74
v3.22.2.2
Segment Reporting (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Total interest income $ 203,133 $ 136,654 $ 479,916 $ 399,341  
Interest expense 126,625 50,176 248,347 127,939  
Net interest income 76,508 86,478 231,569 271,402  
Provision (negative provision) for loan losses 9,665 5,827 18,640 (10,847)  
Net interest income after provision for loan losses 66,843 80,651 212,929 282,249  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 2,225 11,867 24,750 30,183  
Gain on sale of loans 2,627 3,444 5,616 18,715  
Impairment expense and provision for beneficial interests, net 121 (14,159) (6,163) (12,223)  
Derivative settlements, net 10,271 (5,909) 12,085 (15,587)  
Derivative market value adjustments, net 52,991 7,260 239,125 44,455  
Total other income/expense 318,684 200,178 990,420 658,788  
Total cost of services 48,644 31,335 115,041 80,063  
Operating expenses:          
Salaries and benefits 147,198 128,592 438,010 363,351  
Depreciation and amortization 18,772 15,710 53,978 56,129  
Other expenses 43,858 38,324 120,297 107,611  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 209,828 182,626 612,285 527,091  
Income before income taxes 127,055 66,868 476,023 333,883  
Income tax (expense) benefit (26,586) (15,649) (107,765) (76,747)  
Net income 100,469 51,219 368,258 257,136  
Net (income) loss attributable to noncontrolling interests 4,329 1,919 8,315 3,467  
Net income attributable to Nelnet, Inc. 104,798 53,138 376,573 260,603  
Total assets 19,563,533 22,402,739 19,563,533 22,402,739 $ 21,678,041
Operating Segments | Loan Servicing and Systems          
Segment Reporting Information [Line Items]          
Total interest income 831 31 1,144 95  
Interest expense 0 24 44 70  
Net interest income 831 7 1,100 25  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 831 7 1,100 25  
Other income/expense:          
Intersegment revenue 8,281 8,621 25,142 25,369  
Other 596 727 1,946 2,541  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 (13,243) 0 (13,243)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 143,074 108,456 422,526 350,628  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 82,067 75,305 257,259 210,151  
Depreciation and amortization 5,784 4,245 16,056 20,411  
Other expenses 16,654 12,738 46,375 39,296  
Intersegment expenses, net 17,486 19,217 56,442 52,241  
Total operating expenses 121,991 111,505 376,132 322,099  
Income before income taxes 21,914 (3,042) 47,494 28,554  
Income tax (expense) benefit (5,259) 730 (11,399) (6,853)  
Net income 16,655 (2,312) 36,095 21,701  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 16,655 (2,312) 36,095 21,701  
Total assets 235,858 238,602 235,858 238,602  
Operating Segments | Education Technology, Services, and Payment Processing          
Segment Reporting Information [Line Items]          
Total interest income 3,707 344 4,920 818  
Interest expense 0 0 0 0  
Net interest income 3,707 344 4,920 818  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 3,707 344 4,920 818  
Other income/expense:          
Intersegment revenue 8 3 16 9  
Other 0 13 0 13  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 106,902 85,340 310,227 257,306  
Total cost of services 42,676 31,335 109,073 80,063  
Operating expenses:          
Salaries and benefits 34,950 29,119 98,356 82,154  
Depreciation and amortization 2,532 2,762 7,544 8,789  
Other expenses 7,034 4,804 19,549 14,063  
Intersegment expenses, net 4,762 3,672 14,171 10,856  
Total operating expenses 49,278 40,357 139,620 115,862  
Income before income taxes 18,655 13,992 66,454 62,199  
Income tax (expense) benefit (4,475) (3,358) (15,947) (14,928)  
Net income 14,180 10,634 50,507 47,271  
Net (income) loss attributable to noncontrolling interests (61) 0 (8) 0  
Net income attributable to Nelnet, Inc. 14,119 10,634 50,499 47,271  
Total assets 440,859 415,178 440,859 415,178  
Operating Segments | Asset Generation and Management          
Segment Reporting Information [Line Items]          
Total interest income 182,932 131,781 441,926 388,149  
Interest expense 120,009 48,662 235,720 124,282  
Net interest income 62,923 83,119 206,206 263,867  
Provision (negative provision) for loan losses 9,215 5,940 17,178 (11,225)  
Net interest income after provision for loan losses 53,708 77,179 189,028 275,092  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 4,627 (7,275) 16,270 (4,514)  
Gain on sale of loans 2,627 3,444 5,616 18,715  
Impairment expense and provision for beneficial interests, net 0 0 0 2,436  
Derivative settlements, net 10,271 (5,909) 12,085 (15,587)  
Derivative market value adjustments, net 52,991 7,260 239,125 44,455  
Total other income/expense 70,516 (2,480) 273,096 45,505  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 653 542 1,858 1,594  
Depreciation and amortization 0 0 0 0  
Other expenses 3,349 5,420 9,925 12,763  
Intersegment expenses, net 8,350 8,652 25,694 25,627  
Total operating expenses 12,352 14,614 37,477 39,984  
Income before income taxes 111,872 60,085 424,647 280,613  
Income tax (expense) benefit (26,849) (14,421) (101,915) (67,347)  
Net income 85,023 45,664 322,732 213,266  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 85,023 45,664 322,732 213,266  
Total assets 16,374,493 20,001,997 16,374,493 20,001,997  
Operating Segments | Nelnet Bank          
Segment Reporting Information [Line Items]          
Total interest income 7,551 2,061 15,792 5,479  
Interest expense 3,298 421 5,792 1,007  
Net interest income 4,253 1,640 10,000 4,472  
Provision (negative provision) for loan losses 450 (113) 1,462 378  
Net interest income after provision for loan losses 3,803 1,753 8,538 4,094  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 566 450 2,224 475  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 566 450 2,224 475  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 1,814 890 5,082 3,956  
Depreciation and amortization 4 0 11 0  
Other expenses 1,427 445 3,009 1,227  
Intersegment expenses, net 69 32 171 72  
Total operating expenses 3,314 1,367 8,273 5,255  
Income before income taxes 1,055 836 2,489 (686)  
Income tax (expense) benefit (246) (200) (574) 151  
Net income 809 636 1,915 (535)  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 809 636 1,915 (535)  
Total assets 884,089 413,155 884,089 413,155  
Corporate and Other Activities          
Segment Reporting Information [Line Items]          
Total interest income 10,860 2,609 21,087 5,379  
Interest expense 6,067 1,242 11,745 3,158  
Net interest income 4,793 1,367 9,342 2,221  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 4,793 1,367 9,342 2,221  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other (3,564) 17,952 4,309 31,668  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 121 (916) (6,163) (1,416)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 5,915 17,036 7,504 30,252  
Total cost of services 5,968 0 5,968 0  
Operating expenses:          
Salaries and benefits 27,713 22,735 75,455 65,496  
Depreciation and amortization 10,452 8,702 30,366 26,927  
Other expenses 15,395 14,918 41,438 40,265  
Intersegment expenses, net (22,378) (22,949) (71,320) (63,419)  
Total operating expenses 31,182 23,406 75,939 69,269  
Income before income taxes (26,442) (5,003) (65,061) (36,796)  
Income tax (expense) benefit 10,244 1,600 22,070 12,230  
Net income (16,198) (3,403) (42,991) (24,566)  
Net (income) loss attributable to noncontrolling interests 4,390 1,919 8,323 3,467  
Net income attributable to Nelnet, Inc. (11,808) (1,484) (34,668) (21,099)  
Total assets 2,360,882 1,740,060 2,360,882 1,740,060  
Eliminations          
Segment Reporting Information [Line Items]          
Total interest income (2,748) (172) (4,953) (578)  
Interest expense (2,748) (172) (4,953) (578)  
Net interest income 0 0 0 0  
Provision (negative 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 (8,289) (8,624) (25,158) (25,378)  
Other 0 0 0 0  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense (8,289) (8,624) (25,158) (25,378)  
Total cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (8,289) (8,624) (25,158) (25,378)  
Total operating expenses (8,289) (8,624) (25,158) (25,378)  
Income before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income 0 0 0 0  
Net (income) loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 0 0 0 0  
Total assets (732,648) (406,253) (732,648) (406,253)  
Loan servicing and systems revenue          
Other income/expense:          
Revenue 134,197 112,351 395,438 335,961  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems          
Other income/expense:          
Revenue 134,197 112,351 395,438 335,961  
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Eliminations          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing revenue          
Other income/expense:          
Revenue 106,894 85,324 310,211 257,284  
Total cost of services 42,676 31,335 109,073 80,063  
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income/expense:          
Revenue 106,894 85,324 310,211 257,284  
Total cost of services 42,676 31,335 109,073 80,063  
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Corporate and Other Activities          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Education technology, services, and payment processing revenue | Eliminations          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue          
Other income/expense:          
Revenue 9,358 0 9,358 0  
Total cost of services 5,968 0 5,968 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services 0 0 0 0  
Solar construction revenue | Corporate and Other Activities          
Other income/expense:          
Revenue 9,358 0 9,358 0  
Total cost of services 5,968 0 5,968 0  
Solar construction revenue | Eliminations          
Other income/expense:          
Revenue 0 0 0 0  
Total cost of services $ 0 $ 0 $ 0 $ 0  
v3.22.2.2
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 134,197 $ 112,351 $ 395,438 $ 335,961
Government servicing        
Disaggregation of Revenue [Line Items]        
Revenue 104,428 84,084 312,368 241,497
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 12,198 13,198 37,194 34,563
FFELP servicing        
Disaggregation of Revenue [Line Items]        
Revenue 4,127 4,557 12,386 13,930
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 8,229 6,952 23,536 22,779
Outsourced services and other        
Disaggregation of Revenue [Line Items]        
Revenue 5,215 3,560 9,954 23,192
Education technology, services, and payment processing revenue        
Disaggregation of Revenue [Line Items]        
Revenue 106,894 85,324 310,211 257,284
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 25,779 23,618 84,131 79,706
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 47,957 39,852 113,996 97,898
Education technology and services        
Disaggregation of Revenue [Line Items]        
Revenue 32,548 21,295 110,755 78,752
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 610 $ 559 $ 1,329 $ 928
v3.22.2.2
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation of Revenue [Line Items]        
Income/gains from investments, net $ 10,701 $ 16,050 $ 40,685 $ 40,141
Borrower late fee income 2,824 514 7,693 1,698
ALLO preferred return 2,164 2,043 6,420 6,384
Administration/sponsor fee income 1,920 1,670 6,055 1,670
Other 4,782 3,078 14,255 13,043
Total other 2,225 11,867 24,750 30,183
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (17,562) (10,495) (47,633) (31,620)
Solar        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (4,216) (3,393) (7,100) (7,375)
Investment advisory services        
Disaggregation of Revenue [Line Items]        
Investment advisory services $ 1,612 $ 2,400 $ 4,375 $ 6,242
v3.22.2.2
Major Customer (Details)
borrower in Millions
Sep. 30, 2022
borrower
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark  
Concentration Risk [Line Items]  
Number of borrowers 15.7
v3.22.2.2
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Financial assets:    
Fair value $ 1,417,285 $ 1,001,655
Total assets 1,417,285 1,001,655
FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 785,009 494,682
Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 317,901 412,552
Other debt securities - available-for-sale    
Financial assets:    
Fair value 275,161 22,435
Equity securities    
Financial assets:    
Fair value 7,254 63,154
Equity securities measured at net asset value    
Financial assets:    
Fair value 31,960 8,832
Level 1    
Financial assets:    
Fair value 7,354 63,254
Total assets 7,354 63,254
Level 1 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 100 100
Level 1 | Equity securities    
Financial assets:    
Fair value 7,254 63,154
Level 2    
Financial assets:    
Fair value 1,377,971 929,569
Total assets 1,377,971 929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 785,009 494,682
Level 2 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 317,901 412,552
Level 2 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 275,061 22,335
Level 2 | Equity securities    
Financial assets:    
Fair value $ 0 $ 0
v3.22.2.2
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Financial assets:        
Loans receivable $ 15,876,251 $ 18,335,197    
Accrued loan interest receivable 793,838 788,552    
Cash and cash equivalents 63,198 125,563 $ 191,936 $ 121,249
Restricted cash - due to customers 180,919 326,645 $ 295,053 $ 283,971
Financial liabilities:        
Accrued interest payable 21,796 4,566    
Bank deposits 580,825 344,315    
Due to customers 306,352 366,002    
Fair value        
Financial assets:        
Loans receivable 15,390,107 18,576,272    
Accrued loan interest receivable 793,838 788,552    
Cash and cash equivalents 63,198 125,563    
Investments (at fair value) 1,417,285 1,001,655    
Beneficial interest in loan securitizations 143,128 142,391    
Restricted cash 799,212 741,981    
Restricted cash - due to customers 180,919 326,645    
Financial liabilities:        
Bonds and notes payable 14,653,852 17,819,902    
Accrued interest payable 21,796 4,566    
Bank deposits 550,834 342,463    
Due to customers 306,352 366,002    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 63,198 125,563    
Investments (at fair value) 7,354 63,254    
Beneficial interest in loan securitizations 0 0    
Restricted cash 799,212 741,981    
Restricted cash - due to customers 180,919 326,645    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 208,811 184,897    
Due to customers 306,352 366,002    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 793,838 788,552    
Cash and cash equivalents 0 0    
Investments (at fair value) 1,377,971 929,569    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 14,653,852 17,819,902    
Accrued interest payable 21,796 4,566    
Bank deposits 342,023 157,566    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 15,390,107 18,576,272    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Beneficial interest in loan securitizations 143,128 142,391    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Carrying value        
Financial assets:        
Loans receivable 15,082,413 17,546,645    
Accrued loan interest receivable 793,838 788,552    
Cash and cash equivalents 63,198 125,563    
Investments (at fair value) 1,417,285 1,001,655    
Beneficial interest in loan securitizations 129,908 120,142    
Restricted cash 799,212 741,981    
Restricted cash - due to customers 180,919 326,645    
Financial liabilities:        
Bonds and notes payable 15,042,595 17,631,089    
Accrued interest payable 21,796 4,566    
Bank deposits 580,825 344,315    
Due to customers $ 306,352 $ 366,002