Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2018	Jul. 31, 2018
Document Information [Line Items]
Entity Registrant Name	NELNET INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,332,461
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,468,587

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Loans receivable (net of allowance for loan losses of $53,715 and $54,590, respectively)	$ 22,710,369	$ 21,814,507
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	20,739	6,982
Cash and cash equivalents - held at a related party	47,128	59,770
Total cash and cash equivalents	67,867	66,752
Investments and notes receivable	256,647	240,538
Restricted cash	741,726	688,193
Restricted cash – due to customers	154,760	187,121
Accrued interest receivable	591,055	430,385
Accounts receivable (net of allowance for doubtful accounts of $1,778 and $1,436, respectively)	59,171	37,863
Goodwill	153,802	138,759
Intangible assets, net	102,489	38,427
Property and equipment, net	328,016	248,051
Other assets	41,388	73,021
Fair value of derivative instruments	1,954	818
Total assets	25,209,244	23,964,435
Liabilities:
Bonds and notes payable	22,468,364	21,356,573
Accrued interest payable	63,226	50,039
Other liabilities	231,138	198,252
Due to customers	154,760	187,121
Fair value of derivative instruments	5,053	7,063
Total liabilities	22,922,541	21,799,048
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock	0	0
Additional paid-in capital	2,586	521
Retained earnings	2,271,171	2,143,983
Accumulated other comprehensive earnings	2,704	4,617
Total Nelnet, Inc. shareholders' equity	2,276,869	2,149,529
Noncontrolling interests	9,834	15,858
Total equity	2,286,703	2,165,387
Total liabilities and equity	25,209,244	23,964,435
Common Class A [Member]
Nelnet, Inc. shareholders' equity:
Common stock	293	293
Common Class B [Member]
Nelnet, Inc. shareholders' equity:
Common stock	115	115
Supplemental information - assets and liabilities of consolidated education lending variable interest entities: [Member]
Assets:
Loans receivable (net of allowance for loan losses of $53,715 and $54,590, respectively)	22,759,323	21,909,476
Cash and cash equivalents:
Restricted cash	699,779	641,994
Other assets	593,394	431,934
Liabilities:
Bonds and notes payable	22,565,920	21,702,298
Other liabilities	261,731	168,637
Nelnet, Inc. shareholders' equity:
Net assets of consolidated education lending variable interest entities	$ 1,224,845	$ 1,112,469

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Allowance for loan losses	$ 53,715	$ 54,590
Allowance for doubtful accounts	$ 1,778	$ 1,436
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 [Member]
Par Value (in dollars per share)	$ 0.01	$ 0.01
Shares Authorized (in shares)	600,000,000	600,000,000
Shares Issued (in shares)	29,331,002	29,341,517
Shares Outstanding (in shares)	29,331,002	29,341,517
Common Class B [Member]
Par Value (in dollars per share)	$ 0.01	$ 0.01
Shares Authorized (in shares)	60,000,000	60,000,000
Shares Issued (in shares)	11,468,587	11,468,587
Shares Outstanding (in shares)	11,468,587	11,468,587

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest income:
Loan interest	$ 223,371	$ 189,878	$ 421,094	$ 371,086
Investment interest	5,818	3,200	10,952	5,816
Total interest income	229,189	193,078	432,046	376,902
Interest expense:
Interest on bonds and notes payable	171,450	113,236	306,999	220,135
Net interest income	57,739	79,842	125,047	156,767
Less provision for loan losses	3,500	3,000	7,500	4,000
Net interest income (loss) after provision for loan losses	54,239	76,842	117,547	152,767
Other income:
Other income	9,580	12,485	27,776	25,118
Gain from debt repurchases	0	442	359	5,421
Derivative market value and foreign currency transaction adjustments and derivative settlements, net	17,031	(27,910)	83,829	(32,741)
Total other income	200,218	91,115	455,123	219,256
Cost of services:
Total cost of services	15,182	11,718	32,583	26,462
Operating expenses:
Salaries and benefits	111,118	74,628	207,760	146,491
Depreciation and amortization	21,494	9,038	39,951	17,636
Loan servicing fees	3,204	5,628	6,341	11,653
Other expenses	40,409	26,262	73,826	52,423
Total operating expenses	176,225	115,556	327,878	228,203
Income before income taxes	63,050	40,683	212,209	117,358
Income tax expense	13,511	16,032	49,487	44,787
Net income (loss)	49,539	24,651	162,722	72,571
Net (income) loss attributable to noncontrolling interests	(104)	4,086	637	6,192
Net income (loss) attributable to Nelnet, Inc.	$ 49,435	$ 28,737	$ 163,359	$ 78,763
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 1.21	$ 0.68	$ 3.99	$ 1.86
Weighted average common shares outstanding - basic and diluted (in shares)	40,886,617	42,326,540	40,918,396	42,309,295
Loan Servicing And Systems [Member]
Other income:
Revenue	$ 114,545	$ 56,899	$ 214,687	$ 111,128
Education Technology Services And Payment Processing Services [Member]
Other income:
Revenue	48,742	43,480	108,963	99,504
Cost of services:
Total cost of services	11,317	9,515	25,000	22,305
Communications Services [Member]
Other income:
Revenue	10,320	5,719	19,509	10,826
Cost of services:
Total cost of services	$ 3,865	$ 2,203	$ 7,583	$ 4,157

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 49,539	$ 24,651	$ 162,722	$ 72,571
Available-for-sale securities:
Unrealized holding losses arising during period, net	(413)	(1,281)	(1,474)	(22)
Reclassification adjustment for gains recognized in net income, net of losses	(5)	(409)	(52)	(740)
Income tax effect	100	626	356	283
Total other comprehensive loss	(318)	(1,064)	(1,170)	(479)
Comprehensive income	49,221	23,587	161,552	72,092
Comprehensive (income) loss attributable to noncontrolling interests	(104)	4,086	637	6,192
Comprehensive income attributable to Nelnet, Inc.	$ 49,117	$ 27,673	$ 162,189	$ 78,284

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive earnings [Member]	Noncontrolling interests [Member]
Balance (in shares) at Dec. 31, 2016		0	30,628,112	11,476,932
Balance at Dec. 31, 2016	$ 2,070,925	$ 0	$ 306	$ 115	$ 420	$ 2,056,084	$ 4,730	$ 9,270
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	12,652							12,652
Net income (loss)	72,571					78,763		(6,192)
Other comprehensive loss	(479)						(479)
Distribution to noncontrolling interests	(515)							(515)
Cash dividend on Class A and Class B common stock	(11,803)					(11,803)
Issuance of common stock, net of forfeitures (in shares)			161,356
Issuance of common stock, net of forfeitures	3,083		$ 2		3,081
Compensation expense for stock based awards	2,170				2,170
Repurchase of common stock (in shares)			(415,777)
Repurchase of common stock	(18,195)		$ (4)		(5,305)	(12,886)
Balance (in shares) at Jun. 30, 2017		0	30,373,691.000	11,476,932.000
Balance at Jun. 30, 2017	2,130,409	$ 0	$ 304	$ 115	366	2,110,158	4,251	15,215
Balance (in shares) at Mar. 31, 2017		0	30,740,185	11,476,932
Balance at Mar. 31, 2017	2,127,667	$ 0	$ 307	$ 115	2,236	2,100,214	5,315	19,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26							26
Net income (loss)	24,651					28,737		(4,086)
Other comprehensive loss	(1,064)						(1,064)
Distribution to noncontrolling interests	(205)							(205)
Cash dividend on Class A and Class B common stock	(5,907)					(5,907)
Issuance of common stock, net of forfeitures (in shares)			17,567
Issuance of common stock, net of forfeitures	992		$ 0		992
Compensation expense for stock based awards	1,075				1,075
Repurchase of common stock (in shares)			(384,061)
Repurchase of common stock	(16,826)		$ (3)		(3,937)	(12,886)
Balance (in shares) at Jun. 30, 2017		0	30,373,691.000	11,476,932.000
Balance at Jun. 30, 2017	2,130,409	$ 0	$ 304	$ 115	366	2,110,158	4,251	15,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of adoption of new accounting standards	1,264					2,007	(743)
Balance (in shares) at Dec. 31, 2017		0	29,341,517	11,468,587
Balance at Dec. 31, 2017	2,165,387	$ 0	$ 293	$ 115	521	2,143,983	4,617	15,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	521							521
Net income (loss)	162,722					163,359		(637)
Other comprehensive loss	(1,170)						(1,170)
Distribution to noncontrolling interests	(256)							(256)
Cash dividend on Class A and Class B common stock	(13,014)					(13,014)
Issuance of common stock, net of forfeitures (in shares)			305,279
Issuance of common stock, net of forfeitures	4,085		$ 3		4,082
Compensation expense for stock based awards	2,593				2,593
Repurchase of common stock (in shares)			(315,794)
Repurchase of common stock	(16,328)		$ (3)		(4,610)	(11,715)
Acquisition of noncontrolling interest	(19,101)					(13,449)		(5,652)
Balance (in shares) at Jun. 30, 2018		0	29,331,002.000	11,468,587.000
Balance at Jun. 30, 2018	2,286,703	$ 0	$ 293	$ 115	2,586	2,271,171	2,704	9,834
Balance (in shares) at Mar. 31, 2018		0	29,289,689	11,468,587
Balance at Mar. 31, 2018	2,245,226	$ 0	$ 293	$ 115	448	2,231,875	3,022	9,473
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	495							495
Net income (loss)	49,539					49,435		104
Other comprehensive loss	(318)						(318)
Distribution to noncontrolling interests	(238)							(238)
Cash dividend on Class A and Class B common stock	(6,508)					(6,508)
Issuance of common stock, net of forfeitures (in shares)			134,933
Issuance of common stock, net of forfeitures	1,911		$ 1		1,910
Compensation expense for stock based awards	1,506				1,506
Repurchase of common stock (in shares)			(93,620)
Repurchase of common stock	(4,910)		$ (1)		(1,278)	(3,631)
Balance (in shares) at Jun. 30, 2018		0	29,331,002.000	11,468,587.000
Balance at Jun. 30, 2018	$ 2,286,703	$ 0	$ 293	$ 115	$ 2,586	$ 2,271,171	$ 2,704	$ 9,834

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Class A [Member]
Dividends paid per common share (in dollars per share)	$ 0.16	$ 0.14	$ 0.32	$ 0.28
Common Class B [Member]
Dividends paid per common share (in dollars per share)	$ 0.16	$ 0.14	$ 0.32	$ 0.28

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
Net income (loss) attributable to Nelnet, Inc.	$ 163,359	$ 78,763
Net loss attributable to noncontrolling interests	(637)	(6,192)
Net income (loss)	162,722	72,571
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	89,225	66,805
Loan discount accretion	(21,799)	(22,934)
Provision for loan losses	7,500	4,000
Derivative market value adjustment	(55,135)	(951)
Unrealized foreign currency transaction adjustment	0	31,951
Proceeds from clearinghouse - initial and variation margin, net	40,261	51,516
Gain from debt repurchases	(359)	(5,421)
Gain from equity securities, net of losses	(7,759)	0
Deferred income tax expense (benefit)	21,294	(15,249)
Non-cash compensation expense	2,735	2,260
Other	2,741	2,577
Increase in loan accrued interest receivable	(160,698)	(4,470)
Decrease (increase) in accounts receivable	2,400	(12,096)
Decrease (increase) in other assets	54,249	(6,334)
Increase in accrued interest payable	13,187	1,387
Decrease in other liabilities	(46,572)	(7,891)
(Decrease) increase in due to customers	(32,361)	17,198
Net cash provided by operating activities	71,631	174,919
Cash flows from investing activities, net of acquisition:
Purchases of loans	(2,593,232)	(127,444)
Net proceeds from loan repayments, claims, capitalized interest, and other	1,694,829	1,808,864
Proceeds from sale of loans	1,392	0
Purchases of available-for-sale securities	(38,064)	(77,118)
Proceeds from sales of available-for-sale securities	31,785	66,492
Purchases of investments and issuance of notes receivable	(24,224)	(6,530)
Proceeds from investments and notes receivable	16,092	4,452
Purchases of property and equipment	(65,009)	(70,814)
Business acquisition, net of cash acquired	(109,152)	0
Net cash (used in) provided by investing activities	(1,085,583)	1,597,902
Cash flows from financing activities:
Payments on bonds and notes payable	(1,643,650)	(2,549,189)
Proceeds from issuance of bonds and notes payable	2,727,412	612,279
Payments of debt issuance costs	(5,445)	(2,256)
Dividends paid	(13,014)	(11,803)
Repurchases of common stock	(16,328)	(18,195)
Proceeds from issuance of common stock	501	221
Acquisition of noncontrolling interest	(13,449)	0
Issuance of noncontrolling interests	468	12,600
Distribution to noncontrolling interests	(256)	(515)
Net cash provided by (used in) financing activities	1,036,239	(1,956,858)
Net increase (decrease) in cash, cash equivalents, and restricted cash	22,287	(184,037)
Cash, cash equivalents, and restricted cash, beginning of period	942,066	1,170,317
Cash, cash equivalents, and restricted cash, end of period	964,353	986,280
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	259,980	183,821
Cash (refunds received) disbursements made for income taxes, net	$ (7,290)	$ 46,193

Consolidated Statements of Cash Flows Cash, Cash Equivalents And Restricted Cash Reconciliation - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Total cash and cash equivalents	$ 67,867	$ 66,752	$ 69,239	$ 69,654
Restricted cash	741,726	688,193	780,141	980,961
Restricted cash – due to customers	154,760	187,121	136,900	119,702
Cash, cash equivalents, and restricted cash	$ 964,353	$ 942,066	$ 986,280	$ 1,170,317

Basis of Financial Reporting

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and for the three and six months ended June 30, 2018 and 2017 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2017 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 requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results for the year ending December 31, 2018. 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, 2017 (the "2017 Annual Report").

Reporting Segment Name Changes

During the first quarter of 2018, the Company changed the name of the Tuition Payment Processing and Campus Commerce operating segment to Education Technology, Services, and Payment Processing to better describe the evolution of services this operating segment provides. In addition, the Loan Systems and Servicing segment was retitled as Loan Servicing and Systems. As a result, the line items "tuition payment processing, school information, and campus commerce revenue" and "loan systems and servicing revenue" on the consolidated statements of income were changed to "education technology, services, and payment processing revenue" and "loan servicing and systems revenue," respectively.

Reclassifications

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


•	Reclassifying certain non-customer receivables, which were previously included in "accounts receivable" to "other assets."


•	Reclassifying direct costs to provide services for education technology, services, and payment processing, which were previously included in "other expenses" to "cost to provide education technology, services, and payment processing services."


•	Reclassifying the line item "cost to provide communications services" on the statements of income from part of "operating expenses" and presenting such costs as part of "cost of services."


•	Reclassifying consumer loan activity on the statements of income, which was previously included in "investment interest" and "other expenses" to "loan interest" and "provision for loan losses" and "loan servicing fees," respectively.

Accounting Standards Adopted in 2018

In the first quarter of 2018, the Company adopted the following new accounting standards and other guidance:

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued a new standard related to revenue recognition. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

The Company adopted the standard effective January 1, 2018, using the full retrospective method, which required it to restate each prior reporting period presented. As a result, the Company changed its accounting policy for revenue recognition as detailed in note 2, “Summary of Significant Accounting Policies and Practices.”

The most significant impact of the standard relates to identifying the Company's fee-based Education Technology, Services, and Payment Processing operating segment as the principal in its payment services transactions. As a result of this change, the Company presents the payment services revenue gross with the direct costs to provide these services presented separately. The Company’s other fee-based operating segments will recognize revenue consistent with historical revenue recognition patterns. The majority of the Company's revenue earned in its non-fee-based Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of the new standard.

Impacts to Previously Reported Results

Adoption of the revenue recognition standard impacted the Company’s previously reported results on the consolidated statements of income as follows:



	Three months ended June 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	34,224	9,256	43,480
Cost to provide education technology, services, and payment processing services	—		9,256	9,256	(a)



	Six months ended June 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	77,844	21,660	99,504
Cost to provide education technology, services, and payment processing services	—		21,660	21,660	(a)


(a)	In addition to the impact of adopting the new revenue recognition standard, as discussed above, the Company reclassified other direct costs to provide education technology, services, and payment processing services which were previously reported as part of "other expenses" to "cost to provide education technology, services, and payment processing services."

Adoption of the new revenue recognition standard had no impact to the consolidated balance sheets or cash provided by or used in operating, financing, or investing activities on the consolidated statements of cash flows.

Equity Investments

In January 2016, the FASB issued new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The guidance requires equity investments with readily determinable fair values to be measured at fair value, with changes in the fair value recognized through net income (other than those equity investments accounted for under the equity method of accounting or those that result in consolidation of the investee). An entity may choose to measure equity investments without readily determinable fair values at fair value or use the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In addition, the impairment assessment is simplified by requiring a qualitative assessment to identify impairment.

The guidance requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities with readily determinable fair values previously recognized in accumulated other comprehensive income; and along with a related clarifying update, was adopted by the Company as of January 1, 2018. Upon adoption, the Company recorded an immaterial cumulative-effect adjustment to retained earnings, accumulated other comprehensive earnings, and investments and notes receivable. Subsequent to the adoption, the Company is accounting for the majority of its equity investments without readily determinable fair values using the measurement alternative.

Other Comprehensive Income

In February 2018, the FASB issued guidance which allows a reclassification from accumulated other comprehensive earnings to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, which became effective on January 1, 2018. This guidance is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company elected to early adopt this guidance as of January 1, 2018. Upon adoption, the Company recorded an immaterial reclassification between accumulated other comprehensive earnings and retained earnings.

Restricted Cash

In November 2016, the FASB issued accounting guidance related to restricted cash. The new guidance requires that the statement of cash flows present the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. The Company adopted the standard effective January 1, 2018 using the retrospective transition method. Adoption of this standard impacted the Company's previously reported amounts on the consolidated statements of cash flows as follows:



	Six months ended June 30, 2017
	As previously reported		Impact of adoption		As restated
Increase in due to customers	$	—	17,198		17,198
Proceeds from clearinghouse - initial and variation margin, net	25,927		25,589		51,516
Net cash provided by operating activities	132,132		42,787		174,919
Decrease in restricted cash	226,409		(226,409	)	—
Net cash provided by investing activities	1,824,311		(226,409	)	1,597,902

Summary of Significant Accounting Policies and Practices

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Practices

Except for the changes below, no significant changes have been made to the Company’s significant accounting policies and practices disclosed in note 3, Summary of Significant Accounting Policies and Practices, in the 2017 Annual Report.

Revenue Recognition

The Company applies the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), to its fee-based operating segments. The majority of the Company’s revenue earned in its Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of ASC Topic 606. The Company recognizes revenue under the core principle of ASC Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Additional information related to the Company's revenue recognition of specific items is provided below.

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Loan servicing and systems revenue - Loan servicing and systems revenue consists of the following items:

•

Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company will perform various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously consume and receive benefits.

•

Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue from remote hosted licenses is allocated to and recognized in the distinct service period, typically a month, and recognized as control transfers, and non-refundable up-front revenue is recognized ratably over the contract period as customers simultaneously consume and receive benefits. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided.


•	Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously consume and receive benefits.

The following table provides disaggregated revenue by service offering:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Government servicing - Nelnet	$	39,781	39,809	79,107	78,815
Government servicing - Great Lakes (a)	45,682		—	76,437	—
FFELP servicing	9,147		3,636	16,838	7,713
Private education and consumer loan servicing	8,882		7,121	21,983	12,938
Software services	8,671		4,326	16,260	8,663
Outsourced services revenue and other	2,382		2,007	4,062	2,999
Loan servicing and systems revenue	$	114,545	56,899	214,687	111,128


(a)	Great Lakes Educational Loan Services, Inc. ("Great Lakes") was acquired by the Company on February 7, 2018. For additional information about the acquisition, see note 7.

Education technology, services, and payment processing revenue - Education technology, services, and payment processing revenue consists of the following items:

•

Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously consume and receive benefits.

•

Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously consume and receive benefits.

•

Education technology and services - Education technology and services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith based schools include (i) assistance with financial needs assessment, (ii) automating administrative processes such as admissions, online applications and enrollment services, scheduling, student billing, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice. The amount the Company has a right to invoice is an amount that corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include innovative education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously consume and receive benefits.

The following table provides disaggregated revenue by service offering:



	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018	2017
Tuition payment plan services	$	20,417	18,871		43,404	40,658
Payment processing	16,026		13,885		35,952	32,831
Education technology and services	12,018		10,825		28,993	25,973
Other	281		(101	)	614	42
Education technology, services, and payment processing revenue	$	48,742	43,480		108,963	99,504

Cost to provide education technology, services, and payment processing services is primarily associated with providing payment processing services. Interchange and payment network fees are charged by the card associations or payment networks. Depending upon the transaction type, the fees are a percentage of the transaction’s dollar value, a fixed amount, or a combination of the two methods. Other items included in cost to provide education technology, services, and payment processing services include salaries and benefits and outside professional services costs directly related to providing professional development and educational instruction services to teachers, school leaders, and students.

Communications revenue - Communications revenue is derived principally from internet, television, and telephone services and is billed as a flat fee in advance of providing the service. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on the Company's network, are billed in arrears. These are each considered distinct performance obligations. Revenue is recognized monthly for the consideration the Company has a right to invoice. The amount the Company has a right to invoice is an amount that corresponds directly with the value provided to the customer based on the performance completed. The Company recognizes revenue from these services in the period the services are rendered rather than billed. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Earned but unbilled usage-based services are recorded in accounts receivable.

The following table provides disaggregated revenue by service offering and customer type:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Internet	$	5,395	2,569	10,091	4,773
Television	3,083		1,760	5,865	3,383
Telephone	1,825		1,344	3,514	2,605
Other	17		46	39	65
Communications revenue	$	10,320	5,719	19,509	10,826

Residential revenue	$	7,727	3,820	14,472	7,172
Business revenue	2,535		1,814	4,917	3,510
Other revenue	58		85	120	144
Communications revenue	$	10,320	5,719	19,509	10,826

Cost to provide communications services is primarily associated with television programming costs. The Company has various contracts to obtain video programming from programming vendors whose compensation is typically based on a flat fee per customer. The cost of the right to exhibit network programming under such arrangements is recorded in the month the programming is available for exhibition. Programming costs are paid each month based on calculations performed by the Company and are subject to periodic audits performed by the programmers. Other items in cost to provide communications services include connectivity, franchise, and other regulatory costs directly related to providing internet and voice services.

Other income - The following table provides the components of "other income" on the consolidated statements of income:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Realized and unrealized gains on investments, net	$	1,136	1,302	10,217	1,618
Borrower late fee income	2,758		3,048	5,741	6,368
Investment advisory fees	1,394		2,294	2,986	5,810
Management fee revenue	1,756		—	2,917	—
Peterson's revenue	—		3,043	—	5,880
Other	2,536		2,798	5,915	5,442
Other income	$	9,580	12,485	27,776	25,118


•	Borrower late fee income - Late fee income is earned by the education lending subsidiaries. Revenue is allocated to the distinct service period, based on when each transaction is completed.


•	Investment advisory fees - Investment advisory services are provided by the Company through an SEC-registered investment advisor subsidiary under various arrangements. The Company earns monthly fees based on the monthly outstanding balance of investments and certain performance measures, which are recognized monthly as the uncertainty of the transaction price is resolved.


•	Management fee revenue - Management fee revenue is earned for technology and certain administrative support services provided to Great Lakes' former parent company. Revenue is allocated to the distinct service period, based on when each transaction is completed.

•

Peterson's revenue - The Company earned revenue related to digital marketing and content solution products and services under the brand name Peterson's. These products and services included test preparation study guides, school directories and databases, career exploration guides, on-line courses and test preparation, scholarship search and selection data, career planning information and guides, and on-line information about colleges and universities. Several content solutions services included services to connect students to colleges and universities, and were sold based on subscriptions. Revenue from sales of subscription services was recognized ratably over the term of the contract as it was earned. Subscription revenue received or receivable in advance of the delivery of services was included in deferred revenue. Revenue from the sale of print products was generally earned and recognized, net of estimated returns, upon shipment or delivery. All other digital marketing and content solutions revenue was recognized over the period in which services were provided to customers. On December 31, 2017, the Company sold Peterson's. The Company applied a practical expedient allowed for the retrospective comparative period which does not require the Company to restate revenue from contracts that began and were completed within the same annual reporting period.

Contract Balances - The following table provides information about liabilities from contracts with customers:

Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is received or receivable in advance of the delivery of service. For multi-year contracts, the Company generally invoices customers annually at the beginning of each annual coverage period. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component.

Activity in the deferred revenue balance is shown below:



	Three months ended June 30,					Six months ended June 30,
	2018			2017		2018		2017
Balance, beginning of period	$	22,715		24,268		32,276		33,141
Deferral of revenue	35,502			24,813		52,552		40,731
Recognition of unearned revenue	(32,509		)	(23,070	)	(59,311	)	(47,947	)
Other	(48		)	(57	)	143		29
Balance, end of period	$	25,660		25,954		25,660		25,954

Assets Recognized from the Costs to Obtain a Contract with a Customer - The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in “other assets” on the consolidated balance sheets.

Loans Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Loans receivable consisted of the following:



	As of			As of
	June 30, 2018			December 31, 2017
Federally insured student loans:
Stafford and other	$	4,879,259		4,418,881
Consolidation	17,715,531			17,302,725
Total	22,594,790			21,721,606
Private education loans	180,935			212,160
Consumer loans	80,560			62,111
	22,856,285			21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(73,831		)	(113,695	)
Non-accretable discount	(18,370		)	(13,085	)
Allowance for loan losses:
Federally insured loans	(37,263		)	(38,706	)
Private education loans	(11,664		)	(12,629	)
Consumer loans	(4,788		)	(3,255	)
	$	22,710,369		21,814,507

Activity in the Allowance for Loan Losses

The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below.



	Three months ended June 30, 2018
	Balance at beginning of period		Provision for loan losses		Charge-offs		Recoveries	Other	Balance at end of period
Federally insured loans	$	38,374	2,000		(3,111	)	—	—	37,263
Private education loans	12,255		—		(773	)	182	—	11,664
Consumer loans	4,665		1,500		(1,378	)	1	—	4,788
	$	55,294	3,500		(5,262	)	183	—	53,715

	Three months ended June 30, 2017
Federally insured loans	$	36,687	2,000		(2,825	)	—	—	35,862
Private education loans	13,839		—		(288	)	245	50	13,846
Consumer loans	—		1,000		—		—	—	1,000
	$	50,526	3,000		(3,113	)	245	50	50,708

	Six months ended June 30, 2018
Federally insured loans	$	38,706	4,000		(6,443	)	—	1,000	37,263
Private education loans	12,629		—		(1,312	)	347	—	11,664
Consumer loans	3,255		3,500		(1,973	)	6	—	4,788
	$	54,590	7,500		(9,728	)	353	1,000	53,715

	Six months ended June 30, 2017
Federally insured loans	$	37,268	4,000		(5,406	)	—	—	35,862
Private education loans	14,574		(1,000	)	(370	)	442	200	13,846
Consumer loans	—		1,000		—		—	—	1,000
	$	51,842	4,000		(5,776	)	442	200	50,708

Student Loan Status and Delinquencies

Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan delinquency amounts for federally insured and private education loans.



	As of June 30, 2018				As of December 31, 2017				As of June 30, 2017
Federally insured loans:
Loans in-school/grace/deferment	$	1,349,739			$	1,260,394			$	1,454,802
Loans in forbearance	1,633,600				1,774,405				2,065,167
Loans in repayment status:
Loans current	17,211,088		87.8	%	16,477,004		88.2	%	17,106,921		87.2	%
Loans delinquent 31-60 days	686,083		3.5		682,586		3.7		743,738		3.8
Loans delinquent 61-90 days	500,480		2.6		374,534		2.0		479,552		2.4
Loans delinquent 91-120 days	261,612		1.3		287,922		1.5		267,139		1.4
Loans delinquent 121-270 days	751,526		3.8		629,480		3.4		772,875		3.9
Loans delinquent 271 days or greater	200,662		1.0		235,281		1.2		257,213		1.3
Total loans in repayment	19,611,451		100.0	%	18,686,807		100.0	%	19,627,438		100.0	%
Total federally insured loans	$	22,594,790			$	21,721,606			$	23,147,407
Private education loans:
Loans in-school/grace/deferment	$	4,194			$	6,053			$	32,016
Loans in forbearance	2,012				2,237				1,814
Loans in repayment status:
Loans current	168,093		96.2	%	196,720		96.5	%	202,155		96.7	%
Loans delinquent 31-60 days	1,498		0.9		1,867		0.9		2,066		1.0
Loans delinquent 61-90 days	1,235		0.7		1,052		0.5		1,323		0.6
Loans delinquent 91 days or greater	3,903		2.2		4,231		2.1		3,519		1.7
Total loans in repayment	174,729		100.0	%	203,870		100.0	%	209,063		100.0	%
Total private education loans	$	180,935			$	212,160			$	242,893

Bonds and Notes Payable

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:



	As of June 30, 2018
	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	$	19,913,724		2.40% - 4.04%	4/25/24 - 7/26/66
Bonds and notes based on auction	765,548			2.45% - 3.16%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,679,272
FFELP warehouse facilities	1,697,691			2.32% / 2.35%	11/19/19 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	60,153			3.84%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	70,827			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	170,000			3.55%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.71%	9/15/61
Other borrowings	111,596			2.79% - 5.22%	7/9/18 - 12/15/45
	22,809,920
Discount on bonds and notes payable and debt issuance costs	(341,556		)
Total	$	22,468,364



	As of December 31, 2017
	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	$	20,352,045		1.47% - 3.37%	8/25/21 - 2/25/66
Bonds and notes based on auction	780,829			2.09% - 2.69%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,132,874
FFELP warehouse facilities	335,992			1.55% / 1.56%	11/19/19 / 5/31/20
Variable-rate bonds and notes issued in private education loan asset-backed securitization	74,717			3.30%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	82,647			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	10,000			2.98%	12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.07%	9/15/61
Other borrowings	70,516			2.44% - 3.38%	1/12/18 - 12/15/45
	21,727,127
Discount on bonds and notes payable and debt issuance costs	(370,554		)
Total	$	21,356,573

FFELP Warehouse Facilities

The Company funds a portion of its Federal Family Education Loan Program (the "FFEL Program" or "FFELP") loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of June 30, 2018, the Company had two FFELP warehouse facilities as summarized below.



	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	1,325,000	500,000	1,825,000
Amount outstanding	1,245,448		452,243	1,697,691
Amount available	$	79,552	47,757	127,309
Expiration of liquidity provisions	September 20, 2019		May 31, 2019
Final maturity date	November 19, 2019		May 31, 2021
Maximum advance rates	92 - 98%		85 - 95%
Minimum advance rates	84 - 90%		85 - 95%
Advanced as equity support	$	47,126	37,251	84,377


(a)	On April 24, 2018, the Company increased the maximum financing amount for this warehouse facility from $500.0 million to $1.25 billion. On May 3, 2018, the Company temporarily increased the maximum financing amount for this warehouse facility an additional $75.0 million to $1.325 billion until September 30, 2018.


(b)	On April 24, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 31, 2019 and changed the final maturity date to May 31, 2021.

Asset-Backed Securitizations

The following table summarizes the asset-backed securitization transactions completed during the first six months of 2018.

NSLT 2018-1

NSLT 2018-2

Total

Class A-1 Notes

Class A-2 Notes

Total

Date securities issued

3/29/18

6/7/18

Total principal amount

$

98,000

375,750

473,750

509,800

983,550

Cost of funds

1-month LIBOR plus 0.32%

1-month LIBOR plus 0.76%

1-month LIBOR plus 0.65%

Final maturity date

5/25/66

7/26/66

Unsecured Line of Credit

On June 22, 2018, the Company amended its $350.0 million unsecured line of credit. The following provisions were modified under the amendment:


•	The maturity date was extended from December 12, 2021 to June 22, 2023.


•	The definition of the Company's line of business was expanded and other terms were modified to allow the formation or acquisition of a chartered bank subsidiary.


•	The definition for permitted acquisitions was revised to increase the aggregate amount of consideration that may be paid for the acquisition in any fiscal year of a business or businesses not in the Company's defined line of business.


•	The provisions for permitted investments were expanded to allow (i) a one-time, initial capital contribution of up to $150.0 million by the Company in connection with the formation or acquisition of a chartered bank subsidiary, and (ii) investments in pools of consumer loans.


•	The amount of loans not originated under the FFEL Program that the Company is permitted to own was increased from $500.0 million to $850.0 million.

The facility size of $350.0 million and the cost of funds did not change as part of the amendment. As of June 30, 2018, $170.0 million was outstanding under the line of credit and $180.0 million was available for future use.

Debt Repurchases

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



	Par value		Purchase price	Gain	Par value	Purchase price	Gain
	Three months ended
	June 30, 2018				June 30, 2017
Asset-backed securities	$	—	—	—	4,088	3,646	442

	Six months ended
	June 30, 2018				June 30, 2017
Asset-backed securities	$	12,905	12,546	359	4,088	3,085	1,003
Unsecured debt - Hybrid Securities	—		—	—	29,658	25,240	4,418
	$	12,905	12,546	359	33,746	28,325	5,421

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments primarily to manage interest rate risk. In addition, the Company previously used derivative financial instruments to manage foreign currency exchange risk associated with student loan asset-backed notes that were denominated in Euros prior to a remarketing of such notes in October 2017. Derivative instruments used as part of the Company's risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2017 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2018 and December 31, 2017 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").



	As of June 30,		As of December 31,
	2018		2017
Maturity	Notional amount		Notional amount
2018	$	1,750,000	4,250,000
2019	3,500,000		3,500,000
2020	1,000,000		—
2021	250,000		—
2022	2,000,000		1,000,000
2023	750,000		—
2024	250,000		250,000
2026	1,150,000		1,150,000
2027	375,000		375,000
2028	325,000		325,000
2029	100,000		100,000
2031	300,000		300,000
	$	11,750,000	11,250,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2018 and December 31, 2017 was one-month LIBOR plus 10.5 basis points and 12.5 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 June 30, 2018				As of December 31, 2017
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
2018	$	1,250,000	1.08	%	$	1,350,000	1.07	%
2019	3,250,000		0.97		3,250,000		0.97
2020	1,500,000		1.01		1,500,000		1.01
2023	750,000		2.28		750,000		2.28
2024	300,000		2.28		300,000		2.28
2025	100,000		2.32		100,000		2.32
2027	50,000		2.32		50,000		2.32
2028	100,000		3.03		—		—
	$	7,300,000	1.24	%	$	7,300,000	1.21	%


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

On August 20, 2014, the Company paid $9.1 million for an interest rate swap option to economically hedge loans earning fixed rate floor income. The interest rate swap option gives the Company the right, but not the obligation, to enter into a $250.0 million notional interest rate swap in which the Company would pay a fixed amount of 3.30% and receive discrete one-month LIBOR. If the interest rate swap option is exercised, the swap would become effective on August 21, 2019 and mature on August 21, 2024.

Interest Rate Caps

In June 2015, in conjunction with the entry into a $275.0 million private education loan warehouse facility, the Company paid $2.9 million for two interest rate cap contracts with a total notional amount of $275.0 million. The first interest rate cap has a notional amount of $125.0 million and a one-month LIBOR strike rate of 2.50%, and the second interest rate cap has a notional amount of $150.0 million and a one-month LIBOR strike rate of 4.99%. In the event that the one-month LIBOR rate rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. Both interest rate cap contracts have a maturity date of July 15, 2020. The private education loan warehouse facility was terminated by the Company on December 21, 2016. During the first quarter of 2017, the Company received $913,000 to terminate the interest rate cap contracts that were held in the private education loan warehouse legal entity and paid $929,000 to enter into new interest rate cap contracts with identical terms at Nelnet, Inc. (the parent company). The Company currently intends to keep these derivatives outstanding to partially mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate.

Interest Rate Swaps – Unsecured Debt Hedges

As of June 30, 2018 and December 31, 2017, the Company had $20.4 million of unsecured Hybrid Securities outstanding. The interest rate on the Hybrid Securities through September 29, 2036 is equal to three-month LIBOR plus 3.375%, payable quarterly. The Company had the following derivatives outstanding as of June 30, 2018 and December 31, 2017 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.



Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2036	$	25,000	4.28	%


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

Consolidated Financial Statement Impact Related to Derivatives

Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:



	Fair value of asset derivatives			Fair value of liability derivatives
	As of June 30, 2018		As of December 31, 2017	As of June 30, 2018	As of December 31, 2017
Interest rate swap option - floor income hedge	$	1,231	543	—	—
Interest rate caps	723		275	—	—
Interest rate swaps - hybrid debt hedges	—		—	5,053	7,063
Total	$	1,954	818	5,053	7,063

Offsetting of Derivative Assets/Liabilities

The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged.



			Gross amounts not offset in the consolidated balance sheets
Derivative assets	Gross amounts of recognized assets presented in the consolidated balance sheets		Derivatives subject to enforceable master netting arrangement	Cash collateral received	Net asset
Balance as of June 30, 2018	$	1,954	—	—	1,954
Balance as of December 31, 2017	818		—	—	818



				Gross amounts not offset in the consolidated balance sheets
Derivative liabilities	Gross amounts of recognized liabilities presented in the consolidated balance sheets			Derivatives subject to enforceable master netting arrangement	Cash collateral pledged	Net asset (liability)
Balance as of June 30, 2018	$	(5,053	)	—	7,520	2,467
Balance as of December 31, 2017	(7,063		)	—	8,520	1,457

Income Statement Impact

The following table summarizes the components of "derivative market value and foreign currency transaction adjustments and derivative settlements, net" included in the consolidated statements of income.



	Three months ended June 30,					Six months ended June 30,
	2018			2017		2018		2017
Settlements:
1:3 basis swaps	$	2,979		(362	)	1,315		336
Interest rate swaps - floor income hedges	19,074			2,114		27,664		1,994
Interest rate swaps - hybrid debt hedges	(125		)	(198	)	(285	)	(402	)
Cross-currency interest rate swap	—			(1,917	)	—		(3,669	)
Total settlements - income (expense)	21,928			(363	)	28,694		(1,741	)
Change in fair value:
1:3 basis swaps	(2,522		)	(8,841	)	10,775		(11,416	)
Interest rate swaps - floor income hedges	(2,766		)	(17,810	)	41,434		(13,485	)
Interest rate swap option - floor income hedge	(279		)	(828	)	468		(1,712	)
Interest rate caps	122			(311	)	448		(833	)
Interest rate swaps - hybrid debt hedges	548			(453	)	2,010		(34	)
Cross-currency interest rate swap	—			27,639		—		28,574
Other	—			318		—		(143	)
Total change in fair value - income (expense)	(4,897		)	(286	)	55,135		951
Re-measurement of Euro Notes (foreign currency transaction adjustment)	—			(27,261	)	—		(31,951	)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	$	17,031		(27,910	)	83,829		(32,741	)

Investments and Notes Receivable

6 Months Ended

Jun. 30, 2018

Investments [Abstract]

Investments and Notes Receivable

A summary of the Company's investments and notes receivable follows:



	As of June 30, 2018
	Amortized cost		Gross unrealized gains	Gross unrealized losses			Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	78,274	3,714	(208	)	(b)	81,780
Equity securities	11,638		4,290	(355	)		15,573
Total investments (at fair value)	$	89,912	8,004	(563	)		97,353

Other Investments and Notes Receivable (not measured at fair value):
Venture capital:
Measurement alternative (c)							69,961
Equity method							14,499
Other							783
Total venture capital							85,243
Real estate:
Equity method							19,896
Other							29,724
Total real estate							49,620

Notes receivable							16,373
Tax liens and affordable housing							8,058
Total investments and notes receivable (not measured at fair value)							159,294
Total investments and notes receivable							$	256,647



	As of December 31, 2017
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value

Investments (at fair value):
Available-for-sale investments:
Student loan asset-backed and other debt securities	$	71,943	5,056	(25	)	76,974
Equity securities	1,630		2,298	—		3,928
Total available-for-sale investments	$	73,573	7,354	(25	)	80,902

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds						84,752
Real estate						49,464
Notes receivable						16,393
Tax liens and affordable housing						9,027
Total investments and notes receivable						$	240,538


(a)	As of June 30, 2018, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

(b)

As of June 30, 2018, the aggregate fair value of available-for-sale investments with unrealized losses was $17.9 million, of which none had been in a continuous unrealized loss position for greater than 12 months. Because the Company currently has the intent and ability to retain these investments for an anticipated recovery in fair value, as of June 30, 2018, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(c)

The Company accounts for the majority of its equity securities without readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (the measurement alternative method). For the three and six months ended June 30, 2018, the Company recorded no impairments and upward adjustments of $0.3 million and $7.2 million, respectively, on these investments. The impacts related to the adjustments to these investments are included in "other income" in the consolidated statements of income. The upward adjustments were made as a result of observable price changes.

Business Combination

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Business Combination

Great Lakes Educational Loan Services, Inc. ("Great Lakes")

On February 7, 2018, the Company acquired 100 percent of the outstanding stock of Great Lakes for total cash consideration of $150.0 million. Great Lakes provides servicing for federally-owned student loans for the U.S. Department of Education (the "Department"), FFELP loans, and private education loans. The acquisition of Great Lakes has expanded the Company's portfolio of loans it services. The operating results of Great Lakes are included in the Loan Servicing and Systems operating segment.

As part of the acquisition, the Company acquired the remaining 50 percent ownership in GreatNet Solutions, LLC ("GreatNet"), a joint venture formed prior to the acquisition between Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, and Great Lakes. Prior to the acquisition of the remaining 50 percent of GreatNet, the Company consolidated the operating results of GreatNet, as the Company was deemed to have control over the joint venture. The proportionate share of membership interest (equity) and net loss of GreatNet that was attributable to Great Lakes was reflected as noncontrolling interests in the Company's consolidated financial statements. The Company recognized a $19.1 million reduction to consolidated shareholders' equity as a result of acquiring Great Lakes' 50 percent ownership in GreatNet. This transaction resulted in a $5.7 million decrease in noncontrolling interest and a $13.4 million decrease in retained earnings.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2018, 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 was a decrease to goodwill, and the adjustments had no impact on operating results. The fair value assigned to the acquisition of the noncontrolling interest in GreatNet reduced the total consideration allocated to the assets acquired and liabilities assumed of Great Lakes from $150.0 million to $136.6 million.



Cash and cash equivalents	$	27,399
Accounts receivable	23,708
Property and equipment	35,919
Other assets	14,018
Intangible assets	75,329
Excess cost over fair value of net assets acquired (goodwill)	15,043
Other liabilities	(54,865		)
Net assets acquired	$	136,551

The $75.3 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 4 years. The intangible assets that made up this amount include customer relationships of $70.2 million (4-year average useful life) and a trade name of $5.1 million (7-year useful life).

The $15.0 million of goodwill was assigned to the Loan Servicing and Systems operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to the deferred tax liability related to the difference between the carrying amount and tax bases of acquired identifiable intangible assets and the synergies and economies of scale expected from combining the operations of the Company and Great Lakes.

The Great Lakes assets acquired and liabilities assumed were recorded by the Company at their respective fair values at the date of acquisition, and Great Lakes' operating results from the date of acquisition forward are included in the Company's consolidated operating results. During the second quarter of 2018, the Company converted Great Lakes' FFELP and private education loan servicing volume to Nelnet Servicing's servicing platform. In addition, the Company began to combine certain shared services and overhead functions between Great Lakes and the Company. As a result of these operational changes, the results of operations for the three and six months ended June 30, 2018 attributed to Great Lakes since the acquisition are not provided since the results of the Great Lakes legal entity are no longer reflective of the entity acquired.

The following unaudited pro forma information for the Company has been prepared as if the acquisition of Great Lakes had occurred on January 1, 2017. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired.



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Loan servicing and systems revenue	$	114,545	115,559	234,733	231,708

Net income attributable to Nelnet, Inc.	$	49,435	29,174	164,856	86,729

Net income per share - basic and diluted	$	1.21	0.69	4.03	2.05

Intangible Assets

6 Months Ended

Jun. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consist of the following:



	Weighted average remaining useful life as of June 30, 2018 (months)	As of		As of
		June 30,		December 31,
		2018		2017
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $22,413 and $12,715, respectively)	75	$	84,679	24,168
Trade names (net of accumulated amortization of $4,130 and $2,498, respectively)	86	12,563		9,074
Computer software (net of accumulated amortization of $12,633 and $10,013, respectively)	18	5,038		4,958
Covenants not to compete (net of accumulated amortization of $145 and $127, respectively)	71	209		227
Total - amortizable intangible assets, net	74	$	102,489	38,427

The Company recorded amortization expense on its intangible assets of $7.8 million and $2.4 million during the three months ended June 30, 2018 and 2017, respectively, and $14.0 million and $4.7 million during the six months ended June 30, 2018 and 2017, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2018, the Company estimates it will record amortization expense as follows:



2018 (July 1 - December 31)	$	15,336
2019	27,500
2020	24,301
2021	14,481
2022	4,671
2023 and thereafter	16,200
	$	102,489

Goodwill

6 Months Ended

Jun. 30, 2018

Goodwill [Abstract]

Goodwill

The change in the carrying amount of goodwill by reportable operating segment was as follows:



	Loan Servicing and Systems			Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total
Balance as of December 31, 2017	$	8,596		67,168	21,112	41,883	—	138,759
Goodwill acquired during the period	19,697			—	—	—	—	19,697
Balance as of March 31, 2018	28,293			67,168	21,112	41,883	—	158,456
Great Lakes purchase price allocation adjustment	(4,654		)	—	—	—	—	(4,654	)
Balance as of June 30, 2018	$	23,639		67,168	21,112	41,883	—	153,802

Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:



		As of			As of
	Useful life	June 30, 2018			December 31, 2017
Non-communications:
Computer equipment and software	1-5 years	$	142,559		124,708
Building and building improvements	5-48 years	47,257			24,003
Office furniture and equipment	1-10 years	21,737			15,210
Leasehold improvements	1-15 years	9,271			7,759
Transportation equipment	4-10 years	4,425			3,813
Land	—	3,328			2,628
Construction in progress	—	4,708			4,127
		233,285			182,248
Accumulated depreciation - non-communications		(111,179		)	(105,017	)
Non-communications, net property and equipment		122,106			77,231

Communications:
Network plant and fiber	5-15 years	175,192			138,122
Customer located property	5-10 years	17,730			13,767
Central office	5-15 years	13,078			10,754
Transportation equipment	4-10 years	5,990			5,759
Computer equipment and software	1-5 years	4,801			3,790
Other	1-39 years	2,631			2,516
Land	—	70			70
Construction in progress	—	11,994			11,620
		231,486			186,398
Accumulated depreciation - communications		(25,576		)	(15,578	)
Communications, net property and equipment		205,910			170,820
Total property and equipment, net		$	328,016		248,051

The Company recorded depreciation expense on its property and equipment of $13.7 million and $6.7 million during the three months ended June 30, 2018 and 2017, respectively, and $26.0 million and $12.9 million during the six months ended June 30, 2018 and 2017, respectively.

Earnings per Common Share

6 Months Ended

Jun. 30, 2018

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 June 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	48,860	575	49,435	28,457	280	28,737

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,411,359		475,258	40,886,617	41,913,990	412,550	42,326,540
Earnings per share - basic and diluted	$	1.21	1.21	1.21	0.68	0.68	0.68



	Six months ended June 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	161,594	1,765	163,359	77,969	794	78,763

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,476,254		442,142	40,918,396	41,882,702	426,593	42,309,295
Earnings per share - basic and diluted	$	3.99	3.99	3.99	1.86	1.86	1.86

Segment Reporting

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

See note 15 of the notes to consolidated financial statements included in the 2017 Annual Report for a description of the Company's operating segments. As discussed in note 1 above, the names of certain operating segments were changed during the first quarter of 2018. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.



	Three months ended June 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	293		748		1		226,509		6,062		(4,425	)	229,189
Interest expense	—			—		3,303		169,623		2,949		(4,425	)	171,450
Net interest income	293			748		(3,302	)	56,886		3,113		—		57,739
Less provision for loan losses	—			—		—		3,500		—		—		3,500
Net interest income (loss) after provision for loan losses	293			748		(3,302	)	53,386		3,113		—		54,239
Other income:
Loan servicing and systems revenue	114,545			—		—		—		—		—		114,545
Intersegment servicing revenue	11,609			—		—		—		—		(11,609	)	—
Education technology, services, and payment processing revenue	—			48,742		—		—		—		—		48,742
Communications revenue	—			—		10,320		—		—		—		10,320
Other income	1,956			—		—		2,772		4,851		—		9,580
Gain from debt repurchases	—			—		—		—		—		—		—
Derivative settlements, net	—			—		—		22,053		(125	)	—		21,928
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(5,446	)	548		—		(4,897	)
Total other income	128,110			48,742		10,320		19,379		5,274		(11,609	)	200,218
Cost of services:
Cost to provide education technology, services, and payment processing services	—			11,317		—		—		—		—		11,317
Cost to provide communications services	—			—		3,865		—		—		—		3,865
Total cost of services	—			11,317		3,865		—		—		—		15,182
Operating expenses:
Salaries and benefits	69,434			19,513		4,668		377		17,126		—		111,118
Depreciation and amortization	8,212			3,286		5,497		—		4,500		—		21,494
Loan servicing fees	—			—		—		3,204		—		—		3,204
Other expenses	17,490			5,383		3,023		1,288		13,225		—		40,409
Intersegment expenses, net	15,583			2,570		599		11,700		(18,842	)	(11,609	)	—
Total operating expenses	110,719			30,752		13,787		16,569		16,009		(11,609	)	176,225
Income (loss) before income taxes	17,684			7,421		(10,634	)	56,196		(7,622	)	—		63,050
Income tax (expense) benefit (a)	(4,245		)	(1,781	)	2,552		(13,487	)	3,451		—		(13,511	)
Net income (loss)	13,439			5,640		(8,082	)	42,709		(4,171	)	—		49,539
Net income attributable to noncontrolling interests	—			—		—		—		(104	)	—		(104	)
Net income (loss) attributable to Nelnet, Inc.	$	13,439		5,640		(8,082	)	42,709		(4,275	)	—		49,435

Total assets as of June 30, 2018	$	253,140		235,128		252,311		24,092,875		774,086		(398,297	)	25,209,244


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Three months ended June 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	120		3		1		191,368		3,362		(1,776	)	193,078
Interest expense	—			—		1,104		113,073		835		(1,776	)	113,236
Net interest income	120			3		(1,103	)	78,295		2,527		—		79,842
Less provision for loan losses	—			—		—		3,000		—		—		3,000
Net interest income (loss) after provision for loan losses	120			3		(1,103	)	75,295		2,527		—		76,842
Other income:
Loan servicing and systems revenue	56,899			—		—		—		—		—		56,899
Intersegment servicing revenue	9,952			—		—		—		—		(9,952	)	—
Education technology, services, and payment processing revenue	—			43,480		—		—		—		—		43,480
Communications revenue	—			—		5,719		—		—		—		5,719
Other income	—			—		—		3,057		9,429		—		12,485
Gain from debt repurchases	—			—		—		442		—		—		442
Derivative settlements, net	—			—		—		(165	)	(198	)	—		(363	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(27,412	)	(135	)	—		(27,547	)
Total other income	66,851			43,480		5,719		(24,078	)	9,096		(9,952	)	91,115
Cost of services:
Cost to provide education technology, services, and payment processing services	—			9,515		—		—		—		—		9,515
Cost to provide communications services	—			—		2,203		—		—		—		2,203
Total cost of services	—			9,515		2,203		—		—		—		11,718
Operating expenses:
Salaries and benefits	40,506			16,901		3,411		363		13,447		—		74,628
Depreciation and amortization	546			2,346		2,600		—		3,547		—		9,038
Loan servicing fees	—			—		—		5,628		—		—		5,628
Other expenses	8,879			4,594		1,772		820		10,195		—		26,262
Intersegment expenses, net	8,324			2,136		496		10,043		(11,046	)	(9,952	)	—
Total operating expenses	58,255			25,977		8,279		16,854		16,143		(9,952	)	115,556
Income (loss) before income taxes	8,716			7,991		(5,866	)	34,363		(4,520	)	—		40,683
Income tax (expense) benefit	(4,918		)	(3,037	)	2,229		(13,057	)	2,751		—		(16,032	)
Net income (loss)	3,798			4,954		(3,637	)	21,306		(1,769	)	—		24,651
Net loss (income) attributable to noncontrolling interests	4,226			—		—		—		(141	)	—		4,086
Net income (loss) attributable to Nelnet, Inc.	$	8,024		4,954		(3,637	)	21,306		(1,910	)	—		28,737

Total assets as of June 30, 2017	$	99,841		230,145		150,809		24,433,881		684,840		(276,429	)	25,323,087



	Six months ended June 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	550		1,413		2		426,843		10,813		(7,574	)	432,046
Interest expense	—			—		5,812		303,854		4,907		(7,574	)	306,999
Net interest income	550			1,413		(5,810	)	122,989		5,906		—		125,047
Less provision for loan losses	—			—		—		7,500		—		—		7,500
Net interest income (loss) after provision for loan losses	550			1,413		(5,810	)	115,489		5,906		—		117,547
Other income:
Loan servicing and systems revenue	214,687			—		—		—		—		—		214,687
Intersegment servicing revenue	22,380			—		—		—		—		(22,380	)	—
Education technology, services, and payment processing revenue	—			108,963		—		—		—		—		108,963
Communications revenue	—			—		19,509		—		—		—		19,509
Other income	3,248			—		—		5,765		18,765		—		27,776
Gain from debt repurchases	—			—		—		359		—		—		359
Derivative settlements, net	—			—		—		28,979		(285	)	—		28,694
Derivative market value and foreign currency transaction adjustments, net				—		—		53,125		2,010		—		55,135
Total other income	240,315			108,963		19,509		88,228		20,490		(22,380	)	455,123
Cost of services:
Cost to provide education technology, services, and payment processing services	—			25,000		—		—		—		—		25,000
Cost to provide communications services	—			—		7,583		—		—		—		7,583
Total cost of services	—			25,000		7,583		—		—		—		32,583
Operating expenses:
Salaries and benefits	127,971			38,580		8,730		759		31,720		—		207,760
Depreciation and amortization	14,280			6,627		10,418		—		8,626		—		39,951
Loan servicing fees	—			—		—		6,341		—		—		6,341
Other expenses	31,953			10,006		5,660		2,137		24,070		—		73,826
Intersegment expenses, net	28,939			5,136		1,204		22,565		(35,464	)	(22,380	)	—
Total operating expenses	203,143			60,349		26,012		31,802		28,952		(22,380	)	327,878
Income (loss) before income taxes	37,722			25,027		(19,896	)	171,915		(2,556	)	—		212,209
Income tax (expense) benefit (a)	(9,247		)	(6,006	)	4,775		(41,260	)	2,251		—		(49,487	)
Net income (loss)	28,475			19,021		(15,121	)	130,655		(305	)	—		162,722
Net loss (income) attributable to noncontrolling interests	808			—		—		—		(172	)	—		637
Net income (loss) attributable to Nelnet, Inc.	$	29,283		19,021		(15,121	)	130,655		(477	)	—		163,359

Total assets as of June 30, 2018	$	253,140		235,128		252,311		24,092,875		774,086		(398,297	)	25,209,244


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Six months ended June 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	214		5		1		373,693		6,123		(3,135	)	376,902
Interest expense	—			—		1,816		219,824		1,630		(3,135	)	220,135
Net interest income	214			5		(1,815	)	153,869		4,493		—		156,767
Less provision for loan losses	—			—		—		4,000		—		—		4,000
Net interest income (loss) after provision for loan losses	214			5		(1,815	)	149,869		4,493		—		152,767
Other income:
Loan servicing and systems revenue	111,128			—		—		—		—		—		111,128
Intersegment servicing revenue	20,275			—		—		—		—		(20,275	)	—
Education technology, services, and payment processing revenue	—			99,504		—		—		—		—		99,504
Communications revenue	—			—		10,826		—		—		—		10,826
Other income	—			—		—		6,399		18,719		—		25,118
Gain from debt repurchases	—			—		—		981		4,440		—		5,421
Derivative settlements, net	—			—		—		(1,339	)	(402	)	—		(1,741	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(30,823	)	(177	)	—		(31,000	)
Total other income	131,403			99,504		10,826		(24,782	)	22,580		(20,275	)	219,256
Cost of services:
Cost to provide education technology, services, and payment processing services	—			22,305		—		—		—		—		22,305
Cost to provide communications services	—			—		4,157		—		—		—		4,157
Total cost of services	—			22,305		4,157		—		—		—		26,462
Operating expenses:
Salaries and benefits	78,497			33,553		6,390		763		27,287		—		146,491
Depreciation and amortization	1,095			4,737		4,735		—		7,069		—		17,636
Loan servicing fees	—			—		—		11,653		—		—		11,653
Other expenses	18,015			9,202		3,144		1,812		20,249		—		52,423
Intersegment expenses, net	15,722			4,210		1,002		20,455		(21,114	)	(20,275	)	—
Total operating expenses	113,329			51,702		15,271		34,683		33,491		(20,275	)	228,203
Income (loss) before income taxes	18,288			25,502		(10,417	)	90,404		(6,418	)	—		117,358
Income tax (expense) benefit	(9,473		)	(9,690	)	3,959		(34,354	)	4,772		—		(44,787	)
Net income (loss)	8,815			15,812		(6,458	)	56,050		(1,646	)	—		72,571
Net loss (income) attributable to noncontrolling interests	6,641			—		—		—		(450	)	—		6,192
Net income (loss) attributable to Nelnet, Inc.	$	15,456		15,812		(6,458	)	56,050		(2,096	)	—		78,763

Total assets as of June 30, 2017	$	99,841		230,145		150,809		24,433,881		684,840		(276,429	)	25,323,087

Major Customer	6 Months Ended
Major Customer	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing earns loan servicing revenue from a servicing contract with the Department that is currently scheduled to expire on June 16, 2019. Revenue earned by Nelnet Servicing related to this contract was $39.8 million for each of the three months ended June 30, 2018 and 2017, and $79.1 million and $78.8 million for the six months ended June 30, 2018 and 2017, respectively. In addition, Great Lakes, which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department that is currently scheduled to expire on June 16, 2019. Revenue earned by Great Lakes related to this contract was $45.7 million for the three months ended June 30, 2018, and $76.4 million for the period from February 7, 2018 to June 30, 2018. On February 20, 2018, the Department's Office of Federal Student Aid released information regarding a new contract procurement process for the servicing of student loans owned by the Department. The contract solicitation process is divided into two phases. The contract solicitation requests responses from interested vendors for nine components. Vendors may provide a response for an individual, multiple, or all components. Nelnet Servicing and Great Lakes submitted a joint response to Phase One of the procurement on April 17, 2018.

Fair Value

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2018.



	As of June 30, 2018
	Level 1		Level 2	Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	81,673	81,673
Equity securities	2,789		—	2,789
Equity securities measured at net asset value (a)	—		—	12,784
Debt securities - available-for-sale	107		—	107
Total investments	2,896		81,673	97,353
Derivative instruments	—		1,954	1,954
Total assets	$	2,896	83,627	99,307
Liabilities:
Derivative instruments	$	—	5,053	5,053
Total liabilities	$	—	5,053	5,053



	As of December 31, 2017
	Level 1		Level 2	Total
Assets:
Investments (available-for-sale):
Student loan and other asset-backed securities	$	—	76,866	76,866
Equity securities	3,928		—	3,928
Debt securities	108		—	108
Total investments (available-for-sale)	4,036		76,866	80,902
Derivative instruments	—		818	818
Total assets	$	4,036	77,684	81,720
Liabilities:
Derivative instruments	$	—	7,063	7,063
Total liabilities	$	—	7,063	7,063


(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 June 30, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,967,542	22,710,369	—	—	23,967,542
Cash and cash equivalents	67,867		67,867	67,867	—	—
Investments (at fair value)	97,353		97,353	2,896	81,673	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	741,726		741,726	741,726	—	—
Restricted cash – due to customers	154,760		154,760	154,760	—	—
Accrued interest receivable	591,055		591,055	—	591,055	—
Derivative instruments	1,954		1,954	—	1,954	—
Financial liabilities:
Bonds and notes payable	22,680,749		22,468,364	—	22,680,749	—
Accrued interest payable	63,226		63,226	—	63,226	—
Due to customers	154,760		154,760	154,760	—	—
Derivative instruments	5,053		5,053	—	5,053	—



	As of December 31, 2017
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,106,440	21,814,507	—	—	23,106,440
Cash and cash equivalents	66,752		66,752	66,752	—	—
Investments (available-for-sale)	80,902		80,902	4,036	76,866	—
Notes receivable	16,393		16,393	—	16,393	—
Restricted cash	688,193		688,193	688,193	—	—
Restricted cash – due to customers	187,121		187,121	187,121	—	—
Accrued interest receivable	430,385		430,385	—	430,385	—
Derivative instruments	818		818	—	818	—
Financial liabilities:
Bonds and notes payable	21,521,463		21,356,573	—	21,521,463	—
Accrued interest payable	50,039		50,039	—	50,039	—
Due to customers	187,121		187,121	187,121	—	—
Derivative instruments	7,063		7,063	—	7,063	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 21 of the notes to consolidated financial statements included in the 2017 Annual Report.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Basis of Financial Reporting - Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and for the three and six months ended June 30, 2018 and 2017 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2017 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 requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results for the year ending December 31, 2018. 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, 2017 (the "2017 Annual Report").

Accounting Standards Adopted in 2018

In the first quarter of 2018, the Company adopted the following new accounting standards and other guidance:

Revenue Recognition

In May 2014, the Financial Accounting Standards Board ("FASB") issued a new standard related to revenue recognition. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

The Company adopted the standard effective January 1, 2018, using the full retrospective method, which required it to restate each prior reporting period presented. As a result, the Company changed its accounting policy for revenue recognition as detailed in note 2, “Summary of Significant Accounting Policies and Practices.”

The most significant impact of the standard relates to identifying the Company's fee-based Education Technology, Services, and Payment Processing operating segment as the principal in its payment services transactions. As a result of this change, the Company presents the payment services revenue gross with the direct costs to provide these services presented separately. The Company’s other fee-based operating segments will recognize revenue consistent with historical revenue recognition patterns. The majority of the Company's revenue earned in its non-fee-based Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of the new standard.

Equity Investments

In January 2016, the FASB issued new accounting guidance related to the recognition and measurement of financial assets and financial liabilities. The guidance requires equity investments with readily determinable fair values to be measured at fair value, with changes in the fair value recognized through net income (other than those equity investments accounted for under the equity method of accounting or those that result in consolidation of the investee). An entity may choose to measure equity investments without readily determinable fair values at fair value or use the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. In addition, the impairment assessment is simplified by requiring a qualitative assessment to identify impairment.

The guidance requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption to reclassify the cumulative change in fair value of equity securities with readily determinable fair values previously recognized in accumulated other comprehensive income; and along with a related clarifying update, was adopted by the Company as of January 1, 2018. Upon adoption, the Company recorded an immaterial cumulative-effect adjustment to retained earnings, accumulated other comprehensive earnings, and investments and notes receivable. Subsequent to the adoption, the Company is accounting for the majority of its equity investments without readily determinable fair values using the measurement alternative.

Other Comprehensive Income

In February 2018, the FASB issued guidance which allows a reclassification from accumulated other comprehensive earnings to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, which became effective on January 1, 2018. This guidance is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company elected to early adopt this guidance as of January 1, 2018. Upon adoption, the Company recorded an immaterial reclassification between accumulated other comprehensive earnings and retained earnings.

Restricted Cash

In November 2016, the FASB issued accounting guidance related to restricted cash. The new guidance requires that the statement of cash flows present the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and a reconciliation of such total to amounts on the balance sheet. The Company adopted the standard effective January 1, 2018 using the retrospective transition method.

Revenue Recognition

Communications revenue - Communications revenue is derived principally from internet, television, and telephone services and is billed as a flat fee in advance of providing the service. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on the Company's network, are billed in arrears. These are each considered distinct performance obligations. Revenue is recognized monthly for the consideration the Company has a right to invoice. The amount the Company has a right to invoice is an amount that corresponds directly with the value provided to the customer based on the performance completed. The Company recognizes revenue from these services in the period the services are rendered rather than billed. Revenue received or receivable in advance of the delivery of services is included in deferred revenue. Earned but unbilled usage-based services are recorded in accounts receivable.

Assets Recognized from the Costs to Obtain a Contract with a Customer - The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in “other assets” on the consolidated balance sheets.

Education technology, services, and payment processing revenue - Education technology, services, and payment processing revenue consists of the following items:

•

Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously consume and receive benefits.

•

Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously consume and receive benefits.

•

Education technology and services - Education technology and services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith based schools include (i) assistance with financial needs assessment, (ii) automating administrative processes such as admissions, online applications and enrollment services, scheduling, student billing, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice. The amount the Company has a right to invoice is an amount that corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include innovative education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously consume and receive benefits.

Revenue Recognition

The Company applies the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), to its fee-based operating segments. The majority of the Company’s revenue earned in its Asset Generation and Management operating segment, including loan interest and derivative activity, is explicitly excluded from the scope of ASC Topic 606. The Company recognizes revenue under the core principle of ASC Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. Additional information related to the Company's revenue recognition of specific items is provided below.

The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.

Loan servicing and systems revenue - Loan servicing and systems revenue consists of the following items:

•

Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company will perform various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously consume and receive benefits.

•

Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue from remote hosted licenses is allocated to and recognized in the distinct service period, typically a month, and recognized as control transfers, and non-refundable up-front revenue is recognized ratably over the contract period as customers simultaneously consume and receive benefits. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided.


•	Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously consume and receive benefits.

Basis of Financial Reporting - Basis of Financial Reporting (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact on Previous Reporting

Adoption of the revenue recognition standard impacted the Company’s previously reported results on the consolidated statements of income as follows:



	Three months ended June 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	34,224	9,256	43,480
Cost to provide education technology, services, and payment processing services	—		9,256	9,256	(a)



	Six months ended June 30, 2017
	As previously reported		Impact of adoption	As restated
Education technology, services, and payment processing revenue	$	77,844	21,660	99,504
Cost to provide education technology, services, and payment processing services	—		21,660	21,660	(a)


(a)	In addition to the impact of adopting the new revenue recognition standard, as discussed above, the Company reclassified other direct costs to provide education technology, services, and payment processing services which were previously reported as part of "other expenses" to "cost to provide education technology, services, and payment processing services."

Adoption of this standard impacted the Company's previously reported amounts on the consolidated statements of cash flows as follows:



	Six months ended June 30, 2017
	As previously reported		Impact of adoption		As restated
Increase in due to customers	$	—	17,198		17,198
Proceeds from clearinghouse - initial and variation margin, net	25,927		25,589		51,516
Net cash provided by operating activities	132,132		42,787		174,919
Decrease in restricted cash	226,409		(226,409	)	—
Net cash provided by investing activities	1,824,311		(226,409	)	1,597,902

Summary of Significant Accounting Policies and Practices (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table provides disaggregated revenue by service offering:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Government servicing - Nelnet	$	39,781	39,809	79,107	78,815
Government servicing - Great Lakes (a)	45,682		—	76,437	—
FFELP servicing	9,147		3,636	16,838	7,713
Private education and consumer loan servicing	8,882		7,121	21,983	12,938
Software services	8,671		4,326	16,260	8,663
Outsourced services revenue and other	2,382		2,007	4,062	2,999
Loan servicing and systems revenue	$	114,545	56,899	214,687	111,128


(a)	Great Lakes Educational Loan Services, Inc. ("Great Lakes") was acquired by the Company on February 7, 2018. For additional information about the acquisition, see note 7.

The following table provides disaggregated revenue by service offering:



	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018	2017
Tuition payment plan services	$	20,417	18,871		43,404	40,658
Payment processing	16,026		13,885		35,952	32,831
Education technology and services	12,018		10,825		28,993	25,973
Other	281		(101	)	614	42
Education technology, services, and payment processing revenue	$	48,742	43,480		108,963	99,504

The following table provides disaggregated revenue by service offering and customer type:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Internet	$	5,395	2,569	10,091	4,773
Television	3,083		1,760	5,865	3,383
Telephone	1,825		1,344	3,514	2,605
Other	17		46	39	65
Communications revenue	$	10,320	5,719	19,509	10,826

Residential revenue	$	7,727	3,820	14,472	7,172
Business revenue	2,535		1,814	4,917	3,510
Other revenue	58		85	120	144
Communications revenue	$	10,320	5,719	19,509	10,826

Schedule Of Other Income, By Component

The following table provides the components of "other income" on the consolidated statements of income:



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Realized and unrealized gains on investments, net	$	1,136	1,302	10,217	1,618
Borrower late fee income	2,758		3,048	5,741	6,368
Investment advisory fees	1,394		2,294	2,986	5,810
Management fee revenue	1,756		—	2,917	—
Peterson's revenue	—		3,043	—	5,880
Other	2,536		2,798	5,915	5,442
Other income	$	9,580	12,485	27,776	25,118

Schedule of Liabilities from Contracts with Customers

Activity in the deferred revenue balance is shown below:



	Three months ended June 30,					Six months ended June 30,
	2018			2017		2018		2017
Balance, beginning of period	$	22,715		24,268		32,276		33,141
Deferral of revenue	35,502			24,813		52,552		40,731
Recognition of unearned revenue	(32,509		)	(23,070	)	(59,311	)	(47,947	)
Other	(48		)	(57	)	143		29
Balance, end of period	$	25,660		25,954		25,660		25,954

The following table provides information about liabilities from contracts with customers:

Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2018

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable consisted of the following:



	As of			As of
	June 30, 2018			December 31, 2017
Federally insured student loans:
Stafford and other	$	4,879,259		4,418,881
Consolidation	17,715,531			17,302,725
Total	22,594,790			21,721,606
Private education loans	180,935			212,160
Consumer loans	80,560			62,111
	22,856,285			21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(73,831		)	(113,695	)
Non-accretable discount	(18,370		)	(13,085	)
Allowance for loan losses:
Federally insured loans	(37,263		)	(38,706	)
Private education loans	(11,664		)	(12,629	)
Consumer loans	(4,788		)	(3,255	)
	$	22,710,369		21,814,507

Allowance for Credit Losses on Financing Receivables

Activity in the allowance for loan losses is shown below.



	Three months ended June 30, 2018
	Balance at beginning of period		Provision for loan losses		Charge-offs		Recoveries	Other	Balance at end of period
Federally insured loans	$	38,374	2,000		(3,111	)	—	—	37,263
Private education loans	12,255		—		(773	)	182	—	11,664
Consumer loans	4,665		1,500		(1,378	)	1	—	4,788
	$	55,294	3,500		(5,262	)	183	—	53,715

	Three months ended June 30, 2017
Federally insured loans	$	36,687	2,000		(2,825	)	—	—	35,862
Private education loans	13,839		—		(288	)	245	50	13,846
Consumer loans	—		1,000		—		—	—	1,000
	$	50,526	3,000		(3,113	)	245	50	50,708

	Six months ended June 30, 2018
Federally insured loans	$	38,706	4,000		(6,443	)	—	1,000	37,263
Private education loans	12,629		—		(1,312	)	347	—	11,664
Consumer loans	3,255		3,500		(1,973	)	6	—	4,788
	$	54,590	7,500		(9,728	)	353	1,000	53,715

	Six months ended June 30, 2017
Federally insured loans	$	37,268	4,000		(5,406	)	—	—	35,862
Private education loans	14,574		(1,000	)	(370	)	442	200	13,846
Consumer loans	—		1,000		—		—	—	1,000
	$	51,842	4,000		(5,776	)	442	200	50,708

Financing Receivable Credit Quality Indicators

The table below shows the Company’s loan delinquency amounts for federally insured and private education loans.



	As of June 30, 2018				As of December 31, 2017				As of June 30, 2017
Federally insured loans:
Loans in-school/grace/deferment	$	1,349,739			$	1,260,394			$	1,454,802
Loans in forbearance	1,633,600				1,774,405				2,065,167
Loans in repayment status:
Loans current	17,211,088		87.8	%	16,477,004		88.2	%	17,106,921		87.2	%
Loans delinquent 31-60 days	686,083		3.5		682,586		3.7		743,738		3.8
Loans delinquent 61-90 days	500,480		2.6		374,534		2.0		479,552		2.4
Loans delinquent 91-120 days	261,612		1.3		287,922		1.5		267,139		1.4
Loans delinquent 121-270 days	751,526		3.8		629,480		3.4		772,875		3.9
Loans delinquent 271 days or greater	200,662		1.0		235,281		1.2		257,213		1.3
Total loans in repayment	19,611,451		100.0	%	18,686,807		100.0	%	19,627,438		100.0	%
Total federally insured loans	$	22,594,790			$	21,721,606			$	23,147,407
Private education loans:
Loans in-school/grace/deferment	$	4,194			$	6,053			$	32,016
Loans in forbearance	2,012				2,237				1,814
Loans in repayment status:
Loans current	168,093		96.2	%	196,720		96.5	%	202,155		96.7	%
Loans delinquent 31-60 days	1,498		0.9		1,867		0.9		2,066		1.0
Loans delinquent 61-90 days	1,235		0.7		1,052		0.5		1,323		0.6
Loans delinquent 91 days or greater	3,903		2.2		4,231		2.1		3,519		1.7
Total loans in repayment	174,729		100.0	%	203,870		100.0	%	209,063		100.0	%
Total private education loans	$	180,935			$	212,160			$	242,893

Bonds and Notes payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following tables summarize the Company’s outstanding debt obligations by type of instrument:



	As of June 30, 2018
	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	$	19,913,724		2.40% - 4.04%	4/25/24 - 7/26/66
Bonds and notes based on auction	765,548			2.45% - 3.16%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	20,679,272
FFELP warehouse facilities	1,697,691			2.32% / 2.35%	11/19/19 / 5/31/21
Variable-rate bonds and notes issued in private education loan asset-backed securitization	60,153			3.84%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	70,827			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	170,000			3.55%	6/22/23
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.71%	9/15/61
Other borrowings	111,596			2.79% - 5.22%	7/9/18 - 12/15/45
	22,809,920
Discount on bonds and notes payable and debt issuance costs	(341,556		)
Total	$	22,468,364



	As of December 31, 2017
	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	$	20,352,045		1.47% - 3.37%	8/25/21 - 2/25/66
Bonds and notes based on auction	780,829			2.09% - 2.69%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	21,132,874
FFELP warehouse facilities	335,992			1.55% / 1.56%	11/19/19 / 5/31/20
Variable-rate bonds and notes issued in private education loan asset-backed securitization	74,717			3.30%	12/26/40
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	82,647			3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	10,000			2.98%	12/12/21
Unsecured debt - Junior Subordinated Hybrid Securities	20,381			5.07%	9/15/61
Other borrowings	70,516			2.44% - 3.38%	1/12/18 - 12/15/45
	21,727,127
Discount on bonds and notes payable and debt issuance costs	(370,554		)
Total	$	21,356,573

Schedule of Line of Credit Facilities

As of June 30, 2018, the Company had two FFELP warehouse facilities as summarized below.



	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	1,325,000	500,000	1,825,000
Amount outstanding	1,245,448		452,243	1,697,691
Amount available	$	79,552	47,757	127,309
Expiration of liquidity provisions	September 20, 2019		May 31, 2019
Final maturity date	November 19, 2019		May 31, 2021
Maximum advance rates	92 - 98%		85 - 95%
Minimum advance rates	84 - 90%		85 - 95%
Advanced as equity support	$	47,126	37,251	84,377


(a)	On April 24, 2018, the Company increased the maximum financing amount for this warehouse facility from $500.0 million to $1.25 billion. On May 3, 2018, the Company temporarily increased the maximum financing amount for this warehouse facility an additional $75.0 million to $1.325 billion until September 30, 2018.


(b)	On April 24, 2018, the Company amended the agreement for this warehouse facility, which changed the expiration date for the liquidity provisions to May 31, 2019 and changed the final maturity date to May 31, 2021.

Schedule of Asset-Backed Securitization

The following table summarizes the asset-backed securitization transactions completed during the first six months of 2018.

NSLT 2018-1

NSLT 2018-2

Total

Class A-1 Notes

Class A-2 Notes

Total

Date securities issued

3/29/18

6/7/18

Total principal amount

$

98,000

375,750

473,750

509,800

983,550

Cost of funds

1-month LIBOR plus 0.32%

1-month LIBOR plus 0.76%

1-month LIBOR plus 0.65%

Final maturity date

5/25/66

7/26/66

Schedule of Repurchase of Debt

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



	Par value		Purchase price	Gain	Par value	Purchase price	Gain
	Three months ended
	June 30, 2018				June 30, 2017
Asset-backed securities	$	—	—	—	4,088	3,646	442

	Six months ended
	June 30, 2018				June 30, 2017
Asset-backed securities	$	12,905	12,546	359	4,088	3,085	1,003
Unsecured debt - Hybrid Securities	—		—	—	29,658	25,240	4,418
	$	12,905	12,546	359	33,746	28,325	5,421

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").



	As of June 30,		As of December 31,
	2018		2017
Maturity	Notional amount		Notional amount
2018	$	1,750,000	4,250,000
2019	3,500,000		3,500,000
2020	1,000,000		—
2021	250,000		—
2022	2,000,000		1,000,000
2023	750,000		—
2024	250,000		250,000
2026	1,150,000		1,150,000
2027	375,000		375,000
2028	325,000		325,000
2029	100,000		100,000
2031	300,000		300,000
	$	11,750,000	11,250,000

Schedule of 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 June 30, 2018				As of December 31, 2017
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)
2018	$	1,250,000	1.08	%	$	1,350,000	1.07	%
2019	3,250,000		0.97		3,250,000		0.97
2020	1,500,000		1.01		1,500,000		1.01
2023	750,000		2.28		750,000		2.28
2024	300,000		2.28		300,000		2.28
2025	100,000		2.32		100,000		2.32
2027	50,000		2.32		50,000		2.32
2028	100,000		3.03		—		—
	$	7,300,000	1.24	%	$	7,300,000	1.21	%


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

Schedule of Interest Rate Swaps, Unsecured Debt Hedges

The Company had the following derivatives outstanding as of June 30, 2018 and December 31, 2017 that are used to effectively convert the variable interest rate on a designated notional amount with respect to the Hybrid Securities to a fixed rate of 7.66%.



Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)
2036	$	25,000	4.28	%


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

Schedule of Derivatives as Reflected on Balance Sheet

The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets:



	Fair value of asset derivatives			Fair value of liability derivatives
	As of June 30, 2018		As of December 31, 2017	As of June 30, 2018	As of December 31, 2017
Interest rate swap option - floor income hedge	$	1,231	543	—	—
Interest rate caps	723		275	—	—
Interest rate swaps - hybrid debt hedges	—		—	5,053	7,063
Total	$	1,954	818	5,053	7,063

Schedule of Offsetting of Derivative Assets/Liabilities

The following tables include the gross amounts related to the Company's derivative portfolio recognized in the consolidated balance sheets, reconciled to the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received/pledged.



			Gross amounts not offset in the consolidated balance sheets
Derivative assets	Gross amounts of recognized assets presented in the consolidated balance sheets		Derivatives subject to enforceable master netting arrangement	Cash collateral received	Net asset
Balance as of June 30, 2018	$	1,954	—	—	1,954
Balance as of December 31, 2017	818		—	—	818



				Gross amounts not offset in the consolidated balance sheets
Derivative liabilities	Gross amounts of recognized liabilities presented in the consolidated balance sheets			Derivatives subject to enforceable master netting arrangement	Cash collateral pledged	Net asset (liability)
Balance as of June 30, 2018	$	(5,053	)	—	7,520	2,467
Balance as of December 31, 2017	(7,063		)	—	8,520	1,457

Schedule of Income Statement Impact

The following table summarizes the components of "derivative market value and foreign currency transaction adjustments and derivative settlements, net" included in the consolidated statements of income.



	Three months ended June 30,					Six months ended June 30,
	2018			2017		2018		2017
Settlements:
1:3 basis swaps	$	2,979		(362	)	1,315		336
Interest rate swaps - floor income hedges	19,074			2,114		27,664		1,994
Interest rate swaps - hybrid debt hedges	(125		)	(198	)	(285	)	(402	)
Cross-currency interest rate swap	—			(1,917	)	—		(3,669	)
Total settlements - income (expense)	21,928			(363	)	28,694		(1,741	)
Change in fair value:
1:3 basis swaps	(2,522		)	(8,841	)	10,775		(11,416	)
Interest rate swaps - floor income hedges	(2,766		)	(17,810	)	41,434		(13,485	)
Interest rate swap option - floor income hedge	(279		)	(828	)	468		(1,712	)
Interest rate caps	122			(311	)	448		(833	)
Interest rate swaps - hybrid debt hedges	548			(453	)	2,010		(34	)
Cross-currency interest rate swap	—			27,639		—		28,574
Other	—			318		—		(143	)
Total change in fair value - income (expense)	(4,897		)	(286	)	55,135		951
Re-measurement of Euro Notes (foreign currency transaction adjustment)	—			(27,261	)	—		(31,951	)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	$	17,031		(27,910	)	83,829		(32,741	)

Investments and Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2018

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments and notes receivable follows:



	As of June 30, 2018
	Amortized cost		Gross unrealized gains	Gross unrealized losses			Fair value

Investments (at fair value):
Student loan asset-backed and other debt securities - available-for-sale (a)	$	78,274	3,714	(208	)	(b)	81,780
Equity securities	11,638		4,290	(355	)		15,573
Total investments (at fair value)	$	89,912	8,004	(563	)		97,353

Other Investments and Notes Receivable (not measured at fair value):
Venture capital:
Measurement alternative (c)							69,961
Equity method							14,499
Other							783
Total venture capital							85,243
Real estate:
Equity method							19,896
Other							29,724
Total real estate							49,620

Notes receivable							16,373
Tax liens and affordable housing							8,058
Total investments and notes receivable (not measured at fair value)							159,294
Total investments and notes receivable							$	256,647



	As of December 31, 2017
	Amortized cost		Gross unrealized gains	Gross unrealized losses		Fair value

Investments (at fair value):
Available-for-sale investments:
Student loan asset-backed and other debt securities	$	71,943	5,056	(25	)	76,974
Equity securities	1,630		2,298	—		3,928
Total available-for-sale investments	$	73,573	7,354	(25	)	80,902

Other Investments and Notes Receivable (not measured at fair value):
Venture capital and funds						84,752
Real estate						49,464
Notes receivable						16,393
Tax liens and affordable housing						9,027
Total investments and notes receivable						$	240,538


(a)	As of June 30, 2018, the stated maturities of substantially all of the Company's student loan asset-backed and other debt securities classified as available-for-sale were greater than 10 years.

(b)

As of June 30, 2018, the aggregate fair value of available-for-sale investments with unrealized losses was $17.9 million, of which none had been in a continuous unrealized loss position for greater than 12 months. Because the Company currently has the intent and ability to retain these investments for an anticipated recovery in fair value, as of June 30, 2018, the Company considered the decline in market value of its available-for-sale investments to be temporary in nature and did not consider any of its investments other-than-temporarily impaired.

(c)

The Company accounts for the majority of its equity securities without readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (the measurement alternative method). For the three and six months ended June 30, 2018, the Company recorded no impairments and upward adjustments of $0.3 million and $7.2 million, respectively, on these investments. The impacts related to the adjustments to these investments are included in "other income" in the consolidated statements of income. The upward adjustments were made as a result of observable price changes.

Business Combination (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended June 30, 2018, 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 was a decrease to goodwill, and the adjustments had no impact on operating results. The fair value assigned to the acquisition of the noncontrolling interest in GreatNet reduced the total consideration allocated to the assets acquired and liabilities assumed of Great Lakes from $150.0 million to $136.6 million.



Cash and cash equivalents	$	27,399
Accounts receivable	23,708
Property and equipment	35,919
Other assets	14,018
Intangible assets	75,329
Excess cost over fair value of net assets acquired (goodwill)	15,043
Other liabilities	(54,865		)
Net assets acquired	$	136,551

Schedule of Pro Forma Information

The following unaudited pro forma information for the Company has been prepared as if the acquisition of Great Lakes had occurred on January 1, 2017. The information is based on the historical results of the separate companies and may not necessarily be indicative of the results that could have been achieved or of results that may occur in the future. The pro forma adjustments include the impact of depreciation and amortization of property and equipment and intangible assets acquired.



	Three months ended June 30,			Six months ended June 30,
	2018		2017	2018	2017
Loan servicing and systems revenue	$	114,545	115,559	234,733	231,708

Net income attributable to Nelnet, Inc.	$	49,435	29,174	164,856	86,729

Net income per share - basic and diluted	$	1.21	0.69	4.03	2.05

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Intangible Assets

Intangible assets consist of the following:



	Weighted average remaining useful life as of June 30, 2018 (months)	As of		As of
		June 30,		December 31,
		2018		2017
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $22,413 and $12,715, respectively)	75	$	84,679	24,168
Trade names (net of accumulated amortization of $4,130 and $2,498, respectively)	86	12,563		9,074
Computer software (net of accumulated amortization of $12,633 and $10,013, respectively)	18	5,038		4,958
Covenants not to compete (net of accumulated amortization of $145 and $127, respectively)	71	209		227
Total - amortizable intangible assets, net	74	$	102,489	38,427

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2018, the Company estimates it will record amortization expense as follows:



2018 (July 1 - December 31)	$	15,336
2019	27,500
2020	24,301
2021	14,481
2022	4,671
2023 and thereafter	16,200
	$	102,489

Goodwill (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill [Abstract]

Schedule of Goodwill

The change in the carrying amount of goodwill by reportable operating segment was as follows:



	Loan Servicing and Systems			Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Corporate and Other Activities	Total
Balance as of December 31, 2017	$	8,596		67,168	21,112	41,883	—	138,759
Goodwill acquired during the period	19,697			—	—	—	—	19,697
Balance as of March 31, 2018	28,293			67,168	21,112	41,883	—	158,456
Great Lakes purchase price allocation adjustment	(4,654		)	—	—	—	—	(4,654	)
Balance as of June 30, 2018	$	23,639		67,168	21,112	41,883	—	153,802

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:



		As of			As of
	Useful life	June 30, 2018			December 31, 2017
Non-communications:
Computer equipment and software	1-5 years	$	142,559		124,708
Building and building improvements	5-48 years	47,257			24,003
Office furniture and equipment	1-10 years	21,737			15,210
Leasehold improvements	1-15 years	9,271			7,759
Transportation equipment	4-10 years	4,425			3,813
Land	—	3,328			2,628
Construction in progress	—	4,708			4,127
		233,285			182,248
Accumulated depreciation - non-communications		(111,179		)	(105,017	)
Non-communications, net property and equipment		122,106			77,231

Communications:
Network plant and fiber	5-15 years	175,192			138,122
Customer located property	5-10 years	17,730			13,767
Central office	5-15 years	13,078			10,754
Transportation equipment	4-10 years	5,990			5,759
Computer equipment and software	1-5 years	4,801			3,790
Other	1-39 years	2,631			2,516
Land	—	70			70
Construction in progress	—	11,994			11,620
		231,486			186,398
Accumulated depreciation - communications		(25,576		)	(15,578	)
Communications, net property and equipment		205,910			170,820
Total property and equipment, net		$	328,016		248,051

Earnings per Common Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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 June 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	48,860	575	49,435	28,457	280	28,737

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,411,359		475,258	40,886,617	41,913,990	412,550	42,326,540
Earnings per share - basic and diluted	$	1.21	1.21	1.21	0.68	0.68	0.68



	Six months ended June 30,
	2018				2017
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	161,594	1,765	163,359	77,969	794	78,763

Denominator:
Weighted-average common shares outstanding - basic and diluted	40,476,254		442,142	40,918,396	41,882,702	426,593	42,309,295
Earnings per share - basic and diluted	$	3.99	3.99	3.99	1.86	1.86	1.86

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

See note 15 of the notes to consolidated financial statements included in the 2017 Annual Report for a description of the Company's operating segments. As discussed in note 1 above, the names of certain operating segments were changed during the first quarter of 2018. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.



	Three months ended June 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	293		748		1		226,509		6,062		(4,425	)	229,189
Interest expense	—			—		3,303		169,623		2,949		(4,425	)	171,450
Net interest income	293			748		(3,302	)	56,886		3,113		—		57,739
Less provision for loan losses	—			—		—		3,500		—		—		3,500
Net interest income (loss) after provision for loan losses	293			748		(3,302	)	53,386		3,113		—		54,239
Other income:
Loan servicing and systems revenue	114,545			—		—		—		—		—		114,545
Intersegment servicing revenue	11,609			—		—		—		—		(11,609	)	—
Education technology, services, and payment processing revenue	—			48,742		—		—		—		—		48,742
Communications revenue	—			—		10,320		—		—		—		10,320
Other income	1,956			—		—		2,772		4,851		—		9,580
Gain from debt repurchases	—			—		—		—		—		—		—
Derivative settlements, net	—			—		—		22,053		(125	)	—		21,928
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(5,446	)	548		—		(4,897	)
Total other income	128,110			48,742		10,320		19,379		5,274		(11,609	)	200,218
Cost of services:
Cost to provide education technology, services, and payment processing services	—			11,317		—		—		—		—		11,317
Cost to provide communications services	—			—		3,865		—		—		—		3,865
Total cost of services	—			11,317		3,865		—		—		—		15,182
Operating expenses:
Salaries and benefits	69,434			19,513		4,668		377		17,126		—		111,118
Depreciation and amortization	8,212			3,286		5,497		—		4,500		—		21,494
Loan servicing fees	—			—		—		3,204		—		—		3,204
Other expenses	17,490			5,383		3,023		1,288		13,225		—		40,409
Intersegment expenses, net	15,583			2,570		599		11,700		(18,842	)	(11,609	)	—
Total operating expenses	110,719			30,752		13,787		16,569		16,009		(11,609	)	176,225
Income (loss) before income taxes	17,684			7,421		(10,634	)	56,196		(7,622	)	—		63,050
Income tax (expense) benefit (a)	(4,245		)	(1,781	)	2,552		(13,487	)	3,451		—		(13,511	)
Net income (loss)	13,439			5,640		(8,082	)	42,709		(4,171	)	—		49,539
Net income attributable to noncontrolling interests	—			—		—		—		(104	)	—		(104	)
Net income (loss) attributable to Nelnet, Inc.	$	13,439		5,640		(8,082	)	42,709		(4,275	)	—		49,435

Total assets as of June 30, 2018	$	253,140		235,128		252,311		24,092,875		774,086		(398,297	)	25,209,244


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Three months ended June 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	120		3		1		191,368		3,362		(1,776	)	193,078
Interest expense	—			—		1,104		113,073		835		(1,776	)	113,236
Net interest income	120			3		(1,103	)	78,295		2,527		—		79,842
Less provision for loan losses	—			—		—		3,000		—		—		3,000
Net interest income (loss) after provision for loan losses	120			3		(1,103	)	75,295		2,527		—		76,842
Other income:
Loan servicing and systems revenue	56,899			—		—		—		—		—		56,899
Intersegment servicing revenue	9,952			—		—		—		—		(9,952	)	—
Education technology, services, and payment processing revenue	—			43,480		—		—		—		—		43,480
Communications revenue	—			—		5,719		—		—		—		5,719
Other income	—			—		—		3,057		9,429		—		12,485
Gain from debt repurchases	—			—		—		442		—		—		442
Derivative settlements, net	—			—		—		(165	)	(198	)	—		(363	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(27,412	)	(135	)	—		(27,547	)
Total other income	66,851			43,480		5,719		(24,078	)	9,096		(9,952	)	91,115
Cost of services:
Cost to provide education technology, services, and payment processing services	—			9,515		—		—		—		—		9,515
Cost to provide communications services	—			—		2,203		—		—		—		2,203
Total cost of services	—			9,515		2,203		—		—		—		11,718
Operating expenses:
Salaries and benefits	40,506			16,901		3,411		363		13,447		—		74,628
Depreciation and amortization	546			2,346		2,600		—		3,547		—		9,038
Loan servicing fees	—			—		—		5,628		—		—		5,628
Other expenses	8,879			4,594		1,772		820		10,195		—		26,262
Intersegment expenses, net	8,324			2,136		496		10,043		(11,046	)	(9,952	)	—
Total operating expenses	58,255			25,977		8,279		16,854		16,143		(9,952	)	115,556
Income (loss) before income taxes	8,716			7,991		(5,866	)	34,363		(4,520	)	—		40,683
Income tax (expense) benefit	(4,918		)	(3,037	)	2,229		(13,057	)	2,751		—		(16,032	)
Net income (loss)	3,798			4,954		(3,637	)	21,306		(1,769	)	—		24,651
Net loss (income) attributable to noncontrolling interests	4,226			—		—		—		(141	)	—		4,086
Net income (loss) attributable to Nelnet, Inc.	$	8,024		4,954		(3,637	)	21,306		(1,910	)	—		28,737

Total assets as of June 30, 2017	$	99,841		230,145		150,809		24,433,881		684,840		(276,429	)	25,323,087



	Six months ended June 30, 2018
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	550		1,413		2		426,843		10,813		(7,574	)	432,046
Interest expense	—			—		5,812		303,854		4,907		(7,574	)	306,999
Net interest income	550			1,413		(5,810	)	122,989		5,906		—		125,047
Less provision for loan losses	—			—		—		7,500		—		—		7,500
Net interest income (loss) after provision for loan losses	550			1,413		(5,810	)	115,489		5,906		—		117,547
Other income:
Loan servicing and systems revenue	214,687			—		—		—		—		—		214,687
Intersegment servicing revenue	22,380			—		—		—		—		(22,380	)	—
Education technology, services, and payment processing revenue	—			108,963		—		—		—		—		108,963
Communications revenue	—			—		19,509		—		—		—		19,509
Other income	3,248			—		—		5,765		18,765		—		27,776
Gain from debt repurchases	—			—		—		359		—		—		359
Derivative settlements, net	—			—		—		28,979		(285	)	—		28,694
Derivative market value and foreign currency transaction adjustments, net				—		—		53,125		2,010		—		55,135
Total other income	240,315			108,963		19,509		88,228		20,490		(22,380	)	455,123
Cost of services:
Cost to provide education technology, services, and payment processing services	—			25,000		—		—		—		—		25,000
Cost to provide communications services	—			—		7,583		—		—		—		7,583
Total cost of services	—			25,000		7,583		—		—		—		32,583
Operating expenses:
Salaries and benefits	127,971			38,580		8,730		759		31,720		—		207,760
Depreciation and amortization	14,280			6,627		10,418		—		8,626		—		39,951
Loan servicing fees	—			—		—		6,341		—		—		6,341
Other expenses	31,953			10,006		5,660		2,137		24,070		—		73,826
Intersegment expenses, net	28,939			5,136		1,204		22,565		(35,464	)	(22,380	)	—
Total operating expenses	203,143			60,349		26,012		31,802		28,952		(22,380	)	327,878
Income (loss) before income taxes	37,722			25,027		(19,896	)	171,915		(2,556	)	—		212,209
Income tax (expense) benefit (a)	(9,247		)	(6,006	)	4,775		(41,260	)	2,251		—		(49,487	)
Net income (loss)	28,475			19,021		(15,121	)	130,655		(305	)	—		162,722
Net loss (income) attributable to noncontrolling interests	808			—		—		—		(172	)	—		637
Net income (loss) attributable to Nelnet, Inc.	$	29,283		19,021		(15,121	)	130,655		(477	)	—		163,359

Total assets as of June 30, 2018	$	253,140		235,128		252,311		24,092,875		774,086		(398,297	)	25,209,244


(a)	As a result of the Tax Cuts and Jobs Act, beginning January 1, 2018, income taxes are allocated based on 24% of income before taxes for each individual operating segment. The difference between the consolidated income tax expense and the sum of the taxes calculated for each operating segment, if any, is included in income taxes in Corporate and Other Activities.



	Six months ended June 30, 2017
	Loan Servicing and Systems			Education Technology, Services, and Payment Processing		Communications		Asset Generation and Management		Corporate and Other Activities		Eliminations		Total
Total interest income	$	214		5		1		373,693		6,123		(3,135	)	376,902
Interest expense	—			—		1,816		219,824		1,630		(3,135	)	220,135
Net interest income	214			5		(1,815	)	153,869		4,493		—		156,767
Less provision for loan losses	—			—		—		4,000		—		—		4,000
Net interest income (loss) after provision for loan losses	214			5		(1,815	)	149,869		4,493		—		152,767
Other income:
Loan servicing and systems revenue	111,128			—		—		—		—		—		111,128
Intersegment servicing revenue	20,275			—		—		—		—		(20,275	)	—
Education technology, services, and payment processing revenue	—			99,504		—		—		—		—		99,504
Communications revenue	—			—		10,826		—		—		—		10,826
Other income	—			—		—		6,399		18,719		—		25,118
Gain from debt repurchases	—			—		—		981		4,440		—		5,421
Derivative settlements, net	—			—		—		(1,339	)	(402	)	—		(1,741	)
Derivative market value and foreign currency transaction adjustments, net	—			—		—		(30,823	)	(177	)	—		(31,000	)
Total other income	131,403			99,504		10,826		(24,782	)	22,580		(20,275	)	219,256
Cost of services:
Cost to provide education technology, services, and payment processing services	—			22,305		—		—		—		—		22,305
Cost to provide communications services	—			—		4,157		—		—		—		4,157
Total cost of services	—			22,305		4,157		—		—		—		26,462
Operating expenses:
Salaries and benefits	78,497			33,553		6,390		763		27,287		—		146,491
Depreciation and amortization	1,095			4,737		4,735		—		7,069		—		17,636
Loan servicing fees	—			—		—		11,653		—		—		11,653
Other expenses	18,015			9,202		3,144		1,812		20,249		—		52,423
Intersegment expenses, net	15,722			4,210		1,002		20,455		(21,114	)	(20,275	)	—
Total operating expenses	113,329			51,702		15,271		34,683		33,491		(20,275	)	228,203
Income (loss) before income taxes	18,288			25,502		(10,417	)	90,404		(6,418	)	—		117,358
Income tax (expense) benefit	(9,473		)	(9,690	)	3,959		(34,354	)	4,772		—		(44,787	)
Net income (loss)	8,815			15,812		(6,458	)	56,050		(1,646	)	—		72,571
Net loss (income) attributable to noncontrolling interests	6,641			—		—		—		(450	)	—		6,192
Net income (loss) attributable to Nelnet, Inc.	$	15,456		15,812		(6,458	)	56,050		(2,096	)	—		78,763

Total assets as of June 30, 2017	$	99,841		230,145		150,809		24,433,881		684,840		(276,429	)	25,323,087

Fair Value (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the six months ended June 30, 2018.



	As of June 30, 2018
	Level 1		Level 2	Total
Assets:
Investments:
Student loan and other asset-backed securities - available-for-sale	$	—	81,673	81,673
Equity securities	2,789		—	2,789
Equity securities measured at net asset value (a)	—		—	12,784
Debt securities - available-for-sale	107		—	107
Total investments	2,896		81,673	97,353
Derivative instruments	—		1,954	1,954
Total assets	$	2,896	83,627	99,307
Liabilities:
Derivative instruments	$	—	5,053	5,053
Total liabilities	$	—	5,053	5,053



	As of December 31, 2017
	Level 1		Level 2	Total
Assets:
Investments (available-for-sale):
Student loan and other asset-backed securities	$	—	76,866	76,866
Equity securities	3,928		—	3,928
Debt securities	108		—	108
Total investments (available-for-sale)	4,036		76,866	80,902
Derivative instruments	—		818	818
Total assets	$	4,036	77,684	81,720
Liabilities:
Derivative instruments	$	—	7,063	7,063
Total liabilities	$	—	7,063	7,063


(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, by Balance Sheet Grouping

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



	As of June 30, 2018
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,967,542	22,710,369	—	—	23,967,542
Cash and cash equivalents	67,867		67,867	67,867	—	—
Investments (at fair value)	97,353		97,353	2,896	81,673	—
Notes receivable	16,373		16,373	—	16,373	—
Restricted cash	741,726		741,726	741,726	—	—
Restricted cash – due to customers	154,760		154,760	154,760	—	—
Accrued interest receivable	591,055		591,055	—	591,055	—
Derivative instruments	1,954		1,954	—	1,954	—
Financial liabilities:
Bonds and notes payable	22,680,749		22,468,364	—	22,680,749	—
Accrued interest payable	63,226		63,226	—	63,226	—
Due to customers	154,760		154,760	154,760	—	—
Derivative instruments	5,053		5,053	—	5,053	—



	As of December 31, 2017
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	23,106,440	21,814,507	—	—	23,106,440
Cash and cash equivalents	66,752		66,752	66,752	—	—
Investments (available-for-sale)	80,902		80,902	4,036	76,866	—
Notes receivable	16,393		16,393	—	16,393	—
Restricted cash	688,193		688,193	688,193	—	—
Restricted cash – due to customers	187,121		187,121	187,121	—	—
Accrued interest receivable	430,385		430,385	—	430,385	—
Derivative instruments	818		818	—	818	—
Financial liabilities:
Bonds and notes payable	21,521,463		21,356,573	—	21,521,463	—
Accrued interest payable	50,039		50,039	—	50,039	—
Due to customers	187,121		187,121	187,121	—	—
Derivative instruments	7,063		7,063	—	7,063	—

Basis of Financial Reporting - Schedule of Impact on Previous Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods and services	$ 15,182	$ 11,718	$ 32,583	$ 26,462
Education Technology Services And Payment Processing Services [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	48,742	43,480	108,963	99,504
Cost of goods and services	$ 11,317	9,515	$ 25,000	22,305
Education Technology Services And Payment Processing Services [Member] \| Restatement Adjustment [Member] \| Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		9,256		21,660
Cost of goods and services		9,256		21,660
Education Technology Services And Payment Processing Services [Member] \| Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue		34,224		77,844
Cost of goods and services		0		0
Prior To Reclassification [Member] \| Education Technology Services And Payment Processing Services [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of goods and services		$ 9,256		$ 21,660

Basis of Financial Reporting - Schedule of Restricted Cash Previous Reporting (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in due to customers	$ (32,361)	$ 17,198
Proceeds from clearinghouse - initial and variation margin, net	40,261	51,516
Net cash provided by operating activities	71,631	174,919
Decrease in restricted cash		0
Net cash provided by investing activities	$ (1,085,583)	1,597,902
Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in due to customers		0
Proceeds from clearinghouse - initial and variation margin, net		25,927
Net cash provided by operating activities		132,132
Decrease in restricted cash		226,409
Net cash provided by investing activities		1,824,311
Accounting Standards Update 2016-18 [Member] \| Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in due to customers		17,198
Proceeds from clearinghouse - initial and variation margin, net		25,589
Net cash provided by operating activities		42,787
Decrease in restricted cash		(226,409)
Net cash provided by investing activities		$ (226,409)

Summary of Significant Accounting Policies and Practices - Schedule of Disaggregation of Revenue By Service Offerings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Loan Servicing And Systems Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 114,545	$ 56,899	$ 214,687	$ 111,128
Government Servicing - Nelnet [Member]
Disaggregation of Revenue [Line Items]
Revenue	39,781	39,809	79,107	78,815
Government Servicing - Great Lakes [Member]
Disaggregation of Revenue [Line Items]
Revenue	45,682	0	76,437	0
FFELP Servicing [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,147	3,636	16,838	7,713
Private Education And Consumer Loan Servicing [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,882	7,121	21,983	12,938
Software Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	8,671	4,326	16,260	8,663
Outsourced Services Revenue And Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,382	2,007	4,062	2,999
Education Technology Services And Payment Processing Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	48,742	43,480	108,963	99,504
Tuition Payment Plan Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	20,417	18,871	43,404	40,658
Payment Processing [Member]
Disaggregation of Revenue [Line Items]
Revenue	16,026	13,885	35,952	32,831
Education Technology And Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,018	10,825	28,993	25,973
Other Service Offering [Member]
Disaggregation of Revenue [Line Items]
Revenue	281	(101)	614	42
Communication Revenue, Service Offering [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,320	5,719	19,509	10,826
Internet [Member]
Disaggregation of Revenue [Line Items]
Revenue	5,395	2,569	10,091	4,773
Television [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,083	1,760	5,865	3,383
Telephone [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,825	1,344	3,514	2,605
Other Communication Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	17	46	39	65
Communications Revenue, Customer [Member]
Disaggregation of Revenue [Line Items]
Revenue	10,320	5,719	19,509	10,826
Residential Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,727	3,820	14,472	7,172
Business Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,535	1,814	4,917	3,510
Other Customer Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 58	$ 85	$ 120	$ 144

Summary of Significant Accounting Policies and Practices - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Realized and unrealized gains on investments, net	$ 1,136	$ 1,302	$ 10,217	$ 1,618
Borrower late fee income	2,758	3,048	5,741	6,368
Peterson's revenue	0	3,043	0	5,880
Other	2,536	2,798	5,915	5,442
Other income	9,580	12,485	27,776	25,118
Investment Advice [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,394	2,294	2,986	5,810
Administrative Service [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 1,756	$ 0	$ 2,917	$ 0

Summary of Significant Accounting Policies and Practices - Schedule of Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Deferred revenue, which is included in other liabilities on the consolidated balance sheets	$ 25,660	$ 22,715	$ 32,276	$ 25,954	$ 24,268	$ 33,141

Summary of Significant Accounting Policies and Practices - Schedule of Changes in Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 22,715	$ 24,268	$ 32,276	$ 33,141
Deferral of revenue	35,502	24,813	52,552	40,731
Recognition of unearned revenue	(32,509)	(23,070)	(59,311)	(47,947)
Other	(48)	(57)	143	29
Balance, end of period	$ 25,660	$ 25,954	$ 25,660	$ 25,954

Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	$ 22,856,285		$ 21,995,877
Loan discount, net of unamortized loan premiums and deferred origination costs	(73,831)		(113,695)
Allowance for loan losses	(53,715)	$ (55,294)	(54,590)	$ (50,708)	$ (50,526)	$ (51,842)
Student loans receivable	22,710,369		21,814,507
Non-accretable discount [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan discount, net of unamortized loan premiums and deferred origination costs	(18,370)		(13,085)
Consumer Portfolio Segment, Federally Insured [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	22,594,790		21,721,606
Allowance for loan losses	(37,263)	(38,374)	(38,706)	(35,862)	(36,687)	(37,268)
Consumer Portfolio Segment, Federally Insured [Member] \| Student Loan, Stafford And Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	4,879,259		4,418,881
Consumer Portfolio Segment, Federally Insured [Member] \| Student Loan, Consolidation Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	17,715,531		17,302,725
Consumer Portfolio Segment, Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	180,935		212,160
Allowance for loan losses	(11,664)	(12,255)	(12,629)	(13,846)	(13,839)	(14,574)
Consumer Portfolio Segment, Consumer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Student loans receivable, gross	80,560		62,111
Allowance for loan losses	$ (4,788)	$ (4,665)	$ (3,255)	$ (1,000)	$ 0	$ 0

Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 55,294	$ 50,526	$ 54,590	$ 51,842
Less provision for loan losses	3,500	3,000	7,500	4,000
Charge-offs	(5,262)	(3,113)	(9,728)	(5,776)
Recoveries	183	245	353	442
Other	0	50	1,000	200
Balance at end of period	53,715	50,708	53,715	50,708
Consumer Portfolio Segment, Federally Insured [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	38,374	36,687	38,706	37,268
Less provision for loan losses	2,000	2,000	4,000	4,000
Charge-offs	(3,111)	(2,825)	(6,443)	(5,406)
Recoveries	0	0	0	0
Other	0	0	1,000	0
Balance at end of period	37,263	35,862	37,263	35,862
Consumer Portfolio Segment, Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	12,255	13,839	12,629	14,574
Less provision for loan losses	0	0	0	(1,000)
Charge-offs	(773)	(288)	(1,312)	(370)
Recoveries	182	245	347	442
Other	0	50	0	200
Balance at end of period	11,664	13,846	11,664	13,846
Consumer Portfolio Segment, Consumer Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	4,665	0	3,255	0
Less provision for loan losses	1,500	1,000	3,500	1,000
Charge-offs	(1,378)	0	(1,973)	0
Recoveries	1	0	6	0
Other	0	0	0	0
Balance at end of period	$ 4,788	$ 1,000	$ 4,788	$ 1,000

Loans Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 22,856,285	$ 21,995,877
Consumer Portfolio Segment, Federally Insured [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	22,594,790	21,721,606
Consumer Portfolio Segment, Federally Insured [Member] \| Federally insured loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	1,349,739	1,260,394	$ 1,454,802
Loans in forbearance	1,633,600	1,774,405	2,065,167
Total loans	22,594,790	21,721,606	23,147,407
Loans in repayment status:
Loans current	$ 17,211,088	$ 16,477,004	$ 17,106,921
Loans current, percentage	87.80%	88.20%	87.20%
Total loans in repayment	$ 19,611,451	$ 18,686,807	$ 19,627,438
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 686,083	$ 682,586	$ 743,738
Loans past due, percentage	3.50%	3.70%	3.80%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 500,480	$ 374,534	$ 479,552
Loans past due, percentage	2.60%	2.00%	2.40%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 91-120 days past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 261,612	$ 287,922	$ 267,139
Loans past due, percentage	1.30%	1.50%	1.40%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 121-270 days past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 751,526	$ 629,480	$ 772,875
Loans past due, percentage	3.80%	3.40%	3.90%
Consumer Portfolio Segment, Federally Insured [Member] \| Financing receivables, 271 days or greater past due [Member] \| Federally insured loans [Member]
Loans in repayment status:
Loans past due	$ 200,662	$ 235,281	$ 257,213
Loans past due, percentage	1.00%	1.20%	1.30%
Consumer Portfolio Segment, Private Education Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 180,935	$ 212,160
Consumer Portfolio Segment, Private Education Loans [Member] \| Private education loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	4,194	6,053	$ 32,016
Loans in forbearance	2,012	2,237	1,814
Total loans	180,935	212,160	242,893
Loans in repayment status:
Loans current	$ 168,093	$ 196,720	$ 202,155
Loans current, percentage	96.20%	96.50%	96.70%
Total loans in repayment	$ 174,729	$ 203,870	$ 209,063
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 1,498	$ 1,867	$ 2,066
Loans past due, percentage	0.90%	0.90%	1.00%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 1,235	$ 1,052	$ 1,323
Loans past due, percentage	0.70%	0.50%	0.60%
Consumer Portfolio Segment, Private Education Loans [Member] \| Financing Receivables, Equal to Greater than 91 Days Past Due [Member] \| Private education loans [Member]
Loans in repayment status:
Loans past due	$ 3,903	$ 4,231	$ 3,519
Loans past due, percentage	2.20%	2.10%	1.70%

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Bonds and notes payable	$ 22,468,364	$ 21,356,573
Discount on bonds and notes payable and debt issuance costs	(341,556)	(370,554)
Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Bonds and notes payable	1,697,691	335,992
Line of Credit [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 170,000	$ 10,000
Interest rate range	3.55%	2.98%
Junior Subordinated Debt [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 20,381	$ 20,381
Interest rate range	5.712%	5.069%
Other borrowings [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 111,596	$ 70,516
Bonds and notes payable, gross [Member]
Debt Instrument [Line Items]
Bonds and notes payable	22,809,920	21,727,127
Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Bonds and notes payable	19,913,724	20,352,045
Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Bonds and notes payable	765,548	780,829
Federally insured [Member] \| Variable-rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	20,679,272	21,132,874
Private education [Member] \| Variable-rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 60,153	$ 74,717
Interest rate range	3.84%	3.30%
Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Bonds and notes payable	$ 70,827	$ 82,647
Minimum [Member] \| Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Interest rate range	2.32%	1.55%
Minimum [Member] \| Other borrowings [Member]
Debt Instrument [Line Items]
Interest rate range	2.79%	2.44%
Minimum [Member] \| Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Interest rate range	2.40%	1.47%
Minimum [Member] \| Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Interest rate range	2.45%	2.09%
Minimum [Member] \| Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Interest rate range	3.60%	3.60%
Maximum [Member] \| Warehouse facilities [Member] \| FFELP Warehouse Total [Member]
Debt Instrument [Line Items]
Interest rate range	2.35%	1.56%
Maximum [Member] \| Other borrowings [Member]
Debt Instrument [Line Items]
Interest rate range	5.22%	3.38%
Maximum [Member] \| Federally insured [Member] \| Bonds and notes based on indices [Member]
Debt Instrument [Line Items]
Interest rate range	4.04%	3.37%
Maximum [Member] \| Federally insured [Member] \| Bonds and notes based on auction or remarketing [Member]
Debt Instrument [Line Items]
Interest rate range	3.16%	2.69%
Maximum [Member] \| Private education [Member] \| Fixed rate bonds and notes [Member]
Debt Instrument [Line Items]
Interest rate range	5.35%	5.35%

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - FFELP Warehouse Total [Member] - Warehouse facilities [Member] - USD ($)	May 03, 2018	Jun. 30, 2018	Apr. 24, 2018	Apr. 23, 2018
Line of Credit Facility [Line Items]
Maximum financing amount		$ 1,825,000,000
Amount outstanding		1,697,691,000
Amount available		127,309,000
Advanced as equity support		84,377,000
NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Maximum financing amount	$ 1,325,000,000.000	1,325,000,000	$ 1,250,000,000.00	$ 500,000,000.0
Amount outstanding		1,245,448,000
Amount available		79,552,000
Advanced as equity support		47,126,000
Increase to maximum financing amount	$ 75,000,000.0
NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Maximum financing amount		500,000,000
Amount outstanding		452,243,000
Amount available		47,757,000
Advanced as equity support		$ 37,251,000
Minimum [Member] \| NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		84.00%
Maximum advance rates		92.00%
Minimum [Member] \| NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		85.00%
Maximum advance rates		85.00%
Maximum [Member] \| NFSLW-I Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		90.00%
Maximum advance rates		98.00%
Maximum [Member] \| NHELP-II Warehouse [Member]
Line of Credit Facility [Line Items]
Minimum advance rates		95.00%
Maximum advance rates		95.00%

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Debt Instrument [Line Items]
Total original principal amount	$ 983,550
Secured Debt [Member] \| NSLT 2018-1 [Member]
Debt Instrument [Line Items]
Total original principal amount	473,750
Secured Debt [Member] \| NSLT 2018-1 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	98,000
Secured Debt [Member] \| NSLT 2018-1 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Total original principal amount	375,750
Secured Debt [Member] \| NSLT 2018-2 [Member]
Debt Instrument [Line Items]
Total original principal amount	$ 509,800
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| NSLT 2018-1 Class A-1 Notes [Member]
Debt Instrument [Line Items]
Variable interest rate on asset backed security	0.32%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| NSLT 2018-1 Class A-2 Notes [Member]
Debt Instrument [Line Items]
Variable interest rate on asset backed security	0.76%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| NSLT 2018-2 [Member]
Debt Instrument [Line Items]
Variable interest rate on asset backed security	0.65%

Bonds and Notes Payable - Narrative (Details) - Unsecured Line of Credit [Member] - USD ($)	Jun. 30, 2018	Jun. 22, 2018	Jun. 21, 2018
Debt Instrument [Line Items]
Maximum financing amount		$ 350,000,000
Initial capital contribution threshold		150,000,000
Non-FFELP originated loans threshold		$ 850,000,000	$ 500,000,000
Amount outstanding	$ 170,000,000
Amount available	$ 180,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Bonds and Notes Payable - Schedule of Debt Repurchase (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Par value			$ 12,905	$ 33,746
Purchase price			12,546	28,325
Gain	$ 0	$ 442	359	5,421
Asset-backed securities [Member]
Debt Instrument [Line Items]
Par value	0	4,088	12,905	4,088
Purchase price	0	3,646	12,546	3,085
Gain	$ 0	$ 442	359	1,003
Unsecured debt - Hybrid Securities [Member]
Debt Instrument [Line Items]
Par value			0	29,658
Purchase price			0	25,240
Gain			$ 0	$ 4,418

Derivative Financial Instruments - Schedule of Basis Swap (Details) - 1:3 basis swaps [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 11,750,000	$ 11,250,000
Maturity 2018 [Member]
Derivative [Line Items]
Notional amount	1,750,000	4,250,000
Maturity 2019 [Member]
Derivative [Line Items]
Notional amount	3,500,000	3,500,000
Maturity 2020 [Member]
Derivative [Line Items]
Notional amount	1,000,000
Maturity 2021 [Member]
Derivative [Line Items]
Notional amount	250,000
Maturity 2022 [Member]
Derivative [Line Items]
Notional amount	2,000,000	1,000,000
Maturity 2023 [Member]
Derivative [Line Items]
Notional amount	750,000
Maturity 2024 [Member]
Derivative [Line Items]
Notional amount	250,000	250,000
Maturity 2026 [Member]
Derivative [Line Items]
Notional amount	1,150,000	1,150,000
Maturity 2027 [Member]
Derivative [Line Items]
Notional amount	375,000	375,000
Maturity 2028 [Member]
Derivative [Line Items]
Notional amount	325,000	325,000
Maturity 2029 [Member]
Derivative [Line Items]
Notional amount	100,000	100,000
Maturity 2031 [Member]
Derivative [Line Items]
Notional amount	$ 300,000	$ 300,000

Derivative Financial Instruments - Narrative (Details)		1 Months Ended	3 Months Ended
Derivative Financial Instruments - Narrative (Details)	Aug. 20, 2014 USD ($)	Jun. 30, 2015 USD ($) contract	Mar. 31, 2017 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Derivative [Line Items]
Bonds and notes payable				$ 22,468,364,000	$ 21,356,573,000
1:3 basis swaps [Member]
Derivative [Line Items]
Weighted average basis point paid				10.50%	12.50%
Notional amount				$ 11,750,000,000	$ 11,250,000,000
Swaption [Member]
Derivative [Line Items]
Payments to enter into derivative instruments	$ 9,100,000
Notional amount				$ 250,000,000
Fixed interest rate of swap option				3.30%
Interest Rate Cap [Member]
Derivative [Line Items]
Payments to enter into derivative instruments		$ 2,900,000
Notional amount		$ 275,000,000.0
Number of interest rate cap contracts purchased \| contract		2
Proceeds to terminate interest rate cap			$ 913,000
Private Loan Warehouse Total [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Bonds and notes payable		$ 275,000,000
Interest Rate Cap 1 [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount		$ 125,000,000.0
Interest rate cap strike rate		2.50%
Interest Rate Cap 2 [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Notional amount		$ 150,000,000.0
Interest rate cap strike rate		4.99%
2017 Interest Rate Cap [Member] \| Interest Rate Cap [Member]
Derivative [Line Items]
Payments to enter into derivative instruments			$ 929,000
Junior Subordinated Debt [Member]
Derivative [Line Items]
Bonds and notes payable				$ 20,381,000	$ 20,381,000
Weighted average basis spread on variable rate paid on swap				5.712%	5.069%
Junior Subordinated Debt [Member] \| Maturity 2036 [Member] \| Unsecured Debt Hedges [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount				$ 25,000,000	$ 25,000,000
Bonds and notes payable				$ 20,400,000	$ 20,400,000
Weighted average basis spread on variable rate paid on swap				3.375%
Fixed interest rate on derivatives and debt, net				7.66%	7.66%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 7,300,000	$ 7,300,000
Weighted average fixed rate paid by the Company	1.24%	1.21%
Maturity 2018 [Member]
Derivative [Line Items]
Notional amount	$ 1,250,000	$ 1,350,000
Weighted average fixed rate paid by the Company	1.08%	1.07%
Maturity 2019 [Member]
Derivative [Line Items]
Notional amount	$ 3,250,000	$ 3,250,000
Weighted average fixed rate paid by the Company	0.97%	0.97%
Maturity 2020 [Member]
Derivative [Line Items]
Notional amount	$ 1,500,000	$ 1,500,000
Weighted average fixed rate paid by the Company	1.01%	1.01%
Maturity 2023 [Member]
Derivative [Line Items]
Notional amount	$ 750,000	$ 750,000
Weighted average fixed rate paid by the Company	2.28%	2.28%
Maturity 2024 [Member]
Derivative [Line Items]
Notional amount	$ 300,000	$ 300,000
Weighted average fixed rate paid by the Company	2.28%	2.28%
Maturity 2025 [Member]
Derivative [Line Items]
Notional amount	$ 100,000	$ 100,000
Weighted average fixed rate paid by the Company	2.32%	2.32%
Maturity 2027 [Member]
Derivative [Line Items]
Notional amount	$ 50,000	$ 50,000
Weighted average fixed rate paid by the Company	2.32%	2.32%
Maturity 2028 [Member]
Derivative [Line Items]
Notional amount	$ 100,000	$ 0
Weighted average fixed rate paid by the Company	3.03%	0.00%

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Unsecured Debt Hedges (Details) - Junior Subordinated Debt [Member] - Maturity 2036 [Member] - Interest Rate Swap [Member] - Unsecured Debt Hedges [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional amount	$ 25,000	$ 25,000
Weighted average fixed rate paid by the Company	4.28%	4.28%

Derivative Financial Instruments - Schedule of Derivatives as Reflected on Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	$ 1,954	$ 818
Fair value of derivative instruments	5,053	7,063
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	1,954	818
Derivative Financial Instruments, Assets [Member] \| Swaption [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	1,231	543
Derivative Financial Instruments, Assets [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	723	275
Derivative Financial Instruments, Assets [Member] \| Interest rate swaps - hybrid debt hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	0	0
Derivative Financial Instruments, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	5,053	7,063
Derivative Financial Instruments, Liabilities [Member] \| Swaption [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Derivative Financial Instruments, Liabilities [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	0	0
Derivative Financial Instruments, Liabilities [Member] \| Interest rate swaps - hybrid debt hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments	$ 5,053	$ 7,063

Derivative Financial Instruments - Schedule of Offsetting of Derivative Assets/Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Net asset	$ 1,954	$ 818
Net asset (liability)	2,467	1,457
Derivative Financial Instruments, Assets [Member]
Derivatives, Fair Value [Line Items]
Gross amounts of recognized assets presented in the consolidated balance sheets	1,954	818
Derivatives subject to enforceable master netting arrangement	0	0
Cash collateral received	0	0
Derivative Financial Instruments, Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross amounts of recognized liabilities presented in the consolidated balance sheets	(5,053)	(7,063)
Derivatives subject to enforceable master netting arrangement	0	0
Cash collateral pledged	$ 7,520	$ 8,520

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 21,928	$ (363)	$ 28,694	$ (1,741)
Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	21,928	(363)	28,694	(1,741)
Change in fair value	(4,897)	(286)	55,135	951
Re-measurement of Euro Notes (foreign currency transaction adjustment)	0	(27,261)	0	(31,951)
Derivative market value and foreign currency transaction adjustments and derivative settlements, net - income (expense)	17,031	(27,910)	83,829	(32,741)
1:3 basis swaps [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	2,979	(362)	1,315	336
Change in fair value	(2,522)	(8,841)	10,775	(11,416)
Interest rate swaps - floor income hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	19,074	2,114	27,664	1,994
Change in fair value	(2,766)	(17,810)	41,434	(13,485)
Interest rate swap option - floor income hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(279)	(828)	468	(1,712)
Interest Rate Cap [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	122	(311)	448	(833)
Interest rate swaps - hybrid debt hedges [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(125)	(198)	(285)	(402)
Change in fair value	548	(453)	2,010	(34)
Cross-currency interest rate swap [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	0	(1,917)	0	(3,669)
Change in fair value	0	27,639	0	28,574
Other Contract [Member] \| Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 0	$ 318	$ 0	$ (143)

Investments and Notes Receivable (Details) - USD ($)	3 Months Ended	6 Months Ended
Investments and Notes Receivable (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Investments (at fair value):
Amortized cost	$ 78,274,000	$ 78,274,000
Gross unrealized gains	3,714,000	3,714,000
Gross unrealized losses	(208,000)	(208,000)
Fair value	81,780,000	81,780,000
Equity securities
Amortized cost	11,638,000	11,638,000
Gross unrealized gains		4,290,000
Gross unrealized losses		(355,000)
Fair value	15,573,000	15,573,000
Total investments (at fair value)
Amortized cost	89,912,000	89,912,000
Gross unrealized gains	8,004,000	8,004,000
Gross unrealized losses	(563,000)	(563,000)
Fair value	97,353,000	97,353,000
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	159,294,000	159,294,000
Available-for-sale investments:
Total investments and notes receivable	256,647,000	256,647,000	$ 240,538,000
Impairment loss	0	0
Upward adjustment	300,000	7,200,000
Investments [Member] \| Available-for-sale investments [Member]
Available-for-sale investments:
Amortized cost			73,573,000
Gross unrealized gains			7,354,000
Gross unrealized losses			(25,000)
Fair value			80,902,000
Available for sale investments with unrealized losses	17,900,000	17,900,000
Investments [Member] \| Available-for-sale investments [Member] \| Student Loan Asset-Backed and Other Debt Securities [Member]
Available-for-sale investments:
Amortized cost			71,943,000
Gross unrealized gains			5,056,000
Gross unrealized losses			(25,000)
Fair value			76,974,000
Investments [Member] \| Available-for-sale investments [Member] \| Equity securities [Member]
Available-for-sale investments:
Amortized cost			1,630,000
Gross unrealized gains			2,298,000
Gross unrealized losses			0
Fair value			3,928,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Venture Capital and Funds [Member]
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative	69,961,000	69,961,000
Equity method	14,499,000	14,499,000
Other	783,000	783,000
Other Investments and Notes Receivable (not measured at fair value):	85,243,000	85,243,000	84,752,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Real Estate Investment [Member]
Other Investments and Notes Receivable (not measured at fair value):
Equity method	19,896,000	19,896,000
Other	29,724,000	29,724,000
Other Investments and Notes Receivable (not measured at fair value):	49,620,000	49,620,000	49,464,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Notes Receivable [Member]
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	16,373,000	16,373,000	16,393,000
Other Investments and Notes Receivable (not measured at fair value) [Member] \| Tax liens and affordable housing investments [Member]
Other Investments and Notes Receivable (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):	$ 8,058,000	$ 8,058,000	$ 9,027,000
Student Asset Backed And Other Debt Securities [Member] \| Available-for-sale investments [Member]
Available-for-sale investments:
Available for sale securities, minimum maturity term		10 years

Business Combination - Narrative (Details) - USD ($) $ in Thousands	Feb. 07, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill		$ 153,802	$ 158,456	$ 138,759
Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Percent ownership acquired	100.00%
Payments to acquire businesses	$ 150,000
Reduction to equity as result of remeasurement of equity interest previously held	$ 19,100
Equity interest previously held	50.00%
Consideration allocated to assets acquired and liabilities assumed	$ 136,551
Intangible assets acquired	$ 75,329
Weighted average useful life of intangible assets acquired	4 years
Goodwill	$ 15,043
Great Lakes Educational Loan Service [Member] \| GreatNet [Member]
Business Acquisition [Line Items]
Percent ownership acquired	50.00%
Noncontrolling interests [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Reduction to equity as result of remeasurement of equity interest previously held	$ 5,700
Retained earnings [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Reduction to equity as result of remeasurement of equity interest previously held	13,400
Customer Relationships [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 70,200
Weighted average useful life of intangible assets acquired	4 years
Trade Names [Member] \| Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 5,100
Weighted average useful life of intangible assets acquired	7 years

Business Combination - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Feb. 07, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Excess cost over fair value of net assets acquired (goodwill)	$ 153,802	$ 158,456		$ 138,759
Great Lakes Educational Loan Service [Member]
Business Acquisition [Line Items]
Cash and cash equivalents			$ 27,399
Accounts receivable			23,708
Property and equipment			35,919
Other assets			14,018
Intangible assets			75,329
Excess cost over fair value of net assets acquired (goodwill)			15,043
Other liabilities			(54,865)
Net assets acquired			$ 136,551

Business Combination - Schedule of Pro Forma Information (Details) - Great Lakes Educational Loan Service [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Loan servicing and systems revenue	$ 114,545	$ 115,559	$ 234,733	$ 231,708
Net income attributable to Nelnet, Inc.	$ 49,435	$ 29,174	$ 164,856	$ 86,729
Net income per share - basic and diluted (in dollars per share)	$ 1.21	$ 0.69	$ 4.03	$ 2.05

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of June 30, 2018 (months)			74 months
Amortizable intangible assets, net	$ 102,489		$ 102,489		$ 38,427
Amortization of intangible assets	7,800	$ 2,400	$ 14,000	$ 4,700
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of June 30, 2018 (months)			75 months
Amortizable intangible assets, net	84,679		$ 84,679		24,168
Accumulated amortization of intangible assets	22,413		$ 22,413		12,715
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of June 30, 2018 (months)			86 months
Amortizable intangible assets, net	12,563		$ 12,563		9,074
Accumulated amortization of intangible assets	4,130		$ 4,130		2,498
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of June 30, 2018 (months)			18 months
Amortizable intangible assets, net	5,038		$ 5,038		4,958
Accumulated amortization of intangible assets	12,633		$ 12,633		10,013
Covenants not to compete [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life as of June 30, 2018 (months)			71 months
Amortizable intangible assets, net	209		$ 209		227
Accumulated amortization of intangible assets	$ 145		$ 145		$ 127

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2018 (July 1 - December 31)	$ 15,336
2019	27,500
2020	24,301
2021	14,481
2022	4,671
2023 and thereafter	16,200
Amortizable intangible assets, net	$ 102,489	$ 38,427

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Goodwill [Roll Forward]
Balance at beginning of period	$ 158,456	$ 138,759
Goodwill acquired during the period		19,697
Great Lakes purchase price allocation adjustment	(4,654)
Balance at end of period	153,802	158,456
Loan Servicing And Systems [Member]
Goodwill [Roll Forward]
Balance at beginning of period	28,293	8,596
Goodwill acquired during the period		19,697
Great Lakes purchase price allocation adjustment	(4,654)
Balance at end of period	23,639	28,293
Education Technology Services And Payment Processing Services [Member]
Goodwill [Roll Forward]
Balance at beginning of period	67,168	67,168
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment	0
Balance at end of period	67,168	67,168
Communications [Member]
Goodwill [Roll Forward]
Balance at beginning of period	21,112	21,112
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment	0
Balance at end of period	21,112	21,112
Asset Generation and Management [Member]
Goodwill [Roll Forward]
Balance at beginning of period	41,883	41,883
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment	0
Balance at end of period	41,883	41,883
Corporate and Other Activities [Member]
Goodwill [Roll Forward]
Balance at beginning of period	0	0
Goodwill acquired during the period		0
Great Lakes purchase price allocation adjustment	0
Balance at end of period	$ 0	$ 0

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 328,016		$ 328,016		$ 248,051
Depreciation	13,700	$ 6,700	26,000	$ 12,900
Non-communications [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	233,285		233,285		182,248
Accumulated depreciation	(111,179)		(111,179)		(105,017)
Property and equipment, net	122,106		122,106		77,231
Non-communications [Member] \| Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	142,559		$ 142,559		124,708
Non-communications [Member] \| Computer Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Computer Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications [Member] \| Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	47,257		$ 47,257		24,003
Non-communications [Member] \| Building [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications [Member] \| Building [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			48 years
Non-communications [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,737		$ 21,737		15,210
Non-communications [Member] \| Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,271		$ 9,271		7,759
Non-communications [Member] \| Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications [Member] \| Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Non-communications [Member] \| Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,425		$ 4,425		3,813
Non-communications [Member] \| Transportation Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			4 years
Non-communications [Member] \| Transportation Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,328		$ 3,328		2,628
Non-communications [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,708		4,708		4,127
Communications [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	231,486		231,486		186,398
Accumulated depreciation	(25,576)		(25,576)		(15,578)
Property and equipment, net	205,910		205,910		170,820
Communications [Member] \| Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,801		$ 4,801		3,790
Communications [Member] \| Computer Equipment and Software [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications [Member] \| Computer Equipment and Software [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,990		$ 5,990		5,759
Communications [Member] \| Transportation Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications [Member] \| Transportation Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70		$ 70		70
Communications [Member] \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,994		11,994		11,620
Communications [Member] \| Network plant and fiber [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	175,192		$ 175,192		138,122
Communications [Member] \| Network plant and fiber [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Network plant and fiber [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications [Member] \| Customer located property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,730		$ 17,730		13,767
Communications [Member] \| Customer located property [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Customer located property [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications [Member] \| Central office [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,078		$ 13,078		10,754
Communications [Member] \| Central office [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications [Member] \| Central office [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,631		$ 2,631		$ 2,516
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications [Member] \| Other Capitalized Property Plant and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life			39 years

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 49,435	$ 28,737	$ 163,359	$ 78,763
Weighted average common shares outstanding - basic and diluted (in shares)	40,886,617	42,326,540	40,918,396	42,309,295
Earnings per share - basic and diluted (in dollars per share)	$ 1.21	$ 0.68	$ 3.99	$ 1.86
Common shareholders [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 48,860	$ 28,457	$ 161,594	$ 77,969
Weighted average common shares outstanding - basic and diluted (in shares)	40,411,359	41,913,990	40,476,254	41,882,702
Earnings per share - basic and diluted (in dollars per share)	$ 1.21	$ 0.68	$ 3.99	$ 1.86
Unvested restricted stock shareholders [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 575	$ 280	$ 1,765	$ 794
Weighted average common shares outstanding - basic and diluted (in shares)	475,258	412,550	442,142	426,593
Earnings per share - basic and diluted (in dollars per share)	$ 1.21	$ 0.68	$ 3.99	$ 1.86

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total interest income	$ 229,189	$ 193,078	$ 432,046	$ 376,902
Interest expense	171,450	113,236	306,999	220,135
Net interest income	57,739	79,842	125,047	156,767
Less provision for loan losses	3,500	3,000	7,500	4,000
Net interest income (loss) after provision for loan losses	54,239	76,842	117,547	152,767
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	9,580	12,485	27,776	25,118
Gain from debt repurchases	0	442	359	5,421
Derivative settlements, net	21,928	(363)	28,694	(1,741)
Derivative market value and foreign currency transaction adjustments, net	(4,897)	(27,547)	55,135	(31,000)
Total other income	200,218	91,115	455,123	219,256
Cost of services:
Total cost of services	15,182	11,718	32,583	26,462
Operating expenses:
Salaries and benefits	111,118	74,628	207,760	146,491
Depreciation and amortization	21,494	9,038	39,951	17,636
Loan servicing fees	3,204	5,628	6,341	11,653
Other expenses	40,409	26,262	73,826	52,423
Intersegment expenses, net	0	0	0	0
Total operating expenses	176,225	115,556	327,878	228,203
Income before income taxes	63,050	40,683	212,209	117,358
Income tax (expense) benefit	(13,511)	(16,032)	(49,487)	(44,787)
Net income (loss)	49,539	24,651	162,722	72,571
Net income attributable to noncontrolling interests	(104)	4,086	637	6,192
Net income (loss) attributable to Nelnet, Inc.	49,435	28,737	163,359	78,763
Total assets	$ 25,209,244	25,323,087	$ 25,209,244	25,323,087	$ 23,964,435
Segment income before tax allocation	24.00%		24.00%
Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	$ 293	120	$ 550	214
Interest expense	0	0	0	0
Net interest income	293	120	550	214
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	293	120	550	214
Other income:
Intersegment servicing revenue	11,609	9,952	22,380	20,275
Other income	1,956	0	3,248	0
Gain from debt repurchases	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0		0
Total other income	128,110	66,851	240,315	131,403
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	69,434	40,506	127,971	78,497
Depreciation and amortization	8,212	546	14,280	1,095
Loan servicing fees	0	0	0	0
Other expenses	17,490	8,879	31,953	18,015
Intersegment expenses, net	15,583	8,324	28,939	15,722
Total operating expenses	110,719	58,255	203,143	113,329
Income before income taxes	17,684	8,716	37,722	18,288
Income tax (expense) benefit	(4,245)	(4,918)	(9,247)	(9,473)
Net income (loss)	13,439	3,798	28,475	8,815
Net income attributable to noncontrolling interests	0	4,226	808	6,641
Net income (loss) attributable to Nelnet, Inc.	13,439	8,024	29,283	15,456
Total assets	253,140	99,841	253,140	99,841
Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	748	3	1,413	5
Interest expense	0	0	0	0
Net interest income	748	3	1,413	5
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	748	3	1,413	5
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	0	0	0	0
Gain from debt repurchases	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	48,742	43,480	108,963	99,504
Cost of services:
Total cost of services	11,317	9,515	25,000	22,305
Operating expenses:
Salaries and benefits	19,513	16,901	38,580	33,553
Depreciation and amortization	3,286	2,346	6,627	4,737
Loan servicing fees	0	0	0	0
Other expenses	5,383	4,594	10,006	9,202
Intersegment expenses, net	2,570	2,136	5,136	4,210
Total operating expenses	30,752	25,977	60,349	51,702
Income before income taxes	7,421	7,991	25,027	25,502
Income tax (expense) benefit	(1,781)	(3,037)	(6,006)	(9,690)
Net income (loss)	5,640	4,954	19,021	15,812
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	5,640	4,954	19,021	15,812
Total assets	235,128	230,145	235,128	230,145
Operating Segments [Member] \| Communications Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	1	1	2	1
Interest expense	3,303	1,104	5,812	1,816
Net interest income	(3,302)	(1,103)	(5,810)	(1,815)
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	(3,302)	(1,103)	(5,810)	(1,815)
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	0	0	0	0
Gain from debt repurchases	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	10,320	5,719	19,509	10,826
Cost of services:
Total cost of services	3,865	2,203	7,583	4,157
Operating expenses:
Salaries and benefits	4,668	3,411	8,730	6,390
Depreciation and amortization	5,497	2,600	10,418	4,735
Loan servicing fees	0	0	0	0
Other expenses	3,023	1,772	5,660	3,144
Intersegment expenses, net	599	496	1,204	1,002
Total operating expenses	13,787	8,279	26,012	15,271
Income before income taxes	(10,634)	(5,866)	(19,896)	(10,417)
Income tax (expense) benefit	2,552	2,229	4,775	3,959
Net income (loss)	(8,082)	(3,637)	(15,121)	(6,458)
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	(8,082)	(3,637)	(15,121)	(6,458)
Total assets	252,311	150,809	252,311	150,809
Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Segment Reporting Information [Line Items]
Total interest income	226,509	191,368	426,843	373,693
Interest expense	169,623	113,073	303,854	219,824
Net interest income	56,886	78,295	122,989	153,869
Less provision for loan losses	3,500	3,000	7,500	4,000
Net interest income (loss) after provision for loan losses	53,386	75,295	115,489	149,869
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	2,772	3,057	5,765	6,399
Gain from debt repurchases	0	442	359	981
Derivative settlements, net	22,053	(165)	28,979	(1,339)
Derivative market value and foreign currency transaction adjustments, net	(5,446)	(27,412)	53,125	(30,823)
Total other income	19,379	(24,078)	88,228	(24,782)
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	377	363	759	763
Depreciation and amortization	0	0	0	0
Loan servicing fees	3,204	5,628	6,341	11,653
Other expenses	1,288	820	2,137	1,812
Intersegment expenses, net	11,700	10,043	22,565	20,455
Total operating expenses	16,569	16,854	31,802	34,683
Income before income taxes	56,196	34,363	171,915	90,404
Income tax (expense) benefit	(13,487)	(13,057)	(41,260)	(34,354)
Net income (loss)	42,709	21,306	130,655	56,050
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	42,709	21,306	130,655	56,050
Total assets	24,092,875	24,433,881	24,092,875	24,433,881
Operating Segments [Member] \| Corporate and Other Activities [Member]
Segment Reporting Information [Line Items]
Total interest income	6,062	3,362	10,813	6,123
Interest expense	2,949	835	4,907	1,630
Net interest income	3,113	2,527	5,906	4,493
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	3,113	2,527	5,906	4,493
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	4,851	9,429	18,765	18,719
Gain from debt repurchases	0	0	0	4,440
Derivative settlements, net	(125)	(198)	(285)	(402)
Derivative market value and foreign currency transaction adjustments, net	548	(135)	2,010	(177)
Total other income	5,274	9,096	20,490	22,580
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	17,126	13,447	31,720	27,287
Depreciation and amortization	4,500	3,547	8,626	7,069
Loan servicing fees	0	0	0	0
Other expenses	13,225	10,195	24,070	20,249
Intersegment expenses, net	(18,842)	(11,046)	(35,464)	(21,114)
Total operating expenses	16,009	16,143	28,952	33,491
Income before income taxes	(7,622)	(4,520)	(2,556)	(6,418)
Income tax (expense) benefit	3,451	2,751	2,251	4,772
Net income (loss)	(4,171)	(1,769)	(305)	(1,646)
Net income attributable to noncontrolling interests	(104)	(141)	(172)	(450)
Net income (loss) attributable to Nelnet, Inc.	(4,275)	(1,910)	(477)	(2,096)
Total assets	774,086	684,840	774,086	684,840
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income	(4,425)	(1,776)	(7,574)	(3,135)
Interest expense	(4,425)	(1,776)	(7,574)	(3,135)
Net interest income	0	0	0	0
Less provision for loan losses	0	0	0	0
Net interest income (loss) after provision for loan losses	0	0	0	0
Other income:
Intersegment servicing revenue	(11,609)	(9,952)	(22,380)	(20,275)
Other income	0	0	0	0
Gain from debt repurchases	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income	(11,609)	(9,952)	(22,380)	(20,275)
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Loan servicing fees	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(11,609)	(9,952)	(22,380)	(20,275)
Total operating expenses	(11,609)	(9,952)	(22,380)	(20,275)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income (loss)	0	0	0	0
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Nelnet, Inc.	0	0	0	0
Total assets	(398,297)	(276,429)	(398,297)	(276,429)
Loan Servicing And Systems [Member]
Other income:
Revenue	114,545	56,899	214,687	111,128
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	114,545	56,899	214,687	111,128
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Loan Servicing And Systems [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Education Technology Services And Payment Processing Services [Member]
Other income:
Revenue	48,742	43,480	108,963	99,504
Cost of services:
Total cost of services	11,317	9,515	25,000	22,305
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	48,742	43,480	108,963	99,504
Cost of services:
Total cost of services	11,317	9,515	25,000	22,305
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education Technology Services And Payment Processing Services [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member]
Other income:
Revenue	10,320	5,719	19,509	10,826
Cost of services:
Total cost of services	3,865	2,203	7,583	4,157
Communications Services [Member] \| Operating Segments [Member] \| Loan Servicing And Systems Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Education Technology Services And Payment Processing Services Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Communications Segment [Member]
Other income:
Revenue	10,320	5,719	19,509	10,826
Cost of services:
Total cost of services	3,865	2,203	7,583	4,157
Communications Services [Member] \| Operating Segments [Member] \| Asset Generation And Management Segment [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Operating Segments [Member] \| Corporate and Other Activities [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications Services [Member] \| Intersegment Eliminations [Member]
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	$ 0	$ 0	$ 0	$ 0

Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
Major Customer (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Great Lakes Educational Loan Service [Member]
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 45,700		$ 76,400
Government Servicing - Nelnet [Member]
Concentration Risk [Line Items]
Revenue	39,781	$ 39,809		$ 79,107	$ 78,815
Government Servicing - Nelnet [Member] \| Concentration Risk Dollar Value [Member]
Concentration Risk [Line Items]
Revenue	$ 39,800	$ 39,800		$ 79,100	$ 78,800

Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Equity securities measured at net asset value [Member]
Financial assets:
Fair value	$ 12,784
Fair Value, Measurements, Recurring [Member]
Financial assets:
Fair value	97,353	$ 80,902
Fair value of derivative instruments	1,954	818
Total assets	99,307	81,720
Financial liabilities:
Fair value of derivative instruments	5,053	7,063
Total liabilities	5,053	7,063
Fair Value, Measurements, Recurring [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	81,673	76,866
Fair Value, Measurements, Recurring [Member] \| Equity securities [Member]
Financial assets:
Fair value	2,789	3,928
Fair Value, Measurements, Recurring [Member] \| Debt securities [Member]
Financial assets:
Fair value	107	108
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Financial assets:
Fair value	2,896	4,036
Fair value of derivative instruments	0	0
Total assets	2,896	4,036
Financial liabilities:
Fair value of derivative instruments	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Equity securities [Member]
Financial assets:
Fair value	2,789	3,928
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member] \| Debt securities [Member]
Financial assets:
Fair value	107	108
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Financial assets:
Fair value	81,673	76,866
Fair value of derivative instruments	1,954	818
Total assets	83,627	77,684
Financial liabilities:
Fair value of derivative instruments	5,053	7,063
Total liabilities	5,053	7,063
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Student loan asset-backed securities [Member]
Financial assets:
Fair value	81,673	76,866
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Equity securities [Member]
Financial assets:
Fair value	0	0
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member] \| Debt securities [Member]
Financial assets:
Fair value	$ 0	$ 0

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Financial assets:
Loans receivable	$ 22,710,369	$ 21,814,507
Cash and cash equivalents	67,867	66,752	$ 69,239	$ 69,654
Restricted cash – due to customers	154,760	187,121	$ 136,900	$ 119,702
Accrued interest receivable	591,055	430,385
Derivative instruments	1,954	818
Financial liabilities:
Bonds and notes payable	22,468,364	21,356,573
Accrued interest payable	63,226	50,039
Due to customers	154,760	187,121
Derivative instruments	5,053	7,063
Fair value [Member]
Financial assets:
Loans receivable	23,967,542	23,106,440
Cash and cash equivalents	67,867	66,752
Investments (at fair value)	97,353	80,902
Notes receivable	16,373	16,393
Restricted cash	741,726	688,193
Restricted cash – due to customers	154,760	187,121
Accrued interest receivable	591,055	430,385
Derivative instruments	1,954	818
Financial liabilities:
Bonds and notes payable	22,680,749	21,521,463
Accrued interest payable	63,226	50,039
Due to customers	154,760	187,121
Derivative instruments	5,053	7,063
Fair value [Member] \| Level 1 [Member]
Financial assets:
Loans receivable	0	0
Cash and cash equivalents	67,867	66,752
Investments (at fair value)	2,896	4,036
Notes receivable	0	0
Restricted cash	741,726	688,193
Restricted cash – due to customers	154,760	187,121
Accrued interest receivable	0	0
Derivative instruments	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	154,760	187,121
Derivative instruments	0	0
Fair value [Member] \| Level 2 [Member]
Financial assets:
Loans receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	81,673	76,866
Notes receivable	16,373	16,393
Restricted cash	0	0
Restricted cash – due to customers	0	0
Accrued interest receivable	591,055	430,385
Derivative instruments	1,954	818
Financial liabilities:
Bonds and notes payable	22,680,749	21,521,463
Accrued interest payable	63,226	50,039
Due to customers	0	0
Derivative instruments	5,053	7,063
Fair value [Member] \| Level 3 [Member]
Financial assets:
Loans receivable	23,967,542	23,106,440
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Notes receivable	0	0
Restricted cash	0	0
Restricted cash – due to customers	0	0
Accrued interest receivable	0	0
Derivative instruments	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	0	0
Derivative instruments	0	0
Carrying value [Member]
Financial assets:
Loans receivable	22,710,369	21,814,507
Cash and cash equivalents	67,867	66,752
Investments (at fair value)	97,353	80,902
Notes receivable	16,373	16,393
Restricted cash	741,726	688,193
Restricted cash – due to customers	154,760	187,121
Accrued interest receivable	591,055	430,385
Derivative instruments	1,954	818
Financial liabilities:
Bonds and notes payable	22,468,364	21,356,573
Accrued interest payable	63,226	50,039
Due to customers	154,760	187,121
Derivative instruments	$ 5,053	$ 7,063

As of June 30, 2018

As of December 31, 2017

Deferred revenue, which is included in "other liabilities" on the consolidated balance sheets