NELNET INC, 10-Q filed on 5/8/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-31924  
Entity Registrant Name NELNET, INC.  
Entity Incorporation, State or Country Code NE  
Entity Tax Identification Number 84-0748903  
Entity Address, Address Line One 121 South 13th Street, Suite 100  
Entity Address, City or Town Lincoln,  
Entity Address, State or Province NE  
Entity Address, Postal Zip Code 68508  
City Area Code 402  
Local Phone Number 458-2370  
Title of 12(b) Security Class A Common Stock, Par Value $0.01 per Share  
Trading Symbol NNI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001258602  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   25,695,792
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   10,658,604
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Loans and accrued interest receivable $ 10,422,704 $ 9,992,744
Cash and cash equivalents:    
Cash and cash equivalents 220,517 194,518
Investments at fair value 1,238,903 1,160,320
Other investments and notes receivable, net 1,063,647 1,040,376
Total investments and notes receivable 2,302,550 2,200,696
Restricted cash 317,139 332,100
Restricted cash - due to customers 294,471 404,402
Accounts receivable (net of allowance for doubtful accounts of $2,617 and $2,877, respectively) 129,864 159,934
Goodwill 158,029 158,029
Intangible assets, net 34,803 36,328
Property and equipment, net 89,584 95,185
Other assets 222,297 203,817
Total assets 14,191,958 13,777,753
Liabilities:    
Bonds and notes payable 8,656,157 8,309,797
Accrued interest payable 22,394 21,046
Bank deposits 1,313,407 1,186,131
Other liabilities 457,714 483,193
Due to customers 379,277 478,469
Total liabilities 10,828,949 10,478,636
Commitments and contingencies
Nelnet, Inc. shareholders' equity:    
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding 0 0
Common stock:    
Additional paid-in capital 6,649 7,389
Retained earnings 3,412,939 3,340,540
Accumulated other comprehensive (loss) earnings, net (429) 1,470
Total Nelnet, Inc. shareholders' equity 3,419,523 3,349,762
Noncontrolling interests (56,514) (50,645)
Total equity 3,363,009 3,299,117
Total liabilities and equity 14,191,958 13,777,753
Variable Interest Entity, Primary Beneficiary    
Assets:    
Loans and accrued interest receivable 9,369,071 9,122,609
Cash and cash equivalents:    
Restricted cash 290,100 287,389
Liabilities:    
Bonds and notes payable 8,741,203 8,452,614
Common stock:    
Accrued interest payable and other liabilities (89,043) (88,200)
Net assets of consolidated education and other lending variable interest entities 828,925 869,184
Class A    
Common stock:    
Common stock 257 256
Class B    
Common stock:    
Common stock 107 107
Nonrelated Party    
Cash and cash equivalents:    
Cash and cash equivalents 67,107 48,838
Related Party    
Cash and cash equivalents:    
Cash and cash equivalents $ 153,410 $ 145,680
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Allowance for loan losses $ 120,076 $ 114,890
Allowance for doubtful accounts $ 2,617 $ 2,877
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common Class A    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 25,697,581 25,634,748
Common stock, outstanding (in shares) 25,697,581 25,634,748
Common Class B    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 60,000,000 60,000,000
Common stock, issued (in shares) 10,658,604 10,658,604
Common stock, outstanding (in shares) 10,658,604 10,658,604
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest income:    
Loan interest $ 166,439 $ 216,724
Investment interest 41,389 52,078
Total interest income 207,828 268,802
Interest expense on bonds and notes payable and bank deposits 125,114 194,580
Net interest income 82,714 74,222
Less provision for loan losses 15,337 10,828
Net interest income after provision for loan losses 67,377 63,394
Other income (expense):    
Other, net 23,694 4,082
Gain (loss) on sale of loans, net 909 (141)
Derivative market value adjustments and derivative settlements, net (5,578) 9,721
Total other income (expense), net 315,778 310,908
Cost of services and expenses:    
Cost of services 57,508 62,839
Operating Expenses    
Salaries and benefits 138,223 143,875
Depreciation and amortization 9,255 16,769
Reinsurance losses and underwriting expenses 22,212 11,317
Other expenses 48,226 45,528
Total operating expenses 217,916 217,489
Impairment expense and provision for beneficial interests 1,591 37
Total expenses 277,015 280,365
Income before income taxes 106,140 93,937
Income tax expense 25,010 23,181
Net income 81,130 70,756
Net loss attributable to noncontrolling interests 1,430 2,652
Net income (loss) attributable to Nelnet, Inc. $ 82,560 $ 73,408
Earnings per common share:    
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share) $ 2.26 $ 1.98
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share) $ 2.26 $ 1.98
Weighted-average common shares outstanding - basic (in shares) 36,478,426 37,156,971
Weighted-average common shares outstanding - diluted (in shares) 36,478,426 37,156,971
Loan servicing and systems revenue    
Other income (expense):    
Revenue $ 120,741 $ 127,201
Cost of services and expenses:    
Cost of services 1,633 0
Education technology services and payments revenue    
Other income (expense):    
Revenue 147,330 143,539
Cost of services and expenses:    
Cost of services 48,047 48,610
Reinsurance premiums earned    
Other income (expense):    
Revenue 24,687 12,780
Solar construction revenue    
Other income (expense):    
Revenue 3,995 13,726
Cost of services and expenses:    
Cost of services $ 7,828 $ 14,229
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 81,130 $ 70,756
Other comprehensive (loss) income:    
Net changes related to foreign currency translation adjustments (16) 5
Net changes related to available-for-sale debt securities:    
Unrealized holding (losses) gains arising during period, net (2,767) 16,761
Reclassification of gains recognized in net income, net (483) (552)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity 47 71
Income tax effect 769 (3,907)
Unrealized gains (losses) during period after reclassifications and tax (2,434) 12,373
Net changes related to equity method investee's other comprehensive income:    
Gain (loss) on cash flow hedge 725 (967)
Income tax effect (174) 232
Net changes related to equity method investee's other comprehensive, after income tax effect 551 (735)
Other comprehensive (loss) income (1,899) 11,643
Comprehensive income 79,231 82,399
Comprehensive loss attributable to noncontrolling interests 1,430 2,652
Comprehensive income attributable to Nelnet, Inc. $ 80,661 $ 85,051
v3.25.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Preferred stock
Common stock
Common Class A
Common stock
Common Class B
Additional paid-in capital
 Retained earnings
Accumulated other comprehensive (loss) earnings
Noncontrolling interests
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023       0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2023         26,400,630 10,663,088        
Beginning balance at Dec. 31, 2023 $ 3,200,107     $ 0 $ 264 $ 107 $ 3,096 $ 3,270,403 $ (20,119) $ (53,644)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 70,756             73,408   (2,652)
Other comprehensive income (loss) 11,643               11,643  
Issuance of noncontrolling interests 1,532                 1,532
Distribution to noncontrolling interests (6,706)                 (6,706)
Cash dividend on Class A and Class B common stock (10,370)             (10,370)    
Issuance of common stock, net of forfeitures (in shares)         51,408          
Issuance of common stock, net of forfeitures 1,127       $ 1   1,126      
Compensation expense for stock based awards 3,100           3,100      
Repurchase of common stock (in shares)         (396,724)          
Repurchase of common stock (35,469)       $ (4)   (6,221) (29,244)    
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024       0            
Common stock, shares, outstanding, ending balance (in shares) at Mar. 31, 2024         26,055,314 10,663,088        
Ending balance at Mar. 31, 2024 $ 3,235,720     $ 0 $ 261 $ 107 1,101 3,304,197 (8,476) (61,470)
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 0     0            
Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2024   25,634,748 10,658,604   25,634,748 10,658,604        
Beginning balance at Dec. 31, 2024 $ 3,299,117     $ 0 $ 256 $ 107 7,389 3,340,540 1,470 (50,645)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income (loss) 81,130             82,560   (1,430)
Other comprehensive income (loss) (1,899)               (1,899)  
Issuance of noncontrolling interests 2,297                 2,297
Distribution to noncontrolling interests (6,736)                 (6,736)
Cash dividend on Class A and Class B common stock (10,161)             (10,161)    
Issuance of common stock, net of forfeitures (in shares)         101,324          
Issuance of common stock, net of forfeitures 664       $ 1   663      
Compensation expense for stock based awards 3,055           3,055      
Repurchase of common stock (in shares)         (38,491)          
Repurchase of common stock $ (4,458)           (4,458)      
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025 0     0            
Common stock, shares, outstanding, ending balance (in shares) at Mar. 31, 2025   25,697,581 10,658,604   25,697,581 10,658,604        
Ending balance at Mar. 31, 2025 $ 3,363,009     $ 0 $ 257 $ 107 $ 6,649 $ 3,412,939 $ (429) $ (56,514)
v3.25.1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Common Class A    
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.28
Common Class B    
Cash dividend on common stock (in dollars per share) $ 0.28 $ 0.28
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net cash provided by operating activities:    
Net income attributable to Nelnet, Inc. $ 82,560 $ 73,408
Net loss attributable to noncontrolling interests (1,430) (2,652)
Net income 81,130 70,756
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs 23,123 33,957
Loan discount and deferred lender fees accretion (19,407) (7,433)
Provision for loan losses 15,337 10,828
Derivative market value adjustments 6,324 (7,964)
(Payments to) proceeds from clearinghouse - initial and variation margin, net (810) 4,054
(Gain) loss on sale of loans, net (909) 141
(Gain) loss on investments, net (8,307) 8,183
Deferred income tax expense (benefit) 4,316 (2,173)
Non-cash compensation expense 3,115 3,166
Impairment expense and provision for beneficial interests 1,591 37
Changes in operating assets and liabilities:    
Decrease in loan and investment accrued interest receivable 13,488 79,841
Decrease in accounts receivable 30,087 61,494
(Increase) decrease in other assets, net (18,886) 10,443
Decrease in the carrying amount of ROU asset, net 954 953
Decrease in accrued interest payable (2,974) (3,408)
Decrease in other liabilities (37,102) (50,218)
Decrease in the carrying amount of lease liability (897) (1,025)
Other 996 (73)
Total adjustments 10,039 140,803
Net cash provided by operating activities 91,169 211,559
Cash flows from investing activities, net of acquisitions:    
Net proceeds from loan repayments, claims, and capitalized interest 423,817 1,147,413
Purchases of available-for-sale securities (139,007) (181,897)
Proceeds from sales of available-for-sale securities 74,781 153,373
Proceeds from beneficial interest in loan securitizations 18,948 5,875
Purchases of other investments and issuance of notes receivable (80,091) (70,975)
Proceeds from other investments and repayments of notes receivable 15,668 11,176
Redemption of held-to-maturity debt securities 3,776 1,779
Purchases of property and equipment (3,378) (23,225)
Net cash provided by investing activities 136,357 1,086,435
Cash flows from financing activities, net of acquisitions:    
Payments on bonds and notes payable (347,217) (1,276,160)
Proceeds from issuance of bonds and notes payable 0 18,108
Payments of debt issuance costs (69) (31)
Increase in bank deposits, net 127,276 58,462
Decrease in due to customers (99,176) (150,712)
Dividends paid (10,161) (10,370)
Repurchases of common stock (4,458) (35,469)
Proceeds from issuance of common stock 341 374
Issuance of noncontrolling interests 8,869 14,098
Distribution to noncontrolling interests (1,850) (799)
Net cash used in financing activities (326,445) (1,382,499)
Effect of exchange rate changes on cash and restricted cash 26 (163)
Net decrease in cash, cash equivalents, and restricted cash (98,893) (84,668)
Cash, cash equivalents, and restricted cash, beginning of period 931,020 1,025,491
Cash, cash equivalents, and restricted cash, end of period 832,127 940,823
Supplemental disclosures of cash flow information:    
Cash disbursements made for interest 119,241 185,784
Cash disbursements made for income taxes, net of refunds and credits received [1] 1,311 791
Cash disbursements made for operating leases 1,179 1,258
Non-cash operating, investing, and financing activity:    
ROU assets obtained in exchange for lease obligations 84 48
Distribution to noncontrolling interests 4,886 5,907
Issuance of noncontrolling interests 6,572 12,566
Nonrelated Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (173,931) (157,047)
Proceeds from sale of loans 72,502 269
Related Party    
Cash flows from investing activities, net of acquisitions:    
Purchases of loans (136,667) 0
Proceeds from sale of loans $ 59,939 $ 199,694
[1] The Company utilized $14.1 million and $8.6 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Statement of Cash Flows [Abstract]    
Federal and state tax credit utilized $ 14,100 $ 8,600
Cash and cash equivalents:    
Total cash and cash equivalents 220,517 179,682
Restricted cash 317,139 618,363
Restricted cash - due to customers 294,471 142,778
Cash, cash equivalents, and restricted cash $ 832,127 $ 940,823
v3.25.1
Basis of Financial Reporting
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.1
Reclassification and Immaterial Error Corrections
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Reclassifications and Immaterial Error Corrections Reclassification and Immaterial Error Corrections
During the second quarter of 2024, the Company identified certain immaterial errors in the previously issued consolidated financial statements that have been corrected to conform to the March 31, 2025 presentation.
Loan Sales
The Company determined the reversal of provision for loan losses resulting from the sale of loans should be presented as a reduction to the provision for loan losses rather than the historical presentation as a gain/(loss) on sale of loans included in "other income (expense)" on the consolidated statements of income. Prior period amounts have been corrected to conform to the current period presentation resulting in a reclassification of $0.1 million for the three months ended March 31, 2024. This correction had no impact on previously reported consolidated assets, liabilities, equity, net income, and cash flows from operating activities.
Solar Tax Equity Investments
The Company relies on audited financial statements provided by third parties to record its share of earnings or losses on its solar tax equity investments. The Company determined that the Hypothetical Liquidation at Book Value (HLBV) method of accounting was not consistently adopted by all third parties in such audited financial statements for those solar tax equity investments made under a lease pass-through structure. The adoption of the HLBV method of accounting accelerates accounting losses in the initial years of the investment but has no impact on the overall economics of the transaction. During the second quarter of 2024, the Company fully adopted HLBV accounting for these investments and prior period amounts have been corrected, resulting in an increase in solar investment losses included in "other, net" in "other income (expense)" on the consolidated statements of income of $0.2 million for the three months ended March 31, 2024, offset by an increase in "net loss attributable to noncontrolling interests" of $0.4 million. The after-tax net income impact to Nelnet, Inc. was an increase of $0.2 million for the three months ended March 31, 2024. Consolidated "total equity" on the consolidated balance sheet was reduced $21.8 million as of December 31, 2023, which reflects the cumulative impact of this correction through such date.
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and Accrued Interest Receivable and Allowance for Loan Losses
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,102,961 2,108,960 
Consolidation6,567,323 6,279,604 
Total8,670,284 8,388,564 
Private education loans208,507 221,744 
Consumer and other loans381,215 345,560 
Non-Nelnet Bank loans9,260,006 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other10,336 — 
Consolidation99,851 — 
Total110,187 — 
Private education loans489,451 482,445 
Consumer and other loans161,995 162,152 
Nelnet Bank loans761,633 644,597 
Accrued interest receivable566,275 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(45,134)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(48,906)(49,091)
Private education loans(10,394)(11,130)
Consumer and other loans(43,904)(38,468)
Non-Nelnet Bank allowance for loan losses(103,204)(98,689)
Nelnet Bank:
Federally insured loans(362)— 
Private education loans(9,893)(10,086)
Consumer and other loans(6,617)(6,115)
Nelnet Bank allowance for loan losses(16,872)(16,201)
 $10,422,704 9,992,744 
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, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.56 %0.59 %
Private education loans4.98 %5.02 %
Consumer and other loans11.52 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.33 %— 
Private education loans2.02 %2.09 %
Consumer and other loans4.08 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 20.2% and 20.6% as of March 31, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 16.3% as of March 31, 2025.
Student Loan Trust Acquisitions
In March 2025, the Company acquired the ownership interests in certain trusts giving the Company rights to the residual interest. The trusts included $646.9 million (par value) of federally insured Stafford and consolidation loans funded to term with $721.3 million (par value) of bonds and notes payable, $32.2 million of cash and restricted cash, and $27.4 million of other net assets. The Company has consolidated these trusts on its consolidated balance sheet as the Company is the primary beneficiary of the trusts. Upon acquisition, the Company recorded the student loans and bonds and notes payable at fair value, resulting in the recognition of a student loan net discount of $6.6 million and a bonds and notes payable discount of $31.1 million. These net discounts will be accreted using the effective interest method over the lives of the underlying assets and liabilities.
Activity in the Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesBalance at end of period
Three months ended March 31, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 2,634 (2,819)— 48,906 
Private education loans11,130 — (933)197 10,394 
Consumer and other loans38,468 10,378 (5,178)236 43,904 
Nelnet Bank:
Federally insured loans— 365 (3)— 362 
Private education loans10,086 1,085 (1,394)116 9,893 
Consumer and other loans6,115 1,003 (569)68 6,617 
$114,890 15,465 (10,896)617 120,076 
Three months ended March 31, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (1,870)(4,860)— 61,723 
Private education loans15,750 (265)(1,013)264 14,736 
Consumer and other loans11,742 8,590 (1,952)381 18,761 
Nelnet Bank:
Private education loans3,347 757 (446)2 3,660 
Consumer and other loans5,351 3,717 (1,967)27 7,128 
$104,643 10,929 (10,238)674 106,008 
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,
20252024
Non-Nelnet Bank:
Federally insured loans0.13 %0.17 %
Private education loans1.39 %1.12 %
Consumer and other loans5.44 %5.71 %
Nelnet Bank:
Federally insured loans0.05 %— 
Private education loans1.06 %0.49 %
Consumer and other loans (a)1.25 %8.01 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 as compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
The Company recorded a provision for loan losses for the three months ended March 31, 2025 due primarily to the establishment of an initial allowance for loans originated and acquired during the period.
The Company recorded a negative provision for loan losses for the three months ended March 31, 2024 for its Non-Nelnet Bank federally insured and private education loan portfolios primarily due to the amortization of these portfolios. The primary item impacting provision for loan losses for Non-Nelnet Bank consumer loans and Nelnet Bank's loan portfolios for the three months ended March 31, 2024 was the establishment of an initial allowance for loans originated and acquired during the period.
Unfunded Loan Commitments
As of March 31, 2025 and December 31, 2024, Nelnet Bank had a liability of approximately $198,000 and $326,000, respectively, related to $28.8 million and $40.7 million, respectively, of unfunded private education, consumer, and other loan commitments. When a new loan commitment is made, the Company records an allowance that is included in "other liabilities" on the consolidated balance sheet by recording a provision for loan losses. When the loan is funded, the Company transfers the liability to the allowance for loan losses. Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months ended
March 31,
20252024
Provision for loan losses from allowance activity table above$15,465 10,929 
Negative provision for unfunded loan commitments(128)(101)
Provision for loan losses reported in consolidated statements of income$15,337 10,828 
Key Credit Quality Indicators
Loan Status and Delinquencies
Key credit quality indicators for the Company’s federally insured, private education, consumer, and other loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. Loans in repayment include loans on which borrowers are making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but for purposes of the following tables, do not include those loans while they are in forbearance). The following table presents the Company’s loan status and delinquency amounts.
As of March 31, 2025As of December 31, 2024As of March 31, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $401,868 4.6 % $376,765 4.5 % $490,402 4.7 %
Loans in forbearance 546,170 6.3  586,412 7.0  777,141 7.5 
Loans in repayment status:  
Loans current6,536,815 84.7 %6,374,897 85.9 %7,691,650 84.4 %
Loans delinquent 31-60 days306,032 4.0 243,348 3.3 360,237 3.9 
Loans delinquent 61-90 days239,477 3.1 166,474 2.2 189,035 2.1 
Loans delinquent 91-120 days155,641 2.0 113,838 1.5 143,656 1.6 
Loans delinquent 121-270 days326,523 4.2 380,823 5.1 422,979 4.6 
Loans delinquent 271 days or greater157,758 2.0 146,007 2.0 307,952 3.4 
Total loans in repayment7,722,246 89.1 100.0 %7,425,387 88.5 100.0 %9,115,509 87.8 100.0 %
Total federally insured loans8,670,284 100.0 % 8,388,564 100.0 % 10,383,052 100.0 %
Accrued interest receivable551,512 540,272 677,001 
Loan discount, net of unamortized premiums and deferred origination costs(28,020)(21,513)(26,658)
Allowance for loan losses(48,906)(49,091)(61,723)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$9,144,870 $8,858,232 $10,971,672 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $5,850 2.8 %$5,997 2.7 %$8,979 3.4 %
Loans in forbearance 1,512 0.7 2,089 0.9 2,601 1.0 
Loans in repayment status:
Loans current195,573 97.2 %206,825 96.8 %243,637 97.4 %
Loans delinquent 31-60 days2,136 1.1 3,424 1.6 2,162 0.9 
Loans delinquent 61-90 days1,794 0.9 1,275 0.6 1,542 0.6 
Loans delinquent 91 days or greater1,642 0.8 2,134 1.0 2,661 1.1 
Total loans in repayment201,145 96.5 100.0 %213,658 96.4 100.0 %250,002 95.6 100.0 %
Total private education loans208,507 100.0 % 221,744 100.0 % 261,582 100.0 %
Accrued interest receivable1,948 2,019 2,560 
Loan discount, net of unamortized premiums(5,928)(6,350)(7,616)
Allowance for loan losses(10,394)(11,130)(14,736)
Total private education loans and accrued interest receivable, net of allowance for loan losses$194,133 $206,283 $241,790 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$205 0.1 %$150 0.0 %$54 0.0 %
Loans in repayment status:
Loans current369,364 97.0 %335,355 97.1 %150,947 97.2 %
Loans delinquent 31-60 days3,413 0.9 3,667 1.1 1,758 1.1 
Loans delinquent 61-90 days3,170 0.8 2,143 0.6 1,471 1.0 
Loans delinquent 91 days or greater5,063 1.3 4,245 1.2 1,078 0.7 
Total loans in repayment381,010 99.9 100.0 %345,410 100.0 100.0 %155,254 100.0 100.0 %
Total consumer and other loans381,215 100.0 %345,560 100.0 %155,308 100.0 %
Accrued interest receivable2,071 1,868 1,209 
Loan discount and deferred lender fees, net of unamortized premiums(9,437)(10,713)(5,451)
Allowance for loan losses(43,904)(38,468)(18,761)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$329,945 $298,247 $132,305 
As of March 31, 2025As of December 31, 2024As of March 31, 2024
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$3,000 2.7 %
Loans in forbearance5,433 4.9 
Loans in repayment status:
Loans current92,027 90.4 %
Loans delinquent 30-59 days3,725 3.7 
Loans delinquent 60-89 days1,447 1.4 
Loans delinquent 90-119 days1,063 1.0 
Loans delinquent 120-270 days2,423 2.4 
Loans delinquent 271 days or greater1,069 1.1 
Total loans in repayment101,754 92.4 100.0 %
Total federally insured loans110,187 100.0 %
Accrued interest receivable5,065 
Loan premium1,307 
Allowance for loan losses(362)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$116,197 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$45,026 9.2 %$31,674 6.6 %$42,699 11.7 %
Loans in forbearance1,370 0.3 3,061 0.6 1,277 0.4 
Loans in repayment status:
Loans current436,547 98.5 %439,569 98.2 %318,906 99.4 %
Loans delinquent 30-59 days2,732 0.6 4,327 1.0 327 0.1 
Loans delinquent 60-89 days1,937 0.5 1,497 0.3 665 0.2 
Loans delinquent 90 days or greater1,839 0.4 2,317 0.5 892 0.3 
Total loans in repayment443,055 90.5 100.0 %447,710 92.8 100.0 %320,790 87.9 100.0 %
Total private education loans489,451 100.0 %482,445 100.0 %364,766 100.0 %
Accrued interest receivable4,636 4,103 2,445 
Loan discount, net of unamortized premiums and deferred origination costs(3,973)(4,581)5,692 
Allowance for loan losses(9,893)(10,086)(3,660)
Total private education loans and accrued interest receivable, net of allowance for loan losses$480,221 $471,881 $369,243 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$7,295 4.5 %$5,186 3.2 %$141 0.1 %
Loans in repayment status:
Loans current153,416 99.2 %155,772 99.2 %115,152 96.9 %
Loans delinquent 30-59 days523 0.3 803 0.5 1,511 1.3 
Loans delinquent 60-89 days462 0.3 243 0.2 1,084 0.9 
Loans delinquent 90 days or greater299 0.2 148 0.1 1,069 0.9 
Total loans in repayment154,700 95.5 100.0 %156,966 96.8 100.0 %118,816 99.9 100.0 %
Total consumer and other loans161,995 100.0 %162,152 100.0 %118,957 100.0 %
Accrued interest receivable1,043 1,021 880 
Loan premium, net of unaccreted discount917 1,043 1,359 
Allowance for loan losses(6,617)(6,115)(7,128)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$157,338 $158,101 $114,068 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
FICO Scores
An additional key credit quality indicator for Nelnet Bank private education and consumer loans is FICO scores at the time of origination or purchase. The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase.
Nelnet Bank Private Education Loans
Loan balance as of March 31, 2025
Three months ended March 31, 20252024202320222021Prior yearsTotal
FICO at origination or purchase:
Less than 705$857 3,037 3,291 4,633 3,989 15,620 31,427 
705 - 7341,613 5,152 8,689 19,100 7,345 12,841 54,740 
735 - 7642,887 5,844 8,105 28,984 12,156 18,911 76,887 
765 - 7942,498 6,538 5,854 45,042 23,344 24,578 107,854 
Greater than 7943,747 14,873 14,433 64,876 47,078 65,742 210,749 
No FICO score available or required (a)— 2,402 5,392 — — — 7,794 
$11,602 37,846 45,764 162,635 93,912 137,692 489,451 
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotal
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 
Nelnet Bank Consumer and Other Loans
Loan balance as of March 31, 2025
Three months ended March 31, 20252024202320222021Prior yearsTotal
FICO at origination:
Less than 720$57 18,944 1,630 — 371 1,655 22,657 
720 - 769266 40,681 4,196 17 5,916 8,115 59,191 
Greater than 7692,337 56,077 6,389 100 5,791 3,764 74,458 
No FICO score available or required (a)14 4,910 435 276 54 — 5,689 
$2,674 120,612 12,650 393 12,132 13,534 161,995 
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 
$121,740 13,278 399 12,417 8,878 5,440 162,152 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
Nonaccrual Status
The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of March 31, 2025 and December 31, 2024, was not material.
Amortized Cost Basis by Origination Year
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 487 2,295 3,068 5,850 
Loans in forbearance— — — 29 525 958 1,512 
Loans in repayment status:
Loans current— — 188 3,966 4,958 186,461 195,573 
Loans delinquent 31-60 days— — — — 64 2,072 2,136 
Loans delinquent 61-90 days— — — 3 25 1,766 1,794 
Loans delinquent 91 days or greater— — — — 87 1,555 1,642 
Total loans in repayment— — 188 3,969 5,134 191,854 201,145 
Total private education loans$— — 188 4,485 7,954 195,880 208,507 
Accrued interest receivable1,948 
Loan discount, net of unamortized premiums(5,928)
Allowance for loan losses(10,394)
Total private education loans and accrued interest receivable, net of allowance for loan losses$194,133 
Gross charge-offs - three months ended March 31, 2025$— — — — — 933 933 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 48 157 — — — 205 
Loans in repayment status:
Loans current87,997 238,966 39,437 2,345 323 296 369,364 
Loans delinquent 31-60 days— 1,949 1,199 246 19 — 3,413 
Loans delinquent 61-90 days— 1,971 979 220 — — 3,170 
Loans delinquent 91 days or greater— 3,889 1,124 50 — — 5,063 
Total loans in repayment87,997 246,775 42,739 2,861 342 296 381,010 
Total consumer and other loans$87,997 246,823 42,896 2,861 342 296 381,215 
Accrued interest receivable2,071 
Loan discount and deferred lender fees, net of unamortized premiums(9,437)
Allowance for loan losses(43,904)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$329,945 
Gross charge-offs - three months ended March 31, 2025$— 2,076 2,847 127 9 119 5,178 
Three months ended March 31, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$5,427 21,515 10,133 6,070 522 1,359 45,026 
Loans in forbearance— — 210 347 145 668 1,370 
Loans in repayment status:
Loans current6,107 15,978 34,191 155,473 92,067 132,731 436,547 
Loans delinquent 30-59 days68 162 380 333 401 1,388 2,732 
Loans delinquent 60-89 days— 119 160 112 697 849 1,937 
Loans delinquent 90 days or greater— 72 690 300 80 697 1,839 
Total loans in repayment6,175 16,331 35,421 156,218 93,245 135,665 443,055 
Total private education loans$11,602 37,846 45,764 162,635 93,912 137,692 489,451 
Accrued interest receivable4,636 
Loan discount, net of unamortized premiums and deferred origination costs(3,973)
Allowance for loan losses(9,893)
Total private education loans and accrued interest receivable, net of allowance for loan losses$480,221 
Gross charge-offs - three months ended March 31, 2025$— 139 119 105 84 947 1,394 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$2,087 5,208 — — — — 7,295 
Loans in repayment status:
Loans current587 114,453 12,568 393 12,061 13,354 153,416 
Loans delinquent 30-59 days— 432 — — — 91 523 
Loans delinquent 60-89 days— 288 40 — 71 63 462 
Loans delinquent 90 days or greater— 231 42 — — 26 299 
Total loans in repayment587 115,404 12,650 393 12,132 13,534 154,700 
Total consumer and other loans$2,674 120,612 12,650 393 12,132 13,534 161,995 
Accrued interest receivable1,043 
Loan premium, net of unaccreted discount917 
Allowance for loan losses(6,617)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$157,338 
Gross charge-offs - three months ended March 31, 2025$— 192 242 — 77 58 569 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.1
Bonds and Notes Payable
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Bonds and Notes Payable Bonds and Notes Payable
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,956,048 
4.71% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction457,395 
4.22% - 6.19%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes7,413,443 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		335,506 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities821,803 
5.21% - 5.35%
5/1/26 / 7/31/26
Consumer loan warehouse facilities68,877 
6.14% / 6.42%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations49,771 
5.90% / 6.59%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations39,508 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements2,498 
5.07% - 5.82%
5/4/25 / 1/30/33
8,731,406   
Discount on bonds and notes payable and debt issuance costs(75,249)
Total$8,656,157 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Warehouse Facilities
The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. The following table summarizes the Company's warehouse facilities as of March 31, 2025.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 544,067 55,933 7/31/20257/31/2026note (b)$39,554 
FFELP (c)375,000 277,736 97,264 5/1/20255/1/202692 %23,265 
$975,000 821,803 153,197 $62,819 
Consumer$100,000 3,877 96,123 11/13/202611/13/202770 %$1,775 
Consumer125,000 65,000 60,000 1/1/20268/1/2026
60% - 80%
21,299 
$225,000 68,877 156,123 $23,074 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
Unsecured Line of Credit
The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of March 31, 2025, no amount was outstanding on the line of credit and $495.0 million was available for future use.
Debt Repurchases
The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2025, the Company holds $97.4 million (par value) of its own FFELP asset-backed securities.
v3.25.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Non-Nelnet Bank Derivatives
The Company uses settled-to-market derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2024 Annual Report.
Basis Swaps
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
Interest Rate Swaps – Floor Income Hedges
The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2025 and December 31, 2024 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
Nelnet Bank Derivatives
Interest Rate Swaps
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2025 and December 31, 2024, to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
202925,000 3.37 
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $165,000 3.44 %
(a)    For all interest rate derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Consolidated Financial Statement Impact Related to Derivatives
Balance Sheets
Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset (included in "other assets") or liability (included in "other liabilities") measured at fair value. The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2025As of December 31, 2024As of March 31, 2025As of December 31, 2024
Interest rate swaps - Nelnet Bank$1,473 3,232 822 53 
Statements of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20252024
Settlements:  
Basis swaps$153 365 
Interest rate swaps - floor income hedges429 1,190 
Interest rate swaps - Nelnet Bank164 202 
Total settlements - income746 1,757 
Change in fair value:  
Basis swaps(138)(354)
Interest rate swaps - floor income hedges(3,657)6,060 
Interest rate swaps - Nelnet Bank(2,529)2,258 
Total change in fair value - (expense) income(6,324)7,964 
Derivative market value adjustments and derivative settlements, net - (expense) income$(5,578)9,721 
v3.25.1
Investments and Notes Receivable
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Investments and Notes Receivable Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of March 31, 2025As of December 31, 2024
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$129,556 4,157 (3,175)130,538 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)120,355 3,535 (372)123,518 98,914 3,151 (78)101,987 
Private education loan (b)226,575 — (17,160)209,415 237,288 — (18,118)219,170 
Other debt securities38,942 2,692 (10)41,624 32,552 2,500 — 35,052 
Total Non-Nelnet Bank515,428 10,384 (20,717)505,095 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan239,694 6,330 (632)245,392 231,543 6,060 (270)237,333 
Private education loan5,888 — (1)5,887 1,596 — — 1,596 
Other debt securities401,700 1,855 (1,867)401,688 296,944 1,775 (1,325)297,394 
Total Nelnet Bank647,282 8,185 (2,500)652,967 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,162,710 18,569 (23,217)1,158,062 1,087,223 19,290 (20,687)1,085,826 
Equity securities80,841 74,494 
Total investments at fair value1,238,903 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan202,739 203,439 
Private education loan4,618 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities207,357 210,774 
Venture capital, funds, and other:
Measurement alternative (c)205,749 200,782 
Equity method163,258 170,258 
Total venture capital and funds369,007 371,040 
Real estate equity method138,123 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return234,030 225,614 
Total investment in ALLO234,030 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $39,826 and $38,590 as of March 31, 2025 and December 31, 2024, respectively
137,961 142,764 
Private education loans, net of allowance for credit losses of $1,175 and $901 as of March 31, 2025 and December 31, 2024, respectively
50,389 52,824 
Federally insured student loans18,017 18,221 
Total beneficial interest in loan securitizations, net of allowance206,367 213,809 
Solar (f)(167,048)(155,048)
Notes receivable64,281 32,258 
Tax liens, affordable housing, and other11,530 10,184 
Total other investments and notes receivable (not measured at fair value)1,063,647 1,040,376 
Total investments and notes receivable$2,302,550 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of March 31, 2025, the carrying amount of the Company's investment in Hudl is $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    The Company has both a voting and preferred membership interest investment in ALLO Holdings, LLC (referred to collectively with its subsidiary ALLO Communications LLC as "ALLO").
The Company's voting membership interest in ALLO is accounted for under the HLBV method of accounting. Under the HLBV method of accounting, the Company recognized $10.7 million of losses during the three months ended March 31, 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO.
As of March 31, 2025, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $225.6 million and $8.4 million, respectively. The Company earns a preferred return of 13.50% and 20.00% on $169.1 million and $56.5 million, respectively, of the Company's preferred membership interests of ALLO. The Company recognized income on its ALLO preferred membership interests of $8.4 million and $2.4 million during the three months ended March 31, 2025 and 2024, respectively.
The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
In April 2025, the Company executed a transaction that is expected to close in late May 2025. Upon closing, the Company expects all of its outstanding preferred membership interests, including the preferred return accrued on such membership interests, to be redeemed by ALLO. In addition, a portion of its voting membership interest will also be redeemed. The Company expects to receive aggregate cash proceeds of approximately $410 million from ALLO and recognize a pre-tax gain of approximately $175 million as a result of this transaction. See note 16 for additional information.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2025, the Company's ownership correlates to approximately $1.10 billion, $440 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
The Company recorded an additional $1.5 million allowance for credit losses (and related provision expense) during the three months ended March 31, 2025 on these investments. This expense is included in "impairment expense and provision for beneficial interests" on the consolidated statement of income.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of March 31, 2025, the Company has invested a total of $309.9 million and its third-party investors have invested $280.4 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of March 31, 2025, the Company and its third-party co-investors have earned $331.0 million and $265.1 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $167.0 million as of March 31, 2025 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of March 31, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $94.0 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments at the end of the contractual agreement (typically five years), which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net gain excluding amounts attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended March 31,
20252024
Losses from HLBV accounting (gross)$(2,616)(1,427)
Gains from sales (gross)3,072 4,207 
Gains from solar investments, net456 2,780 
Less: losses attributable to noncontrolling members, net(1,046)(1,641)
Net gain, excluding amounts attributed to noncontrolling interest investors$1,502 4,421 
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2025:
As of March 31, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 204 2,514 126,838 129,556 
FFELP loan and other debt securities - restricted— 5,500 15,951 98,904 120,355 
Private education loan— — — 226,575 226,575 
Other debt securities— 100 8,487 30,355 38,942 
Total Non-Nelnet Bank— 5,804 26,952 482,672 515,428 
Fair value— 5,943 27,021 472,131 505,095 
Nelnet Bank:
FFELP loan44,926 21,799 29,022 143,947 239,694 
Private education loan— — 4,612 1,276 5,888 
Other debt securities— 27,019 64,075 310,606 401,700 
Total Nelnet Bank44,926 48,818 97,709 455,829 647,282 
Fair value44,682 48,887 98,082 461,316 652,967 
Total available-for-sale asset-backed securities at amortized cost$44,926 54,622 124,661 938,501 1,162,710 
Total available-for-sale asset-backed securities at fair value$44,682 54,830 125,103 933,447 1,158,062 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan$— 2,684 11,759 188,296 202,739 
Private education loan— — — 4,618 4,618 
Total held-to-maturity asset-backed securities at amortized cost$— 2,684 11,759 192,914 207,357 
Total held-to-maturity asset-backed securities at fair value$— 2,743 11,627 198,534 212,904 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 206,367 
Fair value$— — — — 221,991 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of March 31, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$207,357 6,074 (527)212,904 
Beneficial interest in loan securitizations206,367 16,824 (1,200)221,991 
The following table presents securities classified as available-for-sale that have gross unrealized losses as of March 31, 2025 and the fair value of such securities as of March 31, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(240)10,614 (2,935)46,474 (3,175)57,088 
FFELP loan and other debt securities - restricted(141)12,037 (231)2,288 (372)14,325 
Private education loan— — (17,160)209,415 (17,160)209,415 
Other debt securities(10)1,990 — — (10)1,990 
Total Non-Nelnet Bank(391)24,641 (20,326)258,177 (20,717)282,818 
Nelnet Bank:
FFELP loan(418)52,348 (214)16,408 (632)68,756 
Private education loan(1)4,611 — — (1)4,611 
Other debt securities(752)29,220 (1,115)13,948 (1,867)43,168 
Total Nelnet Bank(1,171)86,179 (1,329)30,356 (2,500)116,535 
Total available-for-sale asset-backed securities$(1,562)110,820 (21,655)288,533 (23,217)399,353 
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months ended
March 31,
20252024
Gross proceeds from sales$74,781 153,373 
Gross realized gains$933 1,054 
Gross realized losses(450)(502)
Net gains$483 552 
v3.25.1
Intangible Assets
 3 Months Ended
Mar. 31, 2025
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, 2025 (months)
As ofAs of
March 31, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $54,303 and $54,644, respectively)
94$33,541 34,960 
Trade names (net of accumulated amortization of $225 and $205, respectively)
85545 565 
Computer software (net of accumulated amortization of $1,003 and $917, respectively)
25717 803 
Total amortizable intangible assets, net93$34,803 36,328 
The Company recorded amortization expense on its intangible assets of $1.5 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2025, the Company estimates it will record amortization expense as follows:
2025 (April 1 - December 31)$4,574 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $34,803 
v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill [Abstract]  
Goodwill Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.1
Bank Deposits
 3 Months Ended
Mar. 31, 2025
Deposits [Abstract]  
Bank Deposits Bank Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2025December 31, 2024
Retail and other savings$1,030,449 916,475 
Brokered CDs, net of brokered deposit fees261,495 247,872 
Retail and other CDs, net of issuance fees21,463 21,784 
Total interest-bearing deposits$1,313,407 1,186,131 
As of March 31, 2025 and December 31, 2024, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $68.6 million and $68.5 million, respectively, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes.
The following table presents certificates of deposit remaining maturities as of March 31, 2025:
One year or less$63,507 
After one year to two years159,825 
After two years to three years1,598 
After three years to four years801 
After four years to five years43,671 
After five years13,556 
Total$282,958 
Retail and other savings deposits include deposits from Educational 529 College Savings and Health Savings plans, retirement savings plans, Short Term Federal Investment Trust (STFIT), and FDIC sweep deposits. These deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. The deposits exceeding the FDIC insurance limits as of March 31, 2025 were $44.7 million, the majority of which are intercompany deposits from Nelnet, Inc. and its subsidiaries. Union Bank, a related party, is the program manager for certain of the Educational 529 College Savings plans and trustee for the STFIT.
v3.25.1
Earnings per Common Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20252024
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$81,017 1,543 82,560 71,921 1,487 73,408 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,796,531 681,895 36,478,426 36,404,364 752,607 37,156,971 
Earnings per share - basic and diluted$2.26 2.26 2.26 1.98 1.98 1.98 
v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
See note 16 of the notes to consolidated financial statements included in the 2024 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 154,469 11,971 166,440 — — — 166,439 
Investment interest721 6,939 12,769 12,496 32,925 8,820 2,312 (2,669)41,389 
Total interest income721 6,939 167,238 24,467 199,365 8,820 2,312 (2,669)207,828 
Interest expense— — 114,303 12,077 126,380 770 633 (2,669)125,114 
Net interest income721 6,939 52,935 12,390 72,985 8,050 1,679 — 82,714 
Less provision for loan losses— — 13,012 2,325 15,337 — — — 15,337 
Net interest income after provision for loan losses721 6,939 39,923 10,065 57,648 8,050 1,679 — 67,377 
Other income (expense):
LSS revenue120,741 — — — 120,741 — — — 120,741 
Intersegment revenue5,684 64 — — 5,748 — — (5,748)— 
ETSP revenue— 147,330 — — 147,330 — — — 147,330 
Reinsurance premiums earned— — — — — 24,687 — — 24,687 
Solar construction revenue— — — — — — 3,995 — 3,995 
Other, net112 — 3,995 142 4,249 1,110 18,238 97 23,694 
Gain (loss) on sale of loans, net— — 909 — 909 — — — 909 
Derivative settlements, net— — 582 164 746 — — — 746 
Derivative market value adjustments, net— — (3,795)(2,529)(6,324)— — — (6,324)
Total other income (expense), net126,537 147,394 1,691 (2,223)273,399 25,797 22,233 (5,651)315,778 
Cost of services and expenses:
Total cost of services1,633 48,047 — — 49,680 — 7,828 — 57,508 
Salaries and benefits69,574 41,741 1,221 2,816 115,352 478 22,496 (104)138,223 
Depreciation and amortization2,654 2,430 — 339 5,423 — 3,833 — 9,255 
Reinsurance losses and underwriting expenses— — — — — 22,212 — — 22,212 
Postage expense7,575 7,575 (7,575)— 
Servicing fees6,911 667 7,578 (7,578)— 
Other expenses (a)10,832 9,048 888 1,358 22,126 772 15,586 9,741 48,226 
Intersegment expenses, net16,478 5,605 1,250 710 24,043 244 (24,055)(232)— 
Total operating expenses107,113 58,824 10,270 5,890 182,097 23,706 17,860 (5,748)217,916 
Impairment expense and provision for beneficial interests— — 1,510 — 1,510 81 — — 1,591 
Total expenses108,746 106,871 11,780 5,890 233,287 23,787 25,688 (5,748)277,015 
Income (loss) before income taxes18,512 47,462 29,834 1,952 97,760 10,060 (1,776)97 106,140 
Income tax (expense) benefit(4,443)(11,402)(7,156)(434)(23,435)(2,385)810 — (25,010)
Net income (loss)14,069 36,060 22,678 1,518 74,325 7,675 (966)97 81,130 
Net loss (income) attributable to noncontrolling interests— 45 (17)— 28 (124)1,623 (97)1,430 
Net income (loss) attributable to Nelnet, Inc.$14,069 36,105 22,661 1,518 74,353 7,551 657 — 82,560 
Total assets as of March 31, 2025$184,142 469,706 10,362,549 1,689,633 12,706,030 874,667 873,211 (261,950)14,191,958 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, insurance, and management fee expense.
 Three months ended March 31, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 209,628 7,096 216,724 — — — 216,724 
Investment interest1,894 7,866 21,835 9,968 41,563 15,616 3,815 (8,915)52,078 
Total interest income1,894 7,866 231,463 17,064 258,287 15,616 3,815 (8,915)268,802 
Interest expense— — 190,905 9,497 200,402 2,418 676 (8,915)194,580 
Net interest income1,894 7,866 40,558 7,567 57,885 13,198 3,139 — 74,222 
Less provision for loan losses— — 6,455 4,373 10,828 — — — 10,828 
Net interest income after provision for loan losses1,894 7,866 34,103 3,194 47,057 13,198 3,139 — 63,394 
Other income (expense):
LSS revenue127,201 — — — 127,201 — — — 127,201 
Intersegment revenue6,886 49 — — 6,935 — — (6,935)— 
ETSP revenue— 143,539 — — 143,539 — — — 143,539 
Reinsurance premiums earned— — — — — 12,780 — — 12,780 
Solar construction revenue— — — — — — 13,726 — 13,726 
Other, net710 — 4,983 375 6,068 161 (2,147)— 4,082 
Gain (loss) on sale of loans, net— — (141)— (141)— — — (141)
Derivative settlements, net— — 1,555 202 1,757 — — — 1,757 
Derivative market value adjustments, net— — 5,706 2,258 7,964 — — — 7,964 
Total other income (expense), net134,797 143,588 12,103 2,835 293,323 12,941 11,579 (6,935)310,908 
Cost of services and expenses:
Total cost of services— 48,610 — — 48,610 — 14,229 — 62,839 
Salaries and benefits76,722 40,167 1,195 2,721 120,805 358 23,521 (807)143,875 
Depreciation and amortization5,109 2,683 — 260 8,052 — 8,716 — 16,769 
Reinsurance losses and underwriting expenses— — — — — 11,317 — — 11,317 
Postage expense10,605 10,605 (10,605)— 
Servicing fees8,951 233 9,184 (9,184)— 
Other expenses (a)8,933 7,558 1,109 1,111 18,711 485 13,402 12,931 45,528 
Intersegment expenses, net19,332 4,801 1,208 557 25,898 217 (26,845)730 — 
Total operating expenses120,701 55,209 12,463 4,882 193,255 12,377 18,794 (6,935)217,489 
Impairment expense and provision for beneficial interests— — — — — — 37 — 37 
Total expenses120,701 103,819 12,463 4,882 241,865 12,377 33,060 (6,935)280,365 
Income (loss) before income taxes15,990 47,635 33,743 1,147 98,515 13,762 (18,342)— 93,937 
Income tax (expense) benefit(3,838)(11,435)(8,099)(259)(23,631)(3,274)3,723 — (23,181)
Net income (loss)12,152 36,200 25,644 888 74,884 10,488 (14,619)— 70,756 
Net loss (income) attributable to noncontrolling interests— 17 — — 17 (120)2,755 — 2,652 
Net income (loss) attributable to Nelnet, Inc.$12,152 36,217 25,644 888 74,901 10,368 (11,864)— 73,408 
Total assets as of March 31, 2024$212,381 389,990 12,315,238 1,125,122 14,042,731 1,111,587 803,709 (583,815)15,374,212 
(a)    Other expenses for each reportable segment includes:
LSS - occupancy, communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - consulting and professional fees, software, and insurance.
v3.25.1
Disaggregated Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregated Revenue Disaggregated Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20252024
Government loan servicing$87,358 105,474 
Private education and consumer loan servicing22,696 12,620 
FFELP loan servicing2,633 3,380 
Software services6,992 4,541 
Outsourced services1,062 1,186 
Loan servicing and systems revenue$120,741 127,201 
Education Technology Services and Payments
 Three months ended March 31,
 20252024
Tuition payment plan services$40,072 38,880 
Payment processing51,536 47,786 
Education technology services55,695 56,021 
Other27 852 
Education technology services and payments revenue$147,330 143,539 
Solar Construction
Three months ended March 31,
20252024
Commercial revenue$3,989 11,920 
Residential revenue (a)6 1,806 
Solar construction revenue$3,995 13,726 
(a)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline from historical amounts as existing customer contracts are completed.
Other Income (Expense)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20252024
ALLO preferred return$8,416 2,409 
Investment activity, net5,161 (1,298)
Borrower late fee income1,587 3,133 
Investment advisory services (WRCM)1,473 1,508 
Administration/sponsor fee income1,305 1,546 
Gain from solar investments, net456 2,780 
Loss from ALLO voting membership interest investment— (10,693)
Other5,296 4,697 
Other, net$23,694 4,082 
v3.25.1
Reinsurance
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Reinsurance Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees.
Three months ended March 31,
20252024
Premiums written:
Assumed$60,853 30,887 
Ceded(23,229)(15,443)
Net premiums written$37,624 15,444 
Premiums earned:
Assumed$47,723 25,504 
Ceded(23,036)(12,724)
Net premiums earned$24,687 12,780 
Loss reserve, commissions, and broker fees:
Assumed$42,641 22,842 
Ceded(20,429)(11,525)
Reinsurance losses and underwriting expenses$22,212 11,317 
The Company’s loss reserve balance, net of amounts ceded to reinsurers, was $46.0 million and $33.1 million as of March 31, 2025 and December 31, 2024, respectively, which is included in "other liabilities" on the consolidated balance sheets.
v3.25.1
Major Customer
 3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Major Customer Major Customer
Government Loan Servicing
The Company earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by the Company related to this contract was $87.4 million and $105.5 million for the three months ended March 31, 2025 and 2024, respectively.
The Company's legacy student loan servicing contract with the Department was scheduled to expire on December 14, 2023. In April 2023, Nelnet Servicing received a contract award from the Department, pursuant to which it was selected to provide continued servicing capabilities for the Department's student aid recipients under a new Unified Servicing and Data Solution (USDS) contract which replaced the legacy Department student loan servicing contract.
The USDS contract became effective in April 2023 and has a five-year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of existing borrowers was allocated by the Department to the Company and four other third-party servicers that were awarded a USDS contract. Servicing under the USDS contract went live on April 1, 2024 and the Company recognized revenue in accordance with this new contract beginning in the second quarter of 2024. The Company earned revenue for servicing borrowers under the legacy servicing contract with the Department through March 31, 2024. The Company earns less revenue from the Department on a per borrower blended basis under the new USDS servicing contract as compared with the legacy servicing contract.
v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,157,962 1,158,062 100 1,085,726 1,085,826 
Equity securities445 — 445 455 — 455 
Equity securities measured at net asset value (a)80,396 74,039 
Total investments545 1,157,962 1,238,903 555 1,085,726 1,160,320 
Derivative instruments— 1,473 1,473 — 3,232 3,232 
Total assets$545 1,159,435 1,240,376 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 822 822 — 53 53 
Total liabilities$— 822 822 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of March 31, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,268,097 9,856,429 — — 10,268,097 
Accrued loan interest receivable566,275 566,275 — 566,275 — 
Cash and cash equivalents220,517 220,517 220,517 — — 
Investments at fair value1,238,903 1,238,903 545 1,157,962 — 
Investments - held-to-maturity asset-backed securities212,904 207,357 — 212,904 — 
Notes receivable64,281 64,281 — 64,281 — 
Beneficial interest in loan securitizations221,991 206,367 — — 221,991 
Restricted cash317,139 317,139 317,139 — — 
Restricted cash – due to customers294,471 294,471 294,471 — — 
Derivative instruments1,473 1,473 — 1,473 — 
Financial liabilities:  
Bonds and notes payable8,584,733 8,656,157 — 8,584,733 — 
Accrued interest payable22,394 22,394 — 22,394 — 
Bank deposits1,300,242 1,313,407 858,424 441,818 — 
Due to customers379,277 379,277 379,277 — — 
Derivative instruments822 822 — 822 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.1
Subsequent Event - Partial Redemption of ALLO Investment
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event - Partial Redemption of ALLO Investment Subsequent Event - Partial Redemption of ALLO Investment
Nelnet has both a voting and preferred membership interest investment in ALLO. On April 18, 2025, ALLO executed a financing transaction that will result in gross proceeds to ALLO of $500 million (the “Financing”). In conjunction with the Financing, on April 18, 2025, Nelnet, ALLO, and certain other ALLO investors entered into a Membership Unit Redemption Agreement (the “Redemption Agreement”) pursuant to which ALLO will redeem certain of its membership interests from certain investors in ALLO, including Nelnet (the “Transaction”).
As part of the Transaction, ALLO will redeem all of Nelnet's outstanding preferred membership interests, including the preferred return accrued on such membership interests as of the closing date. In addition, ALLO will redeem a portion of Nelnet’s voting membership interest of ALLO. The Transaction is expected to close in late May 2025, subject to customary closing conditions.
Upon closing, Nelnet expects to receive aggregate cash proceeds of approximately $410 million from ALLO for these redemptions and recognize a pre-tax gain of approximately $175 million.
Immediately following the closing of the Transaction, Nelnet will not own any preferred membership interests of ALLO, but will maintain a significant voting equity investment in ALLO. Nelnet’s ownership of ALLO will decrease from 45% to approximately 26%. Nelnet will continue to account for its remaining voting membership interest of ALLO under the HLBV method of accounting, with the carrying value of such interest remaining at $0 as of the closing date of the Transaction.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to Nelnet, Inc. $ 82,560 $ 73,408
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Financial Reporting (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Financial Reporting
The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company” or "Nelnet") as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2024 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results for the year ending December 31, 2025. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report").
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
 March 31, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans:
Stafford and other$2,102,961 2,108,960 
Consolidation6,567,323 6,279,604 
Total8,670,284 8,388,564 
Private education loans208,507 221,744 
Consumer and other loans381,215 345,560 
Non-Nelnet Bank loans9,260,006 8,955,868 
Nelnet Bank:
Federally insured loans:
Stafford and other10,336 — 
Consolidation99,851 — 
Total110,187 — 
Private education loans489,451 482,445 
Consumer and other loans161,995 162,152 
Nelnet Bank loans761,633 644,597 
Accrued interest receivable566,275 549,283 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(45,134)(42,114)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(48,906)(49,091)
Private education loans(10,394)(11,130)
Consumer and other loans(43,904)(38,468)
Non-Nelnet Bank allowance for loan losses(103,204)(98,689)
Nelnet Bank:
Federally insured loans(362)— 
Private education loans(9,893)(10,086)
Consumer and other loans(6,617)(6,115)
Nelnet Bank allowance for loan losses(16,872)(16,201)
 $10,422,704 9,992,744 
Schedule of Net Charge-offs as a Percentage of Average Loans
The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios.
As ofAs of
March 31, 2025December 31, 2024
Non-Nelnet Bank:
Federally insured loans (a)0.56 %0.59 %
Private education loans4.98 %5.02 %
Consumer and other loans11.52 %11.13 %
Nelnet Bank:
Federally insured loans (a)0.33 %— 
Private education loans2.02 %2.09 %
Consumer and other loans4.08 %3.77 %
(a)    The allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 20.2% and 20.6% as of March 31, 2025 and December 31, 2024, respectively, and for Nelnet Bank was 16.3% as of March 31, 2025.
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,
20252024
Non-Nelnet Bank:
Federally insured loans0.13 %0.17 %
Private education loans1.39 %1.12 %
Consumer and other loans5.44 %5.71 %
Nelnet Bank:
Federally insured loans0.05 %— 
Private education loans1.06 %0.49 %
Consumer and other loans (a)1.25 %8.01 %
(a)    Decrease in annualized net charge-offs as a percentage of average loans was due to a change in mix of consumer loan portfolios that resulted in a portfolio of loans with an overall higher credit quality in 2025 as compared with 2024 and Nelnet Bank exiting a consumer loan program in December 2024 that had previously incurred significant charge-offs.
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment.
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesBalance at end of period
Three months ended March 31, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 2,634 (2,819)— 48,906 
Private education loans11,130 — (933)197 10,394 
Consumer and other loans38,468 10,378 (5,178)236 43,904 
Nelnet Bank:
Federally insured loans— 365 (3)— 362 
Private education loans10,086 1,085 (1,394)116 9,893 
Consumer and other loans6,115 1,003 (569)68 6,617 
$114,890 15,465 (10,896)617 120,076 
Three months ended March 31, 2024
Non-Nelnet Bank:
Federally insured loans$68,453 (1,870)(4,860)— 61,723 
Private education loans15,750 (265)(1,013)264 14,736 
Consumer and other loans11,742 8,590 (1,952)381 18,761 
Nelnet Bank:
Private education loans3,347 757 (446)2 3,660 
Consumer and other loans5,351 3,717 (1,967)27 7,128 
$104,643 10,929 (10,238)674 106,008 
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income.
Three months ended
March 31,
20252024
Provision for loan losses from allowance activity table above$15,465 10,929 
Negative provision for unfunded loan commitments(128)(101)
Provision for loan losses reported in consolidated statements of income$15,337 10,828 
Schedule of Loan Status and Delinquencies
As of March 31, 2025As of December 31, 2024As of March 31, 2024
Federally insured loans - Non-Nelnet Bank:    
Loans in-school/grace/deferment $401,868 4.6 % $376,765 4.5 % $490,402 4.7 %
Loans in forbearance 546,170 6.3  586,412 7.0  777,141 7.5 
Loans in repayment status:  
Loans current6,536,815 84.7 %6,374,897 85.9 %7,691,650 84.4 %
Loans delinquent 31-60 days306,032 4.0 243,348 3.3 360,237 3.9 
Loans delinquent 61-90 days239,477 3.1 166,474 2.2 189,035 2.1 
Loans delinquent 91-120 days155,641 2.0 113,838 1.5 143,656 1.6 
Loans delinquent 121-270 days326,523 4.2 380,823 5.1 422,979 4.6 
Loans delinquent 271 days or greater157,758 2.0 146,007 2.0 307,952 3.4 
Total loans in repayment7,722,246 89.1 100.0 %7,425,387 88.5 100.0 %9,115,509 87.8 100.0 %
Total federally insured loans8,670,284 100.0 % 8,388,564 100.0 % 10,383,052 100.0 %
Accrued interest receivable551,512 540,272 677,001 
Loan discount, net of unamortized premiums and deferred origination costs(28,020)(21,513)(26,658)
Allowance for loan losses(48,906)(49,091)(61,723)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$9,144,870 $8,858,232 $10,971,672 
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $5,850 2.8 %$5,997 2.7 %$8,979 3.4 %
Loans in forbearance 1,512 0.7 2,089 0.9 2,601 1.0 
Loans in repayment status:
Loans current195,573 97.2 %206,825 96.8 %243,637 97.4 %
Loans delinquent 31-60 days2,136 1.1 3,424 1.6 2,162 0.9 
Loans delinquent 61-90 days1,794 0.9 1,275 0.6 1,542 0.6 
Loans delinquent 91 days or greater1,642 0.8 2,134 1.0 2,661 1.1 
Total loans in repayment201,145 96.5 100.0 %213,658 96.4 100.0 %250,002 95.6 100.0 %
Total private education loans208,507 100.0 % 221,744 100.0 % 261,582 100.0 %
Accrued interest receivable1,948 2,019 2,560 
Loan discount, net of unamortized premiums(5,928)(6,350)(7,616)
Allowance for loan losses(10,394)(11,130)(14,736)
Total private education loans and accrued interest receivable, net of allowance for loan losses$194,133 $206,283 $241,790 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$205 0.1 %$150 0.0 %$54 0.0 %
Loans in repayment status:
Loans current369,364 97.0 %335,355 97.1 %150,947 97.2 %
Loans delinquent 31-60 days3,413 0.9 3,667 1.1 1,758 1.1 
Loans delinquent 61-90 days3,170 0.8 2,143 0.6 1,471 1.0 
Loans delinquent 91 days or greater5,063 1.3 4,245 1.2 1,078 0.7 
Total loans in repayment381,010 99.9 100.0 %345,410 100.0 100.0 %155,254 100.0 100.0 %
Total consumer and other loans381,215 100.0 %345,560 100.0 %155,308 100.0 %
Accrued interest receivable2,071 1,868 1,209 
Loan discount and deferred lender fees, net of unamortized premiums(9,437)(10,713)(5,451)
Allowance for loan losses(43,904)(38,468)(18,761)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$329,945 $298,247 $132,305 
As of March 31, 2025As of December 31, 2024As of March 31, 2024
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$3,000 2.7 %
Loans in forbearance5,433 4.9 
Loans in repayment status:
Loans current92,027 90.4 %
Loans delinquent 30-59 days3,725 3.7 
Loans delinquent 60-89 days1,447 1.4 
Loans delinquent 90-119 days1,063 1.0 
Loans delinquent 120-270 days2,423 2.4 
Loans delinquent 271 days or greater1,069 1.1 
Total loans in repayment101,754 92.4 100.0 %
Total federally insured loans110,187 100.0 %
Accrued interest receivable5,065 
Loan premium1,307 
Allowance for loan losses(362)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$116,197 
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$45,026 9.2 %$31,674 6.6 %$42,699 11.7 %
Loans in forbearance1,370 0.3 3,061 0.6 1,277 0.4 
Loans in repayment status:
Loans current436,547 98.5 %439,569 98.2 %318,906 99.4 %
Loans delinquent 30-59 days2,732 0.6 4,327 1.0 327 0.1 
Loans delinquent 60-89 days1,937 0.5 1,497 0.3 665 0.2 
Loans delinquent 90 days or greater1,839 0.4 2,317 0.5 892 0.3 
Total loans in repayment443,055 90.5 100.0 %447,710 92.8 100.0 %320,790 87.9 100.0 %
Total private education loans489,451 100.0 %482,445 100.0 %364,766 100.0 %
Accrued interest receivable4,636 4,103 2,445 
Loan discount, net of unamortized premiums and deferred origination costs(3,973)(4,581)5,692 
Allowance for loan losses(9,893)(10,086)(3,660)
Total private education loans and accrued interest receivable, net of allowance for loan losses$480,221 $471,881 $369,243 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$7,295 4.5 %$5,186 3.2 %$141 0.1 %
Loans in repayment status:
Loans current153,416 99.2 %155,772 99.2 %115,152 96.9 %
Loans delinquent 30-59 days523 0.3 803 0.5 1,511 1.3 
Loans delinquent 60-89 days462 0.3 243 0.2 1,084 0.9 
Loans delinquent 90 days or greater299 0.2 148 0.1 1,069 0.9 
Total loans in repayment154,700 95.5 100.0 %156,966 96.8 100.0 %118,816 99.9 100.0 %
Total consumer and other loans161,995 100.0 %162,152 100.0 %118,957 100.0 %
Accrued interest receivable1,043 1,021 880 
Loan premium, net of unaccreted discount917 1,043 1,359 
Allowance for loan losses(6,617)(6,115)(7,128)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$157,338 $158,101 $114,068 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase.
Nelnet Bank Private Education Loans
Loan balance as of March 31, 2025
Three months ended March 31, 20252024202320222021Prior yearsTotal
FICO at origination or purchase:
Less than 705$857 3,037 3,291 4,633 3,989 15,620 31,427 
705 - 7341,613 5,152 8,689 19,100 7,345 12,841 54,740 
735 - 7642,887 5,844 8,105 28,984 12,156 18,911 76,887 
765 - 7942,498 6,538 5,854 45,042 23,344 24,578 107,854 
Greater than 7943,747 14,873 14,433 64,876 47,078 65,742 210,749 
No FICO score available or required (a)— 2,402 5,392 — — — 7,794 
$11,602 37,846 45,764 162,635 93,912 137,692 489,451 
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotal
FICO at origination or purchase:
Less than 705$2,566 3,578 4,759 4,182 331 15,485 30,901 
705 - 7343,736 8,874 19,666 7,531 426 12,349 52,582 
735 - 7644,398 8,629 29,918 12,775 1,286 17,920 74,926 
765 - 7944,600 6,115 46,340 24,073 1,105 23,867 106,100 
Greater than 7949,971 15,471 67,454 49,408 4,406 63,258 209,968 
No FICO score available or required (a)2,476 5,492 — — — — 7,968 
$27,747 48,159 168,137 97,969 7,554 132,879 482,445 
Nelnet Bank Consumer and Other Loans
Loan balance as of March 31, 2025
Three months ended March 31, 20252024202320222021Prior yearsTotal
FICO at origination:
Less than 720$57 18,944 1,630 — 371 1,655 22,657 
720 - 769266 40,681 4,196 17 5,916 8,115 59,191 
Greater than 7692,337 56,077 6,389 100 5,791 3,764 74,458 
No FICO score available or required (a)14 4,910 435 276 54 — 5,689 
$2,674 120,612 12,650 393 12,132 13,534 161,995 
Loan balance as of December 31, 2024
20242023202220212020Prior yearsTotal
FICO at origination:
Less than 720$19,264 1,762 — 376 675 1,170 23,247 
720 - 76941,217 4,502 19 6,152 5,448 3,105 60,443 
Greater than 76957,323 6,577 103 5,834 2,755 1,165 73,757 
No FICO score available or required (a)3,936 437 277 55 — — 4,705 
$121,740 13,278 399 12,417 8,878 5,440 162,152 
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of March 31, 2025 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all of the Company’s federally insured loans were originated prior to July 1, 2010.
Three months ended March 31, 20252024202320222021Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — 487 2,295 3,068 5,850 
Loans in forbearance— — — 29 525 958 1,512 
Loans in repayment status:
Loans current— — 188 3,966 4,958 186,461 195,573 
Loans delinquent 31-60 days— — — — 64 2,072 2,136 
Loans delinquent 61-90 days— — — 3 25 1,766 1,794 
Loans delinquent 91 days or greater— — — — 87 1,555 1,642 
Total loans in repayment— — 188 3,969 5,134 191,854 201,145 
Total private education loans$— — 188 4,485 7,954 195,880 208,507 
Accrued interest receivable1,948 
Loan discount, net of unamortized premiums(5,928)
Allowance for loan losses(10,394)
Total private education loans and accrued interest receivable, net of allowance for loan losses$194,133 
Gross charge-offs - three months ended March 31, 2025$— — — — — 933 933 
Consumer and other loans - Non-Nelnet Bank:
Loans in deferment$— 48 157 — — — 205 
Loans in repayment status:
Loans current87,997 238,966 39,437 2,345 323 296 369,364 
Loans delinquent 31-60 days— 1,949 1,199 246 19 — 3,413 
Loans delinquent 61-90 days— 1,971 979 220 — — 3,170 
Loans delinquent 91 days or greater— 3,889 1,124 50 — — 5,063 
Total loans in repayment87,997 246,775 42,739 2,861 342 296 381,010 
Total consumer and other loans$87,997 246,823 42,896 2,861 342 296 381,215 
Accrued interest receivable2,071 
Loan discount and deferred lender fees, net of unamortized premiums(9,437)
Allowance for loan losses(43,904)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$329,945 
Gross charge-offs - three months ended March 31, 2025$— 2,076 2,847 127 9 119 5,178 
Three months ended March 31, 20252024202320222021Prior yearsTotal
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$5,427 21,515 10,133 6,070 522 1,359 45,026 
Loans in forbearance— — 210 347 145 668 1,370 
Loans in repayment status:
Loans current6,107 15,978 34,191 155,473 92,067 132,731 436,547 
Loans delinquent 30-59 days68 162 380 333 401 1,388 2,732 
Loans delinquent 60-89 days— 119 160 112 697 849 1,937 
Loans delinquent 90 days or greater— 72 690 300 80 697 1,839 
Total loans in repayment6,175 16,331 35,421 156,218 93,245 135,665 443,055 
Total private education loans$11,602 37,846 45,764 162,635 93,912 137,692 489,451 
Accrued interest receivable4,636 
Loan discount, net of unamortized premiums and deferred origination costs(3,973)
Allowance for loan losses(9,893)
Total private education loans and accrued interest receivable, net of allowance for loan losses$480,221 
Gross charge-offs - three months ended March 31, 2025$— 139 119 105 84 947 1,394 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$2,087 5,208 — — — — 7,295 
Loans in repayment status:
Loans current587 114,453 12,568 393 12,061 13,354 153,416 
Loans delinquent 30-59 days— 432 — — — 91 523 
Loans delinquent 60-89 days— 288 40 — 71 63 462 
Loans delinquent 90 days or greater— 231 42 — — 26 299 
Total loans in repayment587 115,404 12,650 393 12,132 13,534 154,700 
Total consumer and other loans$2,674 120,612 12,650 393 12,132 13,534 161,995 
Accrued interest receivable1,043 
Loan premium, net of unaccreted discount917 
Allowance for loan losses(6,617)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$157,338 
Gross charge-offs - three months ended March 31, 2025$— 192 242 — 77 58 569 
(a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
v3.25.1
Bonds and Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The following tables summarize the Company’s outstanding debt obligations by type of instrument:
 As of March 31, 2025
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,956,048 
4.71% - 6.43%
8/26/30 - 9/25/69
Bonds and notes based on auction457,395 
4.22% - 6.19%
3/22/32 - 11/1/47
Total FFELP variable-rate bonds and notes7,413,443 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations		335,506 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities821,803 
5.21% - 5.35%
5/1/26 / 7/31/26
Consumer loan warehouse facilities68,877 
6.14% / 6.42%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations49,771 
5.90% / 6.59%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations39,508 
7.15%
11/25/53
Unsecured line of credit— —9/22/26
Participation agreements2,498 
5.07% - 5.82%
5/4/25 / 1/30/33
8,731,406   
Discount on bonds and notes payable and debt issuance costs(75,249)
Total$8,656,157 
 As of December 31, 2024
Carrying
amount
Interest rate
range
Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:   
Bonds and notes based on indices$6,923,824 
4.89% - 6.45%
8/26/30 - 9/25/69
Bonds and notes based on auction36,395 
5.71% - 5.72%
3/22/32 - 8/25/37
Total FFELP variable-rate bonds and notes6,960,219 
Fixed-rate bonds and notes issued in FFELP loan asset-backed
      securitizations
346,359 
1.42% - 3.45%
10/25/67 - 8/27/68
FFELP loan warehouse facilities853,165 
4.41% - 4.69%
1/31/26 / 4/1/26
Consumer loan warehouse facilities90,000 
4.46% / 4.57%
8/1/26 / 11/13/27
Variable-rate bonds and notes issued in private education loan asset-backed securitizations54,973 
5.90% / 6.82%
6/25/49 / 11/25/53
Fixed-rate bonds and notes issued in private education loan asset-backed securitizations50,415 
5.35% / 7.15%
12/28/43 / 11/25/53
Unsecured line of credit— —9/22/26
Participation agreements3,320 
5.27% - 5.82%
5/4/25 / 1/30/33
8,358,451   
Discount on bonds and notes payable and debt issuance costs(48,654)
Total$8,309,797 
Schedule of Outstanding Line of Credit Facilities The following table summarizes the Company's warehouse facilities as of March 31, 2025.
Type of loansMaximum financing amountAmount outstandingAmount availableExpiration of liquidity provisionsFinal maturity dateAdvance rateAdvanced as equity support
FFELP (a)$600,000 544,067 55,933 7/31/20257/31/2026note (b)$39,554 
FFELP (c)375,000 277,736 97,264 5/1/20255/1/202692 %23,265 
$975,000 821,803 153,197 $62,819 
Consumer$100,000 3,877 96,123 11/13/202611/13/202770 %$1,775 
Consumer125,000 65,000 60,000 1/1/20268/1/2026
60% - 80%
21,299 
$225,000 68,877 156,123 $23,074 
(a)    On January 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to July 31, 2025 and July 31, 2026, respectively.
(b)    This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility.
(c)    On March 31, 2025, the Company extended the liquidity provisions and final maturity date on this facility to May 1, 2025 and May 1, 2026, respectively, and on April 10, 2025, extended the liquidity provisions and final maturity to May 1, 2026 and May 1, 2027, respectively.
v3.25.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s outstanding basis swaps as of March 31, 2025 and December 31, 2024 used to hedge its basis risk and repricing risk on a portion of its FFELP student loan assets. For these derivative instruments, the Company receives payments indexed to three-month SOFR and makes payments based on the one-month SOFR index (plus or minus a spread) as defined in the agreements (the "Basis Swaps").
MaturityNotional amount
2026$1,150,000 
2027250,000 
$1,400,000 
The following table summarizes the outstanding derivative instruments used by the Company as of March 31, 2025 and December 31, 2024 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
The following table summarizes the outstanding non-centrally cleared derivative instruments used by Nelnet Bank as of March 31, 2025 and December 31, 2024, to hedge exposure to variability in cash flows related to variable rate intercompany deposits.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %
202925,000 3.37 
2030 (b)50,000 3.06 
2032 (c)25,000 4.03 
2033 (d)25,000 3.90 
 $165,000 3.44 %
(a)    For all interest rate derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.
(b)    These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively.
(c)    This $25 million notional amount derivative has a forward effective start date in February 2027.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2025As of December 31, 2024As of March 31, 2025As of December 31, 2024
Interest rate swaps - Nelnet Bank$1,473 3,232 822 53 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
Fair value of asset derivativesFair value of liability derivatives
As of March 31, 2025As of December 31, 2024As of March 31, 2025As of December 31, 2024
Interest rate swaps - Nelnet Bank$1,473 3,232 822 53 
Schedule of Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Three months ended March 31,
 20252024
Settlements:  
Basis swaps$153 365 
Interest rate swaps - floor income hedges429 1,190 
Interest rate swaps - Nelnet Bank164 202 
Total settlements - income746 1,757 
Change in fair value:  
Basis swaps(138)(354)
Interest rate swaps - floor income hedges(3,657)6,060 
Interest rate swaps - Nelnet Bank(2,529)2,258 
Total change in fair value - (expense) income(6,324)7,964 
Derivative market value adjustments and derivative settlements, net - (expense) income$(5,578)9,721 
v3.25.1
Investments and Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Schedule of Investments and Notes Receivable
“Total investments and notes receivable” consisted of the following:
As of March 31, 2025As of December 31, 2024
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$129,556 4,157 (3,175)130,538 188,386 5,804 (896)193,294 
FFELP loan and other debt securities - restricted (a)120,355 3,535 (372)123,518 98,914 3,151 (78)101,987 
Private education loan (b)226,575 — (17,160)209,415 237,288 — (18,118)219,170 
Other debt securities38,942 2,692 (10)41,624 32,552 2,500 — 35,052 
Total Non-Nelnet Bank515,428 10,384 (20,717)505,095 557,140 11,455 (19,092)549,503 
Nelnet Bank:
FFELP loan239,694 6,330 (632)245,392 231,543 6,060 (270)237,333 
Private education loan5,888 — (1)5,887 1,596 — — 1,596 
Other debt securities401,700 1,855 (1,867)401,688 296,944 1,775 (1,325)297,394 
Total Nelnet Bank647,282 8,185 (2,500)652,967 530,083 7,835 (1,595)536,323 
Total available-for-sale asset-backed securities$1,162,710 18,569 (23,217)1,158,062 1,087,223 19,290 (20,687)1,085,826 
Equity securities80,841 74,494 
Total investments at fair value1,238,903 1,160,320 
Other investments and notes receivable (not measured at fair value):
Nelnet Bank: Held-to-maturity asset-backed securities
FFELP loan202,739 203,439 
Private education loan4,618 7,335 
Total Nelnet Bank held-to-maturity asset-backed securities207,357 210,774 
Venture capital, funds, and other:
Measurement alternative (c)205,749 200,782 
Equity method163,258 170,258 
Total venture capital and funds369,007 371,040 
Real estate equity method138,123 131,745 
Investment in ALLO (d):
Voting interest/equity method— — 
Preferred membership interests and accrued and unpaid preferred return234,030 225,614 
Total investment in ALLO234,030 225,614 
Beneficial interest in loan securitizations (e):
Consumer loans, net of allowance for credit losses of $39,826 and $38,590 as of March 31, 2025 and December 31, 2024, respectively
137,961 142,764 
Private education loans, net of allowance for credit losses of $1,175 and $901 as of March 31, 2025 and December 31, 2024, respectively
50,389 52,824 
Federally insured student loans18,017 18,221 
Total beneficial interest in loan securitizations, net of allowance206,367 213,809 
Solar (f)(167,048)(155,048)
Notes receivable64,281 32,258 
Tax liens, affordable housing, and other11,530 10,184 
Total other investments and notes receivable (not measured at fair value)1,063,647 1,040,376 
Total investments and notes receivable$2,302,550 $2,200,696 
(a)    Represent investments held in third-party trusts as collateral for the Company’s reinsurance business.
(b)    As sponsor of certain private education loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in the above table. The Company must retain these investment securities until the latest of (i) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (ii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party.
(c)    The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”). During the first quarter of 2025, the Company acquired additional ownership interests in Hudl for $3.8 million from existing Hudl investors. This transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the transaction value. As of March 31, 2025, the carrying amount of the Company's investment in Hudl is $172.5 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl.
(d)    The Company has both a voting and preferred membership interest investment in ALLO Holdings, LLC (referred to collectively with its subsidiary ALLO Communications LLC as "ALLO").
The Company's voting membership interest in ALLO is accounted for under the HLBV method of accounting. Under the HLBV method of accounting, the Company recognized $10.7 million of losses during the three months ended March 31, 2024, reducing the carrying value of the voting membership interest investment to $0. Absent additional equity contributions with respect to ALLO's voting membership interest, the Company will not recognize additional losses for its voting membership interest in ALLO.
As of March 31, 2025, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $225.6 million and $8.4 million, respectively. The Company earns a preferred return of 13.50% and 20.00% on $169.1 million and $56.5 million, respectively, of the Company's preferred membership interests of ALLO. The Company recognized income on its ALLO preferred membership interests of $8.4 million and $2.4 million during the three months ended March 31, 2025 and 2024, respectively.
The income statement activity from the Company's investment in ALLO is included in "other, net" in "other income (expense)" on the consolidated statements of income.
In April 2025, the Company executed a transaction that is expected to close in late May 2025. Upon closing, the Company expects all of its outstanding preferred membership interests, including the preferred return accrued on such membership interests, to be redeemed by ALLO. In addition, a portion of its voting membership interest will also be redeemed. The Company expects to receive aggregate cash proceeds of approximately $410 million from ALLO and recognize a pre-tax gain of approximately $175 million as a result of this transaction. See note 16 for additional information.
(e)    The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations, which are accounted for as held-to-maturity beneficial interest investments. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2025, the Company's ownership correlates to approximately $1.10 billion, $440 million, and $280 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations.
The Company recorded an additional $1.5 million allowance for credit losses (and related provision expense) during the three months ended March 31, 2025 on these investments. This expense is included in "impairment expense and provision for beneficial interests" on the consolidated statement of income.
(f)    The Company invests in solar tax equity investments through investment partnerships. Due to the management and control of each of these investment partnerships, such partnerships that invest in tax equity investments are consolidated on the Company’s consolidated financial statements, with the third-party co-investor’s portion being presented as noncontrolling interests. As of March 31, 2025, the Company has invested a total of $309.9 million and its third-party investors have invested $280.4 million in tax equity investments that remain outstanding in renewable energy solar partnerships that support the development and operations of solar projects. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. As of March 31, 2025, the Company and its third-party co-investors have earned $331.0 million and $265.1 million, respectively, of tax credits on those projects that remain outstanding. The solar investment negative carrying value on the consolidated balance sheet of $167.0 million as of March 31, 2025 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2025 and the calculated HLBV cumulative net losses being larger than the total investment contributions made by the Company and its syndication partners on such projects. The solar investment negative carrying value as of March 31, 2025, excluding the portion owned by syndication partners that is reflected as "noncontrolling interests" on the consolidated balance sheet, was $94.0 million.
The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The following table presents (i) the Company's recognized HLBV losses and gains recognized from sales of certain investments at the end of the contractual agreement (typically five years), which include losses and gains attributable to third-party noncontrolling interest investors (syndication partners), included in “other, net” in "other income (expense)" on the consolidated statements of income, (ii) solar net losses and gains attributed to noncontrolling interest investors included in “net loss attributable to noncontrolling interests” on the consolidated statements of income, and (iii) the Company's recognized net gain excluding amounts attributed to noncontrolling interest investors (such amount reflecting the before tax net income impact of such solar tax equity investments to the Company).
Three months ended March 31,
20252024
Losses from HLBV accounting (gross)$(2,616)(1,427)
Gains from sales (gross)3,072 4,207 
Gains from solar investments, net456 2,780 
Less: losses attributable to noncontrolling members, net(1,046)(1,641)
Net gain, excluding amounts attributed to noncontrolling interest investors$1,502 4,421 
Schedule of Investments Classified by Contractual Maturity Date
The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities as of March 31, 2025:
As of March 31, 2025
1 year or lessAfter 1 year through 5 yearsAfter 5 years through 10 yearsAfter 10 yearsTotal
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$— 204 2,514 126,838 129,556 
FFELP loan and other debt securities - restricted— 5,500 15,951 98,904 120,355 
Private education loan— — — 226,575 226,575 
Other debt securities— 100 8,487 30,355 38,942 
Total Non-Nelnet Bank— 5,804 26,952 482,672 515,428 
Fair value— 5,943 27,021 472,131 505,095 
Nelnet Bank:
FFELP loan44,926 21,799 29,022 143,947 239,694 
Private education loan— — 4,612 1,276 5,888 
Other debt securities— 27,019 64,075 310,606 401,700 
Total Nelnet Bank44,926 48,818 97,709 455,829 647,282 
Fair value44,682 48,887 98,082 461,316 652,967 
Total available-for-sale asset-backed securities at amortized cost$44,926 54,622 124,661 938,501 1,162,710 
Total available-for-sale asset-backed securities at fair value$44,682 54,830 125,103 933,447 1,158,062 
Held-to-maturity asset-backed securities
Nelnet Bank:
FFELP loan$— 2,684 11,759 188,296 202,739 
Private education loan— — — 4,618 4,618 
Total held-to-maturity asset-backed securities at amortized cost$— 2,684 11,759 192,914 207,357 
Total held-to-maturity asset-backed securities at fair value$— 2,743 11,627 198,534 212,904 
Beneficial interest in loan securitizations (a):
Amortized cost$— — — — 206,367 
Fair value$— — — — 221,991 
(a) The Company's beneficial interest in loan securitizations are not due at a single maturity date.
Schedule of Debt Securities, Held-to-Maturity and Beneficial Interest in Securitization
The following table summarizes the unrealized positions for held-to-maturity asset-backed securities investments and the beneficial interest in loan securitizations as of March 31, 2025:
Carrying valueGross unrealized gainsGross unrealized lossesFair value
Asset-backed securities$207,357 6,074 (527)212,904 
Beneficial interest in loan securitizations206,367 16,824 (1,200)221,991 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table presents securities classified as available-for-sale that have gross unrealized losses as of March 31, 2025 and the fair value of such securities as of March 31, 2025. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses.
As of March 31, 2025
Unrealized loss position less than 12 monthsUnrealized loss position 12 months or moreTotal
Unrealized lossFair valueUnrealized lossFair valueUnrealized lossFair value
Available-for-sale asset-backed securities
Non-Nelnet Bank:
FFELP loan$(240)10,614 (2,935)46,474 (3,175)57,088 
FFELP loan and other debt securities - restricted(141)12,037 (231)2,288 (372)14,325 
Private education loan— — (17,160)209,415 (17,160)209,415 
Other debt securities(10)1,990 — — (10)1,990 
Total Non-Nelnet Bank(391)24,641 (20,326)258,177 (20,717)282,818 
Nelnet Bank:
FFELP loan(418)52,348 (214)16,408 (632)68,756 
Private education loan(1)4,611 — — (1)4,611 
Other debt securities(752)29,220 (1,115)13,948 (1,867)43,168 
Total Nelnet Bank(1,171)86,179 (1,329)30,356 (2,500)116,535 
Total available-for-sale asset-backed securities$(1,562)110,820 (21,655)288,533 (23,217)399,353 
Schedule of Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities
The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities.
Three months ended
March 31,
20252024
Gross proceeds from sales$74,781 153,373 
Gross realized gains$933 1,054 
Gross realized losses(450)(502)
Net gains$483 552 
v3.25.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
Weighted average remaining useful life as of
March 31, 2025 (months)
As ofAs of
March 31, 2025December 31, 2024
Amortizable intangible assets, net:  
Customer relationships (net of accumulated amortization of $54,303 and $54,644, respectively)
94$33,541 34,960 
Trade names (net of accumulated amortization of $225 and $205, respectively)
85545 565 
Computer software (net of accumulated amortization of $1,003 and $917, respectively)
25717 803 
Total amortizable intangible assets, net93$34,803 36,328 
Schedule of Intangible Assets Future Amortization Expense The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2025, the Company estimates it will record amortization expense as follows:
2025 (April 1 - December 31)$4,574 
20266,012 
20275,714 
20285,354 
20294,008 
2030 and thereafter9,141 
 $34,803 
v3.25.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill [Abstract]  
Schedule of Goodwill
The following table presents the carrying amount of goodwill as of March 31, 2025 and December 31, 2024 by reportable operating segment:
Nelnet Financial Services
Loan Servicing and SystemsEducation Technology Services and PaymentsAsset
Generation and
Management		Nelnet BankNFS Other Operating SegmentsCorporate and Other ActivitiesTotal
Total goodwill$23,639 92,507 41,883 — — — 158,029 
v3.25.1
Bank Deposits (Tables)
 3 Months Ended
Mar. 31, 2025
Deposits [Abstract]  
Schedule of Interest-Bearing Deposits
The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits:
As ofAs of
March 31, 2025December 31, 2024
Retail and other savings$1,030,449 916,475 
Brokered CDs, net of brokered deposit fees261,495 247,872 
Retail and other CDs, net of issuance fees21,463 21,784 
Total interest-bearing deposits$1,313,407 1,186,131 
Schedule of Certificates of Deposit Maturities
The following table presents certificates of deposit remaining maturities as of March 31, 2025:
One year or less$63,507 
After one year to two years159,825 
After two years to three years1,598 
After three years to four years801 
After four years to five years43,671 
After five years13,556 
Total$282,958 
v3.25.1
Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.
 Three months ended March 31,
20252024
Common shareholdersUnvested restricted stock shareholdersTotalCommon shareholdersUnvested restricted stock shareholdersTotal
Numerator:
Net income attributable to Nelnet, Inc.$81,017 1,543 82,560 71,921 1,487 73,408 
Denominator:
Weighted-average common shares outstanding - basic and diluted35,796,531 681,895 36,478,426 36,404,364 752,607 37,156,971 
Earnings per share - basic and diluted$2.26 2.26 2.26 1.98 1.98 1.98 
v3.25.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Operating Segments Reconciled to Consolidated Financial Statements The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements.
 Three months ended March 31, 2025
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 154,469 11,971 166,440 — — — 166,439 
Investment interest721 6,939 12,769 12,496 32,925 8,820 2,312 (2,669)41,389 
Total interest income721 6,939 167,238 24,467 199,365 8,820 2,312 (2,669)207,828 
Interest expense— — 114,303 12,077 126,380 770 633 (2,669)125,114 
Net interest income721 6,939 52,935 12,390 72,985 8,050 1,679 — 82,714 
Less provision for loan losses— — 13,012 2,325 15,337 — — — 15,337 
Net interest income after provision for loan losses721 6,939 39,923 10,065 57,648 8,050 1,679 — 67,377 
Other income (expense):
LSS revenue120,741 — — — 120,741 — — — 120,741 
Intersegment revenue5,684 64 — — 5,748 — — (5,748)— 
ETSP revenue— 147,330 — — 147,330 — — — 147,330 
Reinsurance premiums earned— — — — — 24,687 — — 24,687 
Solar construction revenue— — — — — — 3,995 — 3,995 
Other, net112 — 3,995 142 4,249 1,110 18,238 97 23,694 
Gain (loss) on sale of loans, net— — 909 — 909 — — — 909 
Derivative settlements, net— — 582 164 746 — — — 746 
Derivative market value adjustments, net— — (3,795)(2,529)(6,324)— — — (6,324)
Total other income (expense), net126,537 147,394 1,691 (2,223)273,399 25,797 22,233 (5,651)315,778 
Cost of services and expenses:
Total cost of services1,633 48,047 — — 49,680 — 7,828 — 57,508 
Salaries and benefits69,574 41,741 1,221 2,816 115,352 478 22,496 (104)138,223 
Depreciation and amortization2,654 2,430 — 339 5,423 — 3,833 — 9,255 
Reinsurance losses and underwriting expenses— — — — — 22,212 — — 22,212 
Postage expense7,575 7,575 (7,575)— 
Servicing fees6,911 667 7,578 (7,578)— 
Other expenses (a)10,832 9,048 888 1,358 22,126 772 15,586 9,741 48,226 
Intersegment expenses, net16,478 5,605 1,250 710 24,043 244 (24,055)(232)— 
Total operating expenses107,113 58,824 10,270 5,890 182,097 23,706 17,860 (5,748)217,916 
Impairment expense and provision for beneficial interests— — 1,510 — 1,510 81 — — 1,591 
Total expenses108,746 106,871 11,780 5,890 233,287 23,787 25,688 (5,748)277,015 
Income (loss) before income taxes18,512 47,462 29,834 1,952 97,760 10,060 (1,776)97 106,140 
Income tax (expense) benefit(4,443)(11,402)(7,156)(434)(23,435)(2,385)810 — (25,010)
Net income (loss)14,069 36,060 22,678 1,518 74,325 7,675 (966)97 81,130 
Net loss (income) attributable to noncontrolling interests— 45 (17)— 28 (124)1,623 (97)1,430 
Net income (loss) attributable to Nelnet, Inc.$14,069 36,105 22,661 1,518 74,353 7,551 657 — 82,560 
Total assets as of March 31, 2025$184,142 469,706 10,362,549 1,689,633 12,706,030 874,667 873,211 (261,950)14,191,958 
(a)    Other expenses for each reportable segment includes:
LSS - communications, professional fees, collection costs, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, and travel.
AGM - trustee fees and professional fees.
Nelnet Bank - marketing, consulting and professional fees, software, insurance, and management fee expense.
 Three months ended March 31, 2024
Reportable SegmentsReconciling Items
Loan Servicing and Systems (LSS)Education Technology Services and Payments (ETSP)Asset
Generation and
Management		Nelnet BankTotal Reportable SegmentsNFS Other Operating SegmentsCorporate and Other ActivitiesEliminations/ ReclassificationsTotal
Interest income:
Loan interest$— — 209,628 7,096 216,724 — — — 216,724 
Investment interest1,894 7,866 21,835 9,968 41,563 15,616 3,815 (8,915)52,078 
Total interest income1,894 7,866 231,463 17,064 258,287 15,616 3,815 (8,915)268,802 
Interest expense— — 190,905 9,497 200,402 2,418 676 (8,915)194,580 
Net interest income1,894 7,866 40,558 7,567 57,885 13,198 3,139 — 74,222 
Less provision for loan losses— — 6,455 4,373 10,828 — — — 10,828 
Net interest income after provision for loan losses1,894 7,866 34,103 3,194 47,057 13,198 3,139 — 63,394 
Other income (expense):
LSS revenue127,201 — — — 127,201 — — — 127,201 
Intersegment revenue6,886 49 — — 6,935 — — (6,935)— 
ETSP revenue— 143,539 — — 143,539 — — — 143,539 
Reinsurance premiums earned— — — — — 12,780 — — 12,780 
Solar construction revenue— — — — — — 13,726 — 13,726 
Other, net710 — 4,983 375 6,068 161 (2,147)— 4,082 
Gain (loss) on sale of loans, net— — (141)— (141)— — — (141)
Derivative settlements, net— — 1,555 202 1,757 — — — 1,757 
Derivative market value adjustments, net— — 5,706 2,258 7,964 — — — 7,964 
Total other income (expense), net134,797 143,588 12,103 2,835 293,323 12,941 11,579 (6,935)310,908 
Cost of services and expenses:
Total cost of services— 48,610 — — 48,610 — 14,229 — 62,839 
Salaries and benefits76,722 40,167 1,195 2,721 120,805 358 23,521 (807)143,875 
Depreciation and amortization5,109 2,683 — 260 8,052 — 8,716 — 16,769 
Reinsurance losses and underwriting expenses— — — — — 11,317 — — 11,317 
Postage expense10,605 10,605 (10,605)— 
Servicing fees8,951 233 9,184 (9,184)— 
Other expenses (a)8,933 7,558 1,109 1,111 18,711 485 13,402 12,931 45,528 
Intersegment expenses, net19,332 4,801 1,208 557 25,898 217 (26,845)730 — 
Total operating expenses120,701 55,209 12,463 4,882 193,255 12,377 18,794 (6,935)217,489 
Impairment expense and provision for beneficial interests— — — — — — 37 — 37 
Total expenses120,701 103,819 12,463 4,882 241,865 12,377 33,060 (6,935)280,365 
Income (loss) before income taxes15,990 47,635 33,743 1,147 98,515 13,762 (18,342)— 93,937 
Income tax (expense) benefit(3,838)(11,435)(8,099)(259)(23,631)(3,274)3,723 — (23,181)
Net income (loss)12,152 36,200 25,644 888 74,884 10,488 (14,619)— 70,756 
Net loss (income) attributable to noncontrolling interests— 17 — — 17 (120)2,755 — 2,652 
Net income (loss) attributable to Nelnet, Inc.$12,152 36,217 25,644 888 74,901 10,368 (11,864)— 73,408 
Total assets as of March 31, 2024$212,381 389,990 12,315,238 1,125,122 14,042,731 1,111,587 803,709 (583,815)15,374,212 
(a)    Other expenses for each reportable segment includes:
LSS - occupancy, communications, professional fees, software, and computer services and subscriptions.
ETSP - advertising, professional fees, analysis fees, computer services and subscriptions, travel, and provision for losses.
AGM - trustee fees and professional fees.
Nelnet Bank - consulting and professional fees, software, and insurance.
v3.25.1
Disaggregated Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables present disaggregated revenue for the Company's fee-based operating segments.
Loan Servicing and Systems
 Three months ended March 31,
 20252024
Government loan servicing$87,358 105,474 
Private education and consumer loan servicing22,696 12,620 
FFELP loan servicing2,633 3,380 
Software services6,992 4,541 
Outsourced services1,062 1,186 
Loan servicing and systems revenue$120,741 127,201 
 Three months ended March 31,
 20252024
Tuition payment plan services$40,072 38,880 
Payment processing51,536 47,786 
Education technology services55,695 56,021 
Other27 852 
Education technology services and payments revenue$147,330 143,539 
Three months ended March 31,
20252024
Commercial revenue$3,989 11,920 
Residential revenue (a)6 1,806 
Solar construction revenue$3,995 13,726 
(a)    In April 2024, the Company announced a change in its solar engineering, procurement, and construction operations to focus exclusively on the commercial solar market and will discontinue its residential solar operations. As a result, residential revenue will decline from historical amounts as existing customer contracts are completed.
Schedule of Components of Other Income (Expenses)
The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income:
Three months ended March 31,
20252024
ALLO preferred return$8,416 2,409 
Investment activity, net5,161 (1,298)
Borrower late fee income1,587 3,133 
Investment advisory services (WRCM)1,473 1,508 
Administration/sponsor fee income1,305 1,546 
Gain from solar investments, net456 2,780 
Loss from ALLO voting membership interest investment— (10,693)
Other5,296 4,697 
Other, net$23,694 4,082 
v3.25.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Effects of Reinsurance
The following table presents reinsurance premiums written and earned and loss reserves, commissions, and broker fees.
Three months ended March 31,
20252024
Premiums written:
Assumed$60,853 30,887 
Ceded(23,229)(15,443)
Net premiums written$37,624 15,444 
Premiums earned:
Assumed$47,723 25,504 
Ceded(23,036)(12,724)
Net premiums earned$24,687 12,780 
Loss reserve, commissions, and broker fees:
Assumed$42,641 22,842 
Ceded(20,429)(11,525)
Reinsurance losses and underwriting expenses$22,212 11,317 
v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.
 As of March 31, 2025As of December 31, 2024
 Level 1Level 2TotalLevel 1Level 2Total
Assets:   
Investments:
Asset-backed debt securities - available-for-sale$100 1,157,962 1,158,062 100 1,085,726 1,085,826 
Equity securities445 — 445 455 — 455 
Equity securities measured at net asset value (a)80,396 74,039 
Total investments545 1,157,962 1,238,903 555 1,085,726 1,160,320 
Derivative instruments— 1,473 1,473 — 3,232 3,232 
Total assets$545 1,159,435 1,240,376 555 1,088,958 1,163,552 
Liabilities:
Derivative instruments$— 822 822 — 53 53 
Total liabilities$— 822 822 — 53 53 
(a)    In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Schedule of Fair Value, by Balance Sheet Grouping
The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets. The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2024 Annual Report.
 As of March 31, 2025
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,268,097 9,856,429 — — 10,268,097 
Accrued loan interest receivable566,275 566,275 — 566,275 — 
Cash and cash equivalents220,517 220,517 220,517 — — 
Investments at fair value1,238,903 1,238,903 545 1,157,962 — 
Investments - held-to-maturity asset-backed securities212,904 207,357 — 212,904 — 
Notes receivable64,281 64,281 — 64,281 — 
Beneficial interest in loan securitizations221,991 206,367 — — 221,991 
Restricted cash317,139 317,139 317,139 — — 
Restricted cash – due to customers294,471 294,471 294,471 — — 
Derivative instruments1,473 1,473 — 1,473 — 
Financial liabilities:  
Bonds and notes payable8,584,733 8,656,157 — 8,584,733 — 
Accrued interest payable22,394 22,394 — 22,394 — 
Bank deposits1,300,242 1,313,407 858,424 441,818 — 
Due to customers379,277 379,277 379,277 — — 
Derivative instruments822 822 — 822 — 
 As of December 31, 2024
 Fair valueCarrying valueLevel 1Level 2Level 3
Financial assets:    
Loans receivable$10,008,165 9,443,461 — — 10,008,165 
Accrued loan interest receivable549,283 549,283 — 549,283 — 
Cash and cash equivalents194,518 194,518 194,518 — — 
Investments at fair value1,160,320 1,160,320 555 1,085,726 — 
Investments - held-to-maturity asset-backed securities216,164 210,774 — 216,164 — 
Notes receivable32,258 32,258 — 32,258 — 
Beneficial interest in loan securitizations229,510 213,809 — — 229,510 
Restricted cash332,100 332,100 332,100 — — 
Restricted cash – due to customers404,402 404,402 404,402 — — 
Derivative instruments3,232 3,232 — 3,232 — 
Financial liabilities:  
Bonds and notes payable8,343,565 8,309,797 — 8,343,565 — 
Accrued interest payable21,046 21,046 — 21,046 — 
Bank deposits1,172,707 1,186,131 744,721 427,986 — 
Due to customers478,469 478,469 478,469 — — 
Derivative instruments53 53 — 53 — 
v3.25.1
Reclassification and Immaterial Error Corrections (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]        
Reclassification adjustment $ (23,694) $ (4,082)    
Pre-tax loss from equity investment (1,430) (2,652)    
Net income attributable to Nelnet, Inc. 82,560 73,408    
Net income (loss) attributable to parent 3,363,009 3,235,720 $ 3,299,117 $ 3,200,107
Loan Sales | Revision of Prior Period, Reclassification, Adjustment        
Variable Interest Entity [Line Items]        
Reclassification adjustment   100    
Solar        
Variable Interest Entity [Line Items]        
Pre-tax loss from equity investment (1,046) (1,641)    
Net income attributable to Nelnet, Inc. $ 1,502 4,421    
Solar | Revision of Prior Period, Reclassification, Adjustment        
Variable Interest Entity [Line Items]        
Reclassification adjustment   200    
Pre-tax loss from equity investment   400    
Net income attributable to Nelnet, Inc.   $ 200    
Net income (loss) attributable to parent       $ (21,800)
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Accrued interest receivable $ 566,275 $ 549,283    
Loan discount, net of unamortized premiums and deferred origination costs (45,134) (42,114)    
Allowance for loan losses (120,076) (114,890) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,422,704 9,992,744    
Non-Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 9,260,006 8,955,868    
Allowance for loan losses (103,204) (98,689)    
Federally insured loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 8,670,284 8,388,564 10,383,052  
Accrued interest receivable 551,512 540,272 677,001  
Allowance for loan losses (48,906) (49,091) (61,723) (68,453)
Financing receivable, after allowance for credit loss 9,144,870 8,858,232 10,971,672  
Federally insured loans - Non-Nelnet Bank | Stafford and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 2,102,961 2,108,960    
Federally insured loans - Non-Nelnet Bank | Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 6,567,323 6,279,604    
Private education loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 208,507 221,744 261,582  
Accrued interest receivable 1,948 2,019 2,560  
Allowance for loan losses (10,394) (11,130) (14,736) (15,750)
Financing receivable, after allowance for credit loss 194,133 206,283 241,790  
Consumer loans and other loans - Non-Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 381,215 345,560 155,308  
Accrued interest receivable 2,071 1,868 1,209  
Allowance for loan losses (43,904) (38,468) (18,761) (11,742)
Financing receivable, after allowance for credit loss 329,945 298,247 132,305  
Nelnet Bank loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 761,633 644,597    
Allowance for loan losses (16,872) (16,201)    
Federally insured loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 110,187 0    
Allowance for loan losses (362) 0    
Federally insured loans - Nelnet Bank | Stafford and other        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 10,336 0    
Federally insured loans - Nelnet Bank | Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 99,851 0    
Private education loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 489,451 482,445 364,766  
Accrued interest receivable 4,636 4,103 2,445  
Allowance for loan losses (9,893) (10,086) (3,660) (3,347)
Financing receivable, after allowance for credit loss 480,221 471,881 369,243  
Consumer and other loans - Nelnet Bank        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 161,995 162,152 118,957  
Accrued interest receivable 1,043 1,021 880  
Allowance for loan losses (6,617) (6,115) (7,128) $ (5,351)
Financing receivable, after allowance for credit loss $ 157,338 $ 158,101 $ 114,068  
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)
Mar. 31, 2025
Dec. 31, 2024
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.56% 0.59%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 20.20% 20.60%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.98% 5.02%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 11.52% 11.13%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 2.02% 2.09%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 4.08% 3.77%
Federally insured loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Allowance for loan losses as a percentage of the ending balance 0.33% 0.00%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty 16.30%  
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Bonds and notes payable $ 8,656,157 $ 8,309,797    
Cash, cash equivalents, and restricted cash 832,127 931,020 $ 940,823 $ 1,025,491
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Liability related to unfunded education loan commitments 198 326    
Unfunded private education loan commitments 28,800 $ 40,700    
Student Loan, Stafford and Consolidation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans receivable, gross 646,900      
Bonds and notes payable 721,300      
Cash, cash equivalents, and restricted cash 32,200      
Other Net Assets 27,400      
Financing receivable, after allowance for credit loss, net discount 6,600      
Financing receivable, after allowance for credit loss, bonds and notes payable discount $ 31,100      
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 114,890 $ 104,643
Provision (negative provision) for loan losses 15,465 10,929
Charge-offs (10,896) (10,238)
Recoveries 617 674
Balance at end of period 120,076 106,008
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 49,091 68,453
Provision (negative provision) for loan losses 2,634 (1,870)
Charge-offs (2,819) (4,860)
Recoveries 0 0
Balance at end of period 48,906 61,723
Private education loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 11,130 15,750
Provision (negative provision) for loan losses 0 (265)
Charge-offs (933) (1,013)
Recoveries 197 264
Balance at end of period 10,394 14,736
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 38,468 11,742
Provision (negative provision) for loan losses 10,378 8,590
Charge-offs (5,178) (1,952)
Recoveries 236 381
Balance at end of period 43,904 18,761
Federally insured loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 0  
Provision (negative provision) for loan losses 365  
Charge-offs (3)  
Recoveries 0  
Balance at end of period 362  
Private education loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 10,086 3,347
Provision (negative provision) for loan losses 1,085 757
Charge-offs (1,394) (446)
Recoveries 116 2
Balance at end of period 9,893 3,660
Consumer and other loans - Nelnet Bank    
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period 6,115 5,351
Provision (negative provision) for loan losses 1,003 3,717
Charge-offs (569) (1,967)
Recoveries 68 27
Balance at end of period $ 6,617 $ 7,128
v3.25.1
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, 2025
Mar. 31, 2024
Federally insured loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.13% 0.17%
Private education loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 1.39% 1.12%
Consumer loans and other loans - Non-Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 5.44% 5.71%
Federally insured loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 0.05% 0.00%
Private education loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 1.06% 0.49%
Consumer and other loans - Nelnet Bank    
Financing Receivable, Credit Ratio [Line Items]    
Net charge-offs as a percentage of average loans 1.25% 8.01%
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Unfunded Loan Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Receivables [Abstract]    
Provision for loan losses from allowance activity table above $ 15,465 $ 10,929
Negative provision for unfunded loan commitments (128) (101)
Provision for loan losses reported in consolidated statements of income $ 15,337 $ 10,828
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Loans in repayment status:        
Accrued interest receivable $ 566,275 $ 549,283    
Allowance for loan losses (120,076) (114,890) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,422,704 9,992,744    
Private education loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 5,850 $ 5,997 $ 8,979  
Loans in-school/grace/deferment, percent 2.80% 2.70% 3.40%  
Loans in forbearance $ 1,512 $ 2,089 $ 2,601  
Loans in forbearance, percent 0.70% 0.90% 1.00%  
Loans in repayment status:        
Loans receivable, gross $ 208,507 $ 221,744 $ 261,582  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 201,145 $ 213,658 $ 250,002  
Loans in repayment, percent 96.50% 96.40% 95.60%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,948 $ 2,019 $ 2,560  
Loan discount, net of unamortized premiums and deferred origination costs (5,928) (6,350) (7,616)  
Allowance for loan losses (10,394) (11,130) (14,736) (15,750)
Financing receivable, after allowance for credit loss 194,133 206,283 241,790  
Private education loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 195,573 $ 206,825 $ 243,637  
Loans current, percentage 97.20% 96.80% 97.40%  
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 2,136 $ 3,424 $ 2,162  
Loans past due, percentage 1.10% 1.60% 0.90%  
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 1,794 $ 1,275 $ 1,542  
Loans past due, percentage 0.90% 0.60% 0.60%  
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,642 $ 2,134 $ 2,661  
Loans past due, percentage 0.80% 1.00% 1.10%  
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 205 $ 150 $ 54  
Loans in-school/grace/deferment, percent 0.10% 0.00% 0.00%  
Loans in repayment status:        
Loans receivable, gross $ 381,215 $ 345,560 $ 155,308  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 381,010 $ 345,410 $ 155,254  
Loans in repayment, percent 99.90% 100.00% 100.00%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 2,071 $ 1,868 $ 1,209  
Loan discount, net of unamortized premiums and deferred origination costs (9,437) (10,713) (5,451)  
Allowance for loan losses (43,904) (38,468) (18,761) (11,742)
Financing receivable, after allowance for credit loss 329,945 298,247 132,305  
Consumer loans and other loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 369,364 $ 335,355 $ 150,947  
Loans current, percentage 97.00% 97.10% 97.20%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 3,413 $ 3,667 $ 1,758  
Loans past due, percentage 0.90% 1.10% 1.10%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross $ 3,170 $ 2,143 $ 1,471  
Loans past due, percentage 0.80% 0.60% 1.00%  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 5,063 $ 4,245 $ 1,078  
Loans past due, percentage 1.30% 1.20% 0.70%  
Federally insured loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 3,000      
Loans in-school/grace/deferment, percent 2.70%      
Loans in forbearance $ 5,433      
Loans in forbearance, percent 4.90%      
Loans in repayment status:        
Loans receivable, gross $ 110,187      
Total loans in repayment, percentage 100.00%      
Total loans in repayment $ 101,754      
Loans in repayment, percent 92.40%      
Total loans, percent 100.00%      
Accrued interest receivable $ 5,065      
Loan discount, net of unamortized premiums and deferred origination costs 1,307      
Allowance for loan losses (362)      
Financing receivable, after allowance for credit loss 116,197      
Federally insured loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 92,027      
Loans current, percentage 90.40%      
Federally insured loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 3,725      
Loans past due, percentage 3.70%      
Federally insured loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 1,447      
Loans past due, percentage 1.40%      
Federally insured loans - Nelnet Bank | Financing receivables, 90-119 days past due        
Loans in repayment status:        
Loans receivable, gross $ 1,063      
Loans past due, percentage 1.00%      
Federally insured loans - Nelnet Bank | Financing receivables, 120-270 days past due        
Loans in repayment status:        
Loans receivable, gross $ 2,423      
Loans past due, percentage 2.40%      
Federally insured loans - Nelnet Bank | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,069      
Loans past due, percentage 1.10%      
Private education loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 45,026 $ 31,674 $ 42,699  
Loans in-school/grace/deferment, percent 9.20% 6.60% 11.70%  
Loans in forbearance $ 1,370 $ 3,061 $ 1,277  
Loans in forbearance, percent 0.30% 0.60% 0.40%  
Loans in repayment status:        
Loans receivable, gross $ 489,451 $ 482,445 $ 364,766  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 443,055 $ 447,710 $ 320,790  
Loans in repayment, percent 90.50% 92.80% 87.90%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 4,636 $ 4,103 $ 2,445  
Loan discount, net of unamortized premiums and deferred origination costs (3,973) (4,581) 5,692  
Allowance for loan losses (9,893) (10,086) (3,660) (3,347)
Financing receivable, after allowance for credit loss 480,221 471,881 369,243  
Private education loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 436,547 $ 439,569 $ 318,906  
Loans current, percentage 98.50% 98.20% 99.40%  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 2,732 $ 4,327 $ 327  
Loans past due, percentage 0.60% 1.00% 0.10%  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 1,937 $ 1,497 $ 665  
Loans past due, percentage 0.50% 0.30% 0.20%  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 1,839 $ 2,317 $ 892  
Loans past due, percentage 0.40% 0.50% 0.30%  
Consumer and other loans - Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 7,295 $ 5,186 $ 141  
Loans in-school/grace/deferment, percent 4.50% 3.20% 0.10%  
Loans in repayment status:        
Loans receivable, gross $ 161,995 $ 162,152 $ 118,957  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 154,700 $ 156,966 $ 118,816  
Loans in repayment, percent 95.50% 96.80% 99.90%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 1,043 $ 1,021 $ 880  
Loan discount, net of unamortized premiums and deferred origination costs 917 1,043 1,359  
Allowance for loan losses (6,617) (6,115) (7,128) (5,351)
Financing receivable, after allowance for credit loss 157,338 158,101 114,068  
Consumer and other loans - Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 153,416 $ 155,772 $ 115,152  
Loans current, percentage 99.20% 99.20% 96.90%  
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans receivable, gross $ 523 $ 803 $ 1,511  
Loans past due, percentage 0.30% 0.50% 1.30%  
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans receivable, gross $ 462 $ 243 $ 1,084  
Loans past due, percentage 0.30% 0.20% 0.90%  
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 299 $ 148 $ 1,069  
Loans past due, percentage 0.20% 0.10% 0.90%  
Federally insured loans - Non-Nelnet Bank        
Financing Receivable, Recorded Investment [Line Items]        
Loans in-school/grace/deferment $ 401,868 $ 376,765 $ 490,402  
Loans in-school/grace/deferment, percent 4.60% 4.50% 4.70%  
Loans in forbearance $ 546,170 $ 586,412 $ 777,141  
Loans in forbearance, percent 6.30% 7.00% 7.50%  
Loans in repayment status:        
Loans receivable, gross $ 8,670,284 $ 8,388,564 $ 10,383,052  
Total loans in repayment, percentage 100.00% 100.00% 100.00%  
Total loans in repayment $ 7,722,246 $ 7,425,387 $ 9,115,509  
Loans in repayment, percent 89.10% 88.50% 87.80%  
Total loans, percent 100.00% 100.00% 100.00%  
Accrued interest receivable $ 551,512 $ 540,272 $ 677,001  
Loan discount, net of unamortized premiums and deferred origination costs (28,020) (21,513) (26,658)  
Allowance for loan losses (48,906) (49,091) (61,723) $ (68,453)
Financing receivable, after allowance for credit loss 9,144,870 8,858,232 10,971,672  
Federally insured loans - Non-Nelnet Bank | Loans current        
Loans in repayment status:        
Loans receivable, gross $ 6,536,815 $ 6,374,897 $ 7,691,650  
Loans current, percentage 84.70% 85.90% 84.40%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 30-59 days        
Loans in repayment status:        
Loans past due, percentage 4.00%      
Federally insured loans - Non-Nelnet Bank | Loans delinquent 60-89 days        
Loans in repayment status:        
Loans past due, percentage 3.10%      
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Loans in repayment status:        
Loans receivable, gross $ 306,032 $ 243,348 $ 360,237  
Loans past due, percentage   3.30% 3.90%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Loans in repayment status:        
Loans receivable, gross 239,477 $ 166,474 $ 189,035  
Loans past due, percentage   2.20% 2.10%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days        
Loans in repayment status:        
Loans receivable, gross $ 155,641 $ 113,838 $ 143,656  
Loans past due, percentage 2.00% 1.50% 1.60%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days        
Loans in repayment status:        
Loans receivable, gross $ 326,523 $ 380,823 $ 422,979  
Loans past due, percentage 4.20% 5.10% 4.60%  
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater        
Loans in repayment status:        
Loans receivable, gross $ 157,758 $ 146,007 $ 307,952  
Loans past due, percentage 2.00% 2.00% 3.40%  
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Private education loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year $ 11,602 $ 27,747  
Fiscal year before current fiscal year 37,846 48,159  
Fiscal year two years before current fiscal year 45,764 168,137  
Fiscal year three years before current fiscal year 162,635 97,969  
Fiscal year four years before current fiscal year 93,912 7,554  
Fiscal year five years before current fiscal year 137,692 132,879  
Total loans 489,451 482,445 $ 364,766
Private education loans - Nelnet Bank | Less than 680      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 857 2,566  
Fiscal year before current fiscal year 3,037 3,578  
Fiscal year two years before current fiscal year 3,291 4,759  
Fiscal year three years before current fiscal year 4,633 4,182  
Fiscal year four years before current fiscal year 3,989 331  
Fiscal year five years before current fiscal year 15,620 15,485  
Total loans 31,427 30,901  
Private education loans - Nelnet Bank | 705 - 734      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 1,613 3,736  
Fiscal year before current fiscal year 5,152 8,874  
Fiscal year two years before current fiscal year 8,689 19,666  
Fiscal year three years before current fiscal year 19,100 7,531  
Fiscal year four years before current fiscal year 7,345 426  
Fiscal year five years before current fiscal year 12,841 12,349  
Total loans 54,740 52,582  
Private education loans - Nelnet Bank | 735 - 764      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,887 4,398  
Fiscal year before current fiscal year 5,844 8,629  
Fiscal year two years before current fiscal year 8,105 29,918  
Fiscal year three years before current fiscal year 28,984 12,775  
Fiscal year four years before current fiscal year 12,156 1,286  
Fiscal year five years before current fiscal year 18,911 17,920  
Total loans 76,887 74,926  
Private education loans - Nelnet Bank | 765 - 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,498 4,600  
Fiscal year before current fiscal year 6,538 6,115  
Fiscal year two years before current fiscal year 5,854 46,340  
Fiscal year three years before current fiscal year 45,042 24,073  
Fiscal year four years before current fiscal year 23,344 1,105  
Fiscal year five years before current fiscal year 24,578 23,867  
Total loans 107,854 106,100  
Private education loans - Nelnet Bank | Greater than 794      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 3,747 9,971  
Fiscal year before current fiscal year 14,873 15,471  
Fiscal year two years before current fiscal year 14,433 67,454  
Fiscal year three years before current fiscal year 64,876 49,408  
Fiscal year four years before current fiscal year 47,078 4,406  
Fiscal year five years before current fiscal year 65,742 63,258  
Total loans 210,749 209,968  
Private education loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 0 2,476  
Fiscal year before current fiscal year 2,402 5,492  
Fiscal year two years before current fiscal year 5,392 0  
Fiscal year three years before current fiscal year 0 0  
Fiscal year four years before current fiscal year 0 0  
Fiscal year five years before current fiscal year 0 0  
Total loans 7,794 7,968  
Consumer and other loans - Nelnet Bank      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,674 121,740  
Fiscal year before current fiscal year 120,612 13,278  
Fiscal year two years before current fiscal year 12,650 399  
Fiscal year three years before current fiscal year 393 12,417  
Fiscal year four years before current fiscal year 12,132 8,878  
Fiscal year five years before current fiscal year 13,534 5,440  
Total loans 161,995 162,152 $ 118,957
Consumer and other loans - Nelnet Bank | Less than 720      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 57 19,264  
Fiscal year before current fiscal year 18,944 1,762  
Fiscal year two years before current fiscal year 1,630 0  
Fiscal year three years before current fiscal year 0 376  
Fiscal year four years before current fiscal year 371 675  
Fiscal year five years before current fiscal year 1,655 1,170  
Total loans 22,657 23,247  
Consumer and other loans - Nelnet Bank | 720 - 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 266 41,217  
Fiscal year before current fiscal year 40,681 4,502  
Fiscal year two years before current fiscal year 4,196 19  
Fiscal year three years before current fiscal year 17 6,152  
Fiscal year four years before current fiscal year 5,916 5,448  
Fiscal year five years before current fiscal year 8,115 3,105  
Total loans 59,191 60,443  
Consumer and other loans - Nelnet Bank | Greater than 769      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 2,337 57,323  
Fiscal year before current fiscal year 56,077 6,577  
Fiscal year two years before current fiscal year 6,389 103  
Fiscal year three years before current fiscal year 100 5,834  
Fiscal year four years before current fiscal year 5,791 2,755  
Fiscal year five years before current fiscal year 3,764 1,165  
Total loans 74,458 73,757  
Consumer and other loans - Nelnet Bank | No FICO score available or required      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current fiscal year 14 3,936  
Fiscal year before current fiscal year 4,910 437  
Fiscal year two years before current fiscal year 435 277  
Fiscal year three years before current fiscal year 276 55  
Fiscal year four years before current fiscal year 54 0  
Fiscal year five years before current fiscal year 0 0  
Total loans $ 5,689 $ 4,705  
v3.25.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]        
Accrued interest receivable $ 566,275 $ 549,283    
Allowance for loan losses (120,076) (114,890) $ (106,008) $ (104,643)
Financing receivable, after allowance for credit loss 10,422,704 9,992,744    
Private education loans - Non-Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 188      
2022 4,485      
2021 7,954      
Prior years 195,880      
Total loans 208,507 221,744 261,582  
Accrued interest receivable 1,948 2,019 2,560  
Loan premium (discount) (5,928) (6,350) (7,616)  
Allowance for loan losses (10,394) (11,130) (14,736) (15,750)
Financing receivable, after allowance for credit loss 194,133 206,283 241,790  
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 933      
Current period gross charge-offs, total 933      
Private education loans - Non-Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 195,573 206,825 243,637  
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,136 3,424 2,162  
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,794 1,275 1,542  
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,642 2,134 2,661  
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 0      
2022 487      
2021 2,295      
Prior years 3,068      
Total loans 5,850      
Private education loans - Non-Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 0      
2022 29      
2021 525      
Prior years 958      
Total loans 1,512      
Private education loans - Non-Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 188      
2022 3,969      
2021 5,134      
Prior years 191,854      
Total loans 201,145      
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 188      
2022 3,966      
2021 4,958      
Prior years 186,461      
Total loans 195,573      
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, 2025 0      
2024 0      
2023 0      
2022 0      
2021 64      
Prior years 2,072      
Total loans 2,136      
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, 2025 0      
2024 0      
2023 0      
2022 3      
2021 25      
Prior years 1,766      
Total loans 1,794      
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, 2025 0      
2024 0      
2023 0      
2022 0      
2021 87      
Prior years 1,555      
Total loans 1,642      
Consumer loans and other loans - Non-Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 87,997      
2024 246,823      
2023 42,896      
2022 2,861      
2021 342      
Prior years 296      
Total loans 381,215 345,560 155,308  
Accrued interest receivable 2,071 1,868 1,209  
Loan premium (discount) (9,437) (10,713) (5,451)  
Allowance for loan losses (43,904) (38,468) (18,761) (11,742)
Financing receivable, after allowance for credit loss 329,945 298,247 132,305  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 2,076      
Current period gross charge-offs, two years before current fiscal year 2,847      
Current period gross charge-offs, three years before current fiscal year 127      
Current period gross charge-offs, four years before current fiscal year 9      
Current period gross charge-offs, more than five years before current fiscal year 119      
Current period gross charge-offs, total 5,178      
Consumer loans and other loans - Non-Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 369,364 335,355 150,947  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 3,413 3,667 1,758  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 3,170 2,143 1,471  
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 5,063 4,245 1,078  
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 48      
2023 157      
2022 0      
2021 0      
Prior years 0      
Total loans 205      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 87,997      
2024 246,775      
2023 42,739      
2022 2,861      
2021 342      
Prior years 296      
Total loans 381,010      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 87,997      
2024 238,966      
2023 39,437      
2022 2,345      
2021 323      
Prior years 296      
Total loans 369,364      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 1,949      
2023 1,199      
2022 246      
2021 19      
Prior years 0      
Total loans 3,413      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 1,971      
2023 979      
2022 220      
2021 0      
Prior years 0      
Total loans 3,170      
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 3,889      
2023 1,124      
2022 50      
2021 0      
Prior years 0      
Total loans 5,063      
Private education loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 11,602 27,747    
2024 37,846 48,159    
2023 45,764 168,137    
2022 162,635 97,969    
2021 93,912 7,554    
Prior years 137,692 132,879    
Total loans 489,451 482,445 364,766  
Accrued interest receivable 4,636 4,103 2,445  
Loan premium (discount) (3,973) (4,581) 5,692  
Loan discount, net of unamortized premiums and deferred origination costs (3,973)      
Allowance for loan losses (9,893) (10,086) (3,660) (3,347)
Financing receivable, after allowance for credit loss 480,221 471,881 369,243  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 139      
Current period gross charge-offs, two years before current fiscal year 119      
Current period gross charge-offs, three years before current fiscal year 105      
Current period gross charge-offs, four years before current fiscal year 84      
Current period gross charge-offs, more than five years before current fiscal year 947      
Current period gross charge-offs, total 1,394      
Private education loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 436,547 439,569 318,906  
Private education loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 2,732 4,327 327  
Private education loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,937 1,497 665  
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 1,839 2,317 892  
Private education loans - Nelnet Bank | Loans in-school/grace/deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 5,427      
2024 21,515      
2023 10,133      
2022 6,070      
2021 522      
Prior years 1,359      
Total loans 45,026      
Private education loans - Nelnet Bank | Loans in forbearance        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 0      
2024 0      
2023 210      
2022 347      
2021 145      
Prior years 668      
Total loans 1,370      
Private education loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 6,175      
2024 16,331      
2023 35,421      
2022 156,218      
2021 93,245      
Prior years 135,665      
Total loans 443,055      
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 6,107      
2024 15,978      
2023 34,191      
2022 155,473      
2021 92,067      
Prior years 132,731      
Total loans 436,547      
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, 2025 68      
2024 162      
2023 380      
2022 333      
2021 401      
Prior years 1,388      
Total loans 2,732      
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, 2025 0      
2024 119      
2023 160      
2022 112      
2021 697      
Prior years 849      
Total loans 1,937      
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, 2025 0      
2024 72      
2023 690      
2022 300      
2021 80      
Prior years 697      
Total loans 1,839      
Consumer and other loans - Nelnet Bank        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 2,674 121,740    
2024 120,612 13,278    
2023 12,650 399    
2022 393 12,417    
2021 12,132 8,878    
Prior years 13,534 5,440    
Total loans 161,995 162,152 118,957  
Accrued interest receivable 1,043 1,021 880  
Loan premium (discount) 917 1,043 1,359  
Allowance for loan losses (6,617) (6,115) (7,128) $ (5,351)
Financing receivable, after allowance for credit loss 157,338 158,101 114,068  
Current period gross charge-offs, current fiscal year 0      
Current period gross charge-offs, fiscal year before current fiscal year 192      
Current period gross charge-offs, two years before current fiscal year 242      
Current period gross charge-offs, three years before current fiscal year 0      
Current period gross charge-offs, four years before current fiscal year 77      
Current period gross charge-offs, more than five years before current fiscal year 58      
Current period gross charge-offs, total 569      
Consumer and other loans - Nelnet Bank | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 153,416 155,772 115,152  
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 523 803 1,511  
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 462 243 1,084  
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater        
Financing Receivable, Credit Quality Indicator [Line Items]        
Total loans 299 $ 148 $ 1,069  
Consumer and other loans - Nelnet Bank | Loans in deferment        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 2,087      
2024 5,208      
2023 0      
2022 0      
2021 0      
Prior years 0      
Total loans 7,295      
Consumer and other loans - Nelnet Bank | Loans in repayment status:        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 587      
2024 115,404      
2023 12,650      
2022 393      
2021 12,132      
Prior years 13,534      
Total loans 154,700      
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current        
Financing Receivable, Credit Quality Indicator [Line Items]        
Three months ended March 31, 2025 587      
2024 114,453      
2023 12,568      
2022 393      
2021 12,061      
Prior years 13,354      
Total loans 153,416      
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, 2025 0      
2024 432      
2023 0      
2022 0      
2021 0      
Prior years 91      
Total loans 523      
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, 2025 0      
2024 288      
2023 40      
2022 0      
2021 71      
Prior years 63      
Total loans 462      
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, 2025 0      
2024 231      
2023 42      
2022 0      
2021 0      
Prior years 26      
Total loans $ 299      
v3.25.1
Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 8,731,406 $ 8,358,451
Discount on bonds and notes payable and debt issuance costs (75,249) (48,654)
Bonds and notes payable, net 8,656,157 8,309,797
Unsecured line of credit    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 0 $ 0
Interest rate 0.00% 0.00%
Participation agreements    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 2,498 $ 3,320
Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 6,956,048 6,923,824
Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 457,395 36,395
Federally insured | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 7,413,443 6,960,219
Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 335,506 346,359
Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 821,803 853,165
Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 68,877 90,000
Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross 49,771 54,973
Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Bonds and notes payable, gross $ 39,508 $ 50,415
Interest rate 7.15%  
Minimum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.07% 5.27%
Minimum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 4.71% 4.89%
Minimum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 4.22% 5.71%
Minimum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 1.42% 1.42%
Minimum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.21% 4.41%
Minimum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 6.14% 4.46%
Minimum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 5.90% 5.90%
Minimum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   5.35%
Maximum | Participation agreements    
Debt Instrument [Line Items]    
Interest rate 5.82% 5.82%
Maximum | Federally insured | Bonds and notes based on indices    
Debt Instrument [Line Items]    
Interest rate 6.43% 6.45%
Maximum | Federally insured | Bonds and notes based on auction    
Debt Instrument [Line Items]    
Interest rate 6.19% 5.72%
Maximum | Federally insured | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 3.45% 3.45%
Maximum | Federally insured | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 5.35% 4.69%
Maximum | Consumer Loan | Warehouse facilities    
Debt Instrument [Line Items]    
Interest rate 6.42% 4.57%
Maximum | Private education | Variable-rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate 6.59% 6.82%
Maximum | Private education | Fixed rate bonds and notes    
Debt Instrument [Line Items]    
Interest rate   7.15%
v3.25.1
Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse facilities
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
FFELP Warehouse Facilities  
Line of Credit Facility [Line Items]  
Maximum financing amount $ 975,000
Amount outstanding 821,803
Amount available 153,197
Advanced as equity support 62,819
FFELP Warehouse Facility Due January 2025  
Line of Credit Facility [Line Items]  
Maximum financing amount 600,000
Amount outstanding 544,067
Amount available 55,933
Advanced as equity support 39,554
FFELP Warehouse Facility Due April 2025  
Line of Credit Facility [Line Items]  
Maximum financing amount 375,000
Amount outstanding 277,736
Amount available $ 97,264
Advance rate 92.00%
Advanced as equity support $ 23,265
FFELP Warehouse Facility Due November 2024  
Line of Credit Facility [Line Items]  
Advance rate, maximum, lower range 90.00%
Advance rate, maximum, higher range 96.00%
Advance rate, minimum, lower range 84.00%
Advance rate, minimum, higher range 90.00%
Consumer Loan Warehouse Facility  
Line of Credit Facility [Line Items]  
Maximum financing amount $ 225,000
Amount outstanding 68,877
Amount available 156,123
Advanced as equity support 23,074
Consumer Loan Warehouse Facility Due November 2024  
Line of Credit Facility [Line Items]  
Maximum financing amount 100,000
Amount outstanding 3,877
Amount available $ 96,123
Advance rate 70.00%
Advanced as equity support $ 1,775
Consumer Loan Warehouse Facility Due January 2026  
Line of Credit Facility [Line Items]  
Maximum financing amount 125,000
Amount outstanding 65,000
Amount available 60,000
Advanced as equity support $ 21,299
Consumer Loan Warehouse Facility Due January 2026 | Minimum  
Line of Credit Facility [Line Items]  
Advance rate 60.00%
Consumer Loan Warehouse Facility Due January 2026 | Maximum  
Line of Credit Facility [Line Items]  
Advance rate 80.00%
v3.25.1
Bonds and Notes Payable - Narrative (Details)
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]  
Par value of asset-based securities $ 1,158,062,000
Asset-backed securities  
Debt Instrument [Line Items]  
Par value of asset-based securities 97,400,000
Unsecured Line of Credit | Line of Credit  
Debt Instrument [Line Items]  
Amount outstanding 0
Amount available 495,000,000.0
Unsecured Line of Credit | Unsecured Debt | Line of Credit  
Debt Instrument [Line Items]  
Maximum financing amount $ 495,000,000.0
v3.25.1
Derivative Financial Instruments - Outstanding Basis Swap (Details)
Mar. 31, 2025
USD ($)
2026  
Derivative [Line Items]  
Notional amount $ 1,150,000,000
2027  
Derivative [Line Items]  
Notional amount 250,000,000
Basis swaps  
Derivative [Line Items]  
Notional amount $ 1,400,000,000
v3.25.1
Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Interest rate swaps - floor income hedges    
Derivative [Line Items]    
Notional amount $ 400,000,000 $ 400,000,000
Weighted average fixed rate paid by the Company 3.71% 3.71%
2026    
Derivative [Line Items]    
Notional amount $ 200,000,000 $ 200,000,000
Weighted average fixed rate paid by the Company 3.92% 3.92%
2028    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.56% 3.56%
2029    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
Weighted average fixed rate paid by the Company 3.17% 3.17%
2030    
Derivative [Line Items]    
Notional amount $ 100,000,000 $ 100,000,000
Weighted average fixed rate paid by the Company 3.63% 3.63%
Interest Rate Swap, 2030 With November 2025 Effective Start Date    
Derivative [Line Items]    
Notional amount $ 50,000,000 $ 50,000,000
v3.25.1
Derivative Financial Instruments - Interest Rate Swaps (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Interest rate swaps - Nelnet Bank    
Derivative [Line Items]    
Notional amount $ 165,000,000  
Weighted average fixed rate paid by the Company 3.44%  
2028    
Derivative [Line Items]    
Notional amount $ 40,000,000  
Weighted average fixed rate paid by the Company 3.33%  
2029    
Derivative [Line Items]    
Notional amount $ 25,000,000  
Weighted average fixed rate paid by the Company 3.37%  
2030    
Derivative [Line Items]    
Notional amount $ 50,000,000  
Weighted average fixed rate paid by the Company 3.06%  
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of April 2026    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Interest Rate Swap, Nelnet Bank, 2030 With Forward Effective Date Of May 2026    
Derivative [Line Items]    
Notional amount 25,000,000 25,000,000
2032    
Derivative [Line Items]    
Notional amount $ 25,000,000 25,000,000
Weighted average fixed rate paid by the Company 4.03%  
2033    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Weighted average fixed rate paid by the Company 3.90%  
v3.25.1
Derivative Financial Instruments - Fair Value of Asset and Liability Derivatives (Details) - Interest rate swaps - Nelnet Bank - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Fair value of asset derivatives $ 1,473 $ 3,232
Fair value of liability derivatives $ 822 $ 53
v3.25.1
Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 746 $ 1,757
Change in fair value $ (6,324) 7,964
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Derivative market value adjustments and derivative settlements, net  
Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 746 1,757
Derivative market value adjustments and derivative settlements, net - (expense) income (5,578) 9,721
Basis swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value (138) (354)
Basis swaps | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 153 365
Interest rate swaps - floor income hedges    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value (3,657) 6,060
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net 429 1,190
Interest rate swaps - Nelnet Bank    
Derivative Instruments, Gain (Loss) [Line Items]    
Change in fair value (2,529) 2,258
Interest rate swaps - Nelnet Bank | Derivative market value adjustments and derivative settlements, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative settlements, net $ 164 $ 202
v3.25.1
Investments and Notes Receivable - Summary of Investments (Details)
$ in Thousands
 3 Months Ended
May 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Marketable Securities [Line Items]        
Amortized cost   $ 1,162,710    
Fair value   1,158,062    
Equity securities   80,841   $ 74,494
Total investments at fair value   1,238,903   1,160,320
Fair value   207,357   210,774
Other investments and notes receivable, net   1,063,647   1,040,376
Beneficial interest in securitizations   206,367   213,809
Notes receivable   64,281   32,258
Total investments and notes receivable   $ 2,302,550   2,200,696
Debt covenant, percent of principle balance debt issue required before liquidation   0.33    
ALLO preferred return   $ 8,416 $ 2,409  
Investments - beneficial interest in loan securitizations   (1,500)    
Less: losses attributable to noncontrolling members, net   (1,430) (2,652)  
Net gain, excluding amounts attributed to noncontrolling interest investors   82,560 73,408  
Forecast        
Marketable Securities [Line Items]        
Equity method $ 0      
Proceeds from sale of preferred membership interests 410,000      
Pre-tax gain $ 175,000      
Venture capital, funds, and other:        
Marketable Securities [Line Items]        
Measurement alternative   205,749   200,782
Equity method   163,258   170,258
Other investments   369,007   371,040
Venture capital, funds, and other: | Hudl        
Marketable Securities [Line Items]        
Measurement alternative   172,500    
Payments to acquire investments   3,800    
Real estate equity method        
Marketable Securities [Line Items]        
Equity method   138,123   131,745
Partnership Interest        
Marketable Securities [Line Items]        
Equity method   0   0
Other investments   234,030   225,614
Preferred membership interests and accrued and unpaid preferred return   234,030   225,614
Gain from solar investments, net     (10,700)  
Equity method investment, preferred annual, after increase value   56,500    
Partnership Interest | ALLO        
Marketable Securities [Line Items]        
Preferred membership interest   225,600    
Equity method investment, accrued and unpaid preferred return   8,400    
Equity method investment, preferred annual, after increase value   169,100    
Consumer Loan        
Marketable Securities [Line Items]        
Beneficial interest in securitization, allowance for credit losses   39,826   38,590
Beneficial interest in securitizations   137,961   142,764
Loans corresponding to beneficial interest   1,100,000    
Beneficial interest in private education loan securitizations        
Marketable Securities [Line Items]        
Beneficial interest in securitization, allowance for credit losses   1,175   901
Beneficial interest in securitizations   50,389   52,824
Loans corresponding to beneficial interest   440,000    
Beneficial interest in federally insured loan securitizations        
Marketable Securities [Line Items]        
Beneficial interest in securitizations   18,017   18,221
Loans corresponding to beneficial interest   280,000    
Solar        
Marketable Securities [Line Items]        
Solar   (167,048)   (155,048)
Amount funded or committed to fund   309,900    
Amount funded or committed to fund by partners   280,400    
Tax credits by partners   331,000    
Carrying value   (167,000)    
Equity method investment attributable to parent   $ 94,000    
Contractual term   5 years    
Losses from HLBV accounting (gross)   $ (2,616) (1,427)  
Gains from sales (gross)   3,072 4,207  
Gains from solar investments, net   456 2,780  
Less: losses attributable to noncontrolling members, net   (1,046) (1,641)  
Net gain, excluding amounts attributed to noncontrolling interest investors   1,502 4,421  
Solar | Third-Party Co-Investors        
Marketable Securities [Line Items]        
Tax credits by partners   265,100    
Tax liens, affordable housing, and other        
Marketable Securities [Line Items]        
Other investments   $ 11,530   10,184
Preferred Partnership Interest        
Marketable Securities [Line Items]        
Equity method investment, preferred annual return   20.00%    
ALLO preferred return   $ 8,400 $ 2,400  
Preferred Partnership Interest | ALLO        
Marketable Securities [Line Items]        
Equity method investment, preferred return   0.1350    
FFELP loan        
Marketable Securities [Line Items]        
Amortized cost   $ 129,556   188,386
Gross unrealized gains   4,157   5,804
Gross unrealized losses   (3,175)   (896)
Fair value   130,538   193,294
FFELP loan and other debt securities - restricted        
Marketable Securities [Line Items]        
Amortized cost   120,355   98,914
Gross unrealized gains   3,535   3,151
Gross unrealized losses   (372)   (78)
Fair value   123,518   101,987
Private education loan        
Marketable Securities [Line Items]        
Amortized cost   226,575   237,288
Gross unrealized gains   0   0
Gross unrealized losses   (17,160)   (18,118)
Fair value   209,415   219,170
Other debt securities        
Marketable Securities [Line Items]        
Amortized cost   38,942   32,552
Gross unrealized gains   2,692   2,500
Gross unrealized losses   (10)   0
Fair value   41,624   35,052
Total Non-Nelnet Bank        
Marketable Securities [Line Items]        
Amortized cost   515,428   557,140
Gross unrealized gains   10,384   11,455
Gross unrealized losses   (20,717)   (19,092)
Fair value   505,095   549,503
FFELP loan        
Marketable Securities [Line Items]        
Amortized cost   239,694   231,543
Gross unrealized gains   6,330   6,060
Gross unrealized losses   (632)   (270)
Fair value   245,392   237,333
Private education loan        
Marketable Securities [Line Items]        
Amortized cost   5,888   1,596
Gross unrealized gains   0   0
Gross unrealized losses   (1)   0
Fair value   5,887   1,596
Other debt securities        
Marketable Securities [Line Items]        
Amortized cost   401,700   296,944
Gross unrealized gains   1,855   1,775
Gross unrealized losses   (1,867)   (1,325)
Fair value   401,688   297,394
Total Nelnet Bank        
Marketable Securities [Line Items]        
Amortized cost   647,282   530,083
Gross unrealized gains   8,185   7,835
Gross unrealized losses   (2,500)   (1,595)
Fair value   652,967   536,323
Total available-for-sale asset-backed securities        
Marketable Securities [Line Items]        
Amortized cost   1,162,710   1,087,223
Gross unrealized gains   18,569   19,290
Gross unrealized losses   (23,217)   (20,687)
Fair value   1,158,062   1,085,826
FFELP loan        
Marketable Securities [Line Items]        
Fair value   202,739   203,439
Private education loan        
Marketable Securities [Line Items]        
Fair value   $ 4,618   $ 7,335
v3.25.1
Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less $ 44,926  
Amortized cost, after 1 year through 5 years 54,622  
Amortized cost, after 5 years through 10 years 124,661  
Amortized cost, after 10 years 938,501  
Amortized cost 1,162,710  
Fair value    
Fair value, 1 year or less 44,682  
Fair value, after 1 year through 5 years 54,830  
Fair value, after 5 years through 10 years 125,103  
Fair value, after 10 years 933,447  
Total 1,158,062  
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,684  
Amortized cost, after 5 years through 10 years 11,759  
Amortized cost, after 10 years 192,914  
Total 207,357 $ 210,774
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 2,743  
Fair value, after 5 years through 10 years 11,627  
Fair value, after 10 years 198,534  
Total 212,904  
Beneficial interest in loan securitizations    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 0  
Beneficial interest in securitizations 206,367 213,809
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 0  
Fair value, after 5 years through 10 years 0  
Fair value, after 10 years 0  
Beneficial interest in loan securitizations 221,991  
FFELP loan and other debt securities - restricted    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 5,500  
Amortized cost, after 5 years through 10 years 15,951  
Amortized cost, after 10 years 98,904  
Amortized cost 120,355 98,914
Fair value    
Total 123,518 101,987
Total Non-Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 5,804  
Amortized cost, after 5 years through 10 years 26,952  
Amortized cost, after 10 years 482,672  
Amortized cost 515,428 557,140
Fair value    
Fair value, 1 year or less 0  
Fair value, after 1 year through 5 years 5,943  
Fair value, after 5 years through 10 years 27,021  
Fair value, after 10 years 472,131  
Total 505,095 549,503
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 204  
Amortized cost, after 5 years through 10 years 2,514  
Amortized cost, after 10 years 126,838  
Amortized cost 129,556 188,386
Fair value    
Total 130,538 193,294
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 0  
Amortized cost, after 10 years 226,575  
Amortized cost 226,575 237,288
Fair value    
Total 209,415 219,170
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 100  
Amortized cost, after 5 years through 10 years 8,487  
Amortized cost, after 10 years 30,355  
Amortized cost 38,942 32,552
Fair value    
Total 41,624 35,052
Total Nelnet Bank    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 44,926  
Amortized cost, after 1 year through 5 years 48,818  
Amortized cost, after 5 years through 10 years 97,709  
Amortized cost, after 10 years 455,829  
Amortized cost 647,282 530,083
Fair value    
Fair value, 1 year or less 44,682  
Fair value, after 1 year through 5 years 48,887  
Fair value, after 5 years through 10 years 98,082  
Fair value, after 10 years 461,316  
Total 652,967 536,323
FFELP loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 44,926  
Amortized cost, after 1 year through 5 years 21,799  
Amortized cost, after 5 years through 10 years 29,022  
Amortized cost, after 10 years 143,947  
Amortized cost 239,694 231,543
Fair value    
Total 245,392 237,333
Private education loan    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 0  
Amortized cost, after 5 years through 10 years 4,612  
Amortized cost, after 10 years 1,276  
Amortized cost 5,888 1,596
Fair value    
Total 5,887 1,596
Other debt securities    
Available-for-sale asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 27,019  
Amortized cost, after 5 years through 10 years 64,075  
Amortized cost, after 10 years 310,606  
Amortized cost 401,700 296,944
Fair value    
Total 401,688 297,394
FFELP loan    
Held-to-maturity asset-backed securities    
Amortized cost, 1 year or less 0  
Amortized cost, after 1 year through 5 years 2,684  
Amortized cost, after 5 years through 10 years 11,759  
Amortized cost, after 10 years 188,296  
Total 202,739 $ 203,439
Private education loan, Held-To-Maturity, Nelnet Bank    
Held-to-maturity 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 4,618  
Total $ 4,618  
v3.25.1
Investments and Notes Receivable - Schedule of Unrealized Positions for Held-to-Maturity Investments and Beneficial Interest in Loan Securitizations (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investments, All Other Investments [Abstract]    
Carrying value $ 207,357 $ 210,774
Gross unrealized gains 6,074  
Gross unrealized losses (527)  
Fair value 212,904  
Beneficial interest in loan securitizations, Carrying Value 206,367 $ 213,809
Gross unrealized gains 16,824  
Gross unrealized losses (1,200)  
Beneficial interest in loan securitizations $ 221,991  
v3.25.1
Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details)
Mar. 31, 2025
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Asset -backed securities unrealized loss position not due to credit loss $ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,562,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (21,655,000)
Total, unrealized loss (23,217,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 110,820,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 288,533,000
Total, fair value 399,353,000
Total Non-Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (391,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (20,326,000)
Total, unrealized loss (20,717,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 24,641,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 258,177,000
Total, fair value 282,818,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (240,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (2,935,000)
Total, unrealized loss (3,175,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 10,614,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 46,474,000
Total, fair value 57,088,000
FFELP loan and other debt securities - restricted  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (141,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (231,000)
Total, unrealized loss (372,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 12,037,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 2,288,000
Total, fair value 14,325,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (17,160,000)
Total, unrealized loss (17,160,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 209,415,000
Total, fair value 209,415,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (10,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (10,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 1,990,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 1,990,000
Total Nelnet Bank  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,171,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,329,000)
Total, unrealized loss (2,500,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 86,179,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 30,356,000
Total, fair value 116,535,000
FFELP loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (418,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (214,000)
Total, unrealized loss (632,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 52,348,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 16,408,000
Total, fair value 68,756,000
Private education loan  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (1,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss 0
Total, unrealized loss (1,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 4,611,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 0
Total, fair value 4,611,000
Other debt securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss (752,000)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss (1,115,000)
Total, unrealized loss (1,867,000)
Debt Securities, Available-for-Sale, Unrealized Loss Position, Accumulated Loss [Abstract]  
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value 29,220,000
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value 13,948,000
Total, fair value $ 43,168,000
v3.25.1
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, 2025
Mar. 31, 2024
Investments [Abstract]    
Gross proceeds from sales $ 74,781 $ 153,373
Gross realized gains 933 1,054
Gross realized losses (450) (502)
Net gains $ 483 $ 552
v3.25.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 93 months  
Finite lived intangible assets $ 34,803 $ 36,328
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 94 months  
Finite lived intangible assets $ 33,541 34,960
Accumulated amortization $ 54,303 54,644
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 85 months  
Finite lived intangible assets $ 545 565
Accumulated amortization $ 225 205
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Intangible asset useful life 25 months  
Finite lived intangible assets $ 717 803
Accumulated amortization $ 1,003 $ 917
v3.25.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Amortization of intangible assets $ 1.5 $ 2.1
v3.25.1
Intangible Assets - Future Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
2025 (April 1 - December 31) $ 4,574  
2026 6,012  
2027 5,714  
2028 5,354  
2029 4,008  
2030 and thereafter 9,141  
Finite lived intangible assets, net $ 34,803 $ 36,328
v3.25.1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Total goodwill $ 158,029 $ 158,029
NFS Other Operating Segments    
Goodwill [Line Items]    
Total goodwill 0 0
Corporate and Other Activities    
Goodwill [Line Items]    
Total goodwill 0 0
Loan Servicing and Systems (LSS) | Operating Segments    
Goodwill [Line Items]    
Total goodwill 23,639 23,639
Education Technology Services and Payments (ETSP) | Operating Segments    
Goodwill [Line Items]    
Total goodwill 92,507 92,507
Asset Generation and Management | Operating Segments    
Goodwill [Line Items]    
Total goodwill 41,883 41,883
Nelnet Bank | Operating Segments    
Goodwill [Line Items]    
Total goodwill $ 0 $ 0
v3.25.1
Bank Deposits - Interest-Bearing Deposits (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deposits [Abstract]    
Retail and other savings $ 1,030,449 $ 916,475
Brokered CDs, net of brokered deposit fees 261,495 247,872
Retail and other CDs, net of issuance fees 21,463 21,784
Total interest-bearing deposits $ 1,313,407 $ 1,186,131
v3.25.1
Bank Deposits - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Intercompany deposits $ 68,600 $ 68,500    
Restricted cash 317,139 $ 332,100 $ 618,363 $ 488,723
Deposits exceeding the FDIC insurance limits 44,700      
Nelnet Bank | Asset Pledged as Collateral        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Restricted cash $ 40,000      
v3.25.1
Bank Deposits - Certificates of Deposit Maturities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Deposits [Abstract]  
One year or less $ 63,507
After one year to two years 159,825
After two years to three years 1,598
After three years to four years 801
After four years to five years 43,671
After five years 13,556
Total $ 282,958
v3.25.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 82,560 $ 73,408
Net income attributable to Nelnet, Inc., diluted $ 82,560 $ 73,408
Weighted-average common shares outstanding - basic (in shares) 36,478,426 37,156,971
Weighted-average common shares outstanding - diluted (in shares) 36,478,426 37,156,971
Earnings per share - basic (in dollars per share) $ 2.26 $ 1.98
Earnings per share - diluted (in dollars per share) $ 2.26 $ 1.98
Common shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 81,017 $ 71,921
Net income attributable to Nelnet, Inc., diluted $ 81,017 $ 71,921
Weighted-average common shares outstanding - basic (in shares) 35,796,531 36,404,364
Weighted-average common shares outstanding - diluted (in shares) 35,796,531 36,404,364
Earnings per share - basic (in dollars per share) $ 2.26 $ 1.98
Earnings per share - diluted (in dollars per share) $ 2.26 $ 1.98
Unvested restricted stock shareholders    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Net income attributable to Nelnet, Inc., basic $ 1,543 $ 1,487
Net income attributable to Nelnet, Inc., diluted $ 1,543 $ 1,487
Weighted-average common shares outstanding - basic (in shares) 681,895 752,607
Weighted-average common shares outstanding - diluted (in shares) 681,895 752,607
Earnings per share - basic (in dollars per share) $ 2.26 $ 1.98
Earnings per share - diluted (in dollars per share) $ 2.26 $ 1.98
v3.25.1
Segment Reporting (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Interest income:      
Loan interest $ 166,439 $ 216,724  
Investment interest 41,389 52,078  
Total interest income 207,828 268,802  
Interest expense 125,114 194,580  
Net interest income 82,714 74,222  
Less provision for loan losses 15,337 10,828  
Net interest income after provision for loan losses 67,377 63,394  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 23,694 4,082  
Gain (loss) on sale of loans, net 909 (141)  
Derivative settlements, net 746 1,757  
Derivative market value adjustments, net (6,324) 7,964  
Total other income (expense), net 315,778 310,908  
Cost of services and expenses:      
Cost of services 57,508 62,839  
Operating Expenses      
Salaries and benefits 138,223 143,875  
Depreciation and amortization 9,255 16,769  
Reinsurance losses and underwriting expenses 22,212 11,317  
Postage Expense 0 0  
Servicing Fees 0 0  
Other expenses 48,226 45,528  
Intersegment expenses, net 0 0  
Total operating expenses 217,916 217,489  
Impairment expense and provision for beneficial interests 1,591 37  
Total expenses 277,015 280,365  
Income (loss) before income taxes 106,140 93,937  
Income tax (expense) benefit (25,010) (23,181)  
Net income (loss) 81,130 70,756  
Net loss (income) attributable to noncontrolling interests 1,430 2,652  
Net income (loss) attributable to Nelnet, Inc. 82,560 73,408  
Total assets 14,191,958 15,374,212 $ 13,777,753
Operating Segments      
Interest income:      
Total interest income 199,365 258,287  
Interest expense 126,380 200,402  
Net interest income 72,985 57,885  
Less provision for loan losses 15,337 10,828  
Net interest income after provision for loan losses 57,648 47,057  
Other income (expense):      
Intersegment revenue 5,748 6,935  
Other, net 4,249 6,068  
Gain (loss) on sale of loans, net 909 (141)  
Derivative settlements, net 746 1,757  
Derivative market value adjustments, net (6,324) 7,964  
Total other income (expense), net 273,399 293,323  
Cost of services and expenses:      
Cost of services 49,680 48,610  
Operating Expenses      
Salaries and benefits 115,352 120,805  
Depreciation and amortization 5,423 8,052  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense 7,575 10,605  
Servicing Fees 7,578 9,184  
Other expenses 22,126 18,711  
Intersegment expenses, net 24,043 25,898  
Total operating expenses 182,097 193,255  
Impairment expense and provision for beneficial interests 1,510 0  
Total expenses 233,287 241,865  
Income (loss) before income taxes 97,760 98,515  
Income tax (expense) benefit (23,435) (23,631)  
Net income (loss) 74,325 74,884  
Net loss (income) attributable to noncontrolling interests 28 17  
Net income (loss) attributable to Nelnet, Inc. 74,353 74,901  
Total assets 12,706,030 14,042,731  
Operating Segments | Loan Servicing and Systems (LSS)      
Interest income:      
Total interest income 721 1,894  
Interest expense 0 0  
Net interest income 721 1,894  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 721 1,894  
Other income (expense):      
Intersegment revenue 5,684 6,886  
Other, net 112 710  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 126,537 134,797  
Cost of services and expenses:      
Cost of services 1,633 0  
Operating Expenses      
Salaries and benefits 69,574 76,722  
Depreciation and amortization 2,654 5,109  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense 7,575 10,605  
Servicing Fees  
Other expenses 10,832 8,933  
Intersegment expenses, net 16,478 19,332  
Total operating expenses 107,113 120,701  
Impairment expense and provision for beneficial interests 0 0  
Total expenses 108,746 120,701  
Income (loss) before income taxes 18,512 15,990  
Income tax (expense) benefit (4,443) (3,838)  
Net income (loss) 14,069 12,152  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income (loss) attributable to Nelnet, Inc. 14,069 12,152  
Total assets 184,142 212,381  
Operating Segments | Education Technology Services and Payments (ETSP)      
Interest income:      
Total interest income 6,939 7,866  
Interest expense 0 0  
Net interest income 6,939 7,866  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 6,939 7,866  
Other income (expense):      
Intersegment revenue 64 49  
Other, net 0 0  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 147,394 143,588  
Cost of services and expenses:      
Cost of services 48,047 48,610  
Operating Expenses      
Salaries and benefits 41,741 40,167  
Depreciation and amortization 2,430 2,683  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense  
Servicing Fees  
Other expenses 9,048 7,558  
Intersegment expenses, net 5,605 4,801  
Total operating expenses 58,824 55,209  
Impairment expense and provision for beneficial interests 0 0  
Total expenses 106,871 103,819  
Income (loss) before income taxes 47,462 47,635  
Income tax (expense) benefit (11,402) (11,435)  
Net income (loss) 36,060 36,200  
Net loss (income) attributable to noncontrolling interests 45 17  
Net income (loss) attributable to Nelnet, Inc. 36,105 36,217  
Total assets 469,706 389,990  
Operating Segments | Asset Generation and Management      
Interest income:      
Total interest income 167,238 231,463  
Interest expense 114,303 190,905  
Net interest income 52,935 40,558  
Less provision for loan losses 13,012 6,455  
Net interest income after provision for loan losses 39,923 34,103  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 3,995 4,983  
Gain (loss) on sale of loans, net 909 (141)  
Derivative settlements, net 582 1,555  
Derivative market value adjustments, net (3,795) 5,706  
Total other income (expense), net 1,691 12,103  
Cost of services and expenses:      
Cost of services 0 0  
Operating Expenses      
Salaries and benefits 1,221 1,195  
Depreciation and amortization 0 0  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense  
Servicing Fees 6,911 8,951  
Other expenses 888 1,109  
Intersegment expenses, net 1,250 1,208  
Total operating expenses 10,270 12,463  
Impairment expense and provision for beneficial interests 1,510 0  
Total expenses 11,780 12,463  
Income (loss) before income taxes 29,834 33,743  
Income tax (expense) benefit (7,156) (8,099)  
Net income (loss) 22,678 25,644  
Net loss (income) attributable to noncontrolling interests (17) 0  
Net income (loss) attributable to Nelnet, Inc. 22,661 25,644  
Total assets 10,362,549 12,315,238  
Operating Segments | Nelnet Bank      
Interest income:      
Total interest income 24,467 17,064  
Interest expense 12,077 9,497  
Net interest income 12,390 7,567  
Less provision for loan losses 2,325 4,373  
Net interest income after provision for loan losses 10,065 3,194  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 142 375  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 164 202  
Derivative market value adjustments, net (2,529) 2,258  
Total other income (expense), net (2,223) 2,835  
Cost of services and expenses:      
Cost of services 0 0  
Operating Expenses      
Salaries and benefits 2,816 2,721  
Depreciation and amortization 339 260  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense  
Servicing Fees 667 233  
Other expenses 1,358 1,111  
Intersegment expenses, net 710 557  
Total operating expenses 5,890 4,882  
Impairment expense and provision for beneficial interests 0 0  
Total expenses 5,890 4,882  
Income (loss) before income taxes 1,952 1,147  
Income tax (expense) benefit (434) (259)  
Net income (loss) 1,518 888  
Net loss (income) attributable to noncontrolling interests 0 0  
Net income (loss) attributable to Nelnet, Inc. 1,518 888  
Total assets 1,689,633 1,125,122  
NFS Other Operating Segments      
Interest income:      
Total interest income 8,820 15,616  
Interest expense 770 2,418  
Net interest income 8,050 13,198  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 8,050 13,198  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 1,110 161  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 25,797 12,941  
Cost of services and expenses:      
Cost of services 0 0  
Operating Expenses      
Salaries and benefits 478 358  
Depreciation and amortization 0 0  
Reinsurance losses and underwriting expenses 22,212 11,317  
Postage Expense  
Servicing Fees  
Other expenses 772 485  
Intersegment expenses, net 244 217  
Total operating expenses 23,706 12,377  
Impairment expense and provision for beneficial interests 81 0  
Total expenses 23,787 12,377  
Income (loss) before income taxes 10,060 13,762  
Income tax (expense) benefit (2,385) (3,274)  
Net income (loss) 7,675 10,488  
Net loss (income) attributable to noncontrolling interests (124) (120)  
Net income (loss) attributable to Nelnet, Inc. 7,551 10,368  
Total assets 874,667 1,111,587  
Corporate and Other Activities      
Interest income:      
Total interest income 2,312 3,815  
Interest expense 633 676  
Net interest income 1,679 3,139  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 1,679 3,139  
Other income (expense):      
Intersegment revenue 0 0  
Other, net 18,238 (2,147)  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net 22,233 11,579  
Cost of services and expenses:      
Cost of services 7,828 14,229  
Operating Expenses      
Salaries and benefits 22,496 23,521  
Depreciation and amortization 3,833 8,716  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense  
Servicing Fees  
Other expenses 15,586 13,402  
Intersegment expenses, net (24,055) (26,845)  
Total operating expenses 17,860 18,794  
Impairment expense and provision for beneficial interests 0 37  
Total expenses 25,688 33,060  
Income (loss) before income taxes (1,776) (18,342)  
Income tax (expense) benefit 810 3,723  
Net income (loss) (966) (14,619)  
Net loss (income) attributable to noncontrolling interests 1,623 2,755  
Net income (loss) attributable to Nelnet, Inc. 657 (11,864)  
Total assets 873,211 803,709  
Eliminations/ Reclassifications      
Interest income:      
Total interest income (2,669) (8,915)  
Interest expense (2,669) (8,915)  
Net interest income 0 0  
Less provision for loan losses 0 0  
Net interest income after provision for loan losses 0 0  
Other income (expense):      
Intersegment revenue (5,748) (6,935)  
Other, net 97 0  
Gain (loss) on sale of loans, net 0 0  
Derivative settlements, net 0 0  
Derivative market value adjustments, net 0 0  
Total other income (expense), net (5,651) (6,935)  
Cost of services and expenses:      
Cost of services 0 0  
Operating Expenses      
Salaries and benefits (104) (807)  
Depreciation and amortization 0 0  
Reinsurance losses and underwriting expenses 0 0  
Postage Expense (7,575) (10,605)  
Servicing Fees (7,578) (9,184)  
Other expenses 9,741 12,931  
Intersegment expenses, net (232) 730  
Total operating expenses (5,748) (6,935)  
Impairment expense and provision for beneficial interests 0 0  
Total expenses (5,748) (6,935)  
Income (loss) before income taxes 97 0  
Income tax (expense) benefit 0 0  
Net income (loss) 97 0  
Net loss (income) attributable to noncontrolling interests (97) 0  
Net income (loss) attributable to Nelnet, Inc. 0 0  
Total assets (261,950) (583,815)  
Loan Interest      
Interest income:      
Loan interest 166,439 216,724  
Loan Interest | Operating Segments      
Interest income:      
Loan interest 166,440 216,724  
Loan Interest | Operating Segments | Loan Servicing and Systems (LSS)      
Interest income:      
Loan interest 0 0  
Loan Interest | Operating Segments | Education Technology Services and Payments (ETSP)      
Interest income:      
Loan interest 0 0  
Loan Interest | Operating Segments | Asset Generation and Management      
Interest income:      
Loan interest 154,469 209,628  
Loan Interest | Operating Segments | Nelnet Bank      
Interest income:      
Loan interest 11,971 7,096  
Loan Interest | NFS Other Operating Segments      
Interest income:      
Loan interest 0 0  
Loan Interest | Corporate and Other Activities      
Interest income:      
Loan interest 0 0  
Loan Interest | Eliminations/ Reclassifications      
Interest income:      
Loan interest 0 0  
Investment Interest      
Interest income:      
Investment interest 41,389 52,078  
Investment Interest | Operating Segments      
Interest income:      
Investment interest 32,925 41,563  
Investment Interest | Operating Segments | Loan Servicing and Systems (LSS)      
Interest income:      
Investment interest 721 1,894  
Investment Interest | Operating Segments | Education Technology Services and Payments (ETSP)      
Interest income:      
Investment interest 6,939 7,866  
Investment Interest | Operating Segments | Asset Generation and Management      
Interest income:      
Investment interest 12,769 21,835  
Investment Interest | Operating Segments | Nelnet Bank      
Interest income:      
Investment interest 12,496 9,968  
Investment Interest | NFS Other Operating Segments      
Interest income:      
Investment interest 8,820 15,616  
Investment Interest | Corporate and Other Activities      
Interest income:      
Investment interest 2,312 3,815  
Investment Interest | Eliminations/ Reclassifications      
Interest income:      
Investment interest (2,669) (8,915)  
Loan servicing and systems revenue      
Other income (expense):      
Revenue 120,741 127,201  
Cost of services and expenses:      
Cost of services 1,633 0  
Loan servicing and systems revenue | Operating Segments      
Other income (expense):      
Revenue 120,741 127,201  
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems (LSS)      
Other income (expense):      
Revenue 120,741 127,201  
Loan servicing and systems revenue | Operating Segments | Education Technology Services and Payments (ETSP)      
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 | NFS Other Operating Segments      
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/ Reclassifications      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue      
Other income (expense):      
Revenue 147,330 143,539  
Cost of services and expenses:      
Cost of services 48,047 48,610  
Education technology services and payments revenue | Operating Segments      
Other income (expense):      
Revenue 147,330 143,539  
Education technology services and payments revenue | Operating Segments | Loan Servicing and Systems (LSS)      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue | Operating Segments | Education Technology Services and Payments (ETSP)      
Other income (expense):      
Revenue 147,330 143,539  
Education technology services and payments revenue | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue | NFS Other Operating Segments      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Education technology services and payments revenue | Eliminations/ Reclassifications      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned      
Other income (expense):      
Revenue 24,687 12,780  
Reinsurance premiums earned | Operating Segments      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | Operating Segments | Loan Servicing and Systems (LSS)      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | Operating Segments | Education Technology Services and Payments (ETSP)      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | NFS Other Operating Segments      
Other income (expense):      
Revenue 24,687 12,780  
Reinsurance premiums earned | Corporate and Other Activities      
Other income (expense):      
Revenue 0 0  
Reinsurance premiums earned | Eliminations/ Reclassifications      
Other income (expense):      
Revenue 0 0  
Solar construction revenue      
Other income (expense):      
Revenue 3,995 13,726  
Cost of services and expenses:      
Cost of services 7,828 14,229  
Solar construction revenue | Operating Segments      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | Operating Segments | Loan Servicing and Systems (LSS)      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | Operating Segments | Education Technology Services and Payments (ETSP)      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | Operating Segments | Asset Generation and Management      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | Operating Segments | Nelnet Bank      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | NFS Other Operating Segments      
Other income (expense):      
Revenue 0 0  
Solar construction revenue | Corporate and Other Activities      
Other income (expense):      
Revenue 3,995 13,726  
Solar construction revenue | Eliminations/ Reclassifications      
Other income (expense):      
Revenue $ 0 $ 0  
v3.25.1
Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Solar construction revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 3,995 $ 13,726
Commercial revenue    
Disaggregation of Revenue [Line Items]    
Revenue 3,989 11,920
Residential revenue    
Disaggregation of Revenue [Line Items]    
Revenue 6 1,806
Loan servicing and systems revenue    
Disaggregation of Revenue [Line Items]    
Revenue 120,741 127,201
Government loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 87,358 105,474
Private education and consumer loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 22,696 12,620
FFELP loan servicing    
Disaggregation of Revenue [Line Items]    
Revenue 2,633 3,380
Software services    
Disaggregation of Revenue [Line Items]    
Revenue 6,992 4,541
Outsourced services    
Disaggregation of Revenue [Line Items]    
Revenue 1,062 1,186
Education technology services and payments revenue    
Disaggregation of Revenue [Line Items]    
Revenue 147,330 143,539
Tuition payment plan services    
Disaggregation of Revenue [Line Items]    
Revenue 40,072 38,880
Payment processing    
Disaggregation of Revenue [Line Items]    
Revenue 51,536 47,786
Education technology services    
Disaggregation of Revenue [Line Items]    
Revenue 55,695 56,021
Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 27 $ 852
v3.25.1
Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
ALLO preferred return $ 8,416 $ 2,409
Investment activity, net 5,161 (1,298)
Borrower late fee income $ 1,587 3,133
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net  
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other, net  
Other $ 5,296 4,697
Other, net 23,694 4,082
ALLO Voting Membership Interests Investment    
Disaggregation of Revenue [Line Items]    
Loss on investments 0 (10,693)
Solar    
Disaggregation of Revenue [Line Items]    
Loss on investments 456 2,780
Administration/sponsor fee income    
Disaggregation of Revenue [Line Items]    
Administration/sponsor fee income 1,305 1,546
Investment Advice    
Disaggregation of Revenue [Line Items]    
Investment advisory services (WRCM) $ 1,473 $ 1,508
v3.25.1
Reinsurance - Schedule Of Reinsurance Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Premiums written:    
Assumed $ 60,853 $ 30,887
Ceded (23,229) (15,443)
Net premiums written 37,624 15,444
Premiums earned:    
Assumed 47,723 25,504
Ceded (23,036) (12,724)
Net premiums earned 24,687 12,780
Loss reserve, commissions, and broker fees:    
Assumed 42,641 22,842
Ceded (20,429) (11,525)
Reinsurance losses and underwriting expenses $ 22,212 $ 11,317
v3.25.1
Reinsurance - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Loss reserve balance $ 46.0 $ 33.1
v3.25.1
Major Customer (Details) - Government Loan Servicing
$ in Millions
 3 Months Ended
Apr. 24, 2023
extension
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Concentration Risk [Line Items]      
Revenue | $   $ 87.4 $ 105.5
Contract with customer, contract term 5 years    
Contract with customer, option to extend, option one, number of extensions 2    
Contract with customer, option to extend, option one, extension period 2 years    
Contract with customer, option to extend, option two, number of extensions 1    
Contract with customer, option to extend, option two, extension period 1 year    
v3.25.1
Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Total investments $ 1,238,903 $ 1,160,320
Derivative instruments $ 1,473 3,232
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets  
Total assets $ 1,240,376 1,163,552
Liabilities:    
Derivative instruments $ 822 53
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities  
Total liabilities $ 822 53
Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,158,062 1,085,826
Equity securities    
Assets:    
Total investments 445 455
Equity securities measured at net asset value    
Assets:    
Total investments 80,396 74,039
Level 1    
Assets:    
Total investments 545 555
Derivative instruments 0 0
Total assets 545 555
Liabilities:    
Derivative instruments 0 0
Total liabilities 0 0
Level 1 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 100 100
Level 1 | Equity securities    
Assets:    
Total investments 445 455
Level 2    
Assets:    
Total investments 1,157,962 1,085,726
Derivative instruments 1,473 3,232
Total assets 1,159,435 1,088,958
Liabilities:    
Derivative instruments 822 53
Total liabilities 822 53
Level 2 | Asset-backed debt securities - available-for-sale    
Assets:    
Total investments 1,157,962 1,085,726
Level 2 | Equity securities    
Assets:    
Total investments $ 0 $ 0
v3.25.1
Fair Value - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Financial assets:        
Loans receivable $ 10,422,704 $ 9,992,744    
Accrued loan interest receivable 566,275 549,283    
Cash and cash equivalents 220,517 194,518 $ 179,682 $ 168,112
Investments - held-to-maturity asset-backed securities 212,904      
Beneficial interest in loan securitizations 221,991      
Restricted cash - due to customers 294,471 404,402 $ 142,778 $ 368,656
Financial liabilities:        
Accrued interest payable 22,394 21,046    
Bank deposits 1,313,407 1,186,131    
Due to customers 379,277 478,469    
Fair value        
Financial assets:        
Loans receivable 10,268,097 10,008,165    
Accrued loan interest receivable 566,275 549,283    
Cash and cash equivalents 220,517 194,518    
Investments at fair value 1,238,903 1,160,320    
Investments - held-to-maturity asset-backed securities 212,904 216,164    
Notes receivable 64,281 32,258    
Beneficial interest in loan securitizations 221,991 229,510    
Restricted cash 317,139 332,100    
Restricted cash - due to customers 294,471 404,402    
Derivative instruments 1,473 3,232    
Financial liabilities:        
Bonds and notes payable 8,584,733 8,343,565    
Accrued interest payable 22,394 21,046    
Bank deposits 1,300,242 1,172,707    
Due to customers 379,277 478,469    
Derivative instruments 822 53    
Fair value | Level 1        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 220,517 194,518    
Investments at fair value 545 555    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 0 0    
Restricted cash 317,139 332,100    
Restricted cash - due to customers 294,471 404,402    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 858,424 744,721    
Due to customers 379,277 478,469    
Derivative instruments 0 0    
Fair value | Level 2        
Financial assets:        
Loans receivable 0 0    
Accrued loan interest receivable 566,275 549,283    
Cash and cash equivalents 0 0    
Investments at fair value 1,157,962 1,085,726    
Investments - held-to-maturity asset-backed securities 212,904 216,164    
Notes receivable 64,281 32,258    
Beneficial interest in loan securitizations 0 0    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 1,473 3,232    
Financial liabilities:        
Bonds and notes payable 8,584,733 8,343,565    
Accrued interest payable 22,394 21,046    
Bank deposits 441,818 427,986    
Due to customers 0 0    
Derivative instruments 822 53    
Fair value | Level 3        
Financial assets:        
Loans receivable 10,268,097 10,008,165    
Accrued loan interest receivable 0 0    
Cash and cash equivalents 0 0    
Investments at fair value 0 0    
Investments - held-to-maturity asset-backed securities 0 0    
Notes receivable 0 0    
Beneficial interest in loan securitizations 221,991 229,510    
Restricted cash 0 0    
Restricted cash - due to customers 0 0    
Derivative instruments 0 0    
Financial liabilities:        
Bonds and notes payable 0 0    
Accrued interest payable 0 0    
Bank deposits 0 0    
Due to customers 0 0    
Derivative instruments 0 0    
Carrying value        
Financial assets:        
Loans receivable 9,856,429 9,443,461    
Accrued loan interest receivable 566,275 549,283    
Cash and cash equivalents 220,517 194,518    
Investments at fair value 1,238,903 1,160,320    
Investments - held-to-maturity asset-backed securities 207,357 210,774    
Notes receivable 64,281 32,258    
Beneficial interest in loan securitizations 206,367 213,809    
Restricted cash 317,139 332,100    
Restricted cash - due to customers 294,471 404,402    
Derivative instruments 1,473 3,232    
Financial liabilities:        
Bonds and notes payable 8,656,157 8,309,797    
Accrued interest payable 22,394 21,046    
Bank deposits 1,313,407 1,186,131    
Due to customers 379,277 478,469    
Derivative instruments $ 822 $ 53    
v3.25.1
Subsequent Event - Partial Redemption of ALLO Investment (Details) - USD ($)
$ in Thousands
May 31, 2025
Mar. 31, 2025
Variable Interest Entity, Primary Beneficiary | ALLO    
Subsequent Event [Line Items]    
Subsidiary, Ownership Percentage, Parent   45.00%
Forecast    
Subsequent Event [Line Items]    
Equity Method Investment, Amount Sold $ 500,000  
Proceeds from sale of preferred membership interests 410,000  
Pre-tax gain 175,000  
Equity method $ 0  
Forecast | Variable Interest Entity, Primary Beneficiary | ALLO    
Subsequent Event [Line Items]    
Subsidiary, Ownership Percentage, Parent 26.00%