NELNET INC, 10-Q filed on 5/8/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
Apr. 30, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
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 $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   26,620,622
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,668,460
v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $134,704 and $131,827, respectively) $ 14,561,108 $ 15,243,889
Cash and cash equivalents:    
Cash and cash equivalents - not held at a related party 26,539 24,584
Cash and cash equivalents - held at a related party 161,035 93,562
Total cash and cash equivalents 187,574 118,146
Investments and notes receivable 1,987,570 2,111,917
Restricted cash 576,267 945,159
Restricted cash - due to customers 134,202 294,311
Accounts receivable (net of allowance for doubtful accounts of $3,841 and $3,079, respectively) 151,172 194,851
Goodwill 176,902 176,902
Intangible assets, net 60,788 63,501
Property and equipment, net 132,628 122,526
Other assets 114,398 102,842
Total assets 18,082,609 19,374,044
Liabilities:    
Bonds and notes payable 13,438,416 14,637,195
Accrued interest payable 34,374 36,049
Bank deposits 675,767 691,322
Other liabilities 430,099 461,259
Due to customers 280,624 348,317
Total liabilities 14,859,280 16,174,142
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 4,639 1,109
Retained earnings 3,251,677 3,234,844
Accumulated other comprehensive loss, net (27,006) (37,366)
Total Nelnet, Inc. shareholders' equity 3,229,683 3,198,959
Noncontrolling interests (6,354) 943
Total equity 3,223,329 3,199,902
Total liabilities and equity 18,082,609 19,374,044
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable (net of allowance for loan losses of $134,704 and $131,827, respectively) 13,911,681 14,585,491
Cash and cash equivalents:    
Restricted cash 540,675 867,961
Liabilities:    
Bonds and notes payable 13,222,429 14,233,586
Common stock:    
Accrued interest payable and other liabilities (140,221) (145,309)
Net assets of consolidated education and other lending variable interest entities 1,089,706 1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,623,662 shares and 26,461,651 shares, respectively    
Common stock:    
Common stock 266 265
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,668,460 shares    
Common stock:    
Common stock $ 107 $ 107
v3.23.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Allowance for loan losses $ 134,704 $ 131,827
Allowance for doubtful accounts $ 3,841 $ 3,079
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) 26,623,662 26,461,651
Shares outstanding (in shares) 26,623,662 26,461,651
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) 10,668,460 10,668,460
Shares outstanding (in shares) 10,668,460 10,668,460
v3.23.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Loan interest $ 225,243 $ 111,377
Investment interest 40,725 13,819
Total interest income 265,968 125,196
Interest expense on bonds and notes payable and bank deposits 199,449 48,079
Net interest income 66,519 77,117
Less provision (negative provision) for loan losses 34,275 (435)
Net interest income after provision for loan losses 32,244 77,552
Other income (expense):    
Other, net (14,071) 9,877
Gain on sale of loans, net 11,812 2,989
Derivative market value adjustments and derivative settlements, net (14,074) 142,925
Total other income (expense) 265,148 404,445
Total cost of services 56,003 35,545
Operating expenses:    
Salaries and benefits 152,710 149,414
Depreciation and amortization 16,627 16,956
Other expenses 40,785 39,499
Total operating expenses 210,122 205,869
Income before income taxes 31,267 240,583
Income tax expense 8,250 55,697
Net income 23,017 184,886
Net loss attributable to noncontrolling interests 3,470 1,761
Net income attributable to Nelnet, Inc. $ 26,487 $ 186,647
Earnings per common share:    
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 0.71 $ 4.91
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 0.71 $ 4.91
Weighted-average common shares outstanding - basic (in shares) 37,344,604 38,041,834
Weighted-average common shares outstanding - diluted (in shares) 37,344,604 38,041,834
Loan servicing and systems revenue    
Other income (expense):    
Revenue $ 139,227 $ 136,368
Education technology, services, and payment processing revenue    
Other income (expense):    
Revenue 133,603 112,286
Total cost of services 47,704 35,545
Solar construction revenue    
Other income (expense):    
Revenue 8,651 0
Total cost of services $ 8,299 $ 0
v3.23.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 23,017 $ 184,886
Other comprehensive income (loss):    
Net changes related to foreign currency translation adjustments (3) 9
Net changes related to available-for-sale debt securities:    
Unrealized holding gains (losses) arising during period, net 8,651 (16,698)
Reclassification of losses (gains) recognized in net income, net 4,982 (2,793)
Income tax effect (3,272) 4,678
Unrealized gains (losses) during period after reclassifications and tax 10,361 (14,813)
Net changes related to equity method investee's other comprehensive income:    
Gain on cash flow hedges 2 0
Income tax effect 0 0
Net changes related to equity method investee's other comprehensive, after income tax effect 2 0
Other comprehensive income (loss) 10,360 (14,804)
Comprehensive income 33,377 170,082
Comprehensive loss attributable to noncontrolling interests 3,470 1,761
Comprehensive income attributable to Nelnet, Inc. $ 36,847 $ 171,843
v3.23.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive loss
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 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 2,004             2,004
Net income (loss) 184,886         186,647   (1,761)
Other comprehensive income (loss) (14,804)           (14,804)  
Distribution to noncontrolling interests (5,125)             (5,125)
Cash dividend on Class A and Class B common stock (9,063)         (9,063)    
Issuance of common stock, net of forfeitures (in shares)     289,919          
Issuance of common stock, net of forfeitures 4,385   $ 3   4,382      
Compensation expense for stock based awards 2,841       2,841      
Repurchase of common stock (in shares)     (380,053)          
Repurchase of common stock (32,899)   $ (3)   (7,015) (25,881)    
Conversion of common stock (in shares)     1,750 (1,750)        
Conversion of common stock 0              
Ending balance (in shares) at Mar. 31, 2022   0 27,151,270 10,674,892        
Ending balance at Mar. 31, 2022 3,085,063 $ 0 $ 272 $ 107 1,208 3,092,226 (5,500) (3,250)
Beginning balance (in shares) at Dec. 31, 2022   0 26,461,651 10,668,460        
Beginning balance at Dec. 31, 2022 3,199,902 $ 0 $ 265 $ 107 1,109 3,234,844 (37,366) 943
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of noncontrolling interests 1,201             1,201
Net income (loss) 23,017         26,487   (3,470)
Other comprehensive income (loss) 10,360           10,360  
Distribution to noncontrolling interests (5,028)             (5,028)
Cash dividend on Class A and Class B common stock (9,654)         (9,654)    
Issuance of common stock, net of forfeitures (in shares)     198,524          
Issuance of common stock, net of forfeitures 3,064   $ 1   3,063      
Compensation expense for stock based awards 3,769       3,769      
Repurchase of common stock (in shares)     (36,513)          
Repurchase of common stock (3,302)       (3,302)      
Ending balance (in shares) at Mar. 31, 2023   0 26,623,662 10,668,460        
Ending balance at Mar. 31, 2023 $ 3,223,329 $ 0 $ 266 $ 107 $ 4,639 $ 3,251,677 $ (27,006) $ (6,354)
v3.23.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Common Class A    
Cash dividend on common stock (in dollars per share) $ 0.26 $ 0.24
Common Class B    
Cash dividend on common stock (in dollars per share) $ 0.26 $ 0.24
v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 26,487 $ 186,647
Net loss attributable to noncontrolling interests (3,470) (1,761)
Net income 23,017 184,886
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 34,211 36,335
Loan discount accretion (7,676) (9,927)
Provision (negative provision) for loan losses 34,275 (435)
Derivative market value adjustments 37,411 (145,734)
Proceeds from termination of derivative instruments 164,079 0
(Payments to) proceeds from clearinghouse - initial and variation margin, net (210,284) 149,649
Gain on sale of loans, net (11,812) (2,989)
Loss on investments, net 24,344 2,801
Proceeds from sale of equity securities, net 75 572
Deferred income tax (benefit) expense (13,750) 39,443
Non-cash compensation expense 3,838 2,920
Decrease in loan and investment accrued interest receivable 16,630 10,694
Decrease in accounts receivable 43,675 18,442
Increase in other assets, net (9,760) (2,073)
Decrease in the carrying amount of ROU asset, net 1,251 1,439
(Decrease) increase in accrued interest payable (1,675) 2,650
Decrease in other liabilities (3,729) (11,824)
Decrease in the carrying amount of lease liability (1,275) (1,500)
Net cash provided by operating activities 122,845 275,349
Cash flows from investing activities:    
Purchases and originations of loans (289,177) (161,334)
Purchases of loans from a related party 0 (1,049)
Net proceeds from loan repayments, claims, and capitalized interest 684,962 848,188
Proceeds from sale of loans 157,444 15,170
Purchases of available-for-sale securities (242,370) (139,195)
Proceeds from sales of available-for-sale securities 492,173 113,980
Proceeds from beneficial interest in loan securitizations 4,725 7,271
Purchases of other investments and issuance of notes receivable (70,509) (73,944)
Proceeds from other investments 11,114 9,776
Purchases of property and equipment (24,430) (15,794)
Net cash provided by investing activities 723,932 603,069
Cash flows from financing activities:    
Payments on bonds and notes payable (1,415,424) (918,270)
Proceeds from issuance of bonds and notes payable 204,884 13,512
Payments of debt issuance costs (169) (312)
(Decrease) increase in bank deposits, net (15,555) 139,732
Decrease in due to customers (67,642) (89,884)
Dividends paid (9,654) (9,063)
Repurchases of common stock (3,302) (32,899)
Proceeds from issuance of common stock 395 435
Issuance of noncontrolling interests 1,201 2,004
Distribution to noncontrolling interests (993) (365)
Net cash used in financing activities (1,306,259) (895,110)
Effect of exchange rate changes on cash (91) 169
Net decrease in cash, cash equivalents, and restricted cash (459,573) (16,523)
Cash, cash equivalents, and restricted cash, beginning of period 1,357,616 1,194,189
Cash, cash equivalents, and restricted cash, end of period 898,043 1,177,666
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 189,795 33,895
Cash disbursements made for income taxes, net of refunds and credits received [1] 961 466
Cash disbursements made for operating leases 1,705 1,887
Noncash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 15,545 746
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans 34,540 3,660
Receipt of asset-backed investment securities as consideration from sale of loans 58,182 0
Distribution to noncontrolling interests $ 4,035 $ 4,760
[1] The Company utilized $5.7 million and $1.1 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 5,700 $ 1,100
Cash and cash equivalents:    
Total cash and cash equivalents 187,574 162,785
Restricted cash 576,267 757,954
Restricted cash - due to customers 134,202 256,927
Cash, cash equivalents, and restricted cash $ 898,043 $ 1,177,666
v3.23.1
Basis of Financial Reporting
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report").
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$3,229,778 3,389,178 
Consolidation9,701,781 10,177,295 
Total12,931,559 13,566,473 
Private education loans241,515 252,383 
Consumer and other loans309,546 350,915 
Non-Nelnet Bank loans13,482,620 14,169,771 
Nelnet Bank:
Federally insured loans63,399 65,913 
Private education loans355,705 353,882 
Consumer and other loans19,903 — 
Nelnet Bank loans439,007 419,795 
Accrued interest receivable800,400 816,864 
Loan discount, net of unamortized loan premiums and deferred origination costs(26,215)(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(79,331)(83,593)
Private education loans(15,175)(15,411)
Consumer and other loans(35,317)(30,263)
Non-Nelnet Bank allowance for loan losses(129,823)(129,267)
Nelnet Bank:
Federally insured loans(160)(170)
Private education loans(2,894)(2,390)
Consumer and other loans(1,827)— 
Nelnet Bank allowance for loan losses(4,881)(2,560)
 $14,561,108 15,243,889 
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
March 31, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)0.61 %0.62 %
Private education loans6.28 %6.11 %
Consumer and other loans11.41 %8.62 %
Nelnet Bank:
Federally insured loans (a)0.25 %0.26 %
Private education loans0.81 %0.68 %
Consumer and other loans9.18 %— 
(a)    As of March 31, 2023 and December 31, 2022, 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 22.3% and 22.4%, respectively, and for Nelnet Bank was 10.1% and 10.3%, respectively.
Loan Sales
The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2023 and 2022.
Loans sold
(par value)		Gain (loss)Loan typeResidual interest received in securitization
Three months ended March 31, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,132 8,966 Consumer24.6 (a)
March 22145 (63)Home equity— 
$261,902 11,812 
Three months ended March 31, 2022
January 26$18,125 2,989 Consumer6.6 %
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan salesBalance at end of period
Three months ended March 31, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (6,679)— 6 — 79,331 
Private education loans15,411 240 (640)164 — — 15,175 
Consumer and other loans30,263 29,207 (2,267)220 — (22,106)35,317 
Nelnet Bank:
Federally insured loans170 (9)(1)— — — 160 
Private education loans2,390 614 (110)— — — 2,894 
Consumer and other loans— 1,827 — — — — 1,827 
$131,827 34,290 (9,697)384 6 (22,106)134,704 
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761)— 123 — 95,995 
Private education loans16,143 (400)(1,299)176 — 2 14,622 
Consumer and other loans6,481 2,284 (937)166 — (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)— — — — 247 
Private education loans840 426 (13)— — (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended March 31,
20232022
Non-Nelnet Bank:
Federally insured loans0.20 %0.11 %
Private education loans0.78 %1.58 %
Consumer and other loans2.59 %7.40 %
Nelnet Bank:
Federally insured loans0.01 %0.00 %
Private education loans0.13 %0.02 %
Consumer and other loans— — 
The Company recorded a provision for loan losses for the three months ended March 31, 2023 due to (i) management's estimate of declining economic conditions as of March 31, 2023 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2022; and (ii) the establishment of an initial allowance for loans originated and acquired during the period. These amounts were partially offset by the amortization of the federally insured loan portfolio.
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 (the "FFEL Program" or FFELP) 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.
Unfunded Loan Commitments
As of March 31, 2023, Nelnet Bank has a liability of approximately $71,000 related to $2.5 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the three months ended March 31, 2023 and 2022, Nelnet Bank recognized negative provision for loan losses of approximately $15,000 and provision for loan losses of approximately $24,000, respectively, related to unfunded loan commitments.
Loan Modifications to Borrowers Experiencing Financial Difficulty
On January 1, 2023, the Company adopted ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The guidance also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty and vintage disclosures reflecting gross charge-offs by year of origination.
Under the Higher Education Act, FFELP loan borrowers may be granted a deferment or forbearance for a period of time based on need. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department. Because FFELP loan modifications are driven by the Higher Education Act, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material.
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The following table presents the Company’s loan status and delinquency amounts.
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $641,914 5.0 % $637,919 4.7 % $839,566 5.2 %
Loans in forbearance 984,738 7.6  1,103,181 8.1  1,160,048 7.1 
Loans in repayment status:  
Loans current9,859,751 87.2 %10,173,859 86.0 %12,352,543 86.4 %
Loans delinquent 31-60 days346,665 3.1 415,305 3.5 462,750 3.2 
Loans delinquent 61-90 days254,353 2.2 253,565 2.2 282,810 2.0 
Loans delinquent 91-120 days178,078 1.6 180,029 1.5 202,371 1.4 
Loans delinquent 121-270 days440,695 3.9 534,410 4.5 712,753 5.0 
Loans delinquent 271 days or greater225,365 2.0 268,205 2.3 282,536 2.0 
Total loans in repayment11,304,907 87.4 100.0 %11,825,373 87.2 100.0 %14,295,763 87.7 100.0 %
Total federally insured loans12,931,559 100.0 % 13,566,473 100.0 % 16,295,377 100.0 %
Accrued interest receivable791,476 808,150 770,853 
Loan discount, net of unamortized premiums and deferred origination costs(32,626)(35,468)(27,317)
Allowance for loan losses(79,331)(83,593)(95,995)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$13,611,078 $14,255,562 $16,942,918 
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $12,218 5.1 %$12,756 5.1 %$10,226 3.7 %
Loans in forbearance 2,698 1.1 2,017 0.8 2,838 1.0 
Loans in repayment status:
Loans current220,921 97.5 %232,539 97.9 %260,911 98.3 %
Loans delinquent 31-60 days2,014 0.9 2,410 1.0 1,699 0.6 
Loans delinquent 61-90 days931 0.4 767 0.3 1,040 0.4 
Loans delinquent 91 days or greater2,733 1.2 1,894 0.8 1,823 0.7 
Total loans in repayment226,599 93.8 100.0 %237,610 94.1 100.0 %265,473 95.3 100.0 %
Total private education loans241,515 100.0 % 252,383 100.0 % 278,537 100.0 %
Accrued interest receivable2,277 2,146 1,898 
Loan premium, net of unaccreted discount79 (38)(598)
Allowance for loan losses(15,175)(15,411)(14,622)
Total private education loans and accrued interest receivable, net of allowance for loan losses$228,696 $239,080 $265,215 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$40 0.0 %$109 0.0 %$72 0.2 %
Loans in repayment status:
Loans current304,414 98.3 %346,812 98.9 %43,424 97.3 %
Loans delinquent 31-60 days2,037 0.7 1,906 0.5 255 0.5 
Loans delinquent 61-90 days1,236 0.4 764 0.2 304 0.7 
Loans delinquent 91 days or greater1,819 0.6 1,324 0.4 658 1.5 
Total loans in repayment309,506 100.0 100.0 %350,806 100.0 100.0 %44,641 99.8 100.0 %
Total consumer and other loans309,546 100.0 %350,915 100.0 %44,713 100.0 %
Accrued interest receivable3,288 3,658 374 
Loan premium, net of unaccreted discount913 (588)1,040 
Allowance for loan losses(35,317)(30,263)(5,710)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$278,430 $323,722 $40,417 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$151 0.3 %$241 0.4 %$286 0.3 %
Loans in forbearance1,046 1.6 981 1.5 948 1.2 
Loans in repayment status:
Loans current60,895 97.9 %63,225 97.8 %80,421 98.6 %
Loans delinquent 30-59 days514 0.8 436 0.7 402 0.5 
Loans delinquent 60-89 days120 0.2 466 0.7 427 0.5 
Loans delinquent 90-119 days255 0.4 222 0.3 90 0.1 
Loans delinquent 120-270 days319 0.5 183 0.3 157 0.2 
Loans delinquent 271 days or greater99 0.2 159 0.2 58 0.1 
Total loans in repayment62,202 98.1 100.0 %64,691 98.1 100.0 %81,555 98.5 100.0 %
Total federally insured loans63,399 100.0 %65,913 100.0 %82,789 100.0 %
Accrued interest receivable1,857 1,758 1,231 
Loan premium18 20 25 
Allowance for loan losses(160)(170)(247)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$65,114 $67,521 $83,798 
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$17,021 4.8 %$11,580 3.3 %$497 0.2 %
Loans in forbearance681 0.2 864 0.2 317 0.1 
Loans in repayment status:
Loans current336,967 99.7 %340,830 99.8 %284,081 99.8 %
Loans delinquent 30-59 days388 0.1 167 0.1 422 0.2 
Loans delinquent 60-89 days536 0.2 32 0.0 78 0.0 
Loans delinquent 90 days or greater112 — 409 0.1 73 0.0 
Total loans in repayment338,003 95.0 100.0 %341,438 96.5 100.0 %284,654 99.7 100.0 %
Total private education loans355,705 100.0 %353,882 100.0 %285,468 100.0 %
Accrued interest receivable1,385 1,152 418 
Deferred origination costs, net of unaccreted discount5,400 5,360 4,593 
Allowance for loan losses(2,894)(2,390)(1,251)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,596 $358,004 $289,228 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$— — %
Loans in repayment status:
Loans current19,903 100.0 %
Loans delinquent 30-59 days— — 
Loans delinquent 60-89 days— — 
Loans delinquent 90 days or greater— — 
Total loans in repayment19,903 100.0 100.0 %
Total consumer and other loans19,903 100.0 %
Accrued interest receivable117 
Loan premium1 
Allowance for loan losses(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$18,194 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores - 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 March 31, 2023
Three months ended March 31, 2023202220212020Total
FICO at origination:
Less than 705$836 5,956 5,258 344 12,394 
705 - 7342,657 23,313 9,979 536 36,485 
735 - 7642,874 35,250 16,284 1,419 55,827 
765 - 7941,413 56,325 29,900 1,579 89,217 
Greater than 7943,006 86,055 66,882 5,839 161,782 
$10,786 206,899 128,303 9,717 355,705 
Loan balance as of December 31, 2022
202220212020Total
FICO at origination:
Less than 705$5,898 5,389 348 11,635 
705 - 73423,392 10,543 542 34,477 
735 - 76435,456 16,686 1,473 53,615 
765 - 79457,141 31,035 1,622 89,798 
Greater than 79487,959 70,135 6,263 164,357 
$209,846 133,788 10,248 353,882 
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2022 and March 31, 2023, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20232022202120202019Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— 1,780 5,581 1,284 2,080 1,493 12,218 
Loans in forbearance— — 79 804 808 1,007 2,698 
Loans in repayment status:
Loans current116 4,009 4,057 51,441 40,385 120,913 220,921 
Loans delinquent 31-60 days— 14 19 103 252 1,626 2,014 
Loans delinquent 61-90 days— — — — 71 860 931 
Loans delinquent 91 days or greater— — 5 35 441 2,252 2,733 
Total loans in repayment116 4,023 4,081 51,579 41,149 125,651 226,599 
Total private education loans$116 5,803 9,741 53,667 44,037 128,151 241,515 
Accrued interest receivable2,277 
Loan premium, net of unaccreted discount79 
Allowance for loan losses(15,175)
Total private education loans and accrued interest receivable, net of allowance for loan losses$228,696 
Gross charge-offs - three months ended March 31, 2023$— — — — 171 469 640 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— — 24 — 16 — 40 
Loans in repayment status:
Loans current185,920 109,009 6,692 498 1,354 941 304,414 
Loans delinquent 31-60 days89 1,593 337 — 10 8 2,037 
Loans delinquent 61-90 days— 1,085 84 38 26 3 1,236 
Loans delinquent 91 days or greater— 1,112 141 55 186 325 1,819 
Total loans in repayment186,009 112,799 7,254 591 1,576 1,277 309,506 
Total consumer and other loans$186,009 112,799 7,278 591 1,592 1,277 309,546 
Accrued interest receivable3,288 
Loan premium, net of unaccreted discount913 
Allowance for loan losses(35,317)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$278,430 
Gross charge-offs - three months ended March 31, 2023$— 1,868 245 27 46 81 2,267 
Three months ended March 31, 20232022202120202019Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$1,863 12,915 1,117 1,126 — — 17,021 
Loans in forbearance— 485 196 — — — 681 
Loans in repayment status:
Loans current8,913 192,723 126,740 8,591 — — 336,967 
Loans delinquent 30-59 days10 247 131 — — — 388 
Loans delinquent 60-89 days— 481 55 — — — 536 
Loans delinquent 90 days or greater— 48 64 — — — 112 
Total loans in repayment8,923 193,499 126,990 8,591 — — 338,003 
Total private education loans$10,786 206,899 128,303 9,717 — — 355,705 
Accrued interest receivable1,385 
Deferred origination costs, net of unaccreted discount5,400 
Allowance for loan losses(2,894)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,596 
Gross charge-offs - three months ended March 31, 2023$— 110 — — — — 110 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$— — — — — — — 
Loans in repayment status:
Loans current19,259 589 55 — — — 19,903 
Loans delinquent 30-59 days— — — — — — — 
Loans delinquent 60-89 days— — — — — — — 
Loans delinquent 90 days or greater— — — — — — — 
Total loans in repayment19,259 589 55 — — — 19,903 
Total consumer and other loans$19,259 589 55 — — — 19,903 
Accrued interest receivable117 
Loan premium1 
Allowance for loan losses(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$18,194 
Gross charge-offs - three months ended March 31, 2023$— — — — — — — 
(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.
v3.23.1
Bonds and Notes Payable
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$11,043,945 
4.93% - 6.85%
8/26/30 - 9/25/69
Bonds and notes based on auction142,385 
0.00% - 5.43%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes11,186,330 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		548,642 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility919,337 
5.12% / 5.15%
5/22/24
Private education loan warehouse facility47,937 5.18%12/31/23
Consumer loan warehouse facility82,405 5.15%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations17,808 
6.40% / 6.60%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization22,145 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement311,771 5.48%5/4/23
Repurchase agreements432,984 
5.38% - 5.85%
4/6/23 - 11/27/24
Other - due to related party6,181 
3.55% - 6.05%
3/1/24 - 11/15/30
13,575,540   
Discount on bonds and notes payable and debt issuance costs(137,124)
Total$13,438,416 
 As of December 31, 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$11,868,190 
4.47% - 6.39%
8/26/30 - 9/25/69
Bonds and notes based on auction178,960 
0.00% - 4.02%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes12,047,150 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
594,051 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility978,956 
4.69% / 4.71%
5/22/24
Private education loan warehouse facility64,356 4.72%12/31/23
Consumer loan warehouse facility89,000 4.73%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations19,865 
5.90% / 6.14%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization23,032 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement395,432 5.02%5/4/23
Repurchase agreements567,254 
0.97% - 5.60%
1/4/23 - 11/27/24
Other - due to related party6,187 
3.55% - 6.05%
3/1/24 - 11/15/30
14,785,283   
Discount on bonds and notes payable and debt issuance costs(148,088)
Total$14,637,195 
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 facilities
On March 31, 2023, the Company’s FFELP warehouse facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. The liquidity provisions and final maturity remain through May 22, 2023 and May 22, 2024, respectively. As of March 31, 2023, $919.3 million was outstanding under this facility, $330.7 million was available for future funding, and the Company had $62.8 million advanced as equity support.
Subsequent to the end of the first quarter, the Company closed on a $250.0 million FFELP warehouse facility on April 3, 2023, with liquidity provisions expiring on April 2, 2024 and a final maturity date of April 2, 2025.
Private education loan warehouse facility
As of March 31, 2023, the Company's private education warehouse facility had an outstanding balance of $47.9 million, liquidity provisions through June 30, 2023, a final maturity of December 31, 2023, and $19.4 million was advanced as equity support. No additional amounts can be borrowed under this facility.
Consumer loan warehouse facility
As of March 31, 2023, the Company's consumer loan warehouse facility had an aggregate maximum financing amount available of $250.0 million, an advance rate of 70%, liquidity provisions through November 14, 2024, and a final maturity date of November 14, 2025. As of March 31, 2023, $82.4 million was outstanding under this facility, $167.6 million was available for future funding, and the Company had $35.2 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 March 31, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use subject to certain financial covenants, including limitations on recourse indebtedness to adjusted EBITDA (over the last four rolling quarters). Of the $495.0 million availability, approximately $260 million was available for purposes other than reducing existing recourse debt due to the limitations on recourse indebtedness to adjusted EBITDA financial covenant.
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 (bond investments). As of March 31, 2023, $311.8 million (par value) 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, 2023, the agreement automatically renewed for another year through May 4, 2024. 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 sheets 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 (bond investments). 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 (as of March 31, 2023) from April 6, 2023 through November 27, 2024. Subsequent to March 31, 2023, the maturities on this agreement were extended, and as of May 8, 2023, the maturity dates vary from May 26, 2023 through November 27, 2024. Under the first agreement, the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase
price of such securities on any scheduled reset date, and under the second agreement, the Company could be subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities and the counter-party provides notice requiring such payment. Included in “bonds and notes payable” in the consolidated balance sheets as of March 31, 2023 was $291.9 million subject to the first agreement and $141.1 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.
Nelnet Bank
Nelnet Bank has Federal Funds lines of credit with correspondent banks totaling $30.0 million at a stated interest rate at the time of borrowing. As of March 31, 2023, no amounts were drawn on these lines of credit.
Debt Repurchases
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended March 31,
20232022
Purchase price$(828)(18,454)
Par value908 18,530 
Remaining unamortized cost of issuance(2)(45)
Gain$78 31 
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2023, the Company holds $397.8 million (par value) of its own FFELP loan asset-backed securities. As of March 31, 2023, $197.5 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).
Subsequent Event
Subsequent to the end of the first quarter, in April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed securities (bonds and notes payable) prior to their legal maturity, of which the Company owned $140.5 million of the bonds that were redeemed. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023.
v3.23.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial InstrumentsThe Company uses derivative financial instruments primarily to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2022 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2023 and December 31, 2022 is presented below.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2023 and December 31, 2022, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
March 31, 2023December 31, 2022
2023$— 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$3,150,000 3,900,000 
The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2023 and December 31, 2022 was one-month LIBOR plus 10.1 basis points and 9.7 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 December 31, 2022.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2024$2,000,000 0.35 %
2026500,000 1.02 
2031100,000 1.53 
2032 (b)200,000 2.92 
 $2,800,000 0.70 %
(a)    For the interest rate derivatives maturing in 2032, the Company was to receive payments based on Secured Overnight Financing Rate (SOFR) that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly.
(b)    These derivatives had forward effective start dates in November 2024.
All over-the-counter derivative contracts executed by the Company are cleared post-execution at a regulated clearinghouse. Clearing is a process by which a third party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default. Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. To minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives).
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 March 31,
 20232022
Settlements:  
1:3 basis swaps$859 396 
Interest rate swaps - floor income hedges (a)22,478 (3,205)
Total settlements - income (expense)23,337 (2,809)
Change in fair value:  
1:3 basis swaps(23)889 
Interest rate swaps - floor income hedges (a)(37,388)144,845 
Total change in fair value - (expense) income(37,411)145,734 
Derivative market value adjustments and derivative settlements, net - (expense) income$(14,074)142,925 
(a)    As a result of the Company terminating all its interest rate swaps hedging loans earning fixed rate floor income on March 15, 2023 (as discussed above), there will be no derivative settlements and changes in fair value on these derivatives in future periods.
v3.23.1
Investments and Notes Receivable
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
Investments and notes receivable consisted of the following:
As of March 31, 2023As of December 31, 2022
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan (a)$336,327 4,175 (7,926)332,576 463,861 3,498 (11,105)456,254 
Private education loan (b)321,120 — (26,531)294,589 335,903 — (29,438)306,465 
Other debt securities53,743 2,365 (803)55,305 158,589 151 (3,790)154,950 
Total Non-Nelnet Bank711,190 6,540 (35,260)682,470 958,353 3,649 (44,333)917,669 
Nelnet Bank:
FFELP loan (c)240,348 754 (3,622)237,480 349,855 955 (8,853)341,957 
Private education loan1,818 — (101)1,717 1,941 — (122)1,819 
Other debt securities152,571 14 (3,549)149,036 131,481 18 (3,907)127,592 
Total Nelnet Bank394,737 768 (7,272)388,233 483,277 973 (12,882)471,368 
Total available-for-sale asset-backed securities$1,105,927 7,308 (42,532)1,070,703 1,441,630 4,622 (57,215)1,389,037 
Equity securities35,663 39,082 
Total investments at fair value1,106,366 1,428,119 
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)4,700 18,554 
Nelnet Bank:
FFELP loan asset-backed securities (c)149,179 — 
Other debt securities240 220
Total Nelnet Bank149,419 220 
Total held to maturity investments154,119 18,774 
Venture capital and funds:
Measurement alternative (e)191,731 160,052 
Equity method98,217 89,332 
Total venture capital and funds289,948 249,384 
Real estate:
Equity method84,526 80,364 
Investment in ALLO:
Voting interest/equity method (f)55,756 67,538 
Preferred membership interest and accrued and unpaid preferred return (g)148,175 145,926 
Total investment in ALLO203,931 213,464 
Beneficial interest in loan securitizations (h):
Consumer loans and other81,399 39,249 
Private education loans72,898 75,261 
Federally insured student loans23,591 24,228 
Total beneficial interest in loan securitizations177,888 138,738 
Solar (i)(66,353)(55,448)
Notes receivable30,246 31,106 
Tax liens, affordable housing, and other6,899 7,416 
Total investments (not measured at fair value)881,204 683,798 
Total investments and notes receivable$1,987,570 $2,111,917 
(a)    A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of March 31, 2023, the par value and fair value of these securities was $311.8 million and $289.1 million, respectively.
(b)    A portion of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under "Repurchase Agreements." As of March 31, 2023, the par value and fair value of these securities was $321.6 million and $294.6 million, respectively.
(c)    On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available for sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 includes pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses will be amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(d)    On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available for sale.
(e)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of March 31, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(f)    During the first quarter of 2023, the Company contributed $8.4 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 March 31, 2023 and 2022, the Company recognized losses of $20.2 million and $13.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Income and losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income.
(g)    As of March 31, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $2.2 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.2 million and $2.1 million during the three months ended March 31, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(h)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2023, the Company's ownership correlates to approximately $585 million, $590 million, and $370 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(i)    As of March 31, 2023, the Company has funded a total of $294.4 million in solar investments, which includes $115.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of March 31, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of March 31, 2023, the Company is committed to fund an additional $220.3 million on tax equity investments, of which $141.4 million is expected to 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 losses on its solar investments of $1.9 million and $1.0 million during the three months ended March 31, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $2.7 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at March 31, 2023:
As of March 31, 2023
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$26,196 12,274 50,051 247,806 336,327 
Private education loan— — — 321,120 321,120 
Other debt securities— 99 — 53,644 53,743 
Total Non-Nelnet Bank26,196 12,373 50,051 622,570 711,190 
Fair value25,997 12,308 48,679 595,486 682,470 
Nelnet Bank:
FFELP loan39,728 6,933 34,659 159,028 240,348 
Private education loan— — — 1,818 1,818 
Other debt securities— 23,084 92,316 37,171 152,571 
Total Nelnet Bank39,728 30,017 126,975 198,017 394,737 
Fair value39,139 29,704 124,228 195,162 388,233 
Total available-for-sale asset-backed securities at amortized cost$65,924 42,390 177,026 820,587 1,105,927 
Total available-for-sale asset-backed securities at fair value$65,136 42,012 172,907 790,648 1,070,703 
Held to maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— — 3,797 145,382 149,179 
Other debt securities240 — — — 240 
Total Nelnet Bank240 — 3,797 145,382 149,419 
Fair value240 — 3,797 145,382 149,419 
Total held-to-maturity investments at amortized cost$4,940 — 3,797 145,382 154,119 
Total held-to-maturity investments at fair value$4,940 — 3,797 145,382 154,119 
The following table presents the gross unrealized losses and fair value of securities classified as available for sale at March 31, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2023
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Available-for-sale asset-backed securitiesUnrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Non-Nelnet Bank:
FFELP loan$(5,324)182,059 (2,602)44,238 (7,926)226,297 
Private education loan— — (26,531)294,590 (26,531)294,590 
Other debt securities(803)21,462 — — (803)21,462 
Total Non-Nelnet Bank(6,127)203,521 (29,133)338,828 (35,260)542,349 
Nelnet Bank:
FFELP loan(2,891)155,672 (731)37,285 (3,622)192,957 
Private education loan(101)1,717 — — (101)1,717 
Other debt securities(3,492)111,638 (57)3,940 (3,549)115,578 
Total Nelnet Bank(6,484)269,027 (788)41,225 (7,272)310,252 
Total available-for-sale asset-backed securities$(12,611)472,548 (29,921)380,053 (42,532)852,601 
As of December 31, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.2 billion.
The following table summarizes the gross proceeds and gross realized gains and losses of available-for-sale asset-backed securities.
Gross realized gainsGross realized lossesGross proceeds from sales
Three months ended March 31, 2023$1,274 (6,256)492,173 
Three months ended March 31, 20222,965 (172)113,980 
v3.23.1
Intangible Assets
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2023 (months)
As ofAs of
March 31, 2023December 31, 2022
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $57,285 and $55,116, respectively)
110$49,569 51,738 
Trade names (net of accumulated amortization of $882 and $617, respectively)
1118,028 8,293 
Computer software (net of accumulated amortization of $6,514 and $6,400, respectively)
491,406 1,520 
Other (net of accumulated amortization of $655 and $490, respectively)
511,785 1,950 
Total - amortizable intangible assets, net107$60,788 63,501 
The Company recorded amortization expense on its intangible assets of $2.7 million and $2.5 million for the three months ended March 31, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2023, the Company estimates it will record amortization expense as follows:
2023 (April 1 - December 31)$7,648 
20249,773 
20258,145 
20267,262 
20276,736 
2028 and thereafter21,224 
 $60,788 
v3.23.1
Goodwill
 3 Months Ended
Mar. 31, 2023
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2023 and December 31, 2022 by reportable operating segment:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 92,507 41,883 — 18,873 176,902 
v3.23.1
Bank Deposits
 3 Months Ended
Mar. 31, 2023
Deposits [Abstract]  
Bank Deposits Bank Deposits
Deposits are interest-bearing deposits and consist of brokered certificates of deposit (CDs) and retail and other savings deposits and CDs. Retail and other deposits include savings deposits from Educational 529 College Savings and Health Savings plans, Short Term Federal Investment Trusts (STFIT), and commercial and institutional CDs. Union Bank and Trust Company (“Union Bank”), a related party, is the program manager for the College Savings plans and trustee for the STFIT Trust. CDs are accounts that have a stipulated maturity and interest rate. For savings accounts, the depositor may be required to give written notice of any intended withdrawal no less than seven days before the withdrawal is made. Generally, early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity).
Nelnet Bank has intercompany deposits from Nelnet, Inc. and its subsidiaries, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2023December 31, 2022
Brokered CDs, net of brokered deposit fees$203,714 254,817 
Retail and other savings (529, STFIT, and HSA)447,792 410,556 
Retail and other CDs (commercial and institutional)24,261 25,949 
Total interest-bearing deposits$675,767 691,322 
The following table presents certificates of deposit remaining maturities as of March 31, 2023:
After two years to three years$65,513 
After three years to four years162,115 
After four years to five years347 
Total$227,975 
The Educational 529 College Savings, STFIT, and Health Savings plan deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Except for the pledged deposit from Nelnet, Inc. and an earmarked deposit required for intercompany transactions, there were no deposits exceeding the FDIC insurance limits as of March 31, 2023 and December 31, 2022.
v3.23.1
Earnings per Common Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$25,945 542 26,487 183,328 3,319 186,647 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,580,204 764,400 37,344,604 37,365,339 676,495 38,041,834 
Earnings per share - basic and diluted$0.71 0.71 0.71 4.91 4.91 4.91 
v3.23.1
Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 17 of the notes to consolidated financial statements included in the 2022 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,037 6,036 234,719 12,259 21,199 (9,282)265,968 
Interest expense— — 189,198 7,214 12,318 (9,282)199,449 
Net interest income1,037 6,036 45,521 5,045 8,881 — 66,519 
Less provision (negative provision) for loan losses— — 31,858 2,417 — — 34,275 
Net interest income after provision for loan losses1,037 6,036 13,663 2,628 8,881 — 32,244 
Other income (expense):
Loan servicing and systems revenue139,227 — — — — — 139,227 
Intersegment revenue7,790 56 — — — (7,846)— 
Education technology, services, and payment processing revenue— 133,603 — — — — 133,603 
Solar construction revenue— — — — 8,651 — 8,651 
Other, net608 — 2,845 210 (17,734)— (14,071)
Gain on sale of loans, net— — 11,812 — — — 11,812 
Derivative settlements, net— — 23,337 — — — 23,337 
Derivative market value adjustments, net— — (37,411)— — — (37,411)
Total other income (expense)147,625 133,659 583 210 (9,083)(7,846)265,148 
Cost of services:
Cost to provide education technology, services, and payment processing services— 47,704 — — — — 47,704 
Cost to provide solar construction services— — — — 8,299 — 8,299 
Total cost of services— 47,704 — — 8,299 — 56,003 
Operating expenses:
Salaries and benefits84,560 37,913 755 2,064 27,419 — 152,710 
Depreciation and amortization4,513 2,578 — 5 9,531 — 16,627 
Other expenses13,313 8,063 5,016 782 13,611 — 40,785 
Intersegment expenses, net21,057 5,800 8,696 80 (27,787)(7,846)— 
Total operating expenses123,443 54,354 14,467 2,931 22,774 (7,846)210,122 
Income (loss) before income taxes25,219 37,637 (221)(93)(31,275)— 31,267 
Income tax (expense) benefit(6,053)(9,066)53 35 6,781 — (8,250)
Net income (loss)19,166 28,571 (168)(58)(24,494)— 23,017 
Net loss attributable to noncontrolling interests— 138 — — 3,332 — 3,470 
Net income (loss) attributable to Nelnet, Inc.$19,166 28,709 (168)(58)(21,162)— 26,487 
Total assets as of March 31, 2023$232,667 424,742 14,939,324 1,000,659 2,207,722 (722,505)18,082,609 
 Three months ended March 31, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$67 339 118,598 3,030 3,992 (828)125,196 
Interest expense24 — 46,003 856 2,026 (828)48,079 
Net interest income43 339 72,595 2,174 1,966 — 77,117 
Less provision (negative provision) for loan losses— — (864)429 — — (435)
Net interest income after provision for loan losses43 339 73,459 1,745 1,966 — 77,552 
Other income (expense):
Loan servicing and systems revenue136,368 — — — — — 136,368 
Intersegment revenue8,480 3 — — — (8,483)— 
Education technology, services, and payment processing revenue— 112,286 — — — — 112,286 
Solar construction revenue— — — — — — — 
Other, net740 — 6,511 1,500 1,125 — 9,877 
Gain on sale of loans, net— — 2,989 — — — 2,989 
Derivative settlements, net— — (2,809)— — — (2,809)
Derivative market value adjustments, net— — 145,734 — — — 145,734 
Total other income (expense)145,588 112,289 152,425 1,500 1,125 (8,483)404,445 
Cost of services:
Cost to provide education technology, services, and payment processing services— 35,545 — — — — 35,545 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 35,545 — — — — 35,545 
Operating expenses:
Salaries and benefits91,972 31,286 591 1,554 24,012 — 149,414 
Depreciation and amortization4,954 2,315 — 3 9,684 — 16,956 
Other expenses16,213 5,764 3,033 682 13,804 — 39,499 
Intersegment expenses, net20,398 4,605 8,831 45 (25,396)(8,483)— 
Total operating expenses133,537 43,970 12,455 2,284 22,104 (8,483)205,869 
Income (loss) before income taxes12,094 33,113 213,429 961 (19,013)— 240,583 
Income tax (expense) benefit(2,903)(7,947)(51,223)(223)6,598 — (55,697)
Net income (loss)9,191 25,166 162,206 738 (12,415)— 184,886 
Net loss attributable to noncontrolling interests— — — — 1,761 — 1,761 
Net income (loss) attributable to Nelnet, Inc.$9,191 25,166 162,206 738 (10,654)— 186,647 
Total assets as of March 31, 2022$259,712 376,794 18,158,972 656,242 2,066,417 (528,396)20,989,741 
v3.23.1
Disaggregated Revenue
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20232022
Government loan servicing$108,880 109,125 
Private education and consumer loan servicing12,164 12,873 
FFELP loan servicing3,368 4,248 
Software services9,697 7,400 
Outsourced services5,118 2,722 
Loan servicing and systems revenue$139,227 136,368 
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20232022
Tuition payment plan services$34,187 30,716 
Payment processing44,041 38,071 
Education technology and services54,787 43,251 
Other588 248 
Education technology, services, and payment processing revenue$133,603 112,286 
Solar Construction
GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three months ended March 31, 2022.
Three months ended March 31, 2023
Commercial revenue$6,234 
Residential revenue2,775 
Other(358)
Solar construction revenue$8,651 
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20232022
ALLO preferred return$2,249 2,117 
Borrower late fee income2,247 2,431 
Administration/sponsor fee income1,772 2,123 
Investment advisory services1,612 1,282 
Loss from ALLO voting membership interest investment(20,213)(13,130)
Investment activity, net(3,577)11,856 
Loss from solar investments(1,947)(1,030)
Other3,786 4,228 
Other, net$(14,071)9,877 
v3.23.1
Major Customer
 3 Months Ended
Mar. 31, 2023
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes Educational Loan Services, Inc. (Great Lakes), both subsidiaries of the Company, are two of the current six private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $108.9 million and $109.1 million for the three months ended March 31, 2023 and 2022, respectively. The Company currently licenses its hosted servicing software two of the six servicers for the Department.
Contract Modifications and Award
On March 22, 2023, each of Nelnet Servicing and Great Lakes received modifications of contract with an effective date of April 1, 2023 (collectively the “modifications”) from the Department. Such modifications outline the Department's amendment to the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the current prices earned by Nelnet Servicing and Great Lakes under the servicing contracts. Under the servicing contracts, Nelnet Servicing and Great Lakes earn a monthly fee from the Department for each unique borrower they service on behalf of the Department. The modifications reduce the monthly fee by $0.19 per borrower on certain borrower statuses.
The Company's current 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. 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. On April 24, 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of the Company, received a contract award from the Department, pursuant to which NDS was selected to provide continued servicing capabilities for the Department's Office of Federal Student Aid's student aid recipients under a new USDS contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts that are currently scheduled to expire December 14, 2023.
The New Government Servicing Contract is effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of more than 37 million existing borrowers will be allocated by the Department to NDS and four other servicers that were awarded a USDS contract. New Department borrowers will be allocated to the USDS servicers based on service and performance levels. Under the New Government Servicing Contract, NDS will begin immediately to make required servicing platform enhancements, for which NDS will be compensated from the Department on certain of these investments. In a press release issued on April 24, 2023 by the Department's Office of Federal Student Aid (FSA), FSA indicated that servicing under the USDS contracts will go live in 2024 and to maintain stability as the new loan servicing environment gets underway, FSA will extend the current legacy servicing contracts with the Department from December 14, 2023 to December 2024. Until servicing under the USDS contracts goes live, the Company will continue to earn revenue for servicing borrowers under its current legacy servicing contracts with the Department.
The fee structure included in the new Department servicing contracts under USDS are structurally different than the current legacy servicing contracts with the Department. The USDS servicing contracts have multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contracts is primarily based on borrower status. Assuming borrower volume remains consistent under the USDS servicing contract, the Company expects revenue earned on a per borrower blended basis will decrease under the USDS contract versus the current legacy contracts. However, consistent with the current legacy contracts, the Company expects to earn additional revenue from the Department under the USDS servicing contract for change requests, consolidations, and other support services. As discussed below, during 2023, the Company will continue to transfer the Great Lakes direct loan servicing volume to the Nelnet servicing platform. The associated cost savings with moving government borrowers to one servicing platform will be partially offset under the USDS contract as the Company will incur additional costs for cybersecurity and other system specifications as required under the new contract.
Loan Volume Transfers
Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilizes Nelnet Servicing's platform to service their loans for the Department. In the fourth quarter of 2022, Nelnet Servicing and Edfinancial reached an agreement on a decommission schedule transferring Edfinancial’s direct loan servicing volume to another servicing platform. As of March 31, 2023, Edfinancial was servicing 3.5 million borrowers for the Department on the Company’s platform.
In February 2023, the Department notified the Company of its intention to transfer up to one million borrowers of the Company’s existing Department servicing borrowers to another servicer, and one of the Company’s remote hosted servicing customers notified the Company the Department intends to move that customer’s servicing borrowers to a different servicing platform. As of March 31, 2023, the remote hosted servicing customer was servicing approximately 1.4 million borrowers for the Department on the Company's platform. Neither transfer decision was based on the Company’s performance.
The 2023 transfers discussed above began in the first quarter of 2023 and the Company expects the transfers to be completed by the end of the second quarter of 2023. As a result of the transfers, software services revenue for remote hosted customers and government servicing revenue will decrease in future periods as borrowers are transferred off of the Company’s platform. In addition, once all remote hosted servicing transfers are complete, there will be no active Department remote hosted servicing customers using the Company’s platform.
In addition, the Company continues to transfer the Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform). The Company anticipates the transfer of active borrowers to be completed by the end of the second quarter of 2023 and decommissioning of the Great Lakes' platform to be completed by the end of 2023. Therefore, potential associated cost savings as a result of transferring direct loan servicing volume to one platform will not be recognized in operating results until 2024.
Department of Education Debt Relief
In August 2022, the Department announced a broad based student debt relief plan that would provide targeted student debt cancellation to borrowers with loans held by the Department, and that borrowers whose annual income for either 2020 or 2021 was under $125,000 (for single or married, filing separately) or under $250,000 (for married couples, filing jointly or heads of household) will be eligible for otherwise unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. Decisions by the U.S. Courts of Appeals for the Eighth Circuit and Fifth Circuit in October 2022 and November 2022, respectively, in response to legal challenges that were initiated by other parties (not the Company) have blocked implementation of the Department's broad based student debt relief plan. These cases have been appealed to the U.S. Supreme Court. As of the filing of this report, the Supreme Court has not ruled on, and the Company cannot predict the timing, nature, or ultimate outcome of, this case.
The Company cannot estimate how many borrowers meet the eligibility requirements and other terms and conditions for one-time debt relief under the Department's announcement. If there was a broad $10,000 or $20,000 per borrower forgiveness on all government owned loans, the Company estimates it would decrease the number of borrowers serviced (based on the borrower loan information as of March 31, 2023) by approximately 4.5 million borrowers and 7.7 million borrowers, respectively. The actual impact to the number of borrowers serviced may be less than these amounts due to annual income ceilings for borrowers to qualify for forgiveness and the impact of whether a Pell Grant was received on the amount of forgiveness for a borrower.
Revenue earned under the current Department servicing contracts will decrease in future periods if the Department's student debt relief plan or other broad based loan forgiveness is implemented.
v3.23.1
Fair Value
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2023As of December 31, 2022
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,070,604 1,070,703 100 1,388,937 1,389,037 
Equity securities91 — 91 6,719 — 6,719 
Equity securities measured at net asset value (a)35,572 32,363 
Total investments 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 
Total assets$190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 
(a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:
 As of March 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$13,919,785 13,760,708 — — 13,919,785 
Accrued loan interest receivable800,400 800,400 — 800,400 — 
Cash and cash equivalents187,574 187,574 187,574 — — 
Investments (at fair value)1,106,366 1,106,366 190 1,070,604 — 
Investments - held to maturity154,119 154,119 — 154,119 — 
Notes receivable30,246 30,246 — 30,246 — 
Beneficial interest in loan securitizations201,216 177,888 — — 201,216 
Restricted cash576,267 576,267 576,267 — — 
Restricted cash – due to customers134,202 134,202 134,202 — — 
Financial liabilities:  
Bonds and notes payable12,933,378 13,438,416 — 12,933,378 — 
Accrued interest payable34,374 34,374 — 34,374 — 
Bank deposits647,708 675,767 391,379 256,329 — 
Due to customers280,624 280,624 280,624 — — 
 As of December 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$14,586,794 14,427,025 — — 14,586,794 
Accrued loan interest receivable816,864 816,864 — 816,864 — 
Cash and cash equivalents118,146 118,146 118,146 — — 
Investments (at fair value)1,428,119 1,428,119 6,819 1,388,937 — 
Investments - held to maturity18,996 18,774 — 18,996 — 
Notes receivable31,106 31,106 — 31,106 — 
Beneficial interest in loan securitizations162,360 138,738 — — 162,360 
Restricted cash945,159 945,159 945,159 — — 
Restricted cash – due to customers294,311 294,311 294,311 — — 
Financial liabilities:  
Bonds and notes payable14,088,666 14,637,195 — 14,088,666 — 
Accrued interest payable36,049 36,049 — 36,049 — 
Bank deposits664,573 691,322 355,282 309,291 — 
Due to customers348,317 348,317 348,317 — — 
The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2022 Annual Report.
v3.23.1
Basis of Financial Reporting (Policies)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. 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, 2022 (the "2022 Annual Report").
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$3,229,778 3,389,178 
Consolidation9,701,781 10,177,295 
Total12,931,559 13,566,473 
Private education loans241,515 252,383 
Consumer and other loans309,546 350,915 
Non-Nelnet Bank loans13,482,620 14,169,771 
Nelnet Bank:
Federally insured loans63,399 65,913 
Private education loans355,705 353,882 
Consumer and other loans19,903 — 
Nelnet Bank loans439,007 419,795 
Accrued interest receivable800,400 816,864 
Loan discount, net of unamortized loan premiums and deferred origination costs(26,215)(30,714)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(79,331)(83,593)
Private education loans(15,175)(15,411)
Consumer and other loans(35,317)(30,263)
Non-Nelnet Bank allowance for loan losses(129,823)(129,267)
Nelnet Bank:
Federally insured loans(160)(170)
Private education loans(2,894)(2,390)
Consumer and other loans(1,827)— 
Nelnet Bank allowance for loan losses(4,881)(2,560)
 $14,561,108 15,243,889 
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
March 31, 2023December 31, 2022
Non-Nelnet Bank:
Federally insured loans (a)0.61 %0.62 %
Private education loans6.28 %6.11 %
Consumer and other loans11.41 %8.62 %
Nelnet Bank:
Federally insured loans (a)0.25 %0.26 %
Private education loans0.81 %0.68 %
Consumer and other loans9.18 %— 
(a)    As of March 31, 2023 and December 31, 2022, 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 22.3% and 22.4%, respectively, and for Nelnet Bank was 10.1% and 10.3%, respectively.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios.
Three months ended March 31,
20232022
Non-Nelnet Bank:
Federally insured loans0.20 %0.11 %
Private education loans0.78 %1.58 %
Consumer and other loans2.59 %7.40 %
Nelnet Bank:
Federally insured loans0.01 %0.00 %
Private education loans0.13 %0.02 %
Consumer and other loans— — 
Financing Receivable, Loans Sold and Gains Recognized The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2023 and 2022.
Loans sold
(par value)		Gain (loss)Loan typeResidual interest received in securitization
Three months ended March 31, 2023
January 31$97,350 (1,441)Home equity64.8 %(a)
January 3142,275 4,350 Consumer13.3 
March 2122,132 8,966 Consumer24.6 (a)
March 22145 (63)Home equity— 
$261,902 11,812 
Three months ended March 31, 2022
January 26$18,125 2,989 Consumer6.6 %
(a)    In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
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 deteriorationLoan salesBalance at end of period
Three months ended March 31, 2023
Non-Nelnet Bank:
Federally insured loans$83,593 2,411 (6,679)— 6 — 79,331 
Private education loans15,411 240 (640)164 — — 15,175 
Consumer and other loans30,263 29,207 (2,267)220 — (22,106)35,317 
Nelnet Bank:
Federally insured loans170 (9)(1)— — — 160 
Private education loans2,390 614 (110)— — — 2,894 
Consumer and other loans— 1,827 — — — — 1,827 
$131,827 34,290 (9,697)384 6 (22,106)134,704 
Three months ended March 31, 2022
Non-Nelnet Bank:
Federally insured loans$103,381 (2,748)(4,761)— 123 — 95,995 
Private education loans16,143 (400)(1,299)176 — 2 14,622 
Consumer and other loans6,481 2,284 (937)166 — (2,284)5,710 
Nelnet Bank:
Federally insured loans268 (21)— — — — 247 
Private education loans840 426 (13)— — (2)1,251 
$127,113 (459)(7,010)342 123 (2,284)117,825 
Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts.
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $641,914 5.0 % $637,919 4.7 % $839,566 5.2 %
Loans in forbearance 984,738 7.6  1,103,181 8.1  1,160,048 7.1 
Loans in repayment status:  
Loans current9,859,751 87.2 %10,173,859 86.0 %12,352,543 86.4 %
Loans delinquent 31-60 days346,665 3.1 415,305 3.5 462,750 3.2 
Loans delinquent 61-90 days254,353 2.2 253,565 2.2 282,810 2.0 
Loans delinquent 91-120 days178,078 1.6 180,029 1.5 202,371 1.4 
Loans delinquent 121-270 days440,695 3.9 534,410 4.5 712,753 5.0 
Loans delinquent 271 days or greater225,365 2.0 268,205 2.3 282,536 2.0 
Total loans in repayment11,304,907 87.4 100.0 %11,825,373 87.2 100.0 %14,295,763 87.7 100.0 %
Total federally insured loans12,931,559 100.0 % 13,566,473 100.0 % 16,295,377 100.0 %
Accrued interest receivable791,476 808,150 770,853 
Loan discount, net of unamortized premiums and deferred origination costs(32,626)(35,468)(27,317)
Allowance for loan losses(79,331)(83,593)(95,995)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$13,611,078 $14,255,562 $16,942,918 
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $12,218 5.1 %$12,756 5.1 %$10,226 3.7 %
Loans in forbearance 2,698 1.1 2,017 0.8 2,838 1.0 
Loans in repayment status:
Loans current220,921 97.5 %232,539 97.9 %260,911 98.3 %
Loans delinquent 31-60 days2,014 0.9 2,410 1.0 1,699 0.6 
Loans delinquent 61-90 days931 0.4 767 0.3 1,040 0.4 
Loans delinquent 91 days or greater2,733 1.2 1,894 0.8 1,823 0.7 
Total loans in repayment226,599 93.8 100.0 %237,610 94.1 100.0 %265,473 95.3 100.0 %
Total private education loans241,515 100.0 % 252,383 100.0 % 278,537 100.0 %
Accrued interest receivable2,277 2,146 1,898 
Loan premium, net of unaccreted discount79 (38)(598)
Allowance for loan losses(15,175)(15,411)(14,622)
Total private education loans and accrued interest receivable, net of allowance for loan losses$228,696 $239,080 $265,215 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$40 0.0 %$109 0.0 %$72 0.2 %
Loans in repayment status:
Loans current304,414 98.3 %346,812 98.9 %43,424 97.3 %
Loans delinquent 31-60 days2,037 0.7 1,906 0.5 255 0.5 
Loans delinquent 61-90 days1,236 0.4 764 0.2 304 0.7 
Loans delinquent 91 days or greater1,819 0.6 1,324 0.4 658 1.5 
Total loans in repayment309,506 100.0 100.0 %350,806 100.0 100.0 %44,641 99.8 100.0 %
Total consumer and other loans309,546 100.0 %350,915 100.0 %44,713 100.0 %
Accrued interest receivable3,288 3,658 374 
Loan premium, net of unaccreted discount913 (588)1,040 
Allowance for loan losses(35,317)(30,263)(5,710)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$278,430 $323,722 $40,417 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$151 0.3 %$241 0.4 %$286 0.3 %
Loans in forbearance1,046 1.6 981 1.5 948 1.2 
Loans in repayment status:
Loans current60,895 97.9 %63,225 97.8 %80,421 98.6 %
Loans delinquent 30-59 days514 0.8 436 0.7 402 0.5 
Loans delinquent 60-89 days120 0.2 466 0.7 427 0.5 
Loans delinquent 90-119 days255 0.4 222 0.3 90 0.1 
Loans delinquent 120-270 days319 0.5 183 0.3 157 0.2 
Loans delinquent 271 days or greater99 0.2 159 0.2 58 0.1 
Total loans in repayment62,202 98.1 100.0 %64,691 98.1 100.0 %81,555 98.5 100.0 %
Total federally insured loans63,399 100.0 %65,913 100.0 %82,789 100.0 %
Accrued interest receivable1,857 1,758 1,231 
Loan premium18 20 25 
Allowance for loan losses(160)(170)(247)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$65,114 $67,521 $83,798 
As of March 31, 2023As of December 31, 2022As of March 31, 2022
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$17,021 4.8 %$11,580 3.3 %$497 0.2 %
Loans in forbearance681 0.2 864 0.2 317 0.1 
Loans in repayment status:
Loans current336,967 99.7 %340,830 99.8 %284,081 99.8 %
Loans delinquent 30-59 days388 0.1 167 0.1 422 0.2 
Loans delinquent 60-89 days536 0.2 32 0.0 78 0.0 
Loans delinquent 90 days or greater112 — 409 0.1 73 0.0 
Total loans in repayment338,003 95.0 100.0 %341,438 96.5 100.0 %284,654 99.7 100.0 %
Total private education loans355,705 100.0 %353,882 100.0 %285,468 100.0 %
Accrued interest receivable1,385 1,152 418 
Deferred origination costs, net of unaccreted discount5,400 5,360 4,593 
Allowance for loan losses(2,894)(2,390)(1,251)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,596 $358,004 $289,228 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$— — %
Loans in repayment status:
Loans current19,903 100.0 %
Loans delinquent 30-59 days— — 
Loans delinquent 60-89 days— — 
Loans delinquent 90 days or greater— — 
Total loans in repayment19,903 100.0 100.0 %
Total consumer and other loans19,903 100.0 %
Accrued interest receivable117 
Loan premium1 
Allowance for loan losses(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$18,194 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
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 March 31, 2023
Three months ended March 31, 2023202220212020Total
FICO at origination:
Less than 705$836 5,956 5,258 344 12,394 
705 - 7342,657 23,313 9,979 536 36,485 
735 - 7642,874 35,250 16,284 1,419 55,827 
765 - 7941,413 56,325 29,900 1,579 89,217 
Greater than 7943,006 86,055 66,882 5,839 161,782 
$10,786 206,899 128,303 9,717 355,705 
Loan balance as of December 31, 2022
202220212020Total
FICO at origination:
Less than 705$5,898 5,389 348 11,635 
705 - 73423,392 10,543 542 34,477 
735 - 76435,456 16,686 1,473 53,615 
765 - 79457,141 31,035 1,622 89,798 
Greater than 79487,959 70,135 6,263 164,357 
$209,846 133,788 10,248 353,882 
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20232022202120202019Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— 1,780 5,581 1,284 2,080 1,493 12,218 
Loans in forbearance— — 79 804 808 1,007 2,698 
Loans in repayment status:
Loans current116 4,009 4,057 51,441 40,385 120,913 220,921 
Loans delinquent 31-60 days— 14 19 103 252 1,626 2,014 
Loans delinquent 61-90 days— — — — 71 860 931 
Loans delinquent 91 days or greater— — 5 35 441 2,252 2,733 
Total loans in repayment116 4,023 4,081 51,579 41,149 125,651 226,599 
Total private education loans$116 5,803 9,741 53,667 44,037 128,151 241,515 
Accrued interest receivable2,277 
Loan premium, net of unaccreted discount79 
Allowance for loan losses(15,175)
Total private education loans and accrued interest receivable, net of allowance for loan losses$228,696 
Gross charge-offs - three months ended March 31, 2023$— — — — 171 469 640 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— — 24 — 16 — 40 
Loans in repayment status:
Loans current185,920 109,009 6,692 498 1,354 941 304,414 
Loans delinquent 31-60 days89 1,593 337 — 10 8 2,037 
Loans delinquent 61-90 days— 1,085 84 38 26 3 1,236 
Loans delinquent 91 days or greater— 1,112 141 55 186 325 1,819 
Total loans in repayment186,009 112,799 7,254 591 1,576 1,277 309,506 
Total consumer and other loans$186,009 112,799 7,278 591 1,592 1,277 309,546 
Accrued interest receivable3,288 
Loan premium, net of unaccreted discount913 
Allowance for loan losses(35,317)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$278,430 
Gross charge-offs - three months ended March 31, 2023$— 1,868 245 27 46 81 2,267 
Three months ended March 31, 20232022202120202019Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$1,863 12,915 1,117 1,126 — — 17,021 
Loans in forbearance— 485 196 — — — 681 
Loans in repayment status:
Loans current8,913 192,723 126,740 8,591 — — 336,967 
Loans delinquent 30-59 days10 247 131 — — — 388 
Loans delinquent 60-89 days— 481 55 — — — 536 
Loans delinquent 90 days or greater— 48 64 — — — 112 
Total loans in repayment8,923 193,499 126,990 8,591 — — 338,003 
Total private education loans$10,786 206,899 128,303 9,717 — — 355,705 
Accrued interest receivable1,385 
Deferred origination costs, net of unaccreted discount5,400 
Allowance for loan losses(2,894)
Total private education loans and accrued interest receivable, net of allowance for loan losses$359,596 
Gross charge-offs - three months ended March 31, 2023$— 110 — — — — 110 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$— — — — — — — 
Loans in repayment status:
Loans current19,259 589 55 — — — 19,903 
Loans delinquent 30-59 days— — — — — — — 
Loans delinquent 60-89 days— — — — — — — 
Loans delinquent 90 days or greater— — — — — — — 
Total loans in repayment19,259 589 55 — — — 19,903 
Total consumer and other loans$19,259 589 55 — — — 19,903 
Accrued interest receivable117 
Loan premium1 
Allowance for loan losses(1,827)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$18,194 
Gross charge-offs - three months ended March 31, 2023$— — — — — — — 
(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.
v3.23.1
Bonds and Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2023
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$11,043,945 
4.93% - 6.85%
8/26/30 - 9/25/69
Bonds and notes based on auction142,385 
0.00% - 5.43%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes11,186,330 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		548,642 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility919,337 
5.12% / 5.15%
5/22/24
Private education loan warehouse facility47,937 5.18%12/31/23
Consumer loan warehouse facility82,405 5.15%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations17,808 
6.40% / 6.60%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization22,145 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement311,771 5.48%5/4/23
Repurchase agreements432,984 
5.38% - 5.85%
4/6/23 - 11/27/24
Other - due to related party6,181 
3.55% - 6.05%
3/1/24 - 11/15/30
13,575,540   
Discount on bonds and notes payable and debt issuance costs(137,124)
Total$13,438,416 
 As of December 31, 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$11,868,190 
4.47% - 6.39%
8/26/30 - 9/25/69
Bonds and notes based on auction178,960 
0.00% - 4.02%
3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes12,047,150 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
594,051 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facility978,956 
4.69% / 4.71%
5/22/24
Private education loan warehouse facility64,356 4.72%12/31/23
Consumer loan warehouse facility89,000 4.73%11/14/25
Variable-rate bonds and notes issued in private education loan asset-backed securitizations19,865 
5.90% / 6.14%
12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization23,032 
3.60% / 5.35%
12/26/40 / 12/28/43
Unsecured line of credit— —9/22/26
Participation agreement395,432 5.02%5/4/23
Repurchase agreements567,254 
0.97% - 5.60%
1/4/23 - 11/27/24
Other - due to related party6,187 
3.55% - 6.05%
3/1/24 - 11/15/30
14,785,283   
Discount on bonds and notes payable and debt issuance costs(148,088)
Total$14,637,195 
Debt Repurchased
The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other, net" in "other income (expense)" on the Company's consolidated statements of income.
Three months ended March 31,
20232022
Purchase price$(828)(18,454)
Par value908 18,530 
Remaining unamortized cost of issuance(2)(45)
Gain$78 31 
v3.23.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Basis Swap
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2023 and December 31, 2022, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").
MaturityNotional amount
As ofAs of
March 31, 2023December 31, 2022
2023$— 750,000 
20241,750,000 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$3,150,000 3,900,000 
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 December 31, 2022.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2024$2,000,000 0.35 %
2026500,000 1.02 
2031100,000 1.53 
2032 (b)200,000 2.92 
 $2,800,000 0.70 %
(a)    For the interest rate derivatives maturing in 2032, the Company was to receive payments based on Secured Overnight Financing Rate (SOFR) that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly.
(b)    These derivatives had forward effective start dates in November 2024.
Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20232022
Settlements:  
1:3 basis swaps$859 396 
Interest rate swaps - floor income hedges (a)22,478 (3,205)
Total settlements - income (expense)23,337 (2,809)
Change in fair value:  
1:3 basis swaps(23)889 
Interest rate swaps - floor income hedges (a)(37,388)144,845 
Total change in fair value - (expense) income(37,411)145,734 
Derivative market value adjustments and derivative settlements, net - (expense) income$(14,074)142,925 
(a)    As a result of the Company terminating all its interest rate swaps hedging loans earning fixed rate floor income on March 15, 2023 (as discussed above), there will be no derivative settlements and changes in fair value on these derivatives in future periods.
v3.23.1
Investments and Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2023
Investments [Abstract]  
Investments and Notes Receivable
Investments and notes receivable consisted of the following:
As of March 31, 2023As of December 31, 2022
Amortized costGross unrealized gainsGross unrealized losses Fair valueAmortized costGross unrealized gainsGross unrealized lossesFair value
Investments (at fair value):
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan (a)$336,327 4,175 (7,926)332,576 463,861 3,498 (11,105)456,254 
Private education loan (b)321,120 — (26,531)294,589 335,903 — (29,438)306,465 
Other debt securities53,743 2,365 (803)55,305 158,589 151 (3,790)154,950 
Total Non-Nelnet Bank711,190 6,540 (35,260)682,470 958,353 3,649 (44,333)917,669 
Nelnet Bank:
FFELP loan (c)240,348 754 (3,622)237,480 349,855 955 (8,853)341,957 
Private education loan1,818 — (101)1,717 1,941 — (122)1,819 
Other debt securities152,571 14 (3,549)149,036 131,481 18 (3,907)127,592 
Total Nelnet Bank394,737 768 (7,272)388,233 483,277 973 (12,882)471,368 
Total available-for-sale asset-backed securities$1,105,927 7,308 (42,532)1,070,703 1,441,630 4,622 (57,215)1,389,037 
Equity securities35,663 39,082 
Total investments at fair value1,106,366 1,428,119 
Other Investments and Notes Receivable (not measured at fair value):
Held to maturity investments
Non-Nelnet Bank:
Debt securities (d)4,700 18,554 
Nelnet Bank:
FFELP loan asset-backed securities (c)149,179 — 
Other debt securities240 220
Total Nelnet Bank149,419 220 
Total held to maturity investments154,119 18,774 
Venture capital and funds:
Measurement alternative (e)191,731 160,052 
Equity method98,217 89,332 
Total venture capital and funds289,948 249,384 
Real estate:
Equity method84,526 80,364 
Investment in ALLO:
Voting interest/equity method (f)55,756 67,538 
Preferred membership interest and accrued and unpaid preferred return (g)148,175 145,926 
Total investment in ALLO203,931 213,464 
Beneficial interest in loan securitizations (h):
Consumer loans and other81,399 39,249 
Private education loans72,898 75,261 
Federally insured student loans23,591 24,228 
Total beneficial interest in loan securitizations177,888 138,738 
Solar (i)(66,353)(55,448)
Notes receivable30,246 31,106 
Tax liens, affordable housing, and other6,899 7,416 
Total investments (not measured at fair value)881,204 683,798 
Total investments and notes receivable$1,987,570 $2,111,917 
(a)    A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of March 31, 2023, the par value and fair value of these securities was $311.8 million and $289.1 million, respectively.
(b)    A portion of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under "Repurchase Agreements." As of March 31, 2023, the par value and fair value of these securities was $321.6 million and $294.6 million, respectively.
(c)    On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available for sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 includes pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses will be amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield.
(d)    On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available for sale.
(e)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of March 31, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(f)    During the first quarter of 2023, the Company contributed $8.4 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 March 31, 2023 and 2022, the Company recognized losses of $20.2 million and $13.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Income and losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income.
(g)    As of March 31, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $2.2 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.2 million and $2.1 million during the three months ended March 31, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income.
(h)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2023, the Company's ownership correlates to approximately $585 million, $590 million, and $370 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
(i)    As of March 31, 2023, the Company has funded a total of $294.4 million in solar investments, which includes $115.9 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed-in-service. The solar investment balance as of March 31, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of March 31, 2023, the Company is committed to fund an additional $220.3 million on tax equity investments, of which $141.4 million is expected to 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 losses on its solar investments of $1.9 million and $1.0 million during the three months ended March 31, 2023 and 2022, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $2.7 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.
Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at March 31, 2023:
As of March 31, 2023
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$26,196 12,274 50,051 247,806 336,327 
Private education loan— — — 321,120 321,120 
Other debt securities— 99 — 53,644 53,743 
Total Non-Nelnet Bank26,196 12,373 50,051 622,570 711,190 
Fair value25,997 12,308 48,679 595,486 682,470 
Nelnet Bank:
FFELP loan39,728 6,933 34,659 159,028 240,348 
Private education loan— — — 1,818 1,818 
Other debt securities— 23,084 92,316 37,171 152,571 
Total Nelnet Bank39,728 30,017 126,975 198,017 394,737 
Fair value39,139 29,704 124,228 195,162 388,233 
Total available-for-sale asset-backed securities at amortized cost$65,924 42,390 177,026 820,587 1,105,927 
Total available-for-sale asset-backed securities at fair value$65,136 42,012 172,907 790,648 1,070,703 
Held to maturity investments
Non-Nelnet Bank:
Debt securities$4,700 — — — 4,700 
Fair value4,700 — — — 4,700 
Nelnet Bank:
FFELP loan asset-backed securities— — 3,797 145,382 149,179 
Other debt securities240 — — — 240 
Total Nelnet Bank240 — 3,797 145,382 149,419 
Fair value240 — 3,797 145,382 149,419 
Total held-to-maturity investments at amortized cost$4,940 — 3,797 145,382 154,119 
Total held-to-maturity investments at fair value$4,940 — 3,797 145,382 154,119 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
As of March 31, 2023
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Available-for-sale asset-backed securitiesUnrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Non-Nelnet Bank:
FFELP loan$(5,324)182,059 (2,602)44,238 (7,926)226,297 
Private education loan— — (26,531)294,590 (26,531)294,590 
Other debt securities(803)21,462 — — (803)21,462 
Total Non-Nelnet Bank(6,127)203,521 (29,133)338,828 (35,260)542,349 
Nelnet Bank:
FFELP loan(2,891)155,672 (731)37,285 (3,622)192,957 
Private education loan(101)1,717 — — (101)1,717 
Other debt securities(3,492)111,638 (57)3,940 (3,549)115,578 
Total Nelnet Bank(6,484)269,027 (788)41,225 (7,272)310,252 
Total available-for-sale asset-backed securities$(12,611)472,548 (29,921)380,053 (42,532)852,601 
Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds and gross realized gains and losses of available-for-sale asset-backed securities.
Gross realized gainsGross realized lossesGross proceeds from sales
Three months ended March 31, 2023$1,274 (6,256)492,173 
Three months ended March 31, 20222,965 (172)113,980 
v3.23.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2023 (months)
As ofAs of
March 31, 2023December 31, 2022
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $57,285 and $55,116, respectively)
110$49,569 51,738 
Trade names (net of accumulated amortization of $882 and $617, respectively)
1118,028 8,293 
Computer software (net of accumulated amortization of $6,514 and $6,400, respectively)
491,406 1,520 
Other (net of accumulated amortization of $655 and $490, respectively)
511,785 1,950 
Total - amortizable intangible assets, net107$60,788 63,501 
Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2023, the Company estimates it will record amortization expense as follows:
2023 (April 1 - December 31)$7,648 
20249,773 
20258,145 
20267,262 
20276,736 
2028 and thereafter21,224 
 $60,788 
v3.23.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill [Abstract]  
Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2023 and December 31, 2022 by reportable operating segment:
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset Generation and ManagementNelnet BankCorporate and Other ActivitiesTotal
Goodwill balance$23,639 92,507 41,883 — 18,873 176,902 
v3.23.1
Bank Deposits (Tables)
 3 Months Ended
Mar. 31, 2023
Deposits [Abstract]  
Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2023December 31, 2022
Brokered CDs, net of brokered deposit fees$203,714 254,817 
Retail and other savings (529, STFIT, and HSA)447,792 410,556 
Retail and other CDs (commercial and institutional)24,261 25,949 
Total interest-bearing deposits$675,767 691,322 
Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of March 31, 2023:
After two years to three years$65,513 
After three years to four years162,115 
After four years to five years347 
Total$227,975 
v3.23.1
Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Common Share resents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20232022
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$25,945 542 26,487 183,328 3,319 186,647 
Denominator:
Weighted-average common shares outstanding - basic and diluted36,580,204 764,400 37,344,604 37,365,339 676,495 38,041,834 
Earnings per share - basic and diluted$0.71 0.71 0.71 4.91 4.91 4.91 
v3.23.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Operating Segments Reconciliation to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2023
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$1,037 6,036 234,719 12,259 21,199 (9,282)265,968 
Interest expense— — 189,198 7,214 12,318 (9,282)199,449 
Net interest income1,037 6,036 45,521 5,045 8,881 — 66,519 
Less provision (negative provision) for loan losses— — 31,858 2,417 — — 34,275 
Net interest income after provision for loan losses1,037 6,036 13,663 2,628 8,881 — 32,244 
Other income (expense):
Loan servicing and systems revenue139,227 — — — — — 139,227 
Intersegment revenue7,790 56 — — — (7,846)— 
Education technology, services, and payment processing revenue— 133,603 — — — — 133,603 
Solar construction revenue— — — — 8,651 — 8,651 
Other, net608 — 2,845 210 (17,734)— (14,071)
Gain on sale of loans, net— — 11,812 — — — 11,812 
Derivative settlements, net— — 23,337 — — — 23,337 
Derivative market value adjustments, net— — (37,411)— — — (37,411)
Total other income (expense)147,625 133,659 583 210 (9,083)(7,846)265,148 
Cost of services:
Cost to provide education technology, services, and payment processing services— 47,704 — — — — 47,704 
Cost to provide solar construction services— — — — 8,299 — 8,299 
Total cost of services— 47,704 — — 8,299 — 56,003 
Operating expenses:
Salaries and benefits84,560 37,913 755 2,064 27,419 — 152,710 
Depreciation and amortization4,513 2,578 — 5 9,531 — 16,627 
Other expenses13,313 8,063 5,016 782 13,611 — 40,785 
Intersegment expenses, net21,057 5,800 8,696 80 (27,787)(7,846)— 
Total operating expenses123,443 54,354 14,467 2,931 22,774 (7,846)210,122 
Income (loss) before income taxes25,219 37,637 (221)(93)(31,275)— 31,267 
Income tax (expense) benefit(6,053)(9,066)53 35 6,781 — (8,250)
Net income (loss)19,166 28,571 (168)(58)(24,494)— 23,017 
Net loss attributable to noncontrolling interests— 138 — — 3,332 — 3,470 
Net income (loss) attributable to Nelnet, Inc.$19,166 28,709 (168)(58)(21,162)— 26,487 
Total assets as of March 31, 2023$232,667 424,742 14,939,324 1,000,659 2,207,722 (722,505)18,082,609 
 Three months ended March 31, 2022
Loan Servicing and SystemsEducation Technology, Services, and Payment ProcessingAsset
Generation and
Management		Nelnet BankCorporate and Other ActivitiesEliminationsTotal
Total interest income$67 339 118,598 3,030 3,992 (828)125,196 
Interest expense24 — 46,003 856 2,026 (828)48,079 
Net interest income43 339 72,595 2,174 1,966 — 77,117 
Less provision (negative provision) for loan losses— — (864)429 — — (435)
Net interest income after provision for loan losses43 339 73,459 1,745 1,966 — 77,552 
Other income (expense):
Loan servicing and systems revenue136,368 — — — — — 136,368 
Intersegment revenue8,480 3 — — — (8,483)— 
Education technology, services, and payment processing revenue— 112,286 — — — — 112,286 
Solar construction revenue— — — — — — — 
Other, net740 — 6,511 1,500 1,125 — 9,877 
Gain on sale of loans, net— — 2,989 — — — 2,989 
Derivative settlements, net— — (2,809)— — — (2,809)
Derivative market value adjustments, net— — 145,734 — — — 145,734 
Total other income (expense)145,588 112,289 152,425 1,500 1,125 (8,483)404,445 
Cost of services:
Cost to provide education technology, services, and payment processing services— 35,545 — — — — 35,545 
Cost to provide solar construction services— — — — — — — 
Total cost of services— 35,545 — — — — 35,545 
Operating expenses:
Salaries and benefits91,972 31,286 591 1,554 24,012 — 149,414 
Depreciation and amortization4,954 2,315 — 3 9,684 — 16,956 
Other expenses16,213 5,764 3,033 682 13,804 — 39,499 
Intersegment expenses, net20,398 4,605 8,831 45 (25,396)(8,483)— 
Total operating expenses133,537 43,970 12,455 2,284 22,104 (8,483)205,869 
Income (loss) before income taxes12,094 33,113 213,429 961 (19,013)— 240,583 
Income tax (expense) benefit(2,903)(7,947)(51,223)(223)6,598 — (55,697)
Net income (loss)9,191 25,166 162,206 738 (12,415)— 184,886 
Net loss attributable to noncontrolling interests— — — — 1,761 — 1,761 
Net income (loss) attributable to Nelnet, Inc.$9,191 25,166 162,206 738 (10,654)— 186,647 
Total assets as of March 31, 2022$259,712 376,794 18,158,972 656,242 2,066,417 (528,396)20,989,741 
v3.23.1
Disaggregated Revenue (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20232022
Government loan servicing$108,880 109,125 
Private education and consumer loan servicing12,164 12,873 
FFELP loan servicing3,368 4,248 
Software services9,697 7,400 
Outsourced services5,118 2,722 
Loan servicing and systems revenue$139,227 136,368 
Education Technology, Services, and Payment Processing
 Three months ended March 31,
 20232022
Tuition payment plan services$34,187 30,716 
Payment processing44,041 38,071 
Education technology and services54,787 43,251 
Other588 248 
Education technology, services, and payment processing revenue$133,603 112,286 
GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three months ended March 31, 2022.
Three months ended March 31, 2023
Commercial revenue$6,234 
Residential revenue2,775 
Other(358)
Solar construction revenue$8,651 
Schedule of Other Income, by Component
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20232022
ALLO preferred return$2,249 2,117 
Borrower late fee income2,247 2,431 
Administration/sponsor fee income1,772 2,123 
Investment advisory services1,612 1,282 
Loss from ALLO voting membership interest investment(20,213)(13,130)
Investment activity, net(3,577)11,856 
Loss from solar investments(1,947)(1,030)
Other3,786 4,228 
Other, net$(14,071)9,877 
v3.23.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023As of December 31, 2022
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$99 1,070,604 1,070,703 100 1,388,937 1,389,037 
Equity securities91 — 91 6,719 — 6,719 
Equity securities measured at net asset value (a)35,572 32,363 
Total investments 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 
Total assets$190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 
(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 March 31, 2023
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$13,919,785 13,760,708 — — 13,919,785 
Accrued loan interest receivable800,400 800,400 — 800,400 — 
Cash and cash equivalents187,574 187,574 187,574 — — 
Investments (at fair value)1,106,366 1,106,366 190 1,070,604 — 
Investments - held to maturity154,119 154,119 — 154,119 — 
Notes receivable30,246 30,246 — 30,246 — 
Beneficial interest in loan securitizations201,216 177,888 — — 201,216 
Restricted cash576,267 576,267 576,267 — — 
Restricted cash – due to customers134,202 134,202 134,202 — — 
Financial liabilities:  
Bonds and notes payable12,933,378 13,438,416 — 12,933,378 — 
Accrued interest payable34,374 34,374 — 34,374 — 
Bank deposits647,708 675,767 391,379 256,329 — 
Due to customers280,624 280,624 280,624 — — 
 As of December 31, 2022
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$14,586,794 14,427,025 — — 14,586,794 
Accrued loan interest receivable816,864 816,864 — 816,864 — 
Cash and cash equivalents118,146 118,146 118,146 — — 
Investments (at fair value)1,428,119 1,428,119 6,819 1,388,937 — 
Investments - held to maturity18,996 18,774 — 18,996 — 
Notes receivable31,106 31,106 — 31,106 — 
Beneficial interest in loan securitizations162,360 138,738 — — 162,360 
Restricted cash945,159 945,159 945,159 — — 
Restricted cash – due to customers294,311 294,311 294,311 — — 
Financial liabilities:  
Bonds and notes payable14,088,666 14,637,195 — 14,088,666 — 
Accrued interest payable36,049 36,049 — 36,049 — 
Bank deposits664,573 691,322 355,282 309,291 — 
Due to customers348,317 348,317 348,317 — — 
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Accrued interest receivable $ 800,400 $ 816,864    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (26,215) (30,714)    
Allowance for loan losses (134,704) (131,827) $ (117,825) $ (127,113)
Financing receivable, after allowance for credit loss 14,561,108 15,243,889    
Non-Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 13,482,620 14,169,771    
Allowance for loan losses (129,823) (129,267)    
Federally insured loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 12,931,559 13,566,473 16,295,377  
Accrued interest receivable 791,476 808,150 770,853  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (32,626) (35,468) (27,317)  
Allowance for loan losses (79,331) (83,593) (95,995) (103,381)
Financing receivable, after allowance for credit loss 13,611,078 14,255,562 16,942,918  
Federally insured loans - Non-Nelnet Bank: | Stafford and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 3,229,778 3,389,178    
Federally insured loans - Non-Nelnet Bank: | Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 9,701,781 10,177,295    
Private education loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 241,515 252,383 278,537  
Accrued interest receivable 2,277 2,146 1,898  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 79 (38) (598)  
Allowance for loan losses (15,175) (15,411) (14,622) (16,143)
Financing receivable, after allowance for credit loss 228,696 239,080 265,215  
Consumer and other loans - Non-Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 309,546 350,915 44,713  
Accrued interest receivable 3,288 3,658 374  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 913 (588) 1,040  
Allowance for loan losses (35,317) (30,263) (5,710) (6,481)
Financing receivable, after allowance for credit loss 278,430 323,722 40,417  
Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 439,007 419,795    
Allowance for loan losses (4,881) (2,560)    
Federally insured loans - Nelnet Bank:        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 63,399 65,913 82,789  
Accrued interest receivable 1,857 1,758 1,231  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 18 20 25  
Allowance for loan losses (160) (170) (247) (268)
Financing receivable, after allowance for credit loss 65,114 67,521 83,798  
Private education loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 355,705 353,882 285,468  
Accrued interest receivable 1,385 1,152 418  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,400 5,360 4,593  
Allowance for loan losses (2,894) (2,390) (1,251) $ (840)
Financing receivable, after allowance for credit loss 359,596 358,004 $ 289,228  
Consumer and other loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 19,903 0    
Accrued interest receivable 117      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 1      
Allowance for loan losses (1,827) $ 0    
Financing receivable, after allowance for credit loss $ 18,194      
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Mar. 31, 2023
Dec. 31, 2022
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.61% 0.62%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 22.30% 22.40%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 6.28% 6.11%
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 11.41% 8.62%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.25% 0.26%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 10.10% 10.30%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.81% 0.68%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 9.18% 0.00%
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 22, 2023
Mar. 02, 2023
Jan. 31, 2023
Jan. 26, 2022
Mar. 31, 2023
Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans sold (par value) $ 145 $ 122,132   $ 18,125 $ 261,902  
Loans sold, gain (loss) $ (63) $ 8,966   $ 2,989 11,812  
Residual interest received on sale of financing receivable 0.00% 24.60%   6.60%    
Receipt of asset-backed investment securities as consideration from sale of loans   $ 43,700 $ 14,500   $ 58,182 $ 0
Home equity            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans sold (par value)     97,350      
Loans sold, gain (loss)     $ (1,441)      
Residual interest received on sale of financing receivable     64.80%      
Consumer loans            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Loans sold (par value)     $ 42,275      
Loans sold, gain (loss)     $ 4,350      
Residual interest received on sale of financing receivable     13.30%      
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 131,827 $ 127,113
Provision (negative provision) for loan losses 34,290 (459)
Charge-offs (9,697) (7,010)
Recoveries 384 342
Initial allowance on loans purchased with credit deterioration 6 123
Loan sales (22,106) (2,284)
Balance at end of period 134,704 117,825
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 83,593 103,381
Provision (negative provision) for loan losses 2,411 (2,748)
Charge-offs (6,679) (4,761)
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 6 123
Loan sales 0 0
Balance at end of period 79,331 95,995
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 15,411 16,143
Provision (negative provision) for loan losses 240 (400)
Charge-offs (640) (1,299)
Recoveries 164 176
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales 0 2
Balance at end of period 15,175 14,622
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 30,263 6,481
Provision (negative provision) for loan losses 29,207 2,284
Charge-offs (2,267) (937)
Recoveries 220 166
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales (22,106) (2,284)
Balance at end of period 35,317 5,710
Federally insured loans - Nelnet Bank:    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 170 268
Provision (negative provision) for loan losses (9) (21)
Charge-offs (1) 0
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales 0 0
Balance at end of period 160 247
Private education loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 2,390 840
Provision (negative provision) for loan losses 614 426
Charge-offs (110) (13)
Recoveries 0 0
Initial allowance on loans purchased with credit deterioration 0 0
Loan sales 0 (2)
Balance at end of period 2,894 $ 1,251
Consumer and other loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 0  
Provision (negative provision) for loan losses 1,827  
Charge-offs 0  
Recoveries 0  
Initial allowance on loans purchased with credit deterioration 0  
Loan sales 0  
Balance at end of period $ 1,827  
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Federally insured loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.20% 0.11%
Private education loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.78% 1.58%
Consumer and other loans - Non-Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 2.59% 7.40%
Federally insured loans - Nelnet Bank:    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.01% 0.00%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.13% 0.02%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.00% 0.00%
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Provision for loan losses (negative provision for loan losses) $ (15) $ 24
Financing receivable, payment delays not significant, period (or less) 3 months  
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Liability related to unfunded education loan commitments $ 71  
Unfunded education loan commitments $ 2,500  
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Loans in repayment status:        
Accrued interest receivable $ 800,400 $ 816,864    
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (26,215) (30,714)    
Allowance for loan losses (134,704) (131,827) $ (117,825) $ (127,113)
Financing receivable, after allowance for credit loss 14,561,108 15,243,889    
Federally insured loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 641,914 $ 637,919 $ 839,566  
Loans in-school/grace/deferment, percent 5.00% 4.70% 5.20%  
Loans in forbearance $ 984,738 $ 1,103,181 $ 1,160,048  
Loans in forbearance, percent 7.60% 8.10% 7.10%  
Loans in repayment status:        
Loans receivable, gross $ 12,931,559 $ 13,566,473 $ 16,295,377  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 11,304,907 $ 11,825,373 $ 14,295,763  
Loans in repayment, percent 87.40% 87.20% 87.70%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 791,476 $ 808,150 $ 770,853  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs (32,626) (35,468) (27,317)  
Allowance for loan losses (79,331) (83,593) (95,995) (103,381)
Financing receivable, after allowance for credit loss 13,611,078 14,255,562 16,942,918  
Federally insured loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 9,859,751 $ 10,173,859 $ 12,352,543  
Loans current, percentage 87.20% 86.00% 86.40%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 346,665 $ 415,305 $ 462,750  
Loans past due, percentage 3.10% 3.50% 3.20%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 254,353 $ 253,565 $ 282,810  
Loans past due, percentage 2.20% 2.20% 2.00%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days        
Loans in repayment status:        
Loans receivable, gross $ 178,078 $ 180,029 $ 202,371  
Loans past due, percentage 1.60% 1.50% 1.40%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days        
Loans in repayment status:        
Loans receivable, gross $ 440,695 $ 534,410 $ 712,753  
Loans past due, percentage 3.90% 4.50% 5.00%  
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 225,365 $ 268,205 $ 282,536  
Loans past due, percentage 2.00% 2.30% 2.00%  
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 12,218 $ 12,756 $ 10,226  
Loans in-school/grace/deferment, percent 5.10% 5.10% 3.70%  
Loans in forbearance $ 2,698 $ 2,017 $ 2,838  
Loans in forbearance, percent 1.10% 0.80% 1.00%  
Loans in repayment status:        
Loans receivable, gross $ 241,515 $ 252,383 $ 278,537  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 226,599 $ 237,610 $ 265,473  
Loans in repayment, percent 93.80% 94.10% 95.30%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 2,277 $ 2,146 $ 1,898  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 79 (38) (598)  
Allowance for loan losses (15,175) (15,411) (14,622) (16,143)
Financing receivable, after allowance for credit loss 228,696 239,080 265,215  
Private education loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 220,921 $ 232,539 $ 260,911  
Loans current, percentage 97.50% 97.90% 98.30%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 2,014 $ 2,410 $ 1,699  
Loans past due, percentage 0.90% 1.00% 0.60%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 931 $ 767 $ 1,040  
Loans past due, percentage 0.40% 0.30% 0.40%  
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 2,733 $ 1,894 $ 1,823  
Loans past due, percentage 1.20% 0.80% 0.70%  
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 40 $ 109 $ 72  
Loans in-school/grace/deferment, percent 0.00% 0.00% 0.20%  
Loans in repayment status:        
Loans receivable, gross $ 309,546 $ 350,915 $ 44,713  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 309,506 $ 350,806 $ 44,641  
Loans in repayment, percent 100.00% 100.00% 99.80%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 3,288 $ 3,658 $ 374  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 913 (588) 1,040  
Allowance for loan losses (35,317) (30,263) (5,710) (6,481)
Financing receivable, after allowance for credit loss 278,430 323,722 40,417  
Consumer and other loans - Non-Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 304,414 $ 346,812 $ 43,424  
Loans current, percentage 98.30% 98.90% 97.30%  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 2,037 $ 1,906 $ 255  
Loans past due, percentage 0.70% 0.50% 0.50%  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 1,236 $ 764 $ 304  
Loans past due, percentage 0.40% 0.20% 0.70%  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,819 $ 1,324 $ 658  
Loans past due, percentage 0.60% 0.40% 1.50%  
Federally insured loans - Nelnet Bank:        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 151 $ 241 $ 286  
Loans in-school/grace/deferment, percent 0.30% 0.40% 0.30%  
Loans in forbearance $ 1,046 $ 981 $ 948  
Loans in forbearance, percent 1.60% 1.50% 1.20%  
Loans in repayment status:        
Loans receivable, gross $ 63,399 $ 65,913 $ 82,789  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 62,202 $ 64,691 $ 81,555  
Loans in repayment, percent 98.10% 98.10% 98.50%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,857 $ 1,758 $ 1,231  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 18 20 25  
Allowance for loan losses (160) (170) (247) (268)
Financing receivable, after allowance for credit loss 65,114 67,521 83,798  
Federally insured loans - Nelnet Bank: | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 60,895 $ 63,225 $ 80,421  
Loans current, percentage 97.90% 97.80% 98.60%  
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 514 $ 436 $ 402  
Loans past due, percentage 0.80% 0.70% 0.50%  
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 120 $ 466 $ 427  
Loans past due, percentage 0.20% 0.70% 0.50%  
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days        
Loans in repayment status:        
Loans receivable, gross $ 255 $ 222 $ 90  
Loans past due, percentage 0.40% 0.30% 0.10%  
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days        
Loans in repayment status:        
Loans receivable, gross $ 319 $ 183 $ 157  
Loans past due, percentage 0.50% 0.30% 0.20%  
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 99 $ 159 $ 58  
Loans past due, percentage 0.20% 0.20% 0.10%  
Private education loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 17,021 $ 11,580 $ 497  
Loans in-school/grace/deferment, percent 4.80% 3.30% 0.20%  
Loans in forbearance $ 681 $ 864 $ 317  
Loans in forbearance, percent 0.20% 0.20% 0.10%  
Loans in repayment status:        
Loans receivable, gross $ 355,705 $ 353,882 $ 285,468  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 338,003 $ 341,438 $ 284,654  
Loans in repayment, percent 95.00% 96.50% 99.70%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,385 $ 1,152 $ 418  
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 5,400 5,360 4,593  
Allowance for loan losses (2,894) (2,390) (1,251) $ (840)
Financing receivable, after allowance for credit loss 359,596 358,004 289,228  
Private education loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 336,967 $ 340,830 $ 284,081  
Loans current, percentage 99.70% 99.80% 99.80%  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 388 $ 167 $ 422  
Loans past due, percentage 0.10% 0.10% 0.20%  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 536 $ 32 $ 78  
Loans past due, percentage 0.20% 0.00% 0.00%  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 112 $ 409 $ 73  
Loans past due, percentage 0.00% 0.10% 0.00%  
Consumer and other loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 0      
Loans in-school/grace/deferment, percent 0.00%      
Loans in repayment status:        
Loans receivable, gross $ 19,903 $ 0    
Total loans in repayment, percentage 100.00%      
Total loans in repayment $ 19,903      
Loans in repayment, percent 100.00%      
Total loans, percent 100.00%      
Accrued interest receivable $ 117      
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs 1      
Allowance for loan losses (1,827) $ 0    
Financing receivable, after allowance for credit loss 18,194      
Consumer and other loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 19,903      
Loans current, percentage 100.00%      
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 0      
Loans past due, percentage 0.00%      
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 0      
Loans past due, percentage 0.00%      
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 0      
Loans past due, percentage 0.00%      
v3.23.1
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
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 10,786 $ 209,846  
Fiscal year before current fiscal year 206,899 133,788  
Fiscal year two years before current fiscal year 128,303 10,248  
Fiscal year three years before current fiscal year 9,717    
Total loans 355,705 353,882 $ 285,468
Less than 705      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 836 5,898  
Fiscal year before current fiscal year 5,956 5,389  
Fiscal year two years before current fiscal year 5,258 348  
Fiscal year three years before current fiscal year 344    
Total loans 12,394 11,635  
705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,657 23,392  
Fiscal year before current fiscal year 23,313 10,543  
Fiscal year two years before current fiscal year 9,979 542  
Fiscal year three years before current fiscal year 536    
Total loans 36,485 34,477  
735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,874 35,456  
Fiscal year before current fiscal year 35,250 16,686  
Fiscal year two years before current fiscal year 16,284 1,473  
Fiscal year three years before current fiscal year 1,419    
Total loans 55,827 53,615  
765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,413 57,141  
Fiscal year before current fiscal year 56,325 31,035  
Fiscal year two years before current fiscal year 29,900 1,622  
Fiscal year three years before current fiscal year 1,579    
Total loans 89,217 89,798  
Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 3,006 87,959  
Fiscal year before current fiscal year 86,055 70,135  
Fiscal year two years before current fiscal year 66,882 6,263  
Fiscal year three years before current fiscal year 5,839    
Total loans $ 161,782 $ 164,357  
v3.23.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]        
Accrued interest receivable $ 800,400 $ 816,864    
Loan premium, net of unaccreted discount (26,215) (30,714)    
Allowance for loan losses (134,704) (131,827) $ (117,825) $ (127,113)
Financing receivable, after allowance for credit loss 14,561,108 15,243,889    
Private education loans - Non-Nelnet Bank:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 116      
2022 5,803      
2021 9,741      
2020 53,667      
2019 44,037      
Prior years 128,151      
Total loans 241,515 252,383 278,537  
Accrued interest receivable 2,277 2,146 1,898  
Loan premium, net of unaccreted discount 79 (38) (598)  
Allowance for loan losses (15,175) (15,411) (14,622) (16,143)
Financing receivable, after allowance for credit loss 228,696 239,080 265,215  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 0      
Current period gross charge-offs, two years before current fiscal year 0      
Current period gross charge-offs, three years before current fiscal year 0      
Current period gross charge-offs, four years before current fiscal year 171      
Current period gross charge-offs, more than five years before current fiscal year 469      
Current period gross charge-offs, total 640      
Private education loans - Non-Nelnet Bank: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 220,921 232,539 260,911  
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,014 2,410 1,699  
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 931 767 1,040  
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,733 1,894 1,823  
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 1,780      
2021 5,581      
2020 1,284      
2019 2,080      
Prior years 1,493      
Total loans 12,218      
Private education loans - Non-Nelnet Bank: | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 79      
2020 804      
2019 808      
Prior years 1,007      
Total loans 2,698      
Private education loans - Non-Nelnet Bank: | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 116      
2022 4,023      
2021 4,081      
2020 51,579      
2019 41,149      
Prior years 125,651      
Total loans 226,599      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 116      
2022 4,009      
2021 4,057      
2020 51,441      
2019 40,385      
Prior years 120,913      
Total loans 220,921      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 14      
2021 19      
2020 103      
2019 252      
Prior years 1,626      
Total loans 2,014      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 0      
2020 0      
2019 71      
Prior years 860      
Total loans 931      
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 5      
2020 35      
2019 441      
Prior years 2,252      
Total loans 2,733      
Consumer and other loans - Non-Nelnet Bank:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 186,009      
2022 112,799      
2021 7,278      
2020 591      
2019 1,592      
Prior years 1,277      
Total loans 309,546 350,915 44,713  
Accrued interest receivable 3,288 3,658 374  
Loan premium, net of unaccreted discount 913 (588) 1,040  
Allowance for loan losses (35,317) (30,263) (5,710) (6,481)
Financing receivable, after allowance for credit loss 278,430 323,722 40,417  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 1,868      
Current period gross charge-offs, two years before current fiscal year 245      
Current period gross charge-offs, three years before current fiscal year 27      
Current period gross charge-offs, four years before current fiscal year 46      
Current period gross charge-offs, more than five years before current fiscal year 81      
Current period gross charge-offs, total 2,267      
Consumer and other loans - Non-Nelnet Bank: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 304,414 346,812 43,424  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,037 1,906 255  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,236 764 304  
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,819 1,324 658  
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 24      
2020 0      
2019 16      
Prior years 0      
Total loans 40      
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 186,009      
2022 112,799      
2021 7,254      
2020 591      
2019 1,576      
Prior years 1,277      
Total loans 309,506      
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 185,920      
2022 109,009      
2021 6,692      
2020 498      
2019 1,354      
Prior years 941      
Total loans 304,414      
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 89      
2022 1,593      
2021 337      
2020 0      
2019 10      
Prior years 8      
Total loans 2,037      
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 1,085      
2021 84      
2020 38      
2019 26      
Prior years 3      
Total loans 1,236      
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 1,112      
2021 141      
2020 55      
2019 186      
Prior years 325      
Total loans 1,819      
Private education loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 10,786 209,846    
2022 206,899 133,788    
2021 128,303 10,248    
2020 9,717      
2019 0      
Prior years 0      
Total loans 355,705 353,882 285,468  
Accrued interest receivable 1,385 1,152 418  
Loan premium, net of unaccreted discount 5,400 5,360 4,593  
Deferred origination costs, net of unaccreted discount 5,400      
Allowance for loan losses (2,894) (2,390) (1,251) $ (840)
Financing receivable, after allowance for credit loss 359,596 358,004 289,228  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 110      
Current period gross charge-offs, two years before current fiscal year 0      
Current period gross charge-offs, three years before current fiscal year 0      
Current period gross charge-offs, four years before current fiscal year 0      
Current period gross charge-offs, more than five years before current fiscal year 0      
Current period gross charge-offs, total 110      
Private education loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 336,967 340,830 284,081  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 388 167 422  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 536 32 78  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 112 409 $ 73  
Private education loans - Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 1,863      
2022 12,915      
2021 1,117      
2020 1,126      
2019 0      
Prior years 0      
Total loans 17,021      
Private education loans - Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 485      
2021 196      
2020 0      
2019 0      
Prior years 0      
Total loans 681      
Private education loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 8,923      
2022 193,499      
2021 126,990      
2020 8,591      
2019 0      
Prior years 0      
Total loans 338,003      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 8,913      
2022 192,723      
2021 126,740      
2020 8,591      
2019 0      
Prior years 0      
Total loans 336,967      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 10      
2022 247      
2021 131      
2020 0      
2019 0      
Prior years 0      
Total loans 388      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 481      
2021 55      
2020 0      
2019 0      
Prior years 0      
Total loans 536      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 48      
2021 64      
2020 0      
2019 0      
Prior years 0      
Total loans 112      
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 19,259      
2022 589      
2021 55      
2020 0      
2019 0      
Prior years 0      
Total loans 19,903 0    
Accrued interest receivable 117      
Loan premium, net of unaccreted discount 1      
Allowance for loan losses (1,827) $ 0    
Financing receivable, after allowance for credit loss 18,194      
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 0      
Current period gross charge-offs, two years before current fiscal year 0      
Current period gross charge-offs, three years before current fiscal year 0      
Current period gross charge-offs, four years before current fiscal year 0      
Current period gross charge-offs, more than five years before current fiscal year 0      
Current period gross charge-offs, total 0      
Consumer and other loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 19,903      
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans in deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 0      
2020 0      
2019 0      
Prior years 0      
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 19,259      
2022 589      
2021 55      
2020 0      
2019 0      
Prior years 0      
Total loans 19,903      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 19,259      
2022 589      
2021 55      
2020 0      
2019 0      
Prior years 0      
Total loans 19,903      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 0      
2020 0      
2019 0      
Prior years 0      
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 0      
2020 0      
2019 0      
Prior years 0      
Total loans 0      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2023 0      
2022 0      
2021 0      
2020 0      
2019 0      
Prior years 0      
Total loans $ 0      
v3.23.1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 13,575,540 $ 14,785,283
Discount on bonds and notes payable and debt issuance costs (137,124) (148,088)
Bonds and notes payable, net 13,438,416 14,637,195
Unsecured Debt    
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 $ 311,771 $ 395,432
Interest rate 5.48% 5.02%
Repurchase agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 432,984 $ 567,254
Other - due to related party    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,181 6,187
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 11,043,945 11,868,190
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 142,385 178,960
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 11,186,330 12,047,150
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 548,642 594,051
Federally insured | Warehouse Agreement Borrowings    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 919,337 978,956
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 17,808 19,865
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 22,145 23,032
Private education | Warehouse Agreement Borrowings    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 47,937 $ 64,356
Interest rate 5.18% 4.72%
Consumer loans | Warehouse Agreement Borrowings    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 82,405 $ 89,000
Interest rate 5.15% 4.73%
Minimum | Repurchase agreements    
Debt Instrument [Line Items]    
Interest rate 5.38% 0.97%
Minimum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 3.55% 3.55%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 4.93% 4.47%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse Agreement Borrowings    
Debt Instrument [Line Items]    
Interest rate 5.12% 4.69%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.40% 5.90%
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 5.85% 5.60%
Maximum | Other - due to related party    
Debt Instrument [Line Items]    
Interest rate 6.05% 6.05%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 6.85% 6.39%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 5.43% 4.02%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse Agreement Borrowings    
Debt Instrument [Line Items]    
Interest rate 5.15% 4.71%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.60% 6.14%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.35% 5.35%
v3.23.1
Bonds and Notes Payable - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2023
Mar. 31, 2023
Apr. 03, 2023
Mar. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]          
Other borrowing agreement, termination notice period   5 days      
Other borrowings, maximum   $ 400,000,000      
Repurchase agreements, contractual maturity adjustment, written notice period   180 days      
Repurchase agreements, amount collateralized by private education loan asset-backed securities   $ 291,900,000      
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities   141,100,000      
Federal funds purchased   0      
Par value of asset-based securities   1,070,703,000     $ 1,389,037,000
Asset-backed securities          
Debt Instrument [Line Items]          
Par value of asset-based securities   397,800,000      
Asset-based securities serving as collateral on secured debt repurchase agreements   197,500,000      
Union Bank and Trust Company          
Debt Instrument [Line Items]          
Amount of participation, student loan asset-backed securities at par value   311,800,000      
Warehouse Agreement Borrowings | Federally insured student loans | NFSLW-I          
Debt Instrument [Line Items]          
Maximum financing amount   1,250,000,000   $ 1,200,000,000  
Amount outstanding   919,300,000      
Amount available   330,700,000      
Advanced as equity support   62,800,000      
Private Loan Warehouse Facility | Warehouse Agreement Borrowings          
Debt Instrument [Line Items]          
Maximum financing amount   47,900,000      
Advanced as equity support   19,400,000      
Unsecured Line of Credit | Line of Credit          
Debt Instrument [Line Items]          
Amount outstanding   0      
Amount available   495,000,000      
Unsecured Line of Credit | Unsecured Debt | Line of Credit          
Debt Instrument [Line Items]          
Maximum financing amount   495,000,000      
Amount available for specific purpose other than reducing recourse debt   260,000,000      
Federal Funds Lines Of Credit With Correspondent Banks | Line of Credit | Federal Funds Purchased          
Debt Instrument [Line Items]          
Maximum financing amount   30,000,000      
Consumer Loan Warehouse Facility | Line of Credit | Secured Debt          
Debt Instrument [Line Items]          
Maximum financing amount   250,000,000      
Amount outstanding   82,400,000      
Amount available   167,600,000      
Advanced as equity support   $ 35,200,000      
Advance rate   70.00%      
FFELP Warehouse Facility Due April 2025 | Line of Credit | Secured Debt | Subsequent Event          
Debt Instrument [Line Items]          
Amount outstanding     $ 250,000,000    
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt | Subsequent Event          
Debt Instrument [Line Items]          
Payments to extinguish debt $ 188,600,000        
Payments to extinguish debt, bonds owned by entity 140,500,000        
Write off of unamortized debt discount $ 25,900,000        
v3.23.1
Bonds and Notes Payable - Debt Repurchased (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Debt Disclosure [Abstract]    
Purchase price $ (828) $ (18,454)
Par value 908 18,530
Remaining unamortized cost of issuance (2) (45)
Gain $ 78 $ 31
v3.23.1
Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional amount $ 3,150,000,000 $ 3,900,000,000
2023    
Derivative [Line Items]    
Notional amount 0 750,000,000
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
v3.23.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 15, 2023
Dec. 31, 2022
1:3 basis swaps | London Interbank Offered Rate (LIBOR)      
Derivative [Line Items]      
Weighted average rate 0.101%   0.097%
Interest Rate Swap | Interest rate swaps - floor income hedge      
Derivative [Line Items]      
Cash received or receivable from derivative   $ 183.2  
Proceeds for settlement of terminated derivatives $ 19.1    
Derivative, notional amount, terminated $ 2,800.0    
v3.23.1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedge - Interest Rate Swap
Dec. 31, 2022
USD ($)
Derivative [Line Items]  
Notional amount $ 2,800,000,000
Weighted average fixed rate paid by the Company 0.70%
2024  
Derivative [Line Items]  
Notional amount $ 2,000,000,000
Weighted average fixed rate paid by the Company 0.35%
2026  
Derivative [Line Items]  
Notional amount $ 500,000,000
Weighted average fixed rate paid by the Company 1.02%
2031  
Derivative [Line Items]  
Notional amount $ 100,000,000
Weighted average fixed rate paid by the Company 1.53%
2032  
Derivative [Line Items]  
Notional amount $ 200,000,000
Weighted average fixed rate paid by the Company 2.92%
v3.23.1
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 23,337 $ (2,809)
Change in fair value $ (37,411) $ 145,734
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 23,337 $ (2,809)
Derivative market value adjustments and derivative settlements, net - (expense) income (14,074) 142,925
1:3 basis swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value $ (23) $ 889
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 859 $ 396
Interest rate swaps - floor income hedge    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value $ (37,388) $ 144,845
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net Derivative market value adjustments and derivative settlements, net
Interest rate swaps - floor income hedge | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 22,478 $ (3,205)
v3.23.1
Investments and Notes Receivable - Summary of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 06, 2023
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Investments (at fair value):        
Amortized cost   $ 1,105,927   $ 1,441,630
Gross unrealized gains   7,308   4,622
Gross unrealized losses   (42,532)   (57,215)
Fair value   1,070,703   1,389,037
Equity securities   35,663   39,082
Total investments at fair value   1,106,366   1,428,119
Held to maturity investments        
Fair value   154,119   18,774
Notes receivable   30,246   31,106
Other investments   881,204   683,798
Total investments and notes receivable   1,987,570   2,111,917
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value   321,600    
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value   294,600    
Debt securities, held-to-maturity, transfer from available-for-sale     $ 149,200  
Debt securities, held-to-maturity, transfer from available-for-sale, unrealized loss   3,700    
Equity securities, realized gain   2,249 2,117  
Net loss attributable to noncontrolling interests   3,470 1,761  
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank        
Investments (at fair value):        
Amortized cost   711,190   958,353
Gross unrealized gains   6,540   3,649
Gross unrealized losses   (35,260)   (44,333)
Fair value   682,470   917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank        
Investments (at fair value):        
Amortized cost   336,327   463,861
Gross unrealized gains   4,175   3,498
Gross unrealized losses   (7,926)   (11,105)
Fair value   332,576   456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank        
Investments (at fair value):        
Amortized cost   321,120   335,903
Gross unrealized gains   0   0
Gross unrealized losses   (26,531)   (29,438)
Fair value   294,589   306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank        
Investments (at fair value):        
Amortized cost   53,743   158,589
Gross unrealized gains   2,365   151
Gross unrealized losses   (803)   (3,790)
Fair value   55,305   154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank        
Investments (at fair value):        
Amortized cost   394,737   483,277
Gross unrealized gains   768   973
Gross unrealized losses   (7,272)   (12,882)
Fair value   388,233   471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank        
Investments (at fair value):        
Amortized cost   240,348   349,855
Gross unrealized gains   754   955
Gross unrealized losses   (3,622)   (8,853)
Fair value   237,480   341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank        
Investments (at fair value):        
Amortized cost   1,818   1,941
Gross unrealized gains   0   0
Gross unrealized losses   (101)   (122)
Fair value   1,717   1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank        
Investments (at fair value):        
Amortized cost   152,571   131,481
Gross unrealized gains   14   18
Gross unrealized losses   (3,549)   (3,907)
Fair value   149,036   127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank        
Held to maturity investments        
Fair value   4,700   18,554
Held-To-Maturity Investments, Nelnet Bank        
Held to maturity investments        
Fair value   149,419   220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank        
Held to maturity investments        
Fair value   149,179   0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank        
Held to maturity investments        
Fair value   240   220
Asset-Backed Securities Subject To Participation Interests        
Investments (at fair value):        
Fair value   289,100    
Union Bank and Trust Company        
Held to maturity investments        
Amount of participation, student loan asset-backed securities at par value   311,800    
Miscellaneous Investments        
Held to maturity investments        
Beneficial interest in securitizations   177,888   138,738
Venture capital funds | Hudl        
Held to maturity investments        
Payment to acquire additional ownership interests in investment $ 31,500      
Venture capital funds | Miscellaneous Investments        
Held to maturity investments        
Measurement alternative   191,731   160,052
Equity method   98,217   89,332
Other investments   289,948   249,384
Carrying amount of investment   191,731   160,052
Venture capital funds | Miscellaneous Investments | Hudl        
Held to maturity investments        
Measurement alternative   165,500    
Carrying amount of investment   165,500    
Real estate | Miscellaneous Investments        
Held to maturity investments        
Equity method   84,526   80,364
Partnership Interest | Miscellaneous Investments        
Held to maturity investments        
Equity method   55,756   67,538
Preferred membership interest and accrued and unpaid preferred return   148,175   145,926
Other investments   203,931   213,464
Additional equity investment   8,400    
Equity securities, realized loss   20,200 13,100  
Preferred membership interest and accrued and unpaid preferred return   148,175   145,926
Partnership Interest | Miscellaneous Investments | ALLO        
Held to maturity investments        
Preferred membership interest and accrued and unpaid preferred return   145,900    
Preferred membership interest and accrued and unpaid preferred return   145,900    
Equity method investment, accrued and unpaid preferred return   2,200    
Beneficial interest in consumer loans and other | Miscellaneous Investments        
Held to maturity investments        
Beneficial interest in securitizations   81,399   39,249
Beneficial interest in private education loan securitizations | Miscellaneous Investments        
Held to maturity investments        
Beneficial interest in securitizations   72,898   75,261
Loans corresponding to beneficial interest   590,000    
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments        
Held to maturity investments        
Beneficial interest in securitizations   23,591   24,228
Loans corresponding to beneficial interest   370,000    
Solar        
Held to maturity investments        
Amount funded or committed to fund   294,400    
Amount funded or committed to fund by partners   115,900    
Equity method investment, amount committed to fund   220,300    
Equity method investment, amount committed to fund by partners   141,400    
Pre-tax loss from equity investment   1,900 1,000  
Net loss attributable to noncontrolling interests   2,700 1,800  
Solar | Miscellaneous Investments        
Held to maturity investments        
Other investments   (66,353)   (55,448)
Tax liens, affordable housing, and other | Miscellaneous Investments        
Held to maturity investments        
Other investments   6,899   $ 7,416
Consumer loans | Miscellaneous Investments        
Held to maturity investments        
Loans corresponding to beneficial interest   $ 585,000    
Preferred Partnership Interest | Miscellaneous Investments        
Held to maturity investments        
Equity method investment, preferred annual return   6.25%    
Equity securities, realized gain   $ 2,200 $ 2,100  
v3.23.1
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 65,924  
Amortized cost, after 1 year through 5 years 42,390  
Amortized cost, after 5 years through 10 years 177,026  
Amortized cost, after 10 years 820,587  
Amortized cost 1,105,927 $ 1,441,630
Fair value    
Fair value, 1 year or less 65,136  
Fair value, after 1 year through 5 years 42,012  
Fair value, after 5 years through 10 years 172,907  
Fair value, after 10 years 790,648  
Total 1,070,703 1,389,037
Held to maturity investments    
Amortized cost, 1 year or less 4,940  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 3,797  
Amortized cost, after 10 years 145,382  
Total 154,119  
Fair value    
Fair value, 1 year or less 4,940  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 3,797  
Fair value, after 10 years 145,382  
Total 154,119 18,774
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 26,196  
Amortized cost, after 1 year through 5 years 12,373  
Amortized cost, after 5 years through 10 years 50,051  
Amortized cost, after 10 years 622,570  
Amortized cost 711,190 958,353
Fair value    
Fair value, 1 year or less 25,997  
Fair value, after 1 year through 5 years 12,308  
Fair value, after 5 years through 10 years 48,679  
Fair value, after 10 years 595,486  
Total 682,470 917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 26,196  
Amortized cost, after 1 year through 5 years 12,274  
Amortized cost, after 5 years through 10 years 50,051  
Amortized cost, after 10 years 247,806  
Amortized cost 336,327 463,861
Fair value    
Total 332,576 456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 321,120  
Amortized cost 321,120 335,903
Fair value    
Total 294,589 306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 99  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 53,644  
Amortized cost 53,743 158,589
Fair value    
Total 55,305 154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 39,728  
Amortized cost, after 1 year through 5 years 30,017  
Amortized cost, after 5 years through 10 years 126,975  
Amortized cost, after 10 years 198,017  
Amortized cost 394,737 483,277
Fair value    
Fair value, 1 year or less 39,139  
Fair value, after 1 year through 5 years 29,704  
Fair value, after 5 years through 10 years 124,228  
Fair value, after 10 years 195,162  
Total 388,233 471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 39,728  
Amortized cost, after 1 year through 5 years 6,933  
Amortized cost, after 5 years through 10 years 34,659  
Amortized cost, after 10 years 159,028  
Amortized cost 240,348 349,855
Fair value    
Total 237,480 341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 1,818  
Amortized cost 1,818 1,941
Fair value    
Total 1,717 1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 23,084  
Amortized cost, after 5 years through 10 years 92,316  
Amortized cost, after 10 years 37,171  
Amortized cost 152,571 131,481
Fair value    
Total 149,036 127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 4,700  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total 4,700  
Fair value    
Fair value, 1 year or less 4,700  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Total 4,700 18,554
Held-To-Maturity Investments, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 240  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 3,797  
Amortized cost, after 10 years 145,382  
Total 149,419  
Fair value    
Fair value, 1 year or less 240  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 3,797  
Fair value, after 10 years 145,382  
Total 149,419 220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 3,797  
Amortized cost, after 10 years 145,382  
Total 149,179  
Fair value    
Total 149,179 0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank    
Held to maturity investments    
Amortized cost, 1 year or less 240  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Total 240  
Fair value    
Total $ 240 $ 220
v3.23.1
Investments and Notes Receivable - Narrative (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Investments [Abstract]    
Asset -backed securities unrealized loss position not due to credit loss $ 0  
Aggregate fair value of available-for-sale debt securities with unrealized losses $ 852,601,000 $ 1,200,000,000
v3.23.1
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss $ (12,611)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 472,548  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (29,921)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 380,053  
Total, unrealized loss (42,532)  
Total, fair value 852,601 $ 1,200,000
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (6,127)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 203,521  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (29,133)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 338,828  
Total, unrealized loss (35,260)  
Total, fair value 542,349  
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (5,324)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 182,059  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,602)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 44,238  
Total, unrealized loss (7,926)  
Total, fair value 226,297  
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (26,531)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 294,590  
Total, unrealized loss (26,531)  
Total, fair value 294,590  
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (803)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 21,462  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0  
Total, unrealized loss (803)  
Total, fair value 21,462  
Asset-Backed Securities, Available-For-Sale, Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (6,484)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 269,027  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (788)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 41,225  
Total, unrealized loss (7,272)  
Total, fair value 310,252  
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (2,891)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 155,672  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (731)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 37,285  
Total, unrealized loss (3,622)  
Total, fair value 192,957  
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (101)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 1,717  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0  
Total, unrealized loss (101)  
Total, fair value 1,717  
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (3,492)  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 111,638  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (57)  
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 3,940  
Total, unrealized loss (3,549)  
Total, fair value $ 115,578  
v3.23.1
Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments [Abstract]    
Gross realized gains $ 1,274 $ 2,965
Gross realized losses (6,256) (172)
Gross proceeds from sales $ 492,173 $ 113,980
v3.23.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining useful life 107 months  
Amortizable intangible assets, net $ 60,788 $ 63,501
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 57,285 55,116
Weighted average remaining useful life 110 months  
Amortizable intangible assets, net $ 49,569 51,738
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 882 617
Weighted average remaining useful life 111 months  
Amortizable intangible assets, net $ 8,028 8,293
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 6,514 6,400
Weighted average remaining useful life 49 months  
Amortizable intangible assets, net $ 1,406 1,520
Other    
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization of intangible assets $ 655 490
Weighted average remaining useful life 51 months  
Amortizable intangible assets, net $ 1,785 $ 1,950
v3.23.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Amortization of intangible assets $ 2.7 $ 2.5
v3.23.1
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2023 (April 1 - December 31) $ 7,648  
2024 9,773  
2025 8,145  
2026 7,262  
2027 6,736  
2028 and thereafter 21,224  
Amortizable intangible assets, net $ 60,788 $ 63,501
v3.23.1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]    
Goodwill $ 176,902 $ 176,902
Corporate and Other Activities    
Goodwill [Line Items]    
Goodwill 18,873 18,873
Loan Servicing and Systems | Operating Segments    
Goodwill [Line Items]    
Goodwill 23,639 23,639
Education Technology, Services, and Payment Processing | Operating Segments    
Goodwill [Line Items]    
Goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Goodwill $ 0 $ 0
v3.23.1
Bank Deposits - Narrative (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 576,267,000 $ 945,159,000 $ 757,954,000 $ 741,981,000
Deposits exceeding the FDIC insurance limits 0 $ 0    
Nelnet Bank | Pledged deposit        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000,000      
v3.23.1
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Deposits [Abstract]    
Brokered CDs, net of brokered deposit fees $ 203,714 $ 254,817
Retail and other savings (529, STFIT, and HSA) 447,792 410,556
Retail and other CDs (commercial and institutional) 24,261 25,949
Total interest-bearing deposits $ 675,767 $ 691,322
v3.23.1
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Deposits [Abstract]  
After two years to three years $ 65,513
After three years to four years 162,115
After four years to five years 347
Total $ 227,975
v3.23.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 26,487 $ 186,647
Net income attributable to Nelnet, Inc., diluted $ 26,487 $ 186,647
Weighted-average common shares outstanding - basic (in shares) 37,344,604 38,041,834
Weighted-average common shares outstanding - diluted (in shares) 37,344,604 38,041,834
Earnings per share - basic (in dollars per share) $ 0.71 $ 4.91
Earnings per share - diluted (in dollars per share) $ 0.71 $ 4.91
Common shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 25,945 $ 183,328
Net income attributable to Nelnet, Inc., diluted $ 25,945 $ 183,328
Weighted-average common shares outstanding - basic (in shares) 36,580,204 37,365,339
Weighted-average common shares outstanding - diluted (in shares) 36,580,204 37,365,339
Earnings per share - basic (in dollars per share) $ 0.71 $ 4.91
Earnings per share - diluted (in dollars per share) $ 0.71 $ 4.91
Unvested restricted stock shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 542 $ 3,319
Net income attributable to Nelnet, Inc., diluted $ 542 $ 3,319
Weighted-average common shares outstanding - basic (in shares) 764,400 676,495
Weighted-average common shares outstanding - diluted (in shares) 764,400 676,495
Earnings per share - basic (in dollars per share) $ 0.71 $ 4.91
Earnings per share - diluted (in dollars per share) $ 0.71 $ 4.91
v3.23.1
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total interest income $ 265,968 $ 125,196  
Interest expense 199,449 48,079  
Net interest income 66,519 77,117  
Provision (negative provision) for loan losses 34,275 (435)  
Net interest income after provision for loan losses 32,244 77,552  
Other income (expense):      
Intersegment revenue 0 0  
Other, net (14,071) 9,877  
Gain on sale of loans, net 11,812 2,989  
Derivative settlements, net 23,337 (2,809)  
Derivative market value adjustments, net (37,411) 145,734  
Total other income (expense) 265,148 404,445  
Total cost of services 56,003 35,545  
Operating expenses:      
Salaries and benefits 152,710 149,414  
Depreciation and amortization 16,627 16,956  
Other expenses 40,785 39,499  
Intersegment expenses, net 0 0  
Total operating expenses 210,122 205,869  
Income before income taxes 31,267 240,583  
Income tax (expense) benefit (8,250) (55,697)  
Net income 23,017 184,886  
Net loss attributable to noncontrolling interests 3,470 1,761  
Net income attributable to Nelnet, Inc. 26,487 186,647  
Total assets 18,082,609 20,989,741 $ 19,374,044
Operating Segments | Loan Servicing and Systems      
Segment Reporting Information [Line Items]      
Total interest income 1,037 67  
Interest expense 0 24  
Net interest income 1,037 43  
Provision (negative provision) for loan losses 0 0  
Net interest income after provision for loan losses 1,037 43  
Other income (expense):      
Intersegment revenue 7,790 8,480  
Other, net 608 740  
Gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense) 147,625 145,588  
Total cost of services 0 0  
Operating expenses:      
Salaries and benefits 84,560 91,972  
Depreciation and amortization 4,513 4,954  
Other expenses 13,313 16,213  
Intersegment expenses, net 21,057 20,398  
Total operating expenses 123,443 133,537  
Income before income taxes 25,219 12,094  
Income tax (expense) benefit (6,053) (2,903)  
Net income 19,166 9,191  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 19,166 9,191  
Total assets 232,667 259,712  
Operating Segments | Education Technology, Services, and Payment Processing      
Segment Reporting Information [Line Items]      
Total interest income 6,036 339  
Interest expense 0 0  
Net interest income 6,036 339  
Provision (negative provision) for loan losses 0 0  
Net interest income after provision for loan losses 6,036 339  
Other income (expense):      
Intersegment revenue 56 3  
Other, net 0 0  
Gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense) 133,659 112,289  
Total cost of services 47,704 35,545  
Operating expenses:      
Salaries and benefits 37,913 31,286  
Depreciation and amortization 2,578 2,315  
Other expenses 8,063 5,764  
Intersegment expenses, net 5,800 4,605  
Total operating expenses 54,354 43,970  
Income before income taxes 37,637 33,113  
Income tax (expense) benefit (9,066) (7,947)  
Net income 28,571 25,166  
Net loss attributable to noncontrolling interests 138 0  
Net income attributable to Nelnet, Inc. 28,709 25,166  
Total assets 424,742 376,794  
Operating Segments | Asset Generation and Management      
Segment Reporting Information [Line Items]      
Total interest income 234,719 118,598  
Interest expense 189,198 46,003  
Net interest income 45,521 72,595  
Provision (negative provision) for loan losses 31,858 (864)  
Net interest income after provision for loan losses 13,663 73,459  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 2,845 6,511  
Gain on sale of loans, net 11,812 2,989  
Derivative settlements, net 23,337 (2,809)  
Derivative market value adjustments, net (37,411) 145,734  
Total other income (expense) 583 152,425  
Total cost of services 0 0  
Operating expenses:      
Salaries and benefits 755 591  
Depreciation and amortization 0 0  
Other expenses 5,016 3,033  
Intersegment expenses, net 8,696 8,831  
Total operating expenses 14,467 12,455  
Income before income taxes (221) 213,429  
Income tax (expense) benefit 53 (51,223)  
Net income (168) 162,206  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. (168) 162,206  
Total assets 14,939,324 18,158,972  
Operating Segments | Nelnet Bank      
Segment Reporting Information [Line Items]      
Total interest income 12,259 3,030  
Interest expense 7,214 856  
Net interest income 5,045 2,174  
Provision (negative provision) for loan losses 2,417 429  
Net interest income after provision for loan losses 2,628 1,745  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 210 1,500  
Gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense) 210 1,500  
Total cost of services 0 0  
Operating expenses:      
Salaries and benefits 2,064 1,554  
Depreciation and amortization 5 3  
Other expenses 782 682  
Intersegment expenses, net 80 45  
Total operating expenses 2,931 2,284  
Income before income taxes (93) 961  
Income tax (expense) benefit 35 (223)  
Net income (58) 738  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. (58) 738  
Total assets 1,000,659 656,242  
Corporate and Other Activities      
Segment Reporting Information [Line Items]      
Total interest income 21,199 3,992  
Interest expense 12,318 2,026  
Net interest income 8,881 1,966  
Provision (negative provision) for loan losses 0 0  
Net interest income after provision for loan losses 8,881 1,966  
Other income (expense):      
Intersegment revenue 0 0  
Other, net (17,734) 1,125  
Gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense) (9,083) 1,125  
Total cost of services 8,299 0  
Operating expenses:      
Salaries and benefits 27,419 24,012  
Depreciation and amortization 9,531 9,684  
Other expenses 13,611 13,804  
Intersegment expenses, net (27,787) (25,396)  
Total operating expenses 22,774 22,104  
Income before income taxes (31,275) (19,013)  
Income tax (expense) benefit 6,781 6,598  
Net income (24,494) (12,415)  
Net loss attributable to noncontrolling interests 3,332 1,761  
Net income attributable to Nelnet, Inc. (21,162) (10,654)  
Total assets 2,207,722 2,066,417  
Eliminations      
Segment Reporting Information [Line Items]      
Total interest income (9,282) (828)  
Interest expense (9,282) (828)  
Net interest income 0 0  
Provision (negative provision) for loan losses 0 0  
Net interest income after provision for loan losses 0 0  
Other income (expense):      
Intersegment revenue (7,846) (8,483)  
Other, net 0 0  
Gain on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense) (7,846) (8,483)  
Total cost of services 0 0  
Operating expenses:      
Salaries and benefits 0 0  
Depreciation and amortization 0 0  
Other expenses 0 0  
Intersegment expenses, net (7,846) (8,483)  
Total operating expenses (7,846) (8,483)  
Income before income taxes 0 0  
Income tax (expense) benefit 0 0  
Net income 0 0  
Net loss attributable to noncontrolling interests 0 0  
Net income attributable to Nelnet, Inc. 0 0  
Total assets (722,505) (528,396)  
Loan servicing and systems revenue      
Other income (expense):      
Revenue 139,227 136,368  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 139,227 136,368  
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems revenue | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems revenue | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Loan servicing and systems revenue | Eliminations      
Other income (expense):      
Revenue 0 0  
Education technology, services, and payment processing revenue      
Other income (expense):      
Revenue 133,603 112,286  
Total cost of services 47,704 35,545  
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing      
Other income (expense):      
Revenue 133,603 112,286  
Total cost of services 47,704 35,545  
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Education technology, services, and payment processing revenue | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Education technology, services, and payment processing revenue | Eliminations      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Solar construction revenue      
Other income (expense):      
Revenue 8,651 0  
Total cost of services 8,299 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Total cost of services 0 0  
Solar construction revenue | Corporate and Other Activities      
Other income (expense):      
Revenue 8,651 0  
Total cost of services 8,299 0  
Solar construction revenue | Eliminations      
Other income (expense):      
Revenue 0 0  
Total cost of services $ 0 $ 0  
v3.23.1
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Solar construction revenue      
Disaggregation of Revenue [Line Items]      
Revenue     $ 8,651
Commercial revenue      
Disaggregation of Revenue [Line Items]      
Revenue     6,234
Residential revenue      
Disaggregation of Revenue [Line Items]      
Revenue     2,775
Other      
Disaggregation of Revenue [Line Items]      
Revenue     $ (358)
Loan servicing and systems revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 139,227 $ 136,368  
Government loan servicing      
Disaggregation of Revenue [Line Items]      
Revenue 108,880 109,125  
Private education and consumer loan servicing      
Disaggregation of Revenue [Line Items]      
Revenue 12,164 12,873  
FFELP loan servicing      
Disaggregation of Revenue [Line Items]      
Revenue 3,368 4,248  
Software services      
Disaggregation of Revenue [Line Items]      
Revenue 9,697 7,400  
Outsourced services      
Disaggregation of Revenue [Line Items]      
Revenue 5,118 2,722  
Education technology, services, and payment processing revenue      
Disaggregation of Revenue [Line Items]      
Revenue 133,603 112,286  
Tuition payment plan services      
Disaggregation of Revenue [Line Items]      
Revenue 34,187 30,716  
Payment processing      
Disaggregation of Revenue [Line Items]      
Revenue 44,041 38,071  
Education technology and services      
Disaggregation of Revenue [Line Items]      
Revenue 54,787 43,251  
Other      
Disaggregation of Revenue [Line Items]      
Revenue $ 588 $ 248  
v3.23.1
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
ALLO preferred return $ 2,249 $ 2,117
Borrower late fee income $ 2,247 2,431
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Total other  
Administration/sponsor fee income $ 1,772 2,123
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Total other  
Investment activity, net $ (3,577) 11,856
Other 3,786 4,228
Total other (14,071) 9,877
ALLO Voting Membership Interests Investment    
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments (20,213) (13,130)
Solar    
Disaggregation of Revenue [Line Items]    
Gain (loss) on investments (1,947) (1,030)
Investment advisory services    
Disaggregation of Revenue [Line Items]    
Investment advisory services $ 1,612 $ 1,282
v3.23.1
Major Customer (Details)
$ in Millions
 3 Months Ended
Apr. 24, 2023
extension
borrower
Mar. 31, 2023
USD ($)
borrower
provider
$ / borrowers
Mar. 31, 2022
USD ($)
Feb. 28, 2023
borrower
Concentration Risk [Line Items]        
Number borrowers serviced by other provider using entity platform   3,500,000    
Number of borrowers serviced by remote hosted servicing customer using entity platform   1,400,000    
Government Loan Servicing        
Concentration Risk [Line Items]        
Revenue | $   $ 108.9 $ 109.1  
Number of providers servicing department of education in which entity licenses hosted servicing software | provider   2    
Reduction in fee earned (in dollars per borrower) | $ / borrowers   0.19    
Number of borrowers to be transfers to other provider, maximum       1,000,000,000,000
Government Loan Servicing | Subsequent Event        
Concentration Risk [Line Items]        
Contract with customer, contract term 5 years      
Contract with customer, option to extend, option one, number of extensions | extension 2      
Contract with customer, option to extend, option one, extension period 2 years      
Contract with customer, option to extend, option two, number of extensions | extension 1      
Contract with customer, option to extend, option two, extension period 1 year      
Customer Concentration Risk | Government Servicing Contract Borrowers, Eligible For $10,000 Debt Relief | Revenue Benchmark        
Concentration Risk [Line Items]        
Number of estimated decreased borrowers serviced   4,500,000    
Customer Concentration Risk | Government Servicing Contract Borrowers, Eligible For $20,000 Debt Relief | Revenue Benchmark        
Concentration Risk [Line Items]        
Number of estimated decreased borrowers serviced   7,700,000    
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark | Subsequent Event        
Concentration Risk [Line Items]        
Number of borrowers, including those serviced by other providers 37,000,000      
v3.23.1
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Financial assets:    
Fair value $ 1,106,366 $ 1,428,119
Total assets 1,106,366 1,428,119
Asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 1,070,703 1,389,037
Equity securities    
Financial assets:    
Fair value 91 6,719
Equity securities measured at net asset value    
Financial assets:    
Fair value 35,572 32,363
Level 1    
Financial assets:    
Fair value 190 6,819
Total assets 190 6,819
Level 1 | Asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 99 100
Level 1 | Equity securities    
Financial assets:    
Fair value 91 6,719
Level 1 | Equity securities measured at net asset value    
Financial assets:    
Fair value
Level 2    
Financial assets:    
Fair value 1,070,604 1,388,937
Total assets 1,070,604 1,388,937
Level 2 | Asset-backed debt securities - available-for-sale    
Financial assets:    
Fair value 1,070,604 1,388,937
Level 2 | Equity securities    
Financial assets:    
Fair value 0 0
Level 2 | Equity securities measured at net asset value    
Financial assets:    
Fair value
v3.23.1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Financial assets:        
Loans receivable $ 14,561,108 $ 15,243,889    
Accrued loan interest receivable 800,400 816,864    
Cash and cash equivalents 187,574 118,146 $ 162,785 $ 125,563
Investments - held to maturity 154,119 18,774    
Restricted cash - due to customers 134,202 294,311 $ 256,927 $ 326,645
Financial liabilities:        
Accrued interest payable 34,374 36,049    
Bank deposits 675,767 691,322    
Due to customers 280,624 348,317    
Fair value        
Financial assets:        
Loans receivable 13,919,785 14,586,794    
Accrued loan interest receivable 800,400 816,864    
Cash and cash equivalents 187,574 118,146    
Investments (at fair value) 1,106,366 1,428,119    
Investments - held to maturity 154,119 18,996    
Notes receivable 30,246 31,106    
Beneficial interest in loan securitizations 201,216 162,360    
Restricted cash 576,267 945,159    
Restricted cash - due to customers 134,202 294,311    
Financial liabilities:        
Bonds and notes payable 12,933,378 14,088,666    
Accrued interest payable 34,374 36,049    
Bank deposits 647,708 664,573    
Due to customers 280,624 348,317    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 187,574 118,146    
Investments (at fair value) 190 6,819    
Investments - held to maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 576,267 945,159    
Restricted cash - due to customers 134,202 294,311    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 391,379 355,282    
Due to customers 280,624 348,317    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 800,400 816,864    
Cash and cash equivalents 0 0    
Investments (at fair value) 1,070,604 1,388,937    
Investments - held to maturity 154,119 18,996    
Notes receivable 30,246 31,106    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Financial liabilities:        
Bonds and notes payable 12,933,378 14,088,666    
Accrued interest payable 34,374 36,049    
Bank deposits 256,329 309,291    
Due to customers 0 0    
Fair value | Level 3        
Financial assets:        
Loans receivable 13,919,785 14,586,794    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments (at fair value) 0 0    
Investments - held to maturity 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 201,216 162,360    
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 13,760,708 14,427,025    
Accrued loan interest receivable 800,400 816,864    
Cash and cash equivalents 187,574 118,146    
Investments (at fair value) 1,106,366 1,428,119    
Investments - held to maturity 154,119 18,774    
Notes receivable 30,246 31,106    
Beneficial interest in loan securitizations 177,888 138,738    
Restricted cash 576,267 945,159    
Restricted cash - due to customers 134,202 294,311    
Financial liabilities:        
Bonds and notes payable 13,438,416 14,637,195    
Accrued interest payable 34,374 36,049    
Bank deposits 675,767 691,322    
Due to customers $ 280,624 $ 348,317