Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	2021
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,600,443
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,954,171

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $145,719 and $175,698, respectively)	$ 20,187,670	$ 20,185,656
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	37,243	33,292
Cash and cash equivalents - held at a related party	175,746	87,957
Total cash and cash equivalents	212,989	121,249
Investments	1,267,957	992,940
Restricted cash	616,711	553,175
Restricted cash - due to customers	247,673	283,971
Accounts receivable (net of allowance for doubtful accounts of $1,405 and $1,824, respectively)	85,884	76,460
Goodwill	142,092	142,092
Intangible assets, net	58,464	75,070
Property and equipment, net	128,527	123,527
Other assets	80,896	92,020
Total assets	23,028,863	22,646,160
Liabilities:
Bonds and notes payable	19,381,835	19,320,726
Accrued interest payable	4,922	28,701
Bank deposits	202,841	54,633
Other liabilities	307,474	312,280
Due to customers	303,173	301,471
Total liabilities	20,200,245	20,017,811
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	10,158	3,794
Retained earnings	2,812,315	2,621,762
Accumulated other comprehensive earnings, net	10,941	6,102
Total Nelnet, Inc. shareholders' equity	2,833,800	2,632,042
Noncontrolling interests	(5,182)	(3,693)
Total equity	2,828,618	2,628,349
Total liabilities and equity	23,028,863	22,646,160
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $145,719 and $175,698, respectively)	19,935,821	20,132,996
Cash and cash equivalents:
Restricted cash	554,638	499,223
Liabilities:
Bonds and notes payable	19,166,839	19,355,375
Common stock:
Accrued interest payable and other liabilities	82,485	83,127
Net assets of consolidated education and other lending variable interest entities	1,241,135	1,193,717
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,494,942 shares and 27,193,154 shares, respectively
Common stock:
Common stock	275	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,054,171 shares and 11,155,571 shares, respectively
Common stock:
Common stock	$ 111	$ 112

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for loan losses	$ 145,719	$ 175,698
Allowance for doubtful accounts	$ 1,405	$ 1,824
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	27,494,942	27,193,154
Shares outstanding (in shares)	27,494,942	27,193,154
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	11,054,171	11,155,571
Shares outstanding (in shares)	11,054,171	11,155,571

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Loan interest	$ 122,005	$ 146,140	$ 246,123	$ 327,933
Investment interest	11,578	5,743	16,563	13,141
Total interest income	133,583	151,883	262,686	341,074
Interest expense:
Interest on bonds and notes payable and bank deposits	49,991	85,248	77,764	219,366
Net interest income	83,592	66,635	184,922	121,708
Less provision (negative provision) for loan losses	374	2,999	(16,674)	79,297
Net interest income after provision for loan losses	83,218	63,636	201,596	42,411
Other income/expense:
Other	22,921	60,127	18,317	68,408
Gain on sale of loans	15,271	0	15,271	18,206
Impairment expense and provision for beneficial interests, net	500	332	(1,936)	34,419
Derivative market value adjustments and derivative settlements, net	(6,989)	1,910	27,516	(14,455)
Total other income/expense	219,499	251,049	458,611	441,676
Cost of services:
Cost of services	21,676	21,119	48,728	49,506
Operating expenses:
Salaries and benefits	118,968	119,247	234,759	239,125
Depreciation and amortization	20,236	29,393	40,419	57,041
Other expenses	32,587	37,052	69,286	80,439
Total operating expenses	171,791	185,692	344,464	376,605
Income before income taxes	109,250	107,874	267,015	57,976
Income tax expense	(26,237)	(21,264)	(61,098)	(11,131)
Net income	83,013	86,610	205,917	46,845
Net loss (income) attributable to noncontrolling interests	854	(128)	1,548	(895)
Net income attributable to Nelnet, Inc.	$ 83,867	$ 86,482	$ 207,465	$ 45,950
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Weighted-average common shares outstanding - basic (in shares)	38,741,486	39,203,404	38,672,902	39,579,459
Weighted-average common shares outstanding - diluted (in shares)	38,741,486	39,203,404	38,672,902	39,579,459
Loan servicing and systems
Other income/expense:
Revenue	$ 112,094	$ 111,042	$ 223,611	$ 223,778
Education technology, services, and payment processing
Other income/expense:
Revenue	76,702	59,304	171,960	142,979
Cost of services:
Cost of services	21,676	15,376	48,728	38,181
Communications services
Other income/expense:
Revenue	0	18,998	0	37,179
Cost of services:
Cost of services	$ 0	$ 5,743	$ 0	$ 11,325

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 83,013	$ 86,610	$ 205,917	$ 46,845
Other comprehensive income:
Net changes related to foreign currency translation adjustments	(1)	0	0	0
Net changes related to available-for-sale debt securities:
Unrealized gains during period, net	2,897	3,236	7,246	221
Reclassification of (gains) losses to net income, net	(371)	(112)	(879)	123
Income tax effect	(606)	(750)	(1,528)	(83)
Unrealized gains (losses) during period after reclassifications and tax	1,920	2,374	4,839	261
Other comprehensive income	1,919	2,374	4,839	261
Comprehensive income	84,932	88,984	210,756	47,106
Comprehensive loss (income) attributable to noncontrolling interests	854	(128)	1,548	(895)
Comprehensive income attributable to Nelnet, Inc.	$ 85,786	$ 88,856	$ 212,304	$ 46,211

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Preferred stock	Common stock Common Class A	Common stock Common Class B	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated other comprehensive earnings, net	Noncontrolling interests
Balance (in shares) at Dec. 31, 2019			0	28,458,495	11,271,609
Balance at Dec. 31, 2019	$ 2,391,094	$ (18,867)	$ 0	$ 285	$ 113	$ 5,715	$ 2,377,627	$ (18,867)	$ 2,972	$ 4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	52									52
Net income (loss)	46,845						45,950			895
Other comprehensive income (loss)	261								261
Distribution to noncontrolling interests	(589)									(589)
Cash dividend on Class A and Class B common stock	(15,679)						(15,679)
Issuance of common stock, net of forfeitures (in shares)				172,275
Issuance of common stock, net of forfeitures	4,601			$ 1		4,600
Compensation expense for stock based awards	3,595					3,595
Repurchase of common stock (in shares)				(1,497,934)
Repurchase of common stock	(68,527)			$ (15)		(12,043)	(56,469)
Conversion of common stock (in shares)				100,000	(100,000)
Conversion of common stock	0			$ 1	$ (1)
Acquisition of noncontrolling interest	(2,000)						(1,250)			(750)
Balance (in shares) at Jun. 30, 2020			0	27,232,836	11,171,609
Balance at Jun. 30, 2020	2,340,786		$ 0	$ 272	$ 112	1,867	2,331,312		3,233	3,990
Balance (in shares) at Mar. 31, 2020			0	28,582,032	11,271,609
Balance at Mar. 31, 2020	2,325,800		$ 0	$ 286	$ 113	9,140	2,310,282		859	5,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26									26
Net income (loss)	86,610						86,482			128
Other comprehensive income (loss)	2,374								2,374
Distribution to noncontrolling interests	(534)									(534)
Cash dividend on Class A and Class B common stock	(7,733)						(7,733)
Issuance of common stock, net of forfeitures (in shares)				23,853
Issuance of common stock, net of forfeitures	1,660					1,660
Compensation expense for stock based awards	1,857					1,857
Repurchase of common stock (in shares)				(1,473,049)
Repurchase of common stock	(67,274)			$ (15)		(10,790)	(56,469)
Conversion of common stock (in shares)				100,000	(100,000)
Conversion of common stock	0			$ 1	$ (1)
Acquisition of noncontrolling interest	(2,000)						(1,250)			(750)
Balance (in shares) at Jun. 30, 2020			0	27,232,836	11,171,609
Balance at Jun. 30, 2020	2,340,786		$ 0	$ 272	$ 112	1,867	2,331,312		3,233	3,990
Balance (in shares) at Dec. 31, 2020			0	27,193,154	11,155,571
Balance at Dec. 31, 2020	2,628,349		$ 0	$ 272	$ 112	3,794	2,621,762		6,102	(3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	6,888									6,888
Net income (loss)	205,917						207,465			(1,548)
Other comprehensive income (loss)	4,839								4,839
Distribution to noncontrolling interests	(6,829)									(6,829)
Cash dividend on Class A and Class B common stock	(16,912)						(16,912)
Issuance of common stock, net of forfeitures (in shares)				231,955
Issuance of common stock, net of forfeitures	3,915			$ 2		3,913
Compensation expense for stock based awards	4,859					4,859
Repurchase of common stock (in shares)				(31,567)
Repurchase of common stock	(2,408)					(2,408)	0
Conversion of common stock (in shares)				101,400	(101,400)
Conversion of common stock	0			$ 1	$ (1)
Balance (in shares) at Jun. 30, 2021			0	27,494,942	11,054,171
Balance at Jun. 30, 2021	2,828,618		$ 0	$ 275	$ 111	10,158	2,812,315		10,941	(5,182)
Balance (in shares) at Mar. 31, 2021			0	27,367,797	11,154,171
Balance at Mar. 31, 2021	2,749,101		$ 0	$ 274	$ 112	5,859	2,736,923		9,022	(3,089)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	5,488									5,488
Net income (loss)	83,013						83,867			(854)
Other comprehensive income (loss)	1,919								1,919
Distribution to noncontrolling interests	(6,727)									(6,727)
Cash dividend on Class A and Class B common stock	(8,475)						(8,475)
Issuance of common stock, net of forfeitures (in shares)				32,513
Issuance of common stock, net of forfeitures	1,824					1,824
Compensation expense for stock based awards	2,874					2,874
Repurchase of common stock (in shares)				(5,368)
Repurchase of common stock	(399)					(399)
Conversion of common stock (in shares)				100,000	(100,000)
Conversion of common stock	0			$ 1	$ (1)
Balance (in shares) at Jun. 30, 2021			0	27,494,942	11,054,171
Balance at Jun. 30, 2021	$ 2,828,618		$ 0	$ 275	$ 111	$ 10,158	$ 2,812,315		$ 10,941	$ (5,182)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20	$ 0.44	$ 0.40
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20	$ 0.44	$ 0.40

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Net cash provided by operating activities:

Net income attributable to Nelnet, Inc.

$ 207,465

$ 45,950

Net (loss) income attributable to noncontrolling interests

(1,548)

895

Net income

205,917

46,845

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs

76,754

99,282

Loan discount accretion

(14,606)

(19,196)

Provision (negative provision) for loan losses

(16,674)

79,297

Derivative market value adjustments

(37,194)

24,513

Proceeds from (payments to) clearinghouse - initial and variation margin, net

38,440

(24,453)

Gain from sale of loans

(15,271)

(18,206)

Loss (gain) from investments, net

812

(48,402)

Loss (gain) from repurchases of debt, net

695

(403)

Purchases of equity securities - trading, net

(19,764)

0

Deferred income tax expense (benefit)

18,173

(14,762)

Non-cash compensation expense

4,980

3,581

(Negative provision) provision for beneficial interests and impairment expense, net

(1,936)

34,419

Increase in loan and investment accrued interest receivable

(40,488)

(123,276)

(Increase) decrease in accounts receivable

(9,446)

41,608

Decrease in other assets, net

32,241

22,992

Decrease in the carrying amount of ROU asset

3,962

5,948

Decrease in accrued interest payable

(23,779)

(14,525)

Decrease in other liabilities, net

(13,663)

(26,817)

Decrease in the carrying amount of lease liability

(3,288)

(4,829)

Increase (decrease) in due to customers

1,746

(169,217)

Net cash provided by (used in) operating activities

187,611

(105,601)

Cash flows from investing activities:

Purchases and originations of loans

(1,040,573)

(872,987)

Purchases of loans from a related party

(20,847)

(75,118)

Net proceeds from loan repayments, claims, and capitalized interest

1,047,645

1,800,286

Proceeds from sale of loans

65,224

90,465

Purchases of available-for-sale securities

(363,485)

(112,675)

Proceeds from sales of available-for-sale securities

38,511

23,372

Proceeds from and sale of beneficial interest in loan securitizations

19,077

21,765

Purchases of other investments

(128,011)

(117,598)

Proceeds from other investments

167,821

6,770

Purchases of property and equipment

(28,784)

(46,994)

Net cash (used in) provided by investing activities

(243,422)

717,286

Cash flows from financing activities:

Payments on bonds and notes payable

(1,073,523)

(2,073,710)

Proceeds from issuance of bonds and notes payable

1,114,821

1,252,360

Payments of debt issuance costs

(3,035)

(5,863)

Increase in bank deposits, net

148,208

0

Dividends paid

(16,912)

(15,679)

Repurchases of common stock

(2,408)

(68,527)

Proceeds from issuance of common stock

689

781

Acquisition of noncontrolling interest

0

(2,000)

Issuance of noncontrolling interests

7,480

0

Distribution to noncontrolling interests

(423)

(333)

Net cash provided by (used in) financing activities

174,897

(912,971)

Effect of exchange rate changes on cash

(108)

0

Net increase (decrease) in cash, cash equivalents, and restricted cash

118,978

(301,286)

Cash, cash equivalents, and restricted cash, beginning of period

958,395

1,222,601

Cash, cash equivalents, and restricted cash, end of period

1,077,373

921,315

Supplemental disclosures of cash flow information:

Cash disbursements made for interest

78,904

209,170

Cash disbursements made for income taxes, net of refunds and credits received

^[1]

14,229

7,949

Cash disbursements made for operating leases

4,096

5,442

Non-cash operating, investing, and financing activity:

ROU assets obtained in exchange for lease obligations

823

3,265

Receipt of beneficial interest in consumer loan securitizations

19,280

38,490

Distribution to noncontrolling interests

6,406

33

Issuance of noncontrolling interests

$ 592

$ 0

[1]	The Company utilized $22.0 million and $18.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2021 and 2020, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 22,000	$ 18,300
Cash and cash equivalents:
Total cash and cash equivalents	212,989	67,540
Restricted cash	616,711	585,236
Restricted cash - due to customers	247,673	268,539
Cash, cash equivalents, and restricted cash	$ 1,077,373	$ 921,315

Basis of Financial Reporting	6 Months Ended
Basis of Financial Reporting	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Loans and Accrued Interest Receivable and Allowance for Loan Losses

Loans and accrued interest receivable consisted of the following:


	As of		As of
	June 30, 2021		December 31, 2020
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other	$	4,420,716	4,383,000
Consolidation	14,518,148		14,746,173
Total	18,938,864		19,129,173
Private education loans	350,094		320,589
Consumer loans	42,767		109,346
Non-Nelnet Bank loans	19,331,725		19,559,108
Nelnet Bank:
Federally insured student loans	97,167		—



Private education loans	93,404		17,543

Nelnet Bank loans	190,571		17,543

Accrued interest receivable	834,989		794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(23,896)		(9,908)

Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(120,802)		(128,590)
Private education loans	(19,403)		(19,529)
Consumer loans	(4,702)		(27,256)
Non-Nelnet Bank allowance for loan losses	(144,907)		(175,375)
Nelnet Bank:
Federally insured loans	(245)		—
Private education loans	(567)		(323)

Nelnet Bank allowance for loan losses	(812)		(323)
	$	20,187,670	20,185,656

On May 14, 2021, the Company sold $77.4 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $15.3 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 24.5 percent residual interest in the consumer loan securitization that is included in "investments" on the Company's consolidated balance sheet.

Activity in the Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment.


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sales	Balance at end of period
	Three months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans	$	121,846	—	(397)	(1,172)	—	525	—	120,802
Private education loans	20,670		—	(1,004)	(403)	139	—	1	19,403
Consumer loans	14,134		—	1,706	(1,464)	235	—	(9,909)	4,702
Nelnet Bank
Federally insured loans	—		—	245	—	—	—	—	245
Private education loans	744		—	(176)	—	—	—	(1)	567

	$	157,394	—	374	(3,039)	374	525	(9,909)	145,719

	Three months ended June 30, 2020
Non-Nelnet Bank
Federally insured loans	$	146,759	—	(1,950)	(6,080)	—	6,100	—	144,829
Private education loans	23,056		—	2,322	(26)	183	—	—	25,535
Consumer loans	39,053		—	2,627	(2,820)	221	—	—	39,081




	$	208,868	—	2,999	(8,926)	404	6,100	—	209,445

	Six months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans	$	128,590	—	(7,880)	(1,233)	—	1,325	—	120,802
Private education loans	19,529		—	427	(896)	341	—	2	19,403
Consumer loans	27,256		—	(9,712)	(3,414)	481	—	(9,909)	4,702
Nelnet Bank
Federally insured loans	—		—	245	—	—	—	—	245
Private education loans	323		—	246	—	—	—	(2)	567

	$	175,698	—	(16,674)	(5,543)	822	1,325	(9,909)	145,719

	Six months ended June 30, 2020
Non-Nelnet Bank
Federally insured loans	$	36,763	72,291	37,373	(12,398)	—	10,800	—	144,829
Private education loans	9,597		4,797	12,121	(1,355)	375	—	—	25,535
Consumer loans	15,554		13,926	29,803	(7,170)	468	—	(13,500)	39,081




	$	61,914	91,014	79,297	(20,923)	843	10,800	(13,500)	209,445

a) During the three months ended June 30, 2021 and 2020, and six months ended June 30, 2021 and 2020, the Company acquired $34.7 million (par value), $292.7 million (par value), $88.7 million (par value), and $583.9 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.

Beginning in March 2020, the coronavirus disease 2019 ("COVID-19") pandemic has caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on economic conditions.

The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain continued improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain continued improved economic conditions as of

March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020.

During the second quarter of 2021, the Company recorded a negative provision for loan losses for its federally insured and private education loan portfolios due to management's estimate of certain continued improved economic conditions as of June 30, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of March 31, 2021. These amounts were partially offset due to the Company establishing an initial allowance for federally insured and private education loans acquired during the period. The Company recorded a provision for loan losses on its consumer loan portfolio during the second quarter of 2021 as a result of establishing an initial allowance for consumer loans acquired during the period, which was partially offset by management's estimate of certain continued improved economic conditions as of June 30, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of March 31, 2021.

Loan Status and Delinquencies

The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts.


	As of June 30, 2021						As of December 31, 2020						As of June 30, 2020
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	955,227	5.0	%			$	1,036,028	5.4	%			$	936,746	4.8	%
Loans in forbearance	2,079,368		11.0				1,973,175		10.3				5,370,466		27.7
Loans in repayment status:
Loans current	13,995,297				88.0	%	13,683,054				84.9	%	12,984,175				99.3	%
Loans delinquent 31-60 days	580,602				3.7		633,411				3.9		2,057				—
Loans delinquent 61-90 days	262,353				1.6		307,936				1.9		165				—
Loans delinquent 91-120 days	104,124				0.7		800,257				5.0		23				—
Loans delinquent 121-270 days	398,965				2.5		674,975				4.2		101				—
Loans delinquent 271 days or greater	562,928				3.5		20,337				0.1		94,138				0.7
Total loans in repayment	15,904,269		84.0		100.0	%	16,119,970		84.3		100.0	%	13,080,659		67.5		100.0	%
Total federally insured loans	18,938,864		100.0	%			19,129,173		100.0	%			19,387,871		100.0	%
Accrued interest receivable	830,973						791,453						853,473
Loan discount, net of unamortized premiums and deferred origination costs	(24,129)						(14,505)						(19,116)

Allowance for loan losses	(120,802)						(128,590)						(144,829)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,624,906					$	19,777,531					$	20,077,399
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	10,195	2.9	%			$	5,049	1.6	%			$	3,971	1.3	%
Loans in forbearance	3,884		1.1				2,359		0.7				21,890		7.5
Loans in repayment status:
Loans current	330,097				98.3	%	310,036				99.0	%	265,720				99.4	%
Loans delinquent 31-60 days	3,962				1.2		1,099				0.4		680				0.2
Loans delinquent 61-90 days	818				0.2		675				0.2		244				0.1
Loans delinquent 91 days or greater	1,138				0.3		1,371				0.4		713				0.3
Total loans in repayment	336,015		96.0		100.0	%	313,181		97.7		100.0	%	267,357		91.2		100.0	%
Total private education loans	350,094		100.0	%			320,589		100.0	%			293,218		100.0	%
Accrued interest receivable	2,360						2,131						1,961
Loan discount, net of unamortized premiums	(1,547)						2,691						813

Allowance for loan losses	(19,403)						(19,529)						(25,535)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	331,504					$	305,882					$	270,457


	As of June 30, 2021						As of December 31, 2020						As of June 30, 2020
Consumer loans - Non-Nelnet Bank:
Loans in deferment	$	38	0.1	%			$	829	0.8	%			$	3,274	2.2	%
Loans in repayment status:
Loans current	41,039				96.1	%	105,650				97.4	%	142,540				97.6	%
Loans delinquent 31-60 days	387				0.9		954				0.9		938				0.7
Loans delinquent 61-90 days	484				1.1		804				0.7		1,078				0.7
Loans delinquent 91 days or greater	819				1.9		1,109				1.0		1,478				1.0
Total loans in repayment	42,729		99.9		100.0	%	108,517		99.2		100.0	%	146,034		97.8	%	100.0	%
Total consumer loans	42,767		100.0	%			109,346		100.0	%			149,308		100.0	%
Accrued interest receivable	328						1,001						1,446
Loan premium	377						1,640						1,344
Allowance for loan losses	(4,702)						(27,256)						(39,081)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	38,770					$	84,731					$	113,017

Federally insured loans - Nelnet Bank:
Loans in-school/grace/deferment	$	103	0.1	%
Loans in forbearance	1,026		1.1
Loans in repayment status:
Loans current	95,402				99.3	%
Loans delinquent 31-60 days	593				0.6
Loans delinquent 61-90 days	43				0.1
Loans delinquent 91-120 days	—				—
Loans delinquent 121-270 days	—				—
Loans delinquent 271 days or greater	—				—
Total loans in repayment	96,038		98.8		100.0	%
Total federally insured loans	97,167		100.0	%
Accrued interest receivable	1,179
Loan premium	29

Allowance for loan losses	(245)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	98,130
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$	82	0.1	%			$	—	—	%
Loans in forbearance	133		0.1				29		0.2
Loans in repayment status:
Loans current	93,189				100.0	%	17,514				100.0	%
Loans delinquent 31-60 days	—				—		—				—
Loans delinquent 61-90 days	—				—		—				—
Loans delinquent 91 days or greater	—				—		—				—
Total loans in repayment	93,189		99.8		100.0	%	17,514		99.8		100.0	%
Total private education loans	93,404		100.0	%			17,543		100.0	%
Accrued interest receivable	149						26
Deferred origination costs	1,374						266

Allowance for loan losses	(567)						(323)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	94,360					$	17,512

Nonaccrual Status

The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2020 and June 30, 2021, was not material.

Amortized Cost Basis by Origination Year

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of June 30, 2021 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 the Company’s federally insured loans were originated prior to July 1, 2010.


	Six months ended June 30, 2021		2020	2019	2018	2017	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment	$	810	2,306	4,744	—	—	2,335	10,195
Loans in forbearance	—		299	755	173	—	2,657	3,884
Loans in repayment status:
Loans current	1,885		90,009	60,694	481	—	177,028	330,097
Loans delinquent 31-60 days	—		161	373	—	—	3,428	3,962
Loans delinquent 61-90 days	—		—	—	—	—	818	818
Loans delinquent 91 days or greater	—		—	—	—	—	1,138	1,138
Total loans in repayment	1,885		90,170	61,067	481	—	182,412	336,015
Total private education loans	$	2,695	92,775	66,566	654	—	187,404	350,094
Accrued interest receivable								2,360
Loan discount, net of unamortized premiums								(1,547)
Allowance for loan losses								(19,403)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	331,504

Consumer loans - Non-Nelnet Bank:
Loans in deferment	$	—	—	30	8	—	—	38
Loans in repayment status:
Loans current	19,733		1,582	8,880	10,630	214	—	41,039
Loans delinquent 31-60 days	29		83	189	77	9	—	387
Loans delinquent 61-90 days	50		233	113	83	5	—	484
Loans delinquent 91 days or greater	25		107	302	385	—	—	819
Total loans in repayment	19,837		2,005	9,484	11,175	228	—	42,729
Total consumer loans	$	19,837	2,005	9,514	11,183	228	—	42,767
Accrued interest receivable								328
Loan premium								377
Allowance for loan losses								(4,702)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	38,770

Private education loans - Nelnet Bank:
Loans in school/grace/deferment	$	82	—	—	—	—	—	82
Loans in forbearance	133		—	—	—	—	—	133
Loans in repayment status:
Loans current	78,817		14,372	—	—	—	—	93,189
Loans delinquent 31-60 days	—		—	—	—	—	—	—
Loans delinquent 61-90 days	—		—	—	—	—	—	—
Loans delinquent 91 days or greater	—		—	—	—	—	—	—
Total loans in repayment	78,817		14,372	—	—	—	—	93,189
Total private education loans	$	79,032	14,372	—	—	—	—	93,404
Accrued interest receivable								149
Deferred origination costs								1,374
Allowance for loan losses								(567)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	94,360

Bonds and Notes Payable

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Bonds and Notes Payable

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of June 30, 2021
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	16,974,086	0.22% - 2.09%	5/27/25 - 7/25/69
Bonds and notes based on auction	742,350		0.91% - 2.06%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,716,436
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	893,093		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	301,144		0.16% / 0.23%	11/22/22 / 2/26/24
Private education loan warehouse facility	140,763		0.21%	2/13/23

Variable-rate bonds and notes issued in private education loan asset-backed securitizations	40,030		1.65% / 1.84%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	32,742		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	85,000		1.58%	12/16/24
Participation agreement	132,078		0.80%	5/4/22
Repurchase agreements	255,323		0.80% - 1.05%	9/24/21 - 12/20/23
Secured line of credit	5,000		2.09%	5/30/22

	19,601,609
Discount on bonds and notes payable and debt issuance costs	(219,774)
Total	$	19,381,835


	As of December 31, 2020
	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	$	17,127,643	0.28% - 2.05%	5/27/25 - 10/25/68
Bonds and notes based on auction	749,925		1.12% - 2.14%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,877,568
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	923,076		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	252,165		0.27% / 0.31%	5/20/22 / 2/26/23
Private education loan warehouse facility	150,397		0.28%	2/13/22
Consumer loan warehouse facility	25,809		0.28%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	49,025		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	37,251		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	120,000		1.65%	12/16/24
Participation agreement	118,558		0.84%	5/4/21
Secured line of credit	5,000		1.90%	5/30/22

	19,558,849
Discount on bonds and notes payable and debt issuance costs	(238,123)
Total	$	19,320,726

FFELP Warehouse Facilities

The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements.

As of June 30, 2021, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	310,000	50,000	360,000
Amount outstanding	290,539		10,605	301,144
Amount available	$	19,461	39,395	58,856
Expiration of liquidity provisions	November 22, 2021		February 26, 2022
Final maturity date	November 22, 2022		February 26, 2024


Advanced as equity support	$	24,136	666	24,802

(a) On May 20, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional six months to November 22, 2021 and November 22, 2022, respectively. On June 28, 2021, the maximum financing amount for this warehouse facility increased to $770.0 million, and on June 30, 2021 the maximum financing amount decreased to $310.0 million.

(b) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.

Asset-Backed Securitizations

The following table summarizes the asset-backed securitization transaction completed by the Company during the first six months of 2021.

NSLT 2021-1

Date securities issued

6/30/21

Total original principal amount

$

797,000

Class A senior notes:

Total principal amount

$

781,000

Cost of funds

1-month LIBOR plus 0.50%

Final maturity date

7/25/69

Class B subordinated notes:

Total principal amount

$

16,000

Cost of funds

1-month LIBOR plus 1.25%

Final maturity date

7/25/69

Private Education Loan Warehouse Facility

During 2020, the Company obtained a private education loan warehouse facility that had an aggregate maximum financing amount available of $200.0 million. On February 12, 2021, the Company decreased the maximum financing amount available for this facility to $175.0 million and extended the liquidity provisions and final maturity date to February 13, 2022 and February 13, 2023, respectively. As of June 30, 2021, $140.8 million was outstanding under this warehouse facility and $34.2 million was available for future funding. The facility has an advance rate of 80 to 90 percent and, as of June 30, 2021, the Company had $15.0 million advanced as equity support under this facility.

Consumer Loan Warehouse Facility

The Company had a $100.0 million consumer loan warehouse facility. On March 31, 2021, the Company terminated this facility.

Unsecured Line of Credit

The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of June 30, 2021, $85.0 million was outstanding on the line of credit and $370.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions.

Participation Agreement

The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities. As of June 30, 2021, $132.1 million of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five business days' notice. The Company can participate FFELP loan asset-backed securities to Union Bank to the extent of availability under the grantor trusts, up to $100.0 million or an amount in excess of $100.0 million if mutually agreed to by both parties. The Company maintains legal ownership of the FFELP loan asset-backed securities and, in its discretion, approves and accomplishes any sale, assignment, transfer, encumbrance, or other disposition of the securities. As such, the FFELP loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing.

Repurchase Agreements

On May 3, 2021, the Company entered into a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by private education loan asset-backed securities. The repurchase agreement has maturity dates of November 20, 2023 and December 20, 2023, or earlier if either party provides 180 days’ prior written notice. The Company incurs interest on amounts outstanding based on three-month LIBOR plus an applicable spread, and is subject to margin deficit payment requirements if the fair value of the securities subject to the repurchase agreement is less than the original purchase price of such securities on any scheduled reset date. Included in “bonds and notes payable” as of June 30, 2021 was $228.4 million subject to this repurchase agreement.

On June 23, 2021, the Company entered into an additional repurchase agreement with another non-affiliated third party, the proceeds of which are collateralized by private education loan asset-backed securities. The repurchase agreement has a maturity date of September 24, 2021. The Company incurs interest on amounts outstanding based on three-month LIBOR plus an applicable spread, and could be subject to margin deficit payment requirements if the fair value of the securities subject to the repurchase agreement is less than the original purchase price of such securities and the counter-party provides notice requiring such payment. Included in "bonds and notes payable" as of June 30, 2021 was $26.9 million subject to this repurchase agreement.

See note 5 for additional information about the private education loan asset-backed securities investments serving as collateral for these repurchase agreements.

Accrued Interest Liability

During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined is no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest on bonds and notes payable and bank deposits" in the consolidated statements of income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2020 Annual Report. A tabular presentation of such derivatives outstanding as of June 30, 2021 and December 31, 2020 is presented below.

Basis Swaps

The following table summarizes the Company’s outstanding basis swaps as of June 30, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	June 30, 2021		December 31, 2020
2021	$	—	250,000
2022	2,000,000		2,000,000
2023	750,000		750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000






	$	5,900,000	6,150,000

The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2021 and December 31, 2020 was one-month LIBOR plus 9.1 basis points.

Interest Rate Swaps – Floor Income Hedges

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of June 30, 2021				As of December 31, 2020
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2021	$	100,000	2.95	%	$	600,000	2.15	%
2022	500,000		0.94		500,000		0.94
2023	900,000		0.62		900,000		0.62
2024	2,500,000		0.35		2,000,000		0.32
2025	500,000		0.35		500,000		0.35
2026	150,000		0.85		—		—
2031	100,000		1.53		—		—


	$	4,750,000	0.56	%	$	4,500,000	0.70	%

(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.

Consolidated Financial Statement Impact Related to Derivatives - Statements of Income

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended June 30,			Six months ended June 30,
	2021		2020	2021	2020
Settlements:
1:3 basis swaps	$	(221)	7,129	(240)	9,242
Interest rate swaps - floor income hedges	(5,153)		(1,308)	(9,438)	816

Total settlements - (expense) income	(5,374)		5,821	(9,678)	10,058
Change in fair value:
1:3 basis swaps	(1,106)		(2,872)	1,693	(1,314)
Interest rate swaps - floor income hedges	(509)		(1,039)	35,501	(23,199)



Total change in fair value - (expense) income	(1,615)		(3,911)	37,194	(24,513)
Derivative market value adjustments and derivative settlements, net - (expense) income	$	(6,989)	1,910	27,516	(14,455)

Investments

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Investments

Private Education Loan Investment

In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education loans representing approximately 445,000 borrowers. The Company has entered into a joint venture with other investors to acquire the loans, and under the joint venture the Company has an approximately 8 percent interest in the loans. In conjunction with the sale, the Company was selected as servicer of the portfolio. During March and throughout the second quarter of 2021, the borrowers were converted to the Company's servicing platform. The joint venture established a limited partnership that purchased the private education loans and funded such loans with a temporary warehouse facility. The Company is accounting for its membership interests in this partnership under the equity method of accounting and as of June 30, 2021, such investment was $8.3 million. This investment is included in “venture capital and funds – equity method” in the table below.

On May 20, 2021 and June 30, 2021, the joint venture completed asset-backed securitization transactions to permanently finance a total of $5.8 billion of the private education loans purchased by the joint venture. The Company is accounting for its approximately 8 percent residual interest in these securitizations as held-to-maturity beneficial interest investments. These investments are shown as “beneficial interest in private education loan securitizations” in the table below. On behalf of the joint venture, the Company is the sponsor and administrator for these loan securitizations. As sponsor, 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 “private education loan asset-backed securities – available for sale” in the table below and as of June 30, 2021, the fair value of these bonds was $307.3 million. The Company must retain these investment securities until the latest of (i) two years from the closing date of the securitization, (ii) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (iii) 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. The Company entered into repurchase agreements with third-parties, the proceeds of which were used to purchase a portion of the asset-backed investments, and such investments serve as collateral on the repurchase obligations. See note 3 for additional information about these repurchase agreements.

A summary of the Company's investments follows:


	As of June 30, 2021						As of December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (a)	$	357,935	13,498	—	371,433		338,475	8,040	(13)	346,502
Private education loan asset-backed securities - available-for-sale (b)	306,395		898	—	307,293		—	—	—	—
Other debt securities - available-for-sale	2,100		1	—	2,101		2,103	2	—	2,105
Equity securities	57,652		15,336	(3,865)	69,123		36,227	8,768	(2,954)	42,041
Total investments (at fair value)	$	724,082	29,733	(3,865)	749,950		376,805	16,810	(2,967)	390,648


Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative (c)					150,857					144,795
Equity method					26,307					14,018
Other					883					894
Total venture capital and funds					178,047					159,707
Real estate
Equity method					46,748					50,291
Notes receivable					3,500					847
Total real estate					50,248					51,138
Investment in ALLO:
Voting interest/equity method (d)					108,271					129,396
Preferred membership interest and accrued and unpaid preferred return (e)					133,257					228,916
Total investment in ALLO					241,528					358,312
Solar (f)					(60,862)					(30,373)
Beneficial interest in private education loan securitizations (g)					36,079					—
Beneficial interest in federally insured loan securitizations (g)					27,955					30,377
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g)					40,983					27,954
Tax liens and affordable housing					4,029					5,177
Total investments (not measured at fair value)					518,007					602,292
Total investments					$	1,267,957				$	992,940

(a) As of June 30, 2021, $132.1 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank. See note 3 for additional information.

(b) As of June 30, 2021, a total of $293.9 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third-parties. See note 3 for additional information.

(c) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On May 27, 2021, the Company made an additional equity investment of approximately $5 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2021 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. For accounting purposes, the May 2021 equity raise transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities and the price was contractually agreed to during Hudl's prior May 2020 equity raise. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the May 2021 transaction value. As of June 30, 2021, the carrying amount of the Company's investment in Hudl is $133.9 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 accounts for its voting membership interests in ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO.

During the three and six months ended June 30, 2021, the Company recognized income of $1.1 million and losses of $21.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. In the second quarter of 2021, the Company revised its accounting policy to correct for an error in its method of applying the HLBV method of accounting for its investment in ALLO. Previously, the Company calculated Nelnet’s liquidation basis in ALLO under the HLBV method by using Nelnet’s proportionate share of tax losses and amortizing any basis difference using tax methods. The Company has determined that Nelnet’s liquidation basis in ALLO under the HLBV method should equal ALLO’s GAAP losses and amortizing any basis difference using book lives. During the second quarter of 2021, the Company recorded an adjustment to reflect the cumulative net impact on prior periods (since the deconsolidation of ALLO on December 21, 2020) for the correction of this error that resulted in a $14.0 million increase to the Company’s ALLO investment balance and a corresponding pre-tax increase to other income (a $10.6 million after tax, or $0.27 per share, increase to net income). The Company concluded this error had an immaterial impact on 2021 results as well as the results for prior periods.

Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. The Company currently anticipates such losses in the second half of 2021 to approximate the amount of total losses incurred during the first half of 2021. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income.

(e) As of June 30, 2021, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $129.7 million and $3.6 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three and six months ended June 30, 2021, the Company recognized income on its ALLO preferred membership interests of $2.0 million and $4.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income.

On January 19, 2021, ALLO obtained certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests.

(f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of June 30, 2021, the Company has funded a total of $162.0 million in solar investments, which includes $19.5 million funded by syndication partners. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at June 30, 2021 represents total tax credits earned on solar projects placed in service through June 30, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $68.7 million on these projects, of which $34.9 million will be funded by syndication partners.

The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended June 30, 2021 and 2020, the Company recognized pre-tax losses and income of $2.3 million and $2.0 million, respectively, and for the six months ended June 30, 2021 and 2020, the Company recognized pre-tax losses of $4.0 million and $0.8 million, respectively, on its solar investments. These losses and income are included in "other" in "other income/expense" on the consolidated statements of income.

(g) The Company has purchased partial ownership in certain private education, federally insured, and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to June 30, 2021, the Company's ownership correlates to approximately $460 million, $495 million, and $280 million of private education, federally insured, and consumer loans, respectively, included in these securitizations.

During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of income.

Intangible Assets

6 Months Ended

Jun. 30, 2021

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible assets consisted of the following:


	Weighted average remaining useful life as of June 30, 2021 (months)
		As of		As of
		June 30, 2021		December 31, 2020
Amortizable intangible assets, net:
Customer relationships (net of accumulated amortization of $91,996 and $83,419, respectively)	107	$	53,296	66,974
Computer software (net of accumulated amortization of $2,685 and $4,127, respectively)	30	5,168		6,430
Trade names (net of accumulated amortization of $5,121 and $3,455, respectively)	—	—		1,666
Total - amortizable intangible assets, net	100	$	58,464	75,070

The Company recorded amortization expense on its intangible assets of $8.3 million and $7.4 million during the three months ended June 30, 2021 and 2020, respectively, and $16.6 million and $14.8 million during the six months ended June 30, 2021 and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2021, the Company estimates it will record amortization expense as follows:


2021 (July 1 - December 31)	$	6,435
2022	9,939
2023	9,830
2024	7,457
2025	4,644
2026 and thereafter	20,159
	$	58,464

Goodwill

6 Months Ended

Jun. 30, 2021

Goodwill [Abstract]

Goodwill

The carrying amount of goodwill as of June 30, 2021 and December 31, 2020 by reportable operating segment was as follows:


	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Total








Goodwill balance	$	23,639	76,570	41,883	—	—	142,092

Property and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


		As of		As of
	Useful life	June 30, 2021		December 31, 2020
Computer equipment and software	1-5 years	$	207,206	172,664
Building and building improvements	5-48 years	54,545		52,444
Office furniture and equipment	1-10 years	23,243		21,899
Leasehold improvements	1-15 years	9,387		9,168
Transportation equipment	5-10 years	4,857		4,857
Land	—	3,642		3,642
Construction in progress	—	8,169		18,478
		311,049		283,152
Accumulated depreciation		(182,522)		(159,625)
Total property and equipment, net		$	128,527	123,527

The Company recorded depreciation expense on its property and equipment of $12.0 million and $22.0 million during the three months ended June 30, 2021 and 2020, respectively, and $23.8 million and $42.3 million during the six months ended June 30, 2021 and 2020, respectively

Earnings per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock.


	Three months ended June 30,
	2021				2020
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	82,479	1,388	83,867	85,243	1,239	86,482

Denominator:
Weighted-average common shares outstanding - basic and diluted	38,100,092		641,394	38,741,486	38,641,794	561,610	39,203,404
Earnings per share - basic and diluted	$	2.16	2.16	2.16	2.21	2.21	2.21

	Six months ended June 30,
	2021				2020
	Common shareholders		Unvested restricted stock shareholders	Total	Common shareholders	Unvested restricted stock shareholders	Total
Numerator:
Net income attributable to Nelnet, Inc.	$	204,209	3,256	207,465	45,305	645	45,950

Denominator:
Weighted-average common shares outstanding - basic and diluted	38,065,869		607,033	38,672,902	39,023,624	555,835	39,579,459
Earnings per share - basic and diluted	$	5.36	5.36	5.36	1.16	1.16	1.16

Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Reporting

See note 15 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements.


	Three months ended June 30, 2021
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications (a)	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	30	210	—	129,965	2,041	1,524	(187)	133,583
Interest expense	23		—	—	48,670	392	1,093	(187)	49,991
Net interest income	7		210	—	81,295	1,649	431	—	83,592
Less provision (negative provision) for loan losses	—		—	—	305	69	—	—	374
Net interest income after provision for loan losses	7		210	—	80,990	1,580	431	—	83,218
Other income/expense:
Loan servicing and systems revenue	112,094		—	—	—	—	—	—	112,094
Intersegment revenue	8,480		3	—	—	—	—	(8,483)	—
Education technology, services, and payment processing revenue	—		76,702	—	—	—	—	—	76,702
Communications revenue	—		—	—	—	—	—	—	—
Other	701		—	—	2,316	4	19,900	—	22,921
Gain on sale of loans	—		—	—	15,271	—	—	—	15,271

Impairment expense and provision for beneficial interests, net	—		—	—	—	—	(500)	—	(500)
Derivative settlements, net	—		—	—	(5,374)	—	—	—	(5,374)
Derivative market value adjustments, net	—		—	—	(1,615)	—	—	—	(1,615)
Total other income/expense	121,275		76,705	—	10,598	4	19,400	(8,483)	219,499
Cost of services:
Cost to provide education technology, services, and payment processing services	—		21,676	—	—	—	—	—	21,676
Cost to provide communications services	—		—	—	—	—	—	—	—
Total cost of services	—		21,676	—	—	—	—	—	21,676
Operating expenses:
Salaries and benefits	68,388		27,094	—	556	1,578	21,351	—	118,968
Depreciation and amortization	7,974		2,956	—	—	—	9,305	—	20,236
Other expenses	13,273		4,437	—	3,567	237	11,074	—	32,587
Intersegment expenses, net	16,134		3,520	—	8,549	37	(19,757)	(8,483)	—
Total operating expenses	105,769		38,007	—	12,672	1,852	21,973	(8,483)	171,791
Income (loss) before income taxes	15,513		17,232	—	78,916	(268)	(2,142)	—	109,250
Income tax (expense) benefit (b)	(3,723)		(4,136)	—	(18,940)	64	497	—	(26,237)
Net income (loss)	11,790		13,096	—	59,976	(204)	(1,645)	—	83,013
Net loss (income) attributable to noncontrolling interests	—		—	—	—	—	854	—	854
Net income (loss) attributable to Nelnet, Inc.	$	11,790	13,096	—	59,976	(204)	(791)	—	83,867

Total assets as of June 30, 2021	$	205,214	424,079	—	20,783,755	407,611	1,489,212	(281,008)	23,028,863

(a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021.

(b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.


	Three months ended June 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Nelnet Bank (a)	Corporate and Other Activities	Eliminations	Total
Total interest income	$	52	420	—	150,583	—	1,196	(368)	151,883
Interest expense	28		21	—	84,489	—	1,078	(368)	85,248
Net interest income	24		399	—	66,094	—	118	—	66,635
Less provision (negative provision) for loan losses	—		—	—	2,999	—	—	—	2,999
Net interest income after provision for loan losses	24		399	—	63,095	—	118	—	63,636
Other income/expense:
Loan servicing and systems revenue	111,042		—	—	—	—	—	—	111,042
Intersegment revenue	8,537		3	—	—	—	—	(8,540)	—
Education technology, services, and payment processing revenue	—		59,304	—	—	—	—	—	59,304
Communications revenue	—		—	18,998	—	—	—	—	18,998
Other	1,914		—	392	732	—	57,089	—	60,127
Gain on sale of loans	—		—	—	—	—	—	—	—

Impairment expense and provision for beneficial interests, net	—		—	—	—	—	(332)	—	(332)
Derivative settlements, net	—		—	—	5,821	—	—	—	5,821
Derivative market value adjustments, net	—		—	—	(3,911)	—	—	—	(3,911)
Total other income/expense	121,493		59,307	19,390	2,642	—	56,757	(8,540)	251,049
Cost of services:
Cost to provide education technology, services, and payment processing services	—		15,376	—	—	—	—	—	15,376
Cost to provide communications services	—		—	5,743	—	—	—	—	5,743
Total cost of services	—		15,376	5,743	—	—	—	—	21,119
Operating expenses:
Salaries and benefits	68,401		24,522	5,570	421	—	20,334	—	119,247
Depreciation and amortization	9,142		2,362	10,824	—	—	7,065	—	29,393
Other expenses	13,380		2,326	3,774	4,863	—	12,710	—	37,052
Intersegment expenses, net	15,996		3,429	536	9,055	—	(20,476)	(8,540)	—
Total operating expenses	106,919		32,639	20,704	14,339	—	19,633	(8,540)	185,692
Income (loss) before income taxes	14,598		11,691	(7,057)	51,398	—	37,242	—	107,874
Income tax (expense) benefit	(3,504)		(2,806)	1,694	(12,336)	—	(4,312)	—	(21,264)
Net income (loss)	11,094		8,885	(5,363)	39,062	—	32,930	—	86,610
Net loss (income) attributable to noncontrolling interests	—		—	—	—	—	(128)	—	(128)
Net income (loss) attributable to Nelnet, Inc.	$	11,094	8,885	(5,363)	39,062	—	32,802	—	86,482

Total assets as of June 30, 2020	$	221,313	351,392	301,741	21,136,268	—	732,994	(132,500)	22,611,208

(a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended June 30, 2020.


	Six months ended June 30, 2021
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications (a)	Asset Generation and Management	Nelnet Bank	Corporate and Other Activities	Eliminations	Total
Total interest income	$	63	473	—	256,367	3,418	2,770	(405)	262,686
Interest expense	47		—	—	75,620	586	1,916	(405)	77,764
Net interest income	16		473	—	180,747	2,832	854	—	184,922
Less provision (negative provision) for loan losses	—		—	—	(17,165)	491	—	—	(16,674)
Net interest income after provision for loan losses	16		473	—	197,912	2,341	854	—	201,596
Other income/expense:
Loan servicing and systems revenue	223,611		—	—	—	—	—	—	223,611
Intersegment revenue	16,748		6	—	—	—	—	(16,754)	—
Education technology, services, and payment processing revenue	—		171,960	—	—	—	—	—	171,960
Communications revenue	—		—	—	—	—	—	—	—
Other	1,814		—	—	2,760	26	13,716	—	18,317
Gain on sale of loans	—		—	—	15,271	—	—	—	15,271

Impairment expense and provision for beneficial interests, net	—		—	—	2,436	—	(500)	—	1,936
Derivative settlements, net	—		—	—	(9,678)	—	—	—	(9,678)
Derivative market value adjustments, net	—		—	—	37,194	—	—	—	37,194
Total other income/expense	242,173		171,966	—	47,983	26	13,216	(16,754)	458,611
Cost of services:
Cost to provide education technology, services, and payment processing services	—		48,728	—	—	—	—	—	48,728
Cost to provide communications services	—		—	—	—	—	—	—	—
Total cost of services	—		48,728	—	—	—	—	—	48,728
Operating expenses:
Salaries and benefits	134,846		53,035	—	1,051	3,065	42,761	—	234,759
Depreciation and amortization	16,166		6,027	—	—	—	18,225	—	40,419
Other expenses	26,557		9,259	—	7,344	781	25,346	—	69,286
Intersegment expenses, net	33,024		7,184	—	16,976	40	(40,470)	(16,754)	—
Total operating expenses	210,593		75,505	—	25,371	3,886	45,862	(16,754)	344,464
Income (loss) before income taxes	31,596		48,206	—	220,524	(1,519)	(31,792)	—	267,015
Income tax (expense) benefit (b)	(7,583)		(11,570)	—	(52,926)	351	10,630	—	(61,098)
Net income (loss)	24,013		36,636	—	167,598	(1,168)	(21,162)	—	205,917
Net loss (income) attributable to noncontrolling interests	—		—	—	—	—	1,548	—	1,548
Net income (loss) attributable to Nelnet, Inc.	$	24,013	36,636	—	167,598	(1,168)	(19,614)	—	207,465

Total assets as of June 30, 2021	$	205,214	424,079	—	20,783,755	407,611	1,489,212	(281,008)	23,028,863

(a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021.

(b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities.


	Six months ended June 30, 2020
	Loan Servicing and Systems		Education Technology, Services, and Payment Processing	Communications	Asset Generation and Management	Nelnet Bank (a)	Corporate and Other Activities	Eliminations	Total
Total interest income	$	369	2,411	—	336,509	—	2,751	(967)	341,074
Interest expense	73		38	—	217,737	—	2,485	(967)	219,366
Net interest income	296		2,373	—	118,772	—	266	—	121,708
Less provision (negative provision) for loan losses	—		—	—	79,297	—	—	—	79,297
Net interest income after provision for loan losses	296		2,373	—	39,475	—	266	—	42,411
Other income/expense:
Loan servicing and systems revenue	223,778		—	—	—	—	—	—	223,778
Intersegment revenue	19,591		14	—	—	—	—	(19,605)	—
Education technology, services, and payment processing revenue	—		142,979	—	—	—	—	—	142,979
Communications revenue	—		—	37,179	—	—	—	—	37,179
Other	4,544		—	745	3,947	—	59,172	—	68,408
Gain on sale of loans	—		—	—	18,206	—	—	—	18,206

Impairment expense and provision for beneficial interests, net	—		—	—	(26,303)	—	(8,116)	—	(34,419)
Derivative settlements, net	—		—	—	10,058	—	—	—	10,058
Derivative market value adjustments, net	—		—	—	(24,513)	—	—	—	(24,513)
Total other income/expense	247,913		142,993	37,924	(18,605)	—	51,056	(19,605)	441,676
Cost of services:
Cost to provide education technology, services, and payment processing services	—		38,181	—	—	—	—	—	38,181
Cost to provide communications services	—		—	11,325	—	—	—	—	11,325
Total cost of services	—		38,181	11,325	—	—	—	—	49,506
Operating expenses:
Salaries and benefits	138,894		48,218	10,986	863	—	40,163	—	239,125
Depreciation and amortization	17,990		4,749	21,330	—	—	12,972	—	57,041
Other expenses	30,870		8,418	7,463	8,581	—	25,108	—	80,439
Intersegment expenses, net	32,235		6,756	1,160	20,971	—	(41,517)	(19,605)	—
Total operating expenses	219,989		68,141	40,939	30,415	—	36,726	(19,605)	376,605
Income (loss) before income taxes	28,220		39,044	(14,340)	(9,545)	—	14,596	—	57,976
Income tax (expense) benefit	(6,773)		(9,371)	3,442	2,291	—	(720)	—	(11,131)
Net income (loss)	21,447		29,673	(10,898)	(7,254)	—	13,876	—	46,845
Net loss (income) attributable to noncontrolling interests	—		—	—	—	—	(895)	—	(895)
Net income (loss) attributable to Nelnet, Inc.	$	21,447	29,673	(10,898)	(7,254)	—	12,981	—	45,950

Total assets as of June 30, 2020	$	221,313	351,392	301,741	21,136,268	—	732,994	(132,500)	22,611,208

(a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the six months ended June 30, 2020.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Disaggregated Revenue

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments (except ALLO).

Loan Servicing and Systems


	Three months ended June 30,			Six months ended June 30,
	2021		2020	2021	2020
Government servicing - Nelnet	$	35,376	37,360	70,248	76,010
Government servicing - Great Lakes	43,863		45,213	87,165	91,660
Private education and consumer loan servicing	12,816		8,196	21,364	16,805
FFELP servicing	4,703		4,917	9,373	10,531
Software services	7,374		10,651	15,827	21,969
Outsourced services	7,962		4,705	19,634	6,803
Loan servicing and systems revenue	$	112,094	111,042	223,611	223,778

Education Technology, Services, and Payment Processing


	Three months ended June 30,			Six months ended June 30,
	2021		2020	2021	2020
Tuition payment plan services	$	26,538	22,947	56,088	54,534
Payment processing	25,008		21,168	58,046	52,910
Education technology and services	24,733		14,927	57,055	34,980
Other	423		262	771	555
Education technology, services, and payment processing revenue	$	76,702	59,304	171,960	142,979

Other Income/Expense

The following table provides the components of "other" in "other income/expense" on the consolidated statements of income:


	Three months ended June 30,			Six months ended June 30,
	2021		2020	2021	2020
Income/gains from investments, net	$	15,591	51,111	24,089	50,085
ALLO preferred return	2,020		—	4,342	—
Investment advisory services	1,145		922	3,842	3,724
Income (loss) from ALLO voting membership interest investment	1,094		—	(21,125)	—
Borrower late fee income	744		319	1,184	3,506
Management fee revenue	701		1,914	1,814	4,544
(Loss) income from solar investments	(2,302)		2,040	(3,982)	(799)
Other	3,928		3,821	8,153	7,348
	$	22,921	60,127	18,317	68,408

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Major Customer	6 Months Ended
Major Customer	Jun. 30, 2021
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing") and Great Lakes Educational Loan Services, Inc. ("Great Lakes"), subsidiaries of the Company, each earn loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $35.4 million and $37.4 million for the three months ended June 30, 2021 and 2020, and $70.2 million and $76.0 million for the six months ended June 30, 2021 and 2020, respectively. Revenue earned by Great Lakes related to this contract was $43.9 million and $45.2 million for the three months ended June 30, 2021 and 2020, and $87.2 million and $91.7 million for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, Nelnet Servicing and Great Lakes service 5.6 million and 7.6 million borrowers, respectively, under their contracts with the Department. On June 9, 2021, Nelnet Servicing and Great Lakes each received Modifications of Contract with an effective date of June 15, 2021 from the Department pursuant to which the Department exercised its option to extend the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes from June 14, 2021 through December 14, 2021. The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, provides that the Department may extend the period of performance for the servicing contracts, as amended by the modifications, for up to two additional years to December 14, 2023. The Department is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, the Department issued solicitations for certain NextGen components, including the NextGen Enhanced Processing Solution (“EPS”), which was for a technology servicing system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers, and the NextGen Business Processing Operations (“BPO”), which is for the back office and call center operational functions for servicing the Department's student loan customers. On June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 10, 2020, the Department cancelled the solicitation for the EPS component. In the Department's description of its cancellation of the EPS solicitation component, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it would be introducing a new solicitation to continue the NextGen strategy in the future. On October 28, 2020, the Department issued a new federal loan servicing solicitation for an Interim Servicing Solution ("ISS"). ISS was a follow-on to the existing contracts, which would award a full system and servicing solution to two providers. Under ISS, the selected providers would have provided the technology platform to host the Department's student loan portfolio; customer service (including contact centers) and back-office processing; digital engagement layer including borrower-facing website and mobile-applications; intake, imaging, and fulfillment; and portfolio-level operations. As the companies awarded BPO contracts are onboarded, contact center and back-office operations would have shifted from the ISS contract to the BPO providers. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment shall provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance, and directed the suspension of awarding any ISS contract for at least 90 days. On January 9, 2021, the Department suspended the ISS solicitation, and on June 25, 2021, the Department cancelled the ISS solicitation.

Fair Value

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value

The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis.


	As of June 30, 2021			As of December 31, 2020
	Level 1		Level 2	Total	Level 1	Level 2	Total
Assets:
Investments:
FFELP loan asset-backed debt securities - available-for-sale	$	—	371,433	371,433	—	346,502	346,502
Private education loan asset-backed debt securities - available-for-sale	—		307,293	307,293	—	—	—
Other debt securities - available-for-sale	100		2,001	2,101	103	2,002	2,105
Equity securities (a)	34,550		—	34,550	10,114	—	10,114
Equity securities measured at net asset value (b)				34,573			31,927

Total investments	34,650		680,727	749,950	10,217	348,504	390,648

Total assets	$	34,650	680,727	749,950	10,217	348,504	390,648

(a) As of June 30, 2021, $14.8 million and $19.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale.

(b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets:


	As of June 30, 2021
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,712,564	19,352,681	—	—	20,712,564
Accrued loan interest receivable	834,989		834,989	—	834,989	—
Cash and cash equivalents	212,989		212,989	212,989	—	—
Investments (at fair value)	749,950		749,950	34,650	680,727	—

Beneficial interest in loan securitizations	123,329		105,017	—	—	123,329
Restricted cash	616,711		616,711	616,711	—	—
Restricted cash – due to customers	247,673		247,673	247,673	—	—


Financial liabilities:
Bonds and notes payable	19,639,727		19,381,835	—	19,639,727	—
Accrued interest payable	4,922		4,922	—	4,922	—
Bank deposits	201,957		202,841	44,632	157,325	—
Due to customers	303,173		303,173	303,173	—	—


	As of December 31, 2020
	Fair value		Carrying value	Level 1	Level 2	Level 3
Financial assets:
Loans receivable	$	20,454,132	19,391,045	—	—	20,454,132
Accrued loan interest receivable	794,611		794,611	—	794,611	—
Cash and cash equivalents	121,249		121,249	121,249	—	—
Investments (at fair value)	390,648		390,648	10,217	348,504	—

Beneficial interest in loan securitizations	58,709		58,331	—	—	58,709
Restricted cash	553,175		553,175	553,175	—	—
Restricted cash – due to customers	283,971		283,971	283,971	—	—


Financial liabilities:
Bonds and notes payable	19,270,810		19,320,726	—	19,270,810	—
Accrued interest payable	28,701		28,701	—	28,701	—
Bank deposits	54,599		54,633	48,422	6,177	—
Due to customers	301,471		301,471	301,471	—	—

The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2020 Annual Report.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Basis of Financial Reporting (Policies)	6 Months Ended
Basis of Financial Reporting (Policies)	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. 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, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Loans Receivable

Loans and accrued interest receivable consisted of the following:


	As of		As of
	June 30, 2021		December 31, 2020
Non-Nelnet Bank:
Federally insured student loans:
Stafford and other	$	4,420,716	4,383,000
Consolidation	14,518,148		14,746,173
Total	18,938,864		19,129,173
Private education loans	350,094		320,589
Consumer loans	42,767		109,346
Non-Nelnet Bank loans	19,331,725		19,559,108
Nelnet Bank:
Federally insured student loans	97,167		—



Private education loans	93,404		17,543

Nelnet Bank loans	190,571		17,543

Accrued interest receivable	834,989		794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(23,896)		(9,908)

Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans	(120,802)		(128,590)
Private education loans	(19,403)		(19,529)
Consumer loans	(4,702)		(27,256)
Non-Nelnet Bank allowance for loan losses	(144,907)		(175,375)
Nelnet Bank:
Federally insured loans	(245)		—
Private education loans	(567)		(323)

Nelnet Bank allowance for loan losses	(812)		(323)
	$	20,187,670	20,185,656

Allowance for Loan Losses

The following table presents the activity in the allowance for loan losses by portfolio segment.


	Balance at beginning of period		Impact of ASC 326 adoption	Provision (negative provision) for loan losses	Charge-offs	Recoveries	Initial allowance on loans purchased with credit deterioration (a)	Loan sales	Balance at end of period
	Three months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans	$	121,846	—	(397)	(1,172)	—	525	—	120,802
Private education loans	20,670		—	(1,004)	(403)	139	—	1	19,403
Consumer loans	14,134		—	1,706	(1,464)	235	—	(9,909)	4,702
Nelnet Bank
Federally insured loans	—		—	245	—	—	—	—	245
Private education loans	744		—	(176)	—	—	—	(1)	567

	$	157,394	—	374	(3,039)	374	525	(9,909)	145,719

	Three months ended June 30, 2020
Non-Nelnet Bank
Federally insured loans	$	146,759	—	(1,950)	(6,080)	—	6,100	—	144,829
Private education loans	23,056		—	2,322	(26)	183	—	—	25,535
Consumer loans	39,053		—	2,627	(2,820)	221	—	—	39,081




	$	208,868	—	2,999	(8,926)	404	6,100	—	209,445

	Six months ended June 30, 2021
Non-Nelnet Bank
Federally insured loans	$	128,590	—	(7,880)	(1,233)	—	1,325	—	120,802
Private education loans	19,529		—	427	(896)	341	—	2	19,403
Consumer loans	27,256		—	(9,712)	(3,414)	481	—	(9,909)	4,702
Nelnet Bank
Federally insured loans	—		—	245	—	—	—	—	245
Private education loans	323		—	246	—	—	—	(2)	567

	$	175,698	—	(16,674)	(5,543)	822	1,325	(9,909)	145,719

	Six months ended June 30, 2020
Non-Nelnet Bank
Federally insured loans	$	36,763	72,291	37,373	(12,398)	—	10,800	—	144,829
Private education loans	9,597		4,797	12,121	(1,355)	375	—	—	25,535
Consumer loans	15,554		13,926	29,803	(7,170)	468	—	(13,500)	39,081




	$	61,914	91,014	79,297	(20,923)	843	10,800	(13,500)	209,445

a) During the three months ended June 30, 2021 and 2020, and six months ended June 30, 2021 and 2020, the Company acquired $34.7 million (par value), $292.7 million (par value), $88.7 million (par value), and $583.9 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.

Loan Status and Delinquencies

The table below shows the Company’s loan status and delinquency amounts.


	As of June 30, 2021						As of December 31, 2020						As of June 30, 2020
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	955,227	5.0	%			$	1,036,028	5.4	%			$	936,746	4.8	%
Loans in forbearance	2,079,368		11.0				1,973,175		10.3				5,370,466		27.7
Loans in repayment status:
Loans current	13,995,297				88.0	%	13,683,054				84.9	%	12,984,175				99.3	%
Loans delinquent 31-60 days	580,602				3.7		633,411				3.9		2,057				—
Loans delinquent 61-90 days	262,353				1.6		307,936				1.9		165				—
Loans delinquent 91-120 days	104,124				0.7		800,257				5.0		23				—
Loans delinquent 121-270 days	398,965				2.5		674,975				4.2		101				—
Loans delinquent 271 days or greater	562,928				3.5		20,337				0.1		94,138				0.7
Total loans in repayment	15,904,269		84.0		100.0	%	16,119,970		84.3		100.0	%	13,080,659		67.5		100.0	%
Total federally insured loans	18,938,864		100.0	%			19,129,173		100.0	%			19,387,871		100.0	%
Accrued interest receivable	830,973						791,453						853,473
Loan discount, net of unamortized premiums and deferred origination costs	(24,129)						(14,505)						(19,116)

Allowance for loan losses	(120,802)						(128,590)						(144,829)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	19,624,906					$	19,777,531					$	20,077,399
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment	$	10,195	2.9	%			$	5,049	1.6	%			$	3,971	1.3	%
Loans in forbearance	3,884		1.1				2,359		0.7				21,890		7.5
Loans in repayment status:
Loans current	330,097				98.3	%	310,036				99.0	%	265,720				99.4	%
Loans delinquent 31-60 days	3,962				1.2		1,099				0.4		680				0.2
Loans delinquent 61-90 days	818				0.2		675				0.2		244				0.1
Loans delinquent 91 days or greater	1,138				0.3		1,371				0.4		713				0.3
Total loans in repayment	336,015		96.0		100.0	%	313,181		97.7		100.0	%	267,357		91.2		100.0	%
Total private education loans	350,094		100.0	%			320,589		100.0	%			293,218		100.0	%
Accrued interest receivable	2,360						2,131						1,961
Loan discount, net of unamortized premiums	(1,547)						2,691						813

Allowance for loan losses	(19,403)						(19,529)						(25,535)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	331,504					$	305,882					$	270,457


	As of June 30, 2021						As of December 31, 2020						As of June 30, 2020
Consumer loans - Non-Nelnet Bank:
Loans in deferment	$	38	0.1	%			$	829	0.8	%			$	3,274	2.2	%
Loans in repayment status:
Loans current	41,039				96.1	%	105,650				97.4	%	142,540				97.6	%
Loans delinquent 31-60 days	387				0.9		954				0.9		938				0.7
Loans delinquent 61-90 days	484				1.1		804				0.7		1,078				0.7
Loans delinquent 91 days or greater	819				1.9		1,109				1.0		1,478				1.0
Total loans in repayment	42,729		99.9		100.0	%	108,517		99.2		100.0	%	146,034		97.8	%	100.0	%
Total consumer loans	42,767		100.0	%			109,346		100.0	%			149,308		100.0	%
Accrued interest receivable	328						1,001						1,446
Loan premium	377						1,640						1,344
Allowance for loan losses	(4,702)						(27,256)						(39,081)
Total consumer loans and accrued interest receivable, net of allowance for loan losses	$	38,770					$	84,731					$	113,017

Federally insured loans - Nelnet Bank:
Loans in-school/grace/deferment	$	103	0.1	%
Loans in forbearance	1,026		1.1
Loans in repayment status:
Loans current	95,402				99.3	%
Loans delinquent 31-60 days	593				0.6
Loans delinquent 61-90 days	43				0.1
Loans delinquent 91-120 days	—				—
Loans delinquent 121-270 days	—				—
Loans delinquent 271 days or greater	—				—
Total loans in repayment	96,038		98.8		100.0	%
Total federally insured loans	97,167		100.0	%
Accrued interest receivable	1,179
Loan premium	29

Allowance for loan losses	(245)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses	$	98,130
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment	$	82	0.1	%			$	—	—	%
Loans in forbearance	133		0.1				29		0.2
Loans in repayment status:
Loans current	93,189				100.0	%	17,514				100.0	%
Loans delinquent 31-60 days	—				—		—				—
Loans delinquent 61-90 days	—				—		—				—
Loans delinquent 91 days or greater	—				—		—				—
Total loans in repayment	93,189		99.8		100.0	%	17,514		99.8		100.0	%
Total private education loans	93,404		100.0	%			17,543		100.0	%
Accrued interest receivable	149						26
Deferred origination costs	1,374						266

Allowance for loan losses	(567)						(323)
Total private education loans and accrued interest receivable, net of allowance for loan losses	$	94,360					$	17,512

Loans by Year of Origination

The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of June 30, 2021 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 the Company’s federally insured loans were originated prior to July 1, 2010.


	Six months ended June 30, 2021		2020	2019	2018	2017	Prior years	Total
Private education loans - Non-Nelnet Bank:
Loans in school/grace/deferment	$	810	2,306	4,744	—	—	2,335	10,195
Loans in forbearance	—		299	755	173	—	2,657	3,884
Loans in repayment status:
Loans current	1,885		90,009	60,694	481	—	177,028	330,097
Loans delinquent 31-60 days	—		161	373	—	—	3,428	3,962
Loans delinquent 61-90 days	—		—	—	—	—	818	818
Loans delinquent 91 days or greater	—		—	—	—	—	1,138	1,138
Total loans in repayment	1,885		90,170	61,067	481	—	182,412	336,015
Total private education loans	$	2,695	92,775	66,566	654	—	187,404	350,094
Accrued interest receivable								2,360
Loan discount, net of unamortized premiums								(1,547)
Allowance for loan losses								(19,403)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	331,504

Consumer loans - Non-Nelnet Bank:
Loans in deferment	$	—	—	30	8	—	—	38
Loans in repayment status:
Loans current	19,733		1,582	8,880	10,630	214	—	41,039
Loans delinquent 31-60 days	29		83	189	77	9	—	387
Loans delinquent 61-90 days	50		233	113	83	5	—	484
Loans delinquent 91 days or greater	25		107	302	385	—	—	819
Total loans in repayment	19,837		2,005	9,484	11,175	228	—	42,729
Total consumer loans	$	19,837	2,005	9,514	11,183	228	—	42,767
Accrued interest receivable								328
Loan premium								377
Allowance for loan losses								(4,702)
Total consumer loans and accrued interest receivable, net of allowance for loan losses								$	38,770

Private education loans - Nelnet Bank:
Loans in school/grace/deferment	$	82	—	—	—	—	—	82
Loans in forbearance	133		—	—	—	—	—	133
Loans in repayment status:
Loans current	78,817		14,372	—	—	—	—	93,189
Loans delinquent 31-60 days	—		—	—	—	—	—	—
Loans delinquent 61-90 days	—		—	—	—	—	—	—
Loans delinquent 91 days or greater	—		—	—	—	—	—	—
Total loans in repayment	78,817		14,372	—	—	—	—	93,189
Total private education loans	$	79,032	14,372	—	—	—	—	93,404
Accrued interest receivable								149
Deferred origination costs								1,374
Allowance for loan losses								(567)
Total private education loans and accrued interest receivable, net of allowance for loan losses								$	94,360

Bonds and Notes Payable (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following tables summarize the Company’s outstanding debt obligations by type of instrument:


	As of June 30, 2021
	Carrying amount		Interest rate range	Final maturity
Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations:
Bonds and notes based on indices	$	16,974,086	0.22% - 2.09%	5/27/25 - 7/25/69
Bonds and notes based on auction	742,350		0.91% - 2.06%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,716,436
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	893,093		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	301,144		0.16% / 0.23%	11/22/22 / 2/26/24
Private education loan warehouse facility	140,763		0.21%	2/13/23

Variable-rate bonds and notes issued in private education loan asset-backed securitizations	40,030		1.65% / 1.84%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	32,742		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	85,000		1.58%	12/16/24
Participation agreement	132,078		0.80%	5/4/22
Repurchase agreements	255,323		0.80% - 1.05%	9/24/21 - 12/20/23
Secured line of credit	5,000		2.09%	5/30/22

	19,601,609
Discount on bonds and notes payable and debt issuance costs	(219,774)
Total	$	19,381,835


	As of December 31, 2020
	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	$	17,127,643	0.28% - 2.05%	5/27/25 - 10/25/68
Bonds and notes based on auction	749,925		1.12% - 2.14%	3/22/32 - 11/26/46
Total FFELP variable-rate bonds and notes	17,877,568
Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations	923,076		1.42% - 3.45%	10/25/67 - 8/27/68
FFELP warehouse facilities	252,165		0.27% / 0.31%	5/20/22 / 2/26/23
Private education loan warehouse facility	150,397		0.28%	2/13/22
Consumer loan warehouse facility	25,809		0.28%	4/23/22
Variable-rate bonds and notes issued in private education loan asset-backed securitizations	49,025		1.65% / 1.90%	12/26/40 / 6/25/49
Fixed-rate bonds and notes issued in private education loan asset-backed securitization	37,251		3.60% / 5.35%	12/26/40 / 12/28/43
Unsecured line of credit	120,000		1.65%	12/16/24
Participation agreement	118,558		0.84%	5/4/21
Secured line of credit	5,000		1.90%	5/30/22

	19,558,849
Discount on bonds and notes payable and debt issuance costs	(238,123)
Total	$	19,320,726

Schedule of Line of Credit Facilities

As of June 30, 2021, the Company had two FFELP warehouse facilities as summarized below.


	NFSLW-I (a)		NHELP-II (b)	Total
Maximum financing amount	$	310,000	50,000	360,000
Amount outstanding	290,539		10,605	301,144
Amount available	$	19,461	39,395	58,856
Expiration of liquidity provisions	November 22, 2021		February 26, 2022
Final maturity date	November 22, 2022		February 26, 2024


Advanced as equity support	$	24,136	666	24,802

(a) On May 20, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional six months to November 22, 2021 and November 22, 2022, respectively. On June 28, 2021, the maximum financing amount for this warehouse facility increased to $770.0 million, and on June 30, 2021 the maximum financing amount decreased to $310.0 million.

(b) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.

Schedule of Asset Backed Securitization

The following table summarizes the asset-backed securitization transaction completed by the Company during the first six months of 2021.

NSLT 2021-1

Date securities issued

6/30/21

Total original principal amount

$

797,000

Class A senior notes:

Total principal amount

$

781,000

Cost of funds

1-month LIBOR plus 0.50%

Final maturity date

7/25/69

Class B subordinated notes:

Total principal amount

$

16,000

Cost of funds

1-month LIBOR plus 1.25%

Final maturity date

7/25/69

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Basis Swap

The following table summarizes the Company’s outstanding basis swaps as of June 30, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps").


Maturity	Notional amount
	As of		As of
	June 30, 2021		December 31, 2020
2021	$	—	250,000
2022	2,000,000		2,000,000
2023	750,000		750,000
2024	1,750,000		1,750,000
2026	1,150,000		1,150,000
2027	250,000		250,000






	$	5,900,000	6,150,000

Schedule of Interest Rate Swaps, Floor Income Hedge

The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income.


	As of June 30, 2021				As of December 31, 2020
Maturity	Notional amount		Weighted average fixed rate paid by the Company (a)		Notional amount		Weighted average fixed rate paid by the Company (a)

2021	$	100,000	2.95	%	$	600,000	2.15	%
2022	500,000		0.94		500,000		0.94
2023	900,000		0.62		900,000		0.62
2024	2,500,000		0.35		2,000,000		0.32
2025	500,000		0.35		500,000		0.35
2026	150,000		0.85		—		—
2031	100,000		1.53		—		—


	$	4,750,000	0.56	%	$	4,500,000	0.70	%

(a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.

Schedule of Income Statement Impact

The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.


	Three months ended June 30,			Six months ended June 30,
	2021		2020	2021	2020
Settlements:
1:3 basis swaps	$	(221)	7,129	(240)	9,242
Interest rate swaps - floor income hedges	(5,153)		(1,308)	(9,438)	816

Total settlements - (expense) income	(5,374)		5,821	(9,678)	10,058
Change in fair value:
1:3 basis swaps	(1,106)		(2,872)	1,693	(1,314)
Interest rate swaps - floor income hedges	(509)		(1,039)	35,501	(23,199)



Total change in fair value - (expense) income	(1,615)		(3,911)	37,194	(24,513)
Derivative market value adjustments and derivative settlements, net - (expense) income	$	(6,989)	1,910	27,516	(14,455)

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Summary Investment Holdings

A summary of the Company's investments follows:


	As of June 30, 2021						As of December 31, 2020
	Amortized cost		Gross unrealized gains	Gross unrealized losses	Fair value		Amortized cost	Gross unrealized gains	Gross unrealized losses	Fair value

Investments (at fair value):
FFELP loan asset-backed securities- available-for-sale (a)	$	357,935	13,498	—	371,433		338,475	8,040	(13)	346,502
Private education loan asset-backed securities - available-for-sale (b)	306,395		898	—	307,293		—	—	—	—
Other debt securities - available-for-sale	2,100		1	—	2,101		2,103	2	—	2,105
Equity securities	57,652		15,336	(3,865)	69,123		36,227	8,768	(2,954)	42,041
Total investments (at fair value)	$	724,082	29,733	(3,865)	749,950		376,805	16,810	(2,967)	390,648


Other Investments (not measured at fair value):
Venture capital and funds:
Measurement alternative (c)					150,857					144,795
Equity method					26,307					14,018
Other					883					894
Total venture capital and funds					178,047					159,707
Real estate
Equity method					46,748					50,291
Notes receivable					3,500					847
Total real estate					50,248					51,138
Investment in ALLO:
Voting interest/equity method (d)					108,271					129,396
Preferred membership interest and accrued and unpaid preferred return (e)					133,257					228,916
Total investment in ALLO					241,528					358,312
Solar (f)					(60,862)					(30,373)
Beneficial interest in private education loan securitizations (g)					36,079					—
Beneficial interest in federally insured loan securitizations (g)					27,955					30,377
Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g)					40,983					27,954
Tax liens and affordable housing					4,029					5,177
Total investments (not measured at fair value)					518,007					602,292
Total investments					$	1,267,957				$	992,940