NELNET INC, 10-Q filed on 11/7/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 31, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,625,046
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,663,088
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Loans and accrued interest receivable $ 10,572,881 $ 13,108,204
Cash and cash equivalents:    
Cash and cash equivalents 219,684 168,112
Investments and notes receivable (including investments at fair value of $996,385 and $988,841, respectively) 1,903,561 1,846,707
Restricted cash 344,366 488,723
Restricted cash - due to customers 334,968 368,656
Restricted investments 49,755 17,969
Accounts receivable (net of allowance for doubtful accounts of $3,675 and $4,304, respectively) 153,638 196,200
Goodwill 158,029 158,029
Intangible assets, net 38,371 44,819
Property and equipment, net 124,575 127,008
Other assets 184,300 187,957
Total assets 14,084,128 16,712,384
Liabilities:    
Bonds and notes payable 8,938,446 11,828,393
Accrued interest payable 25,389 35,391
Bank deposits 1,070,758 743,599
Other liabilities 434,938 479,387
Due to customers 404,459 425,507
Total liabilities 10,873,990 13,512,277
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 4,179 3,096
Retained earnings 3,287,541 3,270,403
Accumulated other comprehensive loss, net (1,431) (20,119)
Total Nelnet, Inc. shareholders' equity 3,290,652 3,253,751
Noncontrolling interests (80,514) (53,644)
Total equity 3,210,138 3,200,107
Total liabilities and equity 14,084,128 16,712,384
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 9,842,750 12,676,932
Cash and cash equivalents:    
Restricted cash 323,936 451,932
Liabilities:    
Bonds and notes payable 9,182,445 12,006,170
Common stock:    
Accrued interest payable and other liabilities (98,744) (135,748)
Net assets of consolidated education and other lending variable interest entities 885,497 986,946
Class A    
Common stock:    
Common stock 256 264
Class B    
Common stock:    
Common stock 107 107
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 90,731 34,912
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents $ 128,953 $ 133,200
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Allowance for loan losses $ 102,142 $ 104,643
Investments at fair value 996,385 988,841
Allowance for doubtful accounts $ 3,675 $ 4,304
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 25,627,446 26,400,630
Common stock, outstanding (in shares) 25,627,446 26,400,630
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,663,088 10,663,088
Common stock, outstanding (in shares) 10,663,088 10,663,088
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loan interest $ 190,211 $ 236,423 $ 609,064 $ 704,712
Investment interest 50,272 48,128 143,086 129,835
Total interest income 240,483 284,551 752,150 834,547
Interest expense on bonds and notes payable and bank deposits 168,328 207,159 539,367 639,756
Net interest income 72,155 77,392 212,783 194,791
Less provision for loan losses 18,111 4,275 32,551 5,065
Net interest income after provision for loan losses 54,044 73,117 180,232 189,726
Other income (expense):        
Other, net 32,325 (3,062) 78,057 (27,297)
Loss on sale of loans (107) (1,022) (1,685) (16,776)
Impairment expense and provision for beneficial interests (29,052) (4,974) (36,865) (4,974)
Derivative market value adjustments and derivative settlements, net (11,525) 3,957 1,378 (8,047)
Total other income (expense), net 237,316 242,888 806,681 708,989
Cost of services:        
Cost of services 72,088 51,477 183,221 157,008
Operating expenses:        
Salaries and benefits 146,192 141,204 429,701 438,620
Depreciation and amortization 13,661 21,835 45,572 57,114
Other expenses 61,642 51,370 178,278 138,154
Total operating expenses 221,495 214,409 653,551 633,888
(Loss) income before income taxes (2,223) 50,119 150,141 107,819
Income tax (benefit) expense (282) 10,512 37,653 28,785
Net (loss) income (1,941) 39,607 112,488 79,034
Net loss attributable to noncontrolling interests 4,329 4,747 8,398 18,705
Net income (loss) attributable to Nelnet, Inc. $ 2,388 $ 44,354 $ 120,886 $ 97,739
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Weighted-average common shares outstanding - basic (in shares) 36,430,485 37,498,073 36,703,314 37,437,587
Weighted-average common shares outstanding - diluted (in shares) 36,430,485 37,498,073 36,703,314 37,437,587
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 108,175 $ 127,892 $ 344,428 $ 389,138
Education technology services and payments revenue        
Other income (expense):        
Revenue 118,179 113,796 378,627 357,258
Cost of services:        
Cost of services 45,273 43,694 134,106 131,804
Solar construction revenue        
Other income (expense):        
Revenue 19,321 6,301 42,741 19,687
Cost of services:        
Cost of services $ 26,815 $ 7,783 $ 49,115 $ 25,204
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net (loss) income $ (1,941) $ 39,607 $ 112,488 $ 79,034
Other comprehensive income (loss):        
Net changes related to foreign currency translation adjustments 23 (8) 6 (11)
Net changes related to available-for-sale debt securities:        
Unrealized holding gains (losses) arising during period, net 2,656 (4,566) 28,291 12,734
Reclassification of (gains) losses recognized in net income, net (1,721) (1,064) (3,326) 3,001
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 64 66 186 136
Income tax effect (240) 1,335 (6,036) (3,810)
Unrealized gains (losses) during period after reclassifications and tax 759 (4,229) 19,115 12,061
Net changes related to equity method investee's other comprehensive income:        
Gain (loss) on cash flow hedge 62 336 (570) (163)
Income tax effect (15) (80) 137 40
Net changes related to equity method investee's other comprehensive, after income tax effect 47 256 (433) (123)
Other comprehensive income (loss) 829 (3,981) 18,688 11,927
Comprehensive (loss) income (1,112) 35,626 131,176 90,961
Comprehensive loss attributable to noncontrolling interests 4,329 4,747 8,398 18,705
Comprehensive income attributable to Nelnet, Inc. $ 3,217 $ 40,373 $ 139,574 $ 109,666
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022     26,461,651 10,668,460        
Beginning balance at Dec. 31, 2022 $ 3,183,199   $ 265 $ 107 $ 1,109 $ 3,227,680 $ (37,366) $ (8,596)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 79,034         97,739   (18,705)
Other comprehensive (loss) income 11,927           11,927  
Issuance of noncontrolling interests 31,996             31,996
Distribution to noncontrolling interests (53,026)             (53,026)
Cash dividend on Class A and Class B common stock (29,049)         (29,049)    
Issuance of common stock, net of forfeitures (in shares)     241,195          
Issuance of common stock, net of forfeitures 5,620   $ 2   5,618      
Compensation expense for stock based awards 11,748       11,748      
Repurchase of common stock (in shares)     (47,195)          
Repurchase of common stock (4,310)       (4,310)      
Ending balance (in shares) at Sep. 30, 2023   0 26,655,651 10,668,460        
Ending balance at Sep. 30, 2023 3,237,139 $ 0 $ 267 $ 107 14,165 3,296,370 (25,439) (48,331)
Beginning balance (in shares) at Jun. 30, 2023     26,646,490 10,668,460        
Beginning balance at Jun. 30, 2023 3,228,127   $ 266 $ 107 10,114 3,261,717 (21,458) (22,619)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 39,607         44,354   (4,747)
Other comprehensive (loss) income (3,981)           (3,981)  
Issuance of noncontrolling interests 19,092             19,092
Distribution to noncontrolling interests (40,057)             (40,057)
Cash dividend on Class A and Class B common stock (9,701)         (9,701)    
Issuance of common stock, net of forfeitures (in shares)     15,109          
Issuance of common stock, net of forfeitures 500   $ 1   499      
Compensation expense for stock based awards 4,095       4,095      
Repurchase of common stock (in shares)     (5,948)          
Repurchase of common stock (543)       (543)      
Ending balance (in shares) at Sep. 30, 2023   0 26,655,651 10,668,460        
Ending balance at Sep. 30, 2023 3,237,139 $ 0 $ 267 $ 107 14,165 3,296,370 (25,439) (48,331)
Beginning balance (in shares) at Dec. 31, 2023     26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 3,200,107   $ 264 $ 107 3,096 3,270,403 (20,119) (53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 112,488         120,886   (8,398)
Other comprehensive (loss) income 18,688           18,688  
Issuance of noncontrolling interests 29,150             29,150
Distribution to noncontrolling interests (49,715)             (49,715)
Cash dividend on Class A and Class B common stock (30,676)         (30,676)    
Issuance of common stock, net of forfeitures (in shares)     116,779          
Issuance of common stock, net of forfeitures 4,527   $ 1   4,526      
Compensation expense for stock based awards 8,703       8,703      
Repurchase of common stock (in shares)     (889,963)          
Repurchase of common stock (82,887)   $ (9)   (12,146) (70,732)    
Acquisition of remaining 20% of GRNE Solar, net of tax (247)         (2,340)   2,093
Ending balance (in shares) at Sep. 30, 2024   0 25,627,446 10,663,088        
Ending balance at Sep. 30, 2024 3,210,138 $ 0 $ 256 $ 107 4,179 3,287,541 (1,431) (80,514)
Beginning balance (in shares) at Jun. 30, 2024     25,585,840 10,663,088        
Beginning balance at Jun. 30, 2024 3,220,022   $ 256 $ 107 657 3,295,301 (2,260) (74,039)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (1,941)         2,388   (4,329)
Other comprehensive (loss) income 829           829  
Issuance of noncontrolling interests 20,999             20,999
Distribution to noncontrolling interests (23,145)             (23,145)
Cash dividend on Class A and Class B common stock (10,148)         (10,148)    
Issuance of common stock, net of forfeitures (in shares)     46,865          
Issuance of common stock, net of forfeitures 1,230       1,230      
Compensation expense for stock based awards 2,868       2,868      
Repurchase of common stock (in shares)     (5,259)          
Repurchase of common stock (576)       (576)      
Ending balance (in shares) at Sep. 30, 2024   0 25,627,446 10,663,088        
Ending balance at Sep. 30, 2024 $ 3,210,138 $ 0 $ 256 $ 107 $ 4,179 $ 3,287,541 $ (1,431) $ (80,514)
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
GRNE Solar        
Acquisition of remaining 20% of GRNE Solar 20.00%   20.00%  
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26 $ 0.84 $ 0.78
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26 $ 0.84 $ 0.78
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 120,886 $ 97,739
Net loss attributable to noncontrolling interests (8,398) (18,705)
Net (loss) income 112,488 79,034
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 106,022 128,658
Loan discount and deferred lender fees accretion (36,838) (22,527)
Provision for loan losses 32,551 5,065
Derivative market value adjustments 3,668 32,266
Proceeds from termination of derivative instruments 0 164,079
Payments to clearinghouse - initial and variation margin, net (4,404) (210,168)
Loss on sale of loans 1,685 16,776
Loss on investments, net 6,595 73,296
Deferred income tax benefit (22,707) (25,403)
Non-cash compensation expense 8,954 11,981
Impairment expense and provision for beneficial interests 36,865 2,588
Decrease in loan and investment accrued interest receivable 168,795 5,613
Decrease in accounts receivable 42,553 64,738
Decrease in other assets, net 48,059 7,069
Decrease in the carrying amount of ROU asset, net 2,857 3,859
(Decrease) increase in accrued interest payable (10,002) 342
(Decrease) increase in other liabilities (11,435) 19,132
Decrease in the carrying amount of lease liability (2,868) (3,908)
Other (481) 75
Net cash provided by operating activities 482,357 352,565
Cash flows from investing activities:    
Purchases and originations of loans (611,595) (556,255)
Purchases of loans from a related party (104,198) (467,554)
Net proceeds from loan repayments, claims, and capitalized interest 2,745,084 1,910,379
Proceeds from sale of loans 291,693 341,760
Purchases of available-for-sale securities (391,018) (510,804)
Purchases of restricted available-for-sale securities (23,288) 0
Proceeds from sales of available-for-sale securities 370,896 776,096
Proceeds from sales of restricted available-for-sale securities 1,280 0
Proceeds from beneficial interest in loan securitizations 33,898 23,753
Purchases of other investments and issuance of notes receivable (287,590) (179,632)
Proceeds from other investments and repayments of notes receivable 79,095 30,417
Purchases of held-to-maturity debt securities 0 (11,325)
Redemption of held-to-maturity debt securities 11,890 2,893
Purchases of property and equipment (38,280) (52,604)
Net cash provided by investing activities 2,077,867 1,307,124
Cash flows from financing activities:    
Payments on bonds and notes payable (3,010,914) (2,996,916)
Proceeds from issuance of bonds and notes payable 85,037 756,268
Payments of debt issuance costs (2,191) (2,233)
Increase in bank deposits, net 327,159 26,731
Decrease in due to customers (21,185) (6,422)
Dividends paid (30,676) (29,049)
Repurchases of common stock (82,887) (4,310)
Proceeds from issuance of common stock 1,424 1,315
Acquisition of noncontrolling interest (325) 0
Issuance of noncontrolling interests 51,245 32,581
Distribution to noncontrolling interests (3,587) (2,519)
Net cash used in financing activities (2,686,900) (2,224,554)
Effect of exchange rate changes on cash and restricted cash 203 (206)
Net decrease in cash, cash equivalents, and restricted cash (126,473) (565,071)
Cash, cash equivalents, and restricted cash, beginning of period 1,025,491 1,357,616
Cash, cash equivalents, and restricted cash, end of period 899,018 792,545
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 511,247 585,482
Cash disbursements made for income taxes, net of refunds and credits received [1] 13,441 45,444
Cash disbursements made for operating leases 3,615 5,029
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 1,048 18,860
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 13,799 63,878
Receipt of asset-backed investment securities as consideration from sale of loans 20,250 58,182
Transfer of available-for-sale securities to restricted investments 8,262 0
Distribution to noncontrolling interests 46,128 50,508
Issuance of noncontrolling interests $ 22,095 $ 585
[1] The Company utilized $34.0 million and $49.0 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Sep. 30, 2023
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 34,000 $ 49,000
Cash and cash equivalents:    
Total cash and cash equivalents 219,684 187,690
Restricted cash 344,366 445,983
Restricted cash - due to customers 334,968 158,872
Cash, cash equivalents, and restricted cash $ 899,018 $ 792,545
v3.24.3
Basis of Financial Reporting
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report").
v3.24.3
Reclassifications and Immaterial Error Corrections
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Reclassifications and Immaterial Error Corrections Reclassifications and Immaterial Error Corrections
During the second quarter of 2024, the Company identified certain immaterial errors in the previously issued consolidated financial statements that have been corrected to conform to the September 30, 2024 presentation.
Loan Sales
The Company determined the reversal of provision for loan losses resulting from the sale of loans should be presented as a reduction to the provision for loan losses rather than the historical presentation as a gain/(loss) on sale of loans included in "other income (expense)" on the consolidated statements of income. Prior period amounts have been corrected to conform to the current period presentation resulting in a reclassification of $6.4 million and $49.5 million for the three and nine months ended September 30, 2023, respectively. This correction had no impact on previously reported consolidated assets, liabilities, equity, net income, and cash flows from operating activities.
Solar Tax Equity Investments
The Company relies on audited financial statements provided by third parties to record its share of earnings or losses on its solar tax equity investments. The Company determined that the Hypothetical Liquidation at Book Value (HLBV) method of accounting was not consistently adopted by all third parties in such audited financial statements for those solar tax equity investments made under a lease pass-through structure. The adoption of the HLBV method of accounting accelerates accounting losses in the initial years of the investment but has no impact on the overall economics of the transaction. During the second quarter of 2024, the Company fully adopted HLBV accounting for these investments and prior period amounts have been corrected, resulting in an increase in solar investment losses included in "other, net" in "other income (expense)" on the consolidated statements of income of $2.9 million and $6.0 million for the three and nine months ended September 30, 2023, respectively, partially offset by an increase in "net loss attributable to noncontrolling interests" of $1.7 million and $3.0 million for the three and nine months ended September 30, 2023, respectively. The after-tax net income impact to Nelnet, Inc. was a reduction of $1.0 million and $2.3 million for the three and nine months ended September 30, 2023, respectively. Consolidated "total equity" on the consolidated balance sheet was reduced $21.8 million as of December 31, 2023 and $16.7 million as of December 31, 2022, with the 2022 impact reflecting the cumulative impact of this correction through such date.
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,202,590 2,936,174 
Consolidation6,868,152 8,750,033 
Total9,070,742 11,686,207 
Private education loans234,295 277,320 
Consumer and other loans244,552 85,935 
Non-Nelnet Bank loans9,549,589 12,049,462 
Nelnet Bank:
Private education loans352,654 360,520 
Consumer and other loans207,218 72,352 
Nelnet Bank loans559,872 432,872 
Accrued interest receivable600,097 764,385 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(34,535)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(50,834)(68,453)
Private education loans(11,744)(15,750)
Consumer and other loans(22,380)(11,742)
Non-Nelnet Bank allowance for loan losses(84,958)(95,945)
Nelnet Bank:
Private education loans(3,670)(3,347)
Consumer and other loans(13,514)(5,351)
Nelnet Bank allowance for loan losses(17,184)(8,698)
 $10,572,881 13,108,204 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.56 %0.59 %
Private education loans5.01 %5.68 %
Consumer and other loans (b)9.15 %13.66 %
Nelnet Bank:
Private education loans1.04 %0.93 %
Consumer and other loans (b)6.52 %7.40 %
(a)    As of September 30, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 20.7% and 21.8%, respectively.
(b)    Decrease as of September 30, 2024 compared with December 31, 2023 is due to the change in the mix of loans outstanding at the end of each period reported.
Loan Sales
During the three months ended September 30, 2024 and 2023, the Company sold $1.1 million and $61.8 million, respectively, of consumer loans, and recognized losses from such sales of $0.1 million and $1.0 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company sold $335.0 million and $482.0 million, respectively, of FFELP and consumer loans, and recognized losses from such sales of $1.7 million and $16.8 million, respectively. For certain of these loan sales, the Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations and asset-backed investment securities that are included in "investments and notes receivable" on the Company's consolidated balance sheets.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesBalance at end of period
Three months ended September 30, 2024
Non-Nelnet Bank:
Federally insured loans$54,180 1,247 (4,593)— 50,834 
Private education loans13,065 (126)(1,414)219 11,744 
Consumer and other loans14,135 10,847 (2,981)379 22,380 
Nelnet Bank:
Private education loans3,559 565 (892)438 3,670 
Consumer and other loans11,825 5,326 (3,830)193 13,514 
$96,764 17,859 (13,710)1,229 102,142 
Three months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$74,061 1,641 (3,659)— 72,043 
Private education loans14,322 3,009 (571)184 16,944 
Consumer and other loans20,005 (2,302)(4,115)434 14,022 
Nelnet Bank:
Federally insured loans154 (2)(4)— 148 
Private education loans2,905 220 (42)— 3,083 
Consumer and other loans2,816 1,554 (517)— 3,853 
$114,263 4,120 (8,908)618 110,093 
Nine months ended September 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (2,593)(15,026)— 50,834 
Private education loans15,750 (392)(4,254)640 11,744 
Consumer and other loans11,742 17,184 (7,567)1,021 22,380 
Nelnet Bank:
Private education loans3,347 1,576 (1,796)543 3,670 
Consumer and other loans5,351 16,563 (8,635)235 13,514 
$104,643 32,338 (37,278)2,439 102,142 
Nine months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 4,052 (15,602)— 72,043 
Private education loans15,411 3,249 (2,279)563 16,944 
Consumer and other loans30,263 (8,073)(9,264)1,096 14,022 
Nelnet Bank:
Federally insured loans170 (15)(7)— 148 
Private education loans2,390 1,350 (657)— 3,083 
Consumer and other loans— 4,370 (517)— 3,853 
$131,827 4,933 (28,326)1,659 110,093 
(a) The following table presents the reduction to provision for loan losses as a result of the loan sales described under "Loan Sales" above.
    
Provision for current periodLoan sale reduction to provisionProvision
(negative provision) for loan losses
Three months ended September 30, 2024
Non-Nelnet Bank
Consumer and other loans$11,026 (179)10,847 
Three months ended September 30, 2023
Non-Nelnet Bank
Consumer and other loans$4,082 (6,384)(2,302)
Nine months ended September 30, 2024
Non-Nelnet Bank
Consumer and other loans$30,058 (12,874)17,184 
Nine months ended September 30, 2023
Non-Nelnet Bank
Consumer and other loans$41,388 (49,461)(8,073)
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended September 30,Nine months ended September 30,
2024202320242023
Non-Nelnet Bank:
Federally insured loans0.19 %0.11 %0.19 %0.16 %
Private education loans1.97 %0.61 %1.89 %0.94 %
Consumer and other loans4.81 %9.57 %4.92 %4.59 %
Nelnet Bank:
Federally insured loans— 0.03 %— 0.01 %
Private education loans0.51 %0.05 %0.46 %0.25 %
Consumer and other loans7.28 %5.69 %7.49 %3.00 %
The primary items impacting provision for loan losses during the periods presented above were the establishment of an initial allowance for consumer and other loans originated and acquired and the reversal of provision for consumer and other loans sold.
Unfunded Loan Commitments
As of September 30, 2024 and December 31, 2023, Nelnet Bank had a liability of approximately $371,000 and $158,000, respectively, related to $29.9 million and $12.3 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedNine months ended
September 30,September 30,
2024202320242023
Provision for loan losses from allowance activity table above$17,859 4,120 32,338 4,933 
Provision for unfunded loan commitments252 155 213 132 
Provision for loan losses reported in consolidated statements of income$18,111 4,275 32,551 5,065 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the following tables, do not include those loans while they are in forbearance). The following table presents the Company’s loan status and delinquency amounts.
As of September 30, 2024As of December 31, 2023As of September 30, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $428,013 4.7 % $522,304 4.5 % $562,754 4.6 %
Loans in forbearance 647,797 7.2  979,588 8.4  906,060 7.4 
Loans in repayment status:  
Loans current6,702,079 83.8 %8,416,624 82.6 %9,014,731 83.2 %
Loans delinquent 31-60 days348,833 4.4 377,108 3.7 441,016 4.1 
Loans delinquent 61-90 days190,379 2.4 254,553 2.5 301,028 2.8 
Loans delinquent 91-120 days148,417 1.9 187,145 1.9 213,245 2.0 
Loans delinquent 121-270 days419,730 5.2 685,829 6.7 648,924 6.0 
Loans delinquent 271 days or greater185,494 2.3 263,056 2.6 211,226 1.9 
Total loans in repayment7,994,932 88.1 100.0 %10,184,315 87.1 100.0 %10,830,170 88.0 100.0 %
Total federally insured loans9,070,742 100.0 % 11,686,207 100.0 % 12,298,984 100.0 %
Accrued interest receivable592,250 757,713 798,102 
Loan discount, net of unamortized premiums and deferred origination costs(22,807)(28,963)(30,979)
Allowance for loan losses(50,834)(68,453)(72,043)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$9,589,351 $12,346,504 $12,994,064 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $7,504 3.2 %$9,475 3.4 %$11,373 3.9 %
Loans in forbearance 1,979 0.8 2,529 0.9 2,280 0.8 
Loans in repayment status:
Loans current218,425 97.2 %257,639 97.1 %271,948 97.4 %
Loans delinquent 31-60 days3,013 1.3 3,395 1.3 3,485 1.2 
Loans delinquent 61-90 days1,301 0.6 1,855 0.7 1,424 0.5 
Loans delinquent 91 days or greater2,073 0.9 2,427 0.9 2,494 0.9 
Total loans in repayment224,812 96.0 100.0 %265,316 95.7 100.0 %279,351 95.3 100.0 %
Total private education loans234,295 100.0 % 277,320 100.0 % 293,004 100.0 %
Accrued interest receivable2,248 2,653 2,750 
Loan discount, net of unamortized premiums(6,772)(8,037)(8,069)
Allowance for loan losses(11,744)(15,750)(16,944)
Total private education loans and accrued interest receivable, net of allowance for loan losses$218,027 $256,186 $270,741 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$315 0.1 %$146 0.2 %$20 0.0 %
Loans in repayment status:
Loans current239,128 97.9 %81,195 94.6 %137,744 95.9 %
Loans delinquent 31-60 days2,032 0.8 2,035 2.4 1,987 1.4 
Loans delinquent 61-90 days1,515 0.6 1,189 1.4 1,293 0.9 
Loans delinquent 91 days or greater1,562 0.7 1,370 1.6 2,589 1.8 
Total loans in repayment244,237 99.9 100.0 %85,789 99.8 100.0 %143,613 100.0 100.0 %
Total consumer and other loans244,552 100.0 %85,935 100.0 %143,633 100.0 %
Accrued interest receivable1,115 861 1,716 
Loan discount and deferred lender fees, net of unamortized premiums(10,789)(2,474)(180)
Allowance for loan losses(22,380)(11,742)(14,022)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$212,498 $72,580 $131,147 
As of September 30, 2024As of December 31, 2023As of September 30, 2023
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$29,396 8.3 %$19,089 5.3 %$20,537 5.7 %
Loans in forbearance2,364 0.7 1,285 0.4 1,169 0.3 
Loans in repayment status:
Loans current318,090 99.2 %338,448 99.5 %336,602 99.5 %
Loans delinquent 30-59 days1,075 0.3 839 0.2 691 0.2 
Loans delinquent 60-89 days723 0.2 253 0.1 428 0.1 
Loans delinquent 90 days or greater1,006 0.3 606 0.2 514 0.2 
Total loans in repayment320,894 91.0 100.0 %340,146 94.3 100.0 %338,235 94.0 100.0 %
Total private education loans352,654 100.0 %360,520 100.0 %359,941 100.0 %
Accrued interest receivable3,098 2,023 1,905 
Deferred origination costs, net of unaccreted discount5,786 5,608 5,578 
Allowance for loan losses(3,670)(3,347)(3,083)
Total private education loans and accrued interest receivable, net of allowance for loan losses$357,868 $364,804 $364,341 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$3,073 1.5 %$103 0.1 %$95 0.2 %
Loans in forbearance— — — — 32 0.1 
Loans in repayment status:
Loans current198,613 97.3 %69,584 96.3 %48,358 97.7 %
Loans delinquent 30-59 days2,251 1.1 1,075 1.5 527 1.1 
Loans delinquent 60-89 days1,497 0.7 941 1.3 306 0.6 
Loans delinquent 90 days or greater1,784 0.9 649 0.9 293 0.6 
Total loans in repayment204,145 98.5 100.0 %72,249 99.9 100.0 %49,484 99.7 100.0 %
Total consumer and other loans207,218 100.0 %72,352 100.0 %49,611 100.0 %
Accrued interest receivable1,386 575 373 
Loan premium, net of unaccreted discount47 (6)(7)
Allowance for loan losses(13,514)(5,351)(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$195,137 $67,570 $46,124 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of September 30, 2024
Nine months ended September 30, 20242023202220212020Total
FICO at origination:
Less than 705$1,090 3,793 4,964 4,302 334 14,483 
705 - 7342,209 9,425 20,475 7,739 432 40,280 
735 - 7642,720 8,973 30,669 13,177 1,260 56,799 
765 - 7942,715 6,368 47,803 24,872 1,197 82,955 
Greater than 7947,079 16,546 70,172 51,544 4,589 149,930 
No FICO score available or required (a)2,553 5,654 — — — 8,207 
$18,366 50,759 174,083 101,634 7,812 352,654 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required (a)4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of September 30, 2024
Nine months ended September 30, 20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$18,676 13,850 — 1,274 1,574 1,569 36,943 
720 - 76949,525 25,932 19 6,782 5,559 3,266 91,083 
Greater than 76950,565 16,902 104 4,737 2,156 975 75,439 
No FICO score available or required (a)2,981 438 280 54 — — 3,753 
$121,747 57,122 403 12,847 9,289 5,810 207,218 
Loan balance as of December 31, 2023
2023202220212020Prior yearsTotal
FICO at origination:
Less than 720$21,412 — — — — 21,412 
720 - 76933,571 51 — — — 33,622 
Greater than 76916,484 109 — — — 16,593 
No FICO score available or required (a)386 284 55 — — 725 
$71,853 444 55 — — 72,352 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of September 30, 2024 and December 31, 2023, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 685 3,364 769 2,686 7,504 
Loans in forbearance— — 29 185 422 1,343 1,979 
Loans in repayment status:
Loans current— 200 4,211 4,737 40,986 168,291 218,425 
Loans delinquent 31-60 days— — 21 32 398 2,562 3,013 
Loans delinquent 61-90 days— — 8 46 3 1,244 1,301 
Loans delinquent 91 days or greater— — — 12 114 1,947 2,073 
Total loans in repayment— 200 4,240 4,827 41,501 174,044 224,812 
Total private education loans$— 200 4,954 8,376 42,692 178,073 234,295 
Accrued interest receivable2,248 
Loan discount, net of unamortized premiums(6,772)
Allowance for loan losses(11,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$218,027 
Gross charge-offs - nine months ended September 30, 2024$— — — 84 208 3,962 4,254 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 315 — — — — 315 
Loans in repayment status:
Loans current204,317 31,099 3,002 379 254 77 239,128 
Loans delinquent 31-60 days856 960 163 45 6 2 2,032 
Loans delinquent 61-90 days409 951 145 10 — — 1,515 
Loans delinquent 91 days or greater187 841 426 103 — 5 1,562 
Total loans in repayment205,769 33,851 3,736 537 260 84 244,237 
Total consumer and other loans$205,769 34,166 3,736 537 260 84 244,552 
Accrued interest receivable1,115 
Loan discount and deferred lender fees, net of unamortized premiums(10,789)
Allowance for loan losses(22,380)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$212,498 
Gross charge-offs - nine months ended September 30, 2024$56 5,389 1,793 227 40 62 7,567 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$9,440 11,529 7,434 587 406 — 29,396 
Loans in forbearance22 139 1,444 759 — — 2,364 
Loans in repayment status:
Loans current8,674 37,936 164,277 99,922 7,281 — 318,090 
Loans delinquent 30-59 days133 460 194 163 125 — 1,075 
Loans delinquent 60-89 days53 279 255 136 — — 723 
Loans delinquent 90 days or greater44 416 479 67 — — 1,006 
Total loans in repayment8,904 39,091 165,205 100,288 7,406 — 320,894 
Total private education loans$18,366 50,759 174,083 101,634 7,812 — 352,654 
Accrued interest receivable3,098 
Deferred origination costs, net of unaccreted discount5,786 
Allowance for loan losses(3,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$357,868 
Gross charge-offs - nine months ended September 30, 2024$48 816 600 285 47 — 1,796 
Nine months ended September 30, 20242023202220212020Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$3,029 44 — — — — 3,073 
Loans in repayment status:
Loans current117,453 53,106 403 12,642 9,249 5,760 198,613 
Loans delinquent 30-59 days787 1,320 — 87 19 38 2,251 
Loans delinquent 60-89 days272 1,081 — 118 21 5 1,497 
Loans delinquent 90 days or greater206 1,571 — — — 7 1,784 
Total loans in repayment118,718 57,078 403 12,847 9,289 5,810 204,145 
Total consumer and other loans$121,747 57,122 403 12,847 9,289 5,810 207,218 
Accrued interest receivable1,386 
Loan premium, net of unaccreted discount47 
Allowance for loan losses(13,514)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$195,137 
Gross charge-offs - nine months ended September 30, 2024$503 7,811 — 221 20 80 8,635 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.3
Bonds and Notes Payable
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$7,346,522 
5.41% - 6.97%
8/26/30 - 9/25/69
Bonds and notes based on auction70,220 
0.00% - 6.46%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes7,416,742 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		360,044 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities889,092 
4.93% - 5.19%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,277 
5.15% / 7.35%
11/14/25 / 8/1/26
Variable-rate bonds and notes issued in private education loan asset-backed securitizations60,222 
6.40% / 7.53%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations56,599 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements6,434 
5.58% - 6.08%
5/4/25 / 1/30/33
Repurchase agreement108,182 
5.54% - 6.75%
11/27/24 / 12/20/24
Other - due to related party4,669 5.00%11/15/28 - 11/15/30
8,992,261   
Discount on bonds and notes payable and debt issuance costs(53,815)
Total$8,938,446 
 As of December 31, 2023
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$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of September 30, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$800,000 589,303 210,697 1/31/20251/31/2026note (b)$42,542 
FFELP (c)375,000 299,789 75,211 4/1/20254/1/202692 %25,106 
$1,175,000 889,092 285,908 $67,648 
Consumer (d)$100,000 5,277 94,723 11/14/202411/14/202570 %$2,364 
Consumer (e)125,000 85,000 40,000 1/1/20268/1/2026
60% - 80%
19,681 
$225,000 90,277 134,723 $22,045 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. On May 17, 2024, this facility was amended to reduce the maximum financing amount from $950 million to $875 million, and to extend the expiration of liquidity provisions and final maturity date to July 15, 2024 and July 15, 2025, respectively. On July 15, 2024, this facility was amended to reduce the maximum financing amount from $875 million to $800 million, and to extend the expiration of liquidity provisions and final maturity date to January 31, 2025 and January 31, 2026, respectively. On October 3, 2024, this facility was amended to reduce the maximum financing amount from $800 million to $600 million.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million. On September 6, 2024, this facility was amended to reduce the maximum financing amount from $150 million to $100 million.
(e)    On July 1, 2024, the Company closed on this $125 million consumer loan facility.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of September 30, 2024, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Repurchase Agreement
The Company has a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education loan asset-backed securities (bond investments). The outstanding balance under this agreement as of September 30, 2024 was $108.2 million. The agreement has various maturity dates through December 20, 2024 and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. See note 6 for additional information about the private education loan asset-backed securities investments serving as collateral for this repurchase agreement.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2024, the Company holds $309.5 million (par value) of its own FFELP asset-backed securities.
Debt Redemptions
Subsequent to September 30, 2024, in October 2024, the Company redeemed $169.3 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity. The Company had the ability and intention to redeem these asset-
backed debt securities as of September 30, 2024. As such, the remaining unamortized debt discount associated with these bonds as of September 30, 2024 was written-off, resulting in a $5.6 million non-cash expense recognized in September 2024.
In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023.
The expense related to the acceleration of unamortized debt discount costs described above is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.
v3.24.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2023 Annual Report.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
September 30, 2024December 31, 2023
2024$— 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$1,400,000 3,150,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2024 and December 31, 2023 was the term adjusted SOFR (plus the tenor spread adjustment relating to LIBOR) plus 10.4 basis points and 10.1 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of September 30, 2024 and December 31, 2023 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
During the first quarter of 2023, the Company received $183.2 million, which included $19.1 million related to 2023 settlements, to terminate $2.8 billion in notional amount of floor income interest rate swaps prior to their final maturity.
Nelnet Bank Derivatives
Interest Rate Swaps
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
As of September 30, 2024As of December 31, 2023
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 — — 
2030 (b)50,000 3.06 50,000 3.06 
2032 (c)25,000 4.03 25,000 4.03 
2033 (d)25,000 3.90 25,000 3.90 
 $165,000 3.44 %$140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$118 452 2,434 1,976 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Settlements:  
1:3 basis swaps$159 386 773 1,180 
Interest rate swaps - floor income hedges1,200 235 3,583 22,760 
Interest rate swaps - Nelnet Bank281 196 690 279 
Total settlements - income1,640 817 5,046 24,219 
Change in fair value:  
1:3 basis swaps(125)(464)(710)(253)
Interest rate swaps - floor income hedges(9,393)1,656 (2,165)(35,070)
Interest rate swaps - Nelnet Bank(3,647)1,948 (793)3,057 
Total change in fair value - (expense) income(13,165)3,140 (3,668)(32,266)
Derivative market value adjustments and derivative settlements, net - (expense) income$(11,525)3,957 1,378 (8,047)
v3.24.3
Investments and Notes Receivable
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of September 30, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$47,799 2,044 (88)49,755 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$203,260 6,396 (1,395)208,261 271,479 4,883 (5,393)270,969 
Private education loan (a)247,633 — (20,344)227,289 281,791 — (28,874)252,917 
Other debt securities39,685 2,280 — 41,965 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank490,578 8,676 (21,739)477,515 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan (b)226,522 6,011 (299)232,234 304,555 4,488 (2,286)306,757 
Private education loan2,063 — — 2,063 17,083 20 (10)17,093 
Other debt securities214,211 1,214 (1,197)214,228 49,284 117 (1,641)47,760 
Total Nelnet Bank442,796 7,225 (1,496)448,525 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$933,374 15,901 (23,235)926,040 965,885 11,528 (39,479)937,934 
Equity securities70,345 50,907 
Total investments at fair value996,385 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities— 4,700 
Nelnet Bank:
FFELP loan asset-backed securities (b)214,380 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank222,480 158,038 
Total held-to-maturity investments222,480 162,738 
Venture capital and funds:
Measurement alternative197,515 194,084 
Equity method107,812 91,464 
Total venture capital and funds305,327 285,548 
Real estate:
Equity method125,424 103,811 
Investment in ALLO:
Voting interest/equity method (c)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (d)195,353 155,047 
Total investment in ALLO195,353 165,740 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $32,997 as of September 30, 2024
145,238 134,113 
Private education loans, net of allowance for credit losses of $901 as of September 30, 2024
55,211 68,372 
Federally insured student loans, net of allowance for credit losses of $965 as of September 30, 2024
18,210 22,594 
Total beneficial interest in loan securitizations, net of allowance218,659 225,079 
Solar (f)(197,582)(146,040)
Notes receivable27,778 53,747 
Tax liens, affordable housing, and other9,737 7,243 
Total investments (not measured at fair value)907,176 857,866 
Total investments and notes receivable$1,903,561 $1,846,707 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 4 under "Repurchase Agreement." As of September 30, 2024, the par value and fair value of the securities subject to this agreement was $144.4 million and $128.5 million, respectively.
(b)    On May 22, 2024, securities at Nelnet Bank with a fair value of $70.6 million were transferred from available-for-sale to held-to-maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of May 22, 2024 included pre-tax unrealized gains of $3.4 million related to the transfer. These unrealized gains are being amortized, consistent with the amortization of any premiums on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(c)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. Under the HLBV method of accounting on its ALLO voting membership interests investment, the Company recognized no losses and $17.3 million of losses during the three months ended September 30, 2024 and 2023, respectively, and losses of $10.7 million and $49.7 million during the nine months ended September 30, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions with respect to ALLO's voting membership interests, the Company will not recognize additional losses for its voting membership interests in ALLO.
(d)    As of September 30, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $184.0 million and $11.4 million, respectively. The Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024 for $155.0 million of preferred membership interests of ALLO held by the Company. During the second and third quarter of 2024, the Company purchased an additional $29.0 million of preferred membership interests of ALLO, which earn a preferred annual return of 20.0%. The Company recognized income on its ALLO preferred membership interests of $4.8 million and $2.3 million during the three months ended September 30, 2024 and 2023, respectively, and $11.4 million and $6.8 million during the nine months ended September 30, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2024, the Company's ownership correlates to approximately $1.19 billion, $480 million, and $315 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
An increase in cumulative loss expectations on certain securitizations and loan vintages caused a change in estimate of future cash flows related to certain of the Company's beneficial interest securitization investments. As a result, during the second and third quarter of 2024, the Company recorded a $5.9 million and $29.0 million allowance for credit losses (and related provision expense), respectively, related to these investments.
(f)    The Company invests in solar tax equity investments. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the co-investor’s (syndication partner's) portion being presented as noncontrolling interests. As of September 30, 2024, the Company has funded a total of $543.7 million in solar investments that remain outstanding, which includes $241.4 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of September 30, 2024, the Company has earned a total of $524.6 million of tax credits on those projects that remain outstanding, which includes $238.7 million earned by syndication partners. The solar investment negative carrying value on the consolidated balance sheet of $197.6 million as of September 30, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of September 30, 2024, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $95.4 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized net losses, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net losses excluding net losses attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended September 30,Nine months ended September 30,
2024202320242023
Net losses$(11,238)(6,456)(11,068)(19,485)
Less: net losses attributed to noncontrolling interest investors (syndication partners)3,936 3,278 5,568 14,706 
Net losses, excluding activity attributed to noncontrolling interest investors$(7,302)(3,178)(5,500)(4,779)
As of September 30, 2024, the Company is committed to fund an additional $107.9 million on solar investments, of which $89.5 million is expected to be provided by syndication partners.
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of September 30, 2024:
As of September 30, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 10,258 3,015 34,526 47,799 
Fair value— 10,331 3,041 36,383 49,755 
Non-Nelnet Bank:
FFELP loan— 370 12,466 190,424 203,260 
Private education loan— — — 247,633 247,633 
Other debt securities— 100 4,000 35,585 39,685 
Total Non-Nelnet Bank— 470 16,466 473,642 490,578 
Fair value— 501 16,365 460,649 477,515 
Nelnet Bank:
FFELP loan47,185 19,619 21,154 138,564 226,522 
Private education loan— — — 2,063 2,063 
Other debt securities— 41,741 33,154 139,316 214,211 
Total Nelnet Bank47,185 61,360 54,308 279,943 442,796 
Fair value47,499 61,411 54,402 285,213 448,525 
Total available-for-sale asset-backed securities at amortized cost$47,185 72,088 73,789 788,111 981,173 
Total available-for-sale asset-backed securities at fair value$47,499 72,243 73,808 782,245 975,795 
Held-to-maturity investments
Nelnet Bank:
FFELP loan asset-backed securities$— 2,807 1,154 210,419 214,380 
Private education loan asset-backed securities— — — 8,100 8,100 
Total held-to-maturity investments at amortized cost$— 2,807 1,154 218,519 222,480 
Total held-to-maturity investments at fair value$— 2,876 1,177 223,533 227,586 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 218,659 
Fair value$— — — — 232,654 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of September 30, 2024:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed and other securities$222,480 5,106 — 227,586 
Beneficial interest in loan securitizations218,659 14,154 (159)232,654 
The following table presents securities classified as available-for-sale that have gross unrealized losses at September 30, 2024 and the fair value of such securities as of September 30, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(88)8,160 — — (88)8,160 
Non-Nelnet Bank:
FFELP loan(15)6,508 (1,380)68,960 (1,395)75,468 
Private education loan— — (20,344)227,288 (20,344)227,288 
Total Non-Nelnet Bank(15)6,508 (21,724)296,248 (21,739)302,756 
Nelnet Bank:
FFELP loan(71)14,372 (228)14,122 (299)28,494 
Other debt securities(48)13,081 (1,149)14,555 (1,197)27,636 
Total Nelnet Bank(119)27,453 (1,377)28,677 (1,496)56,130 
Total available-for-sale asset-backed securities$(222)42,121 (23,101)324,925 (23,323)367,046 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedNine months ended
September 30,September 30,
2024202320242023
Gross proceeds from sales$105,628 198,548 372,176 776,096 
Gross realized gains$1,791 1,257 4,362 3,451 
Gross realized losses(70)(193)(1,036)(6,452)
Net gains (losses)$1,721 1,064 3,326 (3,001)
v3.24.3
Intangible Assets
 9 Months Ended
Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2024 (months)
As ofAs of
September 30, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $52,706 and $46,573, respectively)
98$36,898 43,031 
Trade names (net of accumulated amortization of $186 and $8,268, respectively)
91584 642 
Computer software (net of accumulated amortization of $831 and $574, respectively)
31889 1,146 
Total amortizable intangible assets, net97$38,371 44,819 
The Company recorded amortization expense on its intangible assets of $2.1 million and $5.4 million for the three months ended September 30, 2024 and 2023, respectively, and $6.4 million and $11.6 million during the nine months ended September 30, 2024 and 2023, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2024, the Company estimates it will record amortization expense as follows:
2024 (October 1 - December 31)$2,043 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $38,371 
v3.24.3
Goodwill
 9 Months Ended
Sep. 30, 2024
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.3
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges Impairment Expense, Provision for Beneficial Interests, and Restructure Charges
Impairment Expense and Provision for Beneficial Interests
The following table presents the impairment charges and provision for beneficial interests by asset and reportable operating segment recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended September 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 28,952 — — — 28,952 
Investments - venture capital— — — — — 100 100 
$— — 28,952 — — 100 29,052 
Three months ended September 30, 2023
Leases, buildings, and associated improvements (b)$296 — — — — 4,678 4,974 
Nine months ended September 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 34,863 — — — 34,863 
Investments - venture capital— — — — — 137 137 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
$— — 34,863 — — 2,002 36,865 
Nine months ended September 30, 2023
Leases, buildings, and associated improvements (b)$296 — — — — 4,678 4,974 
(a)     The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations. See note 6 for additional information.
(b)    In 2023, the Company recorded impairment charges related to operating lease assets and associated leasehold improvements, which included a $2.4 million lease termination fee paid to Union Bank, a related party. The Company recorded this impairment as a result of its on-going evaluation of the use of office space when a large number of associates continued to work from home.
(c)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
Restructure Charges
GRNE Solar
In April 2024, the Company announced a change in its solar EPC operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. The restructuring plan included a reduction in headcount of approximately 40 associates. The Company incurred a restructure charge of $1.6 million related to these staff reductions and commissions paid for canceled contracts, which is included in "salaries and benefits" in the consolidated statements of income.
Loan Servicing and Systems (LSS)
In June 2024, the Company announced a reduction in headcount after the completion of the transfer of direct loan servicing volume to one platform and the required servicing platform enhancements for the Company's new student loan servicing contract with the Department of Education. Approximately 220 associates who work in LSS, including some in related shared services that support LSS, were notified their positions were being eliminated. The Company estimates incurring a charge of $7.1 million related to these staff reductions, of which $2.1 million and $4.1 million was recognized in the second and third quarter of 2024, respectively, which is included in "salaries and benefits" in the consolidated statements of income. The remaining expense will be recognized during the fourth quarter of 2024.
v3.24.3
Bank Deposits
 9 Months Ended
Sep. 30, 2024
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2024December 31, 2023
Retail and other savings$801,170 520,017 
Brokered CDs, net of brokered deposit fees247,802 203,522 
Retail and other CDs, net of issuance fees21,786 20,060 
Total interest-bearing deposits$1,070,758 743,599 
As of September 30, 2024 and December 31, 2023, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $77.7 million and $104.0 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents certificates of deposit remaining maturities as of September 30, 2024:
One year or less$995 
After one year to two years148,591 
After two years to three years75,215 
After three years to four years348 
After four years to five years44,439 
After five years— 
Total$269,588 
Retail and other savings deposits include deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trust (STFIT), and commercial and consumer savings. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. The deposits exceeding the FDIC insurance limits as of September 30, 2024 was $44.5 million, the majority of which are intercompany deposits from Nelnet, Inc. and its subsidiaries.
v3.24.3
Earnings per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$2,343 45 2,388 43,409 945 44,354 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,743,895 686,590 36,430,485 36,699,510 798,563 37,498,073 
Earnings per share - basic and diluted$0.07 0.07 0.07 1.18 1.18 1.18 
Nine months ended September 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$118,549 2,337 120,886 95,685 2,054 97,739 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,993,634 709,680 36,703,314 36,650,653 786,934 37,437,587 
Earnings per share - basic and diluted$3.29 3.29 3.29 2.61 2.61 2.61 
v3.24.3
Segment Reporting
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2023 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 180,571 9,639 — — — 190,211 
Investment interest894 9,734 18,970 12,522 12,415 3,105 (7,368)50,272 
Total interest income894 9,734 199,541 22,161 12,415 3,105 (7,368)240,483 
Interest expense— — 161,142 11,606 2,245 704 (7,368)168,328 
Net interest income894 9,734 38,399 10,555 10,170 2,401 — 72,155 
Less provision (negative provision) for loan losses— — 11,968 6,143 — — — 18,111 
Net interest income after provision for loan losses894 9,734 26,431 4,412 10,170 2,401 — 54,044 
Other income (expense):
Loan servicing and systems revenue108,175 — — — — — — 108,175 
Intersegment revenue5,428 60 — — — — (5,488)— 
Education technology services and payments revenue— 118,179 — — — — — 118,179 
Solar construction revenue— — — — — 19,321 — 19,321 
Other, net690 — 4,918 841 22,370 3,506 — 32,325 
Loss on sale of loans— — (107)— — — — (107)
Impairment expense and provision for beneficial interests— — (28,952)— — (100)— (29,052)
Derivative settlements, net— — 1,359 281 — — — 1,640 
Derivative market value adjustments, net— — (9,518)(3,647)— — — (13,165)
Total other income (expense), net114,293 118,239 (32,300)(2,525)22,370 22,727 (5,488)237,316 
Cost of services:
Cost to provide education technology services and payments— 45,273 — — — — — 45,273 
Cost to provide solar construction services— — — — — 26,815 — 26,815 
Total cost of services— 45,273 — — — 26,815 — 72,088 
Operating expenses:
Salaries and benefits76,820 41,053 1,220 2,973 398 23,852 (124)146,192 
Depreciation and amortization4,854 2,616 — 343 — 5,848 — 13,661 
Other expenses19,663 7,614 2,775 2,570 17,904 11,116 — 61,642 
Intersegment expenses, net18,399 4,604 6,482 759 200 (25,080)(5,364)— 
Total operating expenses119,736 55,887 10,477 6,645 18,502 15,736 (5,488)221,495 
Income (loss) before income taxes(4,549)26,813 (16,346)(4,758)14,038 (17,423)— (2,223)
Income tax (expense) benefit1,092 (6,450)3,923 1,143 (3,341)3,915 — 282 
Net income (loss)(3,457)20,363 (12,423)(3,615)10,697 (13,508)— (1,941)
Net loss (income) attributable to noncontrolling interests— 54 — — (117)4,392 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$(3,457)20,417 (12,423)(3,615)10,580 (9,116)— 2,388 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 1,020,732 763,310 (495,427)14,084,128 
 Three months ended September 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 230,816 5,608 — — — 236,423 
Investment interest1,098 8,934 18,062 9,563 13,021 3,232 (5,783)48,128 
Total interest income1,098 8,934 248,878 15,171 13,021 3,232 (5,783)284,551 
Interest expense— — 197,393 9,456 5,661 432 (5,783)207,159 
Net interest income1,098 8,934 51,485 5,715 7,360 2,800 — 77,392 
Less provision (negative provision) for loan losses— — 2,348 1,927 — — — 4,275 
Net interest income after provision for loan losses1,098 8,934 49,137 3,788 7,360 2,800 — 73,117 
Other income (expense):
Loan servicing and systems revenue127,892 — — — — — — 127,892 
Intersegment revenue6,944 77 — — — — (7,021)— 
Education technology services and payments revenue— 113,796 — — — — — 113,796 
Solar construction revenue— — — — — 6,301 — 6,301 
Other, net687 — 2,776 565 9,861 (16,950)— (3,062)
Loss on sale of loans— — (1,022)— — — — (1,022)
Impairment expense and provision for beneficial interests(296)— — — — (4,678)— (4,974)
Derivative settlements, net— — 621 196 — — — 817 
Derivative market value adjustments, net— — 1,192 1,948 — — — 3,140 
Total other income (expense), net135,227 113,873 3,567 2,709 9,861 (15,327)(7,021)242,888 
Cost of services:
Cost to provide education technology services and payments— 43,694 — — — — — 43,694 
Cost to provide solar construction services— — — — — 7,783 — 7,783 
Total cost of services— 43,694 — — — 7,783 — 51,477 
Operating expenses:
Salaries and benefits73,310 39,776 1,242 2,520 288 24,731 (663)141,204 
Depreciation and amortization5,023 3,030 — 259 — 13,522 — 21,835 
Other expenses15,629 8,309 2,952 1,290 7,522 15,670 — 51,370 
Intersegment expenses, net17,894 5,875 7,948 129 191 (25,679)(6,358)— 
Total operating expenses111,856 56,990 12,142 4,198 8,001 28,244 (7,021)214,409 
Income (loss) before income taxes24,469 22,123 40,562 2,299 9,220 (48,554)— 50,119 
Income tax (expense) benefit(5,872)(5,307)(9,735)(552)(2,177)13,131 — (10,512)
Net income (loss)18,597 16,816 30,827 1,747 7,043 (35,423)— 39,607 
Net loss (income) attributable to noncontrolling interests— (6)— — (149)4,902 — 4,747 
Net income (loss) attributable to Nelnet, Inc.$18,597 16,810 30,827 1,747 6,894 (30,521)— 44,354 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 1,096,494 931,853 (719,868)17,197,889 
Nine months ended September 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 583,907 25,157 — — — 609,064 
Investment interest4,046 23,315 54,513 33,301 43,910 9,566 (25,565)143,086 
Total interest income4,046 23,315 638,420 58,458 43,910 9,566 (25,565)752,150 
Interest expense— — 523,678 31,872 7,268 2,114 (25,565)539,367 
Net interest income4,046 23,315 114,742 26,586 36,642 7,452 — 212,783 
Less provision (negative provision) for loan losses— — 14,199 18,352 — — — 32,551 
Net interest income after provision for loan losses4,046 23,315 100,543 8,234 36,642 7,452 — 180,232 
Other income (expense):
Loan servicing and systems revenue344,428 — — — — — — 344,428 
Intersegment revenue18,419 166 — — — — (18,585)— 
Education technology services and payments revenue— 378,627 — — — — — 378,627 
Solar construction revenue— — — — — 42,741 — 42,741 
Other, net2,085 — 11,239 1,991 51,013 11,730 — 78,057 
Loss on sale of loans— — (1,685)— — — — (1,685)
Impairment expense and provision for beneficial interests— — (34,863)— — (2,002)— (36,865)
Derivative settlements, net— — 4,356 690 — — — 5,046 
Derivative market value adjustments, net— — (2,875)(793)— — — (3,668)
Total other income (expense), net364,932 378,793 (23,828)1,888 51,013 52,469 (18,585)806,681 
Cost of services:
Cost to provide education technology services and payments— 134,106 — — — — — 134,106 
Cost to provide solar construction services— — — — — 49,115 — 49,115 
Total cost of services— 134,106 — — — 49,115 — 183,221 
Operating expenses:
Salaries and benefits224,172 121,956 3,529 8,491 1,129 72,159 (1,735)429,701 
Depreciation and amortization15,304 8,012 — 944 — 21,312 — 45,572 
Other expenses59,861 23,772 9,985 5,765 41,536 37,359 — 178,278 
Intersegment expenses, net55,955 14,216 21,491 2,252 665 (77,729)(16,850)— 
Total operating expenses355,292 167,956 35,005 17,452 43,330 53,101 (18,585)653,551 
Income (loss) before income taxes13,686 100,046 41,710 (7,330)44,325 (42,295)— 150,141 
Income tax (expense) benefit(3,284)(24,035)(10,010)1,800 (10,550)8,426 — (37,653)
Net income (loss)10,402 76,011 31,700 (5,530)33,775 (33,869)— 112,488 
Net loss (income) attributable to noncontrolling interests— 101 — — (366)8,663 — 8,398 
Net income (loss) attributable to Nelnet, Inc.$10,402 76,112 31,700 (5,530)33,409 (25,206)— 120,886 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 1,020,732 763,310 (495,427)14,084,128 
Nine months ended September 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 689,633 15,079 — — — 704,712 
Investment interest3,193 20,237 47,726 26,013 54,481 8,826 (30,643)129,835 
Total interest income3,193 20,237 737,359 41,092 54,481 8,826 (30,643)834,547 
Interest expense— — 618,905 24,841 24,860 1,793 (30,643)639,756 
Net interest income3,193 20,237 118,454 16,251 29,621 7,033 — 194,791 
Less provision (negative provision) for loan losses— — (772)5,837 — — — 5,065 
Net interest income after provision for loan losses3,193 20,237 119,226 10,414 29,621 7,033 — 189,726 
Other income (expense):
Loan servicing and systems revenue389,138 — — — — — — 389,138 
Intersegment revenue21,980 198 — — — — (22,178)— 
Education technology services and payments revenue— 357,258 — — — — — 357,258 
Solar construction revenue— — — — — 19,687 — 19,687 
Other, net1,900 — 6,939 1,395 15,087 (52,617)— (27,297)
Loss on sale of loans— — (16,776)— — — — (16,776)
Impairment expense and provision for beneficial interests(296)— — — — (4,678)— (4,974)
Derivative settlements, net— — 23,940 279 — — — 24,219 
Derivative market value adjustments, net— — (35,323)3,057 — — — (32,266)
Total other income (expense), net412,722 357,456 (21,220)4,731 15,087 (37,608)(22,178)708,989 
Cost of services:
Cost to provide education technology services and payments— 131,804 — — — — — 131,804 
Cost to provide solar construction services— — — — — 25,204 — 25,204 
Total cost of services— 131,804 — — — 25,204 — 157,008 
Operating expenses:
Salaries and benefits234,012 116,040 3,093 6,881 717 78,686 (808)438,620 
Depreciation and amortization14,400 8,424 — 315 — 33,976 — 57,114 
Other expenses42,760 26,063 12,083 3,696 12,223 41,327 — 138,154 
Intersegment expenses, net58,030 17,559 24,789 302 447 (79,757)(21,370)— 
Total operating expenses349,202 168,086 39,965 11,194 13,387 74,232 (22,178)633,888 
Income (loss) before income taxes66,713 77,803 58,041 3,951 31,321 (130,011)— 107,819 
Income tax (expense) benefit(16,011)(18,700)(13,930)(913)(7,417)28,188 — (28,785)
Net income (loss)50,702 59,103 44,111 3,038 23,904 (101,823)— 79,034 
Net loss (income) attributable to noncontrolling interests— 113 — — (418)19,010 — 18,705 
Net income (loss) attributable to Nelnet, Inc.$50,702 59,216 44,111 3,038 23,486 (82,813)— 97,739 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 1,096,494 931,853 (719,868)17,197,889 
v3.24.3
Disaggregated Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Government loan servicing$85,215 100,154 277,705 304,769 
Private education and consumer loan servicing13,057 12,330 38,634 36,556 
FFELP loan servicing2,945 3,304 9,570 10,226 
Software services5,197 9,416 14,617 25,076 
Outsourced services1,761 2,688 3,902 12,511 
Loan servicing and systems revenue$108,175 127,892 344,428 389,138 
Education Technology Services and Payments
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Tuition payment plan services$31,659 30,223 104,702 95,235 
Payment processing55,813 50,848 137,926 126,716 
Education technology services30,080 31,793 133,306 132,796 
Other627 932 2,693 2,511 
Education technology services and payments revenue$118,179 113,796 378,627 357,258 
Solar Construction
Three months ended September 30,Nine months ended September 30,
2024202320242023
Commercial revenue$18,764 4,221 39,477 12,426 
Residential revenue (a)557 2,080 3,264 7,261 
Solar construction revenue$19,321 6,301 42,741 19,687 
(a)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will continue to decline from historical amounts as existing customer contracts are completed.
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Reinsurance premiums$16,619 6,287 44,250 10,638 
Investment activity, net8,529 (1,003)7,447 (8,155)
ALLO preferred return4,783 2,299 11,353 6,822 
Borrower late fee income1,741 2,220 7,460 6,635 
Administration/sponsor fee income1,420 1,712 4,448 5,180 
Investment advisory services (WRCM)1,394 1,633 4,427 4,884 
Loss from ALLO voting membership interest investment— (17,293)(10,693)(49,676)
Loss from solar investments, net(11,238)(6,456)(11,068)(19,485)
Other9,077 7,539 20,433 15,860 
Other, net$32,325 (3,062)78,057 (27,297)
v3.24.3
Major Customer
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
Nelnet Servicing, a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $85.2 million and $100.2 million for the three months ended September 30, 2024 and 2023, respectively, and $277.7 million and $304.8 million for the nine months ended September 30, 2024 and 2023, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which replaced the legacy Department student loan servicing contract.
The New Government Servicing Contract became effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. Servicing under the New Government Servicing Contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024.
The New Government Servicing Contract has multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contract was primarily based on borrower status. Assuming borrower volume remains consistent under the New Government Servicing Contract, the Company expects revenue earned on a per borrower blended basis will decrease under the New Government Servicing Contract versus the legacy contract. However, consistent with the legacy contract, the Company expects to earn additional revenue from the Department under the New Government Servicing Contract for change requests and other support services. In addition, the Company has executed an agreement with a third-party servicer awarded a USDS contract to license its servicing software to such entity. The Company began earning remote hosted servicing revenue from this new customer during the second quarter of 2024. The amount of revenue earned by the Company from this new customer will depend on the number of servicing borrowers allocated by the Department to this servicer.
v3.24.3
Fair Value
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 975,695 975,795 99 955,804 955,903 
Equity securities186 — 186 73 — 73 
Equity securities measured at net asset value (a)70,159 50,834 
Total investments286 975,695 1,046,140 172 955,804 1,006,810 
Derivative instruments— 118 118 — 452 452 
Total assets$286 975,813 1,046,258 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 2,434 2,434 — 1,976 1,976 
Total liabilities$— 2,434 2,434 — 1,976 1,976 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 23 of the notes to consolidated financial statements included in the 2023 Annual Report.
 As of September 30, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,502,403 9,972,784 — — 10,502,403 
Accrued loan interest receivable600,097 600,097 — 600,097 — 
Cash and cash equivalents219,684 219,684 219,684 — — 
Investments (at fair value)1,046,140 1,046,140 286 975,695 — 
Investments - held-to-maturity asset-backed securities227,586 222,480 — 227,586 — 
Notes receivable27,778 27,778 — 27,778 — 
Beneficial interest in loan securitizations232,654 218,659 — — 232,654 
Restricted cash344,366 344,366 344,366 — — 
Restricted cash – due to customers334,968 334,968 334,968 — — 
Derivative instruments118 118 — 118 — 
Financial liabilities:  
Bonds and notes payable8,901,588 8,938,446 — 8,901,588 — 
Accrued interest payable25,389 25,389 — 25,389 — 
Bank deposits1,058,023 1,070,758 754,116 303,907 — 
Due to customers404,459 404,459 404,459 — — 
Derivative instruments2,434 2,434 — 2,434 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity asset-backed securities163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to Nelnet, Inc. $ 2,388 $ 44,354 $ 120,886 $ 97,739
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the third quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.
Name and TitleDate of Adoption of Rule 10b5-1 Trading Plan
Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)
Aggregate Number of Securities to Be Purchased or Sold
William J. Munn
Corporate Secretary / Chief Governance Officer / General Counsel
8/13/202412/11/2024
Gift transfer of 100 shares of Class A common stock
William J. Munn
Corporate Secretary / Chief Governance Officer / General Counsel
8/15/20248/15/2025
Sale of 2,500 shares of Class A common stock
Jona M. Van Deun
Director
8/16/202412/14/2024
Sale of 440 shares of Class A common stock
(a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
As previously disclosed, on August 2, 2024, William J. Munn, Corporate Secretary, Chief Governance Officer, and General Counsel, terminated a Rule 10b5-1 Trading Plan he had adopted on May 16, 2024 with respect to the gift of 100 shares of the Company's Class A common stock. Such Rule 10b5-1 Trading Plan was set to expire on September 15, 2024. As of the date of termination of such Rule 10b5-1 Trading Plan, no shares of Class A common stock had been gifted. Such Rule 10b5-1 Trading Plan was terminated due to an administrative error in the original adoption of the plan.
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Jona M. Van Deun [Member]    
Trading Arrangements, by Individual    
Name Jona M. Van Deun  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 8/16/2024  
Expiration Date 12/14/2024  
Arrangement Duration 120 days  
Aggregate Available 440 440
William J. Munn August 13, 2024 Plan [Member] | William J. Munn [Member]    
Trading Arrangements, by Individual    
Name William J. Munn  
Title Corporate Secretary / Chief Governance Officer / General Counsel  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 8/13/2024  
Expiration Date 12/11/2024  
Arrangement Duration 120 days  
Aggregate Available 100 100
William J. Munn August 15, 2024 Plan [Member] | William J. Munn [Member]    
Trading Arrangements, by Individual    
Name William J. Munn  
Title Corporate Secretary / Chief Governance Officer / General Counsel  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 8/15/2024  
Expiration Date 8/15/2025  
Arrangement Duration 365 days  
Aggregate Available 2,500 2,500
William J. Munn August 2, 2024 Terminated Plan [Member] | William J. Munn [Member]    
Trading Arrangements, by Individual    
Name William J. Munn  
Title Corporate Secretary, Chief Governance Officer, and General Counsel  
Rule 10b5-1 Arrangement Terminated true  
Termination Date August 2, 2024  
Aggregate Available 100 100
v3.24.3
Basis of Financial Reporting (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. 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, 2023 (the "2023 Annual Report").
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,202,590 2,936,174 
Consolidation6,868,152 8,750,033 
Total9,070,742 11,686,207 
Private education loans234,295 277,320 
Consumer and other loans244,552 85,935 
Non-Nelnet Bank loans9,549,589 12,049,462 
Nelnet Bank:
Private education loans352,654 360,520 
Consumer and other loans207,218 72,352 
Nelnet Bank loans559,872 432,872 
Accrued interest receivable600,097 764,385 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(34,535)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(50,834)(68,453)
Private education loans(11,744)(15,750)
Consumer and other loans(22,380)(11,742)
Non-Nelnet Bank allowance for loan losses(84,958)(95,945)
Nelnet Bank:
Private education loans(3,670)(3,347)
Consumer and other loans(13,514)(5,351)
Nelnet Bank allowance for loan losses(17,184)(8,698)
 $10,572,881 13,108,204 
Schedule of Net Charge-offs as a Percentage of Average Loans
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
September 30, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.56 %0.59 %
Private education loans5.01 %5.68 %
Consumer and other loans (b)9.15 %13.66 %
Nelnet Bank:
Private education loans1.04 %0.93 %
Consumer and other loans (b)6.52 %7.40 %
(a)    As of September 30, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 20.7% and 21.8%, respectively.
(b)    Decrease as of September 30, 2024 compared with December 31, 2023 is due to the change in the mix of loans outstanding at the end of each period reported.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended September 30,Nine months ended September 30,
2024202320242023
Non-Nelnet Bank:
Federally insured loans0.19 %0.11 %0.19 %0.16 %
Private education loans1.97 %0.61 %1.89 %0.94 %
Consumer and other loans4.81 %9.57 %4.92 %4.59 %
Nelnet Bank:
Federally insured loans— 0.03 %— 0.01 %
Private education loans0.51 %0.05 %0.46 %0.25 %
Consumer and other loans7.28 %5.69 %7.49 %3.00 %
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesBalance at end of period
Three months ended September 30, 2024
Non-Nelnet Bank:
Federally insured loans$54,180 1,247 (4,593)— 50,834 
Private education loans13,065 (126)(1,414)219 11,744 
Consumer and other loans14,135 10,847 (2,981)379 22,380 
Nelnet Bank:
Private education loans3,559 565 (892)438 3,670 
Consumer and other loans11,825 5,326 (3,830)193 13,514 
$96,764 17,859 (13,710)1,229 102,142 
Three months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$74,061 1,641 (3,659)— 72,043 
Private education loans14,322 3,009 (571)184 16,944 
Consumer and other loans20,005 (2,302)(4,115)434 14,022 
Nelnet Bank:
Federally insured loans154 (2)(4)— 148 
Private education loans2,905 220 (42)— 3,083 
Consumer and other loans2,816 1,554 (517)— 3,853 
$114,263 4,120 (8,908)618 110,093 
Nine months ended September 30, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (2,593)(15,026)— 50,834 
Private education loans15,750 (392)(4,254)640 11,744 
Consumer and other loans11,742 17,184 (7,567)1,021 22,380 
Nelnet Bank:
Private education loans3,347 1,576 (1,796)543 3,670 
Consumer and other loans5,351 16,563 (8,635)235 13,514 
$104,643 32,338 (37,278)2,439 102,142 
Nine months ended September 30, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 4,052 (15,602)— 72,043 
Private education loans15,411 3,249 (2,279)563 16,944 
Consumer and other loans30,263 (8,073)(9,264)1,096 14,022 
Nelnet Bank:
Federally insured loans170 (15)(7)— 148 
Private education loans2,390 1,350 (657)— 3,083 
Consumer and other loans— 4,370 (517)— 3,853 
$131,827 4,933 (28,326)1,659 110,093 
(a) The following table presents the reduction to provision for loan losses as a result of the loan sales described under "Loan Sales" above.
    
Provision for current periodLoan sale reduction to provisionProvision
(negative provision) for loan losses
Three months ended September 30, 2024
Non-Nelnet Bank
Consumer and other loans$11,026 (179)10,847 
Three months ended September 30, 2023
Non-Nelnet Bank
Consumer and other loans$4,082 (6,384)(2,302)
Nine months ended September 30, 2024
Non-Nelnet Bank
Consumer and other loans$30,058 (12,874)17,184 
Nine months ended September 30, 2023
Non-Nelnet Bank
Consumer and other loans$41,388 (49,461)(8,073)
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedNine months ended
September 30,September 30,
2024202320242023
Provision for loan losses from allowance activity table above$17,859 4,120 32,338 4,933 
Provision for unfunded loan commitments252 155 213 132 
Provision for loan losses reported in consolidated statements of income$18,111 4,275 32,551 5,065 
Schedule of Loan Status and Delinquencies
As of September 30, 2024As of December 31, 2023As of September 30, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $428,013 4.7 % $522,304 4.5 % $562,754 4.6 %
Loans in forbearance 647,797 7.2  979,588 8.4  906,060 7.4 
Loans in repayment status:  
Loans current6,702,079 83.8 %8,416,624 82.6 %9,014,731 83.2 %
Loans delinquent 31-60 days348,833 4.4 377,108 3.7 441,016 4.1 
Loans delinquent 61-90 days190,379 2.4 254,553 2.5 301,028 2.8 
Loans delinquent 91-120 days148,417 1.9 187,145 1.9 213,245 2.0 
Loans delinquent 121-270 days419,730 5.2 685,829 6.7 648,924 6.0 
Loans delinquent 271 days or greater185,494 2.3 263,056 2.6 211,226 1.9 
Total loans in repayment7,994,932 88.1 100.0 %10,184,315 87.1 100.0 %10,830,170 88.0 100.0 %
Total federally insured loans9,070,742 100.0 % 11,686,207 100.0 % 12,298,984 100.0 %
Accrued interest receivable592,250 757,713 798,102 
Loan discount, net of unamortized premiums and deferred origination costs(22,807)(28,963)(30,979)
Allowance for loan losses(50,834)(68,453)(72,043)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$9,589,351 $12,346,504 $12,994,064 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $7,504 3.2 %$9,475 3.4 %$11,373 3.9 %
Loans in forbearance 1,979 0.8 2,529 0.9 2,280 0.8 
Loans in repayment status:
Loans current218,425 97.2 %257,639 97.1 %271,948 97.4 %
Loans delinquent 31-60 days3,013 1.3 3,395 1.3 3,485 1.2 
Loans delinquent 61-90 days1,301 0.6 1,855 0.7 1,424 0.5 
Loans delinquent 91 days or greater2,073 0.9 2,427 0.9 2,494 0.9 
Total loans in repayment224,812 96.0 100.0 %265,316 95.7 100.0 %279,351 95.3 100.0 %
Total private education loans234,295 100.0 % 277,320 100.0 % 293,004 100.0 %
Accrued interest receivable2,248 2,653 2,750 
Loan discount, net of unamortized premiums(6,772)(8,037)(8,069)
Allowance for loan losses(11,744)(15,750)(16,944)
Total private education loans and accrued interest receivable, net of allowance for loan losses$218,027 $256,186 $270,741 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$315 0.1 %$146 0.2 %$20 0.0 %
Loans in repayment status:
Loans current239,128 97.9 %81,195 94.6 %137,744 95.9 %
Loans delinquent 31-60 days2,032 0.8 2,035 2.4 1,987 1.4 
Loans delinquent 61-90 days1,515 0.6 1,189 1.4 1,293 0.9 
Loans delinquent 91 days or greater1,562 0.7 1,370 1.6 2,589 1.8 
Total loans in repayment244,237 99.9 100.0 %85,789 99.8 100.0 %143,613 100.0 100.0 %
Total consumer and other loans244,552 100.0 %85,935 100.0 %143,633 100.0 %
Accrued interest receivable1,115 861 1,716 
Loan discount and deferred lender fees, net of unamortized premiums(10,789)(2,474)(180)
Allowance for loan losses(22,380)(11,742)(14,022)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$212,498 $72,580 $131,147 
As of September 30, 2024As of December 31, 2023As of September 30, 2023
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$29,396 8.3 %$19,089 5.3 %$20,537 5.7 %
Loans in forbearance2,364 0.7 1,285 0.4 1,169 0.3 
Loans in repayment status:
Loans current318,090 99.2 %338,448 99.5 %336,602 99.5 %
Loans delinquent 30-59 days1,075 0.3 839 0.2 691 0.2 
Loans delinquent 60-89 days723 0.2 253 0.1 428 0.1 
Loans delinquent 90 days or greater1,006 0.3 606 0.2 514 0.2 
Total loans in repayment320,894 91.0 100.0 %340,146 94.3 100.0 %338,235 94.0 100.0 %
Total private education loans352,654 100.0 %360,520 100.0 %359,941 100.0 %
Accrued interest receivable3,098 2,023 1,905 
Deferred origination costs, net of unaccreted discount5,786 5,608 5,578 
Allowance for loan losses(3,670)(3,347)(3,083)
Total private education loans and accrued interest receivable, net of allowance for loan losses$357,868 $364,804 $364,341 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$3,073 1.5 %$103 0.1 %$95 0.2 %
Loans in forbearance— — — — 32 0.1 
Loans in repayment status:
Loans current198,613 97.3 %69,584 96.3 %48,358 97.7 %
Loans delinquent 30-59 days2,251 1.1 1,075 1.5 527 1.1 
Loans delinquent 60-89 days1,497 0.7 941 1.3 306 0.6 
Loans delinquent 90 days or greater1,784 0.9 649 0.9 293 0.6 
Total loans in repayment204,145 98.5 100.0 %72,249 99.9 100.0 %49,484 99.7 100.0 %
Total consumer and other loans207,218 100.0 %72,352 100.0 %49,611 100.0 %
Accrued interest receivable1,386 575 373 
Loan premium, net of unaccreted discount47 (6)(7)
Allowance for loan losses(13,514)(5,351)(3,853)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$195,137 $67,570 $46,124 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of September 30, 2024
Nine months ended September 30, 20242023202220212020Total
FICO at origination:
Less than 705$1,090 3,793 4,964 4,302 334 14,483 
705 - 7342,209 9,425 20,475 7,739 432 40,280 
735 - 7642,720 8,973 30,669 13,177 1,260 56,799 
765 - 7942,715 6,368 47,803 24,872 1,197 82,955 
Greater than 7947,079 16,546 70,172 51,544 4,589 149,930 
No FICO score available or required (a)2,553 5,654 — — — 8,207 
$18,366 50,759 174,083 101,634 7,812 352,654 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required (a)4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of September 30, 2024
Nine months ended September 30, 20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$18,676 13,850 — 1,274 1,574 1,569 36,943 
720 - 76949,525 25,932 19 6,782 5,559 3,266 91,083 
Greater than 76950,565 16,902 104 4,737 2,156 975 75,439 
No FICO score available or required (a)2,981 438 280 54 — — 3,753 
$121,747 57,122 403 12,847 9,289 5,810 207,218 
Loan balance as of December 31, 2023
2023202220212020Prior yearsTotal
FICO at origination:
Less than 720$21,412 — — — — 21,412 
720 - 76933,571 51 — — — 33,622 
Greater than 76916,484 109 — — — 16,593 
No FICO score available or required (a)386 284 55 — — 725 
$71,853 444 55 — — 72,352 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 685 3,364 769 2,686 7,504 
Loans in forbearance— — 29 185 422 1,343 1,979 
Loans in repayment status:
Loans current— 200 4,211 4,737 40,986 168,291 218,425 
Loans delinquent 31-60 days— — 21 32 398 2,562 3,013 
Loans delinquent 61-90 days— — 8 46 3 1,244 1,301 
Loans delinquent 91 days or greater— — — 12 114 1,947 2,073 
Total loans in repayment— 200 4,240 4,827 41,501 174,044 224,812 
Total private education loans$— 200 4,954 8,376 42,692 178,073 234,295 
Accrued interest receivable2,248 
Loan discount, net of unamortized premiums(6,772)
Allowance for loan losses(11,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$218,027 
Gross charge-offs - nine months ended September 30, 2024$— — — 84 208 3,962 4,254 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 315 — — — — 315 
Loans in repayment status:
Loans current204,317 31,099 3,002 379 254 77 239,128 
Loans delinquent 31-60 days856 960 163 45 6 2 2,032 
Loans delinquent 61-90 days409 951 145 10 — — 1,515 
Loans delinquent 91 days or greater187 841 426 103 — 5 1,562 
Total loans in repayment205,769 33,851 3,736 537 260 84 244,237 
Total consumer and other loans$205,769 34,166 3,736 537 260 84 244,552 
Accrued interest receivable1,115 
Loan discount and deferred lender fees, net of unamortized premiums(10,789)
Allowance for loan losses(22,380)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$212,498 
Gross charge-offs - nine months ended September 30, 2024$56 5,389 1,793 227 40 62 7,567 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$9,440 11,529 7,434 587 406 — 29,396 
Loans in forbearance22 139 1,444 759 — — 2,364 
Loans in repayment status:
Loans current8,674 37,936 164,277 99,922 7,281 — 318,090 
Loans delinquent 30-59 days133 460 194 163 125 — 1,075 
Loans delinquent 60-89 days53 279 255 136 — — 723 
Loans delinquent 90 days or greater44 416 479 67 — — 1,006 
Total loans in repayment8,904 39,091 165,205 100,288 7,406 — 320,894 
Total private education loans$18,366 50,759 174,083 101,634 7,812 — 352,654 
Accrued interest receivable3,098 
Deferred origination costs, net of unaccreted discount5,786 
Allowance for loan losses(3,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$357,868 
Gross charge-offs - nine months ended September 30, 2024$48 816 600 285 47 — 1,796 
Nine months ended September 30, 20242023202220212020Prior yearsTotal
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$3,029 44 — — — — 3,073 
Loans in repayment status:
Loans current117,453 53,106 403 12,642 9,249 5,760 198,613 
Loans delinquent 30-59 days787 1,320 — 87 19 38 2,251 
Loans delinquent 60-89 days272 1,081 — 118 21 5 1,497 
Loans delinquent 90 days or greater206 1,571 — — — 7 1,784 
Total loans in repayment118,718 57,078 403 12,847 9,289 5,810 204,145 
Total consumer and other loans$121,747 57,122 403 12,847 9,289 5,810 207,218 
Accrued interest receivable1,386 
Loan premium, net of unaccreted discount47 
Allowance for loan losses(13,514)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$195,137 
Gross charge-offs - nine months ended September 30, 2024$503 7,811 — 221 20 80 8,635 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.3
Bonds and Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$7,346,522 
5.41% - 6.97%
8/26/30 - 9/25/69
Bonds and notes based on auction70,220 
0.00% - 6.46%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes7,416,742 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		360,044 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities889,092 
4.93% - 5.19%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,277 
5.15% / 7.35%
11/14/25 / 8/1/26
Variable-rate bonds and notes issued in private education loan asset-backed securitizations60,222 
6.40% / 7.53%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations56,599 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements6,434 
5.58% - 6.08%
5/4/25 / 1/30/33
Repurchase agreement108,182 
5.54% - 6.75%
11/27/24 / 12/20/24
Other - due to related party4,669 5.00%11/15/28 - 11/15/30
8,992,261   
Discount on bonds and notes payable and debt issuance costs(53,815)
Total$8,938,446 
 As of December 31, 2023
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$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of September 30, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$800,000 589,303 210,697 1/31/20251/31/2026note (b)$42,542 
FFELP (c)375,000 299,789 75,211 4/1/20254/1/202692 %25,106 
$1,175,000 889,092 285,908 $67,648 
Consumer (d)$100,000 5,277 94,723 11/14/202411/14/202570 %$2,364 
Consumer (e)125,000 85,000 40,000 1/1/20268/1/2026
60% - 80%
19,681 
$225,000 90,277 134,723 $22,045 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million. On May 17, 2024, this facility was amended to reduce the maximum financing amount from $950 million to $875 million, and to extend the expiration of liquidity provisions and final maturity date to July 15, 2024 and July 15, 2025, respectively. On July 15, 2024, this facility was amended to reduce the maximum financing amount from $875 million to $800 million, and to extend the expiration of liquidity provisions and final maturity date to January 31, 2025 and January 31, 2026, respectively. On October 3, 2024, this facility was amended to reduce the maximum financing amount from $800 million to $600 million.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million. On September 6, 2024, this facility was amended to reduce the maximum financing amount from $150 million to $100 million.
(e)    On July 1, 2024, the Company closed on this $125 million consumer loan facility.
v3.24.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
September 30, 2024December 31, 2023
2024$— 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$1,400,000 3,150,000 
The following table summarizes the outstanding derivative instruments used by the Company as of September 30, 2024 and December 31, 2023 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
As of September 30, 2024As of December 31, 2023
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 — — 
2030 (b)50,000 3.06 50,000 3.06 
2032 (c)25,000 4.03 25,000 4.03 
2033 (d)25,000 3.90 25,000 3.90 
 $165,000 3.44 %$140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$118 452 2,434 1,976 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2024As of December 31, 2023As of September 30, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$118 452 2,434 1,976 
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Settlements:  
1:3 basis swaps$159 386 773 1,180 
Interest rate swaps - floor income hedges1,200 235 3,583 22,760 
Interest rate swaps - Nelnet Bank281 196 690 279 
Total settlements - income1,640 817 5,046 24,219 
Change in fair value:  
1:3 basis swaps(125)(464)(710)(253)
Interest rate swaps - floor income hedges(9,393)1,656 (2,165)(35,070)
Interest rate swaps - Nelnet Bank(3,647)1,948 (793)3,057 
Total change in fair value - (expense) income(13,165)3,140 (3,668)(32,266)
Derivative market value adjustments and derivative settlements, net - (expense) income$(11,525)3,957 1,378 (8,047)
v3.24.3
Investments and Notes Receivable (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Schedule of Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of September 30, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$47,799 2,044 (88)49,755 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$203,260 6,396 (1,395)208,261 271,479 4,883 (5,393)270,969 
Private education loan (a)247,633 — (20,344)227,289 281,791 — (28,874)252,917 
Other debt securities39,685 2,280 — 41,965 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank490,578 8,676 (21,739)477,515 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan (b)226,522 6,011 (299)232,234 304,555 4,488 (2,286)306,757 
Private education loan2,063 — — 2,063 17,083 20 (10)17,093 
Other debt securities214,211 1,214 (1,197)214,228 49,284 117 (1,641)47,760 
Total Nelnet Bank442,796 7,225 (1,496)448,525 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$933,374 15,901 (23,235)926,040 965,885 11,528 (39,479)937,934 
Equity securities70,345 50,907 
Total investments at fair value996,385 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities— 4,700 
Nelnet Bank:
FFELP loan asset-backed securities (b)214,380 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank222,480 158,038 
Total held-to-maturity investments222,480 162,738 
Venture capital and funds:
Measurement alternative197,515 194,084 
Equity method107,812 91,464 
Total venture capital and funds305,327 285,548 
Real estate:
Equity method125,424 103,811 
Investment in ALLO:
Voting interest/equity method (c)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (d)195,353 155,047 
Total investment in ALLO195,353 165,740 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $32,997 as of September 30, 2024
145,238 134,113 
Private education loans, net of allowance for credit losses of $901 as of September 30, 2024
55,211 68,372 
Federally insured student loans, net of allowance for credit losses of $965 as of September 30, 2024
18,210 22,594 
Total beneficial interest in loan securitizations, net of allowance218,659 225,079 
Solar (f)(197,582)(146,040)
Notes receivable27,778 53,747 
Tax liens, affordable housing, and other9,737 7,243 
Total investments (not measured at fair value)907,176 857,866 
Total investments and notes receivable$1,903,561 $1,846,707 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 4 under "Repurchase Agreement." As of September 30, 2024, the par value and fair value of the securities subject to this agreement was $144.4 million and $128.5 million, respectively.
(b)    On May 22, 2024, securities at Nelnet Bank with a fair value of $70.6 million were transferred from available-for-sale to held-to-maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of May 22, 2024 included pre-tax unrealized gains of $3.4 million related to the transfer. These unrealized gains are being amortized, consistent with the amortization of any premiums on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(c)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. Under the HLBV method of accounting on its ALLO voting membership interests investment, the Company recognized no losses and $17.3 million of losses during the three months ended September 30, 2024 and 2023, respectively, and losses of $10.7 million and $49.7 million during the nine months ended September 30, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions with respect to ALLO's voting membership interests, the Company will not recognize additional losses for its voting membership interests in ALLO.
(d)    As of September 30, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $184.0 million and $11.4 million, respectively. The Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024 for $155.0 million of preferred membership interests of ALLO held by the Company. During the second and third quarter of 2024, the Company purchased an additional $29.0 million of preferred membership interests of ALLO, which earn a preferred annual return of 20.0%. The Company recognized income on its ALLO preferred membership interests of $4.8 million and $2.3 million during the three months ended September 30, 2024 and 2023, respectively, and $11.4 million and $6.8 million during the nine months ended September 30, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2024, the Company's ownership correlates to approximately $1.19 billion, $480 million, and $315 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
An increase in cumulative loss expectations on certain securitizations and loan vintages caused a change in estimate of future cash flows related to certain of the Company's beneficial interest securitization investments. As a result, during the second and third quarter of 2024, the Company recorded a $5.9 million and $29.0 million allowance for credit losses (and related provision expense), respectively, related to these investments.
(f)    The Company invests in solar tax equity investments. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the co-investor’s (syndication partner's) portion being presented as noncontrolling interests. As of September 30, 2024, the Company has funded a total of $543.7 million in solar investments that remain outstanding, which includes $241.4 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of September 30, 2024, the Company has earned a total of $524.6 million of tax credits on those projects that remain outstanding, which includes $238.7 million earned by syndication partners. The solar investment negative carrying value on the consolidated balance sheet of $197.6 million as of September 30, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of September 30, 2024, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $95.4 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized net losses, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net losses excluding net losses attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended September 30,Nine months ended September 30,
2024202320242023
Net losses$(11,238)(6,456)(11,068)(19,485)
Less: net losses attributed to noncontrolling interest investors (syndication partners)3,936 3,278 5,568 14,706 
Net losses, excluding activity attributed to noncontrolling interest investors$(7,302)(3,178)(5,500)(4,779)
As of September 30, 2024, the Company is committed to fund an additional $107.9 million on solar investments, of which $89.5 million is expected to be provided by syndication partners.
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of September 30, 2024:
As of September 30, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 10,258 3,015 34,526 47,799 
Fair value— 10,331 3,041 36,383 49,755 
Non-Nelnet Bank:
FFELP loan— 370 12,466 190,424 203,260 
Private education loan— — — 247,633 247,633 
Other debt securities— 100 4,000 35,585 39,685 
Total Non-Nelnet Bank— 470 16,466 473,642 490,578 
Fair value— 501 16,365 460,649 477,515 
Nelnet Bank:
FFELP loan47,185 19,619 21,154 138,564 226,522 
Private education loan— — — 2,063 2,063 
Other debt securities— 41,741 33,154 139,316 214,211 
Total Nelnet Bank47,185 61,360 54,308 279,943 442,796 
Fair value47,499 61,411 54,402 285,213 448,525 
Total available-for-sale asset-backed securities at amortized cost$47,185 72,088 73,789 788,111 981,173 
Total available-for-sale asset-backed securities at fair value$47,499 72,243 73,808 782,245 975,795 
Held-to-maturity investments
Nelnet Bank:
FFELP loan asset-backed securities$— 2,807 1,154 210,419 214,380 
Private education loan asset-backed securities— — — 8,100 8,100 
Total held-to-maturity investments at amortized cost$— 2,807 1,154 218,519 222,480 
Total held-to-maturity investments at fair value$— 2,876 1,177 223,533 227,586 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 218,659 
Fair value$— — — — 232,654 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of September 30, 2024:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed and other securities$222,480 5,106 — 227,586 
Beneficial interest in loan securitizations218,659 14,154 (159)232,654 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses at September 30, 2024 and the fair value of such securities as of September 30, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(88)8,160 — — (88)8,160 
Non-Nelnet Bank:
FFELP loan(15)6,508 (1,380)68,960 (1,395)75,468 
Private education loan— — (20,344)227,288 (20,344)227,288 
Total Non-Nelnet Bank(15)6,508 (21,724)296,248 (21,739)302,756 
Nelnet Bank:
FFELP loan(71)14,372 (228)14,122 (299)28,494 
Other debt securities(48)13,081 (1,149)14,555 (1,197)27,636 
Total Nelnet Bank(119)27,453 (1,377)28,677 (1,496)56,130 
Total available-for-sale asset-backed securities$(222)42,121 (23,101)324,925 (23,323)367,046 
Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months endedNine months ended
September 30,September 30,
2024202320242023
Gross proceeds from sales$105,628 198,548 372,176 776,096 
Gross realized gains$1,791 1,257 4,362 3,451 
Gross realized losses(70)(193)(1,036)(6,452)
Net gains (losses)$1,721 1,064 3,326 (3,001)
v3.24.3
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2024 (months)
As ofAs of
September 30, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $52,706 and $46,573, respectively)
98$36,898 43,031 
Trade names (net of accumulated amortization of $186 and $8,268, respectively)
91584 642 
Computer software (net of accumulated amortization of $831 and $574, respectively)
31889 1,146 
Total amortizable intangible assets, net97$38,371 44,819 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2024, the Company estimates it will record amortization expense as follows:
2024 (October 1 - December 31)$2,043 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $38,371 
v3.24.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.3
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Impairment Charges by Asset and Segment
The following table presents the impairment charges and provision for beneficial interests by asset and reportable operating segment recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended September 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 28,952 — — — 28,952 
Investments - venture capital— — — — — 100 100 
$— — 28,952 — — 100 29,052 
Three months ended September 30, 2023
Leases, buildings, and associated improvements (b)$296 — — — — 4,678 4,974 
Nine months ended September 30, 2024
Investments - beneficial interest in loan securitizations (a)$— — 34,863 — — — 34,863 
Investments - venture capital— — — — — 137 137 
Property and equipment - solar facilities (c)— — — — — 1,170 1,170 
Other assets - solar inventory (c)— — — — — 695 695 
$— — 34,863 — — 2,002 36,865 
Nine months ended September 30, 2023
Leases, buildings, and associated improvements (b)$296 — — — — 4,678 4,974 
(a)     The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations. See note 6 for additional information.
(b)    In 2023, the Company recorded impairment charges related to operating lease assets and associated leasehold improvements, which included a $2.4 million lease termination fee paid to Union Bank, a related party. The Company recorded this impairment as a result of its on-going evaluation of the use of office space when a large number of associates continued to work from home.
(c)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.24.3
Bank Deposits (Tables)
 9 Months Ended
Sep. 30, 2024
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2024December 31, 2023
Retail and other savings$801,170 520,017 
Brokered CDs, net of brokered deposit fees247,802 203,522 
Retail and other CDs, net of issuance fees21,786 20,060 
Total interest-bearing deposits$1,070,758 743,599 
Schedule of Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of September 30, 2024:
One year or less$995 
After one year to two years148,591 
After two years to three years75,215 
After three years to four years348 
After four years to five years44,439 
After five years— 
Total$269,588 
v3.24.3
Earnings per Common Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended September 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$2,343 45 2,388 43,409 945 44,354 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,743,895 686,590 36,430,485 36,699,510 798,563 37,498,073 
Earnings per share - basic and diluted$0.07 0.07 0.07 1.18 1.18 1.18 
Nine months ended September 30,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$118,549 2,337 120,886 95,685 2,054 97,739 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,993,634 709,680 36,703,314 36,650,653 786,934 37,437,587 
Earnings per share - basic and diluted$3.29 3.29 3.29 2.61 2.61 2.61 
v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended September 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 180,571 9,639 — — — 190,211 
Investment interest894 9,734 18,970 12,522 12,415 3,105 (7,368)50,272 
Total interest income894 9,734 199,541 22,161 12,415 3,105 (7,368)240,483 
Interest expense— — 161,142 11,606 2,245 704 (7,368)168,328 
Net interest income894 9,734 38,399 10,555 10,170 2,401 — 72,155 
Less provision (negative provision) for loan losses— — 11,968 6,143 — — — 18,111 
Net interest income after provision for loan losses894 9,734 26,431 4,412 10,170 2,401 — 54,044 
Other income (expense):
Loan servicing and systems revenue108,175 — — — — — — 108,175 
Intersegment revenue5,428 60 — — — — (5,488)— 
Education technology services and payments revenue— 118,179 — — — — — 118,179 
Solar construction revenue— — — — — 19,321 — 19,321 
Other, net690 — 4,918 841 22,370 3,506 — 32,325 
Loss on sale of loans— — (107)— — — — (107)
Impairment expense and provision for beneficial interests— — (28,952)— — (100)— (29,052)
Derivative settlements, net— — 1,359 281 — — — 1,640 
Derivative market value adjustments, net— — (9,518)(3,647)— — — (13,165)
Total other income (expense), net114,293 118,239 (32,300)(2,525)22,370 22,727 (5,488)237,316 
Cost of services:
Cost to provide education technology services and payments— 45,273 — — — — — 45,273 
Cost to provide solar construction services— — — — — 26,815 — 26,815 
Total cost of services— 45,273 — — — 26,815 — 72,088 
Operating expenses:
Salaries and benefits76,820 41,053 1,220 2,973 398 23,852 (124)146,192 
Depreciation and amortization4,854 2,616 — 343 — 5,848 — 13,661 
Other expenses19,663 7,614 2,775 2,570 17,904 11,116 — 61,642 
Intersegment expenses, net18,399 4,604 6,482 759 200 (25,080)(5,364)— 
Total operating expenses119,736 55,887 10,477 6,645 18,502 15,736 (5,488)221,495 
Income (loss) before income taxes(4,549)26,813 (16,346)(4,758)14,038 (17,423)— (2,223)
Income tax (expense) benefit1,092 (6,450)3,923 1,143 (3,341)3,915 — 282 
Net income (loss)(3,457)20,363 (12,423)(3,615)10,697 (13,508)— (1,941)
Net loss (income) attributable to noncontrolling interests— 54 — — (117)4,392 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$(3,457)20,417 (12,423)(3,615)10,580 (9,116)— 2,388 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 1,020,732 763,310 (495,427)14,084,128 
 Three months ended September 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 230,816 5,608 — — — 236,423 
Investment interest1,098 8,934 18,062 9,563 13,021 3,232 (5,783)48,128 
Total interest income1,098 8,934 248,878 15,171 13,021 3,232 (5,783)284,551 
Interest expense— — 197,393 9,456 5,661 432 (5,783)207,159 
Net interest income1,098 8,934 51,485 5,715 7,360 2,800 — 77,392 
Less provision (negative provision) for loan losses— — 2,348 1,927 — — — 4,275 
Net interest income after provision for loan losses1,098 8,934 49,137 3,788 7,360 2,800 — 73,117 
Other income (expense):
Loan servicing and systems revenue127,892 — — — — — — 127,892 
Intersegment revenue6,944 77 — — — — (7,021)— 
Education technology services and payments revenue— 113,796 — — — — — 113,796 
Solar construction revenue— — — — — 6,301 — 6,301 
Other, net687 — 2,776 565 9,861 (16,950)— (3,062)
Loss on sale of loans— — (1,022)— — — — (1,022)
Impairment expense and provision for beneficial interests(296)— — — — (4,678)— (4,974)
Derivative settlements, net— — 621 196 — — — 817 
Derivative market value adjustments, net— — 1,192 1,948 — — — 3,140 
Total other income (expense), net135,227 113,873 3,567 2,709 9,861 (15,327)(7,021)242,888 
Cost of services:
Cost to provide education technology services and payments— 43,694 — — — — — 43,694 
Cost to provide solar construction services— — — — — 7,783 — 7,783 
Total cost of services— 43,694 — — — 7,783 — 51,477 
Operating expenses:
Salaries and benefits73,310 39,776 1,242 2,520 288 24,731 (663)141,204 
Depreciation and amortization5,023 3,030 — 259 — 13,522 — 21,835 
Other expenses15,629 8,309 2,952 1,290 7,522 15,670 — 51,370 
Intersegment expenses, net17,894 5,875 7,948 129 191 (25,679)(6,358)— 
Total operating expenses111,856 56,990 12,142 4,198 8,001 28,244 (7,021)214,409 
Income (loss) before income taxes24,469 22,123 40,562 2,299 9,220 (48,554)— 50,119 
Income tax (expense) benefit(5,872)(5,307)(9,735)(552)(2,177)13,131 — (10,512)
Net income (loss)18,597 16,816 30,827 1,747 7,043 (35,423)— 39,607 
Net loss (income) attributable to noncontrolling interests— (6)— — (149)4,902 — 4,747 
Net income (loss) attributable to Nelnet, Inc.$18,597 16,810 30,827 1,747 6,894 (30,521)— 44,354 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 1,096,494 931,853 (719,868)17,197,889 
Nine months ended September 30, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 583,907 25,157 — — — 609,064 
Investment interest4,046 23,315 54,513 33,301 43,910 9,566 (25,565)143,086 
Total interest income4,046 23,315 638,420 58,458 43,910 9,566 (25,565)752,150 
Interest expense— — 523,678 31,872 7,268 2,114 (25,565)539,367 
Net interest income4,046 23,315 114,742 26,586 36,642 7,452 — 212,783 
Less provision (negative provision) for loan losses— — 14,199 18,352 — — — 32,551 
Net interest income after provision for loan losses4,046 23,315 100,543 8,234 36,642 7,452 — 180,232 
Other income (expense):
Loan servicing and systems revenue344,428 — — — — — — 344,428 
Intersegment revenue18,419 166 — — — — (18,585)— 
Education technology services and payments revenue— 378,627 — — — — — 378,627 
Solar construction revenue— — — — — 42,741 — 42,741 
Other, net2,085 — 11,239 1,991 51,013 11,730 — 78,057 
Loss on sale of loans— — (1,685)— — — — (1,685)
Impairment expense and provision for beneficial interests— — (34,863)— — (2,002)— (36,865)
Derivative settlements, net— — 4,356 690 — — — 5,046 
Derivative market value adjustments, net— — (2,875)(793)— — — (3,668)
Total other income (expense), net364,932 378,793 (23,828)1,888 51,013 52,469 (18,585)806,681 
Cost of services:
Cost to provide education technology services and payments— 134,106 — — — — — 134,106 
Cost to provide solar construction services— — — — — 49,115 — 49,115 
Total cost of services— 134,106 — — — 49,115 — 183,221 
Operating expenses:
Salaries and benefits224,172 121,956 3,529 8,491 1,129 72,159 (1,735)429,701 
Depreciation and amortization15,304 8,012 — 944 — 21,312 — 45,572 
Other expenses59,861 23,772 9,985 5,765 41,536 37,359 — 178,278 
Intersegment expenses, net55,955 14,216 21,491 2,252 665 (77,729)(16,850)— 
Total operating expenses355,292 167,956 35,005 17,452 43,330 53,101 (18,585)653,551 
Income (loss) before income taxes13,686 100,046 41,710 (7,330)44,325 (42,295)— 150,141 
Income tax (expense) benefit(3,284)(24,035)(10,010)1,800 (10,550)8,426 — (37,653)
Net income (loss)10,402 76,011 31,700 (5,530)33,775 (33,869)— 112,488 
Net loss (income) attributable to noncontrolling interests— 101 — — (366)8,663 — 8,398 
Net income (loss) attributable to Nelnet, Inc.$10,402 76,112 31,700 (5,530)33,409 (25,206)— 120,886 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 1,020,732 763,310 (495,427)14,084,128 
Nine months ended September 30, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Interest income:
Loan interest$— — 689,633 15,079 — — — 704,712 
Investment interest3,193 20,237 47,726 26,013 54,481 8,826 (30,643)129,835 
Total interest income3,193 20,237 737,359 41,092 54,481 8,826 (30,643)834,547 
Interest expense— — 618,905 24,841 24,860 1,793 (30,643)639,756 
Net interest income3,193 20,237 118,454 16,251 29,621 7,033 — 194,791 
Less provision (negative provision) for loan losses— — (772)5,837 — — — 5,065 
Net interest income after provision for loan losses3,193 20,237 119,226 10,414 29,621 7,033 — 189,726 
Other income (expense):
Loan servicing and systems revenue389,138 — — — — — — 389,138 
Intersegment revenue21,980 198 — — — — (22,178)— 
Education technology services and payments revenue— 357,258 — — — — — 357,258 
Solar construction revenue— — — — — 19,687 — 19,687 
Other, net1,900 — 6,939 1,395 15,087 (52,617)— (27,297)
Loss on sale of loans— — (16,776)— — — — (16,776)
Impairment expense and provision for beneficial interests(296)— — — — (4,678)— (4,974)
Derivative settlements, net— — 23,940 279 — — — 24,219 
Derivative market value adjustments, net— — (35,323)3,057 — — — (32,266)
Total other income (expense), net412,722 357,456 (21,220)4,731 15,087 (37,608)(22,178)708,989 
Cost of services:
Cost to provide education technology services and payments— 131,804 — — — — — 131,804 
Cost to provide solar construction services— — — — — 25,204 — 25,204 
Total cost of services— 131,804 — — — 25,204 — 157,008 
Operating expenses:
Salaries and benefits234,012 116,040 3,093 6,881 717 78,686 (808)438,620 
Depreciation and amortization14,400 8,424 — 315 — 33,976 — 57,114 
Other expenses42,760 26,063 12,083 3,696 12,223 41,327 — 138,154 
Intersegment expenses, net58,030 17,559 24,789 302 447 (79,757)(21,370)— 
Total operating expenses349,202 168,086 39,965 11,194 13,387 74,232 (22,178)633,888 
Income (loss) before income taxes66,713 77,803 58,041 3,951 31,321 (130,011)— 107,819 
Income tax (expense) benefit(16,011)(18,700)(13,930)(913)(7,417)28,188 — (28,785)
Net income (loss)50,702 59,103 44,111 3,038 23,904 (101,823)— 79,034 
Net loss (income) attributable to noncontrolling interests— 113 — — (418)19,010 — 18,705 
Net income (loss) attributable to Nelnet, Inc.$50,702 59,216 44,111 3,038 23,486 (82,813)— 97,739 
Total assets as of September 30, 2023$243,697 444,631 14,111,517 1,089,565 1,096,494 931,853 (719,868)17,197,889 
v3.24.3
Disaggregated Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Government loan servicing$85,215 100,154 277,705 304,769 
Private education and consumer loan servicing13,057 12,330 38,634 36,556 
FFELP loan servicing2,945 3,304 9,570 10,226 
Software services5,197 9,416 14,617 25,076 
Outsourced services1,761 2,688 3,902 12,511 
Loan servicing and systems revenue$108,175 127,892 344,428 389,138 
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Tuition payment plan services$31,659 30,223 104,702 95,235 
Payment processing55,813 50,848 137,926 126,716 
Education technology services30,080 31,793 133,306 132,796 
Other627 932 2,693 2,511 
Education technology services and payments revenue$118,179 113,796 378,627 357,258 
Three months ended September 30,Nine months ended September 30,
2024202320242023
Commercial revenue$18,764 4,221 39,477 12,426 
Residential revenue (a)557 2,080 3,264 7,261 
Solar construction revenue$19,321 6,301 42,741 19,687 
(a)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will continue to decline from historical amounts as existing customer contracts are completed.
Schedule of Components of Other Income (Expenses)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Reinsurance premiums$16,619 6,287 44,250 10,638 
Investment activity, net8,529 (1,003)7,447 (8,155)
ALLO preferred return4,783 2,299 11,353 6,822 
Borrower late fee income1,741 2,220 7,460 6,635 
Administration/sponsor fee income1,420 1,712 4,448 5,180 
Investment advisory services (WRCM)1,394 1,633 4,427 4,884 
Loss from ALLO voting membership interest investment— (17,293)(10,693)(49,676)
Loss from solar investments, net(11,238)(6,456)(11,068)(19,485)
Other9,077 7,539 20,433 15,860 
Other, net$32,325 (3,062)78,057 (27,297)
v3.24.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of September 30, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 975,695 975,795 99 955,804 955,903 
Equity securities186 — 186 73 — 73 
Equity securities measured at net asset value (a)70,159 50,834 
Total investments286 975,695 1,046,140 172 955,804 1,006,810 
Derivative instruments— 118 118 — 452 452 
Total assets$286 975,813 1,046,258 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 2,434 2,434 — 1,976 1,976 
Total liabilities$— 2,434 2,434 — 1,976 1,976 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 23 of the notes to consolidated financial statements included in the 2023 Annual Report.
 As of September 30, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,502,403 9,972,784 — — 10,502,403 
Accrued loan interest receivable600,097 600,097 — 600,097 — 
Cash and cash equivalents219,684 219,684 219,684 — — 
Investments (at fair value)1,046,140 1,046,140 286 975,695 — 
Investments - held-to-maturity asset-backed securities227,586 222,480 — 227,586 — 
Notes receivable27,778 27,778 — 27,778 — 
Beneficial interest in loan securitizations232,654 218,659 — — 232,654 
Restricted cash344,366 344,366 344,366 — — 
Restricted cash – due to customers334,968 334,968 334,968 — — 
Derivative instruments118 118 — 118 — 
Financial liabilities:  
Bonds and notes payable8,901,588 8,938,446 — 8,901,588 — 
Accrued interest payable25,389 25,389 — 25,389 — 
Bank deposits1,058,023 1,070,758 754,116 303,907 — 
Due to customers404,459 404,459 404,459 — — 
Derivative instruments2,434 2,434 — 2,434 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity asset-backed securities163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
v3.24.3
Reclassifications and Immaterial Error Corrections - (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]                
Reclassification adjustment $ 32,325 $ (3,062) $ 78,057 $ (27,297)        
Pre-tax loss from equity investment (4,329) (4,747) (8,398) (18,705)        
Net income attributable to Nelnet, Inc. 2,388 44,354 120,886 97,739        
Net income (loss) attributable to parent 3,210,138 3,237,139 3,210,138 3,237,139 $ 3,220,022 $ 3,200,107 $ 3,228,127 $ 3,183,199
Loan Sales | Revision of Prior Period, Reclassification, Adjustment                
Variable Interest Entity [Line Items]                
Reclassification adjustment   (6,400)   (49,500)        
Solar                
Variable Interest Entity [Line Items]                
Pre-tax loss from equity investment 3,936 3,278 5,568 14,706        
Net income attributable to Nelnet, Inc. $ (7,302) (3,178) $ (5,500) (4,779)        
Solar | Revision of Prior Period, Reclassification, Adjustment                
Variable Interest Entity [Line Items]                
Reclassification adjustment   (2,900)   (6,000)        
Pre-tax loss from equity investment   1,700   3,000        
Net income attributable to Nelnet, Inc.   $ (1,000)   $ (2,300)        
Net income (loss) attributable to parent           $ (21,800)   $ (16,700)
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 600,097   $ 764,385      
Loan discount, net of unamortized premiums and deferred origination costs (34,535)   (33,872)      
Allowance for loan losses (102,142) $ (96,764) (104,643) $ (110,093) $ (114,263) $ (131,827)
Financing receivable, after allowance for credit loss 10,572,881   13,108,204      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 9,549,589   12,049,462      
Allowance for loan losses (84,958)   (95,945)      
Federally insured loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 9,070,742   11,686,207 12,298,984    
Accrued interest receivable 592,250   757,713 798,102    
Allowance for loan losses (50,834) (54,180) (68,453) (72,043) (74,061) (83,593)
Financing receivable, after allowance for credit loss 9,589,351   12,346,504 12,994,064    
Federally insured loans - Non-Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 2,202,590   2,936,174      
Federally insured loans - Non-Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 6,868,152   8,750,033      
Private education loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 234,295   277,320 293,004    
Accrued interest receivable 2,248   2,653 2,750    
Allowance for loan losses (11,744) (13,065) (15,750) (16,944) (14,322) (15,411)
Financing receivable, after allowance for credit loss 218,027   256,186 270,741    
Consumer loans and other loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 244,552   85,935 143,633    
Accrued interest receivable 1,115   861 1,716    
Allowance for loan losses (22,380) (14,135) (11,742) (14,022) (20,005) (30,263)
Financing receivable, after allowance for credit loss 212,498   72,580 131,147    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 559,872   432,872      
Allowance for loan losses (17,184)   (8,698)      
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 352,654   360,520 359,941    
Accrued interest receivable 3,098   2,023 1,905    
Allowance for loan losses (3,670) (3,559) (3,347) (3,083) (2,905) (2,390)
Financing receivable, after allowance for credit loss 357,868   364,804 364,341    
Consumer and other loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 207,218   72,352 49,611    
Accrued interest receivable 1,386   575 373    
Allowance for loan losses (13,514) $ (11,825) (5,351) (3,853) $ (2,816) $ 0
Financing receivable, after allowance for credit loss $ 195,137   $ 67,570 $ 46,124    
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Sep. 30, 2024
Dec. 31, 2023
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.56% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 20.70% 21.80%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.01% 5.68%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 9.15% 13.66%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 1.04% 0.93%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 6.52% 7.40%
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans sold $ 1,100 $ 61,800 $ 335,000 $ 482,000  
Loss on sale of loan (107) $ (1,022) (1,685) $ (16,776)  
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Liability related to unfunded education loan commitments 371   371   $ 158
Unfunded private education loan commitments $ 29,900   $ 29,900   $ 12,300
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 96,764 $ 114,263 $ 104,643 $ 131,827
Provision (negative provision) for loan losses 17,859 4,120 32,338 4,933
Charge-offs (13,710) (8,908) (37,278) (28,326)
Recoveries 1,229 618 2,439 1,659
Balance at end of period 102,142 110,093 102,142 110,093
Provision (negative provision) for loan losses 17,859 4,120 32,338 4,933
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 54,180 74,061 68,453 83,593
Provision (negative provision) for loan losses 1,247 1,641 (2,593) 4,052
Charge-offs (4,593) (3,659) (15,026) (15,602)
Recoveries 0 0 0 0
Balance at end of period 50,834 72,043 50,834 72,043
Provision (negative provision) for loan losses 1,247 1,641 (2,593) 4,052
Private education loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 13,065 14,322 15,750 15,411
Provision (negative provision) for loan losses (126) 3,009 (392) 3,249
Charge-offs (1,414) (571) (4,254) (2,279)
Recoveries 219 184 640 563
Balance at end of period 11,744 16,944 11,744 16,944
Provision (negative provision) for loan losses (126) 3,009 (392) 3,249
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 14,135 20,005 11,742 30,263
Provision (negative provision) for loan losses 10,847 (2,302) 17,184 (8,073)
Charge-offs (2,981) (4,115) (7,567) (9,264)
Recoveries 379 434 1,021 1,096
Balance at end of period 22,380 14,022 22,380 14,022
Provision for current period 11,026 4,082 30,058 41,388
Loan sale reduction to provision (179) (6,384) (12,874) (49,461)
Provision (negative provision) for loan losses 10,847 (2,302) 17,184 (8,073)
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 3,559 2,905 3,347 2,390
Provision (negative provision) for loan losses 565 220 1,576 1,350
Charge-offs (892) (42) (1,796) (657)
Recoveries 438 0 543 0
Balance at end of period 3,670 3,083 3,670 3,083
Provision (negative provision) for loan losses 565 220 1,576 1,350
Consumer and other loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 11,825 2,816 5,351 0
Provision (negative provision) for loan losses 5,326 1,554 16,563 4,370
Charge-offs (3,830) (517) (8,635) (517)
Recoveries 193 0 235 0
Balance at end of period 13,514 3,853 13,514 3,853
Provision (negative provision) for loan losses $ 5,326 1,554 $ 16,563 4,370
Federally insured loans - Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period   154   170
Provision (negative provision) for loan losses   (2)   (15)
Charge-offs   (4)   (7)
Recoveries   0   0
Balance at end of period   148   148
Provision (negative provision) for loan losses   $ (2)   $ (15)
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.19% 0.11% 0.19% 0.16%
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 1.97% 0.61% 1.89% 0.94%
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 4.81% 9.57% 4.92% 4.59%
Federally insured loans - Nelnet Bank:        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.00% 0.03% 0.00% 0.01%
Private education loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.51% 0.05% 0.46% 0.25%
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 7.28% 5.69% 7.49% 3.00%
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Receivables [Abstract]        
Provision for loan losses from allowance activity table above $ 17,859 $ 4,120 $ 32,338 $ 4,933
Provision for unfunded loan commitments 252 155 213 132
Provision for loan losses reported in consolidated statements of income $ 18,111 $ 4,275 $ 32,551 $ 5,065
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Loans in repayment status:            
Accrued interest receivable $ 600,097   $ 764,385      
Allowance for loan losses (102,142) $ (96,764) (104,643) $ (110,093) $ (114,263) $ (131,827)
Financing receivable, after allowance for credit loss 10,572,881   13,108,204      
Federally insured loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 428,013   $ 522,304 $ 562,754    
Loans in-school/grace/deferment, percent 4.70%   4.50% 4.60%    
Loans in forbearance $ 647,797   $ 979,588 $ 906,060    
Loans in forbearance, percent 7.20%   8.40% 7.40%    
Loans in repayment status:            
Loans receivable, gross $ 9,070,742   $ 11,686,207 $ 12,298,984    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 7,994,932   $ 10,184,315 $ 10,830,170    
Loans in repayment, percent 88.10%   87.10% 88.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 592,250   $ 757,713 $ 798,102    
Loan premium (discount) (22,807)   (28,963) (30,979)    
Allowance for loan losses (50,834) (54,180) (68,453) (72,043) (74,061) (83,593)
Financing receivable, after allowance for credit loss 9,589,351   12,346,504 12,994,064    
Federally insured loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 6,702,079   $ 8,416,624 $ 9,014,731    
Loans current, percentage 83.80%   82.60% 83.20%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 348,833   $ 377,108 $ 441,016    
Loans past due, percentage 4.40%   3.70% 4.10%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 190,379   $ 254,553 $ 301,028    
Loans past due, percentage 2.40%   2.50% 2.80%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 148,417   $ 187,145 $ 213,245    
Loans past due, percentage 1.90%   1.90% 2.00%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 419,730   $ 685,829 $ 648,924    
Loans past due, percentage 5.20%   6.70% 6.00%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 185,494   $ 263,056 $ 211,226    
Loans past due, percentage 2.30%   2.60% 1.90%    
Private education loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 7,504   $ 9,475 $ 11,373    
Loans in-school/grace/deferment, percent 3.20%   3.40% 3.90%    
Loans in forbearance $ 1,979   $ 2,529 $ 2,280    
Loans in forbearance, percent 0.80%   0.90% 0.80%    
Loans in repayment status:            
Loans receivable, gross $ 234,295   $ 277,320 $ 293,004    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 224,812   $ 265,316 $ 279,351    
Loans in repayment, percent 96.00%   95.70% 95.30%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,248   $ 2,653 $ 2,750    
Loan premium (discount) (6,772)   (8,037) (8,069)    
Allowance for loan losses (11,744) (13,065) (15,750) (16,944) (14,322) (15,411)
Financing receivable, after allowance for credit loss 218,027   256,186 270,741    
Private education loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 218,425   $ 257,639 $ 271,948    
Loans current, percentage 97.20%   97.10% 97.40%    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 3,013   $ 3,395 $ 3,485    
Loans past due, percentage 1.30%   1.30% 1.20%    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,301   $ 1,855 $ 1,424    
Loans past due, percentage 0.60%   0.70% 0.50%    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 2,073   $ 2,427 $ 2,494    
Loans past due, percentage 0.90%   0.90% 0.90%    
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 315   $ 146 $ 20    
Loans in-school/grace/deferment, percent 0.10%   0.20% 0.00%    
Loans in repayment status:            
Loans receivable, gross $ 244,552   $ 85,935 $ 143,633    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 244,237   $ 85,789 $ 143,613    
Loans in repayment, percent 99.90%   99.80% 100.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,115   $ 861 $ 1,716    
Loan premium (discount) (10,789)   (2,474) (180)    
Allowance for loan losses (22,380) (14,135) (11,742) (14,022) (20,005) (30,263)
Financing receivable, after allowance for credit loss 212,498   72,580 131,147    
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 239,128   $ 81,195 $ 137,744    
Loans current, percentage 97.90%   94.60% 95.90%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 2,032   $ 2,035 $ 1,987    
Loans past due, percentage 0.80%   2.40% 1.40%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 1,515   $ 1,189 $ 1,293    
Loans past due, percentage 0.60%   1.40% 0.90%    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,562   $ 1,370 $ 2,589    
Loans past due, percentage 0.70%   1.60% 1.80%    
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 29,396   $ 19,089 $ 20,537    
Loans in-school/grace/deferment, percent 8.30%   5.30% 5.70%    
Loans in forbearance $ 2,364   $ 1,285 $ 1,169    
Loans in forbearance, percent 0.70%   0.40% 0.30%    
Loans in repayment status:            
Loans receivable, gross $ 352,654   $ 360,520 $ 359,941    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 320,894   $ 340,146 $ 338,235    
Loans in repayment, percent 91.00%   94.30% 94.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 3,098   $ 2,023 $ 1,905    
Loan premium (discount) 5,786   5,608 5,578    
Allowance for loan losses (3,670) (3,559) (3,347) (3,083) (2,905) (2,390)
Financing receivable, after allowance for credit loss 357,868   364,804 364,341    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 318,090   $ 338,448 $ 336,602    
Loans current, percentage 99.20%   99.50% 99.50%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 1,075   $ 839 $ 691    
Loans past due, percentage 0.30%   0.20% 0.20%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 723   $ 253 $ 428    
Loans past due, percentage 0.20%   0.10% 0.10%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,006   $ 606 $ 514    
Loans past due, percentage 0.30%   0.20% 0.20%    
Consumer and other loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 3,073   $ 103 $ 95    
Loans in-school/grace/deferment, percent 1.50%   0.10% 0.20%    
Loans in forbearance $ 0   $ 0 $ 32    
Loans in forbearance, percent 0.00%   0.00% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 207,218   $ 72,352 $ 49,611    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 204,145   $ 72,249 $ 49,484    
Loans in repayment, percent 98.50%   99.90% 99.70%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,386   $ 575 $ 373    
Loan premium (discount) 47   (6) (7)    
Allowance for loan losses (13,514) $ (11,825) (5,351) (3,853) $ (2,816) $ 0
Financing receivable, after allowance for credit loss 195,137   67,570 46,124    
Consumer and other loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 198,613   $ 69,584 $ 48,358    
Loans current, percentage 97.30%   96.30% 97.70%    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 2,251   $ 1,075 $ 527    
Loans past due, percentage 1.10%   1.50% 1.10%    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 1,497   $ 941 $ 306    
Loans past due, percentage 0.70%   1.30% 0.60%    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,784   $ 649 $ 293    
Loans past due, percentage 0.90%   0.90% 0.60%    
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 18,366 $ 46,907  
Fiscal year before current fiscal year 50,759 190,466  
Fiscal year two years before current fiscal year 174,083 114,278  
Fiscal year three years before current fiscal year 101,634 8,869  
Fiscal year four years before current fiscal year 7,812    
Fiscal year five years before current fiscal year 0    
Total loans 352,654 360,520 $ 359,941
Private education loans - Nelnet Bank | Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,090 3,840  
Fiscal year before current fiscal year 3,793 5,495  
Fiscal year two years before current fiscal year 4,964 4,647  
Fiscal year three years before current fiscal year 4,302 386  
Fiscal year four years before current fiscal year 334    
Total loans 14,483 14,368  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,209 9,534  
Fiscal year before current fiscal year 9,425 21,961  
Fiscal year two years before current fiscal year 20,475 8,805  
Fiscal year three years before current fiscal year 7,739 525  
Fiscal year four years before current fiscal year 432    
Total loans 40,280 40,825  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,720 8,648  
Fiscal year before current fiscal year 8,973 32,969  
Fiscal year two years before current fiscal year 30,669 14,910  
Fiscal year three years before current fiscal year 13,177 1,358  
Fiscal year four years before current fiscal year 1,260    
Total loans 56,799 57,885  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,715 5,776  
Fiscal year before current fiscal year 6,368 52,045  
Fiscal year two years before current fiscal year 47,803 27,221  
Fiscal year three years before current fiscal year 24,872 1,374  
Fiscal year four years before current fiscal year 1,197    
Total loans 82,955 86,416  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 7,079 15,057  
Fiscal year before current fiscal year 16,546 77,996  
Fiscal year two years before current fiscal year 70,172 58,695  
Fiscal year three years before current fiscal year 51,544 5,226  
Fiscal year four years before current fiscal year 4,589    
Total loans 149,930 156,974  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,553 4,052  
Fiscal year before current fiscal year 5,654 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 8,207 4,052  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 121,747 71,853  
Fiscal year before current fiscal year 57,122 444  
Fiscal year two years before current fiscal year 403 55  
Fiscal year three years before current fiscal year 12,847 0  
Fiscal year four years before current fiscal year 9,289    
Fiscal year five years before current fiscal year 5,810 0  
Total loans 207,218 72,352 $ 49,611
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 18,676 21,412  
Fiscal year before current fiscal year 13,850 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 1,274 0  
Fiscal year four years before current fiscal year 1,574    
Fiscal year five years before current fiscal year 1,569 0  
Total loans 36,943 21,412  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 49,525 33,571  
Fiscal year before current fiscal year 25,932 51  
Fiscal year two years before current fiscal year 19 0  
Fiscal year three years before current fiscal year 6,782 0  
Fiscal year four years before current fiscal year 5,559    
Fiscal year five years before current fiscal year 3,266 0  
Total loans 91,083 33,622  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 50,565 16,484  
Fiscal year before current fiscal year 16,902 109  
Fiscal year two years before current fiscal year 104 0  
Fiscal year three years before current fiscal year 4,737 0  
Fiscal year four years before current fiscal year 2,156    
Fiscal year five years before current fiscal year 975 0  
Total loans 75,439 16,593  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,981 386  
Fiscal year before current fiscal year 438 284  
Fiscal year two years before current fiscal year 280 55  
Fiscal year three years before current fiscal year 54 0  
Fiscal year four years before current fiscal year 0    
Fiscal year five years before current fiscal year 0 0  
Total loans $ 3,753 $ 725  
v3.24.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 600,097   $ 764,385      
Allowance for loan losses (102,142) $ (96,764) (104,643) $ (110,093) $ (114,263) $ (131,827)
Financing receivable, after allowance for credit loss 10,572,881   13,108,204      
Private education loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 200          
2022 4,954          
2021 8,376          
2020 42,692          
Prior years 178,073          
Total loans 234,295   277,320 293,004    
Accrued interest receivable 2,248   2,653 2,750    
Loan premium (discount) (6,772)   (8,037) (8,069)    
Allowance for loan losses (11,744) (13,065) (15,750) (16,944) (14,322) (15,411)
Financing receivable, after allowance for credit loss 218,027   256,186 270,741    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 0          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 84          
Current period gross charge-offs, four years before current fiscal year 208          
Current period gross charge-offs, more than five years before current fiscal year 3,962          
Current period gross charge-offs, total 4,254          
Private education loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 218,425   257,639 271,948    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,013   3,395 3,485    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,301   1,855 1,424    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,073   2,427 2,494    
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 0          
2022 685          
2021 3,364          
2020 769          
Prior years 2,686          
Total loans 7,504          
Private education loans - Non-Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 0          
2022 29          
2021 185          
2020 422          
Prior years 1,343          
Total loans 1,979          
Private education loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 200          
2022 4,240          
2021 4,827          
2020 41,501          
Prior years 174,044          
Total loans 224,812          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 200          
2022 4,211          
2021 4,737          
2020 40,986          
Prior years 168,291          
Total loans 218,425          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 0          
2022 21          
2021 32          
2020 398          
Prior years 2,562          
Total loans 3,013          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 0          
2022 8          
2021 46          
2020 3          
Prior years 1,244          
Total loans 1,301          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 0          
2022 0          
2021 12          
2020 114          
Prior years 1,947          
Total loans 2,073          
Consumer loans and other loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 205,769          
2023 34,166          
2022 3,736          
2021 537          
2020 260          
Prior years 84          
Total loans 244,552   85,935 143,633    
Accrued interest receivable 1,115   861 1,716    
Loan premium (discount) (10,789)   (2,474) (180)    
Allowance for loan losses (22,380) (14,135) (11,742) (14,022) (20,005) (30,263)
Financing receivable, after allowance for credit loss 212,498   72,580 131,147    
Current period gross charge-offs, current fiscal year 56          
Current period gross charge-offs, fiscal year before current fiscal year 5,389          
Current period gross charge-offs, two years before current fiscal year 1,793          
Current period gross charge-offs, three years before current fiscal year 227          
Current period gross charge-offs, four years before current fiscal year 40          
Current period gross charge-offs, more than five years before current fiscal year 62          
Current period gross charge-offs, total 7,567          
Consumer loans and other loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 239,128   81,195 137,744    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,032   2,035 1,987    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,515   1,189 1,293    
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,562   1,370 2,589    
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 0          
2023 315          
2022 0          
2021 0          
2020 0          
Prior years 0          
Total loans 315          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 205,769          
2023 33,851          
2022 3,736          
2021 537          
2020 260          
Prior years 84          
Total loans 244,237          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 204,317          
2023 31,099          
2022 3,002          
2021 379          
2020 254          
Prior years 77          
Total loans 239,128          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 856          
2023 960          
2022 163          
2021 45          
2020 6          
Prior years 2          
Total loans 2,032          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 409          
2023 951          
2022 145          
2021 10          
2020 0          
Prior years 0          
Total loans 1,515          
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 187          
2023 841          
2022 426          
2021 103          
2020 0          
Prior years 5          
Total loans 1,562          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 18,366   46,907      
2023 50,759   190,466      
2022 174,083   114,278      
2021 101,634   8,869      
2020 7,812          
Prior years 0          
Total loans 352,654   360,520 359,941    
Accrued interest receivable 3,098   2,023 1,905    
Loan premium (discount) 5,786   5,608 5,578    
Deferred origination costs, net of unaccreted discount 5,786          
Allowance for loan losses (3,670) (3,559) (3,347) (3,083) (2,905) (2,390)
Financing receivable, after allowance for credit loss 357,868   364,804 364,341    
Current period gross charge-offs, current fiscal year 48          
Current period gross charge-offs, fiscal year before current fiscal year 816          
Current period gross charge-offs, two years before current fiscal year 600          
Current period gross charge-offs, three years before current fiscal year 285          
Current period gross charge-offs, four years before current fiscal year 47          
Current period gross charge-offs, more than five years before current fiscal year 0          
Current period gross charge-offs, total 1,796          
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 318,090   338,448 336,602    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,075   839 691    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 723   253 428    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,006   606 514    
Private education loans - Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 9,440          
2023 11,529          
2022 7,434          
2021 587          
2020 406          
Prior years 0          
Total loans 29,396          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 22          
2023 139          
2022 1,444          
2021 759          
2020 0          
Prior years 0          
Total loans 2,364          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 8,904          
2023 39,091          
2022 165,205          
2021 100,288          
2020 7,406          
Prior years 0          
Total loans 320,894          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 8,674          
2023 37,936          
2022 164,277          
2021 99,922          
2020 7,281          
Prior years 0          
Total loans 318,090          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 133          
2023 460          
2022 194          
2021 163          
2020 125          
Prior years 0          
Total loans 1,075          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 53          
2023 279          
2022 255          
2021 136          
2020 0          
Prior years 0          
Total loans 723          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 44          
2023 416          
2022 479          
2021 67          
2020 0          
Prior years 0          
Total loans 1,006          
Consumer and other loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 121,747   71,853      
2023 57,122   444      
2022 403   55      
2021 12,847   0      
2020 9,289          
Prior years 5,810   0      
Total loans 207,218   72,352 49,611    
Accrued interest receivable 1,386   575 373    
Loan premium (discount) 47   (6) (7)    
Allowance for loan losses (13,514) $ (11,825) (5,351) (3,853) $ (2,816) $ 0
Financing receivable, after allowance for credit loss 195,137   67,570 46,124    
Current period gross charge-offs, current fiscal year 503          
Current period gross charge-offs, fiscal year before current fiscal year 7,811          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 221          
Current period gross charge-offs, four years before current fiscal year 20          
Current period gross charge-offs, more than five years before current fiscal year 80          
Current period gross charge-offs, total 8,635          
Consumer and other loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 198,613   69,584 48,358    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,251   1,075 527    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,497   941 306    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,784   $ 649 $ 293    
Consumer and other loans - Nelnet Bank | Loans in deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 3,029          
2023 44          
2022 0          
2021 0          
2020 0          
Prior years 0          
Total loans 3,073          
Consumer and other loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 118,718          
2023 57,078          
2022 403          
2021 12,847          
2020 9,289          
Prior years 5,810          
Total loans 204,145          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 117,453          
2023 53,106          
2022 403          
2021 12,642          
2020 9,249          
Prior years 5,760          
Total loans 198,613          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 787          
2023 1,320          
2022 0          
2021 87          
2020 19          
Prior years 38          
Total loans 2,251          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 272          
2023 1,081          
2022 0          
2021 118          
2020 21          
Prior years 5          
Total loans 1,497          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2024 206          
2023 1,571          
2022 0          
2021 0          
2020 0          
Prior years 7          
Total loans $ 1,784          
v3.24.3
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 8,992,261 $ 11,918,158
Discount on bonds and notes payable and debt issuance costs (53,815) (89,765)
Bonds and notes payable, net 8,938,446 11,828,393
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 6,434 $ 10,063
Repurchase agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 108,182 208,164
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 4,669 5,778
Interest rate 5.00%  
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 7,346,522 9,552,667
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 70,220 87,360
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 7,416,742 9,640,027
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 360,044 471,427
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 889,092 1,398,485
Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 90,277 $ 23,691
Interest rate   5.70%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 60,222 $ 80,393
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 56,599 $ 80,130
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.58% 5.58%
Minimum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 5.54% 6.35%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate   5.00%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 5.41% 5.45%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 4.93% 5.41%
Minimum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.15%  
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.40% 6.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 6.08% 6.08%
Maximum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.75% 6.81%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate   6.05%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 6.97% 7.47%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.46% 6.45%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.19% 5.70%
Maximum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 7.35%  
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.53% 7.57%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.15% 7.15%
v3.24.3
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Oct. 03, 2024
Oct. 02, 2024
Sep. 06, 2024
Sep. 05, 2024
Jul. 15, 2024
Jul. 14, 2024
Jul. 01, 2024
May 17, 2024
May 16, 2024
Apr. 02, 2024
Apr. 01, 2024
Mar. 11, 2024
Mar. 10, 2024
Mar. 06, 2024
Mar. 05, 2024
FFELP Warehouse Facilities                                
Line of Credit Facility [Line Items]                                
Maximum financing amount $ 1,175,000                              
Amount outstanding 889,092                              
Amount available 285,908                              
Advanced as equity support 67,648                              
FFELP Warehouse Facility Due January 2025                                
Line of Credit Facility [Line Items]                                
Maximum financing amount 800,000         $ 800,000 $ 875,000                  
Amount outstanding 589,303                              
Amount available 210,697                              
Advanced as equity support 42,542                              
FFELP Warehouse Facility Due January 2025 | Subsequent Event                                
Line of Credit Facility [Line Items]                                
Maximum financing amount   $ 600,000 $ 800,000                          
FFELP Warehouse Facility Due April 2025                                
Line of Credit Facility [Line Items]                                
Maximum financing amount 375,000                   $ 375,000 $ 432,000        
Amount outstanding 299,789                              
Amount available $ 75,211                              
Advance rate 92.00%                              
Advanced as equity support $ 25,106                              
FFELP Warehouse Facility Due November 2024                                
Line of Credit Facility [Line Items]                                
Maximum financing amount                             $ 950,000 $ 1,250,000
Advance rate, maximum, lower range 90.00%                              
Advance rate, maximum, higher range 96.00%                              
Advance rate, minimum, lower range 84.00%                              
Advance rate, minimum, higher range 90.00%                              
FFELP Warehouse Facility Due July 2024                                
Line of Credit Facility [Line Items]                                
Maximum financing amount                 $ 875,000 $ 950,000            
Consumer Loan Warehouse Facility                                
Line of Credit Facility [Line Items]                                
Maximum financing amount $ 225,000     $ 100,000 $ 150,000               $ 150,000 $ 200,000    
Amount outstanding 90,277                              
Amount available 134,723                              
Advanced as equity support 22,045                              
Consumer Loan Warehouse Facility Due November 2024                                
Line of Credit Facility [Line Items]                                
Maximum financing amount 100,000                              
Amount outstanding 5,277                              
Amount available $ 94,723                              
Advance rate 70.00%                              
Advanced as equity support $ 2,364                              
Consumer Loan Warehouse Facility Due January 2026                                
Line of Credit Facility [Line Items]                                
Maximum financing amount 125,000             $ 125,000                
Amount outstanding 85,000                              
Amount available 40,000                              
Advanced as equity support $ 19,681                              
Consumer Loan Warehouse Facility Due January 2026 | Minimum                                
Line of Credit Facility [Line Items]                                
Advance rate 60.00%                              
Consumer Loan Warehouse Facility Due January 2026 | Maximum                                
Line of Credit Facility [Line Items]                                
Advance rate 80.00%                              
v3.24.3
Bonds and Notes Payable - Narrative (Details) - USD ($)
 1 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Apr. 30, 2023
Debt Instrument [Line Items]      
Repurchase agreements, amount collateralized by private education loan asset-backed securities   $ 108,200,000  
Par value of asset-based securities   975,795,000  
Asset-backed securities      
Debt Instrument [Line Items]      
Par value of asset-based securities   309,500,000  
Unsecured Line of Credit | Line of Credit      
Debt Instrument [Line Items]      
Amount outstanding   0  
Amount available   495,000,000.0  
Unsecured Line of Credit | Unsecured Debt | Line of Credit      
Debt Instrument [Line Items]      
Maximum financing amount   495,000,000.0  
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt      
Debt Instrument [Line Items]      
Payments to extinguish debt     $ 188,600,000
Write off of unamortized debt discount   $ 5,600,000 $ 25,900,000
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt | Subsequent Event      
Debt Instrument [Line Items]      
Payments to extinguish debt $ 169,300,000    
v3.24.3
Derivative Financial Instruments - Outstanding Basis Swap (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
1:3 basis swaps    
Derivative [Line Items]    
Notional amount $ 1,400,000,000 $ 3,150,000,000
2024    
Derivative [Line Items]    
Notional amount 0 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.24.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Sep. 30, 2024
Dec. 31, 2023
1:3 basis swaps      
Derivative [Line Items]      
Weighted average rate   0.104% 0.101%
Interest rate swaps - Nelnet Bank | Interest rate swaps - floor income hedge      
Derivative [Line Items]      
Cash received or receivable from derivative $ 183.2    
Proceeds for settlement of terminated derivatives 19.1    
Derivative, notional amount, terminated $ 2,800.0    
v3.24.3
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
v3.24.3
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Interest rate swaps - Nelnet Bank    
Derivative [Line Items]    
Notional amount $ 165,000,000 $ 140,000,000
Weighted average fixed rate paid by the Company 3.44% 3.46%
2028    
Derivative [Line Items]    
Notional amount $ 40,000,000 $ 40,000,000
Weighted average fixed rate paid by the Company 3.33% 3.33%
2029    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 0
Weighted average fixed rate paid by the Company 3.37% 0.00%
2030    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.06% 3.06%
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount 25,000,000 25,000,000
2032    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 4.03% 4.03%
2033    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.90% 3.90%
v3.24.3
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - Interest rate swaps - Nelnet Bank - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Fair value of asset derivatives $ 118 $ 452
Fair value of liability derivatives $ 2,434 $ 1,976
v3.24.3
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 1,640 $ 817 $ 5,046 $ 24,219
Change in fair value $ (13,165) 3,140 (3,668) (32,266)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net      
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 1,640 817 5,046 24,219
Derivative market value adjustments and derivative settlements, net - (expense) income (11,525) 3,957 1,378 (8,047)
1:3 basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (125) (464) (710) (253)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 159 386 773 1,180
Interest rate swaps - floor income hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (9,393) 1,656 (2,165) (35,070)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 1,200 235 3,583 22,760
Interest rate swaps - Nelnet Bank        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (3,647) 1,948 (793) 3,057
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 281 $ 196 $ 690 $ 279
v3.24.3
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
May 22, 2024
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Apr. 01, 2024
Dec. 31, 2023
Investments (at fair value):                
Amortized cost   $ 981,173     $ 981,173      
Fair value   975,795     975,795      
Equity securities   70,345     70,345     $ 50,907
Total investments at fair value   996,385     996,385     988,841
Held-to-maturity investments                
Fair value   222,480     222,480     162,738
Beneficial interest in securitizations   218,659     218,659     225,079
Notes receivable   27,778     27,778     53,747
Other investments   907,176     907,176     857,866
Total investments and notes receivable   1,903,561     1,903,561     1,846,707
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value   144,400     144,400      
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value   128,500     128,500      
Debt securities, held-to-maturity, transfer from available-for-sale $ 70,600              
Debt securities, held-to-maturity, excluding accrued interest, transfer from available-for-sale, unrealized gain $ 3,400              
ALLO preferred return   4,783   $ 2,299 11,353 $ 6,822    
Investments - beneficial interest in consumer loan securitizations   (28,952) $ (5,900)   (34,863)      
Less: net losses attributed to noncontrolling interest investors (syndication partners)   (4,329)   (4,747) (8,398) (18,705)    
Net losses, excluding activity attributed to noncontrolling interest investors   2,388   44,354 120,886 97,739    
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments                
Investments (at fair value):                
Amortized cost   47,799     47,799     16,993
Gross unrealized gains   2,044     2,044     1,069
Gross unrealized losses   (88)     (88)     (93)
Fair value   49,755     49,755     17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet And Nelnet Bank                
Investments (at fair value):                
Amortized cost   933,374     933,374     965,885
Gross unrealized gains   15,901     15,901     11,528
Gross unrealized losses   (23,235)     (23,235)     (39,479)
Fair value   926,040     926,040     937,934
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   490,578     490,578     594,963
Gross unrealized gains   8,676     8,676     6,903
Gross unrealized losses   (21,739)     (21,739)     (35,542)
Fair value   477,515     477,515     566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   203,260     203,260     271,479
Gross unrealized gains   6,396     6,396     4,883
Gross unrealized losses   (1,395)     (1,395)     (5,393)
Fair value   208,261     208,261     270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   247,633     247,633     281,791
Gross unrealized gains   0     0     0
Gross unrealized losses   (20,344)     (20,344)     (28,874)
Fair value   227,289     227,289     252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank                
Investments (at fair value):                
Amortized cost   39,685     39,685     41,693
Gross unrealized gains   2,280     2,280     2,020
Gross unrealized losses   0     0     (1,275)
Fair value   41,965     41,965     42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank                
Investments (at fair value):                
Amortized cost   442,796     442,796     370,922
Gross unrealized gains   7,225     7,225     4,625
Gross unrealized losses   (1,496)     (1,496)     (3,937)
Fair value   448,525     448,525     371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank                
Investments (at fair value):                
Amortized cost   226,522     226,522     304,555
Gross unrealized gains   6,011     6,011     4,488
Gross unrealized losses   (299)     (299)     (2,286)
Fair value   232,234     232,234     306,757
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank                
Investments (at fair value):                
Amortized cost   2,063     2,063     17,083
Gross unrealized gains   0     0     20
Gross unrealized losses   0     0     (10)
Fair value   2,063     2,063     17,093
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank                
Investments (at fair value):                
Amortized cost   214,211     214,211     49,284
Gross unrealized gains   1,214     1,214     117
Gross unrealized losses   (1,197)     (1,197)     (1,641)
Fair value   214,228     214,228     47,760
Debt Securities, Held-To-Maturity, Non-Nelnet Bank                
Held-to-maturity investments                
Fair value   0     0     4,700
Held-To-Maturity Investments, Nelnet Bank                
Held-to-maturity investments                
Fair value   222,480     222,480     158,038
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank                
Held-to-maturity investments                
Fair value   214,380     214,380     149,938
Asset-Backed Securities, Held-To-Maturity, Private Education Loans, Nelnet Bank                
Held-to-maturity investments                
Fair value   8,100     8,100     8,100
Venture capital funds                
Held-to-maturity investments                
Measurement alternative   197,515     197,515     194,084
Equity method   107,812     107,812     91,464
Other investments   305,327     305,327     285,548
Real estate                
Held-to-maturity investments                
Equity method   125,424     125,424     103,811
Partnership Interest                
Held-to-maturity investments                
Equity method   0     0     10,693
Preferred membership interest and accrued and unpaid preferred return   195,353     195,353     155,047
Other investments   195,353     195,353     165,740
Equity securities, realized loss   0   17,300 10,700 49,700    
Partnership Interest | ALLO                
Held-to-maturity investments                
Preferred membership interest and accrued and unpaid preferred return   184,000     184,000      
Equity method investment, accrued and unpaid preferred return   11,400     11,400      
Equity method investment, preferred annual, after increase value             $ 155,000  
Equity method investment, preferred, additional amount purchased   29,000 $ 29,000          
Beneficial interest in consumer loan securitizations                
Held-to-maturity investments                
Consumer loans, allowance for credit losses   32,997     32,997      
Beneficial interest in securitizations   145,238     145,238     134,113
Loans corresponding to beneficial interest   1,190,000     1,190,000      
Beneficial interest in private education loan securitizations                
Held-to-maturity investments                
Consumer loans, allowance for credit losses   901     901      
Beneficial interest in securitizations   55,211     55,211     68,372
Loans corresponding to beneficial interest   480,000     480,000      
Beneficial interest in federally insured loan securitizations                
Held-to-maturity investments                
Consumer loans, allowance for credit losses   965     965      
Beneficial interest in securitizations   18,210     18,210     22,594
Loans corresponding to beneficial interest   315,000     315,000      
Solar                
Held-to-maturity investments                
Solar   (197,582)     (197,582)     (146,040)
Amount funded or committed to fund   543,700     543,700      
Amount funded or committed to fund by partners   241,400     241,400      
Tax credits   524,600     524,600      
Tax Credits by partners   238,700     238,700      
Carrying value   (197,600)     (197,600)      
Equity method investment attributable to parent   (95,400)     (95,400)      
Net losses   (11,238)   (6,456) (11,068) (19,485)    
Less: net losses attributed to noncontrolling interest investors (syndication partners)   3,936   3,278 5,568 14,706    
Net losses, excluding activity attributed to noncontrolling interest investors   (7,302)   (3,178) (5,500) (4,779)    
Equity method investment, amount committed to fund   107,900     107,900      
Equity method investment, amount committed to fund by partners   89,500     89,500      
Tax liens, affordable housing, and other                
Held-to-maturity investments                
Other investments   $ 9,737     $ 9,737     $ 7,243
Preferred Partnership Interest                
Held-to-maturity investments                
Equity method investment, preferred annual return   6.25%     6.25%      
Equity method investment, preferred annual, after increase   10.00%     10.00%      
ALLO preferred return   $ 4,800   $ 2,300 $ 11,400 $ 6,800    
Preferred Partnership Interest | ALLO                
Held-to-maturity investments                
Equity method investment, preferred annual return   20.00%     20.00%      
v3.24.3
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 47,185  
Amortized cost, after 1 year through 5 years 72,088  
Amortized cost, after 5 years through 10 years 73,789  
Amortized cost, after 10 years 788,111  
Amortized cost 981,173  
Fair value    
Fair value, 1 year or less 47,499  
Fair value, after 1 year through 5 years 72,243  
Fair value, after 5 years through 10 years 73,808  
Fair value, after 10 years 782,245  
Total 975,795  
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,807  
Amortized cost, after 5 years through 10 years 1,154  
Amortized cost, after 10 years 218,519  
Total 222,480 $ 162,738
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 2,876  
Fair value, after 5 years through 10 years 1,177  
Fair value, after 10 years 223,533  
Total 227,586  
Beneficial interest in loan securitizations    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Beneficial interest in securitizations 218,659 225,079
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations 232,654  
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 10,258  
Amortized cost, after 5 years through 10 years 3,015  
Amortized cost, after 10 years 34,526  
Amortized cost 47,799 16,993
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 10,331  
Fair value, after 5 years through 10 years 3,041  
Fair value, after 10 years 36,383  
Total 49,755 17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 470  
Amortized cost, after 5 years through 10 years 16,466  
Amortized cost, after 10 years 473,642  
Amortized cost 490,578 594,963
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 501  
Fair value, after 5 years through 10 years 16,365  
Fair value, after 10 years 460,649  
Total 477,515 566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 370  
Amortized cost, after 5 years through 10 years 12,466  
Amortized cost, after 10 years 190,424  
Amortized cost 203,260 271,479
Fair value    
Total 208,261 270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 247,633  
Amortized cost 247,633 281,791
Fair value    
Total 227,289 252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 100  
Amortized cost, after 5 years through 10 years 4,000  
Amortized cost, after 10 years 35,585  
Amortized cost 39,685 41,693
Fair value    
Total 41,965 42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 47,185  
Amortized cost, after 1 year through 5 years 61,360  
Amortized cost, after 5 years through 10 years 54,308  
Amortized cost, after 10 years 279,943  
Amortized cost 442,796 370,922
Fair value    
Fair value, 1 year or less 47,499  
Fair value, after 1 year through 5 years 61,411  
Fair value, after 5 years through 10 years 54,402  
Fair value, after 10 years 285,213  
Total 448,525 371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 47,185  
Amortized cost, after 1 year through 5 years 19,619  
Amortized cost, after 5 years through 10 years 21,154  
Amortized cost, after 10 years 138,564  
Amortized cost 226,522 304,555
Fair value    
Total 232,234 306,757
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 2,063  
Amortized cost 2,063 17,083
Fair value    
Total 2,063 17,093
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 41,741  
Amortized cost, after 5 years through 10 years 33,154  
Amortized cost, after 10 years 139,316  
Amortized cost 214,211 49,284
Fair value    
Total 214,228 47,760
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,807  
Amortized cost, after 5 years through 10 years 1,154  
Amortized cost, after 10 years 210,419  
Total 214,380 $ 149,938
Private education loan, Held-To-Maturity, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 8,100  
Total $ 8,100  
v3.24.3
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments, All Other Investments [Abstract]    
Carrying value $ 222,480 $ 162,738
Gross unrealized gains 5,106  
Gross unrealized losses 0  
Fair value 227,586  
Beneficial interest in loan securitizations, Carrying Value 218,659 $ 225,079
Gross unrealized gains 14,154  
Gross unrealized losses (159)  
Beneficial interest in loan securitizations $ 232,654  
v3.24.3
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Sep. 30, 2024
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (222,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (23,101,000)
Total, unrealized loss (23,323,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 42,121,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 324,925,000
Total, fair value 367,046,000
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (88,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (88,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 8,160,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 8,160,000
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (15,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (21,724,000)
Total, unrealized loss (21,739,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 6,508,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 296,248,000
Total, fair value 302,756,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (15,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,380,000)
Total, unrealized loss (1,395,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 6,508,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 68,960,000
Total, fair value 75,468,000
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (20,344,000)
Total, unrealized loss (20,344,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 227,288,000
Total, fair value 227,288,000
Asset-Backed Securities, Available-For-Sale, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (119,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,377,000)
Total, unrealized loss (1,496,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 27,453,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 28,677,000
Total, fair value 56,130,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (71,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (228,000)
Total, unrealized loss (299,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 14,372,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 14,122,000
Total, fair value 28,494,000
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (48,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,149,000)
Total, unrealized loss (1,197,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 13,081,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 14,555,000
Total, fair value $ 27,636,000
v3.24.3
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments [Abstract]        
Gross proceeds from sales $ 105,628 $ 198,548 $ 372,176 $ 776,096
Gross realized gains 1,791 1,257 4,362 3,451
Gross realized losses (70) (193) (1,036) (6,452)
Net gains (losses) $ 1,721 $ 1,064 $ 3,326 $ (3,001)
v3.24.3
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 97 months  
Finite lived intangible assets $ 38,371 $ 44,819
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 98 months  
Finite lived intangible assets $ 36,898 43,031
Accumulated amortization $ 52,706 46,573
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 91 months  
Finite lived intangible assets $ 584 642
Accumulated amortization $ 186 8,268
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 31 months  
Finite lived intangible assets $ 889 1,146
Accumulated amortization $ 831 $ 574
v3.24.3
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 2.1 $ 5.4 $ 6.4 $ 11.6
v3.24.3
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2024 (October 1 - December 31) $ 2,043  
2025 6,099  
2026 6,012  
2027 5,714  
2028 5,354  
2029 and thereafter 13,149  
Finite lived intangible assets, net $ 38,371 $ 44,819
v3.24.3
Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Total goodwill 23,639 23,639
Education Technology Services and Payments | Operating Segments    
Goodwill [Line Items]    
Total goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Total goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Total goodwill $ 0 $ 0
v3.24.3
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges - Schedule of Impairment Charges by Asset and Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations $ 28,952 $ 5,900   $ 34,863    
Investments - venture capital 100     137    
Impairment expense and provision for beneficial interests 29,052     36,865    
Lease Arrangements, Omaha, Nebraska, Termination Fee            
Segment Reporting Information [Line Items]            
Related party transaction           $ (2,400)
Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     $ 4,974   $ 4,974  
Solar            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       1,170    
Other assets - solar inventory       695    
Operating Segments | Loan Servicing and Systems            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 0     0    
Investments - venture capital 0     0    
Impairment expense and provision for beneficial interests 0     0    
Operating Segments | Loan Servicing and Systems | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     296   296  
Operating Segments | Education Technology Services and Payments            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 0     0    
Investments - venture capital 0     0    
Impairment expense and provision for beneficial interests 0     0    
Operating Segments | Education Technology Services and Payments | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     0   0  
Operating Segments | Asset Generation and Management            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 28,952     34,863    
Investments - venture capital 0     0    
Impairment expense and provision for beneficial interests 28,952     34,863    
Operating Segments | Asset Generation and Management | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     0   0  
Operating Segments | Nelnet Bank            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 0     0    
Investments - venture capital 0     0    
Impairment expense and provision for beneficial interests 0     0    
Operating Segments | Nelnet Bank | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     0   0  
Operating Segments | Solar | Loan Servicing and Systems            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       0    
Other assets - solar inventory       0    
Operating Segments | Solar | Education Technology Services and Payments            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       0    
Other assets - solar inventory       0    
Operating Segments | Solar | Asset Generation and Management            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       0    
Other assets - solar inventory       0    
Operating Segments | Solar | Nelnet Bank            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       0    
Other assets - solar inventory       0    
NFS Other Operating Segments            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 0     0    
Investments - venture capital 0     0    
Impairment expense and provision for beneficial interests 0     0    
NFS Other Operating Segments | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     0   0  
NFS Other Operating Segments | Solar            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       0    
Other assets - solar inventory       0    
Corporate and Other Activities            
Segment Reporting Information [Line Items]            
Investments - beneficial interest in loan securitizations 0     0    
Investments - venture capital 100     137    
Impairment expense and provision for beneficial interests $ 100     2,002    
Corporate and Other Activities | Leases, buildings, and associated improvements            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset     $ 4,678   $ 4,678  
Corporate and Other Activities | Solar            
Segment Reporting Information [Line Items]            
Impairment, long-lived asset       1,170    
Other assets - solar inventory       $ 695    
v3.24.3
Impairment Expense, Provision for Beneficial Interests, and Restructure Charges (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2024
USD ($)
associate
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
associate
Solar        
Related Party Transaction [Line Items]        
Number of associates | associate       40
Loan servicing and systems revenue        
Related Party Transaction [Line Items]        
Number of associates | associate 220      
Employee Severance | Solar        
Related Party Transaction [Line Items]        
Restructuring charges       $ 1.6
Employee Severance | Loan servicing and systems revenue        
Related Party Transaction [Line Items]        
Restructuring charges   $ 4.1 $ 2.1  
Expected restructuring costs $ 7.1   $ 7.1  
v3.24.3
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Deposits [Abstract]    
Retail and other savings $ 801,170 $ 520,017
Brokered CDs, net of brokered deposit fees 247,802 203,522
Retail and other CDs, net of issuance fees 21,786 20,060
Total interest-bearing deposits $ 1,070,758 $ 743,599
v3.24.3
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 77,700 $ 104,000    
Restricted cash 344,366 $ 488,723 $ 445,983 $ 945,159
Deposits exceeding the FDIC insurance limits 44,500      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.24.3
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Deposits [Abstract]  
One year or less $ 995
After one year to two years 148,591
After two years to three years 75,215
After three years to four years 348
After four years to five years 44,439
After five years 0
Total $ 269,588
v3.24.3
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 2,388 $ 44,354 $ 120,886 $ 97,739
Net income attributable to Nelnet, Inc., diluted $ 2,388 $ 44,354 $ 120,886 $ 97,739
Weighted-average common shares outstanding - basic (in shares) 36,430,485 37,498,073 36,703,314 37,437,587
Weighted-average common shares outstanding - diluted (in shares) 36,430,485 37,498,073 36,703,314 37,437,587
Earnings per share - basic (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Earnings per share - diluted (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 2,343 $ 43,409 $ 118,549 $ 95,685
Net income attributable to Nelnet, Inc., diluted $ 2,343 $ 43,409 $ 118,549 $ 95,685
Weighted-average common shares outstanding - basic (in shares) 35,743,895 36,699,510 35,993,634 36,650,653
Weighted-average common shares outstanding - diluted (in shares) 35,743,895 36,699,510 35,993,634 36,650,653
Earnings per share - basic (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Earnings per share - diluted (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 45 $ 945 $ 2,337 $ 2,054
Net income attributable to Nelnet, Inc., diluted $ 45 $ 945 $ 2,337 $ 2,054
Weighted-average common shares outstanding - basic (in shares) 686,590 798,563 709,680 786,934
Weighted-average common shares outstanding - diluted (in shares) 686,590 798,563 709,680 786,934
Earnings per share - basic (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
Earnings per share - diluted (in dollars per share) $ 0.07 $ 1.18 $ 3.29 $ 2.61
v3.24.3
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Interest income:          
Loan interest $ 190,211 $ 236,423 $ 609,064 $ 704,712  
Investment interest 50,272 48,128 143,086 129,835  
Total interest income 240,483 284,551 752,150 834,547  
Interest expense 168,328 207,159 539,367 639,756  
Net interest income 72,155 77,392 212,783 194,791  
Less provision for loan losses 18,111 4,275 32,551 5,065  
Net interest income after provision for loan losses 54,044 73,117 180,232 189,726  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 32,325 (3,062) 78,057 (27,297)  
Loss on sale of loans (107) (1,022) (1,685) (16,776)  
Impairment expense and provision for beneficial interests (29,052) (4,974) (36,865) (4,974)  
Derivative settlements, net 1,640 817 5,046 24,219  
Derivative market value adjustments, net (13,165) 3,140 (3,668) (32,266)  
Total other income (expense), net 237,316 242,888 806,681 708,989  
Cost of services:          
Cost of services 72,088 51,477 183,221 157,008  
Operating expenses:          
Salaries and benefits 146,192 141,204 429,701 438,620  
Depreciation and amortization 13,661 21,835 45,572 57,114  
Other expenses 61,642 51,370 178,278 138,154  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 221,495 214,409 653,551 633,888  
Income (loss) before income taxes (2,223) 50,119 150,141 107,819  
Income tax (expense) benefit 282 (10,512) (37,653) (28,785)  
Net income (loss) (1,941) 39,607 112,488 79,034  
Net loss (income) attributable to noncontrolling interests 4,329 4,747 8,398 18,705  
Net income (loss) attributable to Nelnet, Inc. 2,388 44,354 120,886 97,739  
Total assets 14,084,128 17,197,889 14,084,128 17,197,889 $ 16,712,384
Operating Segments | Loan Servicing and Systems          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 894 1,098 4,046 3,193  
Total interest income 894 1,098 4,046 3,193  
Interest expense 0 0 0 0  
Net interest income 894 1,098 4,046 3,193  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 894 1,098 4,046 3,193  
Other income (expense):          
Intersegment revenue 5,428 6,944 18,419 21,980  
Other, net 690 687 2,085 1,900  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 (296) 0 (296)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 114,293 135,227 364,932 412,722  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 76,820 73,310 224,172 234,012  
Depreciation and amortization 4,854 5,023 15,304 14,400  
Other expenses 19,663 15,629 59,861 42,760  
Intersegment expenses, net 18,399 17,894 55,955 58,030  
Total operating expenses 119,736 111,856 355,292 349,202  
Income (loss) before income taxes (4,549) 24,469 13,686 66,713  
Income tax (expense) benefit 1,092 (5,872) (3,284) (16,011)  
Net income (loss) (3,457) 18,597 10,402 50,702  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income (loss) attributable to Nelnet, Inc. (3,457) 18,597 10,402 50,702  
Total assets 202,366 243,697 202,366 243,697  
Operating Segments | Education Technology Services and Payments          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 9,734 8,934 23,315 20,237  
Total interest income 9,734 8,934 23,315 20,237  
Interest expense 0 0 0 0  
Net interest income 9,734 8,934 23,315 20,237  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 9,734 8,934 23,315 20,237  
Other income (expense):          
Intersegment revenue 60 77 166 198  
Other, net 0 0 0 0  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 118,239 113,873 378,793 357,456  
Cost of services:          
Cost of services 45,273 43,694 134,106 131,804  
Operating expenses:          
Salaries and benefits 41,053 39,776 121,956 116,040  
Depreciation and amortization 2,616 3,030 8,012 8,424  
Other expenses 7,614 8,309 23,772 26,063  
Intersegment expenses, net 4,604 5,875 14,216 17,559  
Total operating expenses 55,887 56,990 167,956 168,086  
Income (loss) before income taxes 26,813 22,123 100,046 77,803  
Income tax (expense) benefit (6,450) (5,307) (24,035) (18,700)  
Net income (loss) 20,363 16,816 76,011 59,103  
Net loss (income) attributable to noncontrolling interests 54 (6) 101 113  
Net income (loss) attributable to Nelnet, Inc. 20,417 16,810 76,112 59,216  
Total assets 556,897 444,631 556,897 444,631  
Operating Segments | Asset Generation and Management          
Interest income:          
Loan interest 180,571 230,816 583,907 689,633  
Investment interest 18,970 18,062 54,513 47,726  
Total interest income 199,541 248,878 638,420 737,359  
Interest expense 161,142 197,393 523,678 618,905  
Net interest income 38,399 51,485 114,742 118,454  
Less provision for loan losses 11,968 2,348 14,199 (772)  
Net interest income after provision for loan losses 26,431 49,137 100,543 119,226  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 4,918 2,776 11,239 6,939  
Loss on sale of loans (107) (1,022) (1,685) (16,776)  
Impairment expense and provision for beneficial interests (28,952) 0 (34,863) 0  
Derivative settlements, net 1,359 621 4,356 23,940  
Derivative market value adjustments, net (9,518) 1,192 (2,875) (35,323)  
Total other income (expense), net (32,300) 3,567 (23,828) (21,220)  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 1,220 1,242 3,529 3,093  
Depreciation and amortization 0 0 0 0  
Other expenses 2,775 2,952 9,985 12,083  
Intersegment expenses, net 6,482 7,948 21,491 24,789  
Total operating expenses 10,477 12,142 35,005 39,965  
Income (loss) before income taxes (16,346) 40,562 41,710 58,041  
Income tax (expense) benefit 3,923 (9,735) (10,010) (13,930)  
Net income (loss) (12,423) 30,827 31,700 44,111  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income (loss) attributable to Nelnet, Inc. (12,423) 30,827 31,700 44,111  
Total assets 10,707,442 14,111,517 10,707,442 14,111,517  
Operating Segments | Nelnet Bank          
Interest income:          
Loan interest 9,639 5,608 25,157 15,079  
Investment interest 12,522 9,563 33,301 26,013  
Total interest income 22,161 15,171 58,458 41,092  
Interest expense 11,606 9,456 31,872 24,841  
Net interest income 10,555 5,715 26,586 16,251  
Less provision for loan losses 6,143 1,927 18,352 5,837  
Net interest income after provision for loan losses 4,412 3,788 8,234 10,414  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 841 565 1,991 1,395  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 281 196 690 279  
Derivative market value adjustments, net (3,647) 1,948 (793) 3,057  
Total other income (expense), net (2,525) 2,709 1,888 4,731  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 2,973 2,520 8,491 6,881  
Depreciation and amortization 343 259 944 315  
Other expenses 2,570 1,290 5,765 3,696  
Intersegment expenses, net 759 129 2,252 302  
Total operating expenses 6,645 4,198 17,452 11,194  
Income (loss) before income taxes (4,758) 2,299 (7,330) 3,951  
Income tax (expense) benefit 1,143 (552) 1,800 (913)  
Net income (loss) (3,615) 1,747 (5,530) 3,038  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income (loss) attributable to Nelnet, Inc. (3,615) 1,747 (5,530) 3,038  
Total assets 1,328,808 1,089,565 1,328,808 1,089,565  
NFS Other Operating Segments          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 12,415 13,021 43,910 54,481  
Total interest income 12,415 13,021 43,910 54,481  
Interest expense 2,245 5,661 7,268 24,860  
Net interest income 10,170 7,360 36,642 29,621  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 10,170 7,360 36,642 29,621  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 22,370 9,861 51,013 15,087  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 22,370 9,861 51,013 15,087  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 398 288 1,129 717  
Depreciation and amortization 0 0 0 0  
Other expenses 17,904 7,522 41,536 12,223  
Intersegment expenses, net 200 191 665 447  
Total operating expenses 18,502 8,001 43,330 13,387  
Income (loss) before income taxes 14,038 9,220 44,325 31,321  
Income tax (expense) benefit (3,341) (2,177) (10,550) (7,417)  
Net income (loss) 10,697 7,043 33,775 23,904  
Net loss (income) attributable to noncontrolling interests (117) (149) (366) (418)  
Net income (loss) attributable to Nelnet, Inc. 10,580 6,894 33,409 23,486  
Total assets 1,020,732 1,096,494 1,020,732 1,096,494  
Corporate and Other Activities          
Interest income:          
Loan interest 0 0 0 0  
Investment interest 3,105 3,232 9,566 8,826  
Total interest income 3,105 3,232 9,566 8,826  
Interest expense 704 432 2,114 1,793  
Net interest income 2,401 2,800 7,452 7,033  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 2,401 2,800 7,452 7,033  
Other income (expense):          
Intersegment revenue 0 0 0 0  
Other, net 3,506 (16,950) 11,730 (52,617)  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests (100) (4,678) (2,002) (4,678)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net 22,727 (15,327) 52,469 (37,608)  
Cost of services:          
Cost of services 26,815 7,783 49,115 25,204  
Operating expenses:          
Salaries and benefits 23,852 24,731 72,159 78,686  
Depreciation and amortization 5,848 13,522 21,312 33,976  
Other expenses 11,116 15,670 37,359 41,327  
Intersegment expenses, net (25,080) (25,679) (77,729) (79,757)  
Total operating expenses 15,736 28,244 53,101 74,232  
Income (loss) before income taxes (17,423) (48,554) (42,295) (130,011)  
Income tax (expense) benefit 3,915 13,131 8,426 28,188  
Net income (loss) (13,508) (35,423) (33,869) (101,823)  
Net loss (income) attributable to noncontrolling interests 4,392 4,902 8,663 19,010  
Net income (loss) attributable to Nelnet, Inc. (9,116) (30,521) (25,206) (82,813)  
Total assets 763,310 931,853 763,310 931,853  
Eliminations          
Interest income:          
Loan interest 0 0 0 0  
Investment interest (7,368) (5,783) (25,565) (30,643)  
Total interest income (7,368) (5,783) (25,565) (30,643)  
Interest expense (7,368) (5,783) (25,565) (30,643)  
Net interest income 0 0 0 0  
Less provision for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 0 0 0  
Other income (expense):          
Intersegment revenue (5,488) (7,021) (18,585) (22,178)  
Other, net 0 0 0 0  
Loss on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income (expense), net (5,488) (7,021) (18,585) (22,178)  
Cost of services:          
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits (124) (663) (1,735) (808)  
Depreciation and amortization 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (5,364) (6,358) (16,850) (21,370)  
Total operating expenses (5,488) (7,021) (18,585) (22,178)  
Income (loss) before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income (loss) 0 0 0 0  
Net loss (income) attributable to noncontrolling interests 0 0 0 0  
Net income (loss) attributable to Nelnet, Inc. 0 0 0 0  
Total assets (495,427) (719,868) (495,427) (719,868)  
Loan servicing and systems revenue          
Other income (expense):          
Revenue 108,175 127,892 344,428 389,138  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 108,175 127,892 344,428 389,138  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Loan servicing and systems revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Education technology services and payments          
Other income (expense):          
Revenue 118,179 113,796 378,627 357,258  
Cost of services:          
Cost of services 45,273 43,694 134,106 131,804  
Education technology services and payments | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 118,179 113,796 378,627 357,258  
Cost of services:          
Cost of services 45,273 43,694 134,106 131,804  
Education technology services and payments | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Corporate and Other Activities          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Education technology services and payments | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue          
Other income (expense):          
Revenue 19,321 6,301 42,741 19,687  
Cost of services:          
Cost of services 26,815 7,783 49,115 25,204  
Solar construction revenue | Operating Segments | Loan Servicing and Systems          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | NFS Other Operating Segments          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services 0 0 0 0  
Solar construction revenue | Corporate and Other Activities          
Other income (expense):          
Revenue 19,321 6,301 42,741 19,687  
Cost of services:          
Cost of services 26,815 7,783 49,115 25,204  
Solar construction revenue | Eliminations          
Other income (expense):          
Revenue 0 0 0 0  
Cost of services:          
Cost of services $ 0 $ 0 $ 0 $ 0  
v3.24.3
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Solar construction revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 19,321 $ 6,301 $ 42,741 $ 19,687
Commercial revenue        
Disaggregation of Revenue [Line Items]        
Revenue 18,764 4,221 39,477 12,426
Residential revenue        
Disaggregation of Revenue [Line Items]        
Revenue 557 2,080 3,264 7,261
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue 108,175 127,892 344,428 389,138
Government loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 85,215 100,154 277,705 304,769
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 13,057 12,330 38,634 36,556
FFELP loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 2,945 3,304 9,570 10,226
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 5,197 9,416 14,617 25,076
Outsourced services        
Disaggregation of Revenue [Line Items]        
Revenue 1,761 2,688 3,902 12,511
Education technology services and payments revenue        
Disaggregation of Revenue [Line Items]        
Revenue 118,179 113,796 378,627 357,258
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 31,659 30,223 104,702 95,235
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 55,813 50,848 137,926 126,716
Education technology services        
Disaggregation of Revenue [Line Items]        
Revenue 30,080 31,793 133,306 132,796
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 627 $ 932 $ 2,693 $ 2,511
v3.24.3
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Reinsurance premiums $ 16,619 $ 6,287 $ 44,250 $ 10,638
Investment activity, net 8,529 (1,003) 7,447 (8,155)
ALLO preferred return 4,783 2,299 11,353 6,822
Borrower late fee income 1,741 2,220 $ 7,460 6,635
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Other, net  
Other 9,077 7,539 $ 20,433 15,860
Other, net 32,325 (3,062) 78,057 (27,297)
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
Loss on investments 0 (17,293) (10,693) (49,676)
Solar        
Disaggregation of Revenue [Line Items]        
Loss on investments (11,238) (6,456) (11,068) (19,485)
Administration/sponsor fee income        
Disaggregation of Revenue [Line Items]        
Administration/sponsor fee income 1,420 1,712 4,448 5,180
Investment Advice        
Disaggregation of Revenue [Line Items]        
Investment advisory services (WRCM) $ 1,394 $ 1,633 $ 4,427 $ 4,884
v3.24.3
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended 9 Months Ended
Apr. 24, 2023
extension
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Concentration Risk [Line Items]          
Revenue | $   $ 85.2 $ 100.2 $ 277.7 $ 304.8
Contract with customer, contract term 5 years        
Contract with customer, option to extend, option one, number of extensions 2        
Contract with customer, option to extend, option one, extension period 2 years        
Contract with customer, option to extend, option two, number of extensions 1        
Contract with customer, option to extend, option two, extension period 1 year        
v3.24.3
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Total investments $ 1,046,140 $ 1,006,810
Derivative instruments $ 118 452
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets  
Total assets $ 1,046,258 1,007,262
Liabilities:    
Derivative instruments $ 2,434 1,976
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Total liabilities $ 2,434 1,976
Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 975,795 955,903
Equity securities    
Assets:    
Total investments 186 73
Equity securities measured at net asset value    
Assets:    
Total investments 70,159 50,834
Level 1    
Assets:    
Total investments 286 172
Derivative instruments 0 0
Total assets 286 172
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 100 99
Level 1 | Equity securities    
Assets:    
Total investments 186 73
Level 2    
Assets:    
Total investments 975,695 955,804
Derivative instruments 118 452
Total assets 975,813 956,256
Liabilities:    
Derivative instruments 2,434 1,976
Total liabilities 2,434 1,976
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 975,695 955,804
Level 2 | Equity securities    
Assets:    
Total investments $ 0 $ 0
v3.24.3
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Financial assets:        
Loans receivable $ 10,572,881 $ 13,108,204    
Accrued loan interest receivable 600,097 764,385    
Cash and cash equivalents 219,684 168,112 $ 187,690 $ 118,146
Investments - held-to-maturity asset-backed securities 227,586      
Beneficial interest in loan securitizations 232,654      
Restricted cash - due to customers 334,968 368,656 $ 158,872 $ 294,311
Financial liabilities:        
Accrued interest payable 25,389 35,391    
Bank deposits 1,070,758 743,599    
Due to customers 404,459 425,507    
Fair value        
Financial assets:        
Loans receivable 10,502,403 12,800,638    
Accrued loan interest receivable 600,097 764,385    
Cash and cash equivalents 219,684 168,112    
Investments (at fair value) 1,046,140 1,006,810    
Investments - held-to-maturity asset-backed securities 227,586 163,622    
Notes receivable 27,778 53,747    
Beneficial interest in loan securitizations 232,654 262,093    
Restricted cash 344,366 488,723    
Restricted cash - due to customers 334,968 368,656    
Derivative instruments 118 452    
Financial liabilities:        
Bonds and notes payable 8,901,588 11,629,359    
Accrued interest payable 25,389 35,391    
Bank deposits 1,058,023 722,973    
Due to customers 404,459 425,507    
Derivative instruments 2,434 1,976    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 219,684 168,112    
Investments (at fair value) 286 172    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 344,366 488,723    
Restricted cash - due to customers 334,968 368,656    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 754,116 467,420    
Due to customers 404,459 425,507    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 600,097 764,385    
Cash and cash equivalents 0 0    
Investments (at fair value) 975,695 955,804    
Investments - held-to-maturity asset-backed securities 227,586 163,622    
Notes receivable 27,778 53,747    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 118 452    
Financial liabilities:        
Bonds and notes payable 8,901,588 11,629,359    
Accrued interest payable 25,389 35,391    
Bank deposits 303,907 255,553    
Due to customers 0 0    
Derivative instruments 2,434 1,976    
Fair value | Level 3        
Financial assets:        
Loans receivable 10,502,403 12,800,638    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 232,654 262,093    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 9,972,784 12,343,819    
Accrued loan interest receivable 600,097 764,385    
Cash and cash equivalents 219,684 168,112    
Investments (at fair value) 1,046,140 1,006,810    
Investments - held-to-maturity asset-backed securities 222,480 162,738    
Notes receivable 27,778 53,747    
Beneficial interest in loan securitizations 218,659 225,079    
Restricted cash 344,366 488,723    
Restricted cash - due to customers 334,968 368,656    
Derivative instruments 118 452    
Financial liabilities:        
Bonds and notes payable 8,938,446 11,828,393    
Accrued interest payable 25,389 35,391    
Bank deposits 1,070,758 743,599    
Due to customers 404,459 425,507    
Derivative instruments $ 2,434 $ 1,976