NELNET INC, 10-Q filed on 5/9/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,703,894
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,663,088
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Loans and accrued interest receivable $ 11,829,078 $ 13,108,204
Cash and cash equivalents:    
Cash and cash equivalents 179,682 168,112
Investments and notes receivable (including investments at fair value of $1,037,637 and $988,841, respectively) 1,921,691 1,870,968
Restricted cash 618,363 488,723
Restricted cash - due to customers 142,778 368,656
Restricted investments 36,076 17,969
Accounts receivable (net of allowance for doubtful accounts of $4,248 and $4,304, respectively) 134,647 196,200
Goodwill 158,029 158,029
Intangible assets, net 42,670 44,819
Property and equipment, net 149,249 127,008
Other assets 186,399 187,957
Total assets 15,398,662 16,736,645
Liabilities:    
Bonds and notes payable 10,582,513 11,828,393
Accrued interest payable 31,983 35,391
Bank deposits 802,061 743,599
Other liabilities 449,568 481,840
Due to customers 274,757 425,507
Total liabilities 12,140,882 13,514,730
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 1,101 3,096
Retained earnings 3,312,869 3,279,273
Accumulated other comprehensive loss, net (8,476) (20,119)
Total Nelnet, Inc. shareholders' equity 3,305,862 3,262,621
Noncontrolling interests (48,082) (40,706)
Total equity 3,257,780 3,221,915
Total liabilities and equity 15,398,662 16,736,645
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 39,407 34,912
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents 140,275 133,200
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 11,293,401 12,676,932
Cash and cash equivalents:    
Restricted cash 587,980 451,932
Liabilities:    
Bonds and notes payable 10,841,316 12,006,170
Common stock:    
Accrued interest payable and other liabilities (121,130) (135,748)
Net assets of consolidated education and other lending variable interest entities 918,935 986,946
Class A    
Common stock:    
Common stock 261 264
Class B    
Common stock:    
Common stock $ 107 $ 107
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Allowance for loan losses $ 106,008 $ 104,643
Investments at fair value 1,037,637 988,841
Allowance for doubtful accounts $ 4,248 $ 4,304
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 26,055,314 26,400,630
Common stock, outstanding (in shares) 26,055,314 26,400,630
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,663,088 10,663,088
Common stock, outstanding (in shares) 10,663,088 10,663,088
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loan interest $ 216,724 $ 225,243
Investment interest 52,078 40,725
Total interest income 268,802 265,968
Interest expense on bonds and notes payable and bank deposits 194,580 199,449
Net interest income 74,222 66,519
Less provision for loan losses 10,928 34,275
Net interest income after provision for loan losses 63,294 32,244
Other income (expense):    
Other, net 17,015 (14,071)
(Loss) gain on sale of loans, net (41) 11,812
Derivative market value adjustments and derivative settlements, net 9,721 (14,074)
Total other income (expense), net 311,161 265,148
Cost of services:    
Cost of services 62,839 56,003
Operating expenses:    
Salaries and benefits 143,875 152,710
Depreciation and amortization 16,769 16,627
Other expenses 56,845 40,785
Total operating expenses 217,489 210,122
Income before income taxes 94,127 31,267
Income tax expense 23,119 8,250
Net income 71,008 23,017
Net loss attributable to noncontrolling interests 2,202 3,470
Net income attributable to Nelnet, Inc. $ 73,210 $ 26,487
Earnings per common share:    
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 1.97 $ 0.71
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 1.97 $ 0.71
Weighted-average common shares outstanding - basic (in shares) 37,156,971 37,344,604
Weighted-average common shares outstanding - diluted (in shares) 37,156,971 37,344,604
Loan servicing and systems    
Other income (expense):    
Revenue $ 127,201 $ 139,227
Education technology services and payments revenue    
Other income (expense):    
Revenue 143,539 133,603
Cost of services:    
Cost of services 48,610 47,704
Solar construction    
Other income (expense):    
Revenue 13,726 8,651
Cost of services:    
Cost of services $ 14,229 $ 8,299
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 71,008 $ 23,017
Other comprehensive income:    
Net changes related to foreign currency translation adjustments 5 (3)
Net changes related to available-for-sale debt securities:    
Unrealized holding gains arising during period, net of losses 16,761 8,651
Reclassification of (gains) losses recognized in net income, net (552) 4,982
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 71 0
Income tax effect (3,907) (3,272)
Unrealized gains (losses) during period after reclassifications and tax 12,373 10,361
Net changes related to equity method investee's other comprehensive income:    
(Loss) gain on cash flow hedge (967) 2
Income tax effect 232 0
Net changes related to equity method investee's other comprehensive, after income tax effect (735) 2
Other comprehensive income 11,643 10,360
Comprehensive income 82,651 33,377
Comprehensive loss attributable to noncontrolling interests 2,202 3,470
Comprehensive income attributable to Nelnet, Inc. $ 84,853 $ 36,847
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022   0 26,461,651 10,668,460        
Beginning balance at Dec. 31, 2022 $ 3,199,902 $ 0 $ 265 $ 107 $ 1,109 $ 3,234,844 $ (37,366) $ 943
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 1,201             1,201
Net income (loss) 23,017         26,487   (3,470)
Other comprehensive income (loss) 10,360           10,360  
Distribution to noncontrolling interests (5,028)             (5,028)
Cash dividend on Class A and Class B common stock (9,654)         (9,654)    
Issuance of common stock, net of forfeitures (in shares)     198,524          
Issuance of common stock, net of forfeitures 3,064   $ 1   3,063      
Compensation expense for stock based awards 3,769       3,769      
Repurchase of common stock (in shares)     (36,513)          
Repurchase of common stock (3,302)       (3,302)      
Ending balance (in shares) at Mar. 31, 2023   0 26,623,662 10,668,460        
Ending balance at Mar. 31, 2023 3,223,329 $ 0 $ 266 $ 107 4,639 3,251,677 (27,006) (6,354)
Beginning balance (in shares) at Dec. 31, 2023   0 26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 3,221,915 $ 0 $ 264 $ 107 3,096 3,279,273 (20,119) (40,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 1,532             1,532
Net income (loss) 71,008         73,210   (2,202)
Other comprehensive income (loss) 11,643           11,643  
Distribution to noncontrolling interests (6,706)             (6,706)
Cash dividend on Class A and Class B common stock (10,370)         (10,370)    
Issuance of common stock, net of forfeitures (in shares)     51,408          
Issuance of common stock, net of forfeitures 1,127   $ 1   1,126      
Compensation expense for stock based awards 3,100       3,100      
Repurchase of common stock (in shares)     (396,724)          
Repurchase of common stock (35,469)   $ (4)   (6,221) (29,244)    
Ending balance (in shares) at Mar. 31, 2024   0 26,055,314 10,663,088        
Ending balance at Mar. 31, 2024 $ 3,257,780 $ 0 $ 261 $ 107 $ 1,101 $ 3,312,869 $ (8,476) $ (48,082)
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Common Class A    
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26
Common Class B    
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.26
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 73,210 $ 26,487
Net loss attributable to noncontrolling interests (2,202) (3,470)
Net income 71,008 23,017
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 33,957 34,211
Loan discount accretion (7,433) (7,676)
Provision for loan losses 10,928 34,275
Derivative market value adjustments (7,964) 37,411
Proceeds from termination of derivative instruments 0 164,079
Proceeds from (payments to) clearinghouse - initial and variation margin, net 4,054 (210,284)
Loss (gain) on sale of loans, net 41 (11,812)
Loss on investments, net of gains 8,348 24,344
Deferred income tax benefit (2,234) (13,750)
Non-cash compensation expense 3,166 3,838
Decrease in loan and investment accrued interest receivable 79,841 16,630
Decrease in accounts receivable 61,494 43,675
Decrease (increase) in other assets, net 10,443 (9,955)
Decrease in the carrying amount of ROU asset, net 953 1,251
Decrease in accrued interest payable (3,408) (1,675)
Decrease in other liabilities (50,218) (3,729)
Decrease in the carrying amount of lease liability (1,025) (1,275)
Other (36) 270
Net cash provided by operating activities 211,915 122,845
Cash flows from investing activities:    
Purchases and originations of loans (157,047) (289,177)
Net proceeds from loan repayments, claims, and capitalized interest 1,147,413 684,962
Proceeds from sale of loans 199,963 157,444
Purchases of available-for-sale securities (163,610) (242,370)
Purchases of restricted available-for-sale securities (18,287) 0
Proceeds from sales of available-for-sale securities 153,033 492,173
Proceeds from sales of restricted available-for-sale securities 340 0
Proceeds from beneficial interest in loan securitizations 5,875 4,725
Purchases of other investments and issuance of notes receivable (70,975) (70,509)
Proceeds from other investments and repayments of notes receivable 10,820 11,114
Redemption of held-to-maturity debt securities 1,779 0
Purchases of property and equipment (23,225) (24,430)
Net cash provided by investing activities 1,086,079 723,932
Cash flows from financing activities:    
Payments on bonds and notes payable (1,276,160) (1,415,424)
Proceeds from issuance of bonds and notes payable 18,108 204,884
Payments of debt issuance costs (31) (169)
Increase (decrease) in bank deposits, net 58,462 (15,555)
Decrease in due to customers (150,712) (67,642)
Dividends paid (10,370) (9,654)
Repurchases of common stock (35,469) (3,302)
Proceeds from issuance of common stock 374 395
Issuance of noncontrolling interests 14,098 1,201
Distribution to noncontrolling interests (799) (993)
Net cash used in financing activities (1,382,499) (1,306,259)
Effect of exchange rate changes on cash and restricted cash (163) (91)
Net decrease in cash, cash equivalents, and restricted cash (84,668) (459,573)
Cash, cash equivalents, and restricted cash, beginning of period 1,025,491 1,357,616
Cash, cash equivalents, and restricted cash, end of period 940,823 898,043
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 185,784 189,795
Cash disbursements made for income taxes, net of refunds and credits received [1] 791 961
Cash disbursements made for operating leases 1,258 1,705
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 48 15,545
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 0 34,540
Receipt of asset-backed investment securities as consideration from sale of loans 0 58,182
Distribution to noncontrolling interests 5,907 4,035
Issuance of noncontrolling interests $ 12,566 $ 0
[1] The Company utilized $8.6 million and $5.7 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2024 and 2023, respectively.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Mar. 31, 2023
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 8,600 $ 5,700
Cash and cash equivalents:    
Total cash and cash equivalents 179,682 187,574
Restricted cash 618,363 576,267
Restricted cash - due to customers 142,778 134,202
Cash, cash equivalents, and restricted cash $ 940,823 $ 898,043
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Basis of Financial Reporting
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report").
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Loans and Accrued Interest Receivable and Allowance for Loan Losses
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,546,852 2,936,174 
Consolidation7,836,200 8,750,033 
Total10,383,052 11,686,207 
Private education loans261,582 277,320 
Consumer and other loans155,308 85,935 
Non-Nelnet Bank loans10,799,942 12,049,462 
Nelnet Bank:
Private education loans364,766 360,520 
Consumer and other loans118,957 72,352 
Nelnet Bank loans483,723 432,872 
Accrued interest receivable684,095 764,385 
Loan discount, net of unamortized loan premiums and deferred origination costs(32,674)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(61,723)(68,453)
Private education loans(14,736)(15,750)
Consumer and other loans(18,761)(11,742)
Non-Nelnet Bank allowance for loan losses(95,220)(95,945)
Nelnet Bank:
Private education loans(3,660)(3,347)
Consumer and other loans(7,128)(5,351)
Nelnet Bank allowance for loan losses(10,788)(8,698)
 $11,829,078 13,108,204 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
March 31, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.59 %
Private education loans5.63 %5.68 %
Consumer and other loans12.08 %13.66 %
Nelnet Bank:
Private education loans1.00 %0.93 %
Consumer and other loans5.99 %7.40 %
(a)    As of March 31, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 21.7% and 21.8%, respectively.
Loan Sales
The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2024 and 2023.
Loans sold
(par value)		Gain (loss)Loan typeResidual interest received in securitization
Three months ended March 31, 2024
March 27$199,694 — FFELP— 
March 28405 (41)Home equity— 
$200,099 (41)
Three months ended March 31, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,132 8,966 Consumer24.6 (a)
March 22145 (63)Home equity— 
$261,902 11,812 
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesLoan salesBalance at end of period
Three months ended March 31, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (1,870)(4,860)— — 61,723 
Private education loans15,750 (265)(1,013)264 — 14,736 
Consumer and other loans11,742 8,690 (1,957)381 (95)18,761 
Nelnet Bank:
Private education loans3,347 757 (446)2 — 3,660 
Consumer and other loans5,351 3,717 (1,967)27 — 7,128 
$104,643 11,029 (10,243)674 (95)106,008 
Three months ended March 31, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (6,673)— — 79,331 
Private education loans15,411 240 (640)164 — 15,175 
Consumer and other loans30,263 29,207 (2,267)220 (22,106)35,317 
Nelnet Bank:
Federally insured loans170 (9)(1)— — 160 
Private education loans2,390 614 (110)— — 2,894 
Consumer and other loans— 1,827 — — — 1,827 
$131,827 34,290 (9,691)384 (22,106)134,704 
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 March 31,
20242023
Non-Nelnet Bank:
Federally insured loans0.17 %0.20 %
Private education loans1.12 %0.78 %
Consumer and other loans5.73 %2.59 %
Nelnet Bank:
Federally insured loans— 0.01 %
Private education loans0.49 %0.13 %
Consumer and other loans8.01 %— 
The Company recorded a negative provision for loan losses for the three months ended March 31, 2024 for its Non-Nelnet Bank federally insured and private education loan portfolios primarily due to the amortization of these portfolios. The primary item impacting provision for loan losses for Non-Nelnet Bank consumer loans and Nelnet Bank's loan portfolios for the three months ended March 31, 2024 was the establishment of an initial allowance for loans originated and acquired during the period.
The Company recorded a provision for loan losses for the three months ended March 31, 2023 due to (i) management's estimate of declining economic conditions as of March 31, 2023 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2022; and (ii) the establishment of an initial allowance for loans originated and acquired during the period. These amounts were partially offset by the amortization of the federally insured loan portfolio.
Unfunded Loan Commitments
As of March 31, 2024 and December 31, 2023, Nelnet Bank had a liability of approximately $57,000 and $158,000, respectively, related to $9.1 million and $12.3 million, respectively, of unfunded private education, consumer, and other loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the three months ended March 31, 2024 and 2023, Nelnet Bank recognized negative provision for loan losses of approximately $101,000 and $15,000, respectively, related to unfunded loan commitments.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The following table presents the Company’s loan status and delinquency amounts.
As of March 31, 2024As of December 31, 2023As of March 31, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $490,402 4.7 % $522,304 4.5 % $641,914 5.0 %
Loans in forbearance 777,141 7.5  979,588 8.4  984,738 7.6 
Loans in repayment status:  
Loans current7,691,650 84.4 %8,416,624 82.6 %9,859,751 87.2 %
Loans delinquent 31-60 days360,237 3.9 377,108 3.7 346,665 3.1 
Loans delinquent 61-90 days189,035 2.1 254,553 2.5 254,353 2.2 
Loans delinquent 91-120 days143,656 1.6 187,145 1.9 178,078 1.6 
Loans delinquent 121-270 days422,979 4.6 685,829 6.7 440,695 3.9 
Loans delinquent 271 days or greater307,952 3.4 263,056 2.6 225,365 2.0 
Total loans in repayment9,115,509 87.8 100.0 %10,184,315 87.1 100.0 %11,304,907 87.4 100.0 %
Total federally insured loans10,383,052 100.0 % 11,686,207 100.0 % 12,931,559 100.0 %
Accrued interest receivable677,001 757,713 791,476 
Loan discount, net of unamortized premiums and deferred origination costs(26,658)(28,963)(32,626)
Allowance for loan losses(61,723)(68,453)(79,331)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$10,971,672 $12,346,504 $13,611,078 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $8,979 3.4 %$9,475 3.4 %$12,218 5.1 %
Loans in forbearance 2,601 1.0 2,529 0.9 2,698 1.1 
Loans in repayment status:
Loans current243,637 97.4 %257,639 97.1 %220,921 97.5 %
Loans delinquent 31-60 days2,162 0.9 3,395 1.3 2,014 0.9 
Loans delinquent 61-90 days1,542 0.6 1,855 0.7 931 0.4 
Loans delinquent 91 days or greater2,661 1.1 2,427 0.9 2,733 1.2 
Total loans in repayment250,002 95.6 100.0 %265,316 95.7 100.0 %226,599 93.8 100.0 %
Total private education loans261,582 100.0 % 277,320 100.0 % 241,515 100.0 %
Accrued interest receivable2,560 2,653 2,277 
Loan discount, net of unamortized premiums(7,616)(8,037)79 
Allowance for loan losses(14,736)(15,750)(15,175)
Total private education loans and accrued interest receivable, net of allowance for loan losses$241,790 $256,186 $228,696 
As of March 31, 2024As of December 31, 2023As of March 31, 2023
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$54 0.0 %$146 0.2 %$40 0.0 %
Loans in repayment status:
Loans current150,947 97.2 %81,195 94.6 %304,414 98.3 %
Loans delinquent 31-60 days1,758 1.1 2,035 2.4 2,037 0.7 
Loans delinquent 61-90 days1,471 1.0 1,189 1.4 1,236 0.4 
Loans delinquent 91 days or greater1,078 0.7 1,370 1.6 1,819 0.6 
Total loans in repayment155,254 100.0 100.0 %85,789 99.8 100.0 %309,506 100.0 100.0 %
Total consumer and other loans155,308 100.0 %85,935 100.0 %309,546 100.0 %
Accrued interest receivable1,209 861 3,288 
Loan discount, net of unamortized premiums(5,451)(2,474)913 
Allowance for loan losses(18,761)(11,742)(35,317)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$132,305 $72,580 $278,430 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$42,699 11.7 %$25,957 7.2 %$17,021 4.8 %
Loans in forbearance1,277 0.4 1,285 0.4 681 0.2 
Loans in repayment status:
Loans current318,906 99.4 %331,580 99.4 %336,967 99.7 %
Loans delinquent 30-59 days327 0.1 839 0.3 388 0.1 
Loans delinquent 60-89 days665 0.2 253 0.1 536 0.2 
Loans delinquent 90 days or greater892 0.3 606 0.2 112 — 
Total loans in repayment320,790 87.9 100.0 %333,278 92.4 100.0 %338,003 95.0 100.0 %
Total private education loans364,766 100.0 %360,520 100.0 %355,705 100.0 %
Accrued interest receivable2,445 2,023 1,385 
Deferred origination costs, net of unaccreted discount5,692 5,608 5,400 
Allowance for loan losses(3,660)(3,347)(2,894)
Total private education loans and accrued interest receivable, net of allowance for loan losses$369,243 $364,804 $359,596 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$141 0.1 %$103 0.1 %$— — %
Loans in repayment status:
Loans current115,152 96.9 %69,584 96.3 %19,903 100.0 %
Loans delinquent 30-59 days1,511 1.3 1,075 1.5 — — 
Loans delinquent 60-89 days1,084 0.9 941 1.3 — — 
Loans delinquent 90 days or greater1,069 0.9 649 0.9 — — 
Total loans in repayment118,816 99.9 100.0 %72,249 99.9 100.0 %19,903 100.0 100.0 %
Total consumer and other loans118,957 100.0 %72,352 100.0 %19,903 100.0 %
Accrued interest receivable880 575 117 
Loan premium, net of unaccreted discount 1,359 (6)1 
Allowance for loan losses(7,128)(5,351)(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$114,068 $67,570 $18,194 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of March 31, 2024
Three months ended March 31, 20242023202220212020Total
FICO at origination:
Less than 705$380 4,175 5,349 4,524 381 14,809 
705 - 734834 9,946 21,468 8,410 519 41,177 
735 - 764954 9,479 32,227 14,383 1,338 58,381 
765 - 794625 6,815 50,588 26,414 1,322 85,764 
Greater than 7941,523 18,207 75,304 56,079 4,979 156,092 
No FICO score available or required2,488 6,055 — — — 8,543 
$6,804 54,677 184,936 109,810 8,539 364,766 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of March 31, 2024
Three months ended March 31, 20242023202220212020Total
FICO at origination:
Less than 720$12,913 18,324 — — — 31,237 
720 - 76921,017 29,900 48 — — 50,965 
Greater than 76921,359 14,280 108 — — 35,747 
No FICO score available or required230 441 282 55 — 1,008 
$55,519 62,945 438 55 — 118,957 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 720$21,412 — — — 21,412 
720 - 76933,571 51 — — 33,622 
Greater than 76916,484 109 — — 16,593 
No FICO score available or required386 284 55 — 725 
$71,853 444 55 — 72,352 
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of March 31, 2024 and December 31, 2023, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 806 3,751 869 3,553 8,979 
Loans in forbearance— — 21 141 604 1,835 2,601 
Loans in repayment status:
Loans current— 208 4,367 4,908 44,180 189,974 243,637 
Loans delinquent 31-60 days— — 13 51 94 2,004 2,162 
Loans delinquent 61-90 days— — — — 55 1,487 1,542 
Loans delinquent 91 days or greater— — — — 91 2,570 2,661 
Total loans in repayment— 208 4,380 4,959 44,420 196,035 250,002 
Total private education loans$— 208 5,207 8,851 45,893 201,423 261,582 
Accrued interest receivable2,560 
Loan discount, net of unamortized premiums(7,616)
Allowance for loan losses(14,736)
Total private education loans and accrued interest receivable, net of allowance for loan losses$241,790 
Gross charge-offs - three months ended March 31, 2024$— — — 76 36 901 1,013 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 54 — — — — 54 
Loans in repayment status:
Loans current48,660 96,183 4,887 690 300 227 150,947 
Loans delinquent 31-60 days— 1,253 449 51 — 5 1,758 
Loans delinquent 61-90 days— 1,024 375 24 21 27 1,471 
Loans delinquent 91 days or greater— 652 344 71 4 7 1,078 
Total loans in repayment48,660 99,112 6,055 836 325 266 155,254 
Total consumer and other loans$48,660 99,166 6,055 836 325 266 155,308 
Accrued interest receivable1,209 
Loan discount, net of unamortized premiums(5,451)
Allowance for loan losses(18,761)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$132,305 
Gross charge-offs - three months ended March 31, 2024$— 733 1,076 101 21 26 1,957 
Three months ended March 31, 20242023202220212020Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$4,367 26,586 10,074 739 933 — 42,699 
Loans in forbearance— 84 591 493 109 — 1,277 
Loans in repayment status:
Loans current2,437 27,592 173,645 107,735 7,497 — 318,906 
Loans delinquent 30-59 days— 89 135 103 — — 327 
Loans delinquent 60-89 days— 237 305 123 — — 665 
Loans delinquent 90 days or greater— 89 186 617 — — 892 
Total loans in repayment2,437 28,007 174,271 108,578 7,497 — 320,790 
Total private education loans$6,804 54,677 184,936 109,810 8,539 — 364,766 
Accrued interest receivable2,445 
Deferred origination costs, net of unaccreted discount5,692 
Allowance for loan losses(3,660)
Total private education loans and accrued interest receivable, net of allowance for loan losses$369,243 
Gross charge-offs - three months ended March 31, 2024$— 178 146 122 — — 446 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$86 55 — — — — 141 
Loans in repayment status:
Loans current55,344 59,315 438 55 — — 115,152 
Loans delinquent 30-59 days89 1,422 — — — — 1,511 
Loans delinquent 60-89 days— 1,084 — — — — 1,084 
Loans delinquent 90 days or greater— 1,069 — — — — 1,069 
Total loans in repayment55,433 62,890 438 55 — — 118,816 
Total consumer and other loans$55,519 62,945 438 55 — — 118,957 
Accrued interest receivable880 
Loan premium, net of unaccreted discount1,359 
Allowance for loan losses(7,128)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$114,068 
Gross charge-offs - three months ended March 31, 2024$— 1,967 — — — — 1,967 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.1.u1
Bonds and Notes Payable
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 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$8,766,041 
5.47% - 7.44%
8/26/30 - 9/25/69
Bonds and notes based on auction84,660 
0.00% - 6.44%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes8,850,701 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		430,061 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,066,197 
5.41% - 5.57%
4/2/25 / 5/22/25
Consumer loan warehouse facility41,762 5.55%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations71,963 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations70,310 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements9,023 
5.58% - 6.06%
5/4/24 / 1/30/33
Repurchase agreement114,498 
6.43% - 6.74%
11/27/24 / 12/20/24
Other - due to related party5,591 
5.00% - 6.05%
4/30/24 - 11/15/30
10,660,106   
Discount on bonds and notes payable and debt issuance costs(77,593)
Total$10,582,513 
 As of December 31, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of March 31, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$950,000 712,198 237,802 11/22/20245/22/2025note (b)$50,093 
FFELP (c)432,000 353,999 78,001 4/2/20244/2/202592 %29,196 
$1,382,000 1,066,197 315,803 $79,289 
Consumer (d)150,000 41,762 108,238 11/14/202411/14/202570 %17,405 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million.
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 March 31, 2024, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Repurchase Agreement
The Company has a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education loan asset-backed securities (bond investments). The outstanding balance under this agreement as of March 31, 2024 was $114.5 million. The agreement has various maturity dates through December 20, 2024 or earlier if either party provides 180 days’ prior written notice, and the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date. See note 5 for additional information about the private education loan asset-backed securities investments serving as collateral for this repurchase agreement.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2024, the Company holds $310.3 million (par value) of its own FFELP asset-backed securities.
v3.24.1.u1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2023 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2024 and December 31, 2023 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2024 and December 31, 2023, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
2024$1,750,000 
20261,150,000 
2027250,000 
$3,150,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2024 and December 31, 2023 was the term adjusted SOFR (plus the tenor spread adjustment relating to LIBOR) plus 10.1 basis points.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2024 and December 31, 2023, to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
During the first quarter of 2023, the Company received $183.2 million, which included $19.1 million related to 2023 settlements, to terminate $2.8 billion in notional amount of floor income interest rate swaps prior to their final maturity.
Nelnet Bank Derivatives
Interest Rate Swaps
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2024 and December 31, 2023, to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2024As of December 31, 2023As of March 31, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$1,820 452 1,085 1,976 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20242023
Settlements:  
1:3 basis swaps$365 859 
Interest rate swaps - floor income hedges1,190 22,478 
Interest rate swaps - Nelnet Bank202 — 
Total settlements - income1,757 23,337 
Change in fair value:  
1:3 basis swaps(354)(23)
Interest rate swaps - floor income hedges6,060 (37,388)
Interest rate swaps - Nelnet Bank2,258 — 
Total change in fair value - income (expense)7,964 (37,411)
Derivative market value adjustments and derivative settlements, net - income (expense)$9,721 (14,074)
v3.24.1.u1
Investments and Notes Receivable
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of March 31, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$34,958 1,198 (80)36,076 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$263,335 6,226 (3,043)266,518 271,479 4,883 (5,393)270,969 
Private education loan (a)269,983 — (21,547)248,436 281,791 — (28,874)252,917 
Other debt securities20,586 1,803 — 22,389 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank553,904 8,029 (24,590)537,343 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan300,235 7,171 (1,611)305,795 304,555 4,488 (2,286)306,757 
Private education loan29,440 88 — 29,528 17,083 20 (10)17,093 
Other debt securities110,915 528 (1,498)109,945 49,284 117 (1,641)47,760 
Total Nelnet Bank440,590 7,787 (3,109)445,268 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$994,494 15,816 (27,699)982,611 965,885 11,528 (39,479)937,934 
Equity securities55,026 50,907 
Total investments at fair value1,037,637 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities4,700 4,700 
Nelnet Bank:
FFELP loan asset-backed securities148,438 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank156,538 158,038 
Total held-to-maturity investments161,238 162,738 
Venture capital and funds:
Measurement alternative194,574 194,084 
Equity method102,309 91,464 
Total venture capital and funds296,883 285,548 
Real estate:
Equity method105,523 103,811 
Investment in ALLO:
Voting interest/equity method (b)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (c)157,456 155,047 
Total investment in ALLO157,456 165,740 
Beneficial interest in loan securitizations (d):
Consumer loans147,076 134,113 
Private education loans66,307 68,372 
Federally insured student loans22,441 22,594 
Total beneficial interest in loan securitizations235,824 225,079 
Solar (e)(133,772)(121,779)
Notes receivable53,140 53,747 
Tax liens, affordable housing, and other7,762 7,243 
Total investments (not measured at fair value)884,054 882,127 
Total investments and notes receivable$1,921,691 $1,870,968 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreement." As of March 31, 2024, the par value and fair value of these securities was $151.9 million and $135.3 million, respectively.
(b)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $10.7 million and $20.2 million during the three months ended March 31, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions, the Company will not recognize additional losses for its voting membership interests in ALLO.
(c)    As of March 31, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $155.0 million and $2.4 million, respectively. The preferred membership interests of ALLO held by the Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024. The Company recognized income on its ALLO preferred membership interests of $2.4 million and $2.2 million during the three months ended March 31, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(d)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2024, the Company's ownership correlates to approximately $965 million, $490 million, and $335 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(e)    As of March 31, 2024, the Company has funded a total of $491.8 million in solar investments, which includes $208.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of March 31, 2024, the Company has earned a total of $511.6 million of tax credits, which includes $248.6 million earned by syndication partners. The solar investment carrying value on the consolidated balance sheet of $(133.8) million as of March 31, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment balance as of March 31, 2024, excluding the portion owned by syndication partners and reflected as "noncontrolling interests" on the consolidated balance sheet, was $(70.1) million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized net gains of $3.0 million and net losses of $1.9 million on its solar investments during the three months ended March 31, 2024 and 2023, respectively. These amounts, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar net losses attributed to noncontrolling interest investors was $1.2 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding net losses attributed to noncontrolling interest investors, the Company recognized net gains on its solar investments of $4.2 million and $0.8 million during the three months ended March 31, 2024 and 2023, respectively.
As of March 31, 2024, the Company is committed to fund an additional $146.6 million on solar investments, of which $76.2 million is expected to be provided by syndication partners.
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2024:
As of March 31, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 9,267 4,017 21,674 34,958 
Fair value— 9,270 4,037 22,769 36,076 
Non-Nelnet Bank:
FFELP loan8,796 9,206 22,190 223,143 263,335 
Private education loan— — — 269,983 269,983 
Other debt securities— 99 — 20,487 20,586 
Total Non-Nelnet Bank8,796 9,305 22,190 513,613 553,904 
Fair value8,697 9,244 21,651 497,751 537,343 
Nelnet Bank:
FFELP loan60,739 22,744 26,144 190,608 300,235 
Private education loan— — 15,940 13,500 29,440 
Other debt securities— 47,839 11,868 51,208 110,915 
Total Nelnet Bank60,739 70,583 53,952 255,316 440,590 
Fair value61,249 70,585 53,924 259,510 445,268 
Total available-for-sale asset-backed securities at amortized cost$69,535 89,155 80,159 790,603 1,029,452 
Total available-for-sale asset-backed securities at fair value$69,946 89,099 79,612 780,030 1,018,687 
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— 3,278 1,407 143,753 148,438 
Private education loan asset-backed securities— — — 8,100 8,100 
Total Nelnet Bank— 3,278 1,407 151,853 156,538 
Fair value— 3,351 1,435 155,007 159,793 
Total held-to-maturity investments at amortized cost$4,700 3,278 1,407 151,853 161,238 
Total held-to-maturity investments at fair value$4,700 3,351 1,435 155,007 164,493 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 235,824 
Fair value$— — — — 260,537 
(a) The Company's beneficial interest in loan securitizations are not due at a singe maturity date.
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of March 31, 2024:
Carrying valueGross unrealized gainsGross unrealized losses (a)Fair value
Asset-backed and other securities$161,238 3,302 (47)164,493 
Beneficial interest in loan securitizations235,824 28,806 (4,093)260,537 
(a) None of the unrealized losses at March 31, 2024 were due to credit losses.
The following table presents securities classified as available-for-sale that have gross unrealized losses at March 31, 2024 and the fair value of such securities as of March 31, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(80)8,175 — — (80)8,175 
Non-Nelnet Bank:
FFELP loan(335)16,011 (2,708)119,466 (3,043)135,477 
Private education loan— — (21,547)248,436 (21,547)248,436 
Total Non-Nelnet Bank(335)16,011 (24,255)367,902 (24,590)383,913 
Nelnet Bank:
FFELP loan(779)26,112 (832)34,654 (1,611)60,766 
Other debt securities(63)15,088 (1,435)14,713 (1,498)29,801 
Total Nelnet Bank(842)41,200 (2,267)49,367 (3,109)90,567 
Total available-for-sale asset-backed securities$(1,257)65,386 (26,522)417,269 (27,779)482,655 
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 ended
March 31,
20242023
Gross proceeds from sales$153,373 492,173 
Gross realized gains$1,054 1,274 
Gross realized losses(502)(6,256)
Net gains (losses)$552 (4,982)
v3.24.1.u1
Intangible Assets
 3 Months Ended
Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2024 (months)
As ofAs of
March 31, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $48,617 and $46,573, respectively)
102$40,987 43,031 
Trade names (net of accumulated amortization of $148 and $8,268, respectively)
97622 642 
Computer software (net of accumulated amortization of $659 and $574, respectively)
371,061 1,146 
Total amortizable intangible assets, net100$42,670 44,819 
The Company recorded amortization expense on its intangible assets of $2.1 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2024, the Company estimates it will record amortization expense as follows:
2024 (April 1 - December 31)$6,342 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $42,670 
v3.24.1.u1
Goodwill
 3 Months Ended
Mar. 31, 2024
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.1.u1
Bank Deposits
 3 Months Ended
Mar. 31, 2024
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2024December 31, 2023
Retail and other savings$575,732 517,960 
Brokered CDs, net of brokered deposit fees204,174 203,522 
Retail and other CDs (commercial and institutional)19,320 20,060 
Commercial2,835 2,057 
Total interest-bearing deposits$802,061 743,599 
As of March 31, 2024 and December 31, 2023, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $158.6 million and $104.0 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents certificates of deposit remaining maturities as of March 31, 2024:
One year or less$— 
After one year to two years63,026 
After two years to three years159,320 
After three years to four years348 
After four years to five years800 
After five years— 
Total$223,494 
Retail and other deposits include savings deposits from Educational 529 College Savings, Short Term Federal Investment Trusts, and Health Savings plan deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. There were no deposits exceeding the FDIC insurance limits as of March 31, 2024, with the exception of $45.0 million, which includes the commercial deposit, the pledged deposit from Nelnet, Inc., and an earmarked deposit required for intercompany transactions.
v3.24.1.u1
Earnings per Common Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$71,727 1,483 73,210 25,945 542 26,487 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,404,364 752,607 37,156,971 36,580,204 764,400 37,344,604 
Earnings per share - basic and diluted$1.97 1.97 1.97 0.71 0.71 0.71 
v3.24.1.u1
Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2023 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,894 7,866 231,463 17,064 15,616 3,815 (8,915)268,802 
Interest expense— — 190,905 9,497 2,418 676 (8,915)194,580 
Net interest income1,894 7,866 40,558 7,567 13,198 3,139 — 74,222 
Less provision for loan losses— — 6,555 4,373 — — — 10,928 
Net interest income after provision for loan losses1,894 7,866 34,003 3,194 13,198 3,139 — 63,294 
Other income (expense):
Loan servicing and systems revenue127,201 — — — — — — 127,201 
Intersegment revenue6,886 49 — — — — (6,935)— 
Education technology services and payments revenue— 143,539 — — — — — 143,539 
Solar construction revenue— — — — — 13,726 — 13,726 
Other, net710 — 4,983 375 12,941 (1,994)— 17,015 
(Loss) gain on sale of loans, net— — (41)— — — — (41)
Derivative settlements, net— — 1,555 202 — — — 1,757 
Derivative market value adjustments, net— — 5,706 2,258 — — — 7,964 
Total other income (expense), net134,797 143,588 12,203 2,835 12,941 11,732 (6,935)311,161 
Cost of services:
Cost to provide education technology services and payments— 48,610 — — — — — 48,610 
Cost to provide solar construction services— — — — — 14,229 — 14,229 
Total cost of services— 48,610 — — — 14,229 — 62,839 
Operating expenses:
Salaries and benefits76,722 40,167 1,195 2,721 358 23,521 (807)143,875 
Depreciation and amortization5,109 2,683 — 260 — 8,716 — 16,769 
Other expenses19,538 7,558 3,418 1,128 11,802 13,402 — 56,845 
Intersegment expenses, net19,332 4,801 7,850 773 217 (26,845)(6,128)— 
Total operating expenses120,701 55,209 12,463 4,882 12,377 18,794 (6,935)217,489 
Income (loss) before income taxes15,990 47,635 33,743 1,147 13,762 (18,152)— 94,127 
Income tax (expense) benefit(3,838)(11,435)(8,099)(259)(3,274)3,785 — (23,119)
Net income (loss)12,152 36,200 25,644 888 10,488 (14,367)— 71,008 
Net loss (income) attributable to noncontrolling interests— 17 — — (120)2,305 — 2,202 
Net income (loss) attributable to Nelnet, Inc.$12,152 36,217 25,644 888 10,368 (12,062)— 73,210 
Total assets as of March 31, 2024$212,381 389,990 12,315,238 1,125,122 1,111,587 880,107 (635,763)15,398,662 
 Three months ended March 31, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,037 6,036 234,719 12,259 18,660 2,539 (9,282)265,968 
Interest expense— — 189,198 7,214 11,827 491 (9,282)199,449 
Net interest income1,037 6,036 45,521 5,045 6,833 2,048 — 66,519 
Less provision for loan losses— — 31,858 2,417 — — — 34,275 
Net interest income after provision for loan losses1,037 6,036 13,663 2,628 6,833 2,048 — 32,244 
Other income (expense):
Loan servicing and systems revenue139,227 — — — — — — 139,227 
Intersegment revenue7,790 56 — — — — (7,846)— 
Education technology services and payments revenue— 133,603 — — — — — 133,603 
Solar construction revenue— — — — — 8,651 — 8,651 
Other, net608 — 2,845 210 (741)(16,993)— (14,071)
(Loss) gain on sale of loans, net— — 11,812 — — — — 11,812 
Derivative settlements, net— — 23,337 — — — — 23,337 
Derivative market value adjustments, net— — (37,411)— — — — (37,411)
Total other income (expense), net147,625 133,659 583 210 (741)(8,342)(7,846)265,148 
Cost of services:
Cost to provide education technology services and payments— 47,704 — — — — — 47,704 
Cost to provide solar construction services— — — — — 8,299 — 8,299 
Total cost of services— 47,704 — — — 8,299 — 56,003 
Operating expenses:
Salaries and benefits84,560 37,913 755 2,064 219 27,200 — 152,710 
Depreciation and amortization4,513 2,578 — 5 — 9,531 — 16,627 
Other expenses13,313 8,063 5,016 782 567 13,044 — 40,785 
Intersegment expenses, net21,057 5,800 8,696 80 129 (27,916)(7,846)— 
Total operating expenses123,443 54,354 14,467 2,931 915 21,859 (7,846)210,122 
Income (loss) before income taxes25,219 37,637 (221)(93)5,177 (36,452)— 31,267 
Income tax (expense) benefit(6,053)(9,066)53 35 (1,209)7,990 — (8,250)
Net income (loss)19,166 28,571 (168)(58)3,968 (28,462)— 23,017 
Net loss (income) attributable to noncontrolling interests— 138 — — (140)3,472 — 3,470 
Net income (loss) attributable to Nelnet, Inc.$19,166 28,709 (168)(58)3,828 (24,990)— 26,487 
Total assets as of March 31, 2023$232,667 424,742 14,939,324 1,000,659 1,206,023 1,002,249 (723,055)18,082,609 
v3.24.1.u1
Disaggregated Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20242023
Government loan servicing$105,474 108,880 
Private education and consumer loan servicing12,620 12,164 
FFELP loan servicing3,380 3,368 
Software services4,541 9,697 
Outsourced services1,186 5,118 
Loan servicing and systems revenue$127,201 139,227 
Education Technology Services and Payments
 Three months ended March 31,
 20242023
Tuition payment plan services$38,880 34,187 
Payment processing47,786 44,041 
Education technology services56,021 54,787 
Other852 588 
Education technology services and payments revenue$143,539 133,603 
Solar Construction
Three months ended March 31,
20242023
Commercial revenue$11,578 5,876 
Residential revenue (a)2,148 2,775 
Solar construction revenue$13,726 8,651 
(a)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline in future periods as existing customer contracts are completed.
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20242023
Reinsurance premiums$12,780 535 
Borrower late fee income3,133 2,247 
Gain (loss) from solar investments, net2,971 (1,947)
ALLO preferred return2,409 2,249 
Administration/sponsor fee income1,546 1,772 
Investment advisory services (WRCM)1,508 1,612 
Loss from ALLO voting membership interest investment(10,693)(20,213)
Investment activity, net(1,298)(3,577)
Other4,659 3,251 
Other, net$17,015 (14,071)
v3.24.1.u1
Major Customer
 3 Months Ended
Mar. 31, 2024
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
Nelnet Servicing, a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $105.5 million and $108.9 million for the three months ended March 31, 2024 and 2023, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which replaced the legacy Department student loan servicing contract.
The New Government Servicing Contract became effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers will be allocated by the Department to Nelnet Servicing and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it will be compensated from the Department on certain of these investments. Servicing under the New Government Servicing Contract went live on April 1, 2024 and the Company will recognize revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024.
The New Government Servicing Contract has multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contract was primarily based on borrower status. Assuming borrower volume remains consistent under the New Government Servicing Contract, the Company expects revenue earned on a per borrower blended basis will decrease under the New Government Servicing Contract versus the legacy contract. However, consistent with the legacy contract, the Company expects to earn additional revenue from the Department under the New Government Servicing Contact for change requests and other support services.
v3.24.1.u1
Fair Value
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,018,588 1,018,687 99 955,804 955,903 
Equity securities56 — 56 73 — 73 
Equity securities measured at net asset value (a)54,970 50,834 
Total investments155 1,018,588 1,073,713 172 955,804 1,006,810 
Derivative instruments— 1,820 1,820 — 452 452 
Total assets$155 1,020,408 1,075,533 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 1,085 1,085 — 1,976 1,976 
Total liabilities$— 1,085 1,085 — 1,976 1,976 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$11,479,342 11,144,983 — — 11,479,342 
Accrued loan interest receivable684,095 684,095 — 684,095 — 
Cash and cash equivalents179,682 179,682 179,682 — — 
Investments (at fair value)1,073,713 1,073,713 155 1,018,588 — 
Investments - held-to-maturity164,493 161,238 — 164,493 — 
Notes receivable53,140 53,140 — 53,140 — 
Beneficial interest in loan securitizations260,537 235,824 — — 260,537 
Restricted cash618,363 618,363 618,363 — — 
Restricted cash – due to customers142,778 142,778 142,778 — — 
Derivative instruments1,820 1,820 — 1,820 — 
Financial liabilities:  
Bonds and notes payable10,481,221 10,582,513 — 10,481,221 — 
Accrued interest payable31,983 31,983 — 31,983 — 
Bank deposits781,814 802,061 528,315 253,499 — 
Due to customers274,757 274,757 274,757 — — 
Derivative instruments1,085 1,085 — 1,085 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 23 of the notes to consolidated financial statements included in the 2023 Annual Report.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income attributable to Nelnet, Inc. $ 73,210 $ 26,487
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Kathleen A. Farrell [Member]  
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 first quarter of 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.
Name and TitleDate of Adoption of Rule 10b5-1 Trading PlanScheduled Expiration Date of Rule 10b5-1 Trading Plan (a)Aggregate Number of Securities to Be Purchased or Sold
Kathleen A. Farrell
Director
3/6/20243/5/2025
Sale of 1,700 shares of Class A common stock
(a) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
Name Kathleen A. Farrell
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date 3/6/2024
Arrangement Duration 365 days
Aggregate Available 1,700
v3.24.1.u1
Basis of Financial Reporting (Policies)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2023 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results for the year ending December 31, 2024. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report").
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,546,852 2,936,174 
Consolidation7,836,200 8,750,033 
Total10,383,052 11,686,207 
Private education loans261,582 277,320 
Consumer and other loans155,308 85,935 
Non-Nelnet Bank loans10,799,942 12,049,462 
Nelnet Bank:
Private education loans364,766 360,520 
Consumer and other loans118,957 72,352 
Nelnet Bank loans483,723 432,872 
Accrued interest receivable684,095 764,385 
Loan discount, net of unamortized loan premiums and deferred origination costs(32,674)(33,872)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(61,723)(68,453)
Private education loans(14,736)(15,750)
Consumer and other loans(18,761)(11,742)
Non-Nelnet Bank allowance for loan losses(95,220)(95,945)
Nelnet Bank:
Private education loans(3,660)(3,347)
Consumer and other loans(7,128)(5,351)
Nelnet Bank allowance for loan losses(10,788)(8,698)
 $11,829,078 13,108,204 
Schedule of Net Charge-offs as a Percentage of Average Loans
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
March 31, 2024December 31, 2023
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.59 %
Private education loans5.63 %5.68 %
Consumer and other loans12.08 %13.66 %
Nelnet Bank:
Private education loans1.00 %0.93 %
Consumer and other loans5.99 %7.40 %
(a)    As of March 31, 2024 and December 31, 2023, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty was 21.7% and 21.8%, respectively.
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 March 31,
20242023
Non-Nelnet Bank:
Federally insured loans0.17 %0.20 %
Private education loans1.12 %0.78 %
Consumer and other loans5.73 %2.59 %
Nelnet Bank:
Federally insured loans— 0.01 %
Private education loans0.49 %0.13 %
Consumer and other loans8.01 %— 
Schedule of Financing Receivable, Loans Sold and Gains Recognized The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2024 and 2023.
Loans sold
(par value)		Gain (loss)Loan typeResidual interest received in securitization
Three months ended March 31, 2024
March 27$199,694 — FFELP— 
March 28405 (41)Home equity— 
$200,099 (41)
Three months ended March 31, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,132 8,966 Consumer24.6 (a)
March 22145 (63)Home equity— 
$261,902 11,812 
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
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 lossesCharge-offsRecoveriesLoan salesBalance at end of period
Three months ended March 31, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (1,870)(4,860)— — 61,723 
Private education loans15,750 (265)(1,013)264 — 14,736 
Consumer and other loans11,742 8,690 (1,957)381 (95)18,761 
Nelnet Bank:
Private education loans3,347 757 (446)2 — 3,660 
Consumer and other loans5,351 3,717 (1,967)27 — 7,128 
$104,643 11,029 (10,243)674 (95)106,008 
Three months ended March 31, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (6,673)— — 79,331 
Private education loans15,411 240 (640)164 — 15,175 
Consumer and other loans30,263 29,207 (2,267)220 (22,106)35,317 
Nelnet Bank:
Federally insured loans170 (9)(1)— — 160 
Private education loans2,390 614 (110)— — 2,894 
Consumer and other loans— 1,827 — — — 1,827 
$131,827 34,290 (9,691)384 (22,106)134,704 
Schedule of Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts.
As of March 31, 2024As of December 31, 2023As of March 31, 2023
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $490,402 4.7 % $522,304 4.5 % $641,914 5.0 %
Loans in forbearance 777,141 7.5  979,588 8.4  984,738 7.6 
Loans in repayment status:  
Loans current7,691,650 84.4 %8,416,624 82.6 %9,859,751 87.2 %
Loans delinquent 31-60 days360,237 3.9 377,108 3.7 346,665 3.1 
Loans delinquent 61-90 days189,035 2.1 254,553 2.5 254,353 2.2 
Loans delinquent 91-120 days143,656 1.6 187,145 1.9 178,078 1.6 
Loans delinquent 121-270 days422,979 4.6 685,829 6.7 440,695 3.9 
Loans delinquent 271 days or greater307,952 3.4 263,056 2.6 225,365 2.0 
Total loans in repayment9,115,509 87.8 100.0 %10,184,315 87.1 100.0 %11,304,907 87.4 100.0 %
Total federally insured loans10,383,052 100.0 % 11,686,207 100.0 % 12,931,559 100.0 %
Accrued interest receivable677,001 757,713 791,476 
Loan discount, net of unamortized premiums and deferred origination costs(26,658)(28,963)(32,626)
Allowance for loan losses(61,723)(68,453)(79,331)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$10,971,672 $12,346,504 $13,611,078 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $8,979 3.4 %$9,475 3.4 %$12,218 5.1 %
Loans in forbearance 2,601 1.0 2,529 0.9 2,698 1.1 
Loans in repayment status:
Loans current243,637 97.4 %257,639 97.1 %220,921 97.5 %
Loans delinquent 31-60 days2,162 0.9 3,395 1.3 2,014 0.9 
Loans delinquent 61-90 days1,542 0.6 1,855 0.7 931 0.4 
Loans delinquent 91 days or greater2,661 1.1 2,427 0.9 2,733 1.2 
Total loans in repayment250,002 95.6 100.0 %265,316 95.7 100.0 %226,599 93.8 100.0 %
Total private education loans261,582 100.0 % 277,320 100.0 % 241,515 100.0 %
Accrued interest receivable2,560 2,653 2,277 
Loan discount, net of unamortized premiums(7,616)(8,037)79 
Allowance for loan losses(14,736)(15,750)(15,175)
Total private education loans and accrued interest receivable, net of allowance for loan losses$241,790 $256,186 $228,696 
As of March 31, 2024As of December 31, 2023As of March 31, 2023
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$54 0.0 %$146 0.2 %$40 0.0 %
Loans in repayment status:
Loans current150,947 97.2 %81,195 94.6 %304,414 98.3 %
Loans delinquent 31-60 days1,758 1.1 2,035 2.4 2,037 0.7 
Loans delinquent 61-90 days1,471 1.0 1,189 1.4 1,236 0.4 
Loans delinquent 91 days or greater1,078 0.7 1,370 1.6 1,819 0.6 
Total loans in repayment155,254 100.0 100.0 %85,789 99.8 100.0 %309,506 100.0 100.0 %
Total consumer and other loans155,308 100.0 %85,935 100.0 %309,546 100.0 %
Accrued interest receivable1,209 861 3,288 
Loan discount, net of unamortized premiums(5,451)(2,474)913 
Allowance for loan losses(18,761)(11,742)(35,317)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$132,305 $72,580 $278,430 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$42,699 11.7 %$25,957 7.2 %$17,021 4.8 %
Loans in forbearance1,277 0.4 1,285 0.4 681 0.2 
Loans in repayment status:
Loans current318,906 99.4 %331,580 99.4 %336,967 99.7 %
Loans delinquent 30-59 days327 0.1 839 0.3 388 0.1 
Loans delinquent 60-89 days665 0.2 253 0.1 536 0.2 
Loans delinquent 90 days or greater892 0.3 606 0.2 112 — 
Total loans in repayment320,790 87.9 100.0 %333,278 92.4 100.0 %338,003 95.0 100.0 %
Total private education loans364,766 100.0 %360,520 100.0 %355,705 100.0 %
Accrued interest receivable2,445 2,023 1,385 
Deferred origination costs, net of unaccreted discount5,692 5,608 5,400 
Allowance for loan losses(3,660)(3,347)(2,894)
Total private education loans and accrued interest receivable, net of allowance for loan losses$369,243 $364,804 $359,596 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$141 0.1 %$103 0.1 %$— — %
Loans in repayment status:
Loans current115,152 96.9 %69,584 96.3 %19,903 100.0 %
Loans delinquent 30-59 days1,511 1.3 1,075 1.5 — — 
Loans delinquent 60-89 days1,084 0.9 941 1.3 — — 
Loans delinquent 90 days or greater1,069 0.9 649 0.9 — — 
Total loans in repayment118,816 99.9 100.0 %72,249 99.9 100.0 %19,903 100.0 100.0 %
Total consumer and other loans118,957 100.0 %72,352 100.0 %19,903 100.0 %
Accrued interest receivable880 575 117 
Loan premium, net of unaccreted discount 1,359 (6)1 
Allowance for loan losses(7,128)(5,351)(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$114,068 $67,570 $18,194 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination.
Nelnet Bank Private Education Loans
Loan balance as of March 31, 2024
Three months ended March 31, 20242023202220212020Total
FICO at origination:
Less than 705$380 4,175 5,349 4,524 381 14,809 
705 - 734834 9,946 21,468 8,410 519 41,177 
735 - 764954 9,479 32,227 14,383 1,338 58,381 
765 - 794625 6,815 50,588 26,414 1,322 85,764 
Greater than 7941,523 18,207 75,304 56,079 4,979 156,092 
No FICO score available or required2,488 6,055 — — — 8,543 
$6,804 54,677 184,936 109,810 8,539 364,766 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 705$3,840 5,495 4,647 386 14,368 
705 - 7349,534 21,961 8,805 525 40,825 
735 - 7648,648 32,969 14,910 1,358 57,885 
765 - 7945,776 52,045 27,221 1,374 86,416 
Greater than 79415,057 77,996 58,695 5,226 156,974 
No FICO score available or required4,052 — — — 4,052 
$46,907 190,466 114,278 8,869 360,520 
Nelnet Bank Consumer and Other Loans
Loan balance as of March 31, 2024
Three months ended March 31, 20242023202220212020Total
FICO at origination:
Less than 720$12,913 18,324 — — — 31,237 
720 - 76921,017 29,900 48 — — 50,965 
Greater than 76921,359 14,280 108 — — 35,747 
No FICO score available or required230 441 282 55 — 1,008 
$55,519 62,945 438 55 — 118,957 
Loan balance as of December 31, 2023
2023202220212020Total
FICO at origination:
Less than 720$21,412 — — — 21,412 
720 - 76933,571 51 — — 33,622 
Greater than 76916,484 109 — — 16,593 
No FICO score available or required386 284 55 — 725 
$71,853 444 55 — 72,352 
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2024 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20242023202220212020Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — 806 3,751 869 3,553 8,979 
Loans in forbearance— — 21 141 604 1,835 2,601 
Loans in repayment status:
Loans current— 208 4,367 4,908 44,180 189,974 243,637 
Loans delinquent 31-60 days— — 13 51 94 2,004 2,162 
Loans delinquent 61-90 days— — — — 55 1,487 1,542 
Loans delinquent 91 days or greater— — — — 91 2,570 2,661 
Total loans in repayment— 208 4,380 4,959 44,420 196,035 250,002 
Total private education loans$— 208 5,207 8,851 45,893 201,423 261,582 
Accrued interest receivable2,560 
Loan discount, net of unamortized premiums(7,616)
Allowance for loan losses(14,736)
Total private education loans and accrued interest receivable, net of allowance for loan losses$241,790 
Gross charge-offs - three months ended March 31, 2024$— — — 76 36 901 1,013 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 54 — — — — 54 
Loans in repayment status:
Loans current48,660 96,183 4,887 690 300 227 150,947 
Loans delinquent 31-60 days— 1,253 449 51 — 5 1,758 
Loans delinquent 61-90 days— 1,024 375 24 21 27 1,471 
Loans delinquent 91 days or greater— 652 344 71 4 7 1,078 
Total loans in repayment48,660 99,112 6,055 836 325 266 155,254 
Total consumer and other loans$48,660 99,166 6,055 836 325 266 155,308 
Accrued interest receivable1,209 
Loan discount, net of unamortized premiums(5,451)
Allowance for loan losses(18,761)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$132,305 
Gross charge-offs - three months ended March 31, 2024$— 733 1,076 101 21 26 1,957 
Three months ended March 31, 20242023202220212020Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$4,367 26,586 10,074 739 933 — 42,699 
Loans in forbearance— 84 591 493 109 — 1,277 
Loans in repayment status:
Loans current2,437 27,592 173,645 107,735 7,497 — 318,906 
Loans delinquent 30-59 days— 89 135 103 — — 327 
Loans delinquent 60-89 days— 237 305 123 — — 665 
Loans delinquent 90 days or greater— 89 186 617 — — 892 
Total loans in repayment2,437 28,007 174,271 108,578 7,497 — 320,790 
Total private education loans$6,804 54,677 184,936 109,810 8,539 — 364,766 
Accrued interest receivable2,445 
Deferred origination costs, net of unaccreted discount5,692 
Allowance for loan losses(3,660)
Total private education loans and accrued interest receivable, net of allowance for loan losses$369,243 
Gross charge-offs - three months ended March 31, 2024$— 178 146 122 — — 446 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$86 55 — — — — 141 
Loans in repayment status:
Loans current55,344 59,315 438 55 — — 115,152 
Loans delinquent 30-59 days89 1,422 — — — — 1,511 
Loans delinquent 60-89 days— 1,084 — — — — 1,084 
Loans delinquent 90 days or greater— 1,069 — — — — 1,069 
Total loans in repayment55,433 62,890 438 55 — — 118,816 
Total consumer and other loans$55,519 62,945 438 55 — — 118,957 
Accrued interest receivable880 
Loan premium, net of unaccreted discount1,359 
Allowance for loan losses(7,128)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$114,068 
Gross charge-offs - three months ended March 31, 2024$— 1,967 — — — — 1,967 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.24.1.u1
Bonds and Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 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$8,766,041 
5.47% - 7.44%
8/26/30 - 9/25/69
Bonds and notes based on auction84,660 
0.00% - 6.44%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes8,850,701 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		430,061 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,066,197 
5.41% - 5.57%
4/2/25 / 5/22/25
Consumer loan warehouse facility41,762 5.55%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations71,963 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations70,310 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements9,023 
5.58% - 6.06%
5/4/24 / 1/30/33
Repurchase agreement114,498 
6.43% - 6.74%
11/27/24 / 12/20/24
Other - due to related party5,591 
5.00% - 6.05%
4/30/24 - 11/15/30
10,660,106   
Discount on bonds and notes payable and debt issuance costs(77,593)
Total$10,582,513 
 As of December 31, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$9,552,667 
5.45% - 7.47%
8/26/30 - 9/25/69
Bonds and notes based on auction87,360 
0.00% - 6.45%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes9,640,027 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
471,427 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities1,398,485 
5.41% - 5.70%
4/2/25 / 5/22/25
Consumer loan warehouse facility23,691 5.70%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations80,393 
6.90% / 7.57%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations80,130 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements10,063 
5.58% - 6.08%
3/12/24 / 5/4/24
Repurchase agreement208,164 
6.35% - 6.81%
1/22/24 - 12/20/24
Other - due to related party5,778 
5.00% - 6.05%
3/1/24 - 11/15/30
11,918,158   
Discount on bonds and notes payable and debt issuance costs(89,765)
Total$11,828,393 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of March 31, 2024.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$950,000 712,198 237,802 11/22/20245/22/2025note (b)$50,093 
FFELP (c)432,000 353,999 78,001 4/2/20244/2/202592 %29,196 
$1,382,000 1,066,197 315,803 $79,289 
Consumer (d)150,000 41,762 108,238 11/14/202411/14/202570 %17,405 
(a)    Effective March 6, 2024, the maximum financing amount on this facility was reduced from $1.25 billion to $950 million.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On April 2, 2024, this facility was amended to reduce the maximum financing amount from $432 million to $375 million, and to extend the expiration of liquidity provisions and final maturity date to April 1, 2025 and April 1, 2026, respectively.
(d)    On March 11, 2024, this facility was amended to reduce the maximum financing amount from $200 million to $150 million.
v3.24.1.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2024 and December 31, 2023, in which the Company receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Prior to the discontinuation of LIBOR on June 30, 2023, the Company received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
2024$1,750,000 
20261,150,000 
2027250,000 
$3,150,000 
The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2024 and December 31, 2023, to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2024 and December 31, 2023, to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20242023
Settlements:  
1:3 basis swaps$365 859 
Interest rate swaps - floor income hedges1,190 22,478 
Interest rate swaps - Nelnet Bank202 — 
Total settlements - income1,757 23,337 
Change in fair value:  
1:3 basis swaps(354)(23)
Interest rate swaps - floor income hedges6,060 (37,388)
Interest rate swaps - Nelnet Bank2,258 — 
Total change in fair value - income (expense)7,964 (37,411)
Derivative market value adjustments and derivative settlements, net - income (expense)$9,721 (14,074)
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 March 31, 2024As of December 31, 2023As of March 31, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$1,820 452 1,085 1,976 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2024As of December 31, 2023As of March 31, 2024As of December 31, 2023
Interest rate swaps - Nelnet Bank$1,820 452 1,085 1,976 
v3.24.1.u1
Investments and Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Schedule of Investments and Notes Receivable
"Restricted investments" and “investments and notes receivable” consisted of the following:
As of March 31, 2024As of December 31, 2023
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Restricted available-for-sale investments (at fair value):
FFELP loan and other debt securities$34,958 1,198 (80)36,076 16,993 1,069 (93)17,969 
Non-restricted available-for-sale investments (at fair value):
Non-Nelnet Bank:
FFELP loan$263,335 6,226 (3,043)266,518 271,479 4,883 (5,393)270,969 
Private education loan (a)269,983 — (21,547)248,436 281,791 — (28,874)252,917 
Other debt securities20,586 1,803 — 22,389 41,693 2,020 (1,275)42,438 
Total Non-Nelnet Bank553,904 8,029 (24,590)537,343 594,963 6,903 (35,542)566,324 
Nelnet Bank:
FFELP loan300,235 7,171 (1,611)305,795 304,555 4,488 (2,286)306,757 
Private education loan29,440 88 — 29,528 17,083 20 (10)17,093 
Other debt securities110,915 528 (1,498)109,945 49,284 117 (1,641)47,760 
Total Nelnet Bank440,590 7,787 (3,109)445,268 370,922 4,625 (3,937)371,610 
Total available-for-sale asset-backed securities$994,494 15,816 (27,699)982,611 965,885 11,528 (39,479)937,934 
Equity securities55,026 50,907 
Total investments at fair value1,037,637 988,841 
Other Investments and Notes Receivable (not measured at fair value):
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities4,700 4,700 
Nelnet Bank:
FFELP loan asset-backed securities148,438 149,938 
Private education loan asset-backed securities8,100 8,100 
Total Nelnet Bank156,538 158,038 
Total held-to-maturity investments161,238 162,738 
Venture capital and funds:
Measurement alternative194,574 194,084 
Equity method102,309 91,464 
Total venture capital and funds296,883 285,548 
Real estate:
Equity method105,523 103,811 
Investment in ALLO:
Voting interest/equity method (b)— 10,693 
Preferred membership interest and accrued and unpaid preferred return (c)157,456 155,047 
Total investment in ALLO157,456 165,740 
Beneficial interest in loan securitizations (d):
Consumer loans147,076 134,113 
Private education loans66,307 68,372 
Federally insured student loans22,441 22,594 
Total beneficial interest in loan securitizations235,824 225,079 
Solar (e)(133,772)(121,779)
Notes receivable53,140 53,747 
Tax liens, affordable housing, and other7,762 7,243 
Total investments (not measured at fair value)884,054 882,127 
Total investments and notes receivable$1,921,691 $1,870,968 
(a)    A portion of the private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreement." As of March 31, 2024, the par value and fair value of these securities was $151.9 million and $135.3 million, respectively.
(b)    The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $10.7 million and $20.2 million during the three months ended March 31, 2024 and 2023, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. Absent additional equity contributions, the Company will not recognize additional losses for its voting membership interests in ALLO.
(c)    As of March 31, 2024, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $155.0 million and $2.4 million, respectively. The preferred membership interests of ALLO held by the Company historically earned a preferred annual return of 6.25% that increased to 10.00% on April 1, 2024. The Company recognized income on its ALLO preferred membership interests of $2.4 million and $2.2 million during the three months ended March 31, 2024 and 2023, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(d)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2024, the Company's ownership correlates to approximately $965 million, $490 million, and $335 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(e)    As of March 31, 2024, the Company has funded a total of $491.8 million in solar investments, which includes $208.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. As of March 31, 2024, the Company has earned a total of $511.6 million of tax credits, which includes $248.6 million earned by syndication partners. The solar investment carrying value on the consolidated balance sheet of $(133.8) million as of March 31, 2024 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2024 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment balance as of March 31, 2024, excluding the portion owned by syndication partners and reflected as "noncontrolling interests" on the consolidated balance sheet, was $(70.1) million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized net gains of $3.0 million and net losses of $1.9 million on its solar investments during the three months ended March 31, 2024 and 2023, respectively. These amounts, which include net losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar net losses attributed to noncontrolling interest investors was $1.2 million and $2.7 million for the three months ended March 31, 2024 and 2023, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding net losses attributed to noncontrolling interest investors, the Company recognized net gains on its solar investments of $4.2 million and $0.8 million during the three months ended March 31, 2024 and 2023, respectively.
As of March 31, 2024, the Company is committed to fund an additional $146.6 million on solar investments, of which $76.2 million is expected to be provided by syndication partners.
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2024:
As of March 31, 2024
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$— 9,267 4,017 21,674 34,958 
Fair value— 9,270 4,037 22,769 36,076 
Non-Nelnet Bank:
FFELP loan8,796 9,206 22,190 223,143 263,335 
Private education loan— — — 269,983 269,983 
Other debt securities— 99 — 20,487 20,586 
Total Non-Nelnet Bank8,796 9,305 22,190 513,613 553,904 
Fair value8,697 9,244 21,651 497,751 537,343 
Nelnet Bank:
FFELP loan60,739 22,744 26,144 190,608 300,235 
Private education loan— — 15,940 13,500 29,440 
Other debt securities— 47,839 11,868 51,208 110,915 
Total Nelnet Bank60,739 70,583 53,952 255,316 440,590 
Fair value61,249 70,585 53,924 259,510 445,268 
Total available-for-sale asset-backed securities at amortized cost$69,535 89,155 80,159 790,603 1,029,452 
Total available-for-sale asset-backed securities at fair value$69,946 89,099 79,612 780,030 1,018,687 
Held-to-maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— 3,278 1,407 143,753 148,438 
Private education loan asset-backed securities— — — 8,100 8,100 
Total Nelnet Bank— 3,278 1,407 151,853 156,538 
Fair value— 3,351 1,435 155,007 159,793 
Total held-to-maturity investments at amortized cost$4,700 3,278 1,407 151,853 161,238 
Total held-to-maturity investments at fair value$4,700 3,351 1,435 155,007 164,493 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 235,824 
Fair value$— — — — 260,537 
(a) The Company's beneficial interest in loan securitizations are not due at a singe maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity investments and the beneficial interest in loan securitizations as of March 31, 2024:
Carrying valueGross unrealized gainsGross unrealized losses (a)Fair value
Asset-backed and other securities$161,238 3,302 (47)164,493 
Beneficial interest in loan securitizations235,824 28,806 (4,093)260,537 
(a) None of the unrealized losses at March 31, 2024 were due to credit losses.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses at March 31, 2024 and the fair value of such securities as of March 31, 2024. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2024
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Restricted Investments:
FFELP loan and other debt securities$(80)8,175 — — (80)8,175 
Non-Nelnet Bank:
FFELP loan(335)16,011 (2,708)119,466 (3,043)135,477 
Private education loan— — (21,547)248,436 (21,547)248,436 
Total Non-Nelnet Bank(335)16,011 (24,255)367,902 (24,590)383,913 
Nelnet Bank:
FFELP loan(779)26,112 (832)34,654 (1,611)60,766 
Other debt securities(63)15,088 (1,435)14,713 (1,498)29,801 
Total Nelnet Bank(842)41,200 (2,267)49,367 (3,109)90,567 
Total available-for-sale asset-backed securities$(1,257)65,386 (26,522)417,269 (27,779)482,655 
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 ended
March 31,
20242023
Gross proceeds from sales$153,373 492,173 
Gross realized gains$1,054 1,274 
Gross realized losses(502)(6,256)
Net gains (losses)$552 (4,982)
v3.24.1.u1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2024 (months)
As ofAs of
March 31, 2024December 31, 2023
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $48,617 and $46,573, respectively)
102$40,987 43,031 
Trade names (net of accumulated amortization of $148 and $8,268, respectively)
97622 642 
Computer software (net of accumulated amortization of $659 and $574, respectively)
371,061 1,146 
Total amortizable intangible assets, net100$42,670 44,819 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2024, the Company estimates it will record amortization expense as follows:
2024 (April 1 - December 31)$6,342 
20256,099 
20266,012 
20275,714 
20285,354 
2029 and thereafter13,149 
 $42,670 
v3.24.1.u1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2024 and December 31, 2023 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.24.1.u1
Bank Deposits (Tables)
 3 Months Ended
Mar. 31, 2024
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2024December 31, 2023
Retail and other savings$575,732 517,960 
Brokered CDs, net of brokered deposit fees204,174 203,522 
Retail and other CDs (commercial and institutional)19,320 20,060 
Commercial2,835 2,057 
Total interest-bearing deposits$802,061 743,599 
Schedule of Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of March 31, 2024:
One year or less$— 
After one year to two years63,026 
After two years to three years159,320 
After three years to four years348 
After four years to five years800 
After five years— 
Total$223,494 
v3.24.1.u1
Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20242023
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$71,727 1,483 73,210 25,945 542 26,487 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,404,364 752,607 37,156,971 36,580,204 764,400 37,344,604 
Earnings per share - basic and diluted$1.97 1.97 1.97 0.71 0.71 0.71 
v3.24.1.u1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2024
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,894 7,866 231,463 17,064 15,616 3,815 (8,915)268,802 
Interest expense— — 190,905 9,497 2,418 676 (8,915)194,580 
Net interest income1,894 7,866 40,558 7,567 13,198 3,139 — 74,222 
Less provision for loan losses— — 6,555 4,373 — — — 10,928 
Net interest income after provision for loan losses1,894 7,866 34,003 3,194 13,198 3,139 — 63,294 
Other income (expense):
Loan servicing and systems revenue127,201 — — — — — — 127,201 
Intersegment revenue6,886 49 — — — — (6,935)— 
Education technology services and payments revenue— 143,539 — — — — — 143,539 
Solar construction revenue— — — — — 13,726 — 13,726 
Other, net710 — 4,983 375 12,941 (1,994)— 17,015 
(Loss) gain on sale of loans, net— — (41)— — — — (41)
Derivative settlements, net— — 1,555 202 — — — 1,757 
Derivative market value adjustments, net— — 5,706 2,258 — — — 7,964 
Total other income (expense), net134,797 143,588 12,203 2,835 12,941 11,732 (6,935)311,161 
Cost of services:
Cost to provide education technology services and payments— 48,610 — — — — — 48,610 
Cost to provide solar construction services— — — — — 14,229 — 14,229 
Total cost of services— 48,610 — — — 14,229 — 62,839 
Operating expenses:
Salaries and benefits76,722 40,167 1,195 2,721 358 23,521 (807)143,875 
Depreciation and amortization5,109 2,683 — 260 — 8,716 — 16,769 
Other expenses19,538 7,558 3,418 1,128 11,802 13,402 — 56,845 
Intersegment expenses, net19,332 4,801 7,850 773 217 (26,845)(6,128)— 
Total operating expenses120,701 55,209 12,463 4,882 12,377 18,794 (6,935)217,489 
Income (loss) before income taxes15,990 47,635 33,743 1,147 13,762 (18,152)— 94,127 
Income tax (expense) benefit(3,838)(11,435)(8,099)(259)(3,274)3,785 — (23,119)
Net income (loss)12,152 36,200 25,644 888 10,488 (14,367)— 71,008 
Net loss (income) attributable to noncontrolling interests— 17 — — (120)2,305 — 2,202 
Net income (loss) attributable to Nelnet, Inc.$12,152 36,217 25,644 888 10,368 (12,062)— 73,210 
Total assets as of March 31, 2024$212,381 389,990 12,315,238 1,125,122 1,111,587 880,107 (635,763)15,398,662 
 Three months ended March 31, 2023
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,037 6,036 234,719 12,259 18,660 2,539 (9,282)265,968 
Interest expense— — 189,198 7,214 11,827 491 (9,282)199,449 
Net interest income1,037 6,036 45,521 5,045 6,833 2,048 — 66,519 
Less provision for loan losses— — 31,858 2,417 — — — 34,275 
Net interest income after provision for loan losses1,037 6,036 13,663 2,628 6,833 2,048 — 32,244 
Other income (expense):
Loan servicing and systems revenue139,227 — — — — — — 139,227 
Intersegment revenue7,790 56 — — — — (7,846)— 
Education technology services and payments revenue— 133,603 — — — — — 133,603 
Solar construction revenue— — — — — 8,651 — 8,651 
Other, net608 — 2,845 210 (741)(16,993)— (14,071)
(Loss) gain on sale of loans, net— — 11,812 — — — — 11,812 
Derivative settlements, net— — 23,337 — — — — 23,337 
Derivative market value adjustments, net— — (37,411)— — — — (37,411)
Total other income (expense), net147,625 133,659 583 210 (741)(8,342)(7,846)265,148 
Cost of services:
Cost to provide education technology services and payments— 47,704 — — — — — 47,704 
Cost to provide solar construction services— — — — — 8,299 — 8,299 
Total cost of services— 47,704 — — — 8,299 — 56,003 
Operating expenses:
Salaries and benefits84,560 37,913 755 2,064 219 27,200 — 152,710 
Depreciation and amortization4,513 2,578 — 5 — 9,531 — 16,627 
Other expenses13,313 8,063 5,016 782 567 13,044 — 40,785 
Intersegment expenses, net21,057 5,800 8,696 80 129 (27,916)(7,846)— 
Total operating expenses123,443 54,354 14,467 2,931 915 21,859 (7,846)210,122 
Income (loss) before income taxes25,219 37,637 (221)(93)5,177 (36,452)— 31,267 
Income tax (expense) benefit(6,053)(9,066)53 35 (1,209)7,990 — (8,250)
Net income (loss)19,166 28,571 (168)(58)3,968 (28,462)— 23,017 
Net loss (income) attributable to noncontrolling interests— 138 — — (140)3,472 — 3,470 
Net income (loss) attributable to Nelnet, Inc.$19,166 28,709 (168)(58)3,828 (24,990)— 26,487 
Total assets as of March 31, 2023$232,667 424,742 14,939,324 1,000,659 1,206,023 1,002,249 (723,055)18,082,609 
v3.24.1.u1
Disaggregated Revenue (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20242023
Government loan servicing$105,474 108,880 
Private education and consumer loan servicing12,620 12,164 
FFELP loan servicing3,380 3,368 
Software services4,541 9,697 
Outsourced services1,186 5,118 
Loan servicing and systems revenue$127,201 139,227 
 Three months ended March 31,
 20242023
Tuition payment plan services$38,880 34,187 
Payment processing47,786 44,041 
Education technology services56,021 54,787 
Other852 588 
Education technology services and payments revenue$143,539 133,603 
Three months ended March 31,
20242023
Commercial revenue$11,578 5,876 
Residential revenue (a)2,148 2,775 
Solar construction revenue$13,726 8,651 
(a)    On April 12, 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline in future periods as existing customer contracts are completed.
Schedule of Components of Other Income (Expenses)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20242023
Reinsurance premiums$12,780 535 
Borrower late fee income3,133 2,247 
Gain (loss) from solar investments, net2,971 (1,947)
ALLO preferred return2,409 2,249 
Administration/sponsor fee income1,546 1,772 
Investment advisory services (WRCM)1,508 1,612 
Loss from ALLO voting membership interest investment(10,693)(20,213)
Investment activity, net(1,298)(3,577)
Other4,659 3,251 
Other, net$17,015 (14,071)
v3.24.1.u1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2024As of December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,018,588 1,018,687 99 955,804 955,903 
Equity securities56 — 56 73 — 73 
Equity securities measured at net asset value (a)54,970 50,834 
Total investments155 1,018,588 1,073,713 172 955,804 1,006,810 
Derivative instruments— 1,820 1,820 — 452 452 
Total assets$155 1,020,408 1,075,533 172 956,256 1,007,262 
Liabilities:
Derivative instruments$— 1,085 1,085 — 1,976 1,976 
Total liabilities$— 1,085 1,085 — 1,976 1,976 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$11,479,342 11,144,983 — — 11,479,342 
Accrued loan interest receivable684,095 684,095 — 684,095 — 
Cash and cash equivalents179,682 179,682 179,682 — — 
Investments (at fair value)1,073,713 1,073,713 155 1,018,588 — 
Investments - held-to-maturity164,493 161,238 — 164,493 — 
Notes receivable53,140 53,140 — 53,140 — 
Beneficial interest in loan securitizations260,537 235,824 — — 260,537 
Restricted cash618,363 618,363 618,363 — — 
Restricted cash – due to customers142,778 142,778 142,778 — — 
Derivative instruments1,820 1,820 — 1,820 — 
Financial liabilities:  
Bonds and notes payable10,481,221 10,582,513 — 10,481,221 — 
Accrued interest payable31,983 31,983 — 31,983 — 
Bank deposits781,814 802,061 528,315 253,499 — 
Due to customers274,757 274,757 274,757 — — 
Derivative instruments1,085 1,085 — 1,085 — 
 As of December 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$12,800,638 12,343,819 — — 12,800,638 
Accrued loan interest receivable764,385 764,385 — 764,385 — 
Cash and cash equivalents168,112 168,112 168,112 — — 
Investments (at fair value)1,006,810 1,006,810 172 955,804 — 
Investments - held-to-maturity163,622 162,738 — 163,622 — 
Notes receivable53,747 53,747 — 53,747 — 
Beneficial interest in loan securitizations262,093 225,079 — — 262,093 
Restricted cash488,723 488,723 488,723 — — 
Restricted cash – due to customers368,656 368,656 368,656 — — 
Derivative instruments452 452 — 452 — 
Financial liabilities:  
Bonds and notes payable11,629,359 11,828,393 — 11,629,359 — 
Accrued interest payable35,391 35,391 — 35,391 — 
Bank deposits722,973 743,599 467,420 255,553 — 
Due to customers425,507 425,507 425,507 — — 
Derivative instruments1,976 1,976 — 1,976 — 
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Accrued interest receivable $ 684,095 $ 764,385    
Loan discount, net of unamortized premiums and deferred origination costs (32,674) (33,872)    
Allowance for loan losses (106,008) (104,643) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 11,829,078 13,108,204    
Non-Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 10,799,942 12,049,462    
Allowance for loan losses (95,220) (95,945)    
Federally insured loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 10,383,052 11,686,207 12,931,559  
Accrued interest receivable 677,001 757,713 791,476  
Loan discount, net of unamortized premiums and deferred origination costs (26,658) (28,963) (32,626)  
Allowance for loan losses (61,723) (68,453) (79,331) (83,593)
Financing receivable, after allowance for credit loss 10,971,672 12,346,504 13,611,078  
Federally insured loans - Non-Nelnet Bank | Stafford and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 2,546,852 2,936,174    
Federally insured loans - Non-Nelnet Bank | Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 7,836,200 8,750,033    
Private education loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 261,582 277,320 241,515  
Accrued interest receivable 2,560 2,653 2,277  
Loan discount, net of unamortized premiums and deferred origination costs (7,616) (8,037) 79  
Allowance for loan losses (14,736) (15,750) (15,175) (15,411)
Financing receivable, after allowance for credit loss 241,790 256,186 228,696  
Consumer loans and other loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 155,308 85,935 309,546  
Accrued interest receivable 1,209 861 3,288  
Loan discount, net of unamortized premiums and deferred origination costs (5,451) (2,474) 913  
Allowance for loan losses (18,761) (11,742) (35,317) (30,263)
Financing receivable, after allowance for credit loss 132,305 72,580 278,430  
Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 483,723 432,872    
Allowance for loan losses (10,788) (8,698)    
Private education loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 364,766 360,520 355,705  
Accrued interest receivable 2,445 2,023 1,385  
Loan discount, net of unamortized premiums and deferred origination costs 5,692 5,608 5,400  
Allowance for loan losses (3,660) (3,347) (2,894) (2,390)
Financing receivable, after allowance for credit loss 369,243 364,804 359,596  
Consumer and other loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 118,957 72,352 19,903  
Accrued interest receivable 880 575 117  
Loan discount, net of unamortized premiums and deferred origination costs 1,359 (6) 1  
Allowance for loan losses (7,128) (5,351) (1,827) $ 0
Financing receivable, after allowance for credit loss $ 114,068 $ 67,570 $ 18,194  
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Mar. 31, 2024
Dec. 31, 2023
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.59% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 21.70% 21.80%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.63% 5.68%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 12.08% 13.66%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 1.00% 0.93%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.99% 7.40%
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 28, 2024
Mar. 27, 2024
Mar. 22, 2023
Mar. 02, 2023
Jan. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans sold (par value)           $ 200,099 $ 261,902
Gain (loss)           (41) 11,812
Receipt of asset-backed investment securities as consideration from sale of loans       $ 43,700 $ 14,500 $ 0 $ 58,182
FFELP              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans sold (par value)   $ 199,694          
Gain (loss)   $ 0          
Residual interest received in securitization   0.00%          
Home equity              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans sold (par value) $ 405   $ 145   97,350    
Gain (loss) $ (41)   $ (63)   $ (1,441)    
Residual interest received in securitization 0.00%   0.00%   64.80%    
Consumer loans              
Accounts, Notes, Loans and Financing Receivable [Line Items]              
Loans sold (par value)       122,132 $ 42,275    
Gain (loss)       $ 8,966 $ 4,350    
Residual interest received in securitization       24.60% 13.30%    
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 104,643 $ 131,827
Provision (negative provision) for loan losses 11,029 34,290
Charge-offs (10,243) (9,691)
Recoveries 674 384
Loan sales (95) (22,106)
Balance at end of period 106,008 134,704
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 68,453 83,593
Provision (negative provision) for loan losses (1,870) 2,411
Charge-offs (4,860) (6,673)
Recoveries 0 0
Loan sales 0 0
Balance at end of period 61,723 79,331
Private education loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 15,750 15,411
Provision (negative provision) for loan losses (265) 240
Charge-offs (1,013) (640)
Recoveries 264 164
Loan sales 0 0
Balance at end of period 14,736 15,175
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 11,742 30,263
Provision (negative provision) for loan losses 8,690 29,207
Charge-offs (1,957) (2,267)
Recoveries 381 220
Loan sales (95) (22,106)
Balance at end of period 18,761 35,317
Federally insured loans - Nelnet Bank:    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period   170
Provision (negative provision) for loan losses   (9)
Charge-offs   (1)
Recoveries   0
Loan sales   0
Balance at end of period   160
Private education loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 3,347 2,390
Provision (negative provision) for loan losses 757 614
Charge-offs (446) (110)
Recoveries 2 0
Loan sales 0 0
Balance at end of period 3,660 2,894
Consumer and other loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 5,351 0
Provision (negative provision) for loan losses 3,717 1,827
Charge-offs (1,967) 0
Recoveries 27 0
Loan sales 0 0
Balance at end of period $ 7,128 $ 1,827
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.17% 0.20%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 1.12% 0.78%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 5.73% 2.59%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.00% 0.01%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.49% 0.13%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 8.01% 0.00%
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - Consumer Portfolio Segment, Unfunded Private Education Loan Commitments - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Liability related to unfunded education loan commitments $ 57   $ 158
Unfunded private education loan commitments 9,100   $ 12,300
Provision for loan losses $ (101) $ (15)  
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Loans in repayment status:        
Accrued interest receivable $ 684,095 $ 764,385    
Loan premium (discount) (32,674) (33,872)    
Allowance for loan losses (106,008) (104,643) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 11,829,078 13,108,204    
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 490,402 $ 522,304 $ 641,914  
Loans in-school/grace/deferment, percent 4.70% 4.50% 5.00%  
Loans in forbearance $ 777,141 $ 979,588 $ 984,738  
Loans in forbearance, percent 7.50% 8.40% 7.60%  
Loans in repayment status:        
Loans receivable, gross $ 10,383,052 $ 11,686,207 $ 12,931,559  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 9,115,509 $ 10,184,315 $ 11,304,907  
Loans in repayment, percent 87.80% 87.10% 87.40%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 677,001 $ 757,713 $ 791,476  
Loan premium (discount) (26,658) (28,963) (32,626)  
Allowance for loan losses (61,723) (68,453) (79,331) (83,593)
Financing receivable, after allowance for credit loss 10,971,672 12,346,504 13,611,078  
Federally insured loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 7,691,650 $ 8,416,624 $ 9,859,751  
Loans current, percentage 84.40% 82.60% 87.20%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 360,237 $ 377,108 $ 346,665  
Loans past due, percentage 3.90% 3.70% 3.10%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 189,035 $ 254,553 $ 254,353  
Loans past due, percentage 2.10% 2.50% 2.20%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days        
Loans in repayment status:        
Loans receivable, gross $ 143,656 $ 187,145 $ 178,078  
Loans past due, percentage 1.60% 1.90% 1.60%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days        
Loans in repayment status:        
Loans receivable, gross $ 422,979 $ 685,829 $ 440,695  
Loans past due, percentage 4.60% 6.70% 3.90%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 307,952 $ 263,056 $ 225,365  
Loans past due, percentage 3.40% 2.60% 2.00%  
Private education loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 8,979 $ 9,475 $ 12,218  
Loans in-school/grace/deferment, percent 3.40% 3.40% 5.10%  
Loans in forbearance $ 2,601 $ 2,529 $ 2,698  
Loans in forbearance, percent 1.00% 0.90% 1.10%  
Loans in repayment status:        
Loans receivable, gross $ 261,582 $ 277,320 $ 241,515  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 250,002 $ 265,316 $ 226,599  
Loans in repayment, percent 95.60% 95.70% 93.80%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 2,560 $ 2,653 $ 2,277  
Loan premium (discount) (7,616) (8,037) 79  
Allowance for loan losses (14,736) (15,750) (15,175) (15,411)
Financing receivable, after allowance for credit loss 241,790 256,186 228,696  
Private education loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 243,637 $ 257,639 $ 220,921  
Loans current, percentage 97.40% 97.10% 97.50%  
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 2,162 $ 3,395 $ 2,014  
Loans past due, percentage 0.90% 1.30% 0.90%  
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 1,542 $ 1,855 $ 931  
Loans past due, percentage 0.60% 0.70% 0.40%  
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 2,661 $ 2,427 $ 2,733  
Loans past due, percentage 1.10% 0.90% 1.20%  
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 54 $ 146 $ 40  
Loans in-school/grace/deferment, percent 0.00% 0.20% 0.00%  
Loans in repayment status:        
Loans receivable, gross $ 155,308 $ 85,935 $ 309,546  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 155,254 $ 85,789 $ 309,506  
Loans in repayment, percent 100.00% 99.80% 100.00%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,209 $ 861 $ 3,288  
Loan premium (discount) (5,451) (2,474) 913  
Allowance for loan losses (18,761) (11,742) (35,317) (30,263)
Financing receivable, after allowance for credit loss 132,305 72,580 278,430  
Consumer loans and other loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 150,947 $ 81,195 $ 304,414  
Loans current, percentage 97.20% 94.60% 98.30%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 1,758 $ 2,035 $ 2,037  
Loans past due, percentage 1.10% 2.40% 0.70%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 1,471 $ 1,189 $ 1,236  
Loans past due, percentage 1.00% 1.40% 0.40%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,078 $ 1,370 $ 1,819  
Loans past due, percentage 0.70% 1.60% 0.60%  
Private education loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 42,699 $ 25,957 $ 17,021  
Loans in-school/grace/deferment, percent 11.70% 7.20% 4.80%  
Loans in forbearance $ 1,277 $ 1,285 $ 681  
Loans in forbearance, percent 0.40% 0.40% 0.20%  
Loans in repayment status:        
Loans receivable, gross $ 364,766 $ 360,520 $ 355,705  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 320,790 $ 333,278 $ 338,003  
Loans in repayment, percent 87.90% 92.40% 95.00%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 2,445 $ 2,023 $ 1,385  
Loan premium (discount) 5,692 5,608 5,400  
Allowance for loan losses (3,660) (3,347) (2,894) (2,390)
Financing receivable, after allowance for credit loss 369,243 364,804 359,596  
Private education loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 318,906 $ 331,580 $ 336,967  
Loans current, percentage 99.40% 99.40% 99.70%  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 327 $ 839 $ 388  
Loans past due, percentage 0.10% 0.30% 0.10%  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 665 $ 253 $ 536  
Loans past due, percentage 0.20% 0.10% 0.20%  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 892 $ 606 $ 112  
Loans past due, percentage 0.30% 0.20% 0.00%  
Consumer and other loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 141 $ 103 $ 0  
Loans in-school/grace/deferment, percent 0.10% 0.10% 0.00%  
Loans in repayment status:        
Loans receivable, gross $ 118,957 $ 72,352 $ 19,903  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 118,816 $ 72,249 $ 19,903  
Loans in repayment, percent 99.90% 99.90% 100.00%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 880 $ 575 $ 117  
Loan premium (discount) 1,359 (6) 1  
Allowance for loan losses (7,128) (5,351) (1,827) $ 0
Financing receivable, after allowance for credit loss 114,068 67,570 18,194  
Consumer and other loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 115,152 $ 69,584 $ 19,903  
Loans current, percentage 96.90% 96.30% 100.00%  
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 1,511 $ 1,075 $ 0  
Loans past due, percentage 1.30% 1.50% 0.00%  
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 1,084 $ 941 $ 0  
Loans past due, percentage 0.90% 1.30% 0.00%  
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,069 $ 649 $ 0  
Loans past due, percentage 0.90% 0.90% 0.00%  
v3.24.1.u1
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
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 6,804 $ 46,907  
Fiscal year before current fiscal year 54,677 190,466  
Fiscal year two years before current fiscal year 184,936 114,278  
Fiscal year three years before current fiscal year 109,810 8,869  
Fiscal year four years before current fiscal year 8,539    
Total loans 364,766 360,520 $ 355,705
Private education loans - Nelnet Bank | Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 380 3,840  
Fiscal year before current fiscal year 4,175 5,495  
Fiscal year two years before current fiscal year 5,349 4,647  
Fiscal year three years before current fiscal year 4,524 386  
Fiscal year four years before current fiscal year 381    
Total loans 14,809 14,368  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 834 9,534  
Fiscal year before current fiscal year 9,946 21,961  
Fiscal year two years before current fiscal year 21,468 8,805  
Fiscal year three years before current fiscal year 8,410 525  
Fiscal year four years before current fiscal year 519    
Total loans 41,177 40,825  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 954 8,648  
Fiscal year before current fiscal year 9,479 32,969  
Fiscal year two years before current fiscal year 32,227 14,910  
Fiscal year three years before current fiscal year 14,383 1,358  
Fiscal year four years before current fiscal year 1,338    
Total loans 58,381 57,885  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 625 5,776  
Fiscal year before current fiscal year 6,815 52,045  
Fiscal year two years before current fiscal year 50,588 27,221  
Fiscal year three years before current fiscal year 26,414 1,374  
Fiscal year four years before current fiscal year 1,322    
Total loans 85,764 86,416  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,523 15,057  
Fiscal year before current fiscal year 18,207 77,996  
Fiscal year two years before current fiscal year 75,304 58,695  
Fiscal year three years before current fiscal year 56,079 5,226  
Fiscal year four years before current fiscal year 4,979    
Total loans 156,092 156,974  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,488 4,052  
Fiscal year before current fiscal year 6,055 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 8,543 4,052  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 55,519 71,853  
Fiscal year before current fiscal year 62,945 444  
Fiscal year two years before current fiscal year 438 55  
Fiscal year three years before current fiscal year 55 0  
Fiscal year four years before current fiscal year 0    
Total loans 118,957 72,352 $ 19,903
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 12,913 21,412  
Fiscal year before current fiscal year 18,324 0  
Fiscal year two years before current fiscal year 0 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 31,237 21,412  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 21,017 33,571  
Fiscal year before current fiscal year 29,900 51  
Fiscal year two years before current fiscal year 48 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 50,965 33,622  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 21,359 16,484  
Fiscal year before current fiscal year 14,280 109  
Fiscal year two years before current fiscal year 108 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0    
Total loans 35,747 16,593  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 230 386  
Fiscal year before current fiscal year 441 284  
Fiscal year two years before current fiscal year 282 55  
Fiscal year three years before current fiscal year 55 0  
Fiscal year four years before current fiscal year 0    
Total loans $ 1,008 $ 725  
v3.24.1.u1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]        
Accrued interest receivable $ 684,095 $ 764,385    
Loan discount, net of unamortized premiums (32,674) (33,872)    
Allowance for loan losses (106,008) (104,643) $ (134,704) $ (131,827)
Financing receivable, after allowance for credit loss 11,829,078 13,108,204    
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 208      
2022 5,207      
2021 8,851      
2020 45,893      
Prior years 201,423      
Total loans 261,582 277,320 241,515  
Accrued interest receivable 2,560 2,653 2,277  
Loan discount, net of unamortized premiums (7,616) (8,037) 79  
Allowance for loan losses (14,736) (15,750) (15,175) (15,411)
Financing receivable, after allowance for credit loss 241,790 256,186 228,696  
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 76      
Current period gross charge-offs, four years before current fiscal year 36      
Current period gross charge-offs, more than five years before current fiscal year 901      
Current period gross charge-offs, total 1,013      
Private education loans - Non-Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 243,637 257,639 220,921  
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,162 3,395 2,014  
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,542 1,855 931  
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,661 2,427 2,733  
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 0      
2022 806      
2021 3,751      
2020 869      
Prior years 3,553      
Total loans 8,979      
Private education loans - Non-Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 0      
2022 21      
2021 141      
2020 604      
Prior years 1,835      
Total loans 2,601      
Private education loans - Non-Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 208      
2022 4,380      
2021 4,959      
2020 44,420      
Prior years 196,035      
Total loans 250,002      
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 208      
2022 4,367      
2021 4,908      
2020 44,180      
Prior years 189,974      
Total loans 243,637      
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 0      
2022 13      
2021 51      
2020 94      
Prior years 2,004      
Total loans 2,162      
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 0      
2022 0      
2021 0      
2020 55      
Prior years 1,487      
Total loans 1,542      
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 0      
2022 0      
2021 0      
2020 91      
Prior years 2,570      
Total loans 2,661      
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 48,660      
2023 99,166      
2022 6,055      
2021 836      
2020 325      
Prior years 266      
Total loans 155,308 85,935 309,546  
Accrued interest receivable 1,209 861 3,288  
Loan discount, net of unamortized premiums (5,451) (2,474) 913  
Allowance for loan losses (18,761) (11,742) (35,317) (30,263)
Financing receivable, after allowance for credit loss 132,305 72,580 278,430  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 733      
Current period gross charge-offs, two years before current fiscal year 1,076      
Current period gross charge-offs, three years before current fiscal year 101      
Current period gross charge-offs, four years before current fiscal year 21      
Current period gross charge-offs, more than five years before current fiscal year 26      
Current period gross charge-offs, total 1,957      
Consumer loans and other loans - Non-Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 150,947 81,195 304,414  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,758 2,035 2,037  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,471 1,189 1,236  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,078 1,370 1,819  
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 54      
2022 0      
2021 0      
2020 0      
Prior years 0      
Total loans 54      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 48,660      
2023 99,112      
2022 6,055      
2021 836      
2020 325      
Prior years 266      
Total loans 155,254      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 48,660      
2023 96,183      
2022 4,887      
2021 690      
2020 300      
Prior years 227      
Total loans 150,947      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 1,253      
2022 449      
2021 51      
2020 0      
Prior years 5      
Total loans 1,758      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 1,024      
2022 375      
2021 24      
2020 21      
Prior years 27      
Total loans 1,471      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 652      
2022 344      
2021 71      
2020 4      
Prior years 7      
Total loans 1,078      
Private education loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 6,804 46,907    
2023 54,677 190,466    
2022 184,936 114,278    
2021 109,810 8,869    
2020 8,539      
Prior years 0      
Total loans 364,766 360,520 355,705  
Accrued interest receivable 2,445 2,023 1,385  
Loan discount, net of unamortized premiums 5,692 5,608 5,400  
Deferred origination costs, net of unaccreted discount 5,692      
Allowance for loan losses (3,660) (3,347) (2,894) (2,390)
Financing receivable, after allowance for credit loss 369,243 364,804 359,596  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 178      
Current period gross charge-offs, two years before current fiscal year 146      
Current period gross charge-offs, three years before current fiscal year 122      
Current period gross charge-offs, four years before current fiscal year 0      
Current period gross charge-offs, more than five years before current fiscal year 0      
Current period gross charge-offs, total 446      
Private education loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 318,906 331,580 336,967  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 327 839 388  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 665 253 536  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 892 606 112  
Private education loans - Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 4,367      
2023 26,586      
2022 10,074      
2021 739      
2020 933      
Prior years 0      
Total loans 42,699      
Private education loans - Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 84      
2022 591      
2021 493      
2020 109      
Prior years 0      
Total loans 1,277      
Private education loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 2,437      
2023 28,007      
2022 174,271      
2021 108,578      
2020 7,497      
Prior years 0      
Total loans 320,790      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 2,437      
2023 27,592      
2022 173,645      
2021 107,735      
2020 7,497      
Prior years 0      
Total loans 318,906      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 89      
2022 135      
2021 103      
2020 0      
Prior years 0      
Total loans 327      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 237      
2022 305      
2021 123      
2020 0      
Prior years 0      
Total loans 665      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 89      
2022 186      
2021 617      
2020 0      
Prior years 0      
Total loans 892      
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 55,519 71,853    
2023 62,945 444    
2022 438 55    
2021 55 0    
2020 0      
Prior years 0      
Total loans 118,957 72,352 19,903  
Accrued interest receivable 880 575 117  
Loan discount, net of unamortized premiums 1,359 (6) 1  
Allowance for loan losses (7,128) (5,351) (1,827) $ 0
Financing receivable, after allowance for credit loss 114,068 67,570 18,194  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 1,967      
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 0      
Current period gross charge-offs, more than five years before current fiscal year 0      
Current period gross charge-offs, total 1,967      
Consumer and other loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 115,152 69,584 19,903  
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,511 1,075 0  
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,084 941 0  
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,069 $ 649 $ 0  
Consumer and other loans - Nelnet Bank | Loans in deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 86      
2023 55      
2022 0      
2021 0      
2020 0      
Prior years 0      
Total loans 141      
Consumer and other loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 55,433      
2023 62,890      
2022 438      
2021 55      
2020 0      
Prior years 0      
Total loans 118,816      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 55,344      
2023 59,315      
2022 438      
2021 55      
2020 0      
Prior years 0      
Total loans 115,152      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 89      
2023 1,422      
2022 0      
2021 0      
2020 0      
Prior years 0      
Total loans 1,511      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 1,084      
2022 0      
2021 0      
2020 0      
Prior years 0      
Total loans 1,084      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2024 0      
2023 1,069      
2022 0      
2021 0      
2020 0      
Prior years 0      
Total loans $ 1,069      
v3.24.1.u1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 10,660,106 $ 11,918,158
Discount on bonds and notes payable and debt issuance costs (77,593) (89,765)
Bonds and notes payable, net 10,582,513 11,828,393
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 9,023 $ 10,063
Repurchase agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 114,498 208,164
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 5,591 5,778
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 8,766,041 9,552,667
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 84,660 87,360
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 8,850,701 9,640,027
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 430,061 471,427
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 1,066,197 1,398,485
Consumer loans | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 41,762 $ 23,691
Interest rate 5.55% 5.70%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 71,963 $ 80,393
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 70,310 $ 80,130
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.58% 5.58%
Minimum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.43% 6.35%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 5.00% 5.00%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 5.47% 5.45%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.41% 5.41%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.90% 6.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 6.06% 6.08%
Maximum | Repurchase agreement    
Debt Instrument [Line Items]    
Interest rate 6.74% 6.81%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 6.05% 6.05%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 7.44% 7.47%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.44% 6.45%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.57% 5.70%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.57% 7.57%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 7.15% 7.15%
v3.24.1.u1
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Apr. 02, 2024
Apr. 01, 2024
Mar. 11, 2024
Mar. 10, 2024
Mar. 06, 2024
Mar. 05, 2024
FFELP Warehouse Facilities              
Line of Credit Facility [Line Items]              
Maximum financing amount $ 1,382,000            
Amount outstanding 1,066,197            
Amount available 315,803            
Advanced as equity support 79,289            
FFELP Warehouse Facility Due November 2024              
Line of Credit Facility [Line Items]              
Maximum financing amount 950,000         $ 950,000 $ 1,250,000
Amount outstanding 712,198            
Amount available 237,802            
Advanced as equity support $ 50,093            
Advance rate, maximum, lower range 90.00%            
Advance rate, maximum, higher range 96.00%            
Advance rate, minimum, lower range 84.00%            
Advance rate, minimum, higher range 90.00%            
FFELP Warehouse Facility Due April 2025              
Line of Credit Facility [Line Items]              
Maximum financing amount $ 432,000            
Amount outstanding 353,999            
Amount available $ 78,001            
Advance rate 92.00%            
Advanced as equity support $ 29,196            
FFELP Warehouse Facility Due April 2025 | Subsequent Event              
Line of Credit Facility [Line Items]              
Maximum financing amount   $ 375,000 $ 432,000        
Consumer Loan Warehouse Facility              
Line of Credit Facility [Line Items]              
Maximum financing amount 150,000     $ 150,000 $ 200,000    
Amount outstanding 41,762            
Amount available $ 108,238            
Advance rate 70.00%            
Advanced as equity support $ 17,405            
v3.24.1.u1
Bonds and Notes Payable - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Repurchase agreements, amount collateralized by private education loan asset-backed securities $ 114,500,000
Repurchase agreements, contractual maturity adjustment, written notice period 180 days
Par value of asset-based securities $ 1,018,687,000
Asset-backed securities  
Debt Instrument [Line Items]  
Par value of asset-based securities 310,300,000
Unsecured Line of Credit | Line of Credit  
Debt Instrument [Line Items]  
Amount outstanding 0
Amount available 495,000,000
Unsecured Line of Credit | Unsecured Debt | Line of Credit  
Debt Instrument [Line Items]  
Maximum financing amount $ 495,000,000
v3.24.1.u1
Derivative Financial Instruments - Outstanding Basis Swap (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
1:3 basis swaps    
Derivative [Line Items]    
Notional amount $ 3,150,000,000 $ 3,150,000,000
2024    
Derivative [Line Items]    
Notional amount 1,750,000,000 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.24.1.u1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2024
Dec. 31, 2023
1:3 basis swaps | Secured Overnight Financing Rate (SOFR)      
Derivative [Line Items]      
Weighted average rate   0.101% 0.101%
Interest rate swaps - Nelnet Bank | Interest rate swaps - floor income hedge      
Derivative [Line Items]      
Cash received or receivable from derivative $ 183.2    
Proceeds for settlement of terminated derivatives 19.1    
Derivative, notional amount, terminated $ 2,800.0    
v3.24.1.u1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
v3.24.1.u1
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Interest rate swaps - Nelnet Bank    
Derivative [Line Items]    
Notional amount $ (140,000,000) $ (140,000,000)
Weighted average fixed rate paid by the Company 3.46% 3.46%
2028    
Derivative [Line Items]    
Notional amount $ (40,000,000) $ (40,000,000)
Weighted average fixed rate paid by the Company 3.33% 3.33%
2030    
Derivative [Line Items]    
Notional amount $ (50,000,000) $ (50,000,000)
Weighted average fixed rate paid by the Company 3.06% 3.06%
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ (25,000,000) $ (25,000,000)
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount (25,000,000) (25,000,000)
2032    
Derivative [Line Items]    
Notional amount $ (25,000,000) $ (25,000,000)
Weighted average fixed rate paid by the Company 4.03% 4.03%
2033    
Derivative [Line Items]    
Notional amount $ (25,000,000) $ (25,000,000)
Weighted average fixed rate paid by the Company 3.90% 3.90%
v3.24.1.u1
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - Interest rate swaps - Nelnet Bank - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Fair value of asset derivatives $ 1,820 $ 452
Fair value of liability derivatives $ 1,085 $ 1,976
v3.24.1.u1
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 1,757 $ 23,337
Change in fair value $ 7,964 (37,411)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net  
Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 1,757 23,337
Derivative market value adjustments and derivative settlements, net - income (expense) 9,721 (14,074)
1:3 basis swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value (354) (23)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 365 859
Interest rate swaps - floor income hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value 6,060 (37,388)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 1,190 22,478
Interest rate swaps - Nelnet Bank    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value 2,258 0
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 202 $ 0
v3.24.1.u1
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Investments (at fair value):      
Amortized cost $ 1,029,452    
Fair value 1,018,687    
Equity securities 55,026   $ 50,907
Total investments at fair value 1,037,637   988,841
Held-to-maturity investments      
Fair value 161,238   162,738
Beneficial interest in securitizations 235,824   225,079
Notes receivable 53,140   53,747
Other investments 884,054   882,127
Total investments and notes receivable 1,921,691   1,870,968
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value 151,900    
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value 135,300    
ALLO preferred return 2,409 $ 2,249  
Net loss attributable to noncontrolling interests (2,202) (3,470)  
Net income attributable to Nelnet, Inc. 73,210 26,487  
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments      
Investments (at fair value):      
Amortized cost 34,958   16,993
Gross unrealized gains 1,198   1,069
Gross unrealized losses (80)   (93)
Fair value 36,076   17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet And Nelnet Bank      
Investments (at fair value):      
Amortized cost 994,494   965,885
Gross unrealized gains 15,816   11,528
Gross unrealized losses (27,699)   (39,479)
Fair value 982,611   937,934
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank      
Investments (at fair value):      
Amortized cost 553,904   594,963
Gross unrealized gains 8,029   6,903
Gross unrealized losses (24,590)   (35,542)
Fair value 537,343   566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank      
Investments (at fair value):      
Amortized cost 263,335   271,479
Gross unrealized gains 6,226   4,883
Gross unrealized losses (3,043)   (5,393)
Fair value 266,518   270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank      
Investments (at fair value):      
Amortized cost 269,983   281,791
Gross unrealized gains 0   0
Gross unrealized losses (21,547)   (28,874)
Fair value 248,436   252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank      
Investments (at fair value):      
Amortized cost 20,586   41,693
Gross unrealized gains 1,803   2,020
Gross unrealized losses 0   (1,275)
Fair value 22,389   42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank      
Investments (at fair value):      
Amortized cost 440,590   370,922
Gross unrealized gains 7,787   4,625
Gross unrealized losses (3,109)   (3,937)
Fair value 445,268   371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank      
Investments (at fair value):      
Amortized cost 300,235   304,555
Gross unrealized gains 7,171   4,488
Gross unrealized losses (1,611)   (2,286)
Fair value 305,795   306,757
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank      
Investments (at fair value):      
Amortized cost 29,440   17,083
Gross unrealized gains 88   20
Gross unrealized losses 0   (10)
Fair value 29,528   17,093
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank      
Investments (at fair value):      
Amortized cost 110,915   49,284
Gross unrealized gains 528   117
Gross unrealized losses (1,498)   (1,641)
Fair value 109,945   47,760
Debt Securities, Held-To-Maturity, Non-Nelnet Bank      
Held-to-maturity investments      
Fair value 4,700   4,700
Held-To-Maturity Investments, Nelnet Bank      
Held-to-maturity investments      
Fair value 156,538   158,038
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank      
Held-to-maturity investments      
Fair value 148,438   149,938
Asset-Backed Securities, Held-To-Maturity, Private Education Loans, Nelnet Bank      
Held-to-maturity investments      
Fair value 8,100   8,100
Venture capital funds      
Held-to-maturity investments      
Measurement alternative 194,574   194,084
Equity method 102,309   91,464
Other investments 296,883   285,548
Real estate      
Held-to-maturity investments      
Equity method 105,523   103,811
Partnership Interest      
Held-to-maturity investments      
Equity method 0   10,693
Preferred membership interest and accrued and unpaid preferred return 157,456   155,047
Other investments 157,456   165,740
Equity securities, realized loss 10,700 20,200  
Partnership Interest | ALLO      
Held-to-maturity investments      
Preferred membership interest and accrued and unpaid preferred return 155,000    
Equity method investment, accrued and unpaid preferred return 2,400    
Beneficial interest in consumer loan securitizations      
Held-to-maturity investments      
Beneficial interest in securitizations 147,076   134,113
Loans corresponding to beneficial interest 965,000    
Beneficial interest in private education loan securitizations      
Held-to-maturity investments      
Beneficial interest in securitizations 66,307   68,372
Loans corresponding to beneficial interest 490,000    
Beneficial interest in federally insured loan securitizations      
Held-to-maturity investments      
Beneficial interest in securitizations 22,441   22,594
Loans corresponding to beneficial interest 335,000    
Solar      
Held-to-maturity investments      
Solar (133,772)   (121,779)
Amount funded or committed to fund 491,800    
Amount funded or committed to fund by partners 208,900    
Tax credits 511,600    
Tax Credits by partners 248,600    
Carrying value (133,800)    
Noncontrolling interest balance (70,100)    
Pre-tax loss from equity investment 3,000 (1,900)  
Net loss attributable to noncontrolling interests (1,200) (2,700)  
Net income attributable to Nelnet, Inc. 4,200 800  
Equity method investment, amount committed to fund 146,600    
Equity method investment, amount committed to fund by partners 76,200    
Tax liens, affordable housing, and other      
Held-to-maturity investments      
Other investments $ 7,762   $ 7,243
Preferred Partnership Interest      
Held-to-maturity investments      
Equity method investment, preferred annual return 6.25%    
Equity method investment, preferred annual, after increase 10.00%    
ALLO preferred return $ 2,400 $ 2,200  
v3.24.1.u1
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 69,535  
Amortized cost, after 1 year through 5 years 89,155  
Amortized cost, after 5 years through 10 years 80,159  
Amortized cost, after 10 years 790,603  
Amortized cost 1,029,452  
Fair value    
Fair value, 1 year or less 69,946  
Fair value, after 1 year through 5 years 89,099  
Fair value, after 5 years through 10 years 79,612  
Fair value, after 10 years 780,030  
Total 1,018,687  
Held-to-maturity investments    
Amortized cost, 1 year or less 4,700  
Amortized cost, after 1 year through 5 years 3,278  
Amortized cost, after 5 years through 10 years 1,407  
Amortized cost, after 10 years 151,853  
Total 161,238 $ 162,738
Fair value    
Fair value, 1 year or less 4,700  
Fair value, after 1 year through 5 years 3,351  
Fair value, after 5 years through 10 years 1,435  
Fair value, after 10 years 155,007  
Total 164,493  
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 235,824 225,079
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations, Fair Value 260,537  
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 9,267  
Amortized cost, after 5 years through 10 years 4,017  
Amortized cost, after 10 years 21,674  
Amortized cost 34,958 16,993
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 9,270  
Fair value, after 5 years through 10 years 4,037  
Fair value, after 10 years 22,769  
Total 36,076 17,969
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 8,796  
Amortized cost, after 1 year through 5 years 9,305  
Amortized cost, after 5 years through 10 years 22,190  
Amortized cost, after 10 years 513,613  
Amortized cost 553,904 594,963
Fair value    
Fair value, 1 year or less 8,697  
Fair value, after 1 year through 5 years 9,244  
Fair value, after 5 years through 10 years 21,651  
Fair value, after 10 years 497,751  
Total 537,343 566,324
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 8,796  
Amortized cost, after 1 year through 5 years 9,206  
Amortized cost, after 5 years through 10 years 22,190  
Amortized cost, after 10 years 223,143  
Amortized cost 263,335 271,479
Fair value    
Total 266,518 270,969
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 269,983  
Amortized cost 269,983 281,791
Fair value    
Total 248,436 252,917
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 99  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 20,487  
Amortized cost 20,586 41,693
Fair value    
Total 22,389 42,438
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 60,739  
Amortized cost, after 1 year through 5 years 70,583  
Amortized cost, after 5 years through 10 years 53,952  
Amortized cost, after 10 years 255,316  
Amortized cost 440,590 370,922
Fair value    
Fair value, 1 year or less 61,249  
Fair value, after 1 year through 5 years 70,585  
Fair value, after 5 years through 10 years 53,924  
Fair value, after 10 years 259,510  
Total 445,268 371,610
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 60,739  
Amortized cost, after 1 year through 5 years 22,744  
Amortized cost, after 5 years through 10 years 26,144  
Amortized cost, after 10 years 190,608  
Amortized cost 300,235 304,555
Fair value    
Total 305,795 306,757
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 15,940  
Amortized cost, after 10 years 13,500  
Amortized cost 29,440 17,083
Fair value    
Total 29,528 17,093
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 47,839  
Amortized cost, after 5 years through 10 years 11,868  
Amortized cost, after 10 years 51,208  
Amortized cost 110,915 49,284
Fair value    
Total 109,945 47,760
Debt Securities, Held-To-Maturity, Non-Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 4,700  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total 4,700 4,700
Fair value    
Fair value, 1 year or less 4,700  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Total 4,700  
Held-To-Maturity Investments, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 3,278  
Amortized cost, after 5 years through 10 years 1,407  
Amortized cost, after 10 years 151,853  
Total 156,538 158,038
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 3,351  
Fair value, after 5 years through 10 years 1,435  
Fair value, after 10 years 155,007  
Total 159,793  
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 3,278  
Amortized cost, after 5 years through 10 years 1,407  
Amortized cost, after 10 years 143,753  
Total 148,438 $ 149,938
Private education loan, Held-To-Maturity, Nelnet Bank    
Held-to-maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 8,100  
Total $ 8,100  
v3.24.1.u1
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Investments, All Other Investments [Abstract]    
Carrying value $ 161,238,000 $ 162,738,000
Gross unrealized gains 3,302,000  
Gross unrealized losses (47,000)  
Fair value 164,493,000  
Beneficial interest in loan securitizations, Carrying Value 235,824,000 $ 225,079,000
Gross unrealized gains 28,806,000  
Gross unrealized losses (4,093,000)  
Beneficial interest in loan securitizations, Fair Value 260,537,000  
Unrealized losses due to credit losses 0  
Unrealized losses due to credit losses $ 0  
v3.24.1.u1
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Mar. 31, 2024
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,257,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (26,522,000)
Total, unrealized loss (27,779,000)
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 65,386,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 417,269,000
Total, fair value 482,655,000
Asset-backed securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Restricted Investments  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (80,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (80,000)
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 8,175,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 8,175,000
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (335,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (24,255,000)
Total, unrealized loss (24,590,000)
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 16,011,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 367,902,000
Total, fair value 383,913,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (335,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,708,000)
Total, unrealized loss (3,043,000)
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 16,011,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 119,466,000
Total, fair value 135,477,000
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (21,547,000)
Total, unrealized loss (21,547,000)
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 248,436,000
Total, fair value 248,436,000
Asset-Backed Securities, Available-For-Sale, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (842,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,267,000)
Total, unrealized loss (3,109,000)
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 41,200,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 49,367,000
Total, fair value 90,567,000
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (779,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (832,000)
Total, unrealized loss (1,611,000)
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 26,112,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 34,654,000
Total, fair value 60,766,000
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (63,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,435,000)
Total, unrealized loss (1,498,000)
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 15,088,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 14,713,000
Total, fair value $ 29,801,000
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
Investments [Abstract]    
Gross proceeds from sales $ 153,373 $ 492,173
Gross realized gains 1,054 1,274
Gross realized losses (502) (6,256)
Net gains (losses) $ 552 $ (4,982)
v3.24.1.u1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 100 months  
Finite lived intangible assets $ 42,670 $ 44,819
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 102 months  
Finite lived intangible assets $ 40,987 43,031
Accumulated amortization $ 48,617 46,573
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 97 months  
Finite lived intangible assets $ 622 642
Accumulated amortization $ 148 8,268
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 37 months  
Finite lived intangible assets $ 1,061 1,146
Accumulated amortization $ 659 $ 574
v3.24.1.u1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Amortization of intangible assets $ 2.1 $ 2.7
v3.24.1.u1
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2024 (April 1 - December 31) $ 6,342  
2025 6,099  
2026 6,012  
2027 5,714  
2028 5,354  
2029 and thereafter 13,149  
Finite lived intangible assets, net $ 42,670 $ 44,819
v3.24.1.u1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Total goodwill 23,639 23,639
Education Technology Services and Payments | Operating Segments    
Goodwill [Line Items]    
Total goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Total goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Total goodwill $ 0 $ 0
v3.24.1.u1
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Deposits [Abstract]    
Retail and other savings $ 575,732 $ 517,960
Brokered CDs, net of brokered deposit fees 204,174 203,522
Retail and other CDs (commercial and institutional) 19,320 20,060
Commercial 2,835 2,057
Total interest-bearing deposits $ 802,061 $ 743,599
v3.24.1.u1
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 158,600 $ 104,000    
Restricted cash 618,363 $ 488,723 $ 576,267 $ 945,159
Deposits exceeding the FDIC insurance limits 45,000      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.24.1.u1
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Deposits [Abstract]  
One year or less $ 0
After one year to two years 63,026
After two years to three years 159,320
After three years to four years 348
After four years to five years 800
After five years 0
Total $ 223,494
v3.24.1.u1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 73,210 $ 26,487
Net income attributable to Nelnet, Inc., diluted $ 73,210 $ 26,487
Weighted-average common shares outstanding - basic (in shares) 37,156,971 37,344,604
Weighted-average common shares outstanding - diluted (in shares) 37,156,971 37,344,604
Earnings per share - basic (in dollars per share) $ 1.97 $ 0.71
Earnings per share - diluted (in dollars per share) $ 1.97 $ 0.71
Common shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 71,727 $ 25,945
Net income attributable to Nelnet, Inc., diluted $ 71,727 $ 25,945
Weighted-average common shares outstanding - basic (in shares) 36,404,364 36,580,204
Weighted-average common shares outstanding - diluted (in shares) 36,404,364 36,580,204
Earnings per share - basic (in dollars per share) $ 1.97 $ 0.71
Earnings per share - diluted (in dollars per share) $ 1.97 $ 0.71
Unvested restricted stock shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 1,483 $ 542
Net income attributable to Nelnet, Inc., diluted $ 1,483 $ 542
Weighted-average common shares outstanding - basic (in shares) 752,607 764,400
Weighted-average common shares outstanding - diluted (in shares) 752,607 764,400
Earnings per share - basic (in dollars per share) $ 1.97 $ 0.71
Earnings per share - diluted (in dollars per share) $ 1.97 $ 0.71
v3.24.1.u1
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total interest income $ 268,802 $ 265,968  
Interest expense 194,580 199,449  
Net interest income 74,222 66,519  
Less provision for loan losses 10,928 34,275  
Net interest income after provision for loan losses 63,294 32,244  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 17,015 (14,071)  
(Loss) gain on sale of loans, net (41) 11,812  
Derivative settlements, net 1,757 23,337  
Derivative market value adjustments, net 7,964 (37,411)  
Total other income (expense), net 311,161 265,148  
Cost of services:      
Cost of services 62,839 56,003  
Operating expenses:      
Salaries and benefits 143,875 152,710  
Depreciation and amortization 16,769 16,627  
Other expenses 56,845 40,785  
Intersegment expenses, net 0 0  
Total operating expenses 217,489 210,122  
Income (loss) before income taxes 94,127 31,267  
Income tax (expense) benefit (23,119) (8,250)  
Net income 71,008 23,017  
Net loss (income) attributable to noncontrolling interests 2,202 3,470  
Net income attributable to Nelnet, Inc. 73,210 26,487  
Total assets 15,398,662 18,082,609 $ 16,736,645
Operating Segments | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Total interest income 1,894 1,037  
Interest expense 0 0  
Net interest income 1,894 1,037  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 1,894 1,037  
Other income (expense):      
Intersegment revenue 6,886 7,790  
Other, net 710 608  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 134,797 147,625  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 76,722 84,560  
Depreciation and amortization 5,109 4,513  
Other expenses 19,538 13,313  
Intersegment expenses, net 19,332 21,057  
Total operating expenses 120,701 123,443  
Income (loss) before income taxes 15,990 25,219  
Income tax (expense) benefit (3,838) (6,053)  
Net income 12,152 19,166  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 12,152 19,166  
Total assets 212,381 232,667  
Operating Segments | Education Technology Services and Payments      
Segment Reporting Information [Line Items]      
Total interest income 7,866 6,036  
Interest expense 0 0  
Net interest income 7,866 6,036  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 7,866 6,036  
Other income (expense):      
Intersegment revenue 49 56  
Other, net 0 0  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 143,588 133,659  
Cost of services:      
Cost of services 48,610 47,704  
Operating expenses:      
Salaries and benefits 40,167 37,913  
Depreciation and amortization 2,683 2,578  
Other expenses 7,558 8,063  
Intersegment expenses, net 4,801 5,800  
Total operating expenses 55,209 54,354  
Income (loss) before income taxes 47,635 37,637  
Income tax (expense) benefit (11,435) (9,066)  
Net income 36,200 28,571  
Net loss (income) attributable to noncontrolling interests 17 138  
Net income attributable to Nelnet, Inc. 36,217 28,709  
Total assets 389,990 424,742  
Operating Segments | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Total interest income 231,463 234,719  
Interest expense 190,905 189,198  
Net interest income 40,558 45,521  
Less provision for loan losses 6,555 31,858  
Net interest income after provision for loan losses 34,003 13,663  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 4,983 2,845  
(Loss) gain on sale of loans, net (41) 11,812  
Derivative settlements, net 1,555 23,337  
Derivative market value adjustments, net 5,706 (37,411)  
Total other income (expense), net 12,203 583  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 1,195 755  
Depreciation and amortization 0 0  
Other expenses 3,418 5,016  
Intersegment expenses, net 7,850 8,696  
Total operating expenses 12,463 14,467  
Income (loss) before income taxes 33,743 (221)  
Income tax (expense) benefit (8,099) 53  
Net income 25,644 (168)  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 25,644 (168)  
Total assets 12,315,238 14,939,324  
Operating Segments | Nelnet Bank      
Segment Reporting Information [Line Items]      
Total interest income 17,064 12,259  
Interest expense 9,497 7,214  
Net interest income 7,567 5,045  
Less provision for loan losses 4,373 2,417  
Net interest income after provision for loan losses 3,194 2,628  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 375 210  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 202 0  
Derivative market value adjustments, net 2,258 0  
Total other income (expense), net 2,835 210  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 2,721 2,064  
Depreciation and amortization 260 5  
Other expenses 1,128 782  
Intersegment expenses, net 773 80  
Total operating expenses 4,882 2,931  
Income (loss) before income taxes 1,147 (93)  
Income tax (expense) benefit (259) 35  
Net income 888 (58)  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 888 (58)  
Total assets 1,125,122 1,000,659  
NFS Other Operating Segments      
Segment Reporting Information [Line Items]      
Total interest income 15,616 18,660  
Interest expense 2,418 11,827  
Net interest income 13,198 6,833  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 13,198 6,833  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 12,941 (741)  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 12,941 (741)  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits 358 219  
Depreciation and amortization 0 0  
Other expenses 11,802 567  
Intersegment expenses, net 217 129  
Total operating expenses 12,377 915  
Income (loss) before income taxes 13,762 5,177  
Income tax (expense) benefit (3,274) (1,209)  
Net income 10,488 3,968  
Net loss (income) attributable to noncontrolling interests (120) (140)  
Net income attributable to Nelnet, Inc. 10,368 3,828  
Total assets 1,111,587 1,206,023  
Corporate and Other Activities      
Segment Reporting Information [Line Items]      
Total interest income 3,815 2,539  
Interest expense 676 491  
Net interest income 3,139 2,048  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 3,139 2,048  
Other income (expense):      
Intersegment revenue 0 0  
Other, net (1,994) (16,993)  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 11,732 (8,342)  
Cost of services:      
Cost of services 14,229 8,299  
Operating expenses:      
Salaries and benefits 23,521 27,200  
Depreciation and amortization 8,716 9,531  
Other expenses 13,402 13,044  
Intersegment expenses, net (26,845) (27,916)  
Total operating expenses 18,794 21,859  
Income (loss) before income taxes (18,152) (36,452)  
Income tax (expense) benefit 3,785 7,990  
Net income (14,367) (28,462)  
Net loss (income) attributable to noncontrolling interests 2,305 3,472  
Net income attributable to Nelnet, Inc. (12,062) (24,990)  
Total assets 880,107 1,002,249  
Eliminations      
Segment Reporting Information [Line Items]      
Total interest income (8,915) (9,282)  
Interest expense (8,915) (9,282)  
Net interest income 0 0  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 0 0  
Other income (expense):      
Intersegment revenue (6,935) (7,846)  
Other, net 0 0  
(Loss) gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net (6,935) (7,846)  
Cost of services:      
Cost of services 0 0  
Operating expenses:      
Salaries and benefits (807) 0  
Depreciation and amortization 0 0  
Other expenses 0 0  
Intersegment expenses, net (6,128) (7,846)  
Total operating expenses (6,935) (7,846)  
Income (loss) before income taxes 0 0  
Income tax (expense) benefit 0 0  
Net income 0 0  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 0 0  
Total assets (635,763) (723,055)  
Loan servicing and systems      
Other income (expense):      
Revenue 127,201 139,227  
Loan servicing and systems | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 127,201 139,227  
Loan servicing and systems | Operating Segments | Education Technology Services and Payments      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems | NFS Other Operating Segments      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems | Eliminations      
Other income (expense):      
Revenue 0 0  
Education technology services and payments      
Other income (expense):      
Revenue 143,539 133,603  
Cost of services:      
Cost of services 48,610 47,704  
Education technology services and payments | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology services and payments | Operating Segments | Education Technology Services and Payments      
Other income (expense):      
Revenue 143,539 133,603  
Cost of services:      
Cost of services 48,610 47,704  
Education technology services and payments | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology services and payments | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology services and payments | NFS Other Operating Segments      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology services and payments | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Education technology services and payments | Eliminations      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction      
Other income (expense):      
Revenue 13,726 8,651  
Cost of services:      
Cost of services 14,229 8,299  
Solar construction | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction | Operating Segments | Education Technology Services and Payments      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction | NFS Other Operating Segments      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services 0 0  
Solar construction | Corporate and Other Activities      
Other income (expense):      
Revenue 13,726 8,651  
Cost of services:      
Cost of services 14,229 8,299  
Solar construction | Eliminations      
Other income (expense):      
Revenue 0 0  
Cost of services:      
Cost of services $ 0 $ 0  
v3.24.1.u1
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Solar construction revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 13,726 $ 8,651
Commercial revenue    
Disaggregation of Revenue [Line Items]    
Revenue 11,578 5,876
Residential revenue    
Disaggregation of Revenue [Line Items]    
Revenue 2,148 2,775
Loan servicing and systems revenue    
Disaggregation of Revenue [Line Items]    
Revenue 127,201 139,227
Government loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 105,474 108,880
Private education and consumer loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 12,620 12,164
FFELP loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 3,380 3,368
Software services    
Disaggregation of Revenue [Line Items]    
Revenue 4,541 9,697
Outsourced services    
Disaggregation of Revenue [Line Items]    
Revenue 1,186 5,118
Education technology services and payments revenue    
Disaggregation of Revenue [Line Items]    
Revenue 143,539 133,603
Tuition payment plan services    
Disaggregation of Revenue [Line Items]    
Revenue 38,880 34,187
Payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 47,786 44,041
Education technology services    
Disaggregation of Revenue [Line Items]    
Revenue 56,021 54,787
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 852 $ 588
v3.24.1.u1
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Reinsurance premiums $ 12,780 $ 535
Borrower late fee income $ 3,133 2,247
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net  
ALLO preferred return $ 2,409 2,249
Administration/sponsor fee income $ 1,546 1,772
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net  
Investment activity, net $ (1,298) (3,577)
Other 4,659 3,251
Other, net 17,015 (14,071)
Solar    
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments 2,971 (1,947)
ALLO Voting Membership Interests Investment    
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments (10,693) (20,213)
Investment Advice    
Disaggregation of Revenue [Line Items]    
Investment advisory services (WRCM) $ 1,508 $ 1,612
v3.24.1.u1
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended
Apr. 24, 2023
extension
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Concentration Risk [Line Items]      
Revenue | $   $ 105.5 $ 108.9
Contract with customer, contract term 5 years    
Contract with customer, option to extend, option one, number of extensions 2    
Contract with customer, option to extend, option one, extension period 2 years    
Contract with customer, option to extend, option two, number of extensions 1    
Contract with customer, option to extend, option two, extension period 1 year    
v3.24.1.u1
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Investments $ 1,073,713 $ 1,006,810
Derivative instruments $ 1,820 452
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets  
Total assets $ 1,075,533 1,007,262
Liabilities:    
Derivative instruments $ 1,085 1,976
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Total liabilities $ 1,085 1,976
Asset-backed debt securities - available-for-sale    
Assets:    
Investments 1,018,687 955,903
Equity securities    
Assets:    
Investments 56 73
Equity securities measured at net asset value    
Assets:    
Investments 54,970 50,834
Level 1    
Assets:    
Investments 155 172
Derivative instruments 0 0
Total assets 155 172
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Investments 99 99
Level 1 | Equity securities    
Assets:    
Investments 56 73
Level 2    
Assets:    
Investments 1,018,588 955,804
Derivative instruments 1,820 452
Total assets 1,020,408 956,256
Liabilities:    
Derivative instruments 1,085 1,976
Total liabilities 1,085 1,976
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Investments 1,018,588 955,804
Level 2 | Equity securities    
Assets:    
Investments $ 0 $ 0
v3.24.1.u1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Financial assets:        
Loans receivable $ 11,829,078 $ 13,108,204    
Accrued loan interest receivable 684,095 764,385    
Cash and cash equivalents 179,682 168,112 $ 187,574 $ 118,146
Investments - held-to-maturity 164,493      
Beneficial interest in loan securitizations, Fair Value 260,537      
Restricted cash - due to customers 142,778 368,656 $ 134,202 $ 294,311
Financial liabilities:        
Accrued interest payable 31,983 35,391    
Bank deposits 802,061 743,599    
Due to customers 274,757 425,507    
Fair value        
Financial assets:        
Loans receivable 11,479,342 12,800,638    
Accrued loan interest receivable 684,095 764,385    
Cash and cash equivalents 179,682 168,112    
Investments (at fair value) 1,073,713 1,006,810    
Investments - held-to-maturity 164,493 163,622    
Notes receivable 53,140 53,747    
Beneficial interest in loan securitizations, Fair Value 260,537 262,093    
Restricted cash 618,363 488,723    
Restricted cash - due to customers 142,778 368,656    
Derivative instruments 1,820 452    
Financial liabilities:        
Bonds and notes payable 10,481,221 11,629,359    
Accrued interest payable 31,983 35,391    
Bank deposits 781,814 722,973    
Due to customers 274,757 425,507    
Derivative instruments 1,085 1,976    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 179,682 168,112    
Investments (at fair value) 155 172    
Investments - held-to-maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations, Fair Value 0 0    
Restricted cash 618,363 488,723    
Restricted cash - due to customers 142,778 368,656    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 528,315 467,420    
Due to customers 274,757 425,507    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 684,095 764,385    
Cash and cash equivalents 0 0    
Investments (at fair value) 1,018,588 955,804    
Investments - held-to-maturity 164,493 163,622    
Notes receivable 53,140 53,747    
Beneficial interest in loan securitizations, Fair Value 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 1,820 452    
Financial liabilities:        
Bonds and notes payable 10,481,221 11,629,359    
Accrued interest payable 31,983 35,391    
Bank deposits 253,499 255,553    
Due to customers 0 0    
Derivative instruments 1,085 1,976    
Fair value | Level 3        
Financial assets:        
Loans receivable 11,479,342 12,800,638    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Investments - held-to-maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations, Fair Value 260,537 262,093    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 11,144,983 12,343,819    
Accrued loan interest receivable 684,095 764,385    
Cash and cash equivalents 179,682 168,112    
Investments (at fair value) 1,073,713 1,006,810    
Investments - held-to-maturity 161,238 162,738    
Notes receivable 53,140 53,747    
Beneficial interest in loan securitizations, Fair Value 235,824 225,079    
Restricted cash 618,363 488,723    
Restricted cash - due to customers 142,778 368,656    
Derivative instruments 1,820 452    
Financial liabilities:        
Bonds and notes payable 10,582,513 11,828,393    
Accrued interest payable 31,983 35,391    
Bank deposits 802,061 743,599    
Due to customers 274,757 425,507    
Derivative instruments $ 1,085 $ 1,976