NELNET INC, 10-Q filed on 8/8/2022
Quarterly Report
v3.22.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2022
Jul. 31, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2022  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   26,540,797
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,674,892
v3.22.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $120,424 and $127,113, respectively) $ 16,916,344 $ 18,335,197
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 32,849 30,128
Cash and cash equivalents - held at a related party 95,650 95,435
Total cash and cash equivalents 128,499 125,563
Investments and notes receivable 1,988,450 1,588,919
Restricted cash 754,693 741,981
Restricted cash - due to customers 290,850 326,645
Accounts receivable (net of allowance for doubtful accounts of $1,342 and $1,160, respectively) 119,774 163,315
Goodwill 149,117 142,092
Intangible assets, net 70,086 52,029
Property and equipment, net 123,738 119,413
Other assets 82,462 82,887
Total assets 20,624,013 21,678,041
Liabilities:    
Bonds and notes payable 16,115,269 17,631,089
Accrued interest payable 12,963 4,566
Bank deposits 588,474 344,315
Other liabilities 406,686 379,231
Due to customers 409,476 366,002
Total liabilities 17,532,868 18,725,203
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 1,180 1,000
Retained earnings 3,127,687 2,940,523
Accumulated other comprehensive (loss) earnings, net (31,858) 9,304
Total Nelnet, Inc. shareholders' equity 3,097,382 2,951,206
Noncontrolling interests (6,237) 1,632
Total equity 3,091,145 2,952,838
Total liabilities and equity 20,624,013 21,678,041
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $120,424 and $127,113, respectively) 16,294,069 17,981,414
Cash and cash equivalents:    
Restricted cash 678,871 674,073
Liabilities:    
Bonds and notes payable 15,823,651 17,462,456
Common stock:    
Accrued interest payable and other liabilities (60,461) (36,276)
Net assets of consolidated education lending variable interest entities 1,088,828 1,156,755
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,613,733 shares and 27,239,654 shares, respectively    
Common stock:    
Common stock 266 272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,674,892 shares and 10,676,642 shares, respectively    
Common stock:    
Common stock $ 107 $ 107
v3.22.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Allowance for loan losses $ 120,424 $ 127,113
Allowance for doubtful accounts $ 1,342 $ 1,160
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 50,000,000 50,000,000
Preferred stock, issued shares (in shares) 0 0
Preferred stock, outstanding shares (in shares) 0 0
Common Class A    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 600,000,000 600,000,000
Shares issued (in shares) 26,613,733 27,239,654
Shares outstanding (in shares) 26,613,733 27,239,654
Common Class B    
Par value (in dollars per share) $ 0.01 $ 0.01
Shares authorized (in shares) 60,000,000 60,000,000
Shares issued (in shares) 10,674,892 10,676,642
Shares outstanding (in shares) 10,674,892 10,676,642
v3.22.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loan interest $ 134,706 $ 122,005 $ 246,083 $ 246,123
Investment interest 16,881 11,578 30,700 16,563
Total interest income 151,587 133,583 276,783 262,686
Interest expense on bonds and notes payable and bank deposits 73,642 49,991 121,721 77,764
Net interest income 77,945 83,592 155,062 184,922
Provision (negative provision) for loan losses 9,409 374 8,974 (16,674)
Net interest income after provision for loan losses 68,536 83,218 146,088 201,596
Other income/expense:        
Other 12,647 22,921 22,524 18,317
Gain on sale of loans 0 15,271 2,989 15,271
Impairment expense and provision for beneficial interests, net (6,284) (500) (6,284) 1,936
Derivative market value adjustments and derivative settlements, net 45,024 (6,989) 187,949 27,516
Total other income/expense 267,291 219,499 671,736 458,611
Cost of services 30,852 21,676 66,397 48,728
Operating expenses:        
Salaries and benefits 141,398 118,968 290,813 234,759
Depreciation and amortization 18,250 20,236 35,206 40,419
Other expenses 36,940 32,587 76,439 69,286
Total operating expenses 196,588 171,791 402,458 344,464
Income before income taxes 108,387 109,250 348,969 267,015
Income tax expense 25,483 26,237 81,180 61,098
Net income 82,904 83,013 267,789 205,917
Net loss attributable to noncontrolling interests 2,225 854 3,987 1,548
Net income attributable to Nelnet, Inc. $ 85,129 $ 83,867 $ 271,776 $ 207,465
Earnings per common share:        
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Weighted-average common shares outstanding - basic (in shares) 37,710,214 38,741,486 37,875,108 38,672,902
Weighted-average common shares outstanding - diluted (in shares) 37,710,214 38,741,486 37,875,108 38,672,902
Loan servicing and systems        
Other income/expense:        
Revenue $ 124,873 $ 112,094 $ 261,241 $ 223,611
Education technology, services, and payment processing        
Other income/expense:        
Revenue $ 91,031 $ 76,702 $ 203,317 $ 171,960
v3.22.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 82,904 $ 83,013 $ 267,789 $ 205,917
Other comprehensive (loss) income:        
Net changes related to foreign currency translation adjustments (8) (1) 1 0
Net changes related to available-for-sale debt securities:        
Unrealized holding (losses) gains arising during period, net (33,822) 2,897 (50,520) 7,246
Reclassification of gains recognized in net income, net of losses (849) (371) (3,642) (879)
Income tax effect 8,321 (606) 12,999 (1,528)
Unrealized gains (losses) during period after reclassifications and tax (26,350) 1,920 (41,163) 4,839
Other comprehensive (loss) income (26,358) 1,919 (41,162) 4,839
Comprehensive income 56,546 84,932 226,627 210,756
Comprehensive loss attributable to noncontrolling interests 2,225 854 3,987 1,548
Comprehensive income attributable to Nelnet, Inc. $ 58,771 $ 85,786 $ 230,614 $ 212,304
v3.22.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2020   0 27,193,154 11,155,571        
Beginning balance at Dec. 31, 2020 $ 2,628,349 $ 0 $ 272 $ 112 $ 3,794 $ 2,621,762 $ 6,102 $ (3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 6,888             6,888
Net income (loss) 205,917         207,465   (1,548)
Other comprehensive income (loss) 4,839           4,839  
Distribution to noncontrolling interests (6,829)             (6,829)
Cash dividend on Class A and Class B common stock (16,912)         (16,912)    
Issuance of common stock, net of forfeitures (in shares)     231,955          
Issuance of common stock, net of forfeitures 3,915   $ 2   3,913      
Compensation expense for stock based awards 4,859       4,859      
Repurchase of common stock (in shares)     (31,567)          
Repurchase of common stock (2,408)   $ 0   (2,408) 0    
Conversion of common stock (in shares)     101,400 101,400        
Conversion of common stock 0   $ 1 $ (1)        
Ending balance (in shares) at Jun. 30, 2021   0 27,494,942 11,054,171        
Ending balance at Jun. 30, 2021 2,828,618 $ 0 $ 275 $ 111 10,158 2,812,315 10,941 (5,182)
Beginning balance (in shares) at Mar. 31, 2021   0 27,367,797 11,154,171        
Beginning balance at Mar. 31, 2021 2,749,101 $ 0 $ 274 $ 112 5,859 2,736,923 9,022 (3,089)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 5,488             5,488
Net income (loss) 83,013         83,867   (854)
Other comprehensive income (loss) 1,919           1,919  
Distribution to noncontrolling interests (6,727)             (6,727)
Cash dividend on Class A and Class B common stock (8,475)         (8,475)    
Issuance of common stock, net of forfeitures (in shares)     32,513          
Issuance of common stock, net of forfeitures 1,824   $ 0   1,824      
Compensation expense for stock based awards 2,874       2,874      
Repurchase of common stock (in shares)     (5,368)          
Repurchase of common stock (399)       (399) 0    
Conversion of common stock (in shares)     100,000 100,000        
Conversion of common stock 0   $ 1 $ (1)        
Ending balance (in shares) at Jun. 30, 2021   0 27,494,942 11,054,171        
Ending balance at Jun. 30, 2021 2,828,618 $ 0 $ 275 $ 111 10,158 2,812,315 10,941 (5,182)
Beginning balance (in shares) at Dec. 31, 2021   0 27,239,654 10,676,642        
Beginning balance at Dec. 31, 2021 2,952,838 $ 0 $ 272 $ 107 1,000 2,940,523 9,304 1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 11,279             11,279
Net income (loss) 267,789         271,776   (3,987)
Other comprehensive income (loss) (41,162)           (41,162)  
Distribution to noncontrolling interests (15,161)             (15,161)
Cash dividend on Class A and Class B common stock (18,035)         (18,035)    
Issuance of common stock, net of forfeitures (in shares)     310,639          
Issuance of common stock, net of forfeitures 6,501   $ 3   6,498      
Compensation expense for stock based awards 6,027       6,027      
Repurchase of common stock (in shares)     (938,310)          
Repurchase of common stock (78,931)   $ (9)   (12,345) (66,577)    
Conversion of common stock (in shares)     1,750 1,750        
Conversion of common stock 0              
Ending balance (in shares) at Jun. 30, 2022   0 26,613,733 10,674,892        
Ending balance at Jun. 30, 2022 3,091,145 $ 0 $ 266 $ 107 1,180 3,127,687 (31,858) (6,237)
Beginning balance (in shares) at Mar. 31, 2022   0 27,151,270 10,674,892        
Beginning balance at Mar. 31, 2022 3,085,063 $ 0 $ 272 $ 107 1,208 3,092,226 (5,500) (3,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 9,275             9,275
Net income (loss) 82,904         85,129   (2,225)
Other comprehensive income (loss) (26,358)           (26,358)  
Distribution to noncontrolling interests (10,037)             (10,037)
Cash dividend on Class A and Class B common stock (8,973)         (8,973)    
Issuance of common stock, net of forfeitures (in shares)     20,720          
Issuance of common stock, net of forfeitures 2,116       2,116      
Compensation expense for stock based awards 3,187       3,187      
Repurchase of common stock (in shares)     (558,257)          
Repurchase of common stock (46,032)   $ (6)   (5,331) (40,695)    
Ending balance (in shares) at Jun. 30, 2022   0 26,613,733 10,674,892        
Ending balance at Jun. 30, 2022 $ 3,091,145 $ 0 $ 266 $ 107 $ 1,180 $ 3,127,687 $ (31,858) $ (6,237)
v3.22.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Common Class A        
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22 $ 0.48 $ 0.44
Common Class B        
Cash dividend on common stock (in dollars per share) $ 0.24 $ 0.22 $ 0.48 $ 0.44
v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 271,776 $ 207,465
Net loss attributable to noncontrolling interests (3,987) (1,548)
Net income 267,789 205,917
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 74,080 76,754
Loan discount accretion (19,554) (14,606)
Provision (negative provision) for loan losses 8,974 (16,674)
Derivative market value adjustments (186,135) (37,194)
Proceeds from termination of derivative instruments, net 68,021 0
Proceeds from clearinghouse - initial and variation margin, net of payments 133,622 38,440
Gain on sale of loans (2,989) (15,271)
Loss on investments, net 3,207 812
(Gain) loss from repurchases of debt, net (1,071) 695
Proceeds from sale (purchases) of equity securities, net 42,398 (19,764)
Deferred income tax expense 49,890 18,173
Non-cash compensation expense 6,171 4,980
Provision (negative provision) for beneficial interests and impairment expense, net 6,284 (1,936)
Decrease (increase) in loan and investment accrued interest receivable 184 (40,488)
Decrease (increase) in accounts receivable 44,786 (9,446)
(Increase) decrease in other assets, net (8,015) 32,241
Decrease in the carrying amount of ROU asset, net 2,735 3,962
Increase (decrease) in accrued interest payable 8,397 (23,779)
Decrease in other liabilities, net (12,200) (13,663)
Decrease in the carrying amount of lease liability (2,860) (3,288)
Net cash provided by operating activities 483,714 185,865
Cash flows from investing activities:    
Purchases and originations of loans (396,486) (1,040,573)
Purchases of loans from a related party (7,675) (20,847)
Net proceeds from loan repayments, claims, and capitalized interest 1,792,930 1,047,645
Proceeds from sale of loans 15,278 65,224
Purchases of available-for-sale securities (735,140) (363,485)
Proceeds from sales of available-for-sale securities 319,752 38,511
Proceeds from beneficial interest in loan securitizations 13,212 19,077
Purchases of other investments and issuance of notes receivable (147,400) (128,011)
Proceeds from other investments 23,955 167,821
Purchases of property and equipment (34,152) (28,784)
Business acquisition, net of cash acquired (7,320) 0
Net cash provided by (used in) investing activities 836,954 (243,422)
Cash flows from financing activities:    
Payments on bonds and notes payable (1,695,697) (1,073,523)
Proceeds from issuance of bonds and notes payable 159,931 1,114,821
Payments of debt issuance costs (851) (3,035)
Increase in bank deposits, net 244,159 148,208
Increase in due to customers 43,544 1,746
Dividends paid (18,035) (16,912)
Repurchases of common stock (78,931) (2,408)
Proceeds from issuance of common stock 801 689
Issuance of noncontrolling interests 5,142 7,480
Distribution to noncontrolling interests (699) (423)
Net cash (used in) provided by financing activities (1,340,636) 176,643
Effect of exchange rate changes on cash (179) (108)
Net (decrease) increase in cash, cash equivalents, and restricted cash (20,147) 118,978
Cash, cash equivalents, and restricted cash, beginning of period 1,194,189 958,395
Cash, cash equivalents, and restricted cash, end of period 1,174,042 1,077,373
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 89,281 78,904
Cash disbursements made for income taxes, net of refunds and credits received [1] 21,137 14,229
Cash disbursements made for operating leases 3,538 4,096
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 746 823
Receipt of beneficial interest in consumer loan securitization 3,660 19,280
Distribution to noncontrolling interests 14,462 6,406
Issuance of noncontrolling interests $ 6,137 $ 592
[1] The Company utilized $4.1 million and $22.0 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2022 and 2021, respectively.
v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2022
Jun. 30, 2021
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 4,100 $ 22,000
Cash and cash equivalents:    
Total cash and cash equivalents 128,499 212,989
Restricted cash 754,693 616,711
Restricted cash - due to customers 290,850 247,673
Cash, cash equivalents, and restricted cash $ 1,174,042 $ 1,077,373
v3.22.2
Basis of Financial Reporting
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report").
Reclassification of Prior Period Cash Flows Presentation
The line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was previously presented in cash flows from operating activities, and has been corrected for the periods presented in this report (including the prior year period) to be presented in cash flows from financing activities. This correction has no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction has a corresponding impact on the amounts of cash flows from operating and financing activities, it has no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements for 2022, or its previously issued financial statements for 2021, 2020, and 2019.
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,548,901 3,904,000 
Consolidation11,880,710 13,187,047 
Total15,429,611 17,091,047 
Private education loans272,943 299,442 
Consumer and other loans152,583 51,301 
Non-Nelnet Bank loans15,855,137 17,441,790 
Nelnet Bank:
Federally insured student loans77,428 88,011 
Private education loans346,125 169,890 
Nelnet Bank loans423,553 257,901 
Accrued interest receivable780,691 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,613)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(92,593)(103,381)
Private education loans(15,253)(16,143)
Consumer and other loans(10,576)(6,481)
Non-Nelnet Bank allowance for loan losses(118,422)(126,005)
Nelnet Bank:
Federally insured loans(258)(268)
Private education loans(1,744)(840)
Nelnet Bank allowance for loan losses(2,002)(1,108)
 $16,916,344 18,335,197 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
June 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.60 %0.60 %
Private education loans5.59 %5.39 %
Consumer and other loans (b)6.93 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.33 %0.30 %
Private education loans0.50 %0.49 %
(a)    As of June 30, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.8% and 22.2%, respectively, and for Nelnet Bank was 13.2% and 12.1%, respectively.
(b)    During the second quarter of 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of June 30, 2022 as compared to December 31, 2021.
Gain on Sale of Loans
On January 26, 2022, the Company sold $18.1 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent residual interest in the consumer loan securitization, which is included in "investments and notes receivable" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans$95,995 2,365 (5,788)— 21 — 92,593 
Private education loans14,622 1,217 (707)118 — 3 15,253 
Consumer and other loans5,710 5,245 (531)152 — — 10,576 
Nelnet Bank:
Federally insured loans247 13 (2)— — — 258 
Private education loans1,251 569 (73)— — (3)1,744 
$117,825 9,409 (7,101)270 21 — 120,424 
Three months ended June 30, 2021
Non-Nelnet Bank:
Federally insured loans$121,846 (397)(1,172)— 525 — 120,802 
Private education loans20,670 (1,004)(403)139 — 1 19,403 
Consumer and other loans14,134 1,706 (1,464)235 — (9,909)4,702 
Nelnet Bank:
Federally insured loans— 245 — — — — 245 
Private education loans744 (176)— — — (1)567 
$157,394 374 (3,039)374 525 (9,909)145,719 
Six months ended June 30, 2022
Non-Nelnet Bank
Federally insured loans$103,381 (383)(10,549)— 144 — 92,593 
Private education loans16,143 817 (2,006)295 — 4 15,253 
Consumer and other loans6,481 7,529 (1,469)319 — (2,284)10,576 
Nelnet Bank
Federally insured loans268 (8)(2)— — — 258 
Private education loans840 995 (87)— — (4)1,744 
$127,113 8,950 (14,113)614 144 (2,284)120,424 
Six months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans$128,590 (7,880)(1,233)— 1,325 — 120,802 
Private education loans19,529 427 (896)341 — 2 19,403 
Consumer and other loans27,256 (9,712)(3,414)481 — (9,909)4,702 
Nelnet Bank
Federally insured loans— 245 — — — — 245 
Private education loans323 246 — — — (2)567 
$175,698 (16,674)(5,543)822 1,325 (9,909)145,719 
(a)    During the three months ended June 30, 2022 and 2021, and six months ended June 30, 2022 and 2021, the Company acquired $1.6 million (par value), $34.7 million (par value), $10.8 million (par value), and $88.7 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
The Company recorded a negative provision for loan losses for its federally insured loan portfolio for the three months ended March 31, 2022 due to the amortization of the portfolio and an increase in expected prepayments as a result of an initiative offered by the Department of Education (the “Department”) for Federal Family Education Loan Program ("FFELP" or "FFEL Program") borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department by October 31, 2022 to qualify for loan forgiveness under the Public Service Loan Forgiveness program. The Company recorded a provision for loan losses on its consumer loan portfolio during the three months ended March 31, 2022 as a result of loans acquired during the period.
The Company recorded a provision for loan losses for its federally insured, private education, consumer, and other loan portfolios for the three months ended June 30, 2022 due to management's estimate of worsening economic conditions as of June 30, 2022 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of March 31, 2022. In addition, the Company recorded provision for loan losses on its consumer and other loan portfolio during the three months ended June 30, 2022 as a result of loans acquired during the period. The provision for loan losses recognized by the Company for its federally insured loan portfolio during the three months ended June 30, 2022 was partially offset due to the continued amortization of the portfolio and an increase in the estimate of prepayments as of June 30, 2022 in comparison to management's estimate used to determine the allowance for loan losses as of March 31, 2022.
Unfunded Private Education Loan Commitments
As of June 30, 2022, Nelnet Bank has a liability of approximately $36,000 related to $3.0 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheet. During the six months ended June 30, 2022, Nelnet Bank recognized provision for loan losses of approximately $24,000 related to unfunded loan commitments.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company's federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.
As of June 30, 2022As of December 31, 2021As of June 30, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $763,957 4.9 % $829,624 4.9 % $955,227 5.0 %
Loans in forbearance 1,246,882 8.1  1,118,667 6.5  2,079,368 11.0 
Loans in repayment status:  
Loans current11,551,817 86.1 %12,847,685 84.9 %13,995,297 88.0 %
Loans delinquent 31-60 days464,234 3.5 895,656 5.9 580,602 3.7 
Loans delinquent 61-90 days309,252 2.3 352,449 2.3 262,353 1.6 
Loans delinquent 91-120 days187,452 1.4 251,075 1.7 104,124 0.7 
Loans delinquent 121-270 days638,189 4.7 592,449 3.9 398,965 2.5 
Loans delinquent 271 days or greater267,828 2.0 203,442 1.3 562,928 3.5 
Total loans in repayment13,418,772 87.0 100.0 %15,142,756 88.6 100.0 %15,904,269 84.0 100.0 %
Total federally insured loans15,429,611 100.0 % 17,091,047 100.0 % 18,938,864 100.0 %
Accrued interest receivable775,337 784,716 830,973 
Loan discount, net of unamortized premiums and deferred origination costs(26,674)(28,309)(24,129)
Allowance for loan losses(92,593)(103,381)(120,802)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$16,085,681 $17,744,073 $19,624,906 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $15,403 5.6 %$9,661 3.2 %$10,195 2.9 %
Loans in forbearance 2,447 0.9 3,601 1.2 3,884 1.1 
Loans in repayment status:
Loans current250,268 98.1 %280,457 98.0 %330,097 98.3 %
Loans delinquent 31-60 days1,980 0.8 2,403 0.8 3,962 1.2 
Loans delinquent 61-90 days782 0.3 976 0.3 818 0.2 
Loans delinquent 91 days or greater2,063 0.8 2,344 0.9 1,138 0.3 
Total loans in repayment255,093 93.5 100.0 %286,180 95.6 100.0 %336,015 96.0 100.0 %
Total private education loans272,943 100.0 % 299,442 100.0 % 350,094 100.0 %
Accrued interest receivable2,058 1,960 2,360 
Loan premium, net of unamortized discount94 (1,123)(1,547)
Allowance for loan losses(15,253)(16,143)(19,403)
Total private education loans and accrued interest receivable, net of allowance for loan losses$259,842 $284,136 $331,504 
As of June 30, 2022As of December 31, 2021As of June 30, 2021
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$64 0.0 %$43 0.1 %$38 0.1 %
Loans in repayment status:
Loans current150,812 98.9 %49,697 97.0 %41,039 96.1 %
Loans delinquent 31-60 days515 0.3 414 0.8 387 0.9 
Loans delinquent 61-90 days435 0.3 322 0.6 484 1.1 
Loans delinquent 91 days or greater757 0.5 825 1.6 819 1.9 
Total loans in repayment152,519 100.0 100.0 %51,258 99.9 100.0 %42,729 99.9 %100.0 %
Total consumer and other loans152,583 100.0 %51,301 100.0 %42,767 100.0 %
Accrued interest receivable1,376 396 328 
Loan discount, net of unamortized premiums(1,965)913 377 
Allowance for loan losses(10,576)(6,481)(4,702)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$141,418 $46,129 $38,770 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$283 0.4 %$330 0.4 %$103 0.1 %
Loans in forbearance1,029 1.3 1,057 1.2 1,026 1.1 
Loans in repayment status:
Loans current74,883 98.4 %85,599 98.8 %95,402 99.3 %
Loans delinquent 30-59 days587 0.8 816 1.0 593 0.6 
Loans delinquent 60-89 days165 0.2 — — 43 0.1 
Loans delinquent 90-119 days245 0.3 — — — — 
Loans delinquent 120-270 days236 0.3 209 0.2 — — 
Loans delinquent 271 days or greater— — — — — — 
Total loans in repayment76,116 98.3 100.0 %86,624 98.4 100.0 %96,038 98.8 100.0 %
Total federally insured loans77,428 100.0 %88,011 100.0 %97,167 100.0 %
Accrued interest receivable1,381 1,216 1,179 
Loan premium23 26 29 
Allowance for loan losses(258)(268)(245)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$78,574 $88,985 $98,130 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$1,160 0.3 %$150 0.1 %$82 0.1 %
Loans in forbearance1,236 0.4 460 0.3 133 0.1 
Loans in repayment status:
Loans current343,148 99.8 %169,157 99.9 %93,189 100.0 %
Loans delinquent 30-59 days169 0.1 51 — — — 
Loans delinquent 60-89 days412 0.1 — — — — 
Loans delinquent 90 days or greater— — 72 0.1 — — 
Total loans in repayment343,729 99.3 100.0 %169,280 99.6 100.0 %93,189 99.8 100.0 %
Total private education loans346,125 100.0 %169,890 100.0 %93,404 100.0 %
Accrued interest receivable539 264 149 
Deferred origination costs5,909 2,560 1,374 
Allowance for loan losses(1,744)(840)(567)
Total private education loans and accrued interest receivable, net of allowance for loan losses$350,829 $171,874 $94,360 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores - Nelnet Bank Private Education Loans
An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of June 30, 2022
Six months ended June 30, 202220212020Total
FICO at origination:
Less than 705$4,042 5,627 95 9,764 
705 - 73418,060 10,959 264 29,283 
735 - 76431,516 17,165 1,007 49,688 
765 - 79454,493 33,080 1,353 88,926 
Greater than 79485,571 76,274 6,619 168,464 
$193,682 143,105 9,338 346,125 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2021 and June 30, 2022, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$1,601 7,311 1,784 3,093 — 1,614 15,403 
Loans in forbearance— — 368 632 47 1,400 2,447 
Loans in repayment status:
Loans current3,947 3,071 57,126 44,044 410 141,670 250,268 
Loans delinquent 31-60 days— — 104 421 — 1,455 1,980 
Loans delinquent 61-90 days— 20 52 — — 710 782 
Loans delinquent 91 days or greater— 7 111 79 — 1,866 2,063 
Total loans in repayment3,947 3,098 57,393 44,544 410 145,701 255,093 
Total private education loans$5,548 10,409 59,545 48,269 457 148,715 272,943 
Accrued interest receivable2,058 
Loan premium, net of unamortized discount94 
Allowance for loan losses(15,253)
Total private education loans and accrued interest receivable, net of allowance for loan losses$259,842 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$16 38 — — 10 — 64 
Loans in repayment status:
Loans current101,890 40,772 1,865 3,118 3,130 37 150,812 
Loans delinquent 31-60 days163 219 26 60 44 3 515 
Loans delinquent 61-90 days151 194 14 46 30 — 435 
Loans delinquent 91 days or greater68 119 16 196 358 — 757 
Total loans in repayment102,272 41,304 1,921 3,420 3,562 40 152,519 
Total consumer and other loans$102,288 41,342 1,921 3,420 3,572 40 152,583 
Accrued interest receivable1,376 
Loan discount, net of unamortized premiums(1,965)
Allowance for loan losses(10,576)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$141,418 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$863 297 — — — — 1,160 
Loans in forbearance665 440 131 — — — 1,236 
Loans in repayment status:
Loans current192,101 141,840 9,207 — — — 343,148 
Loans delinquent 30-59 days— 169 — — — — 169 
Loans delinquent 60-89 days53 359 — — — — 412 
Loans delinquent 90 days or greater— — — — — — — 
Total loans in repayment192,154 142,368 9,207 — — — 343,729 
Total private education loans$193,682 143,105 9,338 — — — 346,125 
Accrued interest receivable539 
Deferred origination costs5,909 
Allowance for loan losses(1,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$350,829 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.22.2
Bonds and Notes Payable
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$14,323,434 
1.22% - 3.62%
2/27/28 - 9/25/69
Bonds and notes based on auction221,385 
0.00% - 2.30%
3/32/32 - 8/27/46
Total FFELP variable-rate bonds and notes14,544,819 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
703,600 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility4,618 
1.64%
11/22/23
Private education loan warehouse facility89,466 1.71%10/31/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
24,737 
3.10% / 3.37%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
25,200 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement393,480 2.41%5/4/23
Repurchase agreements500,690 
0.97% - 2.81%
8/8/22 - 11/27/24
 16,286,610   
Discount on bonds and notes payable and debt issuance costs(171,341)
Total$16,115,269 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements.
FFELP loan warehouse facility
As of June 30, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $25.0 million that was reduced from $60.0 million per a May 23, 2022 amendment to the facility. The May 2022 amendment also extended the liquidity provisions and final maturity to November 22, 2022 and November 22, 2023, respectively. As of June 30, 2022, $4.6 million was outstanding under this facility, $20.4 million was available for future funding, and the Company had $0.3 million advanced as equity support.
Private education loan warehouse facility
As of June 30, 2022, the Company's private education warehouse facility had an aggregate maximum financing amount available of $175.0 million and an advance rate of 80 to 90 percent. On June 30, 2022, the Company amended the facility to extend the liquidity provisions through October 31, 2022 and final maturity date to October 31, 2023. As of June 30, 2022, $89.5 million was outstanding under this warehouse facility, $85.5 million was available for future funding, and the Company had $10.1 million advanced as equity support.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of June 30, 2022, no amount was outstanding on the line of credit and $495.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $737.5 million, subject to certain conditions.
Participation Agreement
The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities. As of June 30, 2022, $393.4 million of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. On May 4, 2022, the agreement automatically renewed for another year through May 4, 2023. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $400.0 million or an amount in excess of $400.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities subject to this agreement are included on the Company's consolidated balance sheet as "investments and notes receivable" and the participation interests outstanding have been accounted for by the Company as a secured borrowing.
See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under this participation agreement.
Repurchase Agreements
On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities. The first agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the second agreement has various maturity dates through January 13, 2023. Included in “bonds and notes payable” as of June 30, 2022 was $228.5 million subject to the first agreement and $272.2 million subject to the second agreement.
See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for these repurchase agreements.
Accrued Interest Liability
During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined was no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest expense on bonds and notes payable and bank deposits" in the consolidated statements of income.
Debt Repurchases
During the three and six months ended June 30, 2022, the Company repurchased $36.7 million and $55.2 million, respectively, of its own debt and recognized gains of $1.0 million and $1.1 million, respectively. During the second quarter of 2021, the Company repurchased $19.8 million of its own debt and recognized a loss of $0.7 million.
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 June 30, 2022, the Company holds $431.2 million (par value) of its own FFELP asset-backed securities. As of June 30, 2022, $206.9 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreements (as discussed above).
v3.22.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2021 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2022 and December 31, 2021 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of June 30, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
June 30, 2022December 31, 2021
2022$1,000,000 2,000,000 
2023750,000 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$4,900,000 5,900,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2022 and December 31, 2021 was one-month LIBOR plus 9.4 basis points and 9.1 basis points, respectively.
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of June 30, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023250,000 0.32 900,000 0.62 
20242,250,000 0.35 2,500,000 0.35 
2025— — 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $3,100,000 0.49 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
In March 2022, the Company terminated $650 million in notional amount of derivatives ($500 million and $150 million that had maturity dates in 2022 and 2023, respectively) for net payments of $0.1 million. On April 29, 2022, the Company terminated $1.25 billion in notional amount of derivatives ($500 million, $250 million, and $500 million that had maturity dates in 2023, 2024, and 2025, respectively) for total proceeds of $68.1 million.
Consolidated Financial Statement Impact Related to Derivatives - Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended June 30,Six months ended June 30,
 2022202120222021
Settlements:  
1:3 basis swaps$931 (221)1,327 (240)
Interest rate swaps - floor income hedges3,692 (5,153)487 (9,438)
Total settlements - income (expense)4,623 (5,374)1,814 (9,678)
Change in fair value:  
1:3 basis swaps(148)(1,106)741 1,693 
Interest rate swaps - floor income hedges40,549 (509)185,394 35,501 
Total change in fair value - income (expense)40,401 (1,615)186,135 37,194 
Derivative market value adjustments and derivative settlements, net - income (expense)$45,024 (6,989)187,949 27,516 
v3.22.2
Investments and Notes Receivable
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of June 30, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$821,154 4,509 (16,028)809,635 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)366,602 — (28,161)338,441 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale148,686 24 (2,249)146,461 22,435 — — 22,435 
Total available-for-sale debt securities$1,336,442 4,533 (46,438)1,294,537 917,412 15,217 (2,960)929,669 
Equity securities36,945 71,986 
Total investments (at fair value)1,331,482 1,001,655 
Other Investments (not measured at fair value):
Other debt securities - held-to-maturity8,200 8,200 
Venture capital and funds:
Measurement alternative159,332 157,609 
Equity method82,147 67,840 
Total venture capital and funds241,479 225,449 
Real estate:
Equity method57,532 47,226 
Notes receivable5,069 — 
Total real estate62,601 47,226 
Investment in ALLO:
Voting interest/equity method (d)91,832 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)141,599 137,342 
Total investment in ALLO233,431 224,589 
Beneficial interest in loan securitizations (f):
Private education loans, including accrued interest77,308 66,008 
Consumer loans26,197 28,366 
Federally insured student loans24,300 25,768 
Total beneficial interest in loan securitizations127,805 120,142 
Solar (g)(54,499)(42,457)
Notes receivable33,012 — 
Tax liens, affordable housing, and other4,939 4,115 
Total investments (not measured at fair value)656,968 587,264 
Total investments and notes receivable$1,988,450 $1,588,919 

(a)    As of June 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.1 billion. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of June 30, 2022, $393.4 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    The Company's private education loan asset-backed securities portfolio is subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended June 30, 2022 and 2021, the Company recognized a pre-tax loss of $16.9 million and income of $1.1 million, respectively, under the HLBV method of accounting on its ALLO
voting membership interests investment, and during the six months ended June 30, 2022 and 2021, the Company recognized pre-tax losses of $30.1 million and $21.1 million, respectively. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income. In the second quarter of 2021, the Company revised its accounting policy to correct for an error in its method of applying the HLBV method of accounting for its investment in ALLO. Prior to the second quarter of 2021, the Company calculated Nelnet’s liquidation basis in ALLO under the HLBV method by using Nelnet’s proportionate share of tax losses and amortizing any basis difference using tax methods. The Company determined that Nelnet’s liquidation basis in ALLO under the HLBV method should equal ALLO’s GAAP losses and amortization of any basis difference should use book lives. During the second quarter of 2021, the Company recorded an adjustment to reflect the cumulative net impact on prior periods (since the deconsolidation of ALLO on December 21, 2020) for the correction of this error that resulted in a $14.0 million increase to the Company’s ALLO investment balance and a corresponding pre-tax increase to other income. The Company concluded this error had an immaterial impact on 2021 results as well as the results for prior periods.
(e)    As of June 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $4.3 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.0 million during the three months ended June 30, 2022 and 2021, respectively, and $4.3 million during both the six months ended June 30, 2022 and 2021. This income is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2022, the Company's ownership correlates to approximately $650 million, $160 million, and $430 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    As of June 30, 2022, the Company has funded a total of $241.3 million in solar investments, which includes $71.4 million funded by syndication partners. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at June 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through June 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of June 30, 2022, the Company is committed to fund an additional $51.9 million on these projects, of which $43.1 million will be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized pre-tax losses on its solar investments of $1.9 million and $2.3 million during the three months ended June 30, 2022 and 2021, respectively, and $2.9 million and $4.0 million during the six months ended June 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Solar losses attributed to minority investors was $2.0 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $3.8 million and $1.9 million for the six months ended June 30, 2022 and 2021, respectively.
Impairment Expense
During the second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense and provision for beneficial interests, net" on the consolidated statements of income.
v3.22.2
Business Combination
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Business Combination Business Combination
NGWeb Solutions, LLC
On April 30, 2022, the Company acquired 30 percent of the ownership interests of NGWeb Solutions, LLC ("NextGen") for total cash consideration of $9.2 million. NextGen provides software solutions primarily to higher education institutions to enable administrators to efficiently manage online forms, scholarships, employment, online timesheets, and other specialized processes that require signed authorizations and interactions with student information.
Prior to the acquisition, the Company owned 50 percent of the ownership interests of NextGen and accounted for this investment under the equity method. As a result of the acquisition, the previously held 50 percent ownership interests was remeasured to its fair value as of the April 30, 2022 date of acquisition of the additional 30 percent of the ownership interests, resulting in a $15.2 million revaluation gain, which is included in "other" in "other income/expense" on the consolidated statements of income. For segment reporting, this gain is included in "Corporate and Other Activities." Subsequent to the acquisition, the Company will consolidate the operating results of NextGen and such results will be included in the Education Technology, Services, and Payment Processing reportable segment.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to NextGen are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition.
Cash and cash equivalents$1,885 
Accounts receivable1,315 
Property and equipment800 
Other assets201 
Intangible assets23,395 
Excess cost over fair value of net assets acquired (goodwill)7,025 
Other liabilities(3,937)
Net assets acquired30,684 
Minority interest(6,137)
Remeasurement of previously held investment(15,342)
Total consideration paid by the Company$9,205 
The $23.4 million of acquired intangible assets is made up of computer software of $18.8 million (5-year useful life) and customer relationships of $4.6 million (7-year useful life).
v3.22.2
Intangible Assets
 6 Months Ended
Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2022 (months)
As ofAs of
June 30, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $47,328 and $97,398, respectively)
96$48,552 47,894 
Computer software (net of accumulated amortization of $3,411 and $3,669, respectively)
5221,534 4,135 
Total - amortizable intangible assets, net82$70,086 52,029 
The Company recorded amortization expense on its intangible assets of $2.9 million and $8.3 million during the three months ended June 30, 2022 and 2021, respectively, and $5.3 million and $16.6 million during the six months ended June 30, 2022 and 2021, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2022, the Company estimates it will record amortization expense as follows:
2022 (July 1 - December 31)$7,176 
202314,243 
202411,870 
20259,057 
20268,930 
2027 and thereafter18,810 
 $70,086 
v3.22.2
Goodwill
 6 Months Ended
Jun. 30, 2022
Goodwill [Abstract]  
Goodwill Goodwill
The carrying amount of goodwill by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Balance as of December 31, 2021 and March 31, 2022$23,639 76,570 41,883 — — 142,092 
Goodwill acquired— 7,025 — — — 7,025 
Balance as of June 30, 2022$23,639 83,595 41,883 — — 149,117 
v3.22.2
Earnings per Common Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended June 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$83,485 1,644 85,129 82,479 1,388 83,867 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,981,990 728,224 37,710,214 38,100,092 641,394 38,741,486 
Earnings per share - basic and diluted$2.26 2.26 2.26 2.16 2.16 2.16 
Six months ended June 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$266,735 5,041 271,776 204,209 3,256 207,465 
Denominator:
Weighted-average common shares outstanding - basic and diluted37,172,606 702,502 37,875,108 38,065,869 607,033 38,672,902 
Earnings per share - basic and diluted$7.18 7.18 7.18 5.36 5.36 5.36 
v3.22.2
Segment Reporting
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 15 of the notes to consolidated financial statements included in the 2021 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended June 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$246 874 140,396 5,212 6,235 (1,376)151,587 
Interest expense20 — 69,708 1,639 3,652 (1,376)73,642 
Net interest income226 874 70,688 3,573 2,583 — 77,945 
Less provision (negative provision) for loan losses— — 8,827 582 — — 9,409 
Net interest income after provision for loan losses226 874 61,861 2,991 2,583 — 68,536 
Other income/expense:
Loan servicing and systems revenue124,873 — — — — — 124,873 
Intersegment revenue8,381 7 — — — (8,388)— 
Education technology, services, and payment processing revenue— 91,031 — — — — 91,031 
Other611 — 5,133 157 6,747 — 12,647 
Gain on sale of loans— — — — — — — 
Impairment expense and provision for beneficial interests, net— — — — (6,284)— (6,284)
Derivative settlements, net— — 4,623 — — — 4,623 
Derivative market value adjustments, net— — 40,401 — — — 40,401 
Total other income/expense133,865 91,038 50,157 157 463 (8,388)267,291 
Cost of services— 30,852 — — — — 30,852 
Operating expenses:
Salaries and benefits83,220 32,120 614 1,714 23,729 — 141,398 
Depreciation and amortization5,318 2,698 — 4 10,230 — 18,250 
Other expenses13,507 6,750 3,543 899 12,241 — 36,940 
Intersegment expenses, net18,558 4,805 8,513 57 (23,545)(8,388)— 
Total operating expenses120,603 46,373 12,670 2,674 22,655 (8,388)196,588 
Income (loss) before income taxes13,488 14,687 99,348 474 (19,609)— 108,387 
Income tax (expense) benefit(3,237)(3,525)(23,844)(106)5,228 — (25,483)
Net income (loss)10,251 11,162 75,504 368 (14,381)— 82,904 
Net loss attributable to noncontrolling interests— 53 — — 2,172 — 2,225 
Net income (loss) attributable to Nelnet, Inc.$10,251 11,215 75,504 368 (12,209)— 85,129 
Total assets as of June 30, 2022$240,437 546,235 17,388,228 864,659 2,273,216 (688,762)20,624,013 
 Three months ended June 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$30 210 129,965 2,041 1,524 (187)133,583 
Interest expense23 — 48,670 392 1,093 (187)49,991 
Net interest income7 210 81,295 1,649 431 — 83,592 
Less provision (negative provision) for loan losses— — 305 69 — — 374 
Net interest income after provision for loan losses7 210 80,990 1,580 431 — 83,218 
Other income/expense:
Loan servicing and systems revenue112,094 — — — — — 112,094 
Intersegment revenue8,480 3 — — — (8,483)— 
Education technology, services, and payment processing revenue— 76,702 — — — — 76,702 
Other701 — 2,316 4 19,900 — 22,921 
Gain on sale of loans— — 15,271 — — — 15,271 
Impairment expense and provision for beneficial interests, net— — — — (500)— (500)
Derivative settlements, net— — (5,374)— — — (5,374)
Derivative market value adjustments, net— — (1,615)— — — (1,615)
Total other income/expense121,275 76,705 10,598 4 19,400 (8,483)219,499 
Cost of services— 21,676 — — — — 21,676 
Operating expenses:
Salaries and benefits68,388 27,094 556 1,578 21,351 — 118,968 
Depreciation and amortization7,974 2,956 — — 9,305 — 20,236 
Other expenses13,273 4,437 3,567 237 11,074 — 32,587 
Intersegment expenses, net16,134 3,520 8,549 37 (19,757)(8,483)— 
Total operating expenses105,769 38,007 12,672 1,852 21,973 (8,483)171,791 
Income (loss) before income taxes15,513 17,232 78,916 (268)(2,142)— 109,250 
Income tax (expense) benefit(3,723)(4,136)(18,940)64 497 — (26,237)
Net income (loss)11,790 13,096 59,976 (204)(1,645)— 83,013 
Net loss attributable to noncontrolling interests— — — — 854 — 854 
Net income (loss) attributable to Nelnet, Inc.$11,790 13,096 59,976 (204)(791)— 83,867 
Total assets as of June 30, 2021$205,214 424,079 20,783,755 407,611 1,489,212 (281,008)23,028,863 
Six months ended June 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$313 1,213 258,994 8,241 10,227 (2,205)276,783 
Interest expense44 — 115,711 2,494 5,678 (2,205)121,721 
Net interest income269 1,213 143,283 5,747 4,549 — 155,062 
Less provision (negative provision) for loan losses— — 7,963 1,011 — — 8,974 
Net interest income after provision for loan losses269 1,213 135,320 4,736 4,549 — 146,088 
Other income/expense:
Loan servicing and systems revenue261,241 — — — — — 261,241 
Intersegment revenue16,860 10 — — — (16,870)— 
Education technology, services, and payment processing revenue— 203,317 — — — — 203,317 
Other1,350 — 11,644 1,659 7,872 — 22,524 
Gain on sale of loans— — 2,989 — — — 2,989 
Impairment expense and provision for beneficial interests, net— — — — (6,284)— (6,284)
Derivative settlements, net— — 1,814 — — — 1,814 
Derivative market value adjustments, net— — 186,135 — — — 186,135 
Total other income/expense279,451 203,327 202,582 1,659 1,588 (16,870)671,736 
Cost of services— 66,397 — — — — 66,397 
Operating expenses:
Salaries and benefits175,192 63,406 1,205 3,268 47,742 — 290,813 
Depreciation and amortization10,272 5,013 — 7 19,914 — 35,206 
Other expenses29,721 12,514 6,576 1,584 26,045 — 76,439 
Intersegment expenses, net38,955 9,410 17,344 102 (48,941)(16,870)— 
Total operating expenses254,140 90,343 25,125 4,961 44,760 (16,870)402,458 
Income (loss) before income taxes25,580 47,800 312,777 1,434 (38,623)— 348,969 
Income tax (expense) benefit(6,139)(11,472)(75,066)(328)11,826 — (81,180)
Net income (loss)19,441 36,328 237,711 1,106 (26,797)— 267,789 
Net loss attributable to noncontrolling interests— 53 — — 3,934 — 3,987 
Net income (loss) attributable to Nelnet, Inc.$19,441 36,381 237,711 1,106 (22,863)— 271,776 
Total assets as of June 30, 2022$240,437 546,235 17,388,228 864,659 2,273,216 (688,762)20,624,013 
Six months ended June 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$63 473 256,367 3,418 2,770 (405)262,686 
Interest expense47 — 75,620 586 1,916 (405)77,764 
Net interest income16 473 180,747 2,832 854 — 184,922 
Less provision (negative provision) for loan losses— — (17,165)491 — — (16,674)
Net interest income after provision for loan losses16 473 197,912 2,341 854 — 201,596 
Other income/expense:
Loan servicing and systems revenue223,611 — — — — — 223,611 
Intersegment revenue16,748 6 — — — (16,754)— 
Education technology, services, and payment processing revenue— 171,960 — — — — 171,960 
Other1,814 — 2,760 26 13,716 — 18,317 
Gain on sale of loans— — 15,271 — — — 15,271 
Impairment expense and provision for beneficial interests, net— — 2,436 — (500)— 1,936 
Derivative settlements, net— — (9,678)— — — (9,678)
Derivative market value adjustments, net— — 37,194 — — — 37,194 
Total other income/expense242,173 171,966 47,983 26 13,216 (16,754)458,611 
Cost of services— 48,728 — — — — 48,728 
Operating expenses:
Salaries and benefits134,846 53,035 1,051 3,065 42,761 — 234,759 
Depreciation and amortization16,166 6,027 — — 18,225 — 40,419 
Other expenses26,557 9,259 7,344 781 25,346 — 69,286 
Intersegment expenses, net33,024 7,184 16,976 40 (40,470)(16,754)— 
Total operating expenses210,593 75,505 25,371 3,886 45,862 (16,754)344,464 
Income (loss) before income taxes31,596 48,206 220,524 (1,519)(31,792)— 267,015 
Income tax (expense) benefit(7,583)(11,570)(52,926)351 10,630 — (61,098)
Net income (loss)24,013 36,636 167,598 (1,168)(21,162)— 205,917 
Net loss attributable to noncontrolling interests— — — — 1,548 — 1,548 
Net income (loss) attributable to Nelnet, Inc.$24,013 36,636 167,598 (1,168)(19,614)— 207,465 
Total assets as of June 30, 2021$205,214 424,079 20,783,755 407,611 1,489,212 (281,008)23,028,863 
v3.22.2
Disaggregated Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments.
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Government servicing$98,815 79,239 207,940 157,413 
Private education and consumer loan servicing12,122 12,816 24,995 21,364 
FFELP servicing4,011 4,703 8,259 9,373 
Software services 7,907 7,374 15,308 15,827 
Outsourced services and other2,018 7,962 4,739 19,634 
Loan servicing and systems revenue$124,873 112,094 261,241 223,611 
Education Technology, Services, and Payment Processing
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Tuition payment plan services$27,637 26,538 58,352 56,088 
Payment processing27,968 25,008 66,039 58,046 
Education technology and services34,956 24,930 78,207 57,457 
Other470 226 719 369 
Education technology, services, and payment processing revenue$91,031 76,702 203,317 171,960 
Other Income/Expense
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2022202120222021
Income/gains from investments, net$18,127 15,591 29,983 24,089 
Borrower late fee income2,436 744 4,867 1,184 
ALLO preferred return2,140 2,020 4,257 4,342 
Administration/sponsor fee income2,012 — 4,134 — 
Investment advisory services1,482 1,145 2,764 3,842 
Loss from ALLO voting membership interest investment(16,941)1,094 (30,071)(21,125)
Loss from solar investments(1,854)(2,302)(2,884)(3,982)
Other5,245 4,629 9,474 9,967 
$12,647 22,921 22,524 18,317 
v3.22.2
Major Customer
 6 Months Ended
Jun. 30, 2022
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
The Company earns loan servicing revenue from servicing contracts with the Department. Revenues earned by the Company related to these contracts are set forth in the "Government servicing" line item of the "Loan Servicing and Systems" table in note 11.
The Company's student loan servicing contracts with the Department are scheduled to expire on December 14, 2023. In 2017, the Department initiated a contract procurement process referred to as the Next Generation Financial Services Environment for a new framework for the servicing of all student loans owned by the Department. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the process, including that any new federal student loan servicing environment is required to provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance. In the second quarter of 2022, the Department released a solicitation entitled Unified Servicing and Data Solution ("USDS") for the new servicing framework. The Company responded to the USDS solicitation. The Company cannot predict the timing, nature, or ultimate outcome of this or any other contract procurement process by the Department.
v3.22.2
Fair Value
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.

 As of June 30, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 809,635 809,635 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 338,441 338,441 — 412,552 412,552 
Other debt securities - available-for-sale100 146,361 146,461 100 22,335 22,435 
Equity securities7,298 — 7,298 63,154 — 63,154 
Equity securities measured at net asset value (a)29,647 8,832 
Total investments 7,398 1,294,437 1,331,482 63,254 929,569 1,001,655 
Total assets$7,398 1,294,437 1,331,482 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of June 30, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$16,533,011 16,135,653 — — 16,533,011 
Accrued loan interest receivable780,691 780,691 — 780,691 — 
Cash and cash equivalents128,499 128,499 128,499 — — 
Investments (at fair value)1,331,482 1,331,482 7,398 1,294,437 — 
Beneficial interest in loan securitizations137,726 127,805 — — 137,726 
Restricted cash754,693 754,693 754,693 — — 
Restricted cash – due to customers290,850 290,850 290,850 — — 
Financial liabilities:  
Bonds and notes payable15,765,820 16,115,269 — 15,765,820 — 
Accrued interest payable12,963 12,963 — 12,963 — 
Bank deposits566,293 588,474 208,003 358,290 — 
Due to customers409,476 409,476 409,476 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2021 Annual Report.
v3.22.2
Subsequent Event
 6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn July 1, 2022, the Company acquired 80 percent of the outstanding ownership interests of GRNE-Nelnet, LLC ("GRNE") and its affiliate ENRG-Nelnet, LLC ("ENRG") for $29.7 million in cash. GRNE designs and installs residential, commercial, and utility-scale solar systems in the Midwest. ENRG owns certain assets that generate and sell solar energy. The operating results of GRNE and ENRG will be included in the Company's consolidated results of operations beginning July 1, 2022
v3.22.2
Basis of Financial Reporting (Policies)
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report").
Reclassification of Prior Period Cash Flows Presentation
Reclassification of Prior Period Cash Flows Presentation
The line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was previously presented in cash flows from operating activities, and has been corrected for the periods presented in this report (including the prior year period) to be presented in cash flows from financing activities. This correction has no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction has a corresponding impact on the amounts of cash flows from operating and financing activities, it has no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements for 2022, or its previously issued financial statements for 2021, 2020, and 2019.
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 June 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other$3,548,901 3,904,000 
Consolidation11,880,710 13,187,047 
Total15,429,611 17,091,047 
Private education loans272,943 299,442 
Consumer and other loans152,583 51,301 
Non-Nelnet Bank loans15,855,137 17,441,790 
Nelnet Bank:
Federally insured student loans77,428 88,011 
Private education loans346,125 169,890 
Nelnet Bank loans423,553 257,901 
Accrued interest receivable780,691 788,552 
Loan discount, net of unamortized loan premiums and deferred origination costs(22,613)(25,933)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(92,593)(103,381)
Private education loans(15,253)(16,143)
Consumer and other loans(10,576)(6,481)
Non-Nelnet Bank allowance for loan losses(118,422)(126,005)
Nelnet Bank:
Federally insured loans(258)(268)
Private education loans(1,744)(840)
Nelnet Bank allowance for loan losses(2,002)(1,108)
 $16,916,344 18,335,197 
Allowance for Loan Losses as a Percentage of the Ending Balance
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
June 30, 2022December 31, 2021
Non-Nelnet Bank:
Federally insured student loans (a)0.60 %0.60 %
Private education loans5.59 %5.39 %
Consumer and other loans (b)6.93 %12.63 %
Nelnet Bank:
Federally insured student loans (a)0.33 %0.30 %
Private education loans0.50 %0.49 %
(a)    As of June 30, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.8% and 22.2%, respectively, and for Nelnet Bank was 13.2% and 12.1%, respectively.
(b)    During the second quarter of 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of June 30, 2022 as compared to December 31, 2021.
Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deterioration (a)Loan salesBalance at end of period
Three months ended June 30, 2022
Non-Nelnet Bank:
Federally insured loans$95,995 2,365 (5,788)— 21 — 92,593 
Private education loans14,622 1,217 (707)118 — 3 15,253 
Consumer and other loans5,710 5,245 (531)152 — — 10,576 
Nelnet Bank:
Federally insured loans247 13 (2)— — — 258 
Private education loans1,251 569 (73)— — (3)1,744 
$117,825 9,409 (7,101)270 21 — 120,424 
Three months ended June 30, 2021
Non-Nelnet Bank:
Federally insured loans$121,846 (397)(1,172)— 525 — 120,802 
Private education loans20,670 (1,004)(403)139 — 1 19,403 
Consumer and other loans14,134 1,706 (1,464)235 — (9,909)4,702 
Nelnet Bank:
Federally insured loans— 245 — — — — 245 
Private education loans744 (176)— — — (1)567 
$157,394 374 (3,039)374 525 (9,909)145,719 
Six months ended June 30, 2022
Non-Nelnet Bank
Federally insured loans$103,381 (383)(10,549)— 144 — 92,593 
Private education loans16,143 817 (2,006)295 — 4 15,253 
Consumer and other loans6,481 7,529 (1,469)319 — (2,284)10,576 
Nelnet Bank
Federally insured loans268 (8)(2)— — — 258 
Private education loans840 995 (87)— — (4)1,744 
$127,113 8,950 (14,113)614 144 (2,284)120,424 
Six months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans$128,590 (7,880)(1,233)— 1,325 — 120,802 
Private education loans19,529 427 (896)341 — 2 19,403 
Consumer and other loans27,256 (9,712)(3,414)481 — (9,909)4,702 
Nelnet Bank
Federally insured loans— 245 — — — — 245 
Private education loans323 246 — — — (2)567 
$175,698 (16,674)(5,543)822 1,325 (9,909)145,719 
(a)    During the three months ended June 30, 2022 and 2021, and six months ended June 30, 2022 and 2021, the Company acquired $1.6 million (par value), $34.7 million (par value), $10.8 million (par value), and $88.7 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
Loan Status and Delinquencies The table below shows the Company’s loan status and delinquency amounts.
As of June 30, 2022As of December 31, 2021As of June 30, 2021
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $763,957 4.9 % $829,624 4.9 % $955,227 5.0 %
Loans in forbearance 1,246,882 8.1  1,118,667 6.5  2,079,368 11.0 
Loans in repayment status:  
Loans current11,551,817 86.1 %12,847,685 84.9 %13,995,297 88.0 %
Loans delinquent 31-60 days464,234 3.5 895,656 5.9 580,602 3.7 
Loans delinquent 61-90 days309,252 2.3 352,449 2.3 262,353 1.6 
Loans delinquent 91-120 days187,452 1.4 251,075 1.7 104,124 0.7 
Loans delinquent 121-270 days638,189 4.7 592,449 3.9 398,965 2.5 
Loans delinquent 271 days or greater267,828 2.0 203,442 1.3 562,928 3.5 
Total loans in repayment13,418,772 87.0 100.0 %15,142,756 88.6 100.0 %15,904,269 84.0 100.0 %
Total federally insured loans15,429,611 100.0 % 17,091,047 100.0 % 18,938,864 100.0 %
Accrued interest receivable775,337 784,716 830,973 
Loan discount, net of unamortized premiums and deferred origination costs(26,674)(28,309)(24,129)
Allowance for loan losses(92,593)(103,381)(120,802)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$16,085,681 $17,744,073 $19,624,906 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $15,403 5.6 %$9,661 3.2 %$10,195 2.9 %
Loans in forbearance 2,447 0.9 3,601 1.2 3,884 1.1 
Loans in repayment status:
Loans current250,268 98.1 %280,457 98.0 %330,097 98.3 %
Loans delinquent 31-60 days1,980 0.8 2,403 0.8 3,962 1.2 
Loans delinquent 61-90 days782 0.3 976 0.3 818 0.2 
Loans delinquent 91 days or greater2,063 0.8 2,344 0.9 1,138 0.3 
Total loans in repayment255,093 93.5 100.0 %286,180 95.6 100.0 %336,015 96.0 100.0 %
Total private education loans272,943 100.0 % 299,442 100.0 % 350,094 100.0 %
Accrued interest receivable2,058 1,960 2,360 
Loan premium, net of unamortized discount94 (1,123)(1,547)
Allowance for loan losses(15,253)(16,143)(19,403)
Total private education loans and accrued interest receivable, net of allowance for loan losses$259,842 $284,136 $331,504 
As of June 30, 2022As of December 31, 2021As of June 30, 2021
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$64 0.0 %$43 0.1 %$38 0.1 %
Loans in repayment status:
Loans current150,812 98.9 %49,697 97.0 %41,039 96.1 %
Loans delinquent 31-60 days515 0.3 414 0.8 387 0.9 
Loans delinquent 61-90 days435 0.3 322 0.6 484 1.1 
Loans delinquent 91 days or greater757 0.5 825 1.6 819 1.9 
Total loans in repayment152,519 100.0 100.0 %51,258 99.9 100.0 %42,729 99.9 %100.0 %
Total consumer and other loans152,583 100.0 %51,301 100.0 %42,767 100.0 %
Accrued interest receivable1,376 396 328 
Loan discount, net of unamortized premiums(1,965)913 377 
Allowance for loan losses(10,576)(6,481)(4,702)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$141,418 $46,129 $38,770 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$283 0.4 %$330 0.4 %$103 0.1 %
Loans in forbearance1,029 1.3 1,057 1.2 1,026 1.1 
Loans in repayment status:
Loans current74,883 98.4 %85,599 98.8 %95,402 99.3 %
Loans delinquent 30-59 days587 0.8 816 1.0 593 0.6 
Loans delinquent 60-89 days165 0.2 — — 43 0.1 
Loans delinquent 90-119 days245 0.3 — — — — 
Loans delinquent 120-270 days236 0.3 209 0.2 — — 
Loans delinquent 271 days or greater— — — — — — 
Total loans in repayment76,116 98.3 100.0 %86,624 98.4 100.0 %96,038 98.8 100.0 %
Total federally insured loans77,428 100.0 %88,011 100.0 %97,167 100.0 %
Accrued interest receivable1,381 1,216 1,179 
Loan premium23 26 29 
Allowance for loan losses(258)(268)(245)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$78,574 $88,985 $98,130 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$1,160 0.3 %$150 0.1 %$82 0.1 %
Loans in forbearance1,236 0.4 460 0.3 133 0.1 
Loans in repayment status:
Loans current343,148 99.8 %169,157 99.9 %93,189 100.0 %
Loans delinquent 30-59 days169 0.1 51 — — — 
Loans delinquent 60-89 days412 0.1 — — — — 
Loans delinquent 90 days or greater— — 72 0.1 — — 
Total loans in repayment343,729 99.3 100.0 %169,280 99.6 100.0 %93,189 99.8 100.0 %
Total private education loans346,125 100.0 %169,890 100.0 %93,404 100.0 %
Accrued interest receivable539 264 149 
Deferred origination costs5,909 2,560 1,374 
Allowance for loan losses(1,744)(840)(567)
Total private education loans and accrued interest receivable, net of allowance for loan losses$350,829 $171,874 $94,360 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination.
Loan balance as of June 30, 2022
Six months ended June 30, 202220212020Total
FICO at origination:
Less than 705$4,042 5,627 95 9,764 
705 - 73418,060 10,959 264 29,283 
735 - 76431,516 17,165 1,007 49,688 
765 - 79454,493 33,080 1,353 88,926 
Greater than 79485,571 76,274 6,619 168,464 
$193,682 143,105 9,338 346,125 

Loan balance as of December 31, 2021
20212020Total
FICO at origination:
Less than 705$6,481 100 6,581 
705 - 73411,697 276 11,973 
735 - 76418,611 1,072 19,683 
765 - 79436,274 1,467 37,741 
Greater than 79486,141 7,771 93,912 
$159,204 10,686 169,890 
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20222021202020192018Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment$1,601 7,311 1,784 3,093 — 1,614 15,403 
Loans in forbearance— — 368 632 47 1,400 2,447 
Loans in repayment status:
Loans current3,947 3,071 57,126 44,044 410 141,670 250,268 
Loans delinquent 31-60 days— — 104 421 — 1,455 1,980 
Loans delinquent 61-90 days— 20 52 — — 710 782 
Loans delinquent 91 days or greater— 7 111 79 — 1,866 2,063 
Total loans in repayment3,947 3,098 57,393 44,544 410 145,701 255,093 
Total private education loans$5,548 10,409 59,545 48,269 457 148,715 272,943 
Accrued interest receivable2,058 
Loan premium, net of unamortized discount94 
Allowance for loan losses(15,253)
Total private education loans and accrued interest receivable, net of allowance for loan losses$259,842 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$16 38 — — 10 — 64 
Loans in repayment status:
Loans current101,890 40,772 1,865 3,118 3,130 37 150,812 
Loans delinquent 31-60 days163 219 26 60 44 3 515 
Loans delinquent 61-90 days151 194 14 46 30 — 435 
Loans delinquent 91 days or greater68 119 16 196 358 — 757 
Total loans in repayment102,272 41,304 1,921 3,420 3,562 40 152,519 
Total consumer and other loans$102,288 41,342 1,921 3,420 3,572 40 152,583 
Accrued interest receivable1,376 
Loan discount, net of unamortized premiums(1,965)
Allowance for loan losses(10,576)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$141,418 
Private education loans - Nelnet Bank (a):
Loans in school/grace/deferment$863 297 — — — — 1,160 
Loans in forbearance665 440 131 — — — 1,236 
Loans in repayment status:
Loans current192,101 141,840 9,207 — — — 343,148 
Loans delinquent 30-59 days— 169 — — — — 169 
Loans delinquent 60-89 days53 359 — — — — 412 
Loans delinquent 90 days or greater— — — — — — — 
Total loans in repayment192,154 142,368 9,207 — — — 343,729 
Total private education loans$193,682 143,105 9,338 — — — 346,125 
Accrued interest receivable539 
Deferred origination costs5,909 
Allowance for loan losses(1,744)
Total private education loans and accrued interest receivable, net of allowance for loan losses$350,829 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.22.2
Bonds and Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of June 30, 2022
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
   
Bonds and notes based on indices$14,323,434 
1.22% - 3.62%
2/27/28 - 9/25/69
Bonds and notes based on auction221,385 
0.00% - 2.30%
3/32/32 - 8/27/46
Total FFELP variable-rate bonds and notes14,544,819 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations
703,600 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility4,618 
1.64%
11/22/23
Private education loan warehouse facility89,466 1.71%10/31/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations
24,737 
3.10% / 3.37%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization
25,200 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement393,480 2.41%5/4/23
Repurchase agreements500,690 
0.97% - 2.81%
8/8/22 - 11/27/24
 16,286,610   
Discount on bonds and notes payable and debt issuance costs(171,341)
Total$16,115,269 

 As of December 31, 2021
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$15,887,295 
0.23% - 2.10%
5/27/25 - 9/25/69
Bonds and notes based on auction248,550 
0.00% - 1.09%
3/22/32 - 8/27/46
Total FFELP variable-rate bonds and notes16,135,845 
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations772,935 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility5,048 0.21%5/22/23
Private education loan warehouse facility107,011 0.24%2/13/23
Variable-rate bonds and notes issued in private education loan asset-backed securitizations31,818 
1.65% / 1.85%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization28,613 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement253,969 0.78%5/4/22
Repurchase agreements483,848 
0.66% - 1.46%
5/27/22 - 12/20/23
Secured line of credit5,000 1.91%5/30/22
 17,824,087   
Discount on bonds and notes payable and debt issuance costs(192,998)
Total$17,631,089 
v3.22.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Basis Swap
The following table summarizes the Company’s outstanding basis swaps as of June 30, 2022 and December 31, 2021, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
June 30, 2022December 31, 2021
2022$1,000,000 2,000,000 
2023750,000 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$4,900,000 5,900,000 
Interest Rate Swaps, Floor Income Hedge
The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.
As of June 30, 2022As of December 31, 2021
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2022$— — %$500,000 0.94 %
2023250,000 0.32 900,000 0.62 
20242,250,000 0.35 2,500,000 0.35 
2025— — 500,000 0.35 
2026500,000 1.02 500,000 1.02 
2031100,000 1.53 100,000 1.53 
 $3,100,000 0.49 %$5,000,000 0.55 %
(a)    For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended June 30,Six months ended June 30,
 2022202120222021
Settlements:  
1:3 basis swaps$931 (221)1,327 (240)
Interest rate swaps - floor income hedges3,692 (5,153)487 (9,438)
Total settlements - income (expense)4,623 (5,374)1,814 (9,678)
Change in fair value:  
1:3 basis swaps(148)(1,106)741 1,693 
Interest rate swaps - floor income hedges40,549 (509)185,394 35,501 
Total change in fair value - income (expense)40,401 (1,615)186,135 37,194 
Derivative market value adjustments and derivative settlements, net - income (expense)$45,024 (6,989)187,949 27,516 
v3.22.2
Investments and Notes Receivable (Tables)
 6 Months Ended
Jun. 30, 2022
Investments [Abstract]  
Investments and Notes Receivable
A summary of the Company's investments and notes receivable follows:
As of June 30, 2022As of December 31, 2021
Amortized costGross unrealized gains Gross unrealized losses (a)Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (b)$821,154 4,509 (16,028)809,635 480,691 14,710 (719)494,682 
Private education loan asset-backed securities - available-for-sale (c)366,602 — (28,161)338,441 414,286 507 (2,241)412,552 
Other debt securities - available-for-sale148,686 24 (2,249)146,461 22,435 — — 22,435 
Total available-for-sale debt securities$1,336,442 4,533 (46,438)1,294,537 917,412 15,217 (2,960)929,669 
Equity securities36,945 71,986 
Total investments (at fair value)1,331,482 1,001,655 
Other Investments (not measured at fair value):
Other debt securities - held-to-maturity8,200 8,200 
Venture capital and funds:
Measurement alternative159,332 157,609 
Equity method82,147 67,840 
Total venture capital and funds241,479 225,449 
Real estate:
Equity method57,532 47,226 
Notes receivable5,069 — 
Total real estate62,601 47,226 
Investment in ALLO:
Voting interest/equity method (d)91,832 87,247 
Preferred membership interest and accrued and unpaid preferred return (e)141,599 137,342 
Total investment in ALLO233,431 224,589 
Beneficial interest in loan securitizations (f):
Private education loans, including accrued interest77,308 66,008 
Consumer loans26,197 28,366 
Federally insured student loans24,300 25,768 
Total beneficial interest in loan securitizations127,805 120,142 
Solar (g)(54,499)(42,457)
Notes receivable33,012 — 
Tax liens, affordable housing, and other4,939 4,115 
Total investments (not measured at fair value)656,968 587,264 
Total investments and notes receivable$1,988,450 $1,588,919 

(a)    As of June 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.1 billion. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
(b)    As of June 30, 2022, $393.4 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement."
(c)    The Company's private education loan asset-backed securities portfolio is subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.”
(d)    On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change.
The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended June 30, 2022 and 2021, the Company recognized a pre-tax loss of $16.9 million and income of $1.1 million, respectively, under the HLBV method of accounting on its ALLO
voting membership interests investment, and during the six months ended June 30, 2022 and 2021, the Company recognized pre-tax losses of $30.1 million and $21.1 million, respectively. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income. In the second quarter of 2021, the Company revised its accounting policy to correct for an error in its method of applying the HLBV method of accounting for its investment in ALLO. Prior to the second quarter of 2021, the Company calculated Nelnet’s liquidation basis in ALLO under the HLBV method by using Nelnet’s proportionate share of tax losses and amortizing any basis difference using tax methods. The Company determined that Nelnet’s liquidation basis in ALLO under the HLBV method should equal ALLO’s GAAP losses and amortization of any basis difference should use book lives. During the second quarter of 2021, the Company recorded an adjustment to reflect the cumulative net impact on prior periods (since the deconsolidation of ALLO on December 21, 2020) for the correction of this error that resulted in a $14.0 million increase to the Company’s ALLO investment balance and a corresponding pre-tax increase to other income. The Company concluded this error had an immaterial impact on 2021 results as well as the results for prior periods.
(e)    As of June 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $4.3 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.0 million during the three months ended June 30, 2022 and 2021, respectively, and $4.3 million during both the six months ended June 30, 2022 and 2021. This income is included in "other" in "other income/expense" on the consolidated statements of income.
(f)    The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of June 30, 2022, the Company's ownership correlates to approximately $650 million, $160 million, and $430 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations.
(g)    As of June 30, 2022, the Company has funded a total of $241.3 million in solar investments, which includes $71.4 million funded by syndication partners. The carrying value of the Company’s solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at June 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through June 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of June 30, 2022, the Company is committed to fund an additional $51.9 million on these projects, of which $43.1 million will be provided by syndication partners.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized pre-tax losses on its solar investments of $1.9 million and $2.3 million during the three months ended June 30, 2022 and 2021, respectively, and $2.9 million and $4.0 million during the six months ended June 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Solar losses attributed to minority investors was $2.0 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, and $3.8 million and $1.9 million for the six months ended June 30, 2022 and 2021, respectively.
v3.22.2
Business Combination (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The fair values of the assets and liabilities related to NextGen are subject to refinement as the Company completes its analysis relative to the fair values at the date of acquisition.
Cash and cash equivalents$1,885 
Accounts receivable1,315 
Property and equipment800 
Other assets201 
Intangible assets23,395 
Excess cost over fair value of net assets acquired (goodwill)7,025 
Other liabilities(3,937)
Net assets acquired30,684 
Minority interest(6,137)
Remeasurement of previously held investment(15,342)
Total consideration paid by the Company$9,205 
v3.22.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
June 30, 2022 (months)
As ofAs of
June 30, 2022December 31, 2021
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $47,328 and $97,398, respectively)
96$48,552 47,894 
Computer software (net of accumulated amortization of $3,411 and $3,669, respectively)
5221,534 4,135 
Total - amortizable intangible assets, net82$70,086 52,029 
Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2022, the Company estimates it will record amortization expense as follows:
2022 (July 1 - December 31)$7,176 
202314,243 
202411,870 
20259,057 
20268,930 
2027 and thereafter18,810 
 $70,086 
v3.22.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2022
Goodwill [Abstract]  
Goodwill
The carrying amount of goodwill by reportable operating segment was as follows:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Balance as of December 31, 2021 and March 31, 2022$23,639 76,570 41,883 — — 142,092 
Goodwill acquired— 7,025 — — — 7,025 
Balance as of June 30, 2022$23,639 83,595 41,883 — — 149,117 
v3.22.2
Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Earnings per Common Share
Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended June 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$83,485 1,644 85,129 82,479 1,388 83,867 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,981,990 728,224 37,710,214 38,100,092 641,394 38,741,486 
Earnings per share - basic and diluted$2.26 2.26 2.26 2.16 2.16 2.16 
Six months ended June 30,
20222021
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$266,735 5,041 271,776 204,209 3,256 207,465 
Denominator:
Weighted-average common shares outstanding - basic and diluted37,172,606 702,502 37,875,108 38,065,869 607,033 38,672,902 
Earnings per share - basic and diluted$7.18 7.18 7.18 5.36 5.36 5.36 
v3.22.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Operating Segments Reconciliation to Consolidated Financial Statements The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.
 Three months ended June 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$246 874 140,396 5,212 6,235 (1,376)151,587 
Interest expense20 — 69,708 1,639 3,652 (1,376)73,642 
Net interest income226 874 70,688 3,573 2,583 — 77,945 
Less provision (negative provision) for loan losses— — 8,827 582 — — 9,409 
Net interest income after provision for loan losses226 874 61,861 2,991 2,583 — 68,536 
Other income/expense:
Loan servicing and systems revenue124,873 — — — — — 124,873 
Intersegment revenue8,381 7 — — — (8,388)— 
Education technology, services, and payment processing revenue— 91,031 — — — — 91,031 
Other611 — 5,133 157 6,747 — 12,647 
Gain on sale of loans— — — — — — — 
Impairment expense and provision for beneficial interests, net— — — — (6,284)— (6,284)
Derivative settlements, net— — 4,623 — — — 4,623 
Derivative market value adjustments, net— — 40,401 — — — 40,401 
Total other income/expense133,865 91,038 50,157 157 463 (8,388)267,291 
Cost of services— 30,852 — — — — 30,852 
Operating expenses:
Salaries and benefits83,220 32,120 614 1,714 23,729 — 141,398 
Depreciation and amortization5,318 2,698 — 4 10,230 — 18,250 
Other expenses13,507 6,750 3,543 899 12,241 — 36,940 
Intersegment expenses, net18,558 4,805 8,513 57 (23,545)(8,388)— 
Total operating expenses120,603 46,373 12,670 2,674 22,655 (8,388)196,588 
Income (loss) before income taxes13,488 14,687 99,348 474 (19,609)— 108,387 
Income tax (expense) benefit(3,237)(3,525)(23,844)(106)5,228 — (25,483)
Net income (loss)10,251 11,162 75,504 368 (14,381)— 82,904 
Net loss attributable to noncontrolling interests— 53 — — 2,172 — 2,225 
Net income (loss) attributable to Nelnet, Inc.$10,251 11,215 75,504 368 (12,209)— 85,129 
Total assets as of June 30, 2022$240,437 546,235 17,388,228 864,659 2,273,216 (688,762)20,624,013 
 Three months ended June 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$30 210 129,965 2,041 1,524 (187)133,583 
Interest expense23 — 48,670 392 1,093 (187)49,991 
Net interest income7 210 81,295 1,649 431 — 83,592 
Less provision (negative provision) for loan losses— — 305 69 — — 374 
Net interest income after provision for loan losses7 210 80,990 1,580 431 — 83,218 
Other income/expense:
Loan servicing and systems revenue112,094 — — — — — 112,094 
Intersegment revenue8,480 3 — — — (8,483)— 
Education technology, services, and payment processing revenue— 76,702 — — — — 76,702 
Other701 — 2,316 4 19,900 — 22,921 
Gain on sale of loans— — 15,271 — — — 15,271 
Impairment expense and provision for beneficial interests, net— — — — (500)— (500)
Derivative settlements, net— — (5,374)— — — (5,374)
Derivative market value adjustments, net— — (1,615)— — — (1,615)
Total other income/expense121,275 76,705 10,598 4 19,400 (8,483)219,499 
Cost of services— 21,676 — — — — 21,676 
Operating expenses:
Salaries and benefits68,388 27,094 556 1,578 21,351 — 118,968 
Depreciation and amortization7,974 2,956 — — 9,305 — 20,236 
Other expenses13,273 4,437 3,567 237 11,074 — 32,587 
Intersegment expenses, net16,134 3,520 8,549 37 (19,757)(8,483)— 
Total operating expenses105,769 38,007 12,672 1,852 21,973 (8,483)171,791 
Income (loss) before income taxes15,513 17,232 78,916 (268)(2,142)— 109,250 
Income tax (expense) benefit(3,723)(4,136)(18,940)64 497 — (26,237)
Net income (loss)11,790 13,096 59,976 (204)(1,645)— 83,013 
Net loss attributable to noncontrolling interests— — — — 854 — 854 
Net income (loss) attributable to Nelnet, Inc.$11,790 13,096 59,976 (204)(791)— 83,867 
Total assets as of June 30, 2021$205,214 424,079 20,783,755 407,611 1,489,212 (281,008)23,028,863 
Six months ended June 30, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$313 1,213 258,994 8,241 10,227 (2,205)276,783 
Interest expense44 — 115,711 2,494 5,678 (2,205)121,721 
Net interest income269 1,213 143,283 5,747 4,549 — 155,062 
Less provision (negative provision) for loan losses— — 7,963 1,011 — — 8,974 
Net interest income after provision for loan losses269 1,213 135,320 4,736 4,549 — 146,088 
Other income/expense:
Loan servicing and systems revenue261,241 — — — — — 261,241 
Intersegment revenue16,860 10 — — — (16,870)— 
Education technology, services, and payment processing revenue— 203,317 — — — — 203,317 
Other1,350 — 11,644 1,659 7,872 — 22,524 
Gain on sale of loans— — 2,989 — — — 2,989 
Impairment expense and provision for beneficial interests, net— — — — (6,284)— (6,284)
Derivative settlements, net— — 1,814 — — — 1,814 
Derivative market value adjustments, net— — 186,135 — — — 186,135 
Total other income/expense279,451 203,327 202,582 1,659 1,588 (16,870)671,736 
Cost of services— 66,397 — — — — 66,397 
Operating expenses:
Salaries and benefits175,192 63,406 1,205 3,268 47,742 — 290,813 
Depreciation and amortization10,272 5,013 — 7 19,914 — 35,206 
Other expenses29,721 12,514 6,576 1,584 26,045 — 76,439 
Intersegment expenses, net38,955 9,410 17,344 102 (48,941)(16,870)— 
Total operating expenses254,140 90,343 25,125 4,961 44,760 (16,870)402,458 
Income (loss) before income taxes25,580 47,800 312,777 1,434 (38,623)— 348,969 
Income tax (expense) benefit(6,139)(11,472)(75,066)(328)11,826 — (81,180)
Net income (loss)19,441 36,328 237,711 1,106 (26,797)— 267,789 
Net loss attributable to noncontrolling interests— 53 — — 3,934 — 3,987 
Net income (loss) attributable to Nelnet, Inc.$19,441 36,381 237,711 1,106 (22,863)— 271,776 
Total assets as of June 30, 2022$240,437 546,235 17,388,228 864,659 2,273,216 (688,762)20,624,013 
Six months ended June 30, 2021
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$63 473 256,367 3,418 2,770 (405)262,686 
Interest expense47 — 75,620 586 1,916 (405)77,764 
Net interest income16 473 180,747 2,832 854 — 184,922 
Less provision (negative provision) for loan losses— — (17,165)491 — — (16,674)
Net interest income after provision for loan losses16 473 197,912 2,341 854 — 201,596 
Other income/expense:
Loan servicing and systems revenue223,611 — — — — — 223,611 
Intersegment revenue16,748 6 — — — (16,754)— 
Education technology, services, and payment processing revenue— 171,960 — — — — 171,960 
Other1,814 — 2,760 26 13,716 — 18,317 
Gain on sale of loans— — 15,271 — — — 15,271 
Impairment expense and provision for beneficial interests, net— — 2,436 — (500)— 1,936 
Derivative settlements, net— — (9,678)— — — (9,678)
Derivative market value adjustments, net— — 37,194 — — — 37,194 
Total other income/expense242,173 171,966 47,983 26 13,216 (16,754)458,611 
Cost of services— 48,728 — — — — 48,728 
Operating expenses:
Salaries and benefits134,846 53,035 1,051 3,065 42,761 — 234,759 
Depreciation and amortization16,166 6,027 — — 18,225 — 40,419 
Other expenses26,557 9,259 7,344 781 25,346 — 69,286 
Intersegment expenses, net33,024 7,184 16,976 40 (40,470)(16,754)— 
Total operating expenses210,593 75,505 25,371 3,886 45,862 (16,754)344,464 
Income (loss) before income taxes31,596 48,206 220,524 (1,519)(31,792)— 267,015 
Income tax (expense) benefit(7,583)(11,570)(52,926)351 10,630 — (61,098)
Net income (loss)24,013 36,636 167,598 (1,168)(21,162)— 205,917 
Net loss attributable to noncontrolling interests— — — — 1,548 — 1,548 
Net income (loss) attributable to Nelnet, Inc.$24,013 36,636 167,598 (1,168)(19,614)— 207,465 
Total assets as of June 30, 2021$205,214 424,079 20,783,755 407,611 1,489,212 (281,008)23,028,863 
v3.22.2
Disaggregated Revenue (Tables)
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Loan Servicing and Systems
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Government servicing$98,815 79,239 207,940 157,413 
Private education and consumer loan servicing12,122 12,816 24,995 21,364 
FFELP servicing4,011 4,703 8,259 9,373 
Software services 7,907 7,374 15,308 15,827 
Outsourced services and other2,018 7,962 4,739 19,634 
Loan servicing and systems revenue$124,873 112,094 261,241 223,611 
Education Technology, Services, and Payment Processing
 Three months ended June 30,Six months ended June 30,
 2022202120222021
Tuition payment plan services$27,637 26,538 58,352 56,088 
Payment processing27,968 25,008 66,039 58,046 
Education technology and services34,956 24,930 78,207 57,457 
Other470 226 719 369 
Education technology, services, and payment processing revenue$91,031 76,702 203,317 171,960 
Schedule of Other Income, by Component
The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:
Three months ended June 30,Six months ended June 30,
2022202120222021
Income/gains from investments, net$18,127 15,591 29,983 24,089 
Borrower late fee income2,436 744 4,867 1,184 
ALLO preferred return2,140 2,020 4,257 4,342 
Administration/sponsor fee income2,012 — 4,134 — 
Investment advisory services1,482 1,145 2,764 3,842 
Loss from ALLO voting membership interest investment(16,941)1,094 (30,071)(21,125)
Loss from solar investments(1,854)(2,302)(2,884)(3,982)
Other5,245 4,629 9,474 9,967 
$12,647 22,921 22,524 18,317 
v3.22.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.

 As of June 30, 2022As of December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
FFELP loan asset-backed debt securities - available-for-sale$— 809,635 809,635 — 494,682 494,682 
Private education loan asset-backed debt securities - available-for-sale— 338,441 338,441 — 412,552 412,552 
Other debt securities - available-for-sale100 146,361 146,461 100 22,335 22,435 
Equity securities7,298 — 7,298 63,154 — 63,154 
Equity securities measured at net asset value (a)29,647 8,832 
Total investments 7,398 1,294,437 1,331,482 63,254 929,569 1,001,655 
Total assets$7,398 1,294,437 1,331,482 63,254 929,569 1,001,655 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value of Financial Instruments
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of June 30, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$16,533,011 16,135,653 — — 16,533,011 
Accrued loan interest receivable780,691 780,691 — 780,691 — 
Cash and cash equivalents128,499 128,499 128,499 — — 
Investments (at fair value)1,331,482 1,331,482 7,398 1,294,437 — 
Beneficial interest in loan securitizations137,726 127,805 — — 137,726 
Restricted cash754,693 754,693 754,693 — — 
Restricted cash – due to customers290,850 290,850 290,850 — — 
Financial liabilities:  
Bonds and notes payable15,765,820 16,115,269 — 15,765,820 — 
Accrued interest payable12,963 12,963 — 12,963 — 
Bank deposits566,293 588,474 208,003 358,290 — 
Due to customers409,476 409,476 409,476 — — 
 As of December 31, 2021
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$18,576,272 17,546,645 — — 18,576,272 
Accrued loan interest receivable788,552 788,552 — 788,552 — 
Cash and cash equivalents125,563 125,563 125,563 — — 
Investments (at fair value)1,001,655 1,001,655 63,254 929,569 — 
Beneficial interest in loan securitizations142,391 120,142 — — 142,391 
Restricted cash741,981 741,981 741,981 — — 
Restricted cash – due to customers326,645 326,645 326,645 — — 
Financial liabilities:  
Bonds and notes payable17,819,902 17,631,089 — 17,819,902 — 
Accrued interest payable4,566 4,566 — 4,566 — 
Bank deposits342,463 344,315 184,897 157,566 — 
Due to customers366,002 366,002 366,002 — — 
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Accrued interest receivable $ 780,691   $ 788,552      
Loan discount, net of unamortized loan premiums and deferred origination costs (22,613)   (25,933)      
Allowance for loan losses (120,424) $ (117,825) (127,113) $ (145,719) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 16,916,344   18,335,197      
Non-Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 15,855,137   17,441,790      
Allowance for loan losses (118,422)   (126,005)      
Federally insured loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 15,429,611   17,091,047 18,938,864    
Accrued interest receivable 775,337   784,716 830,973    
Loan discount, net of unamortized loan premiums and deferred origination costs (26,674)   (28,309) (24,129)    
Allowance for loan losses (92,593) (95,995) (103,381) (120,802) (121,846) (128,590)
Financing receivable, after allowance for credit loss 16,085,681   17,744,073 19,624,906    
Federally insured loans - Non-Nelnet Bank: | Stafford and other            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 3,548,901   3,904,000      
Federally insured loans - Non-Nelnet Bank: | Consolidation            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 11,880,710   13,187,047      
Private education loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 272,943   299,442 350,094    
Accrued interest receivable 2,058   1,960 2,360    
Loan discount, net of unamortized loan premiums and deferred origination costs 94   (1,123) (1,547)    
Allowance for loan losses (15,253) (14,622) (16,143) (19,403) (20,670) (19,529)
Financing receivable, after allowance for credit loss 259,842   284,136 331,504    
Consumer and other loans - Non-Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 152,583   51,301 42,767    
Accrued interest receivable 1,376   396 328    
Loan discount, net of unamortized loan premiums and deferred origination costs (1,965)   913 377    
Allowance for loan losses (10,576) (5,710) (6,481) (4,702) (14,134) (27,256)
Financing receivable, after allowance for credit loss 141,418   46,129 38,770    
Nelnet Bank loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 423,553   257,901      
Allowance for loan losses (2,002)   (1,108)      
Federally insured loans - Nelnet Bank:            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 77,428   88,011 97,167    
Accrued interest receivable 1,381   1,216 1,179    
Loan discount, net of unamortized loan premiums and deferred origination costs 23   26 29    
Allowance for loan losses (258) (247) (268) (245) 0 0
Financing receivable, after allowance for credit loss 78,574   88,985 98,130    
Private education loans - Nelnet Bank            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans receivable, gross 346,125   169,890 93,404    
Accrued interest receivable 539   264 149    
Loan discount, net of unamortized loan premiums and deferred origination costs 5,909   2,560 1,374    
Allowance for loan losses (1,744) $ (1,251) (840) (567) $ (744) $ (323)
Financing receivable, after allowance for credit loss $ 350,829   $ 171,874 $ 94,360    
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Jun. 30, 2022
Dec. 31, 2021
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.60% 0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 21.80% 22.20%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 5.59% 5.39%
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 6.93% 12.63%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.33% 0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 13.20% 12.10%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.50% 0.49%
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 26, 2022
Jun. 30, 2022
Consumer and other loans - Non-Nelnet Bank:    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Sale of financing receivable $ 18,100  
Loans sold, gain $ 3,000  
Residual interest received on sale of financing receivable 6.60%  
Consumer Portfolio Segment, Private Education Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Liability related to unfunded private education loan commitments   $ 36
Unfunded private education loan commitments   3,000
Provision for loan losses   $ 24
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 117,825 $ 157,394 $ 127,113 $ 175,698
Provision (negative provision) for loan losses 9,409 374 8,950 (16,674)
Charge-offs (7,101) (3,039) (14,113) (5,543)
Recoveries 270 374 614 822
Initial allowance on loans purchased with credit deterioration 21 525 144 1,325
Loan sales 0 (9,909) (2,284) (9,909)
Balance at end of period 120,424 145,719 120,424 145,719
Par value of loans purchased with deteriorated credit quality 1,600 34,700 10,800 88,700
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 95,995 121,846 103,381 128,590
Provision (negative provision) for loan losses 2,365 (397) (383) (7,880)
Charge-offs (5,788) (1,172) (10,549) (1,233)
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 21 525 144 1,325
Loan sales 0 0 0 0
Balance at end of period 92,593 120,802 92,593 120,802
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 14,622 20,670 16,143 19,529
Provision (negative provision) for loan losses 1,217 (1,004) 817 427
Charge-offs (707) (403) (2,006) (896)
Recoveries 118 139 295 341
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 3 1 4 2
Balance at end of period 15,253 19,403 15,253 19,403
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 5,710 14,134 6,481 27,256
Provision (negative provision) for loan losses 5,245 1,706 7,529 (9,712)
Charge-offs (531) (1,464) (1,469) (3,414)
Recoveries 152 235 319 481
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 (9,909) (2,284) (9,909)
Balance at end of period 10,576 4,702 10,576 4,702
Federally insured loans - Nelnet Bank:        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 247 0 268 0
Provision (negative provision) for loan losses 13 245 (8) 245
Charge-offs (2) 0 (2) 0
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales 0 0 0 0
Balance at end of period 258 245 258 245
Private education loans - Nelnet Bank        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 1,251 744 840 323
Provision (negative provision) for loan losses 569 (176) 995 246
Charge-offs (73) 0 (87) 0
Recoveries 0 0 0 0
Initial allowance on loans purchased with credit deterioration 0 0 0 0
Loan sales (3) (1) (4) (2)
Balance at end of period $ 1,744 $ 567 $ 1,744 $ 567
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Loans in repayment status:            
Accrued interest receivable $ 780,691   $ 788,552      
(Loan discount, net of unamortized premiums) Loan premium (22,613)   (25,933)      
Allowance for loan losses (120,424) $ (117,825) (127,113) $ (145,719) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 16,916,344   18,335,197      
Federally insured loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 763,957   $ 829,624 $ 955,227    
Loans in-school/grace/deferment, percent 4.90%   4.90% 5.00%    
Loans in forbearance $ 1,246,882   $ 1,118,667 $ 2,079,368    
Loans in forbearance, percent 8.10%   6.50% 11.00%    
Loans in repayment status:            
Loans receivable, gross $ 15,429,611   $ 17,091,047 $ 18,938,864    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 13,418,772   $ 15,142,756 $ 15,904,269    
Loans in repayment, percent 87.00%   88.60% 84.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 775,337   $ 784,716 $ 830,973    
(Loan discount, net of unamortized premiums) Loan premium (26,674)   (28,309) (24,129)    
Allowance for loan losses (92,593) (95,995) (103,381) (120,802) (121,846) (128,590)
Financing receivable, after allowance for credit loss 16,085,681   17,744,073 19,624,906    
Federally insured loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 11,551,817   $ 12,847,685 $ 13,995,297    
Loans current, percentage 86.10%   84.90% 88.00%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 464,234   $ 895,656 $ 580,602    
Loans past due, percentage 3.50%   5.90% 3.70%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 309,252   $ 352,449 $ 262,353    
Loans past due, percentage 2.30%   2.30% 1.60%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days            
Loans in repayment status:            
Loans receivable, gross $ 187,452   $ 251,075 $ 104,124    
Loans past due, percentage 1.40%   1.70% 0.70%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days            
Loans in repayment status:            
Loans receivable, gross $ 638,189   $ 592,449 $ 398,965    
Loans past due, percentage 4.70%   3.90% 2.50%    
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 267,828   $ 203,442 $ 562,928    
Loans past due, percentage 2.00%   1.30% 3.50%    
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 15,403   $ 9,661 $ 10,195    
Loans in-school/grace/deferment, percent 5.60%   3.20% 2.90%    
Loans in forbearance $ 2,447   $ 3,601 $ 3,884    
Loans in forbearance, percent 0.90%   1.20% 1.10%    
Loans in repayment status:            
Loans receivable, gross $ 272,943   $ 299,442 $ 350,094    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 255,093   $ 286,180 $ 336,015    
Loans in repayment, percent 93.50%   95.60% 96.00%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 2,058   $ 1,960 $ 2,360    
(Loan discount, net of unamortized premiums) Loan premium 94   (1,123) (1,547)    
Allowance for loan losses (15,253) (14,622) (16,143) (19,403) (20,670) (19,529)
Financing receivable, after allowance for credit loss 259,842   284,136 331,504    
Private education loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 250,268   $ 280,457 $ 330,097    
Loans current, percentage 98.10%   98.00% 98.30%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 1,980   $ 2,403 $ 3,962    
Loans past due, percentage 0.80%   0.80% 1.20%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 782   $ 976 $ 818    
Loans past due, percentage 0.30%   0.30% 0.20%    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 2,063   $ 2,344 $ 1,138    
Loans past due, percentage 0.80%   0.90% 0.30%    
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 64   $ 43 $ 38    
Loans in-school/grace/deferment, percent 0.00%   0.10% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 152,583   $ 51,301 $ 42,767    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 152,519   $ 51,258 $ 42,729    
Loans in repayment, percent 100.00%   99.90% 99.90%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,376   $ 396 $ 328    
(Loan discount, net of unamortized premiums) Loan premium (1,965)   913 377    
Allowance for loan losses (10,576) (5,710) (6,481) (4,702) (14,134) (27,256)
Financing receivable, after allowance for credit loss 141,418   46,129 38,770    
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 150,812   $ 49,697 $ 41,039    
Loans current, percentage 98.90%   97.00% 96.10%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Loans in repayment status:            
Loans receivable, gross $ 515   $ 414 $ 387    
Loans past due, percentage 0.30%   0.80% 0.90%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Loans in repayment status:            
Loans receivable, gross $ 435   $ 322 $ 484    
Loans past due, percentage 0.30%   0.60% 1.10%    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 757   $ 825 $ 819    
Loans past due, percentage 0.50%   1.60% 1.90%    
Federally insured loans - Nelnet Bank:            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 283   $ 330 $ 103    
Loans in-school/grace/deferment, percent 0.40%   0.40% 0.10%    
Loans in forbearance $ 1,029   $ 1,057 $ 1,026    
Loans in forbearance, percent 1.30%   1.20% 1.10%    
Loans in repayment status:            
Loans receivable, gross $ 77,428   $ 88,011 $ 97,167    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 76,116   $ 86,624 $ 96,038    
Loans in repayment, percent 98.30%   98.40% 98.80%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 1,381   $ 1,216 $ 1,179    
(Loan discount, net of unamortized premiums) Loan premium 23   26 29    
Allowance for loan losses (258) (247) (268) (245) 0 0
Financing receivable, after allowance for credit loss 78,574   88,985 98,130    
Federally insured loans - Nelnet Bank: | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 74,883   $ 85,599 $ 95,402    
Loans current, percentage 98.40%   98.80% 99.30%    
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 587   $ 816 $ 593    
Loans past due, percentage 0.80%   1.00% 0.60%    
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 165   $ 0 $ 43    
Loans past due, percentage 0.20%   0.00% 0.10%    
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days            
Loans in repayment status:            
Loans receivable, gross $ 245   $ 0 $ 0    
Loans past due, percentage 0.30%   0.00% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days            
Loans in repayment status:            
Loans receivable, gross $ 236   $ 209 $ 0    
Loans past due, percentage 0.30%   0.20% 0.00%    
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 0   $ 0 $ 0    
Loans past due, percentage 0.00%   0.00% 0.00%    
Private education loans - Nelnet Bank            
Financing Receivable, Recorded Investment [Line Items]            
Loans in-school/grace/deferment $ 1,160   $ 150 $ 82    
Loans in-school/grace/deferment, percent 0.30%   0.10% 0.10%    
Loans in forbearance $ 1,236   $ 460 $ 133    
Loans in forbearance, percent 0.40%   0.30% 0.10%    
Loans in repayment status:            
Loans receivable, gross $ 346,125   $ 169,890 $ 93,404    
Total loans in repayment, percentage 100.00%   100.00% 100.00%    
Total loans in repayment $ 343,729   $ 169,280 $ 93,189    
Loans in repayment, percent 99.30%   99.60% 99.80%    
Total loans, percent 100.00%   100.00% 100.00%    
Accrued interest receivable $ 539   $ 264 $ 149    
(Loan discount, net of unamortized premiums) Loan premium 5,909   2,560 1,374    
Allowance for loan losses (1,744) $ (1,251) (840) (567) $ (744) $ (323)
Financing receivable, after allowance for credit loss 350,829   171,874 94,360    
Private education loans - Nelnet Bank | Loans current            
Loans in repayment status:            
Loans receivable, gross $ 343,148   $ 169,157 $ 93,189    
Loans current, percentage 99.80%   99.90% 100.00%    
Private education loans - Nelnet Bank | Loans delinquent 30-59 days            
Loans in repayment status:            
Loans receivable, gross $ 169   $ 51 $ 0    
Loans past due, percentage 0.10%   0.00% 0.00%    
Private education loans - Nelnet Bank | Loans delinquent 60-89 days            
Loans in repayment status:            
Loans receivable, gross $ 412   $ 0 $ 0    
Loans past due, percentage 0.10%   0.00% 0.00%    
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater            
Loans in repayment status:            
Loans receivable, gross $ 0   $ 72 $ 0    
Loans past due, percentage 0.00%   0.10% 0.00%    
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - Private education loans - Nelnet Bank - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 193,682 $ 159,204  
Fiscal year before current fiscal year 143,105 10,686  
Fiscal year two years before current fiscal year 9,338    
Total loans 346,125 169,890 $ 93,404
Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 4,042 6,481  
Fiscal year before current fiscal year 5,627 100  
Fiscal year two years before current fiscal year 95    
Total loans 9,764 6,581  
705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 18,060 11,697  
Fiscal year before current fiscal year 10,959 276  
Fiscal year two years before current fiscal year 264    
Total loans 29,283 11,973  
735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 31,516 18,611  
Fiscal year before current fiscal year 17,165 1,072  
Fiscal year two years before current fiscal year 1,007    
Total loans 49,688 19,683  
765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 54,493 36,274  
Fiscal year before current fiscal year 33,080 1,467  
Fiscal year two years before current fiscal year 1,353    
Total loans 88,926 37,741  
Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 85,571 86,141  
Fiscal year before current fiscal year 76,274 7,771  
Fiscal year two years before current fiscal year 6,619    
Total loans $ 168,464 $ 93,912  
v3.22.2
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]            
Accrued interest receivable $ 780,691   $ 788,552      
(Loan discount, net of unamortized premiums) Loan premium (22,613)   (25,933)      
Allowance for loan losses (120,424) $ (117,825) (127,113) $ (145,719) $ (157,394) $ (175,698)
Financing receivable, after allowance for credit loss 16,916,344   18,335,197      
Private education loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 5,548          
2021 10,409          
2020 59,545          
2019 48,269          
2018 457          
Prior years 148,715          
Total loans 272,943   299,442 350,094    
Accrued interest receivable 2,058   1,960 2,360    
(Loan discount, net of unamortized premiums) Loan premium 94   (1,123) (1,547)    
Allowance for loan losses (15,253) (14,622) (16,143) (19,403) (20,670) (19,529)
Financing receivable, after allowance for credit loss 259,842   284,136 331,504    
Private education loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 250,268   280,457 330,097    
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 1,980   2,403 3,962    
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 782   976 818    
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 2,063   2,344 1,138    
Private education loans - Non-Nelnet Bank: | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 1,601          
2021 7,311          
2020 1,784          
2019 3,093          
2018 0          
Prior years 1,614          
Total loans 15,403          
Private education loans - Non-Nelnet Bank: | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 0          
2020 368          
2019 632          
2018 47          
Prior years 1,400          
Total loans 2,447          
Private education loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 3,947          
2021 3,098          
2020 57,393          
2019 44,544          
2018 410          
Prior years 145,701          
Total loans 255,093          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 3,947          
2021 3,071          
2020 57,126          
2019 44,044          
2018 410          
Prior years 141,670          
Total loans 250,268          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 0          
2020 104          
2019 421          
2018 0          
Prior years 1,455          
Total loans 1,980          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 20          
2020 52          
2019 0          
2018 0          
Prior years 710          
Total loans 782          
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 7          
2020 111          
2019 79          
2018 0          
Prior years 1,866          
Total loans 2,063          
Consumer and other loans - Non-Nelnet Bank:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 102,288          
2021 41,342          
2020 1,921          
2019 3,420          
2018 3,572          
Prior years 40          
Total loans 152,583   51,301 42,767    
Accrued interest receivable 1,376   396 328    
(Loan discount, net of unamortized premiums) Loan premium (1,965)   913 377    
Allowance for loan losses (10,576) (5,710) (6,481) (4,702) (14,134) (27,256)
Financing receivable, after allowance for credit loss 141,418   46,129 38,770    
Consumer and other loans - Non-Nelnet Bank: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 150,812   49,697 41,039    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 515   414 387    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 435   322 484    
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 757   825 819    
Consumer and other loans - Non-Nelnet Bank: | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 16          
2021 38          
2020 0          
2019 0          
2018 10          
Prior years 0          
Total loans 64          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 102,272          
2021 41,304          
2020 1,921          
2019 3,420          
2018 3,562          
Prior years 40          
Total loans 152,519          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 101,890          
2021 40,772          
2020 1,865          
2019 3,118          
2018 3,130          
Prior years 37          
Total loans 150,812          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 163          
2021 219          
2020 26          
2019 60          
2018 44          
Prior years 3          
Total loans 515          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 151          
2021 194          
2020 14          
2019 46          
2018 30          
Prior years 0          
Total loans 435          
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 68          
2021 119          
2020 16          
2019 196          
2018 358          
Prior years 0          
Total loans 757          
Private education loans - Nelnet Bank            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 193,682   159,204      
2021 143,105   10,686      
2020 9,338          
2019 0          
2018 0          
Prior years 0          
Total loans 346,125   169,890 93,404    
Accrued interest receivable 539   264 149    
(Loan discount, net of unamortized premiums) Loan premium 5,909   2,560 1,374    
Deferred origination costs 5,909          
Allowance for loan losses (1,744) $ (1,251) (840) (567) $ (744) $ (323)
Financing receivable, after allowance for credit loss 350,829   171,874 94,360    
Private education loans - Nelnet Bank | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Total loans 343,148   $ 169,157 $ 93,189    
Private education loans - Nelnet Bank | Loans in school/grace/deferment            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 863          
2021 297          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans 1,160          
Private education loans - Nelnet Bank | Loans in forbearance            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 665          
2021 440          
2020 131          
2019 0          
2018 0          
Prior years 0          
Total loans 1,236          
Private education loans - Nelnet Bank | Loans in repayment status:            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 192,154          
2021 142,368          
2020 9,207          
2019 0          
2018 0          
Prior years 0          
Total loans 343,729          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 192,101          
2021 141,840          
2020 9,207          
2019 0          
2018 0          
Prior years 0          
Total loans 343,148          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 169          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans 169          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 53          
2021 359          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans 412          
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater            
Financing Receivable, Credit Quality Indicator [Line Items]            
Six months ended June 30, 2022 0          
2021 0          
2020 0          
2019 0          
2018 0          
Prior years 0          
Total loans $ 0          
v3.22.2
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 16,286,610 $ 17,824,087
Discount on bonds and notes payable and debt issuance costs (171,341) (192,998)
Bonds and notes payable, net 16,115,269 17,631,089
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreement    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 393,480 $ 253,969
Interest rate 2.41% 0.78%
Repurchase agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 500,690 $ 483,848
Secured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross   $ 5,000
Interest rate   1.91%
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 14,323,434 $ 15,887,295
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 221,385 248,550
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 14,544,819 16,135,845
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 703,600 772,935
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 4,618 $ 5,048
Interest rate 1.64% 0.21%
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 24,737 $ 31,818
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 25,200 28,613
Private education | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 89,466 $ 107,011
Interest rate 1.71% 0.24%
Minimum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 0.97% 0.66%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 1.22% 0.23%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.10% 1.65%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.60% 3.60%
Maximum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 2.81% 1.46%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 3.62% 2.10%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 2.30% 1.09%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.37% 1.85%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.22.2
Bonds and Notes Payable - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
May 22, 2022
Dec. 31, 2021
Debt Instrument [Line Items]              
Other borrowing agreement, termination notice period       5 days      
Other borrowings, maximum $ 400,000,000     $ 400,000,000      
Repurchase agreements, contractual maturity adjustment, written notice period         180 days    
Repurchase agreements, amount collateralized by private education loan asset-backed securities 228,500,000     228,500,000      
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities 272,200,000     272,200,000      
Decrease in interest on bonds, notes payable, and bank deposits     $ 23,800,000        
Repurchased debt during period 36,700,000 $ 19,800,000   55,200,000      
Gain (loss) on repurchase of debt instrument 1,000,000 $ (700,000)   1,100,000      
Par value of asset-based securities 1,294,537,000     1,294,537,000     $ 929,669,000
Asset-backed securities              
Debt Instrument [Line Items]              
Par value of asset-based securities 431,200,000     431,200,000      
Asset-based securities serving as collateral on secured debt repurchase agreements 206,900,000     206,900,000      
Union Bank and Trust Company              
Debt Instrument [Line Items]              
Amount of participation, student loan asset-backed securities 393,400,000     393,400,000      
Warehouse facilities | Federally insured student loans | NFSLW-I              
Debt Instrument [Line Items]              
Maximum financing amount 25,000,000     25,000,000   $ 60,000,000  
Amount outstanding 4,600,000     4,600,000      
Amount available 20,400,000     20,400,000      
Advanced as equity support 300,000     300,000      
Private Loan Warehouse Facility | Warehouse facilities              
Debt Instrument [Line Items]              
Maximum financing amount 175,000,000     175,000,000      
Amount outstanding 89,500,000     89,500,000      
Amount available 85,500,000     85,500,000      
Advanced as equity support 10,100,000     $ 10,100,000      
Private Loan Warehouse Facility | Warehouse facilities | Minimum              
Debt Instrument [Line Items]              
Advance rate       80.00%      
Private Loan Warehouse Facility | Warehouse facilities | Maximum              
Debt Instrument [Line Items]              
Advance rate       90.00%      
Unsecured Line of Credit | Line of Credit              
Debt Instrument [Line Items]              
Amount outstanding 0     $ 0      
Amount available 495,000,000     495,000,000      
Unsecured Line of Credit | Unsecured line of credit | Line of Credit              
Debt Instrument [Line Items]              
Maximum financing amount 495,000,000     495,000,000      
Higher borrowing capacity option $ 737,500,000     $ 737,500,000      
v3.22.2
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 4,900,000,000 $ 5,900,000,000
2022    
Derivative [Line Items]    
Notional amount 1,000,000,000 2,000,000,000
2023    
Derivative [Line Items]    
Notional amount 750,000,000 750,000,000
2024    
Derivative [Line Items]    
Notional amount 1,750,000,000 1,750,000,000
2026    
Derivative [Line Items]    
Notional amount 1,150,000,000 1,150,000,000
2027    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 250,000,000
v3.22.2
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Apr. 28, 2022
Mar. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
1:3 basis swaps | London Interbank Offered Rate (LIBOR)        
Derivative [Line Items]        
Weighted average rate     0.094% 0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges        
Derivative [Line Items]        
Derivative, notional amount, terminated $ 1,250.0 $ 650.0    
Net payment for settlement of terminated derivatives   0.1    
Proceeds for settlement of terminated derivatives 68.1      
Interest Rate Swap | Interest rate swaps - floor income hedges | 2022        
Derivative [Line Items]        
Derivative, notional amount, terminated   500.0    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023        
Derivative [Line Items]        
Derivative, notional amount, terminated 500.0 $ 150.0    
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024        
Derivative [Line Items]        
Derivative, notional amount, terminated 250.0      
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025        
Derivative [Line Items]        
Derivative, notional amount, terminated $ 500.0      
v3.22.2
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Derivative [Line Items]    
Notional amount $ 3,100,000,000 $ 5,000,000,000
Weighted average fixed rate paid by the Company 0.49% 0.55%
2022    
Derivative [Line Items]    
Notional amount $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company 0.00% 0.94%
2023    
Derivative [Line Items]    
Notional amount $ 250,000,000 $ 900,000,000
Weighted average fixed rate paid by the Company 0.32% 0.62%
2024    
Derivative [Line Items]    
Notional amount $ 2,250,000,000 $ 2,500,000,000
Weighted average fixed rate paid by the Company 0.35% 0.35%
2025    
Derivative [Line Items]    
Notional amount $ 0 $ 500,000,000
Weighted average fixed rate paid by the Company 0.00% 0.35%
2026    
Derivative [Line Items]    
Notional amount $ 500,000,000 $ 500,000,000
Weighted average fixed rate paid by the Company 1.02% 1.02%
2031    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 1.53% 1.53%
v3.22.2
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net $ 4,623 $ (5,374) $ 1,814 $ (9,678)
Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 4,623 (5,374) 1,814 (9,678)
Change in fair value 40,401 (1,615) 186,135 37,194
Derivative market value adjustments and derivative settlements, net - income (expense) 45,024 (6,989) 187,949 27,516
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 931 (221) 1,327 (240)
Change in fair value (148) (1,106) 741 1,693
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative settlements, net 3,692 (5,153) 487 (9,438)
Change in fair value $ 40,549 $ (509) $ 185,394 $ 35,501
v3.22.2
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
 3 Months Ended 6 Months Ended
Feb. 25, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Investments (at fair value):            
Amortized cost   $ 1,336,442,000   $ 1,336,442,000   $ 917,412,000
Gross unrealized gains   4,533,000   4,533,000   15,217,000
Gross unrealized losses   (46,438,000)   (46,438,000)   (2,960,000)
Fair value   1,294,537,000   1,294,537,000   929,669,000
Equity securities            
Fair value   36,945,000   36,945,000   71,986,000
Total investments (at fair value)            
Fair value   1,331,482,000   1,331,482,000   1,001,655,000
Other Investments (not measured at fair value):            
Other debt securities - held-to-maturity   8,200,000   8,200,000   8,200,000
Notes receivable   33,012,000   33,012,000   0
Total investments (not measured at fair value)   656,968,000   656,968,000   587,264,000
Total investments and notes receivable   1,988,450,000   1,988,450,000   1,588,919,000
Asset -backed securities unrealized loss position   1,100,000,000   1,100,000,000    
Asset -backed securities unrealized loss position not due to credit loss   0   0    
Equity securities, realized gain   2,140,000 $ 2,020,000 4,257,000 $ 4,342,000  
Net loss attributable to noncontrolling interests   2,225,000 854,000 3,987,000 1,548,000  
FFELP loan asset-backed debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   821,154,000   821,154,000   480,691,000
Gross unrealized gains   4,509,000   4,509,000   14,710,000
Gross unrealized losses   (16,028,000)   (16,028,000)   (719,000)
Fair value   809,635,000   809,635,000   494,682,000
Private education loan asset-backed debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   366,602,000   366,602,000   414,286,000
Gross unrealized gains   0   0   507,000
Gross unrealized losses   (28,161,000)   (28,161,000)   (2,241,000)
Fair value   338,441,000   338,441,000   412,552,000
Other debt securities - available-for-sale            
Investments (at fair value):            
Amortized cost   148,686,000   148,686,000   22,435,000
Gross unrealized gains   24,000   24,000   0
Gross unrealized losses   (2,249,000)   (2,249,000)   0
Fair value   146,461,000   146,461,000   22,435,000
Union Bank and Trust Company            
Other Investments (not measured at fair value):            
Amount of participation, student loan asset-backed securities   393,400,000   393,400,000    
Miscellaneous Investments            
Other Investments (not measured at fair value):            
Beneficial interest in securitizations   127,805,000   127,805,000   120,142,000
Venture capital and funds: | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Measurement alternative   159,332,000   159,332,000   157,609,000
Equity method   82,147,000   82,147,000   67,840,000
Total investments (not measured at fair value)   241,479,000   241,479,000   225,449,000
Real estate: | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Equity method   57,532,000   57,532,000   47,226,000
Notes receivable   5,069,000   5,069,000   0
Total investments (not measured at fair value)   62,601,000   62,601,000   47,226,000
Partnership Interest | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Equity method   91,832,000   91,832,000   87,247,000
Preferred membership interest and accrued and unpaid preferred return   141,599,000   141,599,000   137,342,000
Total investments (not measured at fair value)   233,431,000   233,431,000   224,589,000
Additional equity investment $ 34,700,000          
Equity securities, realized loss   16,900,000   30,100,000 21,100,000  
Equity securities, realized gain     1,100,000      
Partnership Interest | Miscellaneous Investments | Change in Liquidation Basis            
Other Investments (not measured at fair value):            
Equity method     14,000,000   14,000,000  
Partnership Interest | Miscellaneous Investments | ALLO            
Other Investments (not measured at fair value):            
Preferred membership interest and accrued and unpaid preferred return   137,300,000   137,300,000    
Equity method investment, accrued and unpaid preferred return   4,300,000   4,300,000    
Beneficial interest in private education loan securitizations | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Beneficial interest in securitizations   77,308,000   77,308,000   66,008,000
Loans corresponding to beneficial interest   650,000,000   650,000,000    
Consumer loans | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Beneficial interest in securitizations   26,197,000   26,197,000   28,366,000
Loans corresponding to beneficial interest   160,000,000   160,000,000    
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Beneficial interest in securitizations   24,300,000   24,300,000   25,768,000
Loans corresponding to beneficial interest   430,000,000   430,000,000    
Solar            
Other Investments (not measured at fair value):            
Amount funded or committed to fund   241,300,000   241,300,000    
Amount funded or committed to fund by partners   71,400,000   71,400,000    
Equity method investment, amount committed to fund   51,900,000   51,900,000    
Equity method investment, amount committed to fund by partners   43,100,000   43,100,000    
Pre-tax loss from equity investment   1,900,000 2,300,000 2,900,000 4,000,000  
Net loss attributable to noncontrolling interests   2,000,000 600,000 3,800,000 1,900,000  
Solar | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Total investments (not measured at fair value)   (54,499,000)   (54,499,000)   (42,457,000)
Tax liens, affordable housing, and other | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Total investments (not measured at fair value)   4,939,000   4,939,000   $ 4,115,000
Preferred Partnership Interest | Miscellaneous Investments            
Other Investments (not measured at fair value):            
Equity securities, realized gain   $ 2,100,000 $ 2,000,000 $ 4,300,000 $ 4,300,000  
Equity method investment, preferred annual return   6.25%   6.25%    
v3.22.2
Investments and Notes Receivable - Narrative (Details)
$ in Millions
 3 Months Ended
Jun. 30, 2022
USD ($)
Investments [Abstract]  
Impairment charge $ 5.4
v3.22.2
Business Combination - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Apr. 30, 2022
Jun. 30, 2022
Apr. 29, 2022
Business Acquisition [Line Items]      
Useful life   82 months  
Computer software      
Business Acquisition [Line Items]      
Useful life   52 months  
Customer relationships      
Business Acquisition [Line Items]      
Useful life   96 months  
NGWeb Solutions, LLC      
Business Acquisition [Line Items]      
Percent ownership acquired 30.00%    
Payments to acquire businesses $ 9,205    
Equity interest previously held     50.00%
Revaluation gain 15,200    
Intangible assets 23,395    
NGWeb Solutions, LLC | Computer software      
Business Acquisition [Line Items]      
Intangible assets $ 18,800    
Useful life 5 years    
NGWeb Solutions, LLC | Customer relationships      
Business Acquisition [Line Items]      
Intangible assets $ 4,600    
Useful life 7 years    
v3.22.2
Business Combination - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]        
Excess cost over fair value of net assets acquired (goodwill)   $ 149,117 $ 142,092 $ 142,092
NGWeb Solutions, LLC        
Business Acquisition [Line Items]        
Cash and cash equivalents $ 1,885      
Accounts receivable 1,315      
Property and equipment 800      
Other assets 201      
Intangible assets 23,395      
Excess cost over fair value of net assets acquired (goodwill) 7,025      
Other liabilities (3,937)      
Net assets acquired 30,684      
Minority interest (6,137)      
Remeasurement of previously held investment (15,342)      
Total consideration paid by the Company $ 9,205      
v3.22.2
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 82 months  
Amortizable intangible assets, net $ 70,086 $ 52,029
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 47,328 97,398
Weighted average remaining useful life 96 months  
Amortizable intangible assets, net $ 48,552 47,894
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 3,411 3,669
Weighted average remaining useful life 52 months  
Amortizable intangible assets, net $ 21,534 $ 4,135
v3.22.2
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 2.9 $ 8.3 $ 5.3 $ 16.6
v3.22.2
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2022 (July 1 - December 31) $ 7,176  
2023 14,243  
2024 11,870  
2025 9,057  
2026 8,930  
2027 and thereafter 18,810  
Amortizable intangible assets, net $ 70,086 $ 52,029
v3.22.2
Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2022
Goodwill [Roll Forward]    
Balance at beginning of period $ 142,092 $ 142,092
Goodwill acquired 7,025 7,025
Balance at end of period 149,117 149,117
Corporate and Other Activities    
Goodwill [Roll Forward]    
Balance at beginning of period 0 0
Goodwill acquired 0 0
Balance at end of period 0 0
Loan Servicing and Systems | Operating Segments    
Goodwill [Roll Forward]    
Balance at beginning of period 23,639 23,639
Goodwill acquired 0 0
Balance at end of period 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments    
Goodwill [Roll Forward]    
Balance at beginning of period 76,570 76,570
Goodwill acquired 7,025 7,025
Balance at end of period 83,595 83,595
Asset Generation and Management | Operating Segments    
Goodwill [Roll Forward]    
Balance at beginning of period 41,883 41,883
Goodwill acquired 0 0
Balance at end of period 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Roll Forward]    
Balance at beginning of period 0 0
Goodwill acquired 0 0
Balance at end of period $ 0 $ 0
v3.22.2
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 85,129 $ 83,867 $ 271,776 $ 207,465
Net income attributable to Nelnet, Inc., diluted $ 85,129 $ 83,867 $ 271,776 $ 207,465
Weighted-average common shares outstanding - basic (in shares) 37,710,214 38,741,486 37,875,108 38,672,902
Weighted-average common shares outstanding - diluted (in shares) 37,710,214 38,741,486 37,875,108 38,672,902
Earnings per share - basic (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Earnings per share - diluted (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Common shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 83,485 $ 82,479 $ 266,735 $ 204,209
Net income attributable to Nelnet, Inc., diluted $ 83,485 $ 82,479 $ 266,735 $ 204,209
Weighted-average common shares outstanding - basic (in shares) 36,981,990 38,100,092 37,172,606 38,065,869
Weighted-average common shares outstanding - diluted (in shares) 36,981,990 38,100,092 37,172,606 38,065,869
Earnings per share - basic (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Earnings per share - diluted (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Unvested restricted stock shareholders        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Net income attributable to Nelnet, Inc., basic $ 1,644 $ 1,388 $ 5,041 $ 3,256
Net income attributable to Nelnet, Inc., diluted $ 1,644 $ 1,388 $ 5,041 $ 3,256
Weighted-average common shares outstanding - basic (in shares) 728,224 641,394 702,502 607,033
Weighted-average common shares outstanding - diluted (in shares) 728,224 641,394 702,502 607,033
Earnings per share - basic (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
Earnings per share - diluted (in dollars per share) $ 2.26 $ 2.16 $ 7.18 $ 5.36
v3.22.2
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Total interest income $ 151,587 $ 133,583 $ 276,783 $ 262,686  
Interest expense 73,642 49,991 121,721 77,764  
Net interest income 77,945 83,592 155,062 184,922  
Provision (negative provision) for loan losses 9,409 374 8,974 (16,674)  
Net interest income after provision for loan losses 68,536 83,218 146,088 201,596  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 12,647 22,921 22,524 18,317  
Gain on sale of loans 0 15,271 2,989 15,271  
Impairment expense and provision for beneficial interests, net (6,284) (500) (6,284) 1,936  
Derivative settlements, net 4,623 (5,374) 1,814 (9,678)  
Derivative market value adjustments, net 40,401 (1,615) 186,135 37,194  
Total other income/expense 267,291 219,499 671,736 458,611  
Cost of services 30,852 21,676 66,397 48,728  
Operating expenses:          
Salaries and benefits 141,398 118,968 290,813 234,759  
Depreciation and amortization 18,250 20,236 35,206 40,419  
Other expenses 36,940 32,587 76,439 69,286  
Intersegment expenses, net 0 0 0 0  
Total operating expenses 196,588 171,791 402,458 344,464  
Income before income taxes 108,387 109,250 348,969 267,015  
Income tax (expense) benefit (25,483) (26,237) (81,180) (61,098)  
Net income 82,904 83,013 267,789 205,917  
Net loss attributable to noncontrolling interests 2,225 854 3,987 1,548  
Net income attributable to Nelnet, Inc. 85,129 83,867 271,776 207,465  
Total assets 20,624,013 23,028,863 20,624,013 23,028,863 $ 21,678,041
Operating Segments | Loan Servicing and Systems          
Segment Reporting Information [Line Items]          
Total interest income 246 30 313 63  
Interest expense 20 23 44 47  
Net interest income 226 7 269 16  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 226 7 269 16  
Other income/expense:          
Intersegment revenue 8,381 8,480 16,860 16,748  
Other 611 701 1,350 1,814  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 133,865 121,275 279,451 242,173  
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 83,220 68,388 175,192 134,846  
Depreciation and amortization 5,318 7,974 10,272 16,166  
Other expenses 13,507 13,273 29,721 26,557  
Intersegment expenses, net 18,558 16,134 38,955 33,024  
Total operating expenses 120,603 105,769 254,140 210,593  
Income before income taxes 13,488 15,513 25,580 31,596  
Income tax (expense) benefit (3,237) (3,723) (6,139) (7,583)  
Net income 10,251 11,790 19,441 24,013  
Net loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 10,251 11,790 19,441 24,013  
Total assets 240,437 205,214 240,437 205,214  
Operating Segments | Education Technology, Services, and Payment Processing          
Segment Reporting Information [Line Items]          
Total interest income 874 210 1,213 473  
Interest expense 0 0 0 0  
Net interest income 874 210 1,213 473  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 874 210 1,213 473  
Other income/expense:          
Intersegment revenue 7 3 10 6  
Other 0 0 0 0  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 91,038 76,705 203,327 171,966  
Cost of services 30,852 21,676 66,397 48,728  
Operating expenses:          
Salaries and benefits 32,120 27,094 63,406 53,035  
Depreciation and amortization 2,698 2,956 5,013 6,027  
Other expenses 6,750 4,437 12,514 9,259  
Intersegment expenses, net 4,805 3,520 9,410 7,184  
Total operating expenses 46,373 38,007 90,343 75,505  
Income before income taxes 14,687 17,232 47,800 48,206  
Income tax (expense) benefit (3,525) (4,136) (11,472) (11,570)  
Net income 11,162 13,096 36,328 36,636  
Net loss attributable to noncontrolling interests 53 0 53 0  
Net income attributable to Nelnet, Inc. 11,215 13,096 36,381 36,636  
Total assets 546,235 424,079 546,235 424,079  
Operating Segments | Asset Generation and Management          
Segment Reporting Information [Line Items]          
Total interest income 140,396 129,965 258,994 256,367  
Interest expense 69,708 48,670 115,711 75,620  
Net interest income 70,688 81,295 143,283 180,747  
Provision (negative provision) for loan losses 8,827 305 7,963 (17,165)  
Net interest income after provision for loan losses 61,861 80,990 135,320 197,912  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 5,133 2,316 11,644 2,760  
Gain on sale of loans 0 15,271 2,989 15,271  
Impairment expense and provision for beneficial interests, net 0 0 0 2,436  
Derivative settlements, net 4,623 (5,374) 1,814 (9,678)  
Derivative market value adjustments, net 40,401 (1,615) 186,135 37,194  
Total other income/expense 50,157 10,598 202,582 47,983  
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 614 556 1,205 1,051  
Depreciation and amortization 0 0 0 0  
Other expenses 3,543 3,567 6,576 7,344  
Intersegment expenses, net 8,513 8,549 17,344 16,976  
Total operating expenses 12,670 12,672 25,125 25,371  
Income before income taxes 99,348 78,916 312,777 220,524  
Income tax (expense) benefit (23,844) (18,940) (75,066) (52,926)  
Net income 75,504 59,976 237,711 167,598  
Net loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 75,504 59,976 237,711 167,598  
Total assets 17,388,228 20,783,755 17,388,228 20,783,755  
Operating Segments | Nelnet Bank          
Segment Reporting Information [Line Items]          
Total interest income 5,212 2,041 8,241 3,418  
Interest expense 1,639 392 2,494 586  
Net interest income 3,573 1,649 5,747 2,832  
Provision (negative provision) for loan losses 582 69 1,011 491  
Net interest income after provision for loan losses 2,991 1,580 4,736 2,341  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 157 4 1,659 26  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 157 4 1,659 26  
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 1,714 1,578 3,268 3,065  
Depreciation and amortization 4 0 7 0  
Other expenses 899 237 1,584 781  
Intersegment expenses, net 57 37 102 40  
Total operating expenses 2,674 1,852 4,961 3,886  
Income before income taxes 474 (268) 1,434 (1,519)  
Income tax (expense) benefit (106) 64 (328) 351  
Net income 368 (204) 1,106 (1,168)  
Net loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 368 (204) 1,106 (1,168)  
Total assets 864,659 407,611 864,659 407,611  
Corporate and Other Activities          
Segment Reporting Information [Line Items]          
Total interest income 6,235 1,524 10,227 2,770  
Interest expense 3,652 1,093 5,678 1,916  
Net interest income 2,583 431 4,549 854  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 2,583 431 4,549 854  
Other income/expense:          
Intersegment revenue 0 0 0 0  
Other 6,747 19,900 7,872 13,716  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net (6,284) (500) (6,284) (500)  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense 463 19,400 1,588 13,216  
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 23,729 21,351 47,742 42,761  
Depreciation and amortization 10,230 9,305 19,914 18,225  
Other expenses 12,241 11,074 26,045 25,346  
Intersegment expenses, net (23,545) (19,757) (48,941) (40,470)  
Total operating expenses 22,655 21,973 44,760 45,862  
Income before income taxes (19,609) (2,142) (38,623) (31,792)  
Income tax (expense) benefit 5,228 497 11,826 10,630  
Net income (14,381) (1,645) (26,797) (21,162)  
Net loss attributable to noncontrolling interests 2,172 854 3,934 1,548  
Net income attributable to Nelnet, Inc. (12,209) (791) (22,863) (19,614)  
Total assets 2,273,216 1,489,212 2,273,216 1,489,212  
Eliminations          
Segment Reporting Information [Line Items]          
Total interest income (1,376) (187) (2,205) (405)  
Interest expense (1,376) (187) (2,205) (405)  
Net interest income 0 0 0 0  
Provision (negative provision) for loan losses 0 0 0 0  
Net interest income after provision for loan losses 0 0 0 0  
Other income/expense:          
Intersegment revenue (8,388) (8,483) (16,870) (16,754)  
Other 0 0 0 0  
Gain on sale of loans 0 0 0 0  
Impairment expense and provision for beneficial interests, net 0 0 0 0  
Derivative settlements, net 0 0 0 0  
Derivative market value adjustments, net 0 0 0 0  
Total other income/expense (8,388) (8,483) (16,870) (16,754)  
Cost of services 0 0 0 0  
Operating expenses:          
Salaries and benefits 0 0 0 0  
Depreciation and amortization 0 0 0 0  
Other expenses 0 0 0 0  
Intersegment expenses, net (8,388) (8,483) (16,870) (16,754)  
Total operating expenses (8,388) (8,483) (16,870) (16,754)  
Income before income taxes 0 0 0 0  
Income tax (expense) benefit 0 0 0 0  
Net income 0 0 0 0  
Net loss attributable to noncontrolling interests 0 0 0 0  
Net income attributable to Nelnet, Inc. 0 0 0 0  
Total assets (688,762) (281,008) (688,762) (281,008)  
Loan servicing and systems          
Other income/expense:          
Revenue 124,873 112,094 261,241 223,611  
Loan servicing and systems | Operating Segments | Loan Servicing and Systems          
Other income/expense:          
Revenue 124,873 112,094 261,241 223,611  
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems | Operating Segments | Asset Generation and Management          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems | Operating Segments | Nelnet Bank          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems | Corporate and Other Activities          
Other income/expense:          
Revenue 0 0 0 0  
Loan servicing and systems | Eliminations          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing          
Other income/expense:          
Revenue 91,031 76,702 203,317 171,960  
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing          
Other income/expense:          
Revenue 91,031 76,702 203,317 171,960  
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing | Operating Segments | Nelnet Bank          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing | Corporate and Other Activities          
Other income/expense:          
Revenue 0 0 0 0  
Education technology, services, and payment processing | Eliminations          
Other income/expense:          
Revenue $ 0 $ 0 $ 0 $ 0  
v3.22.2
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Loan servicing and systems revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 124,873 $ 112,094 $ 261,241 $ 223,611
Government servicing        
Disaggregation of Revenue [Line Items]        
Revenue 98,815 79,239 207,940 157,413
Private education and consumer loan servicing        
Disaggregation of Revenue [Line Items]        
Revenue 12,122 12,816 24,995 21,364
FFELP servicing        
Disaggregation of Revenue [Line Items]        
Revenue 4,011 4,703 8,259 9,373
Software services        
Disaggregation of Revenue [Line Items]        
Revenue 7,907 7,374 15,308 15,827
Outsourced services and other        
Disaggregation of Revenue [Line Items]        
Revenue 2,018 7,962 4,739 19,634
Education technology, services, and payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 91,031 76,702 203,317 171,960
Tuition payment plan services        
Disaggregation of Revenue [Line Items]        
Revenue 27,637 26,538 58,352 56,088
Payment processing        
Disaggregation of Revenue [Line Items]        
Revenue 27,968 25,008 66,039 58,046
Education technology and services        
Disaggregation of Revenue [Line Items]        
Revenue 34,956 24,930 78,207 57,457
Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 470 $ 226 $ 719 $ 369
v3.22.2
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation of Revenue [Line Items]        
Income/gains from investments, net $ 18,127 $ 15,591 $ 29,983 $ 24,089
Borrower late fee income 2,436 744 4,867 1,184
ALLO preferred return 2,140 2,020 4,257 4,342
Administration/sponsor fee income 2,012 0 4,134 0
Other 5,245 4,629 9,474 9,967
Total other 12,647 22,921 22,524 18,317
ALLO Voting Membership Interests Investment        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (16,941) 1,094 (30,071) (21,125)
Solar        
Disaggregation of Revenue [Line Items]        
Gain (loss) on investments (1,854) (2,302) (2,884) (3,982)
Investment advisory services        
Disaggregation of Revenue [Line Items]        
Investment advisory services $ 1,482 $ 1,145 $ 2,764 $ 3,842
v3.22.2
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Financial assets:    
Fair value $ 1,331,482 $ 1,001,655
Total assets 1,331,482 1,001,655
FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 809,635 494,682
Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 338,441 412,552
Other debt securities - available-for-sale    
Financial assets:    
Fair value 146,461 22,435
Equity securities    
Financial assets:    
Fair value 7,298 63,154
Equity securities measured at net asset value    
Financial assets:    
Fair value 29,647 8,832
Level 1    
Financial assets:    
Fair value 7,398 63,254
Total assets 7,398 63,254
Level 1 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 0 0
Level 1 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 100 100
Level 1 | Equity securities    
Financial assets:    
Fair value 7,298 63,154
Level 2    
Financial assets:    
Fair value 1,294,437 929,569
Total assets 1,294,437 929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 809,635 494,682
Level 2 | Private education loan asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 338,441 412,552
Level 2 | Other debt securities - available-for-sale    
Financial assets:    
Fair value 146,361 22,335
Level 2 | Equity securities    
Financial assets:    
Fair value $ 0 $ 0
v3.22.2
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Financial assets:        
Loans receivable $ 16,916,344 $ 18,335,197    
Accrued loan interest receivable 780,691 788,552    
Cash and cash equivalents 128,499 125,563 $ 212,989 $ 121,249
Restricted cash - due to customers 290,850 326,645 $ 247,673 $ 283,971
Financial liabilities:        
Accrued interest payable 12,963 4,566    
Bank deposits 588,474 344,315    
Due to customers 409,476 366,002    
Fair value        
Financial assets:        
Loans receivable 16,533,011 18,576,272    
Accrued loan interest receivable 780,691 788,552    
Cash and cash equivalents 128,499 125,563    
Investments (at fair value) 1,331,482 1,001,655    
Beneficial interest in loan securitizations 137,726 142,391    
Restricted cash 754,693 741,981    
Restricted cash - due to customers 290,850 326,645    
Financial liabilities:        
Bonds and notes payable 15,765,820 17,819,902    
Accrued interest payable 12,963 4,566    
Bank deposits 566,293 342,463    
Due to customers 409,476 366,002    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 128,499 125,563    
Investments (at fair value) 7,398 63,254    
Beneficial interest in loan securitizations 0 0    
Restricted cash 754,693 741,981    
Restricted cash - due to customers 290,850 326,645    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 208,003 184,897    
Due to customers 409,476 366,002    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 780,691 788,552    
Cash and cash equivalents 0 0    
Investments (at fair value) 1,294,437 929,569    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 15,765,820 17,819,902    
Accrued interest payable 12,963 4,566    
Bank deposits 358,290 157,566    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 16,533,011 18,576,272    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Beneficial interest in loan securitizations 137,726 142,391    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Carrying value        
Financial assets:        
Loans receivable 16,135,653 17,546,645    
Accrued loan interest receivable 780,691 788,552    
Cash and cash equivalents 128,499 125,563    
Investments (at fair value) 1,331,482 1,001,655    
Beneficial interest in loan securitizations 127,805 120,142    
Restricted cash 754,693 741,981    
Restricted cash - due to customers 290,850 326,645    
Financial liabilities:        
Bonds and notes payable 16,115,269 17,631,089    
Accrued interest payable 12,963 4,566    
Bank deposits 588,474 344,315    
Due to customers $ 409,476 $ 366,002    
v3.22.2
Subsequent Event (Details) - Subsequent Event - GRNE-Nelnet, LLC and ENRG-Nelnet, LLC
$ in Millions
Jul. 01, 2022
USD ($)
Subsequent Event [Line Items]  
Percent ownership acquired 80.00%
Payments to acquire businesses $ 29.7