NELNET INC, 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,316,448
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,616,675
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Loans and accrued interest receivable $ 10,227,261 $ 9,992,744
Cash and cash equivalents:    
Cash and cash equivalents 216,425 194,518
Investments at fair value 1,391,888 1,160,320
Other investments and notes receivable, net 847,637 1,040,376
Total investments and notes receivable 2,239,525 2,200,696
Restricted cash 394,074 332,100
Restricted cash – due to customers 156,297 404,402
Accounts receivable (net of allowance for doubtful accounts of $2,831 and $2,877, respectively) 147,822 159,934
Goodwill 158,029 158,029
Intangible assets, net 31,754 36,328
Property and equipment, net 93,174 95,185
Other assets 212,321 203,817
Total assets 13,876,682 13,777,753
Liabilities:    
Bonds and notes payable 7,822,531 8,309,797
Accrued interest payable 19,039 21,046
Bank deposits 1,476,765 1,186,131
Other liabilities 528,917 483,193
Due to customers 442,735 478,469
Total liabilities 10,289,987 10,478,636
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 1,058 7,389
Retained earnings 3,648,375 3,340,540
Accumulated other comprehensive earnings, net 3,497 1,470
Total Nelnet, Inc. shareholders' equity 3,653,290 3,349,762
Noncontrolling interests (66,595) (50,645)
Total equity 3,586,695 3,299,117
Total liabilities and equity 13,876,682 13,777,753
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 8,981,044 9,122,609
Cash and cash equivalents:    
Restricted cash 376,029 287,389
Liabilities:    
Bonds and notes payable 8,363,733 8,452,614
Common stock:    
Accrued interest payable and other liabilities (172,765) (88,200)
Net assets of consolidated education and other lending variable-interest entities 820,575 869,184
Class A    
Common stock:    
Common stock 254 256
Class B    
Common stock:    
Common stock 106 107
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 126,956 48,838
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents $ 89,469 $ 145,680
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Allowance for loan losses $ 107,532 $ 114,890
Allowance for doubtful accounts $ 2,831 $ 2,877
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 25,375,537 25,634,748
Common stock, outstanding (in shares) 25,375,537 25,634,748
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,616,675 10,658,604
Common stock, outstanding (in shares) 10,616,675 10,658,604
v3.25.3
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income:        
Loan interest $ 162,717 $ 190,211 $ 501,260 $ 609,064
Investment interest 43,241 50,272 124,815 143,086
Total interest income 205,958 240,483 626,075 752,150
Interest expense on bonds and notes payable and bank deposits 120,708 168,328 378,677 539,367
Net interest income 85,250 72,155 247,398 212,783
Less (negative provision) provision for loan losses (3,563) 18,111 29,704 32,551
Net interest income after provision for loan losses 88,813 54,044 217,694 180,232
Other income (expense):        
Other, net 35,730 15,706 82,401 33,807
Loss on sale of loans, net (2,472) (107) (1,562) (1,685)
Gain on partial redemption of ALLO investment 0 0 175,044 0
Derivative market value adjustments and derivative settlements, net (27) (11,525) (8,728) 1,378
Total other income (expense), net 342,507 266,368 1,119,464 843,546
Cost of services and expenses:        
Cost of services 59,991 72,284 173,239 183,613
Operating Expenses        
Salaries and benefits 144,778 146,192 417,700 429,701
Depreciation and amortization 7,327 13,661 24,206 45,572
Reinsurance losses and underwriting expenses 19,962 16,761 67,836 39,066
Other expenses 53,669 44,685 153,200 138,820
Total operating expenses 225,736 221,299 662,942 653,159
Impairment expense and provision for beneficial interests 9,145 29,052 21,024 36,865
Total expenses 294,872 322,635 857,205 873,637
Income (loss) before income taxes 136,448 (2,223) 479,953 150,141
Income tax (expense) benefit (35,773) 282 (120,294) (37,653)
Net income (loss) 100,675 (1,941) 359,659 112,488
Net loss attributable to noncontrolling interests 6,009 4,329 11,044 8,398
Net income (loss) attributable to Nelnet, Inc. $ 106,684 $ 2,388 $ 370,703 $ 120,886
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Weighted-average common shares outstanding - basic (in shares) 36,316,315 36,430,485 36,426,188 36,703,314
Weighted-average common shares outstanding - diluted (in shares) 36,316,315 36,430,485 36,426,188 36,703,314
Loan servicing and systems revenue        
Other income (expense):        
Revenue $ 151,052 $ 108,175 $ 392,517 $ 344,428
Cost of services and expenses:        
Cost of services 2,021 196 5,500 392
Education technology services and payments revenue        
Other income (expense):        
Revenue 129,321 118,179 394,836 378,627
Cost of services and expenses:        
Cost of services 50,363 45,273 138,254 134,106
Reinsurance premiums earned        
Other income (expense):        
Revenue 23,165 16,619 73,964 44,250
Solar construction revenue        
Other income (expense):        
Revenue 5,738 19,321 10,992 42,741
Cost of services and expenses:        
Cost of services $ 7,607 $ 26,815 $ 29,485 $ 49,115
v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 100,675 $ (1,941) $ 359,659 $ 112,488
Other comprehensive income:        
Net changes related to foreign currency translation adjustments (13) 23 (160) 6
Net changes related to available-for-sale debt securities:        
Unrealized holding gains arising during period, net 8,637 2,656 5,212 28,291
Reclassification of gains recognized in net income, net (854) (1,721) (1,931) (3,326)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 27 64 168 186
Income tax effect (1,874) (240) (828) (6,036)
Unrealized gains (losses) during period after reclassifications and tax 5,936 759 2,621 19,115
Net changes related to cash flow hedges:        
Fair value adjustments during period, net (130) 0 (755) 0
Income tax effect 31 0 181 0
Net changes related to cash flow hedges: (99) 0 (574) 0
Net changes related to equity method investee's other comprehensive income:        
(Loss) gain on cash flow hedge (156) 62 184 (570)
Income tax effect 37 (15) (44) 137
Net changes related to equity method investee's other comprehensive, after income tax effect (119) 47 140 (433)
Other comprehensive income 5,705 829 2,027 18,688
Comprehensive income (loss) 106,380 (1,112) 361,686 131,176
Comprehensive loss attributable to noncontrolling interests 6,009 4,329 11,044 8,398
Comprehensive income attributable to Nelnet, Inc. $ 112,389 $ 3,217 $ 372,730 $ 139,574
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023       0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2023         26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 $ 3,200,107     $ 0 $ 264 $ 107 $ 3,096 $ 3,270,403 $ (20,119) $ (53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 112,488             120,886   (8,398)
Other comprehensive 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 NextGen, net of tax (247)             (2,340)   2,093
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024       0            
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2024         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)
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2024       0            
Common stock, shares, outstanding, beginning balance (in shares) at Jun. 30, 2024         25,585,840 10,663,088        
Beginning balance at Jun. 30, 2024 3,220,022     $ 0 $ 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 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)      
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024       0            
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2024         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)
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 0     0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2024   25,634,748 10,658,604   25,634,748 10,658,604        
Beginning balance at Dec. 31, 2024 $ 3,299,117     $ 0 $ 256 $ 107 7,389 3,340,540 1,470 (50,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 359,659             370,703   (11,044)
Other comprehensive income 2,027               2,027  
Issuance of noncontrolling interests 45,583                 45,583
Distribution to noncontrolling interests (45,106)                 (45,106)
Cash dividend on Class A and Class B common stock (31,157)             (31,157)    
Issuance of common stock, net of forfeitures (in shares)         138,755          
Issuance of common stock, net of forfeitures 3,374       $ 1   3,373      
Compensation expense for stock based awards 9,819           9,819      
Repurchase of common stock (in shares)         (439,895)          
Repurchase of common stock (53,091)       $ (4)   (19,523) (33,564)    
Conversion of common stock (in shares)         41,929 (41,929)        
Conversion of common stock 0       $ 1 $ (1)        
Acquisition of remaining 20% of NextGen, net of tax $ (3,530)             1,853   (5,383)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025 0     0            
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2025   25,375,537 10,616,675   25,375,537 10,616,675        
Ending balance at Sep. 30, 2025 $ 3,586,695     $ 0 $ 254 $ 106 1,058 3,648,375 3,497 (66,595)
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2025       0            
Common stock, shares, outstanding, beginning balance (in shares) at Jun. 30, 2025         25,538,730 10,658,604        
Beginning balance at Jun. 30, 2025 3,482,693     $ 0 $ 255 $ 107 637 3,576,192 (2,208) (92,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 100,675             106,684   (6,009)
Other comprehensive income 5,705               5,705  
Issuance of noncontrolling interests 39,404                 39,404
Distribution to noncontrolling interests (7,700)                 (7,700)
Cash dividend on Class A and Class B common stock (10,834)             (10,834)    
Issuance of common stock, net of forfeitures (in shares)         12,728          
Issuance of common stock, net of forfeitures 557           557      
Compensation expense for stock based awards 3,468           3,468      
Repurchase of common stock (in shares)         (217,850)          
Repurchase of common stock (27,273)       $ (2)   (3,604) (23,667)    
Conversion of common stock (in shares)         41,929 (41,929)        
Conversion of common stock $ 0       $ 1 $ (1)        
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025 0     0            
Common stock, shares, outstanding, ending balance (in shares) at Sep. 30, 2025   25,375,537 10,616,675   25,375,537 10,616,675        
Ending balance at Sep. 30, 2025 $ 3,586,695     $ 0 $ 254 $ 106 $ 1,058 $ 3,648,375 $ 3,497 $ (66,595)
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
GRNE Solar        
Acquisition of remaining 20% of GRNE Solar 20.00% 20.00% 20.00% 20.00%
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.30 $ 0.28 $ 0.86 $ 0.84
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.30 $ 0.28 $ 0.86 $ 0.84
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 370,703 $ 120,886
Net loss attributable to noncontrolling interests (11,044) (8,398)
Net income (loss) 359,659 112,488
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 68,261 106,022
Loan discount and deferred lender fees accretion (58,107) (36,838)
Provision for loan losses 29,704 32,551
Derivative market value adjustments 10,978 3,668
Payments to clearinghouse - initial and variation margin, net (5,015) (4,404)
Gain on partial redemption of ALLO investment (175,044) 0
Loss on sale of loans, net 1,562 1,685
(Gain) loss on investments, net (47,076) 6,595
Loss from repurchases of debt, net 7,865 2
Deferred income tax benefit (82,465) (22,707)
Non-cash compensation expense 10,064 8,954
Impairment expense and provision for beneficial interests 21,024 36,865
Changes in operating assets and liabilities:    
Decrease in loan and investment accrued interest receivable 14,894 168,795
Decrease in accounts receivable 12,219 42,553
Decrease in other assets 43,488 48,057
Decrease in the carrying amount of ROU asset 2,865 2,857
Decrease in accrued interest payable (6,329) (10,002)
Increase (decrease) in other liabilities 79,713 (11,435)
Decrease in the carrying amount of lease liability (4,365) (2,868)
Other 1,475 (481)
Total adjustments (74,289) 369,869
Net cash provided by operating activities 285,370 482,357
Cash flows from investing activities, net of acquisitions:    
Net proceeds from loan repayments, claims, and capitalized interest 2,081,162 2,745,084
Purchases of available-for-sale securities (416,084) (414,306)
Proceeds from sales of available-for-sale securities 205,954 372,176
Proceeds from beneficial interest in loan securitizations 55,865 33,898
Purchases of other investments and issuance of notes receivable (249,990) (287,590)
Proceeds from other investments and repayments of notes receivable 511,219 79,095
Redemption of held-to-maturity debt securities 10,549 11,890
Purchases of property and equipment (18,744) (38,280)
Net cash provided by investing activities 519,047 2,077,867
Cash flows from financing activities, net of acquisitions:    
Payments on bonds and notes payable (1,739,244) (3,010,914)
Proceeds from issuance of bonds and notes payable 557,371 85,037
Payments of debt issuance costs (4,803) (2,191)
Increase in bank deposits, net 290,634 327,159
Decrease in due to customers (35,862) (21,185)
Dividends paid (31,157) (30,676)
Repurchases of common stock (53,091) (82,887)
Proceeds from issuance of common stock 1,392 1,424
Acquisition of noncontrolling interest (3,944) (325)
Issuance of noncontrolling interests 54,984 51,245
Distribution to noncontrolling interests (5,211) (3,587)
Net cash used in financing activities (968,931) (2,686,900)
Effect of exchange rate changes on cash and restricted cash 290 203
Net decrease in cash, cash equivalents, and restricted cash (164,224) (126,473)
Cash, cash equivalents, and restricted cash, beginning of period 931,020 1,025,491
Cash, cash equivalents, and restricted cash, end of period 766,796 899,018
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 360,648 511,247
Cash disbursements made for income taxes, net of refunds and credits received [1] 50,443 13,441
Cash disbursements made for operating leases 3,933 3,615
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 6,550 1,048
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 28,137 13,799
Receipt of asset-backed investment securities as consideration from sale of loans 2,370 0
Distribution to noncontrolling interests 39,895 46,128
Issuance of noncontrolling interests 9,401 22,095
Nonrelated Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (1,984,778) (611,595)
Proceeds from sale of loans 240,398 91,999
Related Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (206,668) (104,198)
Proceeds from sale of loans $ 290,164 $ 199,694
[1] The Company utilized $43.8 million and $34.0 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 43,800 $ 34,000
Cash and cash equivalents:    
Total cash and cash equivalents 216,425 219,684
Restricted cash 394,074 344,366
Restricted cash – due to customers 156,297 334,968
Cash, cash equivalents, and restricted cash $ 766,796 $ 899,018
v3.25.3
Basis of Financial Reporting
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.3
Partial Redemption of ALLO Investment
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Partial Redemption of ALLO Investment Partial Redemption of ALLO Investment
Nelnet had both voting and preferred membership interest investments in ALLO Holdings, LLC (referred to collectively with its subsidiary ALLO Communications LLC as "ALLO"). In June 2025, ALLO executed a financing transaction that resulted in gross proceeds to ALLO of $500 million (the “Financing”). In conjunction with the Financing, Nelnet, ALLO, and certain other ALLO investors entered into a Membership Unit Redemption Agreement (the “Redemption Agreement”) pursuant to which ALLO agreed to redeem certain of its membership interests from certain investors in ALLO, including Nelnet (the “Transaction”).
As part of the Transaction, ALLO redeemed all of Nelnet's outstanding preferred membership interests on June 4, 2025, including the preferred return accrued on such membership interests through the Transaction's closing date. In addition, ALLO redeemed a portion of Nelnet’s voting membership interest in ALLO.
Upon closing, Nelnet received cash proceeds of $410.9 million from ALLO for these redemptions and recognized a pre-tax gain of $175.0 million, which is included in "gain on partial redemption of ALLO investment" on the Company's consolidated statements of income.
Following the closing of the Transaction, Nelnet no longer owns any preferred membership interests in ALLO, but maintains a significant voting equity investment in ALLO. Nelnet’s ownership of voting membership interest in ALLO decreased from 45% to 27%. Nelnet will continue to account for its remaining 27% voting membership interest in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting, with the carrying value of such interest remaining at $0.
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$1,889,476 2,108,960 
Consolidation5,970,781 6,279,604 
Total (a)7,860,257 8,388,564 
Private education loans (b)147,737 221,744 
Consumer loans and other financing receivables (c)840,739 345,560 
Non-Nelnet Bank loans8,848,733 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other24,745 — 
Consolidation154,203 — 
Total (a)178,948 — 
Private education loans (b)529,396 482,445 
Consumer and other loans266,539 162,152 
Nelnet Bank loans974,883 644,597 
Accrued interest receivable558,912 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(47,735)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(43,535)(49,091)
Private education loans(7,103)(11,130)
Consumer loans and other financing receivables(33,147)(38,468)
Non-Nelnet Bank allowance for loan losses(83,785)(98,689)
Nelnet Bank:
Federally insured loans(707)— 
Private education loans(11,732)(10,086)
Consumer and other loans(11,308)(6,115)
Nelnet Bank allowance for loan losses(23,747)(16,201)
 $10,227,261 9,992,744 
(a)    During the third quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $77.5 million of federally insured loans to Nelnet Bank.
(b)    During the second quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $42.2 million of private education loans to Nelnet Bank.
(c)    In the third quarter of 2025, the Company began to purchase Pay Later receivables via a forward flow agreement from an unrelated third party. As of September 30, 2025, the balance of Pay Later receivables was $548.3 million and these loans are included in the "consumer loans and other financing receivables" in the above table. Pay Later receivables enable consumers to purchase goods or services at the time of the transaction and split their purchase into installment payments. The Company purchases Pay Later receivables at a discount, and accretes the discount into interest income over the estimated life of the receivable.
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, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.55 %0.59 %
Private education loans4.81 %5.02 %
Consumer loans and other financing receivables (b)3.94 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.40 %— 
Private education loans2.22 %2.09 %
Consumer and other loans4.24 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 19.4% and 20.6% as of September 30, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 17.4% as of September 30, 2025.
(b)    In the third quarter of 2025, the Company began to purchase Pay Later receivables that have lower allowance rates.
Consumer Loan Sales
During the second quarter of 2024 and third quarter of 2025, the Company sold $133.8 million and $203.3 million, respectively, of consumer loans, and recognized losses from such transactions of $1.4 million and $2.5 million, respectively. For these transactions, the Company sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received a residual interest in the loan securitization that are included in "other investments and notes receivable, net" on the Company's consolidated balance sheets.
Student Loan Trust Acquisitions
In March 2025, the Company acquired the ownership interests in certain trusts giving the Company rights to the residual interest. The trusts included $646.9 million (par value) of federally insured Stafford and consolidation loans funded to term with $721.3 million (par value) of bonds and notes payable, $32.2 million of cash and restricted cash, and $27.4 million of other net assets. The Company has consolidated these trusts on its consolidated balance sheet as the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded the student loans and bonds and notes payable at fair value, resulting in the recognition of a student loan net discount of $6.6 million and a bonds and notes payable discount of $31.1 million. These net discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan salesBalance at end of period
Three months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$47,627 843 (4,673)— — (262)43,535 
Private education loans7,406 — (459)156 — — 7,103 
Consumer loans and other financing receivables48,028 (8,217)(7,176)512 — — 33,147 
Nelnet Bank:
Federally insured loans355 113 (23)— — 262 707 
Private education loans12,360 1,177 (2,169)364 — — 11,732 
Consumer and other loans9,573 2,186 (581)130 — — 11,308 
$125,349 (3,898)(15,081)1,162 — — 107,532 
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 loans and other financing receivables14,135 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 
Nine months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 5,588 (10,882)— — (262)43,535 
Private education loans11,130 (2,761)(1,916)650 — — 7,103 
Consumer loans and other financing receivables38,468 13,943 (20,319)1,055 — — 33,147 
Nelnet Bank:
Federally insured loans— 488 (43)— — 262 707 
Private education loans10,086 5,102 (5,303)787 1,060 — 11,732 
Consumer and other loans6,115 6,920 (2,029)302 — — 11,308 
$114,890 29,280 (40,492)2,794 1,060 — 107,532 
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 loans and other financing receivables11,742 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 
(a) Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. The following table presents the reduction to provision for loan losses as a result of consumer loan sales during the periods presented.
Provision for current periodReduction to provisionProvision
(negative provision) for loan losses
Three months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$20,693 (28,910)(8,217)
Three months ended September 30, 2024
Non-Nelnet Bank
Consumer loans and other financing receivables$11,026 (179)10,847 
Nine months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$42,853 (28,910)13,943 
Nine months ended September 30, 2024
Non-Nelnet Bank
Consumer loans and other financing receivables$30,058 (12,874)17,184 
During the periods presented above, the primary item impacting provision for loan losses was the establishment of an initial allowance for loans originated and acquired during the periods. Provision for loan losses was also impacted by the reversal of provision for consumer loans sold. The Company recorded a negative provision for loan losses for its federally insured loan portfolio in 2024 due to an increase in prepayment assumptions.
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,
2025202420252024
Non-Nelnet Bank:
Federally insured loans0.22 %0.19 %0.17 %0.19 %
Private education loans0.79 %1.97 %0.95 %1.89 %
Consumer loans and other financing receivables5.75 %4.81 %6.28 %4.92 %
Nelnet Bank:
Federally insured loans0.06 %— 0.06 %— 
Private education loans1.38 %0.51 %1.19 %0.46 %
Consumer and other loans (a)0.79 %7.28 %1.21 %7.49 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
Unfunded Loan Commitments
As of September 30, 2025 and December 31, 2024, Nelnet Bank had a liability of approximately $751,000 and $326,000, respectively, related to $80.1 million and $40.7 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedNine months ended
September 30,September 30,
2025202420252024
(Negative provision) provision for loan losses from allowance activity table above$(3,898)17,859 29,280 32,338 
Provision for unfunded loan commitments335 252 424 213 
(Negative provision) provision for loan losses reported in consolidated statements of income$(3,563)18,111 29,704 32,551 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, and 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. The following table presents the Company’s loan status and delinquency amounts:
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $382,850 4.9 % $376,765 4.5 % $428,013 4.7 %
Loans in forbearance 514,385 6.5  586,412 7.0  647,797 7.2 
Loans in repayment status:  
Loans current5,994,951 86.1 %6,374,897 85.9 %6,702,079 83.8 %
Loans delinquent 31-60 days254,998 3.7 243,348 3.3 348,833 4.4 
Loans delinquent 61-90 days166,763 2.4 166,474 2.2 190,379 2.4 
Loans delinquent 91-120 days100,575 1.4 113,838 1.5 148,417 1.9 
Loans delinquent 121-270 days317,151 4.6 380,823 5.1 419,730 5.2 
Loans delinquent 271 days or greater128,584 1.8 146,007 2.0 185,494 2.3 
Total loans in repayment6,963,022 88.6 100.0 %7,425,387 88.5 100.0 %7,994,932 88.1 100.0 %
Total federally insured loans7,860,257 100.0 % 8,388,564 100.0 % 9,070,742 100.0 %
Accrued interest receivable537,303 540,272 592,250 
Loan discount, net of unamortized premiums and deferred origination costs(24,895)(21,513)(22,807)
Allowance for loan losses(43,535)(49,091)(50,834)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$8,329,130 $8,858,232 $9,589,351 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $4,232 2.9 %$5,997 2.7 %$7,504 3.2 %
Loans in forbearance 2,653 1.8 2,089 0.9 1,979 0.8 
Loans in repayment status:
Loans current137,678 97.8 %206,825 96.8 %218,425 97.2 %
Loans delinquent 31-60 days1,314 0.9 3,424 1.6 3,013 1.3 
Loans delinquent 61-90 days865 0.6 1,275 0.6 1,301 0.6 
Loans delinquent 91 days or greater995 0.7 2,134 1.0 2,073 0.9 
Total loans in repayment140,852 95.3 100.0 %213,658 96.4 100.0 %224,812 96.0 100.0 %
Total private education loans147,737 100.0 % 221,744 100.0 % 234,295 100.0 %
Accrued interest receivable1,291 2,019 2,248 
Loan discount, net of unamortized premiums(4,740)(6,350)(6,772)
Allowance for loan losses(7,103)(11,130)(11,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$137,185 $206,283 $218,027 
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in deferment$1,354 0.2 %$150 0.0 %$315 0.1 %
Loans in repayment status:
Loans current828,408 98.7 %335,355 97.1 %239,128 97.9 %
Loans delinquent 31-60 days3,543 0.4 3,667 1.1 2,032 0.8 
Loans delinquent 61-90 days2,343 0.3 2,143 0.6 1,515 0.6 
Loans delinquent 91 days or greater5,091 0.6 4,245 1.2 1,562 0.7 
Total loans in repayment839,385 99.8 100.0 %345,410 100.0 100.0 %244,237 99.9 100.0 %
Total consumer loans and other financing receivables840,739 100.0 %345,560 100.0 %244,552 100.0 %
Accrued interest receivable1,102 1,868 1,115 
Loan discount and deferred lender fees, net of unamortized premiums(16,215)(10,713)(10,789)
Allowance for loan losses(33,147)(38,468)(22,380)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$792,479 $298,247 $212,498 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$6,705 3.7 %
Loans in forbearance9,263 5.2 
Loans in repayment status:
Loans current146,308 89.8 %
Loans delinquent 30-59 days4,827 3.0 
Loans delinquent 60-89 days2,185 1.3 
Loans delinquent 90-119 days2,684 1.6 
Loans delinquent 120-270 days5,668 3.5 
Loans delinquent 271 days or greater1,308 0.8 
Total loans in repayment162,980 91.1 100.0 %
Total federally insured loans178,948 100.0 %
Accrued interest receivable11,253 
Loan premium945 
Allowance for loan losses(707)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$190,439 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$58,753 11.1 %$31,674 6.6 %$29,396 8.3 %
Loans in forbearance1,476 0.3 3,061 0.6 2,364 0.7 
Loans in repayment status:
Loans current460,142 98.1 %439,569 98.2 %318,090 99.2 %
Loans delinquent 30-59 days3,526 0.7 4,327 1.0 1,075 0.3 
Loans delinquent 60-89 days2,403 0.5 1,497 0.3 723 0.2 
Loans delinquent 90 days or greater3,096 0.7 2,317 0.5 1,006 0.3 
Total loans in repayment469,167 88.6 100.0 %447,710 92.8 100.0 %320,894 91.0 100.0 %
Total private education loans529,396 100.0 %482,445 100.0 %352,654 100.0 %
Accrued interest receivable6,400 4,103 3,098 
Loan discount, net of unamortized premiums and deferred origination costs(6,652)(4,581)5,786 
Allowance for loan losses(11,732)(10,086)(3,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$517,412 $471,881 $357,868 
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$9,954 3.7 %$5,186 3.2 %$3,073 1.5 %
Loans in repayment status:
Loans current254,720 99.2 %155,772 99.2 %198,613 97.3 %
Loans delinquent 30-59 days694 0.3 803 0.5 2,251 1.1 
Loans delinquent 60-89 days719 0.3 243 0.2 1,497 0.7 
Loans delinquent 90 days or greater452 0.2 148 0.1 1,784 0.9 
Total loans in repayment256,585 96.3 100.0 %156,966 96.8 100.0 %204,145 98.5 100.0 %
Total consumer and other loans266,539 100.0 %162,152 100.0 %207,218 100.0 %
Accrued interest receivable1,563 1,021 1,386 
Loan premium, net of unaccreted discount3,822 1,043 47 
Allowance for loan losses(11,308)(6,115)(13,514)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$260,616 $158,101 $195,137 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of September 30, 2025
Nine months ended September 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$4,699 2,948 3,148 4,257 3,685 20,367 39,104 7.4 %
705 - 7347,622 4,871 7,964 17,748 6,828 15,288 60,321 11.4 
735 - 76410,018 5,652 7,482 27,110 11,442 22,907 84,611 16.0 
765 - 79413,521 6,519 5,144 42,073 21,500 27,743 116,500 22.0 
Greater than 79419,279 14,419 12,753 59,625 42,567 73,155 221,798 41.9 
No FICO score available or required (a)— 2,296 4,766 — — — 7,062 1.3 
$55,139 36,705 41,257 150,813 86,022 159,460 529,396 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 6.4 %
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 10.9 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 15.5 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 22.0 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 43.5 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 1.7 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of September 30, 2025
Nine months ended September 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$14,112 17,370 1,624 — 287 1,342 34,735 13.0 %
720 - 76925,308 38,313 3,870 16 5,582 7,329 80,418 30.2 
Greater than 76951,911 50,469 6,045 97 5,331 3,339 117,192 44.0 
No FICO score available or required (a)27,655 5,793 432 260 54 — 34,194 12.8 
$118,986 111,945 11,971 373 11,254 12,010 266,539 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 14.3 %
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 37.3 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 45.5 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 2.9 
$121,740 13,278 399 12,417 8,878 5,440 162,152 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of September 30, 2025 and December 31, 2024, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 336 2,066 1,830 4,232 
Loans in forbearance— — — 36 246 2,371 2,653 
Loans in repayment status:
Loans current— — 175 3,676 5,002 128,825 137,678 
Loans delinquent 31-60 days— — — 21 39 1,254 1,314 
Loans delinquent 61-90 days— — — — 21 844 865 
Loans delinquent 91 days or greater— — — — 72 923 995 
Total loans in repayment— — 175 3,697 5,134 131,846 140,852 
Total private education loans$— — 175 4,069 7,446 136,047 147,737 
Accrued interest receivable1,291 
Loan discount, net of unamortized premiums(4,740)
Allowance for loan losses(7,103)
Total private education loans and accrued interest receivable, net of allowance for loan losses$137,185 
Gross charge-offs - nine months ended September 30, 2025$— — — — 52 1,864 1,916 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in deferment$— 452 902 — — — 1,354 
Loans in repayment status:
Loans current766,123 35,952 24,275 1,549 238 271 828,408 
Loans delinquent 31-60 days1,449 1,374 550 170 — — 3,543 
Loans delinquent 61-90 days589 1,015 697 42 — — 2,343 
Loans delinquent 91 days or greater371 3,379 680 588 73 — 5,091 
Total loans in repayment768,532 41,720 26,202 2,349 311 271 839,385 
Total consumer loans and other financing receivables$768,532 42,172 27,104 2,349 311 271 840,739 
Accrued interest receivable1,102 
Loan discount and deferred lender fees, net of unamortized premiums(16,215)
Allowance for loan losses(33,147)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$792,479 
Gross charge-offs - nine months ended September 30, 2025$5,565 8,322 6,134 280 9 9 20,319 
Nine months ended September 30, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$21,876 20,602 9,206 5,577 285 1,207 58,753 
Loans in forbearance— — 146 483 152 695 1,476 
Loans in repayment status:
Loans current33,129 15,707 30,680 143,901 84,322 152,403 460,142 
Loans delinquent 30-59 days98 67 299 460 501 2,101 3,526 
Loans delinquent 60-89 days3 196 300 201 617 1,086 2,403 
Loans delinquent 90 days or greater33 133 626 191 145 1,968 3,096 
Total loans in repayment33,263 16,103 31,905 144,753 85,585 157,558 469,167 
Total private education loans$55,139 36,705 41,257 150,813 86,022 159,460 529,396 
Accrued interest receivable6,400 
Loan discount, net of unamortized premiums and deferred origination costs(6,652)
Allowance for loan losses(11,732)
Total private education loans and accrued interest receivable, net of allowance for loan losses$517,412 
Gross charge-offs - nine months ended September 30, 2025$— 376 782 628 372 3,145 5,303 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$7,936 2,018 — — — — 9,954 
Loans in repayment status:
Loans current111,040 108,582 11,778 373 11,085 11,862 254,720 
Loans delinquent 30-59 days10 499 114 — 61 10 694 
Loans delinquent 60-89 days— 472 79 — 108 60 719 
Loans delinquent 90 days or greater— 374 — — — 78 452 
Total loans in repayment111,050 109,927 11,971 373 11,254 12,010 256,585 
Total consumer and other loans$118,986 111,945 11,971 373 11,254 12,010 266,539 
Accrued interest receivable1,563 
Loan premium, net of unaccreted discount3,822 
Allowance for loan losses(11,308)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$260,616 
Gross charge-offs - nine months ended September 30, 2025$61 1,205 283 — 306 174 2,029 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.3
Bonds and Notes Payable
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,258,938 
4.68% - 6.27%
8/26/30 - 9/25/69
Bonds and notes based on auction60,585 
0.01% - 5.50%
3/22/32 - 3/1/42
Total FFELP variable-rate bonds and notes6,319,523 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		312,850 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities535,389 
5.02% - 5.19%
1/29/27 / 5/1/27
Consumer loan warehouse and other facilities625,570 
5.43% - 6.12%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations39,924 
5.65% / 6.61%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations30,952 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements1,648 
5.05% - 5.82%
5/4/26 / 7/28/32
7,865,856   
Discount on bonds and notes payable and debt issuance costs(43,325)
Total$7,822,531 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Warehouse and Other Facilities
The Company funds a portion of its loan acquisitions through the use of warehouse and other secured 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 and other facilities as of September 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$800,000 393,141 406,859 1/30/20261/29/2027note (b)$29,556 
FFELP (c)375,000 142,248 232,752 5/1/20265/1/202792 %12,197 
$1,175,000 535,389 639,611 $41,753 
Consumer loans and other financing receivables$925,000 625,570 299,430 
11/13/2026 - 7/31/2027
11/13/2027 - 2/29/2028
50% - 90%
$120,711 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
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, 2025, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2025202420252024
Purchase price$(385,853)(357)(528,723)(4,556)
Par value377,571 365 520,891 4,555 
Remaining unamortized cost of issuance(22)(1)(33)(1)
(Loss) gain, net$(8,304)7 (7,865)(2)
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, 2025, the Company holds $499.5 million (par value) of its own FFELP asset-backed securities.
v3.25.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2024 Annual Report.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of September 30, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of September 30, 2025 and December 31, 2024 to economically hedge loans earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
MaturityNotional amountWeighted average fixed rate paid by the Company
2026$200,000 3.92 %
202850,000 3.56 
2029 (a)50,000 3.17 
2030 (b)100,000 3.63 
 $400,000 3.71 %
(a)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(b)    A $50 million notional amount derivative has a forward effective start date in November 2025.
Nelnet Bank Derivatives
Nelnet Bank uses non-centrally cleared derivative instruments to hedge exposure to variability in cash flows from variable-rate intercompany and third-party deposits to minimize volatility from future changes in interest rates. Nelnet Bank has designated all of its derivative instruments as cash flow hedges; however, the derivatives that hedge intercompany deposits are not eligible for hedge accounting in the consolidated financial statements.
Interest Rate Swaps - Intercompany Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivative instruments, the Company receives monthly or quarterly payments based on SOFR that reset daily.
As of September 30, 2025As of December 31, 2024
MaturityNotional amountWeighted average fixed rate paid by the CompanyNotional amountWeighted average fixed rate paid by the Company
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 25,000 3.37 
2030 (a)50,000 3.06 50,000 3.06 
2032 (b)25,000 4.03 25,000 4.03 
2033 (c)25,000 3.90 25,000 3.90 
2035 (d)30,000 3.79 — — 
 $195,000 3.50 %$165,000 3.44 %
(a)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(b)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(c)    This $25 million notional amount derivative has a forward effective start date in November 2025.
(d)    This $30 million notional amount derivative has a forward effective start date in May 2028.
Interest Rate Swaps - Third-Party Deposits
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
As of September 30, 2025
MaturityNotional amountWeighted average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %
Nelnet Bank's derivatives used to hedge third-party deposits qualify for hedge accounting. As such, the changes in the fair value of these derivatives are recognized in other comprehensive income, net of tax, in the consolidated financial statements. Derivative settlements for cash flow hedges are included in "interest expense" on the consolidated statements of income, which were not material for the three and nine months ended September 30, 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2025As of December 31, 2024As of September 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$359 3,232 1,736 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 755 — 
$359 3,232 2,491 53 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended September 30,Nine months ended September 30,
 2025202420252024
Settlements:  
Basis swaps$156 159 463 773 
Interest rate swaps - floor income hedges438 1,200 1,293 3,583 
Interest rate swaps - intercompany deposits167 281 494 690 
Total settlements - income761 1,640 2,250 5,046 
Change in fair value:  
Basis swaps(147)(125)(429)(710)
Interest rate swaps - floor income hedges(314)(9,393)(5,993)(2,165)
Interest rate swaps - intercompany deposits(327)(3,647)(4,556)(793)
Total change in fair value - expense(788)(13,165)(10,978)(3,668)
Derivative market value adjustments and derivative settlements, net - (expense) income$(27)(11,525)(8,728)1,378 
v3.25.3
Investments and Notes Receivable
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of September 30, 2025As of December 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$92,175 3,716 (664)95,227 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)122,667 3,518 (200)125,985 98,914 3,151 (78)101,987 
Private education loan (b)206,153 76 (13,591)192,638 237,288 — (18,118)219,170 
Other debt securities77,564 2,387 (8)79,943 32,552 2,500 — 35,052 
Total Non-Nelnet Bank498,559 9,697 (14,463)493,793 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan221,313 5,931 (595)226,649 231,543 6,060 (270)237,333 
Private education loan14,293 — (2)14,291 1,596 — — 1,596 
Other debt securities546,020 2,594 (1,280)547,334 296,944 1,775 (1,325)297,394 
Total Nelnet Bank781,626 8,525 (1,877)788,274 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,280,185 18,222 (16,340)1,282,067 1,087,223 19,290 (20,687)1,085,826 
Equity securities and funds measured at net asset value109,821 74,494 
Total investments at fair value1,391,888 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan201,041 203,439 
Private education loan— 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities201,041 210,774 
Venture capital, funds, and other:
Measurement alternative (c)230,319 200,782 
Equity method175,373 170,258 
Total venture capital and funds405,692 371,040 
Real estate equity method201,873 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return— 225,614 
Total investment in ALLO— 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $43,153 and $38,590 as of September 30, 2025 and December 31, 2024, respectively
140,742 142,764 
Private education loans, net of allowance for credit losses of $4,970 and $901 as of September 30, 2025 and December 31, 2024, respectively
42,770 52,824 
Federally insured student loans18,288 18,221 
Total beneficial interest in loan securitizations, net of allowance201,800 213,809 
Solar (f)(210,336)(155,048)
Notes receivable33,376 32,258 
Tax liens, affordable housing, and other14,191 10,184 
Total other investments and notes receivable (not measured at fair value)847,637 1,040,376 
Total investments and notes receivable$2,239,525 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in an unaffiliated third-party technology company (the “Investee”). On August 11, 2025, the Investee completed an additional equity raise and accepted tender offers to redeem existing equity holders with a portion of the proceeds. The Company redeemed a portion of its investment and received cash proceeds of $10.1 million and recognized a gain of $7.8 million. This gain is included in "other, net" in "other income (expense)" on the consolidated statements of income. The Company accounts for its investment in the Investee using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of the Investee’s equity raise, the Company recognized a gain of $22.4 million during the third quarter of 2025 to adjust its carrying value of its remaining investment in the Investee to reflect the August 2025 transaction value. This gain is included in "other, net" in "other income (expense)" on the consolidated statements of income. After the completion of this transaction, the Company's carrying amount of its remaining investment in the Investee is $31.7 million.
The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of September 30, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. See note 2 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the first quarter of 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. Prior to redeeming all its outstanding preferred membership interests in June 2025, the Company recognized $4.8 million on its ALLO preferred membership interests during the three months ended September 30, 2024 and $14.4 million and $11.4 million during the nine months ended September 30, 2025 and 2024, respectively. The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2025, the Company's ownership correlates to approximately $1.07 billion, $400 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. The Company has recorded an allowance for credit losses (and related provision expense) on these investments. See note 9 for additional information.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of September 30, 2025, the Company has invested a total of $306.1 million and its third-party investors have invested $307.5 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of September 30, 2025, the Company and its third-party co-investors have earned $337.2 million and $295.7 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $210.3 million as of September 30, 2025 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of September 30, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $109.8 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment and gains recognized at the end of the contractual agreement (typically five years). The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments, which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net loss attributable to the Company:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Losses from HLBV accounting (gross)$(10,884)(11,238)(19,963)(15,276)
Gains from sales (gross)— — 8,033 4,208 
Losses from solar investments, net(10,884)(11,238)(11,930)(11,068)
Less: losses attributable to noncontrolling members, net(5,659)(3,936)(9,863)(5,568)
Net loss attributable to the Company$(5,225)(7,302)(2,067)(5,500)
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of September 30, 2025:
As of September 30, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 205 2,525 89,445 92,175 
FFELP loan and other debt securities - restricted— 5,500 17,599 99,568 122,667 
Private education loan— — — 206,153 206,153 
Other debt securities— 7,790 34,128 35,646 77,564 
Total Non-Nelnet Bank— 13,495 54,252 430,812 498,559 
Fair value— 13,609 54,416 425,768 493,793 
Nelnet Bank:
FFELP loan49,259 13,009 21,618 137,427 221,313 
Private education loan— — 13,562 731 14,293 
Other debt securities— 33,243 73,023 439,754 546,020 
Total Nelnet Bank49,259 46,252 108,203 577,912 781,626 
Fair value49,005 46,359 108,682 584,228 788,274 
Total available-for-sale asset-backed securities at amortized cost$49,259 59,747 162,455 1,008,724 1,280,185 
Total available-for-sale asset-backed securities at fair value$49,005 59,968 163,098 1,009,996 1,282,067 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost$— 2,546 13,132 185,363 201,041 
FFELP loan - fair value$— 2,582 13,024 190,386 205,992 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 201,800 
Fair value$— — — — 213,278 
(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of September 30, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$201,041 5,527 (576)205,992 
Beneficial interest in loan securitizations201,800 13,170 (1,692)213,278 
The following table presents securities classified as available-for-sale that have gross unrealized losses as of September 30, 2025 and the fair value of such securities as of September 30, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(179)8,352 (485)22,383 (664)30,735 
FFELP loan and other debt securities - restricted(110)13,072 (90)4,991 (200)18,063 
Private education loan— — (13,591)152,779 (13,591)152,779 
Other debt securities(8)8,038 — — (8)8,038 
Total Non-Nelnet Bank(297)29,462 (14,166)180,153 (14,463)209,615 
Nelnet Bank:
FFELP loan(442)60,836 (153)11,698 (595)72,534 
Private education loan(2)13,560 — — (2)13,560 
Other debt securities(412)41,640 (868)6,320 (1,280)47,960 
Total Nelnet Bank(856)116,036 (1,021)18,018 (1,877)134,054 
Total available-for-sale asset-backed securities$(1,153)145,498 (15,187)198,171 (16,340)343,669 
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,
2025202420252024
Gross proceeds from sales$96,345 105,628 205,954 372,176 
Gross realized gains$1,145 1,791 2,701 4,362 
Gross realized losses(291)(70)(770)(1,036)
Net gains$854 1,721 1,931 3,326 
v3.25.3
Intangible Assets
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2025 (months)
As ofAs of
September 30, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $57,142 and $54,644, respectively)
89$30,702 34,960 
Trade name (net of accumulated amortization of $263 and $205, respectively)
79507 565 
Computer software (net of accumulated amortization of $1,175 and $917, respectively)
19545 803 
Total amortizable intangible assets, net88$31,754 36,328 
The Company recorded amortization expense on its intangible assets of $1.5 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $4.6 million and $6.4 million during the nine months ended September 30, 2025 and 2024, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2025, the Company estimates it will record amortization expense as follows:
2025 (October 1 - December 31)$1,525 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $31,754 
v3.25.3
Goodwill
 9 Months Ended
Sep. 30, 2025
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.3
Impairment Expense and Provision for Beneficial Interests
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Impairment Expense, Provision for Beneficial Interests Impairment Expense and Provision for Beneficial Interests
The following table presents the impairment charges and provision for beneficial interests, by asset and reportable operating segment, recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended September 30, 2025
Investments - solar tax equity (a)$— — — — — 5,761 5,761 
Investments - beneficial interest in loan securitizations (b)— — 2,145 — — — 2,145 
Property and equipment - internally developed software— 1,145 — — — — 1,145 
Leases, buildings, and associated improvements (c)— — — — — 94 94 
$— 1,145 2,145 — — 5,855 9,145 
Three months ended September 30, 2024
Investments - beneficial interest in loan securitizations (b)$— — 28,952 — — — 28,952 
Investments - venture capital— — — — — 100 100 
$— — 28,952 — — 100 29,052 
Nine months ended September 30, 2025
Investments - solar tax equity (a)$— — — — — 5,761 5,761 
Investments - beneficial interest in loan securitizations (b)— — 8,632 — — — 8,632 
Property and equipment - internally developed software— 1,145 — — — — 1,145 
Leases, buildings, and associated improvements (c)— — — — 81 3,363 3,444 
Property and equipment - solar facilities (d)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— 1,145 8,632 — 81 11,166 21,024 
Nine months ended September 30, 2024
Investments - beneficial interest in loan securitizations (b)— — 34,863 — — — 34,863 
Property and equipment / other assets - solar facilities and inventory (e)— — — — — 1,865 1,865 
Investments - venture capital— — — — — 137 137 
$— — 34,863 — — 2,002 36,865 
(a)     The Company recorded a non-cash impairment related to its ownership in a solar development project.
(b)    The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations.
(c)    The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space.
(d)    In the second quarter of 2025, the Company received notification of a customer contract cancellation. As a result, the Company recorded an impairment charge related to construction in progress for a solar facility.
(e)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and discontinued its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.25.3
Bank Deposits
 9 Months Ended
Sep. 30, 2025
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2025December 31, 2024
Retail and other savings$1,180,088 916,475 
Brokered CDs, net of brokered deposit fees275,844 247,872 
Retail and other CDs, net of issuance fees20,833 21,784 
Total interest-bearing deposits$1,476,765 1,186,131 
As of September 30, 2025 and December 31, 2024, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $256.3 million and $68.5 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents the remaining maturities of certificates of deposit as of September 30, 2025:
One year or less$149,058 
After one year to two years74,996 
After two years to three years349 
After three years to four years51,215 
After four years to five years— 
After five years21,059 
Total$296,677 
Retail and other savings deposits included deposits from Educational 529 College Savings and Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Deposits that exceeded the FDIC insurance limits as of September 30, 2025 were $44.0 million, the majority of which were intercompany deposits from Nelnet, Inc. and its subsidiaries. Union Bank, a related party, is the program manager for certain of the Educational 529 College Savings plans and trustee for the STFIT.
v3.25.3
Earnings per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
 Three months ended September 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$104,750 1,934 106,684 2,343 45 2,388 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,657,976 658,339 36,316,315 35,743,895 686,590 36,430,485 
Earnings per share - basic and diluted$2.94 2.94 2.94 0.07 0.07 0.07 
Nine months ended September 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$363,914 6,789 370,703 118,549 2,337 120,886 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,759,099 667,089 36,426,188 35,993,634 709,680 36,703,314 
Earnings per share - basic and diluted$10.18 10.18 10.18 3.29 3.29 3.29 
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2024 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 145,984 16,733 162,717 — — — 162,717 
Investment interest531 8,564 12,051 14,849 35,995 14,985 3,134 (10,872)43,241 
Total interest income531 8,564 158,035 31,582 198,712 14,985 3,134 (10,872)205,958 
Interest expense— — 113,350 16,179 129,529 1,359 692 (10,872)120,708 
Net interest income531 8,564 44,685 15,403 69,183 13,626 2,442 — 85,250 
Less (negative provision) provision for loan losses— — (7,374)3,811 (3,563)— — — (3,563)
Net interest income after provision for loan losses531 8,564 52,059 11,592 72,746 13,626 2,442 — 88,813 
Other income (expense):
LSS revenue151,052 — — — 151,052 — — — 151,052 
ETSP revenue— 129,321 — — 129,321 — — — 129,321 
Intersegment revenue5,313 70 — — 5,383 — — (5,383)— 
Reinsurance premiums earned— — — — — 23,165 — — 23,165 
Solar construction revenue— — — — — — 5,738 — 5,738 
Other, net105 — 195 1,308 1,608 5,674 28,336 112 35,730 
Loss on sale of loans, net— — (2,472)— (2,472)— — — (2,472)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 594 167 761 — — — 761 
Derivative market value adjustments, net— — (461)(327)(788)— — — (788)
Total other income (expense), net156,470 129,391 (2,144)1,148 284,865 28,839 34,074 (5,271)342,507 
Cost of services and expenses:
Total cost of services2,021 50,363 — — 52,384 — 7,607 — 59,991 
Salaries and benefits70,126 43,029 1,971 2,817 117,943 668 26,193 (26)144,778 
Depreciation and amortization1,725 2,504 — 355 4,584 — 2,743 — 7,327 
Reinsurance losses and underwriting expenses— — — — — 19,962 — — 19,962 
Postage expense8,735 8,735 (8,735)— 
Servicing fees6,687 838 7,525 (7,525)— 
Other expenses (a)10,862 9,537 1,243 1,916 23,558 1,103 17,901 11,107 53,669 
Intersegment expenses, net17,262 6,420 1,248 726 25,656 289 (25,741)(204)— 
Total operating expenses108,710 61,490 11,149 6,652 188,001 22,022 21,096 (5,383)225,736 
Impairment expense and provision for beneficial interests— 1,145 2,145 — 3,290 — 5,855 — 9,145 
Total expenses110,731 112,998 13,294 6,652 243,675 22,022 34,558 (5,383)294,872 
Income (loss) before income taxes46,270 24,957 36,621 6,088 113,936 20,443 1,958 112 136,448 
Income tax (expense) benefit(11,105)(5,990)(8,783)(1,483)(27,361)(4,866)(3,547)— (35,773)
Net income (loss)35,165 18,967 27,838 4,605 86,575 15,577 (1,589)112 100,675 
Net (income) loss attributable to noncontrolling interests— — (27)— (27)(169)6,317 (112)6,009 
Net income (loss) attributable to Nelnet, Inc.$35,165 18,967 27,811 4,605 86,548 15,408 4,728 — 106,684 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Three months ended September 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 180,571 9,639 190,210 — — — 190,211 
Investment interest894 9,734 18,970 12,522 42,120 12,415 3,105 (7,368)50,272 
Total interest income894 9,734 199,541 22,161 232,330 12,415 3,105 (7,368)240,483 
Interest expense— — 161,142 11,606 172,748 2,245 704 (7,368)168,328 
Net interest income894 9,734 38,399 10,555 59,582 10,170 2,401 — 72,155 
Less (negative provision) provision for loan losses— — 11,968 6,143 18,111 — — — 18,111 
Net interest income after provision for loan losses894 9,734 26,431 4,412 41,471 10,170 2,401 — 54,044 
Other income (expense):
LSS revenue108,175 — — — 108,175 — — — 108,175 
ETSP revenue— 118,179 — — 118,179 — — — 118,179 
Intersegment revenue5,428 60 — — 5,488 — — (5,488)— 
Reinsurance premiums earned— — — — — 16,619 — — 16,619 
Solar construction revenue— — — — — — 19,321 — 19,321 
Other, net690 — 4,918 841 6,449 5,751 3,506 — 15,706 
Loss on sale of loans, net— — (107)— (107)— — — (107)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 1,359 281 1,640 — — — 1,640 
Derivative market value adjustments, net— — (9,518)(3,647)(13,165)— — — (13,165)
Total other income (expense), net114,293 118,239 (3,348)(2,525)226,659 22,370 22,827 (5,488)266,368 
Cost of services and expenses:
Total cost of services196 45,273 — — 45,469 — 26,815 — 72,284 
Salaries and benefits76,820 41,053 1,220 2,973 122,066 398 23,852 (124)146,192 
Depreciation and amortization4,854 2,616 — 343 7,813 — 5,848 — 13,661 
Reinsurance losses and underwriting expenses— — — — — 16,761 — — 16,761 
Postage expense8,467 8,467 (8,467)— 
Servicing fees7,011 285 7,296 (7,296)— 
Other expenses (a)11,000 7,614 970 2,463 22,047 1,143 11,116 10,379 44,685 
Intersegment expenses, net18,399 4,604 1,276 581 24,860 200 (25,080)20 — 
Total operating expenses119,540 55,887 10,477 6,645 192,549 18,502 15,736 (5,488)221,299 
Impairment expense and provision for beneficial interests— — 28,952 — 28,952 — 100 — 29,052 
Total expenses119,736 101,160 39,429 6,645 266,970 18,502 42,651 (5,488)322,635 
Income (loss) before income taxes(4,549)26,813 (16,346)(4,758)1,160 14,038 (17,423)— (2,223)
Income tax (expense) benefit1,092 (6,450)3,923 1,143 (292)(3,341)3,915 — 282 
Net income (loss)(3,457)20,363 (12,423)(3,615)868 10,697 (13,508)— (1,941)
Net (income) loss attributable to noncontrolling interests— 54 — — 54 (117)4,392 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$(3,457)20,417 (12,423)(3,615)922 10,580 (9,116)— 2,388 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 12,795,513 1,020,732 763,310 (495,427)14,084,128 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
Nine months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 457,752 43,508 501,260 — — — 501,260 
Investment interest1,875 20,921 37,462 41,278 101,536 32,676 8,107 (17,504)124,815 
Total interest income1,875 20,921 495,214 84,786 602,796 32,676 8,107 (17,504)626,075 
Interest expense— — 347,719 42,928 390,647 3,558 1,976 (17,504)378,677 
Net interest income1,875 20,921 147,495 41,858 212,149 29,118 6,131 — 247,398 
Less (negative provision) provision for loan losses— — 16,770 12,934 29,704 — — — 29,704 
Net interest income after provision for loan losses1,875 20,921 130,725 28,924 182,445 29,118 6,131 — 217,694 
Other income (expense):
LSS revenue392,517 — — — 392,517 — — — 392,517 
ETSP revenue— 394,836 — — 394,836 — — — 394,836 
Intersegment revenue16,600 198 — — 16,798 — — (16,798)— 
Reinsurance premiums earned— — — — — 73,964 — — 73,964 
Solar construction revenue— — — — — — 10,992 — 10,992 
Other, net331 — 11,697 1,842 13,870 12,050 56,176 304 82,401 
Loss on sale of loans, net— — (1,562)— (1,562)— — — (1,562)
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,756 494 2,250 — — — 2,250 
Derivative market value adjustments, net— — (6,422)(4,556)(10,978)— — — (10,978)
Total other income (expense), net409,448 395,034 5,469 (2,220)807,731 86,014 242,212 (16,494)1,119,464 
Cost of services and expenses:
Total cost of services5,500 138,254 — — 143,754 — 29,485 — 173,239 
Salaries and benefits205,249 126,368 4,661 8,424 344,702 1,685 71,472 (160)417,700 
Depreciation and amortization6,199 7,439 — 1,046 14,684 — 9,522 — 24,206 
Reinsurance losses and underwriting expenses— — — — — 67,836 — — 67,836 
Postage expense25,861 25,861 (25,861)— 
Servicing fees20,700 2,329 23,029 (23,029)— 
Other expenses (a)32,793 28,489 4,595 5,243 71,120 4,080 45,183 32,817 153,200 
Intersegment expenses, net50,980 18,297 3,758 2,089 75,124 854 (75,413)(565)— 
Total operating expenses321,082 180,593 33,714 19,131 554,520 74,455 50,764 (16,798)662,942 
Impairment expense and provision for beneficial interests— 1,145 8,632 — 9,777 81 11,166 — 21,024 
Total expenses326,582 319,992 42,346 19,131 708,051 74,536 91,415 (16,798)857,205 
Income (loss) before income taxes84,741 95,963 93,848 7,573 282,125 40,596 156,928 304 479,953 
Income tax (expense) benefit(20,338)(23,042)(22,508)(1,816)(67,704)(9,645)(42,945)— (120,294)
Net income (loss)64,403 72,921 71,340 5,757 214,421 30,951 113,983 304 359,659 
Net (income) loss attributable to noncontrolling interests— 45 (67)— (22)(407)11,777 (304)11,044 
Net income (loss) attributable to Nelnet, Inc.$64,403 72,966 71,273 5,757 214,399 30,544 125,760 — 370,703 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Nine months ended September 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 583,907 25,157 609,064 — — — 609,064 
Investment interest4,046 23,315 54,513 33,301 115,175 43,910 9,566 (25,565)143,086 
Total interest income4,046 23,315 638,420 58,458 724,239 43,910 9,566 (25,565)752,150 
Interest expense— — 523,678 31,872 555,550 7,268 2,114 (25,565)539,367 
Net interest income4,046 23,315 114,742 26,586 168,689 36,642 7,452 — 212,783 
Less (negative provision) provision for loan losses— — 14,199 18,352 32,551 — — — 32,551 
Net interest income after provision for loan losses4,046 23,315 100,543 8,234 136,138 36,642 7,452 — 180,232 
Other income (expense):
LSS revenue344,428 — — — 344,428 — — — 344,428 
ETSP revenue— 378,627 — — 378,627 — — — 378,627 
Intersegment revenue18,419 166 — — 18,585 — — (18,585)— 
Reinsurance premiums earned— — — — — 44,250 — — 44,250 
Solar construction revenue— — — — — — 42,741 — 42,741 
Other, net2,085 — 11,239 1,991 15,315 6,763 11,730 — 33,807 
Loss on sale of loans, net— — (1,685)— (1,685)— — — (1,685)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 4,356 690 5,046 — — — 5,046 
Derivative market value adjustments, net— — (2,875)(793)(3,668)— — — (3,668)
Total other income (expense), net364,932 378,793 11,035 1,888 756,648 51,013 54,471 (18,585)843,546 
Cost of services and expenses:
Total cost of services392 134,106 — — 134,498 — 49,115 — 183,613 
Salaries and benefits224,172 121,956 3,529 8,491 358,148 1,129 72,159 (1,735)429,701 
Depreciation and amortization15,304 8,012 — 944 24,260 — 21,312 — 45,572 
Reinsurance losses and underwriting expenses— — — — — 39,066 — — 39,066 
Postage expense28,350 28,350 (28,350)— 
Servicing fees24,503 711 25,214 (25,214)— 
Other expenses (a)31,119 23,772 3,217 5,577 63,685 2,470 37,359 35,306 138,820 
Intersegment expenses, net55,955 14,216 3,756 1,729 75,656 665 (77,729)1,408 — 
Total operating expenses354,900 167,956 35,005 17,452 575,313 43,330 53,101 (18,585)653,159 
Impairment expense and provision for beneficial interests— — 34,863 — 34,863 — 2,002 — 36,865 
Total expenses355,292 302,062 69,868 17,452 744,674 43,330 104,218 (18,585)873,637 
Income (loss) before income taxes13,686 100,046 41,710 (7,330)148,112 44,325 (42,295)— 150,141 
Income tax (expense) benefit(3,284)(24,035)(10,010)1,800 (35,529)(10,550)8,426 — (37,653)
Net income (loss)10,402 76,011 31,700 (5,530)112,583 33,775 (33,869)— 112,488 
Net (income) loss attributable to noncontrolling interests— 101 — — 101 (366)8,663 — 8,398 
Net income (loss) attributable to Nelnet, Inc.$10,402 76,112 31,700 (5,530)112,684 33,409 (25,206)— 120,886 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 12,795,513 1,020,732 763,310 (495,427)14,084,128 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
v3.25.3
Disaggregated Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
Government loan servicing (a)$112,798 85,215 285,896 277,705 
Private education and consumer loan servicing24,293 13,057 69,721 38,634 
FFELP loan servicing2,035 2,945 6,909 9,570 
Software services10,584 5,197 27,027 14,617 
Outsourced services1,342 1,761 2,964 3,902 
Loan servicing and systems revenue$151,052 108,175 392,517 344,428 
(a)    Upon reaching a final agreement with the Department of Education (the "Department"), the Company recognized $32.9 million of non-recurring revenue during the third quarter of 2025 on a contract modification for services previously performed.
Education Technology Services and Payments
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
Tuition payment plan services$32,971 31,659 109,057 104,702 
Payment processing59,484 55,813 148,535 137,926 
Education technology services36,323 30,080 136,499 133,306 
Other543 627 745 2,693 
Education technology services and payments revenue$129,321 118,179 394,836 378,627 
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,
2025202420252024
Investment activity, net$42,317 8,529 56,216 7,447 
Administration/sponsor fee income2,267 1,420 4,978 4,448 
Investment advisory services (WRCM)2,010 1,394 4,987 4,427 
Borrower late fee income1,817 1,741 5,046 7,460 
ALLO preferred return— 4,783 14,400 11,353 
Loss from ALLO voting membership interest investment— — — (10,693)
Loss from solar investments, net(10,884)(11,238)(11,930)(11,068)
(Loss) gain on debt repurchases(8,304)7 (7,865)(2)
Other6,507 9,070 16,569 20,435 
Other, net$35,730 15,706 82,401 33,807 
v3.25.3
Reinsurance
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Reinsurance Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedNine months ended
September 30,September 30,
2025202420252024
Premiums written:
Assumed$51,244 43,395 147,178 115,546 
Ceded(19,709)(21,558)(53,678)(57,552)
Net premiums written$31,535 21,837 93,500 57,994 
Premiums earned:
Assumed$42,178 33,585 133,981 88,978 
Ceded(19,013)(16,966)(60,017)(44,728)
Net premiums earned$23,165 16,619 73,964 44,250 
Loss reserve, commissions, and broker fees:
Assumed$37,490 33,195 125,231 77,712 
Ceded(17,528)(16,434)(57,395)(38,646)
Reinsurance losses and underwriting expenses$19,962 16,761 67,836 39,066 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $63.5 million and $33.1 million as of September 30, 2025 and December 31, 2024, respectively, which is included in "other liabilities" on the consolidated balance sheets.
v3.25.3
Major Customer
 9 Months Ended
Sep. 30, 2025
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
The Company earns loan servicing revenue from a servicing contract with the Department. Revenue earned by the Company related to this contract was $112.8 million and $85.2 million for the three months ended September 30, 2025 and 2024, respectively, and $285.9 million and $277.7 million for the nine months ended September 30, 2025 and 2024, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract which replaced the legacy Department student loan servicing contract.
The USDS contract became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to the Company and four other third-party servicers that were awarded a USDS contract. Servicing under the USDS contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. The Company earns less revenue from the Department on a per-borrower blended basis under the new USDS servicing contract as compared with the legacy servicing contract.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 As of September 30, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,281,967 1,282,067 100 1,085,726 1,085,826 
Equity securities23,731 — 23,731 455 — 455 
Equity securities measured at net asset value (a)86,090 74,039 
Total investments23,831 1,281,967 1,391,888 555 1,085,726 1,160,320 
Derivative instruments— 359 359 — 3,232 3,232 
Total assets$23,831 1,282,326 1,392,247 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 2,491 2,491 — 53 53 
Total liabilities$— 2,491 2,491 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of September 30, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,120,177 9,668,349 — — 10,120,177 
Accrued loan interest receivable558,912 558,912 — 558,912 — 
Cash and cash equivalents216,425 216,425 216,425 — — 
Investments at fair value1,391,888 1,391,888 23,831 1,281,967 — 
Investments - held-to-maturity asset-backed securities205,992 201,041 — 205,992 — 
Notes receivable33,376 33,376 — 33,376 — 
Beneficial interest in loan securitizations213,278 201,800 — — 213,278 
Restricted cash394,074 394,074 394,074 — — 
Restricted cash – due to customers156,297 156,297 156,297 — — 
Derivative instruments359 359 — 359 — 
Financial liabilities:  
Bonds and notes payable7,846,287 7,822,531 — 7,846,287 — 
Accrued interest payable19,039 19,039 — 19,039 — 
Bank deposits1,469,701 1,476,765 1,007,606 462,095 — 
Due to customers442,735 442,735 442,735 — — 
Derivative instruments2,491 2,491 — 2,491 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.3
Subsequent Event
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On October 23, 2025, the Company announced that it entered into a definitive and binding purchase agreement with DH Corporation, a wholly owned subsidiary of Finastra Holdings Limited (“Finastra”), pursuant to which Nelnet Canada, Inc., a wholly owned subsidiary of the Company, will acquire Finastra’s Canadian student loan servicing business for a purchase price of approximately $93 million in cash. The transaction is expected to close in the first calendar quarter of 2026, subject to customary closing conditions.
Finastra’s Canadian student loan servicing business is the leading provider of student loan servicing solutions to governments and financial institutions in Canada providing technology enabled managed services across the loan lifecycle. The business currently services loans for 2.4 million borrowers on proprietary technology platforms. The operating results of this acquisition will be included in the Loan Servicing and Systems reportable operating segment following the closing of the transaction.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the third quarter of 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans:
Name and TitleDate of Adoption of Rule 10b5-1 Trading Plan
Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a)
Aggregate Number of Securities to Be Purchased or Sold
Michael S. Dunlap
Executive Chairman
8/19/202512/19/2025
Gift transfer of 35,000 shares of Class A common stock
Jona M. Van Deun
Director
9/9/20251/9/2026
Sale of 400 shares of Class A common stock
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated 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 9/9/2025
Expiration Date 1/9/2026
Arrangement Duration 122 days
Aggregate Available 400
Michael S. Dunlap [Member]  
Trading Arrangements, by Individual  
Name Michael S. Dunlap
Title Executive Chairman
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/19/2025
Expiration Date 12/19/2025
Arrangement Duration 122 days
Aggregate Available 35,000
v3.25.3
Basis of Financial Reporting (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 September 30, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$1,889,476 2,108,960 
Consolidation5,970,781 6,279,604 
Total (a)7,860,257 8,388,564 
Private education loans (b)147,737 221,744 
Consumer loans and other financing receivables (c)840,739 345,560 
Non-Nelnet Bank loans8,848,733 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other24,745 — 
Consolidation154,203 — 
Total (a)178,948 — 
Private education loans (b)529,396 482,445 
Consumer and other loans266,539 162,152 
Nelnet Bank loans974,883 644,597 
Accrued interest receivable558,912 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(47,735)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(43,535)(49,091)
Private education loans(7,103)(11,130)
Consumer loans and other financing receivables(33,147)(38,468)
Non-Nelnet Bank allowance for loan losses(83,785)(98,689)
Nelnet Bank:
Federally insured loans(707)— 
Private education loans(11,732)(10,086)
Consumer and other loans(11,308)(6,115)
Nelnet Bank allowance for loan losses(23,747)(16,201)
 $10,227,261 9,992,744 
(a)    During the third quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $77.5 million of federally insured loans to Nelnet Bank.
(b)    During the second quarter of 2025, the Asset Generation and Management operating segment (Non-Nelnet Bank) contributed $42.2 million of private education loans to Nelnet Bank.
(c)    In the third quarter of 2025, the Company began to purchase Pay Later receivables via a forward flow agreement from an unrelated third party. As of September 30, 2025, the balance of Pay Later receivables was $548.3 million and these loans are included in the "consumer loans and other financing receivables" in the above table. Pay Later receivables enable consumers to purchase goods or services at the time of the transaction and split their purchase into installment payments. The Company purchases Pay Later receivables at a discount, and accretes the discount into interest income over the estimated life of the receivable.
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, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.55 %0.59 %
Private education loans4.81 %5.02 %
Consumer loans and other financing receivables (b)3.94 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.40 %— 
Private education loans2.22 %2.09 %
Consumer and other loans4.24 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for Non-Nelnet Bank was 19.4% and 20.6% as of September 30, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 17.4% as of September 30, 2025.
(b)    In the third quarter of 2025, the Company began to purchase Pay Later receivables that have lower allowance rates.
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,
2025202420252024
Non-Nelnet Bank:
Federally insured loans0.22 %0.19 %0.17 %0.19 %
Private education loans0.79 %1.97 %0.95 %1.89 %
Consumer loans and other financing receivables5.75 %4.81 %6.28 %4.92 %
Nelnet Bank:
Federally insured loans0.06 %— 0.06 %— 
Private education loans1.38 %0.51 %1.19 %0.46 %
Consumer and other loans (a)0.79 %7.28 %1.21 %7.49 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan losses (a)Charge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan salesBalance at end of period
Three months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$47,627 843 (4,673)— — (262)43,535 
Private education loans7,406 — (459)156 — — 7,103 
Consumer loans and other financing receivables48,028 (8,217)(7,176)512 — — 33,147 
Nelnet Bank:
Federally insured loans355 113 (23)— — 262 707 
Private education loans12,360 1,177 (2,169)364 — — 11,732 
Consumer and other loans9,573 2,186 (581)130 — — 11,308 
$125,349 (3,898)(15,081)1,162 — — 107,532 
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 loans and other financing receivables14,135 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 
Nine months ended September 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 5,588 (10,882)— — (262)43,535 
Private education loans11,130 (2,761)(1,916)650 — — 7,103 
Consumer loans and other financing receivables38,468 13,943 (20,319)1,055 — — 33,147 
Nelnet Bank:
Federally insured loans— 488 (43)— — 262 707 
Private education loans10,086 5,102 (5,303)787 1,060 — 11,732 
Consumer and other loans6,115 6,920 (2,029)302 — — 11,308 
$114,890 29,280 (40,492)2,794 1,060 — 107,532 
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 loans and other financing receivables11,742 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 
(a) Once a loan is classified as held for sale, any allowance for loan losses that existed immediately prior to the reclassification to held for sale is reversed through provision. The following table presents the reduction to provision for loan losses as a result of consumer loan sales during the periods presented.
Provision for current periodReduction to provisionProvision
(negative provision) for loan losses
Three months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$20,693 (28,910)(8,217)
Three months ended September 30, 2024
Non-Nelnet Bank
Consumer loans and other financing receivables$11,026 (179)10,847 
Nine months ended September 30, 2025
Non-Nelnet Bank
Consumer loans and other financing receivables$42,853 (28,910)13,943 
Nine months ended September 30, 2024
Non-Nelnet Bank
Consumer loans and other financing receivables$30,058 (12,874)17,184 
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months endedNine months ended
September 30,September 30,
2025202420252024
(Negative provision) provision for loan losses from allowance activity table above$(3,898)17,859 29,280 32,338 
Provision for unfunded loan commitments335 252 424 213 
(Negative provision) provision for loan losses reported in consolidated statements of income$(3,563)18,111 29,704 32,551 
Schedule of Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts:
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $382,850 4.9 % $376,765 4.5 % $428,013 4.7 %
Loans in forbearance 514,385 6.5  586,412 7.0  647,797 7.2 
Loans in repayment status:  
Loans current5,994,951 86.1 %6,374,897 85.9 %6,702,079 83.8 %
Loans delinquent 31-60 days254,998 3.7 243,348 3.3 348,833 4.4 
Loans delinquent 61-90 days166,763 2.4 166,474 2.2 190,379 2.4 
Loans delinquent 91-120 days100,575 1.4 113,838 1.5 148,417 1.9 
Loans delinquent 121-270 days317,151 4.6 380,823 5.1 419,730 5.2 
Loans delinquent 271 days or greater128,584 1.8 146,007 2.0 185,494 2.3 
Total loans in repayment6,963,022 88.6 100.0 %7,425,387 88.5 100.0 %7,994,932 88.1 100.0 %
Total federally insured loans7,860,257 100.0 % 8,388,564 100.0 % 9,070,742 100.0 %
Accrued interest receivable537,303 540,272 592,250 
Loan discount, net of unamortized premiums and deferred origination costs(24,895)(21,513)(22,807)
Allowance for loan losses(43,535)(49,091)(50,834)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$8,329,130 $8,858,232 $9,589,351 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $4,232 2.9 %$5,997 2.7 %$7,504 3.2 %
Loans in forbearance 2,653 1.8 2,089 0.9 1,979 0.8 
Loans in repayment status:
Loans current137,678 97.8 %206,825 96.8 %218,425 97.2 %
Loans delinquent 31-60 days1,314 0.9 3,424 1.6 3,013 1.3 
Loans delinquent 61-90 days865 0.6 1,275 0.6 1,301 0.6 
Loans delinquent 91 days or greater995 0.7 2,134 1.0 2,073 0.9 
Total loans in repayment140,852 95.3 100.0 %213,658 96.4 100.0 %224,812 96.0 100.0 %
Total private education loans147,737 100.0 % 221,744 100.0 % 234,295 100.0 %
Accrued interest receivable1,291 2,019 2,248 
Loan discount, net of unamortized premiums(4,740)(6,350)(6,772)
Allowance for loan losses(7,103)(11,130)(11,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$137,185 $206,283 $218,027 
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in deferment$1,354 0.2 %$150 0.0 %$315 0.1 %
Loans in repayment status:
Loans current828,408 98.7 %335,355 97.1 %239,128 97.9 %
Loans delinquent 31-60 days3,543 0.4 3,667 1.1 2,032 0.8 
Loans delinquent 61-90 days2,343 0.3 2,143 0.6 1,515 0.6 
Loans delinquent 91 days or greater5,091 0.6 4,245 1.2 1,562 0.7 
Total loans in repayment839,385 99.8 100.0 %345,410 100.0 100.0 %244,237 99.9 100.0 %
Total consumer loans and other financing receivables840,739 100.0 %345,560 100.0 %244,552 100.0 %
Accrued interest receivable1,102 1,868 1,115 
Loan discount and deferred lender fees, net of unamortized premiums(16,215)(10,713)(10,789)
Allowance for loan losses(33,147)(38,468)(22,380)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$792,479 $298,247 $212,498 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$6,705 3.7 %
Loans in forbearance9,263 5.2 
Loans in repayment status:
Loans current146,308 89.8 %
Loans delinquent 30-59 days4,827 3.0 
Loans delinquent 60-89 days2,185 1.3 
Loans delinquent 90-119 days2,684 1.6 
Loans delinquent 120-270 days5,668 3.5 
Loans delinquent 271 days or greater1,308 0.8 
Total loans in repayment162,980 91.1 100.0 %
Total federally insured loans178,948 100.0 %
Accrued interest receivable11,253 
Loan premium945 
Allowance for loan losses(707)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$190,439 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$58,753 11.1 %$31,674 6.6 %$29,396 8.3 %
Loans in forbearance1,476 0.3 3,061 0.6 2,364 0.7 
Loans in repayment status:
Loans current460,142 98.1 %439,569 98.2 %318,090 99.2 %
Loans delinquent 30-59 days3,526 0.7 4,327 1.0 1,075 0.3 
Loans delinquent 60-89 days2,403 0.5 1,497 0.3 723 0.2 
Loans delinquent 90 days or greater3,096 0.7 2,317 0.5 1,006 0.3 
Total loans in repayment469,167 88.6 100.0 %447,710 92.8 100.0 %320,894 91.0 100.0 %
Total private education loans529,396 100.0 %482,445 100.0 %352,654 100.0 %
Accrued interest receivable6,400 4,103 3,098 
Loan discount, net of unamortized premiums and deferred origination costs(6,652)(4,581)5,786 
Allowance for loan losses(11,732)(10,086)(3,670)
Total private education loans and accrued interest receivable, net of allowance for loan losses$517,412 $471,881 $357,868 
As of September 30, 2025As of December 31, 2024As of September 30, 2024
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$9,954 3.7 %$5,186 3.2 %$3,073 1.5 %
Loans in repayment status:
Loans current254,720 99.2 %155,772 99.2 %198,613 97.3 %
Loans delinquent 30-59 days694 0.3 803 0.5 2,251 1.1 
Loans delinquent 60-89 days719 0.3 243 0.2 1,497 0.7 
Loans delinquent 90 days or greater452 0.2 148 0.1 1,784 0.9 
Total loans in repayment256,585 96.3 100.0 %156,966 96.8 100.0 %204,145 98.5 100.0 %
Total consumer and other loans266,539 100.0 %162,152 100.0 %207,218 100.0 %
Accrued interest receivable1,563 1,021 1,386 
Loan premium, net of unaccreted discount3,822 1,043 47 
Allowance for loan losses(11,308)(6,115)(13,514)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$260,616 $158,101 $195,137 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of September 30, 2025
Nine months ended September 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$4,699 2,948 3,148 4,257 3,685 20,367 39,104 7.4 %
705 - 7347,622 4,871 7,964 17,748 6,828 15,288 60,321 11.4 
735 - 76410,018 5,652 7,482 27,110 11,442 22,907 84,611 16.0 
765 - 79413,521 6,519 5,144 42,073 21,500 27,743 116,500 22.0 
Greater than 79419,279 14,419 12,753 59,625 42,567 73,155 221,798 41.9 
No FICO score available or required (a)— 2,296 4,766 — — — 7,062 1.3 
$55,139 36,705 41,257 150,813 86,022 159,460 529,396 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 6.4 %
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 10.9 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 15.5 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 22.0 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 43.5 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 1.7 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of September 30, 2025
Nine months ended September 30, 20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$14,112 17,370 1,624 — 287 1,342 34,735 13.0 %
720 - 76925,308 38,313 3,870 16 5,582 7,329 80,418 30.2 
Greater than 76951,911 50,469 6,045 97 5,331 3,339 117,192 44.0 
No FICO score available or required (a)27,655 5,793 432 260 54 — 34,194 12.8 
$118,986 111,945 11,971 373 11,254 12,010 266,539 100.0 %
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotalPercent of total
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 14.3 %
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 37.3 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 45.5 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 2.9 
$121,740 13,278 399 12,417 8,878 5,440 162,152 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Nine months ended September 30, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 336 2,066 1,830 4,232 
Loans in forbearance— — — 36 246 2,371 2,653 
Loans in repayment status:
Loans current— — 175 3,676 5,002 128,825 137,678 
Loans delinquent 31-60 days— — — 21 39 1,254 1,314 
Loans delinquent 61-90 days— — — — 21 844 865 
Loans delinquent 91 days or greater— — — — 72 923 995 
Total loans in repayment— — 175 3,697 5,134 131,846 140,852 
Total private education loans$— — 175 4,069 7,446 136,047 147,737 
Accrued interest receivable1,291 
Loan discount, net of unamortized premiums(4,740)
Allowance for loan losses(7,103)
Total private education loans and accrued interest receivable, net of allowance for loan losses$137,185 
Gross charge-offs - nine months ended September 30, 2025$— — — — 52 1,864 1,916 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in deferment$— 452 902 — — — 1,354 
Loans in repayment status:
Loans current766,123 35,952 24,275 1,549 238 271 828,408 
Loans delinquent 31-60 days1,449 1,374 550 170 — — 3,543 
Loans delinquent 61-90 days589 1,015 697 42 — — 2,343 
Loans delinquent 91 days or greater371 3,379 680 588 73 — 5,091 
Total loans in repayment768,532 41,720 26,202 2,349 311 271 839,385 
Total consumer loans and other financing receivables$768,532 42,172 27,104 2,349 311 271 840,739 
Accrued interest receivable1,102 
Loan discount and deferred lender fees, net of unamortized premiums(16,215)
Allowance for loan losses(33,147)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$792,479 
Gross charge-offs - nine months ended September 30, 2025$5,565 8,322 6,134 280 9 9 20,319 
Nine months ended September 30, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$21,876 20,602 9,206 5,577 285 1,207 58,753 
Loans in forbearance— — 146 483 152 695 1,476 
Loans in repayment status:
Loans current33,129 15,707 30,680 143,901 84,322 152,403 460,142 
Loans delinquent 30-59 days98 67 299 460 501 2,101 3,526 
Loans delinquent 60-89 days3 196 300 201 617 1,086 2,403 
Loans delinquent 90 days or greater33 133 626 191 145 1,968 3,096 
Total loans in repayment33,263 16,103 31,905 144,753 85,585 157,558 469,167 
Total private education loans$55,139 36,705 41,257 150,813 86,022 159,460 529,396 
Accrued interest receivable6,400 
Loan discount, net of unamortized premiums and deferred origination costs(6,652)
Allowance for loan losses(11,732)
Total private education loans and accrued interest receivable, net of allowance for loan losses$517,412 
Gross charge-offs - nine months ended September 30, 2025$— 376 782 628 372 3,145 5,303 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$7,936 2,018 — — — — 9,954 
Loans in repayment status:
Loans current111,040 108,582 11,778 373 11,085 11,862 254,720 
Loans delinquent 30-59 days10 499 114 — 61 10 694 
Loans delinquent 60-89 days— 472 79 — 108 60 719 
Loans delinquent 90 days or greater— 374 — — — 78 452 
Total loans in repayment111,050 109,927 11,971 373 11,254 12,010 256,585 
Total consumer and other loans$118,986 111,945 11,971 373 11,254 12,010 266,539 
Accrued interest receivable1,563 
Loan premium, net of unaccreted discount3,822 
Allowance for loan losses(11,308)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$260,616 
Gross charge-offs - nine months ended September 30, 2025$61 1,205 283 — 306 174 2,029 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.3
Bonds and Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of September 30, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,258,938 
4.68% - 6.27%
8/26/30 - 9/25/69
Bonds and notes based on auction60,585 
0.01% - 5.50%
3/22/32 - 3/1/42
Total FFELP variable-rate bonds and notes6,319,523 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		312,850 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities535,389 
5.02% - 5.19%
1/29/27 / 5/1/27
Consumer loan warehouse and other facilities625,570 
5.43% - 6.12%
11/13/27 - 2/29/28
Variable-rate bonds and notes issued in private education loan asset-backed securitizations39,924 
5.65% / 6.61%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations30,952 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements1,648 
5.05% - 5.82%
5/4/26 / 7/28/32
7,865,856   
Discount on bonds and notes payable and debt issuance costs(43,325)
Total$7,822,531 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse and other facilities as of September 30, 2025:
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$800,000 393,141 406,859 1/30/20261/29/2027note (b)$29,556 
FFELP (c)375,000 142,248 232,752 5/1/20265/1/202792 %12,197 
$1,175,000 535,389 639,611 $41,753 
Consumer loans and other financing receivables$925,000 625,570 299,430 
11/13/2026 - 7/31/2027
11/13/2027 - 2/29/2028
50% - 90%
$120,711 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively. On July 17, 2025, the Company increased the maximum financing amount from $600 million to $800 million and extended the liquidity provisions and final maturity date to January 30, 2026 and January 29, 2027, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
Schedule Of Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
2025202420252024
Purchase price$(385,853)(357)(528,723)(4,556)
Par value377,571 365 520,891 4,555 
Remaining unamortized cost of issuance(22)(1)(33)(1)
(Loss) gain, net$(8,304)7 (7,865)(2)
v3.25.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps as of September 30, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
The following table summarizes the outstanding derivative instruments used by the Company as of September 30, 2025 and December 31, 2024 to economically hedge loans earning fixed-rate floor income. For these derivative instruments, the Company receives payments based on SOFR, the majority of which reset quarterly.
MaturityNotional amountWeighted average fixed rate paid by the Company
2026$200,000 3.92 %
202850,000 3.56 
2029 (a)50,000 3.17 
2030 (b)100,000 3.63 
 $400,000 3.71 %
(a)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(b)    A $50 million notional amount derivative has a forward effective start date in November 2025.
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge intercompany deposits. For these derivative instruments, the Company receives monthly or quarterly payments based on SOFR that reset daily.
As of September 30, 2025As of December 31, 2024
MaturityNotional amountWeighted average fixed rate paid by the CompanyNotional amountWeighted average fixed rate paid by the Company
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 25,000 3.37 
2030 (a)50,000 3.06 50,000 3.06 
2032 (b)25,000 4.03 25,000 4.03 
2033 (c)25,000 3.90 25,000 3.90 
2035 (d)30,000 3.79 — — 
 $195,000 3.50 %$165,000 3.44 %
(a)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(b)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(c)    This $25 million notional amount derivative has a forward effective start date in November 2025.
(d)    This $30 million notional amount derivative has a forward effective start date in May 2028.
The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge third-party deposits. For these derivative instruments, the Company receives monthly payments based on SOFR that reset monthly.
As of September 30, 2025
MaturityNotional amountWeighted average fixed rate paid by the Company
2030$25,000 3.57 %
203525,000 3.87 
 $50,000 3.72 %
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2025As of December 31, 2024As of September 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$359 3,232 1,736 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 755 — 
$359 3,232 2,491 53 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets:
Fair value of asset derivativesFair value of liability derivatives
As of September 30, 2025As of December 31, 2024As of September 30, 2025As of December 31, 2024
Interest rate swaps - intercompany deposits$359 3,232 1,736 53 
Interest rate swaps - third-party deposits (cash flow hedges)— — 755 — 
$359 3,232 2,491 53 
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income related to derivative instruments that do not qualify for hedge accounting:
Three months ended September 30,Nine months ended September 30,
 2025202420252024
Settlements:  
Basis swaps$156 159 463 773 
Interest rate swaps - floor income hedges438 1,200 1,293 3,583 
Interest rate swaps - intercompany deposits167 281 494 690 
Total settlements - income761 1,640 2,250 5,046 
Change in fair value:  
Basis swaps(147)(125)(429)(710)
Interest rate swaps - floor income hedges(314)(9,393)(5,993)(2,165)
Interest rate swaps - intercompany deposits(327)(3,647)(4,556)(793)
Total change in fair value - expense(788)(13,165)(10,978)(3,668)
Derivative market value adjustments and derivative settlements, net - (expense) income$(27)(11,525)(8,728)1,378 
v3.25.3
Investments and Notes Receivable (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of September 30, 2025As of December 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesFair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments at fair value:
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$92,175 3,716 (664)95,227 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)122,667 3,518 (200)125,985 98,914 3,151 (78)101,987 
Private education loan (b)206,153 76 (13,591)192,638 237,288 — (18,118)219,170 
Other debt securities77,564 2,387 (8)79,943 32,552 2,500 — 35,052 
Total Non-Nelnet Bank498,559 9,697 (14,463)493,793 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan221,313 5,931 (595)226,649 231,543 6,060 (270)237,333 
Private education loan14,293 — (2)14,291 1,596 — — 1,596 
Other debt securities546,020 2,594 (1,280)547,334 296,944 1,775 (1,325)297,394 
Total Nelnet Bank781,626 8,525 (1,877)788,274 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,280,185 18,222 (16,340)1,282,067 1,087,223 19,290 (20,687)1,085,826 
Equity securities and funds measured at net asset value109,821 74,494 
Total investments at fair value1,391,888 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan201,041 203,439 
Private education loan— 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities201,041 210,774 
Venture capital, funds, and other:
Measurement alternative (c)230,319 200,782 
Equity method175,373 170,258 
Total venture capital and funds405,692 371,040 
Real estate equity method201,873 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return— 225,614 
Total investment in ALLO— 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $43,153 and $38,590 as of September 30, 2025 and December 31, 2024, respectively
140,742 142,764 
Private education loans, net of allowance for credit losses of $4,970 and $901 as of September 30, 2025 and December 31, 2024, respectively
42,770 52,824 
Federally insured student loans18,288 18,221 
Total beneficial interest in loan securitizations, net of allowance201,800 213,809 
Solar (f)(210,336)(155,048)
Notes receivable33,376 32,258 
Tax liens, affordable housing, and other14,191 10,184 
Total other investments and notes receivable (not measured at fair value)847,637 1,040,376 
Total investments and notes receivable$2,239,525 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in an unaffiliated third-party technology company (the “Investee”). On August 11, 2025, the Investee completed an additional equity raise and accepted tender offers to redeem existing equity holders with a portion of the proceeds. The Company redeemed a portion of its investment and received cash proceeds of $10.1 million and recognized a gain of $7.8 million. This gain is included in "other, net" in "other income (expense)" on the consolidated statements of income. The Company accounts for its investment in the Investee using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of the Investee’s equity raise, the Company recognized a gain of $22.4 million during the third quarter of 2025 to adjust its carrying value of its remaining investment in the Investee to reflect the August 2025 transaction value. This gain is included in "other, net" in "other income (expense)" on the consolidated statements of income. After the completion of this transaction, the Company's carrying amount of its remaining investment in the Investee is $31.7 million.
The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of September 30, 2025, the carrying amount of the Company's investment in Hudl was $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    On June 4, 2025, the Company redeemed a portion of its voting membership interests in ALLO and all its outstanding preferred membership interests, including the preferred return accrued on such membership interests through June 3, 2025. See note 2 for additional information. The Company's voting membership interest in ALLO is accounted for using the HLBV method of accounting. Using the HLBV method of accounting, the Company recognized $10.7 million of losses during the first quarter of 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO. Prior to redeeming all its outstanding preferred membership interests in June 2025, the Company recognized $4.8 million on its ALLO preferred membership interests during the three months ended September 30, 2024 and $14.4 million and $11.4 million during the nine months ended September 30, 2025 and 2024, respectively. The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2025, the Company's ownership correlates to approximately $1.07 billion, $400 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. The Company has recorded an allowance for credit losses (and related provision expense) on these investments. See note 9 for additional information.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of September 30, 2025, the Company has invested a total of $306.1 million and its third-party investors have invested $307.5 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of September 30, 2025, the Company and its third-party co-investors have earned $337.2 million and $295.7 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $210.3 million as of September 30, 2025 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of September 30, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $109.8 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment and gains recognized at the end of the contractual agreement (typically five years). The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments, which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the recognized pre-tax net loss attributable to the Company:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Losses from HLBV accounting (gross)$(10,884)(11,238)(19,963)(15,276)
Gains from sales (gross)— — 8,033 4,208 
Losses from solar investments, net(10,884)(11,238)(11,930)(11,068)
Less: losses attributable to noncontrolling members, net(5,659)(3,936)(9,863)(5,568)
Net loss attributable to the Company$(5,225)(7,302)(2,067)(5,500)
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of September 30, 2025:
As of September 30, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 205 2,525 89,445 92,175 
FFELP loan and other debt securities - restricted— 5,500 17,599 99,568 122,667 
Private education loan— — — 206,153 206,153 
Other debt securities— 7,790 34,128 35,646 77,564 
Total Non-Nelnet Bank— 13,495 54,252 430,812 498,559 
Fair value— 13,609 54,416 425,768 493,793 
Nelnet Bank:
FFELP loan49,259 13,009 21,618 137,427 221,313 
Private education loan— — 13,562 731 14,293 
Other debt securities— 33,243 73,023 439,754 546,020 
Total Nelnet Bank49,259 46,252 108,203 577,912 781,626 
Fair value49,005 46,359 108,682 584,228 788,274 
Total available-for-sale asset-backed securities at amortized cost$49,259 59,747 162,455 1,008,724 1,280,185 
Total available-for-sale asset-backed securities at fair value$49,005 59,968 163,098 1,009,996 1,282,067 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan - amortized cost$— 2,546 13,132 185,363 201,041 
FFELP loan - fair value$— 2,582 13,024 190,386 205,992 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 201,800 
Fair value$— — — — 213,278 
(a) The Company's beneficial interest in loan securitizations is not due at a single maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of September 30, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$201,041 5,527 (576)205,992 
Beneficial interest in loan securitizations201,800 13,170 (1,692)213,278 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses as of September 30, 2025 and the fair value of such securities as of September 30, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of September 30, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(179)8,352 (485)22,383 (664)30,735 
FFELP loan and other debt securities - restricted(110)13,072 (90)4,991 (200)18,063 
Private education loan— — (13,591)152,779 (13,591)152,779 
Other debt securities(8)8,038 — — (8)8,038 
Total Non-Nelnet Bank(297)29,462 (14,166)180,153 (14,463)209,615 
Nelnet Bank:
FFELP loan(442)60,836 (153)11,698 (595)72,534 
Private education loan(2)13,560 — — (2)13,560 
Other debt securities(412)41,640 (868)6,320 (1,280)47,960 
Total Nelnet Bank(856)116,036 (1,021)18,018 (1,877)134,054 
Total available-for-sale asset-backed securities$(1,153)145,498 (15,187)198,171 (16,340)343,669 
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,
2025202420252024
Gross proceeds from sales$96,345 105,628 205,954 372,176 
Gross realized gains$1,145 1,791 2,701 4,362 
Gross realized losses(291)(70)(770)(1,036)
Net gains$854 1,721 1,931 3,326 
v3.25.3
Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
September 30, 2025 (months)
As ofAs of
September 30, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $57,142 and $54,644, respectively)
89$30,702 34,960 
Trade name (net of accumulated amortization of $263 and $205, respectively)
79507 565 
Computer software (net of accumulated amortization of $1,175 and $917, respectively)
19545 803 
Total amortizable intangible assets, net88$31,754 36,328 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2025, the Company estimates it will record amortization expense as follows:
2025 (October 1 - December 31)$1,525 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $31,754 
v3.25.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of September 30, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.3
Impairment Expense and Provision for Beneficial Interests (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Impairment Charges by Asset and Segment
The following table presents the impairment charges and provision for beneficial interests, by asset and reportable operating segment, recognized by the Company. These expense items are included in “impairment expense and provision for beneficial interests” in the consolidated statements of income.
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Three months ended September 30, 2025
Investments - solar tax equity (a)$— — — — — 5,761 5,761 
Investments - beneficial interest in loan securitizations (b)— — 2,145 — — — 2,145 
Property and equipment - internally developed software— 1,145 — — — — 1,145 
Leases, buildings, and associated improvements (c)— — — — — 94 94 
$— 1,145 2,145 — — 5,855 9,145 
Three months ended September 30, 2024
Investments - beneficial interest in loan securitizations (b)$— — 28,952 — — — 28,952 
Investments - venture capital— — — — — 100 100 
$— — 28,952 — — 100 29,052 
Nine months ended September 30, 2025
Investments - solar tax equity (a)$— — — — — 5,761 5,761 
Investments - beneficial interest in loan securitizations (b)— — 8,632 — — — 8,632 
Property and equipment - internally developed software— 1,145 — — — — 1,145 
Leases, buildings, and associated improvements (c)— — — — 81 3,363 3,444 
Property and equipment - solar facilities (d)— — — — — 1,902 1,902 
Investments - venture capital— — — — — 140 140 
$— 1,145 8,632 — 81 11,166 21,024 
Nine months ended September 30, 2024
Investments - beneficial interest in loan securitizations (b)— — 34,863 — — — 34,863 
Property and equipment / other assets - solar facilities and inventory (e)— — — — — 1,865 1,865 
Investments - venture capital— — — — — 137 137 
$— — 34,863 — — 2,002 36,865 
(a)     The Company recorded a non-cash impairment related to its ownership in a solar development project.
(b)    The Company recorded a non-cash allowance for credit losses (and related provision expense) related to the Company's beneficial interest in certain loan securitizations due primarily to an increase in cumulative loss expectations.
(c)    The Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements as a result of the Company consolidating office space.
(d)    In the second quarter of 2025, the Company received notification of a customer contract cancellation. As a result, the Company recorded an impairment charge related to construction in progress for a solar facility.
(e)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction (EPC) operations to focus exclusively on the commercial solar market and discontinued its residential solar operations. As a result, the Company recognized non-cash impairment charges on certain solar facilities and inventory related to the residential solar operations.
v3.25.3
Bank Deposits (Tables)
 9 Months Ended
Sep. 30, 2025
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
September 30, 2025December 31, 2024
Retail and other savings$1,180,088 916,475 
Brokered CDs, net of brokered deposit fees275,844 247,872 
Retail and other CDs, net of issuance fees20,833 21,784 
Total interest-bearing deposits$1,476,765 1,186,131 
Schedule of Certificates of Deposit Maturities
The following table presents the remaining maturities of certificates of deposit as of September 30, 2025:
One year or less$149,058 
After one year to two years74,996 
After two years to three years349 
After three years to four years51,215 
After four years to five years— 
After five years21,059 
Total$296,677 
v3.25.3
Earnings per Common Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
 Three months ended September 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$104,750 1,934 106,684 2,343 45 2,388 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,657,976 658,339 36,316,315 35,743,895 686,590 36,430,485 
Earnings per share - basic and diluted$2.94 2.94 2.94 0.07 0.07 0.07 
Nine months ended September 30,
20252024
Numerator:
Net income attributable to Nelnet, Inc.$363,914 6,789 370,703 118,549 2,337 120,886 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,759,099 667,089 36,426,188 35,993,634 709,680 36,703,314 
Earnings per share - basic and diluted$10.18 10.18 10.18 3.29 3.29 3.29 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements:
Three months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 145,984 16,733 162,717 — — — 162,717 
Investment interest531 8,564 12,051 14,849 35,995 14,985 3,134 (10,872)43,241 
Total interest income531 8,564 158,035 31,582 198,712 14,985 3,134 (10,872)205,958 
Interest expense— — 113,350 16,179 129,529 1,359 692 (10,872)120,708 
Net interest income531 8,564 44,685 15,403 69,183 13,626 2,442 — 85,250 
Less (negative provision) provision for loan losses— — (7,374)3,811 (3,563)— — — (3,563)
Net interest income after provision for loan losses531 8,564 52,059 11,592 72,746 13,626 2,442 — 88,813 
Other income (expense):
LSS revenue151,052 — — — 151,052 — — — 151,052 
ETSP revenue— 129,321 — — 129,321 — — — 129,321 
Intersegment revenue5,313 70 — — 5,383 — — (5,383)— 
Reinsurance premiums earned— — — — — 23,165 — — 23,165 
Solar construction revenue— — — — — — 5,738 — 5,738 
Other, net105 — 195 1,308 1,608 5,674 28,336 112 35,730 
Loss on sale of loans, net— — (2,472)— (2,472)— — — (2,472)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 594 167 761 — — — 761 
Derivative market value adjustments, net— — (461)(327)(788)— — — (788)
Total other income (expense), net156,470 129,391 (2,144)1,148 284,865 28,839 34,074 (5,271)342,507 
Cost of services and expenses:
Total cost of services2,021 50,363 — — 52,384 — 7,607 — 59,991 
Salaries and benefits70,126 43,029 1,971 2,817 117,943 668 26,193 (26)144,778 
Depreciation and amortization1,725 2,504 — 355 4,584 — 2,743 — 7,327 
Reinsurance losses and underwriting expenses— — — — — 19,962 — — 19,962 
Postage expense8,735 8,735 (8,735)— 
Servicing fees6,687 838 7,525 (7,525)— 
Other expenses (a)10,862 9,537 1,243 1,916 23,558 1,103 17,901 11,107 53,669 
Intersegment expenses, net17,262 6,420 1,248 726 25,656 289 (25,741)(204)— 
Total operating expenses108,710 61,490 11,149 6,652 188,001 22,022 21,096 (5,383)225,736 
Impairment expense and provision for beneficial interests— 1,145 2,145 — 3,290 — 5,855 — 9,145 
Total expenses110,731 112,998 13,294 6,652 243,675 22,022 34,558 (5,383)294,872 
Income (loss) before income taxes46,270 24,957 36,621 6,088 113,936 20,443 1,958 112 136,448 
Income tax (expense) benefit(11,105)(5,990)(8,783)(1,483)(27,361)(4,866)(3,547)— (35,773)
Net income (loss)35,165 18,967 27,838 4,605 86,575 15,577 (1,589)112 100,675 
Net (income) loss attributable to noncontrolling interests— — (27)— (27)(169)6,317 (112)6,009 
Net income (loss) attributable to Nelnet, Inc.$35,165 18,967 27,811 4,605 86,548 15,408 4,728 — 106,684 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Three months ended September 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 180,571 9,639 190,210 — — — 190,211 
Investment interest894 9,734 18,970 12,522 42,120 12,415 3,105 (7,368)50,272 
Total interest income894 9,734 199,541 22,161 232,330 12,415 3,105 (7,368)240,483 
Interest expense— — 161,142 11,606 172,748 2,245 704 (7,368)168,328 
Net interest income894 9,734 38,399 10,555 59,582 10,170 2,401 — 72,155 
Less (negative provision) provision for loan losses— — 11,968 6,143 18,111 — — — 18,111 
Net interest income after provision for loan losses894 9,734 26,431 4,412 41,471 10,170 2,401 — 54,044 
Other income (expense):
LSS revenue108,175 — — — 108,175 — — — 108,175 
ETSP revenue— 118,179 — — 118,179 — — — 118,179 
Intersegment revenue5,428 60 — — 5,488 — — (5,488)— 
Reinsurance premiums earned— — — — — 16,619 — — 16,619 
Solar construction revenue— — — — — — 19,321 — 19,321 
Other, net690 — 4,918 841 6,449 5,751 3,506 — 15,706 
Loss on sale of loans, net— — (107)— (107)— — — (107)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 1,359 281 1,640 — — — 1,640 
Derivative market value adjustments, net— — (9,518)(3,647)(13,165)— — — (13,165)
Total other income (expense), net114,293 118,239 (3,348)(2,525)226,659 22,370 22,827 (5,488)266,368 
Cost of services and expenses:
Total cost of services196 45,273 — — 45,469 — 26,815 — 72,284 
Salaries and benefits76,820 41,053 1,220 2,973 122,066 398 23,852 (124)146,192 
Depreciation and amortization4,854 2,616 — 343 7,813 — 5,848 — 13,661 
Reinsurance losses and underwriting expenses— — — — — 16,761 — — 16,761 
Postage expense8,467 8,467 (8,467)— 
Servicing fees7,011 285 7,296 (7,296)— 
Other expenses (a)11,000 7,614 970 2,463 22,047 1,143 11,116 10,379 44,685 
Intersegment expenses, net18,399 4,604 1,276 581 24,860 200 (25,080)20 — 
Total operating expenses119,540 55,887 10,477 6,645 192,549 18,502 15,736 (5,488)221,299 
Impairment expense and provision for beneficial interests— — 28,952 — 28,952 — 100 — 29,052 
Total expenses119,736 101,160 39,429 6,645 266,970 18,502 42,651 (5,488)322,635 
Income (loss) before income taxes(4,549)26,813 (16,346)(4,758)1,160 14,038 (17,423)— (2,223)
Income tax (expense) benefit1,092 (6,450)3,923 1,143 (292)(3,341)3,915 — 282 
Net income (loss)(3,457)20,363 (12,423)(3,615)868 10,697 (13,508)— (1,941)
Net (income) loss attributable to noncontrolling interests— 54 — — 54 (117)4,392 — 4,329 
Net income (loss) attributable to Nelnet, Inc.$(3,457)20,417 (12,423)(3,615)922 10,580 (9,116)— 2,388 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 12,795,513 1,020,732 763,310 (495,427)14,084,128 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
Nine months ended September 30, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 457,752 43,508 501,260 — — — 501,260 
Investment interest1,875 20,921 37,462 41,278 101,536 32,676 8,107 (17,504)124,815 
Total interest income1,875 20,921 495,214 84,786 602,796 32,676 8,107 (17,504)626,075 
Interest expense— — 347,719 42,928 390,647 3,558 1,976 (17,504)378,677 
Net interest income1,875 20,921 147,495 41,858 212,149 29,118 6,131 — 247,398 
Less (negative provision) provision for loan losses— — 16,770 12,934 29,704 — — — 29,704 
Net interest income after provision for loan losses1,875 20,921 130,725 28,924 182,445 29,118 6,131 — 217,694 
Other income (expense):
LSS revenue392,517 — — — 392,517 — — — 392,517 
ETSP revenue— 394,836 — — 394,836 — — — 394,836 
Intersegment revenue16,600 198 — — 16,798 — — (16,798)— 
Reinsurance premiums earned— — — — — 73,964 — — 73,964 
Solar construction revenue— — — — — — 10,992 — 10,992 
Other, net331 — 11,697 1,842 13,870 12,050 56,176 304 82,401 
Loss on sale of loans, net— — (1,562)— (1,562)— — — (1,562)
Gain on partial redemption of ALLO investment— — — — — — 175,044 — 175,044 
Derivative settlements, net— — 1,756 494 2,250 — — — 2,250 
Derivative market value adjustments, net— — (6,422)(4,556)(10,978)— — — (10,978)
Total other income (expense), net409,448 395,034 5,469 (2,220)807,731 86,014 242,212 (16,494)1,119,464 
Cost of services and expenses:
Total cost of services5,500 138,254 — — 143,754 — 29,485 — 173,239 
Salaries and benefits205,249 126,368 4,661 8,424 344,702 1,685 71,472 (160)417,700 
Depreciation and amortization6,199 7,439 — 1,046 14,684 — 9,522 — 24,206 
Reinsurance losses and underwriting expenses— — — — — 67,836 — — 67,836 
Postage expense25,861 25,861 (25,861)— 
Servicing fees20,700 2,329 23,029 (23,029)— 
Other expenses (a)32,793 28,489 4,595 5,243 71,120 4,080 45,183 32,817 153,200 
Intersegment expenses, net50,980 18,297 3,758 2,089 75,124 854 (75,413)(565)— 
Total operating expenses321,082 180,593 33,714 19,131 554,520 74,455 50,764 (16,798)662,942 
Impairment expense and provision for beneficial interests— 1,145 8,632 — 9,777 81 11,166 — 21,024 
Total expenses326,582 319,992 42,346 19,131 708,051 74,536 91,415 (16,798)857,205 
Income (loss) before income taxes84,741 95,963 93,848 7,573 282,125 40,596 156,928 304 479,953 
Income tax (expense) benefit(20,338)(23,042)(22,508)(1,816)(67,704)(9,645)(42,945)— (120,294)
Net income (loss)64,403 72,921 71,340 5,757 214,421 30,951 113,983 304 359,659 
Net (income) loss attributable to noncontrolling interests— 45 (67)— (22)(407)11,777 (304)11,044 
Net income (loss) attributable to Nelnet, Inc.$64,403 72,966 71,273 5,757 214,399 30,544 125,760 — 370,703 
Total assets as of September 30, 2025$200,205 525,704 10,042,521 2,003,322 12,771,752 1,330,228 671,263 (896,561)13,876,682 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, collection costs, software, FDIC insurance, and management fee expense.
Nine months ended September 30, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 583,907 25,157 609,064 — — — 609,064 
Investment interest4,046 23,315 54,513 33,301 115,175 43,910 9,566 (25,565)143,086 
Total interest income4,046 23,315 638,420 58,458 724,239 43,910 9,566 (25,565)752,150 
Interest expense— — 523,678 31,872 555,550 7,268 2,114 (25,565)539,367 
Net interest income4,046 23,315 114,742 26,586 168,689 36,642 7,452 — 212,783 
Less (negative provision) provision for loan losses— — 14,199 18,352 32,551 — — — 32,551 
Net interest income after provision for loan losses4,046 23,315 100,543 8,234 136,138 36,642 7,452 — 180,232 
Other income (expense):
LSS revenue344,428 — — — 344,428 — — — 344,428 
ETSP revenue— 378,627 — — 378,627 — — — 378,627 
Intersegment revenue18,419 166 — — 18,585 — — (18,585)— 
Reinsurance premiums earned— — — — — 44,250 — — 44,250 
Solar construction revenue— — — — — — 42,741 — 42,741 
Other, net2,085 — 11,239 1,991 15,315 6,763 11,730 — 33,807 
Loss on sale of loans, net— — (1,685)— (1,685)— — — (1,685)
Gain on partial redemption of ALLO investment— — — — — — — — — 
Derivative settlements, net— — 4,356 690 5,046 — — — 5,046 
Derivative market value adjustments, net— — (2,875)(793)(3,668)— — — (3,668)
Total other income (expense), net364,932 378,793 11,035 1,888 756,648 51,013 54,471 (18,585)843,546 
Cost of services and expenses:
Total cost of services392 134,106 — — 134,498 — 49,115 — 183,613 
Salaries and benefits224,172 121,956 3,529 8,491 358,148 1,129 72,159 (1,735)429,701 
Depreciation and amortization15,304 8,012 — 944 24,260 — 21,312 — 45,572 
Reinsurance losses and underwriting expenses— — — — — 39,066 — — 39,066 
Postage expense28,350 28,350 (28,350)— 
Servicing fees24,503 711 25,214 (25,214)— 
Other expenses (a)31,119 23,772 3,217 5,577 63,685 2,470 37,359 35,306 138,820 
Intersegment expenses, net55,955 14,216 3,756 1,729 75,656 665 (77,729)1,408 — 
Total operating expenses354,900 167,956 35,005 17,452 575,313 43,330 53,101 (18,585)653,159 
Impairment expense and provision for beneficial interests— — 34,863 — 34,863 — 2,002 — 36,865 
Total expenses355,292 302,062 69,868 17,452 744,674 43,330 104,218 (18,585)873,637 
Income (loss) before income taxes13,686 100,046 41,710 (7,330)148,112 44,325 (42,295)— 150,141 
Income tax (expense) benefit(3,284)(24,035)(10,010)1,800 (35,529)(10,550)8,426 — (37,653)
Net income (loss)10,402 76,011 31,700 (5,530)112,583 33,775 (33,869)— 112,488 
Net (income) loss attributable to noncontrolling interests— 101 — — 101 (366)8,663 — 8,398 
Net income (loss) attributable to Nelnet, Inc.$10,402 76,112 31,700 (5,530)112,684 33,409 (25,206)— 120,886 
Total assets as of September 30, 2024$202,366 556,897 10,707,442 1,328,808 12,795,513 1,020,732 763,310 (495,427)14,084,128 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, FDIC insurance, and management fee expense.
v3.25.3
Disaggregated Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments:
Loan Servicing and Systems
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
Government loan servicing (a)$112,798 85,215 285,896 277,705 
Private education and consumer loan servicing24,293 13,057 69,721 38,634 
FFELP loan servicing2,035 2,945 6,909 9,570 
Software services10,584 5,197 27,027 14,617 
Outsourced services1,342 1,761 2,964 3,902 
Loan servicing and systems revenue$151,052 108,175 392,517 344,428 
(a)    Upon reaching a final agreement with the Department of Education (the "Department"), the Company recognized $32.9 million of non-recurring revenue during the third quarter of 2025 on a contract modification for services previously performed.
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
Tuition payment plan services$32,971 31,659 109,057 104,702 
Payment processing59,484 55,813 148,535 137,926 
Education technology services36,323 30,080 136,499 133,306 
Other543 627 745 2,693 
Education technology services and payments revenue$129,321 118,179 394,836 378,627 
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,
2025202420252024
Investment activity, net$42,317 8,529 56,216 7,447 
Administration/sponsor fee income2,267 1,420 4,978 4,448 
Investment advisory services (WRCM)2,010 1,394 4,987 4,427 
Borrower late fee income1,817 1,741 5,046 7,460 
ALLO preferred return— 4,783 14,400 11,353 
Loss from ALLO voting membership interest investment— — — (10,693)
Loss from solar investments, net(10,884)(11,238)(11,930)(11,068)
(Loss) gain on debt repurchases(8,304)7 (7,865)(2)
Other6,507 9,070 16,569 20,435 
Other, net$35,730 15,706 82,401 33,807 
v3.25.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Schedule of Effects of Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees:
Three months endedNine months ended
September 30,September 30,
2025202420252024
Premiums written:
Assumed$51,244 43,395 147,178 115,546 
Ceded(19,709)(21,558)(53,678)(57,552)
Net premiums written$31,535 21,837 93,500 57,994 
Premiums earned:
Assumed$42,178 33,585 133,981 88,978 
Ceded(19,013)(16,966)(60,017)(44,728)
Net premiums earned$23,165 16,619 73,964 44,250 
Loss reserve, commissions, and broker fees:
Assumed$37,490 33,195 125,231 77,712 
Ceded(17,528)(16,434)(57,395)(38,646)
Reinsurance losses and underwriting expenses$19,962 16,761 67,836 39,066 
v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 As of September 30, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,281,967 1,282,067 100 1,085,726 1,085,826 
Equity securities23,731 — 23,731 455 — 455 
Equity securities measured at net asset value (a)86,090 74,039 
Total investments23,831 1,281,967 1,391,888 555 1,085,726 1,160,320 
Derivative instruments— 359 359 — 3,232 3,232 
Total assets$23,831 1,282,326 1,392,247 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 2,491 2,491 — 53 53 
Total liabilities$— 2,491 2,491 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of September 30, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,120,177 9,668,349 — — 10,120,177 
Accrued loan interest receivable558,912 558,912 — 558,912 — 
Cash and cash equivalents216,425 216,425 216,425 — — 
Investments at fair value1,391,888 1,391,888 23,831 1,281,967 — 
Investments - held-to-maturity asset-backed securities205,992 201,041 — 205,992 — 
Notes receivable33,376 33,376 — 33,376 — 
Beneficial interest in loan securitizations213,278 201,800 — — 213,278 
Restricted cash394,074 394,074 394,074 — — 
Restricted cash – due to customers156,297 156,297 156,297 — — 
Derivative instruments359 359 — 359 — 
Financial liabilities:  
Bonds and notes payable7,846,287 7,822,531 — 7,846,287 — 
Accrued interest payable19,039 19,039 — 19,039 — 
Bank deposits1,469,701 1,476,765 1,007,606 462,095 — 
Due to customers442,735 442,735 442,735 — — 
Derivative instruments2,491 2,491 — 2,491 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.3
Partial Redemption of ALLO Investment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 04, 2025
Apr. 18, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 03, 2025
Unusual or Infrequent Item, or Both [Line Items]              
Gross proceeds to ALLO   $ 500,000          
Proceeds from sale of preferred membership interests $ 410,900            
Gain on partial redemption of ALLO investment $ 175,000   $ 0 $ 0 $ 175,044 $ 0  
Equity method     $ 0   $ 0    
Variable Interest Entity, Primary Beneficiary | ALLO              
Unusual or Infrequent Item, or Both [Line Items]              
Subsidiary, ownership percentage 27.00%           45.00%
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 558,912   $ 549,283      
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs (47,735)   (42,114)      
Allowance for loan losses (107,532) $ (125,349) (114,890) $ (102,142) $ (96,764) $ (104,643)
Financing receivable, after allowance for credit loss 10,227,261   9,992,744      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 8,848,733   8,955,868      
Allowance for loan losses (83,785)   (98,689)      
Federally insured loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 7,860,257   8,388,564 9,070,742    
Accrued interest receivable 537,303   540,272 592,250    
Allowance for loan losses (43,535) (47,627) (49,091) (50,834) (54,180) (68,453)
Financing receivable, after allowance for credit loss 8,329,130   8,858,232 9,589,351    
Federally insured loans - Non-Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 1,889,476   2,108,960      
Federally insured loans - Non-Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 5,970,781   6,279,604      
Private education loans - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 147,737   221,744 234,295    
Accrued interest receivable 1,291   2,019 2,248    
Allowance for loan losses (7,103) (7,406) (11,130) (11,744) (13,065) (15,750)
Financing receivable, after allowance for credit loss 137,185   206,283 218,027    
Private education loans - Non-Nelnet Bank | Asset Generation and Management            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Contributed loans   42,200        
Consumer loans and other financing receivables - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 840,739   345,560 244,552    
Accrued interest receivable 1,102   1,868 1,115    
Allowance for loan losses (33,147) (48,028) (38,468) (22,380) (14,135) (11,742)
Financing receivable, after allowance for credit loss 792,479   298,247 212,498    
Federally insured loans - Non-Nelnet Bank | Asset Generation and Management            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Contributed loans 77,500          
Pay later receivables - Non-Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 548,300          
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 974,883   644,597      
Allowance for loan losses (23,747)   (16,201)      
Federally insured loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 178,948   0      
Allowance for loan losses (707) (355) 0      
Federally insured loans - Nelnet Bank | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 24,745   0      
Federally insured loans - Nelnet Bank | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 154,203   0      
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 529,396   482,445 352,654    
Accrued interest receivable 6,400   4,103 3,098    
Allowance for loan losses (11,732) (12,360) (10,086) (3,670) (3,559) (3,347)
Financing receivable, after allowance for credit loss 517,412   471,881 357,868    
Consumer and other loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 266,539   162,152 207,218    
Accrued interest receivable 1,563   1,021 1,386    
Allowance for loan losses (11,308) $ (9,573) (6,115) (13,514) $ (11,825) $ (5,351)
Financing receivable, after allowance for credit loss $ 260,616   $ 158,101 $ 195,137    
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Sep. 30, 2025
Dec. 31, 2024
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.55% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 19.40% 20.60%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.81% 5.02%
Consumer loans and other financing receivables - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 3.94% 11.13%
Federally insured loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.40% 0.00%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 17.40%  
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 2.22% 2.09%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.24% 3.77%
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans sold $ 203,300   $ 133,800      
Loss on sale of loan 2,472 $ 107 $ 1,400 $ 1,562 $ 1,685  
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Liability related to unfunded education loan commitments 751     751   $ 326
Unfunded private education loan commitments $ 80,100     $ 80,100   $ 40,700
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Student Loan Trust Acquisitions (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Bonds and notes payable $ 7,822,531   $ 8,309,797    
Cash, cash equivalents, and restricted cash $ 766,796   $ 931,020 $ 899,018 $ 1,025,491
Student Loan, Stafford and Consolidation          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans receivable, gross   $ 646,900      
Bonds and notes payable   721,300      
Cash, cash equivalents, and restricted cash   32,200      
Other net assets   27,400      
Financing receivable, after allowance for credit loss, net discount   6,600      
Financing receivable, after allowance for credit loss, bonds and notes payable discount   $ 31,100      
v3.25.3
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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 125,349 $ 96,764 $ 114,890 $ 104,643
Provision (negative provision) for loan losses (3,898) 17,859 29,280 32,338
Charge-offs (15,081) (13,710) (40,492) (37,278)
Recoveries 1,162 1,229 2,794 2,439
Initial allowance on loans purchased with credit deterioration 0 0 1,060 0
Loan sales 0 0 0 0
Balance at end of period 107,532 102,142 107,532 102,142
Provision (negative provision) for loan losses (3,898) 17,859 29,280 32,338
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 47,627 54,180 49,091 68,453
Provision (negative provision) for loan losses 843 1,247 5,588 (2,593)
Charge-offs (4,673) (4,593) (10,882) (15,026)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales (262) 0 (262) 0
Balance at end of period 43,535 50,834 43,535 50,834
Provision (negative provision) for loan losses 843 1,247 5,588 (2,593)
Private education loans - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 7,406 13,065 11,130 15,750
Provision (negative provision) for loan losses 0 (126) (2,761) (392)
Charge-offs (459) (1,414) (1,916) (4,254)
Recoveries 156 219 650 640
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 7,103 11,744 7,103 11,744
Provision (negative provision) for loan losses 0 (126) (2,761) (392)
Consumer loans and other financing receivables - Non-Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 48,028 14,135 38,468 11,742
Provision (negative provision) for loan losses (8,217) 10,847 13,943 17,184
Charge-offs (7,176) (2,981) (20,319) (7,567)
Recoveries 512 379 1,055 1,021
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 33,147 22,380 33,147 22,380
Provision for current period 20,693 11,026 42,853 30,058
Reduction to provision (28,910) (179) (28,910) (12,874)
Provision (negative provision) for loan losses (8,217) 10,847 13,943 17,184
Federally insured loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 355   0  
Provision (negative provision) for loan losses 113   488  
Charge-offs (23)   (43)  
Recoveries 0   0  
Initial allowance on loans purchased with credit deterioration 0   0  
Loan sales 262   262  
Balance at end of period 707   707  
Provision (negative provision) for loan losses 113   488  
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 12,360 3,559 10,086 3,347
Provision (negative provision) for loan losses 1,177 565 5,102 1,576
Charge-offs (2,169) (892) (5,303) (1,796)
Recoveries 364 438 787 543
Initial allowance on loans purchased with credit deterioration 0 0 1,060 0
Loan sales 0 0 0 0
Balance at end of period 11,732 3,670 11,732 3,670
Provision (negative provision) for loan losses 1,177 565 5,102 1,576
Consumer and other loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 9,573 11,825 6,115 5,351
Provision (negative provision) for loan losses 2,186 5,326 6,920 16,563
Charge-offs (581) (3,830) (2,029) (8,635)
Recoveries 130 193 302 235
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 11,308 13,514 11,308 13,514
Provision (negative provision) for loan losses $ 2,186 $ 5,326 $ 6,920 $ 16,563
v3.25.3
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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.22% 0.19% 0.17% 0.19%
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.79% 1.97% 0.95% 1.89%
Consumer loans and other financing receivables - Non-Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 5.75% 4.81% 6.28% 4.92%
Federally insured loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.06% 0.00% 0.06% 0.00%
Private education loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 1.38% 0.51% 1.19% 0.46%
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Ratio [Line Items]        
Net charge-offs as a percentage of average loans 0.79% 7.28% 1.21% 7.49%
v3.25.3
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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Receivables [Abstract]        
(Negative provision) provision for loan losses from allowance activity table above $ (3,898) $ 17,859 $ 29,280 $ 32,338
Provision for unfunded loan commitments 335 252 424 213
(Negative provision) provision for loan losses reported in consolidated statements of income $ (3,563) $ 18,111 $ 29,704 $ 32,551
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Loans in repayment status:            
Accrued interest receivable $ 558,912   $ 549,283      
Allowance for loan losses (107,532) $ (125,349) (114,890) $ (102,142) $ (96,764) $ (104,643)
Financing receivable, after allowance for credit loss 10,227,261   9,992,744      
Federally insured loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 382,850   $ 376,765 $ 428,013    
Loans in-school/grace/deferment, percent 4.90%   4.50% 4.70%    
Loans in forbearance $ 514,385   $ 586,412 $ 647,797    
Loans in forbearance, percent 6.50%   7.00% 7.20%    
Loans in repayment status:            
Loans receivable, gross $ 7,860,257   $ 8,388,564 $ 9,070,742    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 6,963,022   $ 7,425,387 $ 7,994,932    
Loans in repayment, percent 88.60%   88.50% 88.10%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 537,303   $ 540,272 $ 592,250    
Loan discount, net of unamortized premiums and deferred origination costs (24,895)   (21,513) (22,807)    
Allowance for loan losses (43,535) (47,627) (49,091) (50,834) (54,180) (68,453)
Financing receivable, after allowance for credit loss 8,329,130   8,858,232 9,589,351    
Federally insured loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 5,994,951   $ 6,374,897 $ 6,702,079    
Loans current, percentage 86.10%   85.90% 83.80%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 254,998   $ 243,348 $ 348,833    
Loans past due, percentage 3.70%   3.30% 4.40%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 166,763   $ 166,474 $ 190,379    
Loans past due, percentage 2.40%   2.20% 2.40%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 100,575   $ 113,838 $ 148,417    
Loans past due, percentage 1.40%   1.50% 1.90%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 317,151   $ 380,823 $ 419,730    
Loans past due, percentage 4.60%   5.10% 5.20%    
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 128,584   $ 146,007 $ 185,494    
Loans past due, percentage 1.80%   2.00% 2.30%    
Private education loans - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 4,232   $ 5,997 $ 7,504    
Loans in-school/grace/deferment, percent 2.90%   2.70% 3.20%    
Loans in forbearance $ 2,653   $ 2,089 $ 1,979    
Loans in forbearance, percent 1.80%   0.90% 0.80%    
Loans in repayment status:            
Loans receivable, gross $ 147,737   $ 221,744 $ 234,295    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 140,852   $ 213,658 $ 224,812    
Loans in repayment, percent 95.30%   96.40% 96.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,291   $ 2,019 $ 2,248    
Loan discount, net of unamortized premiums and deferred origination costs (4,740)   (6,350) (6,772)    
Allowance for loan losses (7,103) (7,406) (11,130) (11,744) (13,065) (15,750)
Financing receivable, after allowance for credit loss 137,185   206,283 218,027    
Private education loans - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 137,678   $ 206,825 $ 218,425    
Loans current, percentage 97.80%   96.80% 97.20%    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 1,314   $ 3,424 $ 3,013    
Loans past due, percentage 0.90%   1.60% 1.30%    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 865   $ 1,275 $ 1,301    
Loans past due, percentage 0.60%   0.60% 0.60%    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 995   $ 2,134 $ 2,073    
Loans past due, percentage 0.70%   1.00% 0.90%    
Consumer loans and other financing receivables - Non-Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 1,354   $ 150 $ 315    
Loans in-school/grace/deferment, percent 0.20%   0.00% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 840,739   $ 345,560 $ 244,552    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 839,385   $ 345,410 $ 244,237    
Loans in repayment, percent 99.80%   100.00% 99.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,102   $ 1,868 $ 1,115    
Loan discount, net of unamortized premiums and deferred origination costs (16,215)   (10,713) (10,789)    
Allowance for loan losses (33,147) (48,028) (38,468) (22,380) (14,135) (11,742)
Financing receivable, after allowance for credit loss 792,479   298,247 212,498    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 828,408   $ 335,355 $ 239,128    
Loans current, percentage 98.70%   97.10% 97.90%    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 3,543   $ 3,667 $ 2,032    
Loans past due, percentage 0.40%   1.10% 0.80%    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 2,343   $ 2,143 $ 1,515    
Loans past due, percentage 0.30%   0.60% 0.60%    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 5,091   $ 4,245 $ 1,562    
Loans past due, percentage 0.60%   1.20% 0.70%    
Federally insured loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 6,705          
Loans in-school/grace/deferment, percent 3.70%          
Loans in forbearance $ 9,263          
Loans in forbearance, percent 5.20%          
Loans in repayment status:            
Loans receivable, gross $ 178,948          
Total loans in repayment, percentage 100.00%          
Total loans in repayment $ 162,980          
Loans in repayment, percent 91.10%          
Total loans, percent 100.00%          
Accrued interest receivable $ 11,253          
Loan discount, net of unamortized premiums and deferred origination costs 945          
Allowance for loan losses (707)          
Financing receivable, after allowance for credit loss 190,439          
Federally insured loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 146,308          
Loans current, percentage 89.80%          
Federally insured loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 4,827          
Loans past due, percentage 3.00%          
Federally insured loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 2,185          
Loans past due, percentage 1.30%          
Federally insured loans - Nelnet Bank | Financing receivables, 90-119 days past due            
Loans in repayment status:            
Loans receivable, gross $ 2,684          
Loans past due, percentage 1.60%          
Federally insured loans - Nelnet Bank | Financing receivables, 120-270 days past due            
Loans in repayment status:            
Loans receivable, gross $ 5,668          
Loans past due, percentage 3.50%          
Federally insured loans - Nelnet Bank | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 1,308          
Loans past due, percentage 0.80%          
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 58,753   $ 31,674 $ 29,396    
Loans in-school/grace/deferment, percent 11.10%   6.60% 8.30%    
Loans in forbearance $ 1,476   $ 3,061 $ 2,364    
Loans in forbearance, percent 0.30%   0.60% 0.70%    
Loans in repayment status:            
Loans receivable, gross $ 529,396   $ 482,445 $ 352,654    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 469,167   $ 447,710 $ 320,894    
Loans in repayment, percent 88.60%   92.80% 91.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 6,400   $ 4,103 $ 3,098    
Loan discount, net of unamortized premiums and deferred origination costs (6,652)   (4,581) 5,786    
Allowance for loan losses (11,732) (12,360) (10,086) (3,670) (3,559) (3,347)
Financing receivable, after allowance for credit loss 517,412   471,881 357,868    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 460,142   $ 439,569 $ 318,090    
Loans current, percentage 98.10%   98.20% 99.20%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 3,526   $ 4,327 $ 1,075    
Loans past due, percentage 0.70%   1.00% 0.30%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 2,403   $ 1,497 $ 723    
Loans past due, percentage 0.50%   0.30% 0.20%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 3,096   $ 2,317 $ 1,006    
Loans past due, percentage 0.70%   0.50% 0.30%    
Consumer and other loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 9,954   $ 5,186 $ 3,073    
Loans in-school/grace/deferment, percent 3.70%   3.20% 1.50%    
Loans in repayment status:            
Loans receivable, gross $ 266,539   $ 162,152 $ 207,218    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 256,585   $ 156,966 $ 204,145    
Loans in repayment, percent 96.30%   96.80% 98.50%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,563   $ 1,021 $ 1,386    
Loan discount, net of unamortized premiums and deferred origination costs 3,822   1,043 47    
Allowance for loan losses (11,308) $ (9,573) (6,115) (13,514) $ (11,825) $ (5,351)
Financing receivable, after allowance for credit loss 260,616   158,101 195,137    
Consumer and other loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 254,720   $ 155,772 $ 198,613    
Loans current, percentage 99.20%   99.20% 97.30%    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 694   $ 803 $ 2,251    
Loans past due, percentage 0.30%   0.50% 1.10%    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 719   $ 243 $ 1,497    
Loans past due, percentage 0.30%   0.20% 0.70%    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 452   $ 148 $ 1,784    
Loans past due, percentage 0.20%   0.10% 0.90%    
v3.25.3
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, 2025
Dec. 31, 2024
Sep. 30, 2024
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 55,139 $ 27,747  
Fiscal year before current fiscal year 36,705 48,159  
Fiscal year two years before current fiscal year 41,257 168,137  
Fiscal year three years before current fiscal year 150,813 97,969  
Fiscal year four years before current fiscal year 86,022 7,554  
Fiscal year five years before current fiscal year 159,460 132,879  
Total loans $ 529,396 $ 482,445 $ 352,654
Percent of total 100.00% 100.00%  
Private education loans - Nelnet Bank | Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 4,699 $ 2,566  
Fiscal year before current fiscal year 2,948 3,578  
Fiscal year two years before current fiscal year 3,148 4,759  
Fiscal year three years before current fiscal year 4,257 4,182  
Fiscal year four years before current fiscal year 3,685 331  
Fiscal year five years before current fiscal year 20,367 15,485  
Total loans $ 39,104 $ 30,901  
Percent of total 7.40% 6.40%  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 7,622 $ 3,736  
Fiscal year before current fiscal year 4,871 8,874  
Fiscal year two years before current fiscal year 7,964 19,666  
Fiscal year three years before current fiscal year 17,748 7,531  
Fiscal year four years before current fiscal year 6,828 426  
Fiscal year five years before current fiscal year 15,288 12,349  
Total loans $ 60,321 $ 52,582  
Percent of total 11.40% 10.90%  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 10,018 $ 4,398  
Fiscal year before current fiscal year 5,652 8,629  
Fiscal year two years before current fiscal year 7,482 29,918  
Fiscal year three years before current fiscal year 27,110 12,775  
Fiscal year four years before current fiscal year 11,442 1,286  
Fiscal year five years before current fiscal year 22,907 17,920  
Total loans $ 84,611 $ 74,926  
Percent of total 16.00% 15.50%  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 13,521 $ 4,600  
Fiscal year before current fiscal year 6,519 6,115  
Fiscal year two years before current fiscal year 5,144 46,340  
Fiscal year three years before current fiscal year 42,073 24,073  
Fiscal year four years before current fiscal year 21,500 1,105  
Fiscal year five years before current fiscal year 27,743 23,867  
Total loans $ 116,500 $ 106,100  
Percent of total 22.00% 22.00%  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 19,279 $ 9,971  
Fiscal year before current fiscal year 14,419 15,471  
Fiscal year two years before current fiscal year 12,753 67,454  
Fiscal year three years before current fiscal year 59,625 49,408  
Fiscal year four years before current fiscal year 42,567 4,406  
Fiscal year five years before current fiscal year 73,155 63,258  
Total loans $ 221,798 $ 209,968  
Percent of total 41.90% 43.50%  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 0 $ 2,476  
Fiscal year before current fiscal year 2,296 5,492  
Fiscal year two years before current fiscal year 4,766 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0 0  
Fiscal year five years before current fiscal year 0 0  
Total loans $ 7,062 $ 7,968  
Percent of total 1.30% 1.70%  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 118,986 $ 121,740  
Fiscal year before current fiscal year 111,945 13,278  
Fiscal year two years before current fiscal year 11,971 399  
Fiscal year three years before current fiscal year 373 12,417  
Fiscal year four years before current fiscal year 11,254 8,878  
Fiscal year five years before current fiscal year 12,010 5,440  
Total loans $ 266,539 $ 162,152 $ 207,218
Percent of total 100.00% 100.00%  
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 14,112 $ 19,264  
Fiscal year before current fiscal year 17,370 1,762  
Fiscal year two years before current fiscal year 1,624 0  
Fiscal year three years before current fiscal year 0 376  
Fiscal year four years before current fiscal year 287 675  
Fiscal year five years before current fiscal year 1,342 1,170  
Total loans $ 34,735 $ 23,247  
Percent of total 13.00% 14.30%  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 25,308 $ 41,217  
Fiscal year before current fiscal year 38,313 4,502  
Fiscal year two years before current fiscal year 3,870 19  
Fiscal year three years before current fiscal year 16 6,152  
Fiscal year four years before current fiscal year 5,582 5,448  
Fiscal year five years before current fiscal year 7,329 3,105  
Total loans $ 80,418 $ 60,443  
Percent of total 30.20% 37.30%  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 51,911 $ 57,323  
Fiscal year before current fiscal year 50,469 6,577  
Fiscal year two years before current fiscal year 6,045 103  
Fiscal year three years before current fiscal year 97 5,834  
Fiscal year four years before current fiscal year 5,331 2,755  
Fiscal year five years before current fiscal year 3,339 1,165  
Total loans $ 117,192 $ 73,757  
Percent of total 44.00% 45.50%  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 27,655 $ 3,936  
Fiscal year before current fiscal year 5,793 437  
Fiscal year two years before current fiscal year 432 277  
Fiscal year three years before current fiscal year 260 55  
Fiscal year four years before current fiscal year 54 0  
Fiscal year five years before current fiscal year 0 0  
Total loans $ 34,194 $ 4,705  
Percent of total 12.80% 2.90%  
v3.25.3
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 558,912   $ 549,283      
Allowance for loan losses (107,532) $ (125,349) (114,890) $ (102,142) $ (96,764) $ (104,643)
Financing receivable, after allowance for credit loss 10,227,261   9,992,744      
Private education loans - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 175          
2022 4,069          
2021 7,446          
Prior years 136,047          
Total loans 147,737   221,744 234,295    
Accrued interest receivable 1,291   2,019 2,248    
Loan premium, net of unaccreted discount (4,740)   (6,350) (6,772)    
Allowance for loan losses (7,103) (7,406) (11,130) (11,744) (13,065) (15,750)
Financing receivable, after allowance for credit loss 137,185   206,283 218,027    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 0          
Current period gross charge-offs, two years before current fiscal year 0          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 52          
Current period gross charge-offs, more than five years before current fiscal year 1,864          
Current period gross charge-offs, total 1,916          
Private education loans - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 137,678   206,825 218,425    
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,314   3,424 3,013    
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 865   1,275 1,301    
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 995   2,134 2,073    
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 0          
2022 336          
2021 2,066          
Prior years 1,830          
Total loans 4,232          
Private education loans - Non-Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 0          
2022 36          
2021 246          
Prior years 2,371          
Total loans 2,653          
Private education loans - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 175          
2022 3,697          
2021 5,134          
Prior years 131,846          
Total loans 140,852          
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 175          
2022 3,676          
2021 5,002          
Prior years 128,825          
Total loans 137,678          
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, 2025 0          
2024 0          
2023 0          
2022 21          
2021 39          
Prior years 1,254          
Total loans 1,314          
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, 2025 0          
2024 0          
2023 0          
2022 0          
2021 21          
Prior years 844          
Total loans 865          
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, 2025 0          
2024 0          
2023 0          
2022 0          
2021 72          
Prior years 923          
Total loans 995          
Consumer loans and other financing receivables - Non-Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 768,532          
2024 42,172          
2023 27,104          
2022 2,349          
2021 311          
Prior years 271          
Total loans 840,739   345,560 244,552    
Accrued interest receivable 1,102   1,868 1,115    
Loan premium, net of unaccreted discount (16,215)   (10,713) (10,789)    
Allowance for loan losses (33,147) (48,028) (38,468) (22,380) (14,135) (11,742)
Financing receivable, after allowance for credit loss 792,479   298,247 212,498    
Current period gross charge-offs, current fiscal year 5,565          
Current period gross charge-offs, fiscal year before current fiscal year 8,322          
Current period gross charge-offs, two years before current fiscal year 6,134          
Current period gross charge-offs, three years before current fiscal year 280          
Current period gross charge-offs, four years before current fiscal year 9          
Current period gross charge-offs, more than five years before current fiscal year 9          
Current period gross charge-offs, total 20,319          
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 828,408   335,355 239,128    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,543   3,667 2,032    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,343   2,143 1,515    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 5,091   4,245 1,562    
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 452          
2023 902          
2022 0          
2021 0          
Prior years 0          
Total loans 1,354          
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 768,532          
2024 41,720          
2023 26,202          
2022 2,349          
2021 311          
Prior years 271          
Total loans 839,385          
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 766,123          
2024 35,952          
2023 24,275          
2022 1,549          
2021 238          
Prior years 271          
Total loans 828,408          
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 1,449          
2024 1,374          
2023 550          
2022 170          
2021 0          
Prior years 0          
Total loans 3,543          
Consumer loans and other financing receivables - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 589          
2024 1,015          
2023 697          
2022 42          
2021 0          
Prior years 0          
Total loans 2,343          
Consumer loans and other financing receivables - 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, 2025 371          
2024 3,379          
2023 680          
2022 588          
2021 73          
Prior years 0          
Total loans 5,091          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 55,139   27,747      
2024 36,705   48,159      
2023 41,257   168,137      
2022 150,813   97,969      
2021 86,022   7,554      
Prior years 159,460   132,879      
Total loans 529,396   482,445 352,654    
Accrued interest receivable 6,400   4,103 3,098    
Loan premium, net of unaccreted discount (6,652)   (4,581) 5,786    
Loan discount, net of unamortized premiums and deferred origination costs (6,652)          
Allowance for loan losses (11,732) (12,360) (10,086) (3,670) (3,559) (3,347)
Financing receivable, after allowance for credit loss 517,412   471,881 357,868    
Current period gross charge-offs, current fiscal year 0          
Current period gross charge-offs, fiscal year before current fiscal year 376          
Current period gross charge-offs, two years before current fiscal year 782          
Current period gross charge-offs, three years before current fiscal year 628          
Current period gross charge-offs, four years before current fiscal year 372          
Current period gross charge-offs, more than five years before current fiscal year 3,145          
Current period gross charge-offs, total 5,303          
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 460,142   439,569 318,090    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,526   4,327 1,075    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,403   1,497 723    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 3,096   2,317 1,006    
Private education loans - Nelnet Bank | Loans in-school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 21,876          
2024 20,602          
2023 9,206          
2022 5,577          
2021 285          
Prior years 1,207          
Total loans 58,753          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 0          
2024 0          
2023 146          
2022 483          
2021 152          
Prior years 695          
Total loans 1,476          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 33,263          
2024 16,103          
2023 31,905          
2022 144,753          
2021 85,585          
Prior years 157,558          
Total loans 469,167          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 33,129          
2024 15,707          
2023 30,680          
2022 143,901          
2021 84,322          
Prior years 152,403          
Total loans 460,142          
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, 2025 98          
2024 67          
2023 299          
2022 460          
2021 501          
Prior years 2,101          
Total loans 3,526          
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, 2025 3          
2024 196          
2023 300          
2022 201          
2021 617          
Prior years 1,086          
Total loans 2,403          
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, 2025 33          
2024 133          
2023 626          
2022 191          
2021 145          
Prior years 1,968          
Total loans 3,096          
Consumer and other loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 118,986   121,740      
2024 111,945   13,278      
2023 11,971   399      
2022 373   12,417      
2021 11,254   8,878      
Prior years 12,010   5,440      
Total loans 266,539   162,152 207,218    
Accrued interest receivable 1,563   1,021 1,386    
Loan premium, net of unaccreted discount 3,822   1,043 47    
Allowance for loan losses (11,308) $ (9,573) (6,115) (13,514) $ (11,825) $ (5,351)
Financing receivable, after allowance for credit loss 260,616   158,101 195,137    
Current period gross charge-offs, current fiscal year 61          
Current period gross charge-offs, fiscal year before current fiscal year 1,205          
Current period gross charge-offs, two years before current fiscal year 283          
Current period gross charge-offs, three years before current fiscal year 0          
Current period gross charge-offs, four years before current fiscal year 306          
Current period gross charge-offs, more than five years before current fiscal year 174          
Current period gross charge-offs, total 2,029          
Consumer and other loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 254,720   155,772 198,613    
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 694   803 2,251    
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 719   243 1,497    
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 452   $ 148 $ 1,784    
Consumer and other loans - Nelnet Bank | Loans in deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 7,936          
2024 2,018          
2023 0          
2022 0          
2021 0          
Prior years 0          
Total loans 9,954          
Consumer and other loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 111,050          
2024 109,927          
2023 11,971          
2022 373          
2021 11,254          
Prior years 12,010          
Total loans 256,585          
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Nine months ended September 30, 2025 111,040          
2024 108,582          
2023 11,778          
2022 373          
2021 11,085          
Prior years 11,862          
Total loans 254,720          
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, 2025 10          
2024 499          
2023 114          
2022 0          
2021 61          
Prior years 10          
Total loans 694          
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, 2025 0          
2024 472          
2023 79          
2022 0          
2021 108          
Prior years 60          
Total loans 719          
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, 2025 0          
2024 374          
2023 0          
2022 0          
2021 0          
Prior years 78          
Total loans $ 452          
v3.25.3
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 7,865,856 $ 8,358,451
Discount on bonds and notes payable and debt issuance costs (43,325) (48,654)
Bonds and notes payable, net 7,822,531 8,309,797
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 1,648 $ 3,320
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,258,938 6,923,824
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 60,585 36,395
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,319,523 6,960,219
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 312,850 346,359
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 535,389 853,165
Consumer loan warehouse and other facilities | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 625,570 90,000
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 39,924 54,973
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 30,952 $ 50,415
Interest rate 7.15%  
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.05% 5.27%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 4.68% 4.89%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.01% 5.71%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.02% 4.41%
Minimum | Consumer loan warehouse and other facilities | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.43% 4.46%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.65% 5.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.82% 5.82%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 6.27% 6.45%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 5.50% 5.72%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.19% 4.69%
Maximum | Consumer loan warehouse and other facilities | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 6.12% 4.57%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.61% 6.82%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   7.15%
v3.25.3
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Jul. 17, 2025
Jul. 16, 2025
FFELP Warehouse Facilities      
Line of Credit Facility [Line Items]      
Maximum financing amount $ 1,175,000    
Amount outstanding 535,389    
Amount available 639,611    
Advanced as equity support 41,753    
FFELP Warehouse Facility Due January 2025      
Line of Credit Facility [Line Items]      
Maximum financing amount 800,000    
Amount outstanding 393,141    
Amount available 406,859    
Advanced as equity support 29,556    
FFELP Warehouse Facility Due January 2026      
Line of Credit Facility [Line Items]      
Maximum financing amount     $ 600,000
FFELP Warehouse Facility Due January 2027      
Line of Credit Facility [Line Items]      
Maximum financing amount   $ 800,000  
FFELP Warehouse Facility Due April 2025      
Line of Credit Facility [Line Items]      
Maximum financing amount 375,000    
Amount outstanding 142,248    
Amount available $ 232,752    
Advance rate 92.00%    
Advanced as equity support $ 12,197    
FFELP Warehouse Facility Due November 2024      
Line of Credit Facility [Line Items]      
Advance rate, maximum, lower range 90.00%    
Advance rate, maximum, higher range 96.00%    
Advance rate, minimum, lower range 84.00%    
Advance rate, minimum, higher range 90.00%    
Consumer loans and other financing receivables      
Line of Credit Facility [Line Items]      
Maximum financing amount $ 925,000    
Amount outstanding 625,570    
Amount available 299,430    
Advanced as equity support $ 120,711    
Consumer loans and other financing receivables | Minimum      
Line of Credit Facility [Line Items]      
Advance rate 50.00%    
Consumer loans and other financing receivables | Maximum      
Line of Credit Facility [Line Items]      
Advance rate 90.00%    
v3.25.3
Bonds and Notes Payable - Narrative (Details)
Sep. 30, 2025
USD ($)
Debt Instrument [Line Items]  
Par value of asset-based securities $ 1,282,067,000
Asset-backed securities  
Debt Instrument [Line Items]  
Par value of asset-based securities 499,500,000
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
v3.25.3
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Disclosure [Abstract]        
Purchase price $ (385,853) $ (357) $ (528,723) $ (4,556)
Par value 377,571 365 520,891 4,555
Remaining unamortized cost of issuance (22) (1) (33) (1)
(Loss) gain, net $ (8,304) $ 7 $ (7,865) $ (2)
v3.25.3
Derivative Financial Instruments - Outstanding Basis Swap (Details)
Sep. 30, 2025
USD ($)
2026  
Derivative [Line Items]  
Notional amount $ 1,150,000,000
2027  
Derivative [Line Items]  
Notional amount 250,000,000
Basis swaps  
Derivative [Line Items]  
Notional amount $ 1,400,000,000
v3.25.3
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Interest rate swaps - third-party deposits (cash flow hedges)    
Derivative [Line Items]    
Notional amount $ 50,000,000  
Weighted average fixed rate paid by the Company 3.72%  
2030    
Derivative [Line Items]    
Notional amount $ 25,000,000  
Weighted average fixed rate paid by the Company 3.57%  
2035    
Derivative [Line Items]    
Notional amount $ 25,000,000  
Weighted average fixed rate paid by the Company 3.87%  
v3.25.3
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Interest rate swaps - intercompany deposits    
Derivative [Line Items]    
Notional amount $ 195,000,000 $ 165,000,000
Weighted average fixed rate paid by the Company 3.50% 3.44%
2028    
Derivative [Line Items]    
Notional amount $ 40,000,000 $ 40,000,000
Weighted average fixed rate paid by the Company 3.33% 3.33%
2029    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.37% 3.37%
2030    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.06% 3.06%
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount 25,000,000 25,000,000
2032    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 4.03% 4.03%
2033    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.90% 3.90%
2035    
Derivative [Line Items]    
Notional amount $ 30,000,000 $ 0
Weighted average fixed rate paid by the Company 3.79% 0.00%
v3.25.3
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair value of asset derivatives $ 359 $ 3,232
Fair value of liability derivatives 2,491 53
Interest rate swaps - intercompany deposits    
Derivative [Line Items]    
Fair value of asset derivatives 359 3,232
Fair value of liability derivatives 1,736 53
Interest rate swaps - third-party deposits (cash flow hedges)    
Derivative [Line Items]    
Fair value of asset derivatives 0 0
Fair value of liability derivatives $ 755 $ 0
v3.25.3
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 761 $ 1,640 $ 2,250 $ 5,046
Change in fair value $ (788) $ (13,165) $ (10,978) $ (3,668)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 761 $ 1,640 $ 2,250 $ 5,046
Derivative market value adjustments and derivative settlements, net - (expense) income (27) (11,525) (8,728) 1,378
Basis swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (147) (125) (429) (710)
Basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 156 159 463 773
Interest rate swaps - floor income hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (314) (9,393) (5,993) (2,165)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 438 1,200 1,293 3,583
Interest rate swaps - intercompany deposits        
Derivative Instruments, Gain (Loss) [Line Items]        
Change in fair value (327) (3,647) (4,556) (793)
Interest rate swaps - intercompany deposits | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 167 $ 281 $ 494 $ 690
v3.25.3
Investments and Notes Receivable - Schedule of Investments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 11, 2025
USD ($)
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Marketable Securities [Line Items]                
Amortized cost   $ 1,280,185       $ 1,280,185    
Fair value   1,282,067       1,282,067    
Equity securities and funds measured at net asset value   109,821       109,821   $ 74,494
Total investments at fair value   1,391,888       1,391,888   1,160,320
Fair value   201,041       201,041   210,774
Equity method   0       0    
Beneficial interest in securitizations   201,800       201,800   213,809
Notes receivable   33,376       33,376   32,258
Other investments and notes receivable, net   847,637       847,637   1,040,376
Total investments and notes receivable   2,239,525       $ 2,239,525   2,200,696
Debt covenant, percent of principle balance debt issue required before liquidation           0.33    
Equity securities realized gain   0   $ 4,783   $ 14,400 $ 11,353  
Less: losses attributable to noncontrolling members, net   (6,009)   (4,329)   (11,044) (8,398)  
Net loss attributable to the Company   106,684   2,388   370,703 120,886  
Venture capital, funds, and other:                
Marketable Securities [Line Items]                
Measurement alternative   230,319       230,319   200,782
Equity method   175,373       175,373   170,258
Other investments   405,692       405,692   371,040
Venture capital, funds, and other: | Unaffiliated Investee                
Marketable Securities [Line Items]                
Measurement alternative   31,700       31,700    
Proceeds from sale of investment redeemed $ 10,100              
Equity securities realized gain $ 7,800 22,400            
Venture capital, funds, and other: | Hudl                
Marketable Securities [Line Items]                
Measurement alternative   172,500       172,500    
Payments to acquire investments     $ 3,800          
Real estate equity method                
Marketable Securities [Line Items]                
Equity method   201,873       201,873   131,745
Partnership Interest                
Marketable Securities [Line Items]                
Equity method   0     $ 0 0   0
Other investments   0       0   225,614
Preferred membership interests and accrued and unpaid preferred return   0       0   225,614
Equity securities, realized loss         $ 10,700      
Consumer Loan                
Marketable Securities [Line Items]                
Beneficial interest in securitizations   140,742       140,742   142,764
Beneficial interest in securitization, allowance for credit losses   43,153       43,153   38,590
Loans corresponding to beneficial interest   1,070,000       1,070,000    
Beneficial interest in private education loan securitizations                
Marketable Securities [Line Items]                
Beneficial interest in securitizations   42,770       42,770   52,824
Beneficial interest in securitization, allowance for credit losses   4,970       4,970   901
Loans corresponding to beneficial interest   400,000       400,000    
Beneficial interest in federally insured loan securitizations                
Marketable Securities [Line Items]                
Beneficial interest in securitizations   18,288       18,288   18,221
Loans corresponding to beneficial interest   280,000       280,000    
Solar                
Marketable Securities [Line Items]                
Solar   (210,336)       (210,336)   (155,048)
Amount funded or committed to fund   306,100       306,100    
Amount funded or committed to fund by partners   307,500       307,500    
Tax credits by partners   337,200       337,200    
Carrying value   (210,300)       (210,300)    
Equity method investment attributable to parent   (109,800)       $ (109,800)    
Contractual term           5 years    
Losses from HLBV accounting (gross)   (10,884)   (11,238)   $ (19,963) (15,276)  
Gains from sales (gross)   0   0   8,033 4,208  
Losses from solar investments, net   (10,884)   (11,238)   (11,930) (11,068)  
Less: losses attributable to noncontrolling members, net   (5,659)   (3,936)   (9,863) (5,568)  
Net loss attributable to the Company   (5,225)   (7,302)   (2,067) (5,500)  
Solar | Third-Party Co-Investors                
Marketable Securities [Line Items]                
Tax credits by partners   295,700       295,700    
Tax liens, affordable housing, and other                
Marketable Securities [Line Items]                
Other investments   14,191       14,191   10,184
Preferred Partnership Interest                
Marketable Securities [Line Items]                
Equity securities realized gain       $ 4,800   14,400 $ 11,400  
FFELP loan                
Marketable Securities [Line Items]                
Amortized cost   92,175       92,175   188,386
Gross unrealized gains   3,716       3,716   5,804
Gross unrealized losses   (664)       (664)   (896)
Fair value   95,227       95,227   193,294
FFELP loan and other debt securities - restricted                
Marketable Securities [Line Items]                
Amortized cost   122,667       122,667   98,914
Gross unrealized gains   3,518       3,518   3,151
Gross unrealized losses   (200)       (200)   (78)
Fair value   125,985       125,985   101,987
Private education loan                
Marketable Securities [Line Items]                
Amortized cost   206,153       206,153   237,288
Gross unrealized gains   76       76   0
Gross unrealized losses   (13,591)       (13,591)   (18,118)
Fair value   192,638       192,638   219,170
Other debt securities                
Marketable Securities [Line Items]                
Amortized cost   77,564       77,564   32,552
Gross unrealized gains   2,387       2,387   2,500
Gross unrealized losses   (8)       (8)   0
Fair value   79,943       79,943   35,052
Total Non-Nelnet Bank                
Marketable Securities [Line Items]                
Amortized cost   498,559       498,559   557,140
Gross unrealized gains   9,697       9,697   11,455
Gross unrealized losses   (14,463)       (14,463)   (19,092)
Fair value   493,793       493,793   549,503
FFELP loan                
Marketable Securities [Line Items]                
Amortized cost   221,313       221,313   231,543
Gross unrealized gains   5,931       5,931   6,060
Gross unrealized losses   (595)       (595)   (270)
Fair value   226,649       226,649   237,333
Private education loan                
Marketable Securities [Line Items]                
Amortized cost   14,293       14,293   1,596
Gross unrealized gains   0       0   0
Gross unrealized losses   (2)       (2)   0
Fair value   14,291       14,291   1,596
Other debt securities                
Marketable Securities [Line Items]                
Amortized cost   546,020       546,020   296,944
Gross unrealized gains   2,594       2,594   1,775
Gross unrealized losses   (1,280)       (1,280)   (1,325)
Fair value   547,334       547,334   297,394
Total Nelnet Bank                
Marketable Securities [Line Items]                
Amortized cost   781,626       781,626   530,083
Gross unrealized gains   8,525       8,525   7,835
Gross unrealized losses   (1,877)       (1,877)   (1,595)
Fair value   788,274       788,274   536,323
Total available-for-sale asset-backed securities                
Marketable Securities [Line Items]                
Amortized cost   1,280,185       1,280,185   1,087,223
Gross unrealized gains   18,222       18,222   19,290
Gross unrealized losses   (16,340)       (16,340)   (20,687)
Fair value   1,282,067       1,282,067   1,085,826
FFELP loan                
Marketable Securities [Line Items]                
Fair value   201,041       201,041   203,439
Private education loan                
Marketable Securities [Line Items]                
Fair value   $ 0       $ 0   $ 7,335
v3.25.3
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 49,259  
Amortized cost, after 1 year through 5 years 59,747  
Amortized cost, after 5 years through 10 years 162,455  
Amortized cost, after 10 years 1,008,724  
Amortized cost 1,280,185  
Fair value    
Fair value, 1 year or less 49,005  
Fair value, after 1 year through 5 years 59,968  
Fair value, after 5 years through 10 years 163,098  
Fair value, after 10 years 1,009,996  
Total 1,282,067  
Held-to-maturity asset-backed securities    
Total 201,041 $ 210,774
Fair value    
Total 205,992  
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 201,800 213,809
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations 213,278  
FFELP loan and other debt securities - restricted    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 5,500  
Amortized cost, after 5 years through 10 years 17,599  
Amortized cost, after 10 years 99,568  
Amortized cost 122,667 98,914
Fair value    
Total 125,985 101,987
Total Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 13,495  
Amortized cost, after 5 years through 10 years 54,252  
Amortized cost, after 10 years 430,812  
Amortized cost 498,559 557,140
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 13,609  
Fair value, after 5 years through 10 years 54,416  
Fair value, after 10 years 425,768  
Total 493,793 549,503
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 205  
Amortized cost, after 5 years through 10 years 2,525  
Amortized cost, after 10 years 89,445  
Amortized cost 92,175 188,386
Fair value    
Total 95,227 193,294
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 206,153  
Amortized cost 206,153 237,288
Fair value    
Total 192,638 219,170
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 7,790  
Amortized cost, after 5 years through 10 years 34,128  
Amortized cost, after 10 years 35,646  
Amortized cost 77,564 32,552
Fair value    
Total 79,943 35,052
Total Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 49,259  
Amortized cost, after 1 year through 5 years 46,252  
Amortized cost, after 5 years through 10 years 108,203  
Amortized cost, after 10 years 577,912  
Amortized cost 781,626 530,083
Fair value    
Fair value, 1 year or less 49,005  
Fair value, after 1 year through 5 years 46,359  
Fair value, after 5 years through 10 years 108,682  
Fair value, after 10 years 584,228  
Total 788,274 536,323
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 49,259  
Amortized cost, after 1 year through 5 years 13,009  
Amortized cost, after 5 years through 10 years 21,618  
Amortized cost, after 10 years 137,427  
Amortized cost 221,313 231,543
Fair value    
Total 226,649 237,333
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 13,562  
Amortized cost, after 10 years 731  
Amortized cost 14,293 1,596
Fair value    
Total 14,291 1,596
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 33,243  
Amortized cost, after 5 years through 10 years 73,023  
Amortized cost, after 10 years 439,754  
Amortized cost 546,020 296,944
Fair value    
Total 547,334 297,394
FFELP loan    
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,546  
Amortized cost, after 5 years through 10 years 13,132  
Amortized cost, after 10 years 185,363  
Total 201,041 $ 203,439
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 2,582  
Fair value, after 5 years through 10 years 13,024  
Fair value, after 10 years 190,386  
Total $ 205,992  
v3.25.3
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, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Carrying value $ 201,041 $ 210,774
Gross unrealized gains 5,527  
Gross unrealized losses (576)  
Fair value 205,992  
Beneficial interest in loan securitizations, Carrying Value 201,800 $ 213,809
Gross unrealized gains 13,170  
Gross unrealized losses (1,692)  
Beneficial interest in loan securitizations $ 213,278  
v3.25.3
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Sep. 30, 2025
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,153,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (15,187,000)
Total, unrealized loss (16,340,000)
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 145,498,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 198,171,000
Total, fair value 343,669,000
Total Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (297,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (14,166,000)
Total, unrealized loss (14,463,000)
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 29,462,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 180,153,000
Total, fair value 209,615,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (179,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (485,000)
Total, unrealized loss (664,000)
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 8,352,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 22,383,000
Total, fair value 30,735,000
FFELP loan and other debt securities - restricted  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (110,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (90,000)
Total, unrealized loss (200,000)
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 13,072,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 4,991,000
Total, fair value 18,063,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (13,591,000)
Total, unrealized loss (13,591,000)
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 152,779,000
Total, fair value 152,779,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (8,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (8,000)
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 8,038,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 8,038,000
Total Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (856,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,021,000)
Total, unrealized loss (1,877,000)
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 116,036,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 18,018,000
Total, fair value 134,054,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (442,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (153,000)
Total, unrealized loss (595,000)
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 60,836,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 11,698,000
Total, fair value 72,534,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (2,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (2,000)
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 13,560,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 13,560,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (412,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (868,000)
Total, unrealized loss (1,280,000)
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 41,640,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 6,320,000
Total, fair value $ 47,960,000
v3.25.3
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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments [Abstract]        
Gross proceeds from sales $ 96,345 $ 105,628 $ 205,954 $ 372,176
Gross realized gains 1,145 1,791 2,701 4,362
Gross realized losses (291) (70) (770) (1,036)
Net gains $ 854 $ 1,721 $ 1,931 $ 3,326
v3.25.3
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 88 months  
Finite lived intangible assets $ 31,754 $ 36,328
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 89 months  
Finite lived intangible assets $ 30,702 34,960
Accumulated amortization $ 57,142 54,644
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 79 months  
Finite lived intangible assets $ 507 565
Accumulated amortization $ 263 205
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 19 months  
Finite lived intangible assets $ 545 803
Accumulated amortization $ 1,175 $ 917
v3.25.3
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 1.5 $ 2.1 $ 4.6 $ 6.4
v3.25.3
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2025 (October 1 - December 31) $ 1,525  
2026 6,012  
2027 5,714  
2028 5,354  
2029 4,008  
2030 and thereafter 9,141  
Finite lived intangible assets, net $ 31,754 $ 36,328
v3.25.3
Goodwill (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems | 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
v3.25.3
Impairment Expense and Provision for Beneficial Interests - Schedule of Impairment Charges by Asset and Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Investments - solar tax equity $ 5,761   $ 5,761  
Investments - beneficial interest in loan securitizations 2,145 $ 28,952 8,632 $ 34,863
Investments - venture capital   100 140 137
Impairment expense and provision for beneficial interests 9,145 29,052 21,024 36,865
Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     1,902  
Property and equipment / other assets - solar facilities and inventory       1,865
Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 1,145   1,145  
Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 94   3,444  
Operating Segments | Loan Servicing and Systems        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 0   0  
Investments - beneficial interest in loan securitizations 0 0 0 0
Investments - venture capital   0 0 0
Impairment expense and provision for beneficial interests 0 0 0 0
Operating Segments | Loan Servicing and Systems | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     0  
Property and equipment / other assets - solar facilities and inventory       0
Operating Segments | Loan Servicing and Systems | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Loan Servicing and Systems | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Education Technology Services and Payments        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 0   0  
Investments - beneficial interest in loan securitizations 0 0 0 0
Investments - venture capital   0 0 0
Impairment expense and provision for beneficial interests 1,145 0 1,145 0
Operating Segments | Education Technology Services and Payments | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     0  
Property and equipment / other assets - solar facilities and inventory       0
Operating Segments | Education Technology Services and Payments | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 1,145   1,145  
Operating Segments | Education Technology Services and Payments | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Asset Generation and Management        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 0   0  
Investments - beneficial interest in loan securitizations 2,145 28,952 8,632 34,863
Investments - venture capital   0 0 0
Impairment expense and provision for beneficial interests 2,145 28,952 8,632 34,863
Operating Segments | Asset Generation and Management | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     0  
Property and equipment / other assets - solar facilities and inventory       0
Operating Segments | Asset Generation and Management | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Asset Generation and Management | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Nelnet Bank        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 0   0  
Investments - beneficial interest in loan securitizations 0 0 0 0
Investments - venture capital   0 0 0
Impairment expense and provision for beneficial interests 0 0 0 0
Operating Segments | Nelnet Bank | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     0  
Property and equipment / other assets - solar facilities and inventory       0
Operating Segments | Nelnet Bank | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Operating Segments | Nelnet Bank | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
NFS Other Operating Segments        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 0   0  
Investments - beneficial interest in loan securitizations 0 0 0 0
Investments - venture capital   0 0 0
Impairment expense and provision for beneficial interests 0 0 81 0
NFS Other Operating Segments | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     0  
Property and equipment / other assets - solar facilities and inventory       0
NFS Other Operating Segments | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
NFS Other Operating Segments | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   81  
Corporate and Other Activities        
Segment Reporting Information [Line Items]        
Investments - solar tax equity 5,761   5,761  
Investments - beneficial interest in loan securitizations 0 0 0 0
Investments - venture capital   100 140 137
Impairment expense and provision for beneficial interests 5,855 $ 100 11,166 2,002
Corporate and Other Activities | Solar        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities     1,902  
Property and equipment / other assets - solar facilities and inventory       $ 1,865
Corporate and Other Activities | Property and equipment - internally developed software        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities 0   0  
Corporate and Other Activities | Leases, buildings, and associated improvements        
Segment Reporting Information [Line Items]        
Property and equipment - internally developed software/leases, buildings, and associated improvements /solar facilities $ 94   $ 3,363  
v3.25.3
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deposits [Abstract]    
Retail and other savings $ 1,180,088 $ 916,475
Brokered CDs, net of brokered deposit fees 275,844 247,872
Retail and other CDs, net of issuance fees 20,833 21,784
Total interest-bearing deposits $ 1,476,765 $ 1,186,131
v3.25.3
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 256,300 $ 68,500    
Restricted cash 394,074 $ 332,100 $ 344,366 $ 488,723
Deposits exceeding the FDIC insurance limits 44,000      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.25.3
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Deposits [Abstract]  
One year or less $ 149,058
After one year to two years 74,996
After two years to three years 349
After three years to four years 51,215
After four years to five years 0
After five years 21,059
Total $ 296,677
v3.25.3
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 106,684 $ 2,388 $ 370,703 $ 120,886
Net income attributable to Nelnet, Inc., diluted $ 106,684 $ 2,388 $ 370,703 $ 120,886
Weighted-average common shares outstanding - basic (in shares) 36,316,315 36,430,485 36,426,188 36,703,314
Weighted-average common shares outstanding - diluted (in shares) 36,316,315 36,430,485 36,426,188 36,703,314
Earnings per share - basic (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Earnings per share - diluted (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 104,750 $ 2,343 $ 363,914 $ 118,549
Net income attributable to Nelnet, Inc., diluted $ 104,750 $ 2,343 $ 363,914 $ 118,549
Weighted-average common shares outstanding - basic (in shares) 35,657,976 35,743,895 35,759,099 35,993,634
Weighted-average common shares outstanding - diluted (in shares) 35,657,976 35,743,895 35,759,099 35,993,634
Earnings per share - basic (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Earnings per share - diluted (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 1,934 $ 45 $ 6,789 $ 2,337
Net income attributable to Nelnet, Inc., diluted $ 1,934 $ 45 $ 6,789 $ 2,337
Weighted-average common shares outstanding - basic (in shares) 658,339 686,590 667,089 709,680
Weighted-average common shares outstanding - diluted (in shares) 658,339 686,590 667,089 709,680
Earnings per share - basic (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
Earnings per share - diluted (in dollars per share) $ 2.94 $ 0.07 $ 10.18 $ 3.29
v3.25.3
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jun. 04, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Interest income:            
Loan interest   $ 162,717 $ 190,211 $ 501,260 $ 609,064  
Investment interest   43,241 50,272 124,815 143,086  
Total interest income   205,958 240,483 626,075 752,150  
Interest expense   120,708 168,328 378,677 539,367  
Net interest income   85,250 72,155 247,398 212,783  
Less (negative provision) provision for loan losses   (3,563) 18,111 29,704 32,551  
Net interest income after provision for loan losses   88,813 54,044 217,694 180,232  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   35,730 15,706 82,401 33,807  
Loss on sale of loans, net   (2,472) (107) (1,562) (1,685)  
Gain on partial redemption of ALLO investment $ 175,000 0 0 175,044 0  
Derivative settlements, net   761 1,640 2,250 5,046  
Derivative market value adjustments, net   (788) (13,165) (10,978) (3,668)  
Total other income (expense), net   342,507 266,368 1,119,464 843,546  
Cost of services and expenses:            
Cost of services   59,991 72,284 173,239 183,613  
Operating Expenses            
Salaries and benefits   144,778 146,192 417,700 429,701  
Depreciation and amortization   7,327 13,661 24,206 45,572  
Reinsurance losses and underwriting expenses   19,962 16,761 67,836 39,066  
Postage expense   0 0 0 0  
Servicing fees   0 0 0 0  
Other expenses   53,669 44,685 153,200 138,820  
Intersegment expenses, net   0 0 0 0  
Total operating expenses   225,736 221,299 662,942 653,159  
Impairment expense and provision for beneficial interests   9,145 29,052 21,024 36,865  
Total expenses   294,872 322,635 857,205 873,637  
Income (loss) before income taxes   136,448 (2,223) 479,953 150,141  
Income tax (expense) benefit   (35,773) 282 (120,294) (37,653)  
Net income (loss)   100,675 (1,941) 359,659 112,488  
Net (income) loss attributable to noncontrolling interests   6,009 4,329 11,044 8,398  
Net income (loss) attributable to Nelnet, Inc.   106,684 2,388 370,703 120,886  
Total assets   13,876,682 14,084,128 13,876,682 14,084,128 $ 13,777,753
Operating Segments            
Interest income:            
Total interest income   198,712 232,330 602,796 724,239  
Interest expense   129,529 172,748 390,647 555,550  
Net interest income   69,183 59,582 212,149 168,689  
Less (negative provision) provision for loan losses   (3,563) 18,111 29,704 32,551  
Net interest income after provision for loan losses   72,746 41,471 182,445 136,138  
Other income (expense):            
Intersegment revenue   5,383 5,488 16,798 18,585  
Other, net   1,608 6,449 13,870 15,315  
Loss on sale of loans, net   (2,472) (107) (1,562) (1,685)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   761 1,640 2,250 5,046  
Derivative market value adjustments, net   (788) (13,165) (10,978) (3,668)  
Total other income (expense), net   284,865 226,659 807,731 756,648  
Cost of services and expenses:            
Cost of services   52,384 45,469 143,754 134,498  
Operating Expenses            
Salaries and benefits   117,943 122,066 344,702 358,148  
Depreciation and amortization   4,584 7,813 14,684 24,260  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense   8,735 8,467 25,861 28,350  
Servicing fees   7,525 7,296 23,029 25,214  
Other expenses   23,558 22,047 71,120 63,685  
Intersegment expenses, net   25,656 24,860 75,124 75,656  
Total operating expenses   188,001 192,549 554,520 575,313  
Impairment expense and provision for beneficial interests   3,290 28,952 9,777 34,863  
Total expenses   243,675 266,970 708,051 744,674  
Income (loss) before income taxes   113,936 1,160 282,125 148,112  
Income tax (expense) benefit   (27,361) (292) (67,704) (35,529)  
Net income (loss)   86,575 868 214,421 112,583  
Net (income) loss attributable to noncontrolling interests   (27) 54 (22) 101  
Net income (loss) attributable to Nelnet, Inc.   86,548 922 214,399 112,684  
Total assets   12,771,752 12,795,513 12,771,752 12,795,513  
Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Total interest income   531 894 1,875 4,046  
Interest expense   0 0 0 0  
Net interest income   531 894 1,875 4,046  
Less (negative provision) provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   531 894 1,875 4,046  
Other income (expense):            
Intersegment revenue   5,313 5,428 16,600 18,419  
Other, net   105 690 331 2,085  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   156,470 114,293 409,448 364,932  
Cost of services and expenses:            
Cost of services   2,021 196 5,500 392  
Operating Expenses            
Salaries and benefits   70,126 76,820 205,249 224,172  
Depreciation and amortization   1,725 4,854 6,199 15,304  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense   8,735 8,467 25,861 28,350  
Servicing fees    
Other expenses   10,862 11,000 32,793 31,119  
Intersegment expenses, net   17,262 18,399 50,980 55,955  
Total operating expenses   108,710 119,540 321,082 354,900  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   110,731 119,736 326,582 355,292  
Income (loss) before income taxes   46,270 (4,549) 84,741 13,686  
Income tax (expense) benefit   (11,105) 1,092 (20,338) (3,284)  
Net income (loss)   35,165 (3,457) 64,403 10,402  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   35,165 (3,457) 64,403 10,402  
Total assets   200,205 202,366 200,205 202,366  
Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Total interest income   8,564 9,734 20,921 23,315  
Interest expense   0 0 0 0  
Net interest income   8,564 9,734 20,921 23,315  
Less (negative provision) provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   8,564 9,734 20,921 23,315  
Other income (expense):            
Intersegment revenue   70 60 198 166  
Other, net   0 0 0 0  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   129,391 118,239 395,034 378,793  
Cost of services and expenses:            
Cost of services   50,363 45,273 138,254 134,106  
Operating Expenses            
Salaries and benefits   43,029 41,053 126,368 121,956  
Depreciation and amortization   2,504 2,616 7,439 8,012  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense    
Servicing fees    
Other expenses   9,537 7,614 28,489 23,772  
Intersegment expenses, net   6,420 4,604 18,297 14,216  
Total operating expenses   61,490 55,887 180,593 167,956  
Impairment expense and provision for beneficial interests   1,145 0 1,145 0  
Total expenses   112,998 101,160 319,992 302,062  
Income (loss) before income taxes   24,957 26,813 95,963 100,046  
Income tax (expense) benefit   (5,990) (6,450) (23,042) (24,035)  
Net income (loss)   18,967 20,363 72,921 76,011  
Net (income) loss attributable to noncontrolling interests   0 54 45 101  
Net income (loss) attributable to Nelnet, Inc.   18,967 20,417 72,966 76,112  
Total assets   525,704 556,897 525,704 556,897  
Operating Segments | Asset Generation and Management            
Interest income:            
Total interest income   158,035 199,541 495,214 638,420  
Interest expense   113,350 161,142 347,719 523,678  
Net interest income   44,685 38,399 147,495 114,742  
Less (negative provision) provision for loan losses   (7,374) 11,968 16,770 14,199  
Net interest income after provision for loan losses   52,059 26,431 130,725 100,543  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   195 4,918 11,697 11,239  
Loss on sale of loans, net   (2,472) (107) (1,562) (1,685)  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   594 1,359 1,756 4,356  
Derivative market value adjustments, net   (461) (9,518) (6,422) (2,875)  
Total other income (expense), net   (2,144) (3,348) 5,469 11,035  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   1,971 1,220 4,661 3,529  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense    
Servicing fees   6,687 7,011 20,700 24,503  
Other expenses   1,243 970 4,595 3,217  
Intersegment expenses, net   1,248 1,276 3,758 3,756  
Total operating expenses   11,149 10,477 33,714 35,005  
Impairment expense and provision for beneficial interests   2,145 28,952 8,632 34,863  
Total expenses   13,294 39,429 42,346 69,868  
Income (loss) before income taxes   36,621 (16,346) 93,848 41,710  
Income tax (expense) benefit   (8,783) 3,923 (22,508) (10,010)  
Net income (loss)   27,838 (12,423) 71,340 31,700  
Net (income) loss attributable to noncontrolling interests   (27) 0 (67) 0  
Net income (loss) attributable to Nelnet, Inc.   27,811 (12,423) 71,273 31,700  
Total assets   10,042,521 10,707,442 10,042,521 10,707,442  
Operating Segments | Nelnet Bank            
Interest income:            
Total interest income   31,582 22,161 84,786 58,458  
Interest expense   16,179 11,606 42,928 31,872  
Net interest income   15,403 10,555 41,858 26,586  
Less (negative provision) provision for loan losses   3,811 6,143 12,934 18,352  
Net interest income after provision for loan losses   11,592 4,412 28,924 8,234  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   1,308 841 1,842 1,991  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   167 281 494 690  
Derivative market value adjustments, net   (327) (3,647) (4,556) (793)  
Total other income (expense), net   1,148 (2,525) (2,220) 1,888  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   2,817 2,973 8,424 8,491  
Depreciation and amortization   355 343 1,046 944  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense    
Servicing fees   838 285 2,329 711  
Other expenses   1,916 2,463 5,243 5,577  
Intersegment expenses, net   726 581 2,089 1,729  
Total operating expenses   6,652 6,645 19,131 17,452  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   6,652 6,645 19,131 17,452  
Income (loss) before income taxes   6,088 (4,758) 7,573 (7,330)  
Income tax (expense) benefit   (1,483) 1,143 (1,816) 1,800  
Net income (loss)   4,605 (3,615) 5,757 (5,530)  
Net (income) loss attributable to noncontrolling interests   0 0 0 0  
Net income (loss) attributable to Nelnet, Inc.   4,605 (3,615) 5,757 (5,530)  
Total assets   2,003,322 1,328,808 2,003,322 1,328,808  
NFS Other Operating Segments            
Interest income:            
Total interest income   14,985 12,415 32,676 43,910  
Interest expense   1,359 2,245 3,558 7,268  
Net interest income   13,626 10,170 29,118 36,642  
Less (negative provision) provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   13,626 10,170 29,118 36,642  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   5,674 5,751 12,050 6,763  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   28,839 22,370 86,014 51,013  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   668 398 1,685 1,129  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   19,962 16,761 67,836 39,066  
Postage expense    
Servicing fees    
Other expenses   1,103 1,143 4,080 2,470  
Intersegment expenses, net   289 200 854 665  
Total operating expenses   22,022 18,502 74,455 43,330  
Impairment expense and provision for beneficial interests   0 0 81 0  
Total expenses   22,022 18,502 74,536 43,330  
Income (loss) before income taxes   20,443 14,038 40,596 44,325  
Income tax (expense) benefit   (4,866) (3,341) (9,645) (10,550)  
Net income (loss)   15,577 10,697 30,951 33,775  
Net (income) loss attributable to noncontrolling interests   (169) (117) (407) (366)  
Net income (loss) attributable to Nelnet, Inc.   15,408 10,580 30,544 33,409  
Total assets   1,330,228 1,020,732 1,330,228 1,020,732  
Corporate and Other Activities            
Interest income:            
Total interest income   3,134 3,105 8,107 9,566  
Interest expense   692 704 1,976 2,114  
Net interest income   2,442 2,401 6,131 7,452  
Less (negative provision) provision for loan losses   0 0 0 0  
Net interest income after provision for loan losses   2,442 2,401 6,131 7,452  
Other income (expense):            
Intersegment revenue   0 0 0 0  
Other, net   28,336 3,506 56,176 11,730  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 175,044 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   34,074 22,827 242,212 54,471  
Cost of services and expenses:            
Cost of services   7,607 26,815 29,485 49,115  
Operating Expenses            
Salaries and benefits   26,193 23,852 71,472 72,159  
Depreciation and amortization   2,743 5,848 9,522 21,312  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense    
Servicing fees    
Other expenses   17,901 11,116 45,183 37,359  
Intersegment expenses, net   (25,741) (25,080) (75,413) (77,729)  
Total operating expenses   21,096 15,736 50,764 53,101  
Impairment expense and provision for beneficial interests   5,855 100 11,166 2,002  
Total expenses   34,558 42,651 91,415 104,218  
Income (loss) before income taxes   1,958 (17,423) 156,928 (42,295)  
Income tax (expense) benefit   (3,547) 3,915 (42,945) 8,426  
Net income (loss)   (1,589) (13,508) 113,983 (33,869)  
Net (income) loss attributable to noncontrolling interests   6,317 4,392 11,777 8,663  
Net income (loss) attributable to Nelnet, Inc.   4,728 (9,116) 125,760 (25,206)  
Total assets   671,263 763,310 671,263 763,310  
Eliminations/ Reclassifications            
Interest income:            
Total interest income   (10,872) (7,368) (17,504) (25,565)  
Interest expense   (10,872) (7,368) (17,504) (25,565)  
Net interest income   0 0 0 0  
Less (negative provision) 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   (5,383) (5,488) (16,798) (18,585)  
Other, net   112 0 304 0  
Loss on sale of loans, net   0 0 0 0  
Gain on partial redemption of ALLO investment   0 0 0 0  
Derivative settlements, net   0 0 0 0  
Derivative market value adjustments, net   0 0 0 0  
Total other income (expense), net   (5,271) (5,488) (16,494) (18,585)  
Cost of services and expenses:            
Cost of services   0 0 0 0  
Operating Expenses            
Salaries and benefits   (26) (124) (160) (1,735)  
Depreciation and amortization   0 0 0 0  
Reinsurance losses and underwriting expenses   0 0 0 0  
Postage expense   (8,735) (8,467) (25,861) (28,350)  
Servicing fees   (7,525) (7,296) (23,029) (25,214)  
Other expenses   11,107 10,379 32,817 35,306  
Intersegment expenses, net   (204) 20 (565) 1,408  
Total operating expenses   (5,383) (5,488) (16,798) (18,585)  
Impairment expense and provision for beneficial interests   0 0 0 0  
Total expenses   (5,383) (5,488) (16,798) (18,585)  
Income (loss) before income taxes   112 0 304 0  
Income tax (expense) benefit   0 0 0 0  
Net income (loss)   112 0 304 0  
Net (income) loss attributable to noncontrolling interests   (112) 0 (304) 0  
Net income (loss) attributable to Nelnet, Inc.   0 0 0 0  
Total assets   (896,561) (495,427) (896,561) (495,427)  
Loan interest            
Interest income:            
Loan interest   162,717 190,211 501,260 609,064  
Loan interest | Operating Segments            
Interest income:            
Loan interest   162,717 190,210 501,260 609,064  
Loan interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Operating Segments | Asset Generation and Management            
Interest income:            
Loan interest   145,984 180,571 457,752 583,907  
Loan interest | Operating Segments | Nelnet Bank            
Interest income:            
Loan interest   16,733 9,639 43,508 25,157  
Loan interest | NFS Other Operating Segments            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Corporate and Other Activities            
Interest income:            
Loan interest   0 0 0 0  
Loan interest | Eliminations/ Reclassifications            
Interest income:            
Loan interest   0 0 0 0  
Investment interest            
Interest income:            
Investment interest   43,241 50,272 124,815 143,086  
Investment interest | Operating Segments            
Interest income:            
Investment interest   35,995 42,120 101,536 115,175  
Investment interest | Operating Segments | Loan Servicing and Systems (LSS)            
Interest income:            
Investment interest   531 894 1,875 4,046  
Investment interest | Operating Segments | Education Technology Services and Payments (ETSP)            
Interest income:            
Investment interest   8,564 9,734 20,921 23,315  
Investment interest | Operating Segments | Asset Generation and Management            
Interest income:            
Investment interest   12,051 18,970 37,462 54,513  
Investment interest | Operating Segments | Nelnet Bank            
Interest income:            
Investment interest   14,849 12,522 41,278 33,301  
Investment interest | NFS Other Operating Segments            
Interest income:            
Investment interest   14,985 12,415 32,676 43,910  
Investment interest | Corporate and Other Activities            
Interest income:            
Investment interest   3,134 3,105 8,107 9,566  
Investment interest | Eliminations/ Reclassifications            
Interest income:            
Investment interest   (10,872) (7,368) (17,504) (25,565)  
Loan servicing and systems revenue            
Other income (expense):            
Revenue   151,052 108,175 392,517 344,428  
Cost of services and expenses:            
Cost of services   2,021 196 5,500 392  
Loan servicing and systems revenue | Operating Segments            
Other income (expense):            
Revenue   151,052 108,175 392,517 344,428  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   151,052 108,175 392,517 344,428  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Loan servicing and systems revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue            
Other income (expense):            
Revenue   129,321 118,179 394,836 378,627  
Cost of services and expenses:            
Cost of services   50,363 45,273 138,254 134,106  
Education technology services and payments revenue | Operating Segments            
Other income (expense):            
Revenue   129,321 118,179 394,836 378,627  
Education technology services and payments revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   129,321 118,179 394,836 378,627  
Education technology services and payments revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Education technology services and payments revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned            
Other income (expense):            
Revenue   23,165 16,619 73,964 44,250  
Reinsurance premiums earned | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | NFS Other Operating Segments            
Other income (expense):            
Revenue   23,165 16,619 73,964 44,250  
Reinsurance premiums earned | Corporate and Other Activities            
Other income (expense):            
Revenue   0 0 0 0  
Reinsurance premiums earned | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue            
Other income (expense):            
Revenue   5,738 19,321 10,992 42,741  
Cost of services and expenses:            
Cost of services   7,607 26,815 29,485 49,115  
Solar construction revenue | Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems (LSS)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments (ETSP)            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | NFS Other Operating Segments            
Other income (expense):            
Revenue   0 0 0 0  
Solar construction revenue | Corporate and Other Activities            
Other income (expense):            
Revenue   5,738 19,321 10,992 42,741  
Solar construction revenue | Eliminations/ Reclassifications            
Other income (expense):            
Revenue   $ 0 $ 0 $ 0 $ 0  
v3.25.3
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 151,052 $ 108,175 $ 392,517 $ 344,428
Government loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 112,798 85,215 285,896 277,705
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 24,293 13,057 69,721 38,634
FFELP loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 2,035 2,945 6,909 9,570
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 10,584 5,197 27,027 14,617
Outsourced services        
Disaggregation of Revenue [Line Items]        
Revenue 1,342 1,761 2,964 3,902
Education technology services and payments revenue        
Disaggregation of Revenue [Line Items]        
Revenue 129,321 118,179 394,836 378,627
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 32,971 31,659 109,057 104,702
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 59,484 55,813 148,535 137,926
Education technology services        
Disaggregation of Revenue [Line Items]        
Revenue 36,323 30,080 136,499 133,306
Other        
Disaggregation of Revenue [Line Items]        
Revenue 543 627 745 2,693
Government Loan Servicing        
Disaggregation of Revenue [Line Items]        
Revenue 112,800 $ 85,200 $ 285,900 $ 277,700
Recognition of non-recurring revenue $ 32,900      
v3.25.3
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Investment activity, net $ 42,317 $ 8,529 $ 56,216 $ 7,447
Administration/sponsor fee income $ 2,267 $ 1,420 $ 4,978 $ 4,448
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net Other, net Other, net Other, net
Borrower late fee income $ 1,817 $ 1,741 $ 5,046 $ 7,460
ALLO preferred return 0 4,783 14,400 11,353
(Loss) gain on debt repurchases (8,304) 7 (7,865) (2)
Other 6,507 9,070 16,569 20,435
Other, net 35,730 15,706 82,401 33,807
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
(Loss) gain from investments, net 0 0 0 (10,693)
Solar        
Disaggregation of Revenue [Line Items]        
(Loss) gain from investments, net (10,884) (11,238) (11,930) (11,068)
Investment advisory services (WRCM)        
Disaggregation of Revenue [Line Items]        
Investment advisory services (WRCM) $ 2,010 $ 1,394 $ 4,987 $ 4,427
v3.25.3
Reinsurance - Schedule Of Reinsurance Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Premiums written:        
Assumed $ 51,244 $ 43,395 $ 147,178 $ 115,546
Ceded (19,709) (21,558) (53,678) (57,552)
Net premiums written 31,535 21,837 93,500 57,994
Premiums earned:        
Assumed 42,178 33,585 133,981 88,978
Ceded (19,013) (16,966) (60,017) (44,728)
Net premiums earned 23,165 16,619 73,964 44,250
Loss reserve, commissions, and broker fees:        
Assumed 37,490 33,195 125,231 77,712
Ceded (17,528) (16,434) (57,395) (38,646)
Reinsurance losses and underwriting expenses $ 19,962 $ 16,761 $ 67,836 $ 39,066
v3.25.3
Reinsurance - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Insurance [Abstract]    
Loss reserve balance $ 63.5 $ 33.1
v3.25.3
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended 9 Months Ended
Apr. 24, 2023
extension
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Concentration Risk [Line Items]          
Revenue | $   $ 112.8 $ 85.2 $ 285.9 $ 277.7
Contract with customer, contract term 5 years        
Contract with customer, option to extend, option one, number of extensions 2        
Contract with customer, option to extend, option one, extension period 2 years        
Contract with customer, option to extend, option two, number of extensions 1        
Contract with customer, option to extend, option two, extension period 1 year        
v3.25.3
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Total investments $ 1,391,888 $ 1,160,320
Derivative instruments $ 359 $ 3,232
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Total assets $ 1,392,247 $ 1,163,552
Liabilities:    
Derivative instruments $ 2,491 $ 53
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Total liabilities $ 2,491 $ 53
Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,282,067 1,085,826
Equity securities    
Assets:    
Total investments 23,731 455
Equity securities measured at net asset value    
Assets:    
Total investments 86,090 74,039
Level 1    
Assets:    
Total investments 23,831 555
Derivative instruments 0 0
Total assets 23,831 555
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 100 100
Level 1 | Equity securities    
Assets:    
Total investments 23,731 455
Level 2    
Assets:    
Total investments 1,281,967 1,085,726
Derivative instruments 359 3,232
Total assets 1,282,326 1,088,958
Liabilities:    
Derivative instruments 2,491 53
Total liabilities 2,491 53
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,281,967 1,085,726
Level 2 | Equity securities    
Assets:    
Total investments $ 0 $ 0
v3.25.3
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Financial assets:        
Loans receivable $ 10,227,261 $ 9,992,744    
Accrued loan interest receivable 558,912 549,283    
Cash and cash equivalents 216,425 194,518 $ 219,684 $ 168,112
Investments - held-to-maturity asset-backed securities 205,992      
Beneficial interest in loan securitizations 213,278      
Restricted cash – due to customers 156,297 404,402 $ 334,968 $ 368,656
Financial liabilities:        
Accrued interest payable 19,039 21,046    
Bank deposits 1,476,765 1,186,131    
Due to customers 442,735 478,469    
Fair value        
Financial assets:        
Loans receivable 10,120,177 10,008,165    
Accrued loan interest receivable 558,912 549,283    
Cash and cash equivalents 216,425 194,518    
Investments at fair value 1,391,888 1,160,320    
Investments - held-to-maturity asset-backed securities 205,992 216,164    
Notes receivable 33,376 32,258    
Beneficial interest in loan securitizations 213,278 229,510    
Restricted cash 394,074 332,100    
Restricted cash – due to customers 156,297 404,402    
Derivative instruments 359 3,232    
Financial liabilities:        
Bonds and notes payable 7,846,287 8,343,565    
Accrued interest payable 19,039 21,046    
Bank deposits 1,469,701 1,172,707    
Due to customers 442,735 478,469    
Derivative instruments 2,491 53    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 216,425 194,518    
Investments at fair value 23,831 555    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 394,074 332,100    
Restricted cash – due to customers 156,297 404,402    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 1,007,606 744,721    
Due to customers 442,735 478,469    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 558,912 549,283    
Cash and cash equivalents 0 0    
Investments at fair value 1,281,967 1,085,726    
Investments - held-to-maturity asset-backed securities 205,992 216,164    
Notes receivable 33,376 32,258    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash – due to customers 0 0    
Derivative instruments 359 3,232    
Financial liabilities:        
Bonds and notes payable 7,846,287 8,343,565    
Accrued interest payable 19,039 21,046    
Bank deposits 462,095 427,986    
Due to customers 0 0    
Derivative instruments 2,491 53    
Fair value | Level 3        
Financial assets:        
Loans receivable 10,120,177 10,008,165    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments at fair value 0 0    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 213,278 229,510    
Restricted cash 0 0    
Restricted cash – due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 9,668,349 9,443,461    
Accrued loan interest receivable 558,912 549,283    
Cash and cash equivalents 216,425 194,518    
Investments at fair value 1,391,888 1,160,320    
Investments - held-to-maturity asset-backed securities 201,041 210,774    
Notes receivable 33,376 32,258    
Beneficial interest in loan securitizations 201,800 213,809    
Restricted cash 394,074 332,100    
Restricted cash – due to customers 156,297 404,402    
Derivative instruments 359 3,232    
Financial liabilities:        
Bonds and notes payable 7,822,531 8,309,797    
Accrued interest payable 19,039 21,046    
Bank deposits 1,476,765 1,186,131    
Due to customers 442,735 478,469    
Derivative instruments $ 2,491 $ 53    
v3.25.3
Subsequent Event (Details) - Finastra - Subsequent Event
borrower in Millions, $ in Millions
Oct. 23, 2025
USD ($)
borrower
Subsequent Event [Line Items]  
Aggregate purchase price in cash | $ $ 93
Number of borrowers | borrower 2.4