Nelnet (NNI) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC
Entity Central Index Key	0001258602
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		28,416,724
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		11,279,641

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets:
Loans receivable (net of allowance for loan losses of $66,417 and $60,388, respectively)	$ 21,071,441	$ 22,377,142
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	20,897	9,472
Cash and cash equivalents - held at a related party	140,082	111,875
Total cash and cash equivalents	160,979	121,347
Investments and notes receivable	212,416	249,370
Restricted cash	667,919	701,366
Restricted cash - due to customers	309,309	369,678
Accrued interest receivable	736,901	679,197
Accounts receivable (net of allowance for doubtful accounts of $4,482 and $3,271, respectively)	67,079	59,531
Goodwill	156,912	156,912
Intangible assets, net	89,499	114,290
Property and equipment, net	342,401	344,784
Other assets	121,806	45,533
Fair value of derivative instruments	57	1,818
Total assets	23,936,719	25,220,968
Liabilities:
Bonds and notes payable	20,910,190	22,218,740
Accrued interest payable	52,345	61,679
Other liabilities	310,210	256,092
Due to customers	309,309	369,678
Total liabilities	21,582,054	22,906,189
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	3,678	622
Retained earnings	2,343,185	2,299,556
Accumulated other comprehensive earnings	2,890	3,883
Total Nelnet, Inc. shareholders' equity	2,350,150	2,304,464
Noncontrolling interests	4,515	10,315
Total equity	2,354,665	2,314,779
Total liabilities and equity	23,936,719	25,220,968
Common Class A
Common stock:
Common stock	284	288
Common Class B
Common stock:
Common stock	113	115
Variable Interest Entities
Assets:
Loans receivable (net of allowance for loan losses of $66,417 and $60,388, respectively)	21,069,156	22,359,655
Cash and cash equivalents:
Restricted cash	650,673	677,611
Other assets	736,768	679,735
Liabilities:
Bonds and notes payable	21,143,811	22,146,374
Other liabilities	212,160	163,327
Common stock:
Net assets of consolidated education and other lending variable interest entities	$ 1,100,626	$ 1,407,300

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Allowance for loan losses	$ 66,417	$ 60,388
Allowance for doubtful accounts	$ 4,482	$ 3,271
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	28,411,506	28,798,464
Common stock, shares outstanding (in shares)	28,411,506	28,798,464
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	11,279,641	11,459,641
Common stock, shares outstanding (in shares)	11,279,641	11,459,641

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Loan interest	$ 229,063	$ 232,320	$ 709,618	$ 653,414
Investment interest	9,882	7,628	26,701	18,581
Total interest income	238,945	239,948	736,319	671,995
Interest expense:
Interest on bonds and notes payable	172,488	180,175	551,221	487,174
Net interest income	66,457	59,773	185,098	184,821
Less provision for loan losses	10,000	10,500	26,000	18,000
Net interest income after provision for loan losses	56,457	49,273	159,098	166,821
Other income:
Other income	13,439	16,673	38,658	44,808
Derivative market value adjustments and derivative settlements, net	1,668	17,098	(33,959)	100,927
Total other income	219,114	216,577	607,391	671,699
Cost of services:
Total cost of services	30,907	23,397	77,697	55,979
Operating expenses:
Salaries and benefits	116,670	114,172	338,942	321,932
Depreciation and amortization	27,701	22,992	76,398	62,943
Loan servicing fees to third parties	3,382	3,087	9,431	9,428
Other expenses	54,947	45,194	138,131	119,020
Total operating expenses	202,700	185,445	562,902	513,323
Income before income taxes	41,964	57,008	125,890	269,218
Income tax expense	8,829	13,882	26,429	63,369
Net income	33,135	43,126	99,461	205,849
Net loss (income) attributable to noncontrolling interests	77	(199)	(38)	438
Net income attributable to Nelnet, Inc.	$ 33,212	$ 42,927	$ 99,423	$ 206,287
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 0.83	$ 1.05	$ 2.48	$ 5.04
Weighted average common shares outstanding - basic and diluted (in shares)	39,877,129	40,988,965	40,098,346	40,942,177
Loan servicing and systems revenue
Other income:
Revenue	$ 113,286	$ 112,579	$ 342,169	$ 327,265
Education technology, services, and payment processing revenue
Other income:
Revenue	74,251	58,409	213,753	167,372
Cost of services:
Total cost of services	25,671	19,087	62,601	44,087
Communications
Other income:
Revenue	16,470	11,818	46,770	31,327
Cost of services:
Total cost of services	$ 5,236	$ 4,310	$ 15,096	$ 11,892

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 33,135	$ 43,126	$ 99,461	$ 205,849
Available-for-sale securities:
Unrealized holding (losses) gains arising during period, net	(334)	2,438	(1,306)	964
Reclassification adjustment for gains recognized in net income, net of losses	0	(765)	0	(817)
Income tax effect	80	(402)	313	(46)
Total other comprehensive (loss) income	(254)	1,271	(993)	101
Comprehensive income	32,881	44,397	98,468	205,950
Comprehensive loss (income) attributable to noncontrolling interests	77	(199)	(38)	438
Comprehensive income attributable to Nelnet, Inc.	$ 32,958	$ 44,198	$ 98,430	$ 206,388

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock	Common stockCommon Class A	Common stockCommon Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Balance (in shares) at Dec. 31, 2017		0	29,341,517	11,468,587
Balance at Dec. 31, 2017	$ 2,165,387	$ 0	$ 293	$ 115	$ 521	$ 2,143,983	$ 4,617	$ 15,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	847							847
Net income (loss)	205,849					206,287		(438)
Other comprehensive income (loss)	101						101
Distribution to noncontrolling interests	(351)							(351)
Cash dividends on Class A and Class B common stock	(19,539)					(19,539)
Issuance of common stock, net of forfeitures (in shares)			319,365
Issuance of common stock, net of forfeitures	4,665		$ 3		4,662
Compensation expense for stock based awards	4,526				4,526
Repurchase of common stock (in shares)			(319,091)
Repurchase of common stock	(16,520)		$ (3)		(4,801)	(11,716)
Acquisition of noncontrolling interest	(19,101)					(13,449)		(5,652)
Balance at Sep. 30, 2018	2,327,128	$ 0	$ 293	$ 115	4,908	2,307,573	3,975	10,264
Balance (in shares) at Sep. 30, 2018		0	29,341,791	11,468,587
Balance (in shares) at Jun. 30, 2018		0	29,331,002	11,468,587
Balance at Jun. 30, 2018	2,286,703	$ 0	$ 293	$ 115	2,586	2,271,171	2,704	9,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	326							326
Net income (loss)	43,126					42,927		199
Other comprehensive income (loss)	1,271						1,271
Distribution to noncontrolling interests	(95)							(95)
Cash dividends on Class A and Class B common stock	(6,525)					(6,525)
Issuance of common stock, net of forfeitures (in shares)			14,086
Issuance of common stock, net of forfeitures	580				580
Compensation expense for stock based awards	1,934				1,934
Repurchase of common stock (in shares)			(3,297)
Repurchase of common stock	(192)				(192)
Balance at Sep. 30, 2018	2,327,128	$ 0	$ 293	$ 115	4,908	2,307,573	3,975	10,264
Balance (in shares) at Sep. 30, 2018		0	29,341,791	11,468,587
Balance (in shares) at Dec. 31, 2018		0	28,798,464	11,459,641
Balance at Dec. 31, 2018	2,314,779	$ 0	$ 288	$ 115	622	2,299,556	3,883	10,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	4,217							4,217
Net income (loss)	99,461					99,423		38
Other comprehensive income (loss)	(993)						(993)
Distribution to noncontrolling interests	(3,978)							(3,978)
Cash dividends on Class A and Class B common stock	(21,546)					(21,546)
Issuance of common stock, net of forfeitures (in shares)			156,874
Issuance of common stock, net of forfeitures	4,401		$ 1		4,400
Compensation expense for stock based awards	4,663				4,663
Repurchase of common stock (in shares)			(723,832)
Repurchase of common stock	(40,262)		$ (7)		(6,007)	(34,248)
Conversion of common stock (in shares)			180,000	(180,000)
Conversion of common stock			$ 2	$ (2)
Balance at Sep. 30, 2019	2,354,665	$ 0	$ 284	$ 113	3,678	2,343,185	2,890	4,515
Balance (in shares) at Sep. 30, 2019		0	28,411,506	11,279,641
Balance (in shares) at Jun. 30, 2019		0	28,399,526	11,279,641
Balance at Jun. 30, 2019	2,326,618	$ 0	$ 284	$ 113	1,670	2,317,115	3,144	4,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	4,165							4,165
Net income (loss)	33,135					33,212		(77)
Other comprehensive income (loss)	(254)						(254)
Distribution to noncontrolling interests	(3,865)							(3,865)
Cash dividends on Class A and Class B common stock	(7,142)					(7,142)
Issuance of common stock, net of forfeitures (in shares)			15,345
Issuance of common stock, net of forfeitures	524				524
Compensation expense for stock based awards	1,705				1,705
Repurchase of common stock (in shares)			(3,365)
Repurchase of common stock	(221)				(221)
Balance at Sep. 30, 2019	$ 2,354,665	$ 0	$ 284	$ 113	$ 3,678	$ 2,343,185	$ 2,890	$ 4,515
Balance (in shares) at Sep. 30, 2019		0	28,411,506	11,279,641

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common Class A
Dividends paid per common share (in dollars per share)	$ 0.18	$ 0.16	$ 0.54	$ 0.48
Common Class B
Dividends paid per common share (in dollars per share)	$ 0.18	$ 0.16	$ 0.54	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Net income attributable to Nelnet, Inc.	$ 99,423	$ 206,287
Net income (loss) attributable to noncontrolling interests	38	(438)
Net income	99,461	205,849
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	142,519	136,816
Loan discount accretion	(27,554)	(31,315)
Provision for loan losses	26,000	18,000
Derivative market value adjustments	73,265	(49,909)
Payments from termination of derivative instruments, net	(13,940)	0
(Payments to) proceeds from clearinghouse - initial and variation margin, net	(59,967)	46,418
Loss on extinguishment of debt	15,815	0
Gain from sale of loans	(1,712)	0
Gain from debt repurchases	(136)	(359)
Gain from investments and notes receivable, net	(4,891)	(9,106)
Deferred income tax (benefit) expense	(9,592)	23,574
Non-cash compensation expense	4,948	4,781
Impairment expense	0	3,907
Other	(141)	(30)
Increase in accrued interest receivable	(57,864)	(193,926)
Increase in accounts receivable	(7,637)	(15,328)
(Increase) decrease in other assets	(21,976)	49,255
(Decrease) increase in accrued interest payable	(9,334)	10,619
Increase (decrease) in other liabilities	56,023	(7,159)
(Decrease) increase in due to customers	(60,369)	1,470
Net cash provided by operating activities	142,918	193,557
Cash flows from investing activities, net of acquisition:
Purchases of loans	(1,360,873)	(3,187,434)
Purchases of loans from a related party	(32,580)	(44,522)
Net proceeds from loan repayments, claims, capitalized interest, and other	2,628,156	2,484,596
Proceeds from sale of loans	42,215	23,712
Purchases of available-for-sale securities	(1,010)	(38,064)
Proceeds from sales of available-for-sale securities	169	58,594
Purchases of investments and issuance of notes receivable	(70,600)	(49,216)
Proceeds from investments and notes receivable	54,819	21,461
Purchases of property and equipment	(67,681)	(96,480)
Business acquisition, net of cash and restricted cash acquired	0	(109,152)
Net cash provided by (used in) investing activities	1,192,615	(936,505)
Cash flows from financing activities:
Payments on bonds and notes payable	(3,718,851)	(2,149,449)
Proceeds from issuance of bonds and notes payable	2,410,363	3,004,848
Payments of debt issuance costs	(10,527)	(10,953)
Payment of debt extinguishment costs	(14,030)	0
Dividends paid	(21,546)	(19,539)
Repurchases of common stock	(40,262)	(16,520)
Proceeds from issuance of common stock	1,171	993
Acquisition of noncontrolling interest	0	(13,449)
Issuance of noncontrolling interests	4,138	768
Distribution to noncontrolling interests	(173)	(351)
Net cash (used in) provided by financing activities	(1,389,717)	796,348
Net (decrease) increase in cash, cash equivalents, and restricted cash	(54,184)	53,400
Cash, cash equivalents, and restricted cash, beginning of period	1,192,391	942,066
Cash, cash equivalents, and restricted cash, end of period	1,138,207	995,466
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	518,557	425,782
Cash disbursements (refunds received) for income taxes, net	14,820	(6,491)
Noncash investing and financing activity:
Receipt of beneficial interest in consumer loan securitization	7,921	0
Distribution to noncontrolling interest	$ 3,805	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Reconciliation of cash, cash equivalents and restricted cash
Total cash and cash equivalents	$ 160,979	$ 120,701	$ 121,347	$ 83,537	$ 66,752
Restricted cash	667,919		701,366	723,338	688,193
Restricted cash - due to customers	309,309		369,678	188,591	187,121
Cash, cash equivalents, and restricted cash	$ 1,138,207		$ 1,192,391	$ 995,466	$ 942,066

Basis of Financial Reporting

Basis of Financial Reporting	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 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 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 nine months ended September 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. 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, 2018 (the "2018 Annual Report"). Accounting Standard Adopted in 2019 In the first quarter of 2019, the Company adopted the following new accounting standard: Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842. Adoption of the new standard resulted in recognizing lease liabilities of $33.7 million based on the present value of the remaining minimum rental payments. In addition, the Company recognized ROU assets of $32.8 million, which corresponds to the lease liabilities reduced by deferred rent expense as of the effective date. The Company also deconsolidated total assets of $43.8 million and total liabilities of $34.8 million for entities that had been consolidated due to sale-leaseback transactions that failed to qualify for recognition as sales under the prior guidance. Deconsolidation of these entities reduced noncontrolling interests by $6.1 million. The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows: Balances at December 31, 2018 Adjustments from adoption of new lease standard Balances at January 1, 2019 Assets Cash and cash equivalents $ 121,347 (646) 120,701 Investments and notes receivable 249,370 (23,134) 226,236 Accounts receivable 59,531 (89) 59,442 Property and equipment, net 344,784 (16,974) 327,810 Other assets 45,533 32,804 78,337 Liabilities Bonds and notes payable 22,218,740 (33,182) 22,185,558 Other liabilities 256,092 31,220 287,312 Equity Noncontrolling interests 10,315 (6,077) 4,238 At the inception of an arrangement, the Company determines if the arrangement is, or contains, a lease and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases dark fiber to support its telecommunications operations and office and data center space. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate. The Company has elected to utilize the practical expedient to account for lease and non-lease components together as a single, combined lease component for its office and data center space. In addition, the Company has identified itself as the lessor in its Communications operating segment for services provided to customers that include customer-premise equipment. The Company has also elected to utilize the practical expedient to account for those services and associated leases as a single, combined component. The non-lease services are 'predominant' in those contracts. Therefore, the combined component is considered a single performance obligation under ASC Topic 606, Revenue from Contracts with Customers . Most leases include one or more options to renew, with renewal terms that can be extended. The exercise of lease renewal options for the majority of leases is at the Company's discretion. Renewal options that the Company is reasonably certain to exercise are included in the lease term. Certain leases include escalating rental payments or rental payments adjusted periodically for inflation. None of the lease agreements include any residual value guarantees, a transfer of title, or a purchase option that is reasonably certain to be exercised. The following table provides supplemental balance sheet information related to leases: As of September 30, 2019 Operating lease ROU assets, which is included in "other assets" on the $ 34,264 Operating lease liabilities, which is included in "other liabilities" on the $ 35,237 The following table provides components of lease expense: Three months ended September 30, 2019 Nine months ended September 30, 2019 Rental expense, which is included in "other expenses" on the $ 2,776 8,276 Rental expense, which is included in "cost to provide communications 428 1,138 Total operating rental expense $ 3,204 9,414 (a) Includes short-term and variable lease costs, which are immaterial. The following table provides supplemental cash flow information related to leases: Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 7,307 Supplemental noncash activity: Operating ROU assets obtained in exchange for lease obligations, $ 7,972 Weighted average remaining lease term and discount rate are shown below: As of September 30, 2019 Weighted average remaining lease term (years) 7.2 Weighted average discount rate 3.95 % Maturity of lease liabilities are shown below: 2019 (October 1 - December 31) $ 2,638 2020 9,916 2021 6,803 2022 4,652 2023 3,640 2024 and thereafter 12,996 Total lease payments 40,645 Imputed interest (5,408) Total $ 35,237 The Company adopted the new lease standard using the effective date as its date of initial application as noted above, and as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments as of December 31, 2018 are shown below: 2019 $ 9,181 2020 8,261 2021 5,776 2022 3,745 2023 2,904 2024 and thereafter 5,479 Total minimum lease payments $ 35,346

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Loans Receivable and Allowance for Loan Losses	Loans Receivable and Allowance for Loan Losses Loans receivable consisted of the following: As of As of September 30, 2019 December 31, 2018 Federally insured student loans: Stafford and other $ 4,720,338 4,969,667 Consolidation 15,975,499 17,186,229 Total 20,695,837 22,155,896 Private education loans 189,912 225,975 Consumer loans 321,199 138,627 21,206,948 22,520,498 Loan discount, net of unamortized loan premiums and deferred origination costs (36,483) (53,572) Non-accretable discount (32,607) (29,396) Allowance for loan losses: Federally insured loans (37,676) (42,310) Private education loans (9,882) (10,838) Consumer loans (18,859) (7,240) $ 21,071,441 22,377,142 On May 1, 2019, the Company sold $47.7 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a $1.7 million (pre-tax) gain as part of this transaction. As partial consideration received for the consumer loans sold, the Company received an approximate 11 percent residual interest in the consumer loan securitization that is included in "investments and notes receivable" on the Company's consolidated balance sheet. Subsequent to September 30, 2019, the Company made the decision to sell an additional $179.3 million (par value) of consumer loans to an unrelated third party who securitized such loans. As of September 30, 2019, these loans were classified as held for investment and are included in the table above. As partial consideration received for the consumer loans sold, the Company received an approximate 29 percent residual interest in the consumer loan securitization. The Company will recognize a gain in the fourth quarter of 2019 of $15.5 million (pre-tax) from the sale of these loans. Activity in the Allowance for Loan Losses The provision for loan losses represents the periodic expense of maintaining an allowance sufficient to absorb losses, net of recoveries, inherent in the portfolio of loans. Activity in the allowance for loan losses is shown below. Balance at beginning of period Provision for loan losses Charge-offs Recoveries Loan sale and other Balance at end of period Three months ended September 30, 2019 Federally insured loans $ 39,056 2,000 (3,380) — — 37,676 Private education loans 10,157 — (459) 184 — 9,882 Consumer loans 13,378 8,000 (2,759) 240 — 18,859 $ 62,591 10,000 (6,598) 424 — 66,417 Three months ended September 30, 2018 Federally insured loans $ 37,263 8,000 (2,210) — — 43,053 Private education loans 11,664 — (535) 124 — 11,253 Consumer loans 4,788 2,500 (1,403) 26 — 5,911 $ 53,715 10,500 (4,148) 150 — 60,217 Nine months ended September 30, 2019 Federally insured loans $ 42,310 6,000 (10,634) — — 37,676 Private education loans 10,838 — (1,529) 573 — 9,882 Consumer loans 7,240 20,000 (7,417) 536 (1,500) 18,859 $ 60,388 26,000 (19,580) 1,109 (1,500) 66,417 Nine months ended September 30, 2018 Federally insured loans $ 38,706 12,000 (8,653) — 1,000 43,053 Private education loans 12,629 — (1,846) 470 — 11,253 Consumer loans 3,255 6,000 (3,376) 32 — 5,911 $ 54,590 18,000 (13,875) 502 1,000 60,217 Loan Status and Delinquencies 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 delinquency amounts. As of September 30, 2019 As of December 31, 2018 As of September 30, 2018 Federally insured loans: Loans in-school/grace/deferment $ 1,243,705 $ 1,298,493 $ 1,410,902 Loans in forbearance 1,391,482 1,430,291 1,487,107 Loans in repayment status: Loans current 15,646,231 86.7 % 16,882,252 86.9 % 16,921,119 86.8 % Loans delinquent 31-60 days 662,431 3.8 683,084 3.5 689,454 3.5 Loans delinquent 61-90 days 402,197 2.2 427,764 2.2 412,639 2.1 Loans delinquent 91-120 days 279,524 1.5 283,831 1.5 347,013 1.8 Loans delinquent 121-270 days 795,230 4.4 806,692 4.2 853,224 4.4 Loans delinquent 271 days or greater 275,037 1.4 343,489 1.7 269,285 1.4 Total loans in repayment 18,060,650 100.0 % 19,427,112 100.0 % 19,492,734 100.0 % Total federally insured loans $ 20,695,837 $ 22,155,896 $ 22,390,743 Private education loans: Loans in-school/grace/deferment $ 3,944 $ 4,320 $ 3,550 Loans in forbearance 2,242 1,494 1,577 Loans in repayment status: Loans current 173,883 94.7 % 208,977 95.0 % 156,383 95.2 % Loans delinquent 31-60 days 3,011 1.6 3,626 1.6 1,796 1.1 Loans delinquent 61-90 days 1,370 0.7 1,560 0.7 1,155 0.7 Loans delinquent 91 days or greater 5,462 3.0 5,998 2.7 5,006 3.0 Total loans in repayment 183,726 100.0 % 220,161 100.0 % 164,340 100.0 % Total private education loans $ 189,912 $ 225,975 $ 169,467 Consumer loans: Loans in repayment status: Loans current $ 315,708 98.3 % $ 136,130 98.2 % $ 110,885 98.5 % Loans delinquent 31-60 days 2,249 0.7 1,012 0.7 905 0.8 Loans delinquent 61-90 days 1,617 0.5 832 0.6 355 0.3 Loans delinquent 91 days or greater 1,625 0.5 653 0.5 402 0.4 Total loans in repayment 321,199 100.0 % 138,627 100.0 % 112,547 100.0 % Total consumer loans $ 321,199 $ 138,627 $ 112,547

Bonds and Notes Payable

Bonds and Notes Payable	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of September 30, 2019 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 $ 18,961,410 2.20% - 3.81% 11/25/24 - 9/26/67 Bonds and notes based on auction 773,726 3.02% - 3.84% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,735,136 Fixed-rate bonds and notes issued in FFELP loan asset-backed 374,500 2.53% / 3.45% 10/25/67 FFELP warehouse facilities 739,448 2.22% / 2.26% 11/20/20 / 5/31/22 Consumer loan warehouse facility 144,022 2.23% 4/23/22 Variable-rate bonds and notes issued in private education loan asset- 82,338 3.40% / 3.77% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed 53,368 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 6/22/23 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 5.46% 9/15/61 Other borrowings 45,465 2.77% - 3.85% 10/7/19 - 5/30/22 21,194,658 Discount on bonds and notes payable and debt issuance costs (284,468) Total $ 20,910,190 As of December 31, 2018 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 $ 20,192,123 2.59% - 4.52% 11/25/24 - 2/25/67 Bonds and notes based on auction 793,476 2.84% - 3.55% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 20,985,599 FFELP warehouse facilities 986,886 2.65% / 2.71% 5/20/20 / 5/31/21 Variable-rate bonds and notes issued in private education loan asset-backed securitization 50,720 4.26% 12/26/40 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 63,171 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 310,000 3.92% - 4.01% 6/22/23 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 6.17% 9/15/61 Other borrowings 120,342 3.05% - 5.22% 1/3/19 - 12/15/45 22,537,099 Discount on bonds and notes payable and debt issuance costs (318,359) Total $ 22,218,740 FFELP Warehouse Facilities The Company funds the majority of its Federal Family Education Loan Program (the "FFEL Program" or "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 September 30, 2019, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 500,000 500,000 1,000,000 Amount outstanding 387,510 351,938 739,448 Amount available $ 112,490 148,062 260,552 Expiration of liquidity provisions November 20, 2019 May 31, 2020 Final maturity date November 20, 2020 May 31, 2022 Advanced as equity support $ 22,238 25,853 48,091 (a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million. On May 16, 2019, the Company extended the expiration of liquidity provisions to November 20, 2019, and extended the maturity date to November 20, 2020. (b) On May 30, 2019, the Company extended the expiration of liquidity provisions to May 31, 2020, and extended the maturity date to May 31, 2022. Asset-Backed Securitizations The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2019. 2019-1 2019-2 Private education loan 2019-3 2019-4 2019-5 Total Class A-1 Notes Class A-2 Notes 2019-1 total Date securities issued 2/27/19 2/27/19 2/27/19 4/30/19 6/25/19 7/24/19 8/22/19 9/25/19 Total original principal amount $ 35,700 448,000 496,800 416,100 47,159 498,300 418,600 374,500 2,251,459 Class A senior notes: Total principal amount $ 35,700 448,000 483,700 405,000 47,159 485,800 408,000 364,500 2,194,159 Bond discount — — — — — — — (114) (114) Issue price $ 35,700 448,000 483,700 405,000 47,159 485,800 408,000 364,386 2,194,045 Cost of funds 1-month LIBOR plus 0.30% 1-month LIBOR plus 0.75% 1-month LIBOR plus 0.90% Prime rate less 1.60% 1-month LIBOR plus 0.80% 1-month LIBOR plus 0.87% 2.53% Final maturity date 4/25/67 4/25/67 6/27/67 6/25/49 8/25/67 9/26/67 10/25/67 Class B subordinated notes: Total principal amount 13,100 11,100 12,500 10,600 10,000 57,300 Bond discount — — — — (4) (4) Issue price 13,100 11,100 12,500 10,600 9,996 57,296 Cost of funds 1-month LIBOR plus 1.40% 1-month LIBOR plus 1.50% 1-month LIBOR plus 1.55% 1-month LIBOR plus 1.65% 3.45% Final maturity date 4/25/67 6/27/67 8/25/67 9/26/67 10/25/67 On June 7, 2019, the Company extinguished all $93.0 million of the notes included in one of its FFELP asset-backed securitizations prior to the notes' contractual maturity. The Company paid a $1.4 million premium to extinguish the notes and wrote off $0.4 million of debt issuance costs. In total, the Company recognized a $1.8 million expense to extinguish the notes, which is included in other expenses on the consolidated statements of income. During the third quarter of 2019, the Company extinguished an additional $675.6 million of notes payable included in certain FFELP asset-backed securitizations prior to the notes' contractual maturities. To extinguish the notes, the Company paid a premium of $12.6 million and wrote off $1.4 million of debt issuance costs. In total, the Company recognized $14.0 million in expenses in the third quarter of 2019 to extinguish these notes, which is included in other expenses on the consolidated statements of income. Consumer Loan Warehouse Facility On January 11, 2019, the Company obtained a consumer loan warehouse facility with an aggregate maximum financing amount available of $100.0 million, an advance rate of 70 or 75 percent depending on the type of collateral and subject to certain concentration limits, and a maturity date of January 10, 2022. On April 25, 2019, the Company amended the agreement for this warehouse facility to increase the aggregate maximum financing amount available to $200.0 million, extend the expiration of liquidity provisions to April 23, 2021, and extend the final maturity date to April 23, 2022. As of September 30, 2019, $144.0 million was outstanding under this warehouse facility and $56.0 million was available for future funding. Additionally, as of September 30, 2019, the Company had $50.2 million advanced as equity support under this facility. Unsecured Line of Credit The Company has a $382.5 million unsecured line of credit that has a maturity date of June 22, 2023. As of September 30, 2019, no amount was outstanding under the line of credit. 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 $400.0 million, subject to certain conditions. Other Borrowings During 2017, the Company entered into a repurchase agreement, the proceeds of which are collateralized by FFELP asset-backed security investments. Included in "other borrowings" as of September 30, 2019 and December 31, 2018, was $40.5 million and $41.4 million, respectively, subject to this repurchase agreement. During 2018, the Company entered into a repurchase agreement, the proceeds of which were collateralized by private education loans. On June 25, 2019, the Company terminated this repurchase agreement. Included in "other borrowings" as of December 31, 2018 was $45.0 million subject to this repurchase agreement. On May 30, 2019, the Company entered into a $22.0 million secured line of credit agreement with a maturity date of May 30, 2022 and an interest rate of one-month LIBOR plus 1.75%. As of September 30, 2019, $5.0 million was outstanding under this line of credit and $17.0 million was available for future use. The line of credit is secured by several Company-owned properties. The Company had other notes payable included in its consolidated financial statements which were issued by partnerships for certain real estate development projects. Although the Company's ownership interests in these partnerships are 50 percent or less, because the Company was the developer of and is a current tenant in the associated buildings, the operating results of these partnerships were included in the Company's consolidated financial statements. On January 1, 2019, the Company adopted a new accounting standard for leases (see note 1). As a result of the adoption of this new standard, these real estate entities were deconsolidated, including $33.9 million of related debt. Prior to January 1, 2019, this debt was included in "other borrowings."

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to manage interest rate risk. Derivative instruments used as part of the Company's risk management strategy are further described in note 5 of the notes to consolidated financial statements included in the 2018 Annual Report. A tabular presentation of such derivatives outstanding as of September 30, 2019 and December 31, 2018 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps 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"). Notional amount As of September 30, As of December 31, Maturity 2019 2018 2019 $ — 3,500,000 2020 1,000,000 1,000,000 2021 250,000 250,000 2022 (a) 2,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 250,000 2026 1,150,000 1,150,000 2027 (b) 250,000 375,000 2028 (b) — 325,000 2029 (b) — 100,000 2031 (b) — 300,000 $ 7,150,000 10,000,000 (a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020. (b) During the third quarter of 2019, the Company terminated $125 million (notional amount), $325 million (notional amount), $100 million (notional amount), and $300 million (notional amount) of 1:3 Basis Swaps that had a maturity date in 2027, 2028, 2029, and 2031, respectively, and received $0.5 million in net proceeds. The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2019 and December 31, 2018 was one-month LIBOR plus 9.7 basis points and 9.4 basis points, respectively. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of September 30, 2019 As of December 31, 2018 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2019 $ 500,000 1.12 % $ 3,250,000 0.97 % 2020 1,500,000 1.01 1,500,000 1.01 2021 600,000 2.15 100,000 2.95 2022 (b) 250,000 1.65 — — 2023 150,000 2.25 400,000 2.24 2024 — — 300,000 2.28 2027 — — 25,000 2.35 $ 3,000,000 1.37 % $ 5,575,000 1.18 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) These derivatives have forward effective start dates in June 2021. During the first and third quarters of 2019, the Company received $2.1 million and paid $16.5 million, respectively, to terminate $100.0 million (notional amount) and $700.0 million (notional amount), respectively, of floor income interest rate swaps prior to their final maturity. Interest Rate Swap Options – Floor Income Hedges During 2014 and 2018, the Company paid $9.1 million and $4.6 million, respectively, for interest rate swap options to economically hedge loans earning fixed rate floor income. The interest rate swap options gave the Company the right, but not the obligation, to enter into interest rate swaps during the third quarter of 2019 in which the Company would pay a weighted average fixed amount of 3.21 percent and receive discrete one-month or three-month LIBOR. The Company did not exercise its rights on these options, and such swap options expired. Interest Rate Caps In June 2015 and June 2019, the Company paid $2.9 million and $0.3 million, respectively, for interest rate cap contracts to mitigate a rise in interest rates and its impact on earnings related to its student loan portfolio earning a fixed rate. In the event that the one-month LIBOR or three-month LIBOR rate rises above the applicable strike rate, the Company would receive monthly payments related to the spread difference. The following table summarizes these derivative instruments as of September 30, 2019. Notional Amount Strike rate Maturity date $ 125,000 2.50% (1-month LIBOR) July 15, 2020 150,000 4.99 (1-month LIBOR) July 15, 2020 500,000 2.25 (3-month LIBOR) September 25, 2020 Consolidated Financial Statement Impact Related to Derivatives Balance Sheet The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received. Fair value of asset derivatives Fair value of liability derivatives As of September 30, 2019 As of December 31, 2018 As of September 30, 2019 As of December 31, 2018 Interest rate swap options - floor income hedges $ — 1,465 — — Interest rate caps 57 353 — — Total $ 57 1,818 — — 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Settlements: 1:3 basis swaps $ 234 3,361 3,375 4,676 Interest rate swaps - floor income hedges 7,064 19,087 35,931 46,752 Interest rate swaps - hybrid debt hedges — (124) — (410) Total settlements - income 7,298 22,324 39,306 51,018 Change in fair value: 1:3 basis swaps 6,636 1,283 4,427 12,058 Interest rate swaps - floor income hedges (12,094) (7,427) (75,657) 34,008 Interest rate swap options - floor income hedges (1) (31) (1,465) 437 Interest rate caps (171) 119 (570) 567 Interest rate swaps - hybrid debt hedges — 830 — 2,839 Total change in fair value - (expense) income (5,630) (5,226) (73,265) 49,909 Derivative market value adjustments and derivative settlements, net - income (expense) $ 1,668 17,098 (33,959) 100,927

Investments and Notes Receivabl

Investments and Notes Receivable	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable A summary of the Company's investments and notes receivable follows: As of September 30, 2019 As of December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Student loan asset-backed and other debt securities - available-for-sale $ 48,772 3,802 — 52,574 47,931 5,109 — 53,040 Equity securities 13,913 4,114 (725) 17,302 12,909 5,145 (407) 17,647 Total investments (at fair value) $ 62,685 7,916 (725) 69,876 60,840 10,254 (407) 70,687 Other Investments and Notes Receivable (not measured at fair value): Venture capital and funds: Measurement alternative 71,752 70,939 Equity method 11,396 19,230 Other 850 900 Total venture capital and funds 83,998 91,069 Real estate: Equity method 44,995 29,168 Other 1,372 34,211 Total real estate 46,367 63,379 Beneficial interest in consumer loan securitization 5,755 — Tax liens and affordable housing 6,420 7,862 Notes receivable — 16,373 Total investments and notes receivable (not measured at fair value) 142,540 178,683 Total investments and notes receivable $ 212,416 249,370

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of the following: Weighted average remaining useful life as of September 30, 2019 (months) As of As of September 30, 2019 December 31, 2018 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $53,926 and $33,968, respectively) 80 $ 78,527 98,484 Trade names (net of accumulated amortization of $8,367 and $5,825, respectively) 92 8,326 10,868 Computer software (net of accumulated amortization of $2,741 and $15,420, respectively) 17 2,646 4,938 Total - amortizable intangible assets, net 80 $ 89,499 114,290 The Company recorded amortization expense on its intangible assets of $8.0 million and $7.9 million during the three months ended September 30, 2019 and 2018, respectively, and $24.8 million and $21.9 million during the nine months ended September 30, 2019 and 2018, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2019, the Company estimates it will record amortization expense as follows: 2019 (October 1 - December 31) $ 7,967 2020 29,515 2021 18,761 2022 7,172 2023 6,925 2024 and thereafter 19,159 $ 89,499

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2019
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of December 31, 2018 and September 30, 2019 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Activities Total Goodwill balance $ 23,639 70,278 21,112 41,883 — 156,912

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: As of As of Useful life September 30, 2019 December 31, 2018 Non-communications: Computer equipment and software 1-5 years $ 161,420 137,705 Building and building improvements 5-48 years 38,621 50,138 Office furniture and equipment 1-10 years 24,354 22,796 Leasehold improvements 1-15 years 10,193 9,327 Transportation equipment 5-10 years 5,049 5,123 Land — 1,400 3,328 Construction in progress — 3,740 3,578 244,777 231,995 Accumulated depreciation - non-communications (147,266) (123,003) Non-communications, net property and equipment 97,511 108,992 Communications: Network plant and fiber 4-15 years 246,971 215,787 Customer located property 3-4 years 25,966 21,234 Central office 5-15 years 17,499 15,688 Transportation equipment 4-10 years 6,728 6,580 Computer equipment and software 1-5 years 5,443 4,943 Other 1-39 years 3,391 3,219 Land — 70 70 Construction in progress — 2,051 6,344 308,119 273,865 Accumulated depreciation - communications (63,229) (38,073) Communications, net property and equipment 244,890 235,792 Total property and equipment, net $ 342,401 344,784 The Company recorded depreciation expense on its property and equipment of $19.7 million and $15.1 million during the three months ended September 30, 2019 and 2018, respectively, and $51.6 million and $41.1 million during the nine months ended September 30, 2019 and 2018, respectively.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended September 30, 2019 2018 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 32,778 434 33,212 42,354 573 42,927 Denominator: Weighted-average common shares outstanding - basic and diluted 39,356,311 520,818 39,877,129 40,441,783 547,182 40,988,965 Earnings per share - basic and diluted $ 0.83 0.83 0.83 1.05 1.05 1.05 Nine months ended September 30, 2019 2018 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 98,125 1,298 99,423 203,881 2,406 206,287 Denominator: Weighted-average common shares outstanding - basic and diluted 39,574,868 523,478 40,098,346 40,464,638 477,539 40,942,177 Earnings per share - basic and diluted $ 2.48 2.48 2.48 5.04 5.04 5.04

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting See note 14 of the notes to consolidated financial statements included in the 2018 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 September 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 532 3,499 — 233,225 2,859 (1,171) 238,945 Interest expense 51 12 — 171,485 2,110 (1,171) 172,488 Net interest income (expense) 481 3,487 — 61,740 749 — 66,457 Less provision for loan losses — — — 10,000 — — 10,000 Net interest income (loss) after provision for loan losses 481 3,487 — 51,740 749 — 56,457 Other income: Loan servicing and systems revenue 113,286 — — — — — 113,286 Intersegment servicing revenue 11,611 — — — — (11,611) — Education technology, services, and payment processing revenue — 74,251 — — — — 74,251 Communications revenue — — 16,470 — — — 16,470 Other income 2,291 — 532 3,384 7,231 — 13,439 Derivative settlements, net — — — 7,298 — — 7,298 Derivative market value adjustments, net — — — (5,630) — — (5,630) Total other income 127,188 74,251 17,002 5,052 7,231 (11,611) 219,114 Cost of services: Cost to provide education technology, services, and payment processing services — 25,671 — — — — 25,671 Cost to provide communications services — — 5,236 — — — 5,236 Total cost of services — 25,671 5,236 — — — 30,907 Operating expenses: Salaries and benefits 69,209 23,826 5,763 394 17,479 — 116,670 Depreciation and amortization 8,565 2,997 10,926 — 5,212 — 27,701 Loan servicing fees to third parties — — — 3,382 — — 3,382 Other expenses 16,686 5,325 3,842 15,672 13,422 — 54,947 Intersegment expenses, net 12,955 3,194 701 11,678 (16,917) (11,611) — Total operating expenses 107,415 35,342 21,232 31,126 19,196 (11,611) 202,700 Income (loss) before income taxes 20,254 16,725 (9,466) 25,666 (11,216) — 41,964 Income tax (expense) benefit (4,861) (4,014) 2,272 (6,160) 3,935 — (8,829) Net income (loss) 15,393 12,711 (7,194) 19,506 (7,281) — 33,135 Net loss (income) attributable to noncontrolling interests — — — — 77 — 77 Net income (loss) attributable to Nelnet, Inc. $ 15,393 12,711 (7,194) 19,506 (7,204) — 33,212 Total assets as of September 30, 2019 $ 222,606 413,076 306,743 22,520,688 685,998 (212,392) 23,936,719 Three months ended September 30, 2018 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 381 1,513 1 236,039 6,860 (4,846) 239,948 Interest expense — 3 4,174 176,874 3,968 (4,846) 180,175 Net interest income (expense) 381 1,510 (4,173) 59,165 2,892 — 59,773 Less provision for loan losses — — — 10,500 — — 10,500 Net interest income (loss) after provision for loan losses 381 1,510 (4,173) 48,665 2,892 — 49,273 Other income: Loan servicing and systems revenue 112,579 — — — — — 112,579 Intersegment servicing revenue 12,290 — — — — (12,290) — Education technology, services, and payment processing revenue — 58,409 — — — — 58,409 Communications revenue — — 11,818 — — — 11,818 Other income 1,948 — 950 3,267 10,508 — 16,673 Derivative settlements, net — — — 22,448 (124) — 22,324 Derivative market value adjustments, net — — — (6,056) 830 — (5,226) Total other income 126,817 58,409 12,768 19,659 11,214 (12,290) 216,577 Cost of services: Cost to provide education technology, services, and payment processing services — 19,087 — — — — 19,087 Cost to provide communications services — — 4,310 — — — 4,310 Total cost of services — 19,087 4,310 — — — 23,397 Operating expenses: Salaries and benefits 70,440 19,972 4,554 424 18,782 — 114,172 Depreciation and amortization 8,957 3,435 6,167 — 4,433 — 22,992 Loan servicing fees to third parties — — — 3,087 — — 3,087 Other expenses 19,638 4,943 3,151 845 16,616 — 45,194 Intersegment expenses, net 15,029 2,494 598 12,378 (18,208) (12,290) — Total operating expenses 114,064 30,844 14,470 16,734 21,623 (12,290) 185,445 Income (loss) before income taxes 13,134 9,988 (10,185) 51,590 (7,517) — 57,008 Income tax (expense) benefit (3,152) (2,397) 2,444 (12,381) 1,604 — (13,882) Net income (loss) 9,982 7,591 (7,741) 39,209 (5,913) — 43,126 Net loss (income) attributable to noncontrolling interests — — — — (199) — (199) Net income (loss) attributable to Nelnet, Inc. $ 9,982 7,591 (7,741) 39,209 (6,112) — 42,927 Total assets as of September 30, 2018 $ 276,153 243,497 271,370 23,927,156 723,985 (337,236) 25,104,925 Nine months ended September 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 1,579 7,175 3 723,388 7,170 (2,995) 736,319 Interest expense 70 32 — 544,319 9,796 (2,995) 551,221 Net interest income (expense) 1,509 7,143 3 179,069 (2,626) — 185,098 Less provision for loan losses — — — 26,000 — — 26,000 Net interest income (loss) after provision for loan losses 1,509 7,143 3 153,069 (2,626) — 159,098 Other income: Loan servicing and systems revenue 342,169 — — — — — 342,169 Intersegment servicing revenue 35,426 — — — — (35,426) — Education technology, services, and payment processing revenue — 213,753 — — — — 213,753 Communications revenue — — 46,770 — — — 46,770 Other income 6,642 — 1,019 11,796 19,200 — 38,658 Derivative settlements, net — — — 39,306 — — 39,306 Derivative market value adjustments, net — — — (73,265) — — (73,265) Total other income 384,237 213,753 47,789 (22,163) 19,200 (35,426) 607,391 Cost of services: Cost to provide education technology, services, and payment processing services — 62,601 — — — — 62,601 Cost to provide communications services — — 15,096 — — — 15,096 Total cost of services — 62,601 15,096 — — — 77,697 Operating expenses: Salaries and benefits 201,924 69,656 15,692 1,153 50,517 — 338,942 Depreciation and amortization 26,236 9,832 26,025 — 14,305 — 76,398 Loan servicing fees to third parties — — — 9,431 — — 9,431 Other expenses 52,732 16,440 11,184 19,667 38,107 — 138,131 Intersegment expenses, net 40,317 9,642 2,081 35,630 (52,244) (35,426) — Total operating expenses 321,209 105,570 54,982 65,881 50,685 (35,426) 562,902 Income (loss) before income taxes 64,537 52,725 (22,286) 65,025 (34,111) — 125,890 Income tax (expense) benefit (15,489) (12,654) 5,349 (15,606) 11,971 — (26,429) Net income (loss) 49,048 40,071 (16,937) 49,419 (22,140) — 99,461 Net loss (income) attributable to noncontrolling interests — — — — (38) — (38) Net income (loss) attributable to Nelnet, Inc. $ 49,048 40,071 (16,937) 49,419 (22,178) — 99,423 Total assets as of September 30, 2019 $ 222,606 413,076 306,743 22,520,688 685,998 (212,392) 23,936,719 Nine months ended September 30, 2018 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 931 2,927 3 662,881 17,673 (12,420) 671,995 Interest expense — 3 9,987 480,729 8,875 (12,420) 487,174 Net interest income (expense) 931 2,924 (9,984) 182,152 8,798 — 184,821 Less provision for loan losses — — — 18,000 — — 18,000 Net interest income (loss) after provision for loan losses 931 2,924 (9,984) 164,152 8,798 — 166,821 Other income: Loan servicing and systems revenue 327,265 — — — — — 327,265 Intersegment servicing revenue 34,670 — — — — (34,670) — Education technology, services, and payment processing revenue — 167,372 — — — — 167,372 Communications revenue — — 31,327 — — — 31,327 Other income 5,196 — 950 9,391 29,272 — 44,808 Derivative settlements, net — — — 51,428 (410) — 51,018 Derivative market value adjustments, net — — — 47,070 2,839 — 49,909 Total other income 367,131 167,372 32,277 107,889 31,701 (34,670) 671,699 Cost of services: Cost to provide education technology, services, and payment processing services — 44,087 — — — — 44,087 Cost to provide communications services — — 11,892 — — — 11,892 Total cost of services — 44,087 11,892 — — — 55,979 Operating expenses: Salaries and benefits 198,411 58,552 13,284 1,183 50,502 — 321,932 Depreciation and amortization 23,237 10,062 16,585 — 13,058 — 62,943 Loan servicing fees to third parties — — — 9,428 — — 9,428 Other expenses 51,591 14,950 8,811 2,982 40,686 — 119,020 Intersegment expenses, net 43,968 7,630 1,802 34,943 (53,672) (34,670) — Total operating expenses 317,207 91,194 40,482 48,536 50,574 (34,670) 513,323 Income (loss) before income taxes 50,855 35,015 (30,081) 223,505 (10,075) — 269,218 Income tax (expense) benefit (12,399) (8,404) 7,220 (53,641) 3,855 — (63,369) Net income (loss) 38,456 26,611 (22,861) 169,864 (6,220) — 205,849 Net loss (income) attributable to noncontrolling interests 808 — — — (371) — 438 Net income (loss) attributable to Nelnet, Inc. $ 39,264 26,611 (22,861) 169,864 (6,591) — 206,287 Total assets as of September 30, 2018 $ 276,153 243,497 271,370 23,927,156 723,985 (337,236) 25,104,925

Disaggregated Revenue and Defer

Disaggregated Revenue and Deferred Revenue	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue and Deferred Revenue	Disaggregated Revenue and Deferred Revenue The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments. Loan Servicing and Systems Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Government servicing - Nelnet $ 38,645 38,907 118,744 118,015 Government servicing - Great Lakes 46,234 45,671 139,285 122,107 Private education and consumer loan servicing 9,561 10,007 28,026 31,990 FFELP servicing 6,089 7,422 19,208 24,259 Software services 10,493 8,201 30,255 24,461 Outsourced services and other 2,264 2,371 6,651 6,433 Loan servicing and systems revenue $ 113,286 112,579 342,169 327,265 Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Tuition payment plan services $ 25,760 19,771 80,589 63,209 Payment processing 35,138 26,956 85,428 62,908 Education technology and services 13,067 11,419 46,872 40,411 Other 286 263 864 844 Education technology, services, and payment processing revenue $ 74,251 58,409 213,753 167,372 Communications Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Internet $ 9,899 6,453 27,641 16,541 Television 4,068 3,380 12,020 9,241 Telephone 2,487 1,962 7,062 5,482 Other 16 23 47 63 Communications revenue $ 16,470 11,818 46,770 31,327 Residential revenue $ 12,397 8,896 35,351 23,367 Business revenue 4,025 2,861 11,256 7,779 Other 48 61 163 181 Communications revenue $ 16,470 11,818 46,770 31,327 Other Income The following table provides the components of "other income" on the consolidated statements of income: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Borrower late fee income $ 3,196 3,253 9,870 8,994 Management fee revenue 2,084 1,756 6,007 4,673 Gain on investments and notes receivable, net of losses 1,948 2,503 5,779 10,291 Investment advisory services 753 1,183 2,194 4,169 Other 5,458 7,978 14,808 16,681 Other income $ 13,439 16,673 38,658 44,808 Deferred Revenue Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below: Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Corporate and Other Activities Total Three months ended September 30, 2019 Balance, beginning of period $ 3,315 21,489 3,080 1,611 29,495 Deferral of revenue 881 42,752 9,302 953 53,888 Recognition of revenue (1,149) (21,820) (9,158) (850) (32,977) Balance, end of period $ 3,047 42,421 3,224 1,714 50,406 Three months ended September 30, 2018 Balance, beginning of period $ 3,771 17,989 2,149 1,751 25,660 Deferral of revenue 1,591 34,252 6,567 2,764 45,174 Recognition of revenue (1,754) (17,049) (6,342) (2,858) (28,003) Balance, end of period $ 3,608 35,192 2,374 1,657 42,831 Nine months ended September 30, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 2,761 81,484 26,366 2,530 113,141 Recognition of revenue (4,127) (69,619) (25,693) (2,418) (101,857) Balance, end of period $ 3,047 42,421 3,224 1,714 50,406 Nine months ended September 30, 2018 Balance, beginning of period $ 4,968 24,164 1,665 1,479 32,276 Deferral of revenue 2,555 65,940 17,916 4,869 91,280 Recognition of revenue (3,915) (54,912) (17,207) (4,691) (80,725) Balance, end of period $ 3,608 35,192 2,374 1,657 42,831

Major Customer

Major Customer	9 Months Ended
	Sep. 30, 2019
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing"), a subsidiary of the Company, earns loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $38.6 million and $38.9 million for the three months ended September 30, 2019 and 2018, and $118.7 million and $118.0 million for the nine months ended September 30, 2019 and 2018, respectively. In addition, Great Lakes Educational Loan Services, Inc. ("Great Lakes"), which was acquired by the Company on February 7, 2018, also earns loan servicing revenue from a similar servicing contract with the Department. Revenue earned by Great Lakes related to this contract was $46.2 million and $45.7 million for the three months ended September 30, 2019 and 2018, respectively, and $139.3 million for the nine months ended September 30, 2019. Revenue of $122.1 million was earned for the period from February 7, 2018 to September 30, 2018. Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. On May 15, 2019, Nelnet Servicing and Great Lakes each received a Modification of Contract from the Department's Office of Federal Student Aid ("FSA") pursuant to which FSA extended the expiration date of the current contracts to December 15, 2019. In addition, Nelnet Servicing's current Authority to Operate as a loan servicer for the Department expires on December 13, 2019, and is currently under review for renewal. The Company cannot predict the timing or outcome of this review. FSA 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, FSA issued solicitations for three NextGen components: • NextGen Enhanced Processing Solution ("EPS") • NextGen Business Process Operations ("BPO") • NextGen Optimal Processing Solution ("OPS") On April 1, 2019 and October 4, 2019, the Company responded to the EPS component. In addition, on August 1, 2019, the Company responded to the BPO component. The Company is also part of a team that has responded and intends to respond to various aspects of the OPS component. The Company cannot predict the timing, nature, or outcome of these solicitations.

Related Party Transaction

Related Party Transaction	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transactions (dollar amounts in this note are not in thousands)On July 26, 2019, the Company, as lender, received a $16.0 million promissory note from Hudl, of which David R. Graff, a member of the Company's Board of Directors, is CEO, co-founder, and a director. The promissory note carried a 14 percent interest rate and was due 180 days from the date of issuance. In connection with this promissory note, the Company entered into a Subordination Agreement with Union Bank and Trust Company ("Union Bank"), a related party, effective as of July 26, 2019, which required the Company to subordinate its promissory note from Hudl to existing notes Union Bank holds from Hudl. The $16.0 million promissory note from Hudl was paid in full to the Company in August 2019.During the third quarter of 2019, the Company, Farmers & Merchants Investment Inc. (the parent of Union Bank) ("F&M"), and the holding company of BankFirst of Norfolk, Nebraska (BankFirst), of which Michael S. Dunlap is a member of the Board of Directors, co-invested $0.7 million, $2.1 million, and $2.1 million, respectively, in a Company-managed limited liability company that invests in renewable energy. As part of these transactions, the Company receives management and performance fees under a management agreement. During the third quarter of 2019, the Company earned a total of approximately $138,000 of management fees under this agreement, allocable in equal amounts of approximately $69,000 to the investments of each of F&M and BankFirst.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of September 30, 2019 As of December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan and other asset-backed securities - available-for-sale $ — 52,471 52,471 — 52,936 52,936 Equity securities 3,263 — 3,263 2,722 — 2,722 Equity securities measured at net asset 14,039 14,925 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 3,366 52,471 69,876 2,826 52,936 70,687 Derivative instruments — 57 57 — 1,818 1,818 Total assets $ 3,366 52,528 69,933 2,826 54,754 72,505 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of September 30, 2019 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 21,892,651 21,071,441 — — 21,892,651 Cash and cash equivalents 160,979 160,979 160,979 — — Investments (at fair value) 69,876 69,876 3,366 52,471 — Beneficial interest in consumer loan securitization 5,755 5,755 — — 5,755 Restricted cash 667,919 667,919 667,919 — — Restricted cash – due to customers 309,309 309,309 309,309 — — Accrued interest receivable 736,901 736,901 — 736,901 — Derivative instruments 57 57 — 57 — Financial liabilities: Bonds and notes payable 20,824,456 20,910,190 — 20,824,456 — Accrued interest payable 52,345 52,345 — 52,345 — Due to customers 309,309 309,309 309,309 — — As of December 31, 2018 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 23,521,171 22,377,142 — — 23,521,171 Cash and cash equivalents 121,347 121,347 121,347 — — Investments (at fair value) 70,687 70,687 2,826 52,936 — Notes receivable 16,373 16,373 — 16,373 — Restricted cash 701,366 701,366 701,366 — — Restricted cash – due to customers 369,678 369,678 369,678 — — Accrued interest receivable 679,197 679,197 — 679,197 — Derivative instruments 1,818 1,818 — 1,818 — Financial liabilities: Bonds and notes payable 22,270,462 22,218,740 — 22,270,462 — Accrued interest payable 61,679 61,679 — 61,679 — Due to customers 369,678 369,678 369,678 — — The methodologies for estimating the fair value of financial assets and liabilities are described in note 20 of the notes to consolidated financial statements included in the 2018 Annual Report.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2018 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 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 nine months ended September 30, 2019 are not necessarily indicative of the results for the year ending December 31, 2019. 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, 2018 (the "2018 Annual Report").
Accounting Standard Adopted in 2019	Accounting Standard Adopted in 2019 In the first quarter of 2019, the Company adopted the following new accounting standard: Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Codification Topic 842, Leases ("ASC Topic 842"). The standard requires the identification of arrangements that should be accounted for as leases by lessees and the disclosure of key information about leasing arrangements. The standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability for all leases with a term longer than twelve months and classify the lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. The Company adopted the standard effective January 1, 2019, using the effective date as its date of initial application. Consequently, financial information is not updated and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company elected to utilize the ‘package of practical expedients’, which permitted it to not reassess under the new standard its prior conclusions about lease identification, lease classification, and initial direct costs. The most significant impact of the standard relates to (1) the recognition of new ROU assets and lease liabilities on the Company's balance sheet; (2) the deconsolidation of assets and liabilities for certain sale-leaseback transactions arising from build-to-suit lease arrangements for which construction was completed and the Company is leasing the constructed assets that did not qualify for sale accounting prior to the adoption of the new standard; and (3) significant new disclosures about the Company’s leasing activities. The build-to-suit lease arrangements have been reassessed as operating leases as of the effective date under ASC Topic 842.

Basis of Financial Reporting (T

Basis of Financial Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Impact of New Accounting Pronouncement on Previous Reporting	The cumulative effect of the changes made to the Company's consolidated balance sheet as of January 1, 2019 for the adoption of the new lease standard was as follows: Balances at December 31, 2018 Adjustments from adoption of new lease standard Balances at January 1, 2019 Assets Cash and cash equivalents $ 121,347 (646) 120,701 Investments and notes receivable 249,370 (23,134) 226,236 Accounts receivable 59,531 (89) 59,442 Property and equipment, net 344,784 (16,974) 327,810 Other assets 45,533 32,804 78,337 Liabilities Bonds and notes payable 22,218,740 (33,182) 22,185,558 Other liabilities 256,092 31,220 287,312 Equity Noncontrolling interests 10,315 (6,077) 4,238
Supplemental Balance Sheet Information Related to Leases	The following table provides supplemental balance sheet information related to leases: As of September 30, 2019 Operating lease ROU assets, which is included in "other assets" on the $ 34,264 Operating lease liabilities, which is included in "other liabilities" on the $ 35,237
Lease Costs, Cash Flows and Weighted Average Remaining Lease Term	The following table provides components of lease expense: Three months ended September 30, 2019 Nine months ended September 30, 2019 Rental expense, which is included in "other expenses" on the $ 2,776 8,276 Rental expense, which is included in "cost to provide communications 428 1,138 Total operating rental expense $ 3,204 9,414 (a) Includes short-term and variable lease costs, which are immaterial. The following table provides supplemental cash flow information related to leases: Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows related to operating leases $ 7,307 Supplemental noncash activity: Operating ROU assets obtained in exchange for lease obligations, $ 7,972 Weighted average remaining lease term and discount rate are shown below: As of September 30, 2019 Weighted average remaining lease term (years) 7.2 Weighted average discount rate 3.95 %
Maturity of Lease Liabilities	Maturity of lease liabilities are shown below: 2019 (October 1 - December 31) $ 2,638 2020 9,916 2021 6,803 2022 4,652 2023 3,640 2024 and thereafter 12,996 Total lease payments 40,645 Imputed interest (5,408) Total $ 35,237
Future Minimum Lease Payments	Future minimum lease payments as of December 31, 2018 are shown below: 2019 $ 9,181 2020 8,261 2021 5,776 2022 3,745 2023 2,904 2024 and thereafter 5,479 Total minimum lease payments $ 35,346

Loans Receivable and Allowanc_2

Loans Receivable and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2019
Receivables [Abstract]
Schedule of Loans Receivable	Loans receivable consisted of the following: As of As of September 30, 2019 December 31, 2018 Federally insured student loans: Stafford and other $ 4,720,338 4,969,667 Consolidation 15,975,499 17,186,229 Total 20,695,837 22,155,896 Private education loans 189,912 225,975 Consumer loans 321,199 138,627 21,206,948 22,520,498 Loan discount, net of unamortized loan premiums and deferred origination costs (36,483) (53,572) Non-accretable discount (32,607) (29,396) Allowance for loan losses: Federally insured loans (37,676) (42,310) Private education loans (9,882) (10,838) Consumer loans (18,859) (7,240) $ 21,071,441 22,377,142
Activity in the Allowance for Loan Losses	Activity in the allowance for loan losses is shown below. Balance at beginning of period Provision for loan losses Charge-offs Recoveries Loan sale and other Balance at end of period Three months ended September 30, 2019 Federally insured loans $ 39,056 2,000 (3,380) — — 37,676 Private education loans 10,157 — (459) 184 — 9,882 Consumer loans 13,378 8,000 (2,759) 240 — 18,859 $ 62,591 10,000 (6,598) 424 — 66,417 Three months ended September 30, 2018 Federally insured loans $ 37,263 8,000 (2,210) — — 43,053 Private education loans 11,664 — (535) 124 — 11,253 Consumer loans 4,788 2,500 (1,403) 26 — 5,911 $ 53,715 10,500 (4,148) 150 — 60,217 Nine months ended September 30, 2019 Federally insured loans $ 42,310 6,000 (10,634) — — 37,676 Private education loans 10,838 — (1,529) 573 — 9,882 Consumer loans 7,240 20,000 (7,417) 536 (1,500) 18,859 $ 60,388 26,000 (19,580) 1,109 (1,500) 66,417 Nine months ended September 30, 2018 Federally insured loans $ 38,706 12,000 (8,653) — 1,000 43,053 Private education loans 12,629 — (1,846) 470 — 11,253 Consumer loans 3,255 6,000 (3,376) 32 — 5,911 $ 54,590 18,000 (13,875) 502 1,000 60,217
Loans Receivable Delinquencies	The table below shows the Company’s loan delinquency amounts. As of September 30, 2019 As of December 31, 2018 As of September 30, 2018 Federally insured loans: Loans in-school/grace/deferment $ 1,243,705 $ 1,298,493 $ 1,410,902 Loans in forbearance 1,391,482 1,430,291 1,487,107 Loans in repayment status: Loans current 15,646,231 86.7 % 16,882,252 86.9 % 16,921,119 86.8 % Loans delinquent 31-60 days 662,431 3.8 683,084 3.5 689,454 3.5 Loans delinquent 61-90 days 402,197 2.2 427,764 2.2 412,639 2.1 Loans delinquent 91-120 days 279,524 1.5 283,831 1.5 347,013 1.8 Loans delinquent 121-270 days 795,230 4.4 806,692 4.2 853,224 4.4 Loans delinquent 271 days or greater 275,037 1.4 343,489 1.7 269,285 1.4 Total loans in repayment 18,060,650 100.0 % 19,427,112 100.0 % 19,492,734 100.0 % Total federally insured loans $ 20,695,837 $ 22,155,896 $ 22,390,743 Private education loans: Loans in-school/grace/deferment $ 3,944 $ 4,320 $ 3,550 Loans in forbearance 2,242 1,494 1,577 Loans in repayment status: Loans current 173,883 94.7 % 208,977 95.0 % 156,383 95.2 % Loans delinquent 31-60 days 3,011 1.6 3,626 1.6 1,796 1.1 Loans delinquent 61-90 days 1,370 0.7 1,560 0.7 1,155 0.7 Loans delinquent 91 days or greater 5,462 3.0 5,998 2.7 5,006 3.0 Total loans in repayment 183,726 100.0 % 220,161 100.0 % 164,340 100.0 % Total private education loans $ 189,912 $ 225,975 $ 169,467 Consumer loans: Loans in repayment status: Loans current $ 315,708 98.3 % $ 136,130 98.2 % $ 110,885 98.5 % Loans delinquent 31-60 days 2,249 0.7 1,012 0.7 905 0.8 Loans delinquent 61-90 days 1,617 0.5 832 0.6 355 0.3 Loans delinquent 91 days or greater 1,625 0.5 653 0.5 402 0.4 Total loans in repayment 321,199 100.0 % 138,627 100.0 % 112,547 100.0 % Total consumer loans $ 321,199 $ 138,627 $ 112,547

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of September 30, 2019 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 $ 18,961,410 2.20% - 3.81% 11/25/24 - 9/26/67 Bonds and notes based on auction 773,726 3.02% - 3.84% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,735,136 Fixed-rate bonds and notes issued in FFELP loan asset-backed 374,500 2.53% / 3.45% 10/25/67 FFELP warehouse facilities 739,448 2.22% / 2.26% 11/20/20 / 5/31/22 Consumer loan warehouse facility 144,022 2.23% 4/23/22 Variable-rate bonds and notes issued in private education loan asset- 82,338 3.40% / 3.77% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed 53,368 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 6/22/23 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 5.46% 9/15/61 Other borrowings 45,465 2.77% - 3.85% 10/7/19 - 5/30/22 21,194,658 Discount on bonds and notes payable and debt issuance costs (284,468) Total $ 20,910,190 As of December 31, 2018 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 $ 20,192,123 2.59% - 4.52% 11/25/24 - 2/25/67 Bonds and notes based on auction 793,476 2.84% - 3.55% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 20,985,599 FFELP warehouse facilities 986,886 2.65% / 2.71% 5/20/20 / 5/31/21 Variable-rate bonds and notes issued in private education loan asset-backed securitization 50,720 4.26% 12/26/40 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 63,171 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 310,000 3.92% - 4.01% 6/22/23 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 6.17% 9/15/61 Other borrowings 120,342 3.05% - 5.22% 1/3/19 - 12/15/45 22,537,099 Discount on bonds and notes payable and debt issuance costs (318,359) Total $ 22,218,740
Schedule of Line of Credit Facilities	As of September 30, 2019, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 500,000 500,000 1,000,000 Amount outstanding 387,510 351,938 739,448 Amount available $ 112,490 148,062 260,552 Expiration of liquidity provisions November 20, 2019 May 31, 2020 Final maturity date November 20, 2020 May 31, 2022 Advanced as equity support $ 22,238 25,853 48,091 (a) On March 8, 2019, the Company decreased the maximum financing amount for this warehouse facility to $500 million. On May 16, 2019, the Company extended the expiration of liquidity provisions to November 20, 2019, and extended the maturity date to November 20, 2020. (b) On May 30, 2019, the Company extended the expiration of liquidity provisions to May 31, 2020, and extended the maturity date to May 31, 2022.
Schedule of Asset-Backed Securitization	The following table summarizes the asset-backed securitization transactions completed during the first nine months of 2019. 2019-1 2019-2 Private education loan 2019-3 2019-4 2019-5 Total Class A-1 Notes Class A-2 Notes 2019-1 total Date securities issued 2/27/19 2/27/19 2/27/19 4/30/19 6/25/19 7/24/19 8/22/19 9/25/19 Total original principal amount $ 35,700 448,000 496,800 416,100 47,159 498,300 418,600 374,500 2,251,459 Class A senior notes: Total principal amount $ 35,700 448,000 483,700 405,000 47,159 485,800 408,000 364,500 2,194,159 Bond discount — — — — — — — (114) (114) Issue price $ 35,700 448,000 483,700 405,000 47,159 485,800 408,000 364,386 2,194,045 Cost of funds 1-month LIBOR plus 0.30% 1-month LIBOR plus 0.75% 1-month LIBOR plus 0.90% Prime rate less 1.60% 1-month LIBOR plus 0.80% 1-month LIBOR plus 0.87% 2.53% Final maturity date 4/25/67 4/25/67 6/27/67 6/25/49 8/25/67 9/26/67 10/25/67 Class B subordinated notes: Total principal amount 13,100 11,100 12,500 10,600 10,000 57,300 Bond discount — — — — (4) (4) Issue price 13,100 11,100 12,500 10,600 9,996 57,296 Cost of funds 1-month LIBOR plus 1.40% 1-month LIBOR plus 1.50% 1-month LIBOR plus 1.55% 1-month LIBOR plus 1.65% 3.45% Final maturity date 4/25/67 6/27/67 8/25/67 9/26/67 10/25/67

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Basis Swaps	The following table summarizes the Company’s outstanding basis swaps 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"). Notional amount As of September 30, As of December 31, Maturity 2019 2018 2019 $ — 3,500,000 2020 1,000,000 1,000,000 2021 250,000 250,000 2022 (a) 2,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 250,000 2026 1,150,000 1,150,000 2027 (b) 250,000 375,000 2028 (b) — 325,000 2029 (b) — 100,000 2031 (b) — 300,000 $ 7,150,000 10,000,000 (a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020. (b) During the third quarter of 2019, the Company terminated $125 million (notional amount), $325 million (notional amount), $100 million (notional amount), and $300 million (notional amount) of 1:3 Basis Swaps that had a maturity date in 2027, 2028, 2029, and 2031, respectively, and received $0.5 million in net proceeds.
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 September 30, 2019 As of December 31, 2018 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2019 $ 500,000 1.12 % $ 3,250,000 0.97 % 2020 1,500,000 1.01 1,500,000 1.01 2021 600,000 2.15 100,000 2.95 2022 (b) 250,000 1.65 — — 2023 150,000 2.25 400,000 2.24 2024 — — 300,000 2.28 2027 — — 25,000 2.35 $ 3,000,000 1.37 % $ 5,575,000 1.18 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) These derivatives have forward effective start dates in June 2021.
Schedule Of Derivative Swaptions
Schedule of Interest Rate Caps	The following table summarizes these derivative instruments as of September 30, 2019. Notional Amount Strike rate Maturity date $ 125,000 2.50% (1-month LIBOR) July 15, 2020 150,000 4.99 (1-month LIBOR) July 15, 2020 500,000 2.25 (3-month LIBOR) September 25, 2020
Schedule of Derivatives as Reflected on Balance Sheet	The following table summarizes the fair value of the Company’s derivatives as reflected in the consolidated balance sheets. There is no difference between the gross amounts of recognized assets presented in the consolidated balance sheets related to the Company's derivative portfolio and the net amount when excluding derivatives subject to enforceable master netting arrangements and cash collateral received. Fair value of asset derivatives Fair value of liability derivatives As of September 30, 2019 As of December 31, 2018 As of September 30, 2019 As of December 31, 2018 Interest rate swap options - floor income hedges $ — 1,465 — — Interest rate caps 57 353 — — Total $ 57 1,818 — —
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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Settlements: 1:3 basis swaps $ 234 3,361 3,375 4,676 Interest rate swaps - floor income hedges 7,064 19,087 35,931 46,752 Interest rate swaps - hybrid debt hedges — (124) — (410) Total settlements - income 7,298 22,324 39,306 51,018 Change in fair value: 1:3 basis swaps 6,636 1,283 4,427 12,058 Interest rate swaps - floor income hedges (12,094) (7,427) (75,657) 34,008 Interest rate swap options - floor income hedges (1) (31) (1,465) 437 Interest rate caps (171) 119 (570) 567 Interest rate swaps - hybrid debt hedges — 830 — 2,839 Total change in fair value - (expense) income (5,630) (5,226) (73,265) 49,909 Derivative market value adjustments and derivative settlements, net - income (expense) $ 1,668 17,098 (33,959) 100,927

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2019
Investments [Abstract]
Summary of Investments and Notes Receivable	A summary of the Company's investments and notes receivable follows: As of September 30, 2019 As of December 31, 2018 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Student loan asset-backed and other debt securities - available-for-sale $ 48,772 3,802 — 52,574 47,931 5,109 — 53,040 Equity securities 13,913 4,114 (725) 17,302 12,909 5,145 (407) 17,647 Total investments (at fair value) $ 62,685 7,916 (725) 69,876 60,840 10,254 (407) 70,687 Other Investments and Notes Receivable (not measured at fair value): Venture capital and funds: Measurement alternative 71,752 70,939 Equity method 11,396 19,230 Other 850 900 Total venture capital and funds 83,998 91,069 Real estate: Equity method 44,995 29,168 Other 1,372 34,211 Total real estate 46,367 63,379 Beneficial interest in consumer loan securitization 5,755 — Tax liens and affordable housing 6,420 7,862 Notes receivable — 16,373 Total investments and notes receivable (not measured at fair value) 142,540 178,683 Total investments and notes receivable $ 212,416 249,370

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	Intangible assets consist of the following: Weighted average remaining useful life as of September 30, 2019 (months) As of As of September 30, 2019 December 31, 2018 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $53,926 and $33,968, respectively) 80 $ 78,527 98,484 Trade names (net of accumulated amortization of $8,367 and $5,825, respectively) 92 8,326 10,868 Computer software (net of accumulated amortization of $2,741 and $15,420, respectively) 17 2,646 4,938 Total - amortizable intangible assets, net 80 $ 89,499 114,290
Schedule of Future Amortization Expense	As of September 30, 2019, the Company estimates it will record amortization expense as follows: 2019 (October 1 - December 31) $ 7,967 2020 29,515 2021 18,761 2022 7,172 2023 6,925 2024 and thereafter 19,159 $ 89,499

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill [Abstract]
Schedule of Goodwill by Reportable Segment	The carrying amount of goodwill as of December 31, 2018 and September 30, 2019 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Activities Total Goodwill balance $ 23,639 70,278 21,112 41,883 — 156,912

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following: As of As of Useful life September 30, 2019 December 31, 2018 Non-communications: Computer equipment and software 1-5 years $ 161,420 137,705 Building and building improvements 5-48 years 38,621 50,138 Office furniture and equipment 1-10 years 24,354 22,796 Leasehold improvements 1-15 years 10,193 9,327 Transportation equipment 5-10 years 5,049 5,123 Land — 1,400 3,328 Construction in progress — 3,740 3,578 244,777 231,995 Accumulated depreciation - non-communications (147,266) (123,003) Non-communications, net property and equipment 97,511 108,992 Communications: Network plant and fiber 4-15 years 246,971 215,787 Customer located property 3-4 years 25,966 21,234 Central office 5-15 years 17,499 15,688 Transportation equipment 4-10 years 6,728 6,580 Computer equipment and software 1-5 years 5,443 4,943 Other 1-39 years 3,391 3,219 Land — 70 70 Construction in progress — 2,051 6,344 308,119 273,865 Accumulated depreciation - communications (63,229) (38,073) Communications, net property and equipment 244,890 235,792 Total property and equipment, net $ 342,401 344,784

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	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 September 30, 2019 2018 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 32,778 434 33,212 42,354 573 42,927 Denominator: Weighted-average common shares outstanding - basic and diluted 39,356,311 520,818 39,877,129 40,441,783 547,182 40,988,965 Earnings per share - basic and diluted $ 0.83 0.83 0.83 1.05 1.05 1.05 Nine months ended September 30, 2019 2018 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 98,125 1,298 99,423 203,881 2,406 206,287 Denominator: Weighted-average common shares outstanding - basic and diluted 39,574,868 523,478 40,098,346 40,464,638 477,539 40,942,177 Earnings per share - basic and diluted $ 2.48 2.48 2.48 5.04 5.04 5.04

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Segment Results to Consolidated Financial Statements	The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended September 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 532 3,499 — 233,225 2,859 (1,171) 238,945 Interest expense 51 12 — 171,485 2,110 (1,171) 172,488 Net interest income (expense) 481 3,487 — 61,740 749 — 66,457 Less provision for loan losses — — — 10,000 — — 10,000 Net interest income (loss) after provision for loan losses 481 3,487 — 51,740 749 — 56,457 Other income: Loan servicing and systems revenue 113,286 — — — — — 113,286 Intersegment servicing revenue 11,611 — — — — (11,611) — Education technology, services, and payment processing revenue — 74,251 — — — — 74,251 Communications revenue — — 16,470 — — — 16,470 Other income 2,291 — 532 3,384 7,231 — 13,439 Derivative settlements, net — — — 7,298 — — 7,298 Derivative market value adjustments, net — — — (5,630) — — (5,630) Total other income 127,188 74,251 17,002 5,052 7,231 (11,611) 219,114 Cost of services: Cost to provide education technology, services, and payment processing services — 25,671 — — — — 25,671 Cost to provide communications services — — 5,236 — — — 5,236 Total cost of services — 25,671 5,236 — — — 30,907 Operating expenses: Salaries and benefits 69,209 23,826 5,763 394 17,479 — 116,670 Depreciation and amortization 8,565 2,997 10,926 — 5,212 — 27,701 Loan servicing fees to third parties — — — 3,382 — — 3,382 Other expenses 16,686 5,325 3,842 15,672 13,422 — 54,947 Intersegment expenses, net 12,955 3,194 701 11,678 (16,917) (11,611) — Total operating expenses 107,415 35,342 21,232 31,126 19,196 (11,611) 202,700 Income (loss) before income taxes 20,254 16,725 (9,466) 25,666 (11,216) — 41,964 Income tax (expense) benefit (4,861) (4,014) 2,272 (6,160) 3,935 — (8,829) Net income (loss) 15,393 12,711 (7,194) 19,506 (7,281) — 33,135 Net loss (income) attributable to noncontrolling interests — — — — 77 — 77 Net income (loss) attributable to Nelnet, Inc. $ 15,393 12,711 (7,194) 19,506 (7,204) — 33,212 Total assets as of September 30, 2019 $ 222,606 413,076 306,743 22,520,688 685,998 (212,392) 23,936,719 Three months ended September 30, 2018 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 381 1,513 1 236,039 6,860 (4,846) 239,948 Interest expense — 3 4,174 176,874 3,968 (4,846) 180,175 Net interest income (expense) 381 1,510 (4,173) 59,165 2,892 — 59,773 Less provision for loan losses — — — 10,500 — — 10,500 Net interest income (loss) after provision for loan losses 381 1,510 (4,173) 48,665 2,892 — 49,273 Other income: Loan servicing and systems revenue 112,579 — — — — — 112,579 Intersegment servicing revenue 12,290 — — — — (12,290) — Education technology, services, and payment processing revenue — 58,409 — — — — 58,409 Communications revenue — — 11,818 — — — 11,818 Other income 1,948 — 950 3,267 10,508 — 16,673 Derivative settlements, net — — — 22,448 (124) — 22,324 Derivative market value adjustments, net — — — (6,056) 830 — (5,226) Total other income 126,817 58,409 12,768 19,659 11,214 (12,290) 216,577 Cost of services: Cost to provide education technology, services, and payment processing services — 19,087 — — — — 19,087 Cost to provide communications services — — 4,310 — — — 4,310 Total cost of services — 19,087 4,310 — — — 23,397 Operating expenses: Salaries and benefits 70,440 19,972 4,554 424 18,782 — 114,172 Depreciation and amortization 8,957 3,435 6,167 — 4,433 — 22,992 Loan servicing fees to third parties — — — 3,087 — — 3,087 Other expenses 19,638 4,943 3,151 845 16,616 — 45,194 Intersegment expenses, net 15,029 2,494 598 12,378 (18,208) (12,290) — Total operating expenses 114,064 30,844 14,470 16,734 21,623 (12,290) 185,445 Income (loss) before income taxes 13,134 9,988 (10,185) 51,590 (7,517) — 57,008 Income tax (expense) benefit (3,152) (2,397) 2,444 (12,381) 1,604 — (13,882) Net income (loss) 9,982 7,591 (7,741) 39,209 (5,913) — 43,126 Net loss (income) attributable to noncontrolling interests — — — — (199) — (199) Net income (loss) attributable to Nelnet, Inc. $ 9,982 7,591 (7,741) 39,209 (6,112) — 42,927 Total assets as of September 30, 2018 $ 276,153 243,497 271,370 23,927,156 723,985 (337,236) 25,104,925 Nine months ended September 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 1,579 7,175 3 723,388 7,170 (2,995) 736,319 Interest expense 70 32 — 544,319 9,796 (2,995) 551,221 Net interest income (expense) 1,509 7,143 3 179,069 (2,626) — 185,098 Less provision for loan losses — — — 26,000 — — 26,000 Net interest income (loss) after provision for loan losses 1,509 7,143 3 153,069 (2,626) — 159,098 Other income: Loan servicing and systems revenue 342,169 — — — — — 342,169 Intersegment servicing revenue 35,426 — — — — (35,426) — Education technology, services, and payment processing revenue — 213,753 — — — — 213,753 Communications revenue — — 46,770 — — — 46,770 Other income 6,642 — 1,019 11,796 19,200 — 38,658 Derivative settlements, net — — — 39,306 — — 39,306 Derivative market value adjustments, net — — — (73,265) — — (73,265) Total other income 384,237 213,753 47,789 (22,163) 19,200 (35,426) 607,391 Cost of services: Cost to provide education technology, services, and payment processing services — 62,601 — — — — 62,601 Cost to provide communications services — — 15,096 — — — 15,096 Total cost of services — 62,601 15,096 — — — 77,697 Operating expenses: Salaries and benefits 201,924 69,656 15,692 1,153 50,517 — 338,942 Depreciation and amortization 26,236 9,832 26,025 — 14,305 — 76,398 Loan servicing fees to third parties — — — 9,431 — — 9,431 Other expenses 52,732 16,440 11,184 19,667 38,107 — 138,131 Intersegment expenses, net 40,317 9,642 2,081 35,630 (52,244) (35,426) — Total operating expenses 321,209 105,570 54,982 65,881 50,685 (35,426) 562,902 Income (loss) before income taxes 64,537 52,725 (22,286) 65,025 (34,111) — 125,890 Income tax (expense) benefit (15,489) (12,654) 5,349 (15,606) 11,971 — (26,429) Net income (loss) 49,048 40,071 (16,937) 49,419 (22,140) — 99,461 Net loss (income) attributable to noncontrolling interests — — — — (38) — (38) Net income (loss) attributable to Nelnet, Inc. $ 49,048 40,071 (16,937) 49,419 (22,178) — 99,423 Total assets as of September 30, 2019 $ 222,606 413,076 306,743 22,520,688 685,998 (212,392) 23,936,719 Nine months ended September 30, 2018 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 931 2,927 3 662,881 17,673 (12,420) 671,995 Interest expense — 3 9,987 480,729 8,875 (12,420) 487,174 Net interest income (expense) 931 2,924 (9,984) 182,152 8,798 — 184,821 Less provision for loan losses — — — 18,000 — — 18,000 Net interest income (loss) after provision for loan losses 931 2,924 (9,984) 164,152 8,798 — 166,821 Other income: Loan servicing and systems revenue 327,265 — — — — — 327,265 Intersegment servicing revenue 34,670 — — — — (34,670) — Education technology, services, and payment processing revenue — 167,372 — — — — 167,372 Communications revenue — — 31,327 — — — 31,327 Other income 5,196 — 950 9,391 29,272 — 44,808 Derivative settlements, net — — — 51,428 (410) — 51,018 Derivative market value adjustments, net — — — 47,070 2,839 — 49,909 Total other income 367,131 167,372 32,277 107,889 31,701 (34,670) 671,699 Cost of services: Cost to provide education technology, services, and payment processing services — 44,087 — — — — 44,087 Cost to provide communications services — — 11,892 — — — 11,892 Total cost of services — 44,087 11,892 — — — 55,979 Operating expenses: Salaries and benefits 198,411 58,552 13,284 1,183 50,502 — 321,932 Depreciation and amortization 23,237 10,062 16,585 — 13,058 — 62,943 Loan servicing fees to third parties — — — 9,428 — — 9,428 Other expenses 51,591 14,950 8,811 2,982 40,686 — 119,020 Intersegment expenses, net 43,968 7,630 1,802 34,943 (53,672) (34,670) — Total operating expenses 317,207 91,194 40,482 48,536 50,574 (34,670) 513,323 Income (loss) before income taxes 50,855 35,015 (30,081) 223,505 (10,075) — 269,218 Income tax (expense) benefit (12,399) (8,404) 7,220 (53,641) 3,855 — (63,369) Net income (loss) 38,456 26,611 (22,861) 169,864 (6,220) — 205,849 Net loss (income) attributable to noncontrolling interests 808 — — — (371) — 438 Net income (loss) attributable to Nelnet, Inc. $ 39,264 26,611 (22,861) 169,864 (6,591) — 206,287 Total assets as of September 30, 2018 $ 276,153 243,497 271,370 23,927,156 723,985 (337,236) 25,104,925

Disaggregated Revenue and Def_2

Disaggregated Revenue and Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Schedule of Other Income, by Component	The following table provides the components of "other income" on the consolidated statements of income: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Borrower late fee income $ 3,196 3,253 9,870 8,994 Management fee revenue 2,084 1,756 6,007 4,673 Gain on investments and notes receivable, net of losses 1,948 2,503 5,779 10,291 Investment advisory services 753 1,183 2,194 4,169 Other 5,458 7,978 14,808 16,681 Other income $ 13,439 16,673 38,658 44,808
Schedule of Liabilities from Contracts with Customers	Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below: Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Corporate and Other Activities Total Three months ended September 30, 2019 Balance, beginning of period $ 3,315 21,489 3,080 1,611 29,495 Deferral of revenue 881 42,752 9,302 953 53,888 Recognition of revenue (1,149) (21,820) (9,158) (850) (32,977) Balance, end of period $ 3,047 42,421 3,224 1,714 50,406 Three months ended September 30, 2018 Balance, beginning of period $ 3,771 17,989 2,149 1,751 25,660 Deferral of revenue 1,591 34,252 6,567 2,764 45,174 Recognition of revenue (1,754) (17,049) (6,342) (2,858) (28,003) Balance, end of period $ 3,608 35,192 2,374 1,657 42,831 Nine months ended September 30, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 2,761 81,484 26,366 2,530 113,141 Recognition of revenue (4,127) (69,619) (25,693) (2,418) (101,857) Balance, end of period $ 3,047 42,421 3,224 1,714 50,406 Nine months ended September 30, 2018 Balance, beginning of period $ 4,968 24,164 1,665 1,479 32,276 Deferral of revenue 2,555 65,940 17,916 4,869 91,280 Recognition of revenue (3,915) (54,912) (17,207) (4,691) (80,725) Balance, end of period $ 3,608 35,192 2,374 1,657 42,831
Loan Servicing and Systems
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Government servicing - Nelnet $ 38,645 38,907 118,744 118,015 Government servicing - Great Lakes 46,234 45,671 139,285 122,107 Private education and consumer loan servicing 9,561 10,007 28,026 31,990 FFELP servicing 6,089 7,422 19,208 24,259 Software services 10,493 8,201 30,255 24,461 Outsourced services and other 2,264 2,371 6,651 6,433 Loan servicing and systems revenue $ 113,286 112,579 342,169 327,265
Education Technology, Services, and Payment Processing
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Tuition payment plan services $ 25,760 19,771 80,589 63,209 Payment processing 35,138 26,956 85,428 62,908 Education technology and services 13,067 11,419 46,872 40,411 Other 286 263 864 844 Education technology, services, and payment processing revenue $ 74,251 58,409 213,753 167,372
Communications
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue	Communications Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Internet $ 9,899 6,453 27,641 16,541 Television 4,068 3,380 12,020 9,241 Telephone 2,487 1,962 7,062 5,482 Other 16 23 47 63 Communications revenue $ 16,470 11,818 46,770 31,327 Residential revenue $ 12,397 8,896 35,351 23,367 Business revenue 4,025 2,861 11,256 7,779 Other 48 61 163 181 Communications revenue $ 16,470 11,818 46,770 31,327

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of September 30, 2019 As of December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan and other asset-backed securities - available-for-sale $ — 52,471 52,471 — 52,936 52,936 Equity securities 3,263 — 3,263 2,722 — 2,722 Equity securities measured at net asset 14,039 14,925 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 3,366 52,471 69,876 2,826 52,936 70,687 Derivative instruments — 57 57 — 1,818 1,818 Total assets $ 3,366 52,528 69,933 2,826 54,754 72,505 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of September 30, 2019 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 21,892,651 21,071,441 — — 21,892,651 Cash and cash equivalents 160,979 160,979 160,979 — — Investments (at fair value) 69,876 69,876 3,366 52,471 — Beneficial interest in consumer loan securitization 5,755 5,755 — — 5,755 Restricted cash 667,919 667,919 667,919 — — Restricted cash – due to customers 309,309 309,309 309,309 — — Accrued interest receivable 736,901 736,901 — 736,901 — Derivative instruments 57 57 — 57 — Financial liabilities: Bonds and notes payable 20,824,456 20,910,190 — 20,824,456 — Accrued interest payable 52,345 52,345 — 52,345 — Due to customers 309,309 309,309 309,309 — — As of December 31, 2018 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 23,521,171 22,377,142 — — 23,521,171 Cash and cash equivalents 121,347 121,347 121,347 — — Investments (at fair value) 70,687 70,687 2,826 52,936 — Notes receivable 16,373 16,373 — 16,373 — Restricted cash 701,366 701,366 701,366 — — Restricted cash – due to customers 369,678 369,678 369,678 — — Accrued interest receivable 679,197 679,197 — 679,197 — Derivative instruments 1,818 1,818 — 1,818 — Financial liabilities: Bonds and notes payable 22,270,462 22,218,740 — 22,270,462 — Accrued interest payable 61,679 61,679 — 61,679 — Due to customers 369,678 369,678 369,678 — —

Basis of Financial Reporting -

Basis of Financial Reporting - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		$ 35,237
Right of use assets		34,264
Total assets deconsolidated		23,936,719	$ 25,220,968	$ 25,104,925
Total liabilities deconsolidated		$ 21,582,054	$ 22,906,189
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 33,700
Right of use assets	32,800
Failed Sale-Leaseback Transaction | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets deconsolidated	43,800
Total liabilities deconsolidated	34,800
Reduction to noncontrolling interest	$ 6,100

Basis of Presentation - Schedul

Basis of Presentation - Schedule of ASU 842 Adoption Impact (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 160,979	$ 120,701	$ 121,347	$ 83,537	$ 66,752
Investments and notes receivable	212,416	226,236	249,370
Accounts receivable	67,079	59,442	59,531
Property and equipment, net	342,401	327,810	344,784
Other assets	121,806	78,337	45,533
Liabilities:
Bonds and notes payable	20,910,190	22,185,558	22,218,740
Other liabilities	310,210	287,312	256,092
Equity:
Noncontrolling interests	$ 4,515	4,238	$ 10,315
Accounting Standards Update 2016-02
Assets:
Cash and cash equivalents		(646)
Investments and notes receivable		(23,134)
Accounts receivable		(89)
Property and equipment, net		(16,974)
Other assets		32,804
Liabilities:
Bonds and notes payable		(33,182)
Other liabilities		31,220
Equity:
Noncontrolling interests		$ (6,077)

Basis of Financial Reporting _2

Basis of Financial Reporting - Supplemental Information Related to Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheet	$ 34,264
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheet	$ 35,237

Basis of Financial Reporting _3

Basis of Financial Reporting - Lease Costs, Cash Flows and Weighted Average Remaining Lease Term (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 3,204	$ 9,414
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows related to operating leases		7,307
Supplemental noncash activity:
Operating ROU assets obtained in exchange for lease obligations, excluding impact of adoption		$ 7,972
Weighted average remaining lease term (years)	7 years 2 months 12 days	7 years 2 months 12 days
Weighted average discount rate	3.95%	3.95%
Rental expense, which is included in "other expenses" on the consolidated statement of income
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 2,776	$ 8,276
Rental expense, which is included in "cost to provide communications services" on the consolidated statements of income
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 428	$ 1,138

Basis of Financial Reporting _4

Basis of Financial Reporting - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
2019 (October 1 - December 31)	$ 2,638
2020	9,916
2021	6,803
2022	4,652
2023	3,640
2024 and thereafter	12,996
Total lease payments	40,645
Imputed interest	(5,408)
Total	$ 35,237
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 9,181
2020		8,261
2021		5,776
2022		3,745
2023		2,904
2024 and thereafter		5,479
Total minimum lease payments		$ 35,346

Loans Receivable and Allowanc_3

Loans Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	May 01, 2019	Nov. 07, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				$ 21,206,948		$ 22,520,498
Loan discount, net of unamortized loan premiums and deferred origination costs, and non-accretable discount				(36,483)		(53,572)
Allowance for loan losses				(66,417)	$ (62,591)	(60,388)	$ (60,217)	$ (53,715)	$ (54,590)
Loans receivable				21,071,441		22,377,142
Non-accretable discount
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan discount, net of unamortized loan premiums and deferred origination costs, and non-accretable discount				(32,607)		(29,396)
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				20,695,837		22,155,896
Allowance for loan losses				(37,676)	(39,056)	(42,310)	(43,053)	(37,263)	(38,706)
Federally insured loans | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				4,720,338		4,969,667
Federally insured loans | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				15,975,499		17,186,229
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				189,912		225,975
Allowance for loan losses				(9,882)	(10,157)	(10,838)	(11,253)	(11,664)	(12,629)
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				321,199		138,627
Allowance for loan losses				$ (18,859)	$ (13,378)	$ (7,240)	$ (5,911)	$ (4,788)	$ (3,255)
Consumer loans | Financing receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)	$ 47,700
Gain on sale of loan	$ 1,700
Beneficial interest received as partial consideration	11.00%
Consumer loans | Financing receivable | Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain on sale of loan			$ 15,500
Consumer loans | Financing receivable | Subsequent event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)		$ 179,300
Beneficial interest received as partial consideration		29.00%

Loans Receivable and Allowanc_4

Loans Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 62,591	$ 53,715	$ 60,388	$ 54,590
Provision for loan losses	10,000	10,500	26,000	18,000
Charge-offs	(6,598)	(4,148)	(19,580)	(13,875)
Recoveries	424	150	1,109	502
Loan sale and other	0	0	(1,500)	1,000
Balance at end of period	66,417	60,217	66,417	60,217
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	39,056	37,263	42,310	38,706
Provision for loan losses	2,000	8,000	6,000	12,000
Charge-offs	(3,380)	(2,210)	(10,634)	(8,653)
Recoveries	0	0	0	0
Loan sale and other	0	0	0	1,000
Balance at end of period	37,676	43,053	37,676	43,053
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	10,157	11,664	10,838	12,629
Provision for loan losses	0	0	0	0
Charge-offs	(459)	(535)	(1,529)	(1,846)
Recoveries	184	124	573	470
Loan sale and other	0	0	0	0
Balance at end of period	9,882	11,253	9,882	11,253
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	13,378	4,788	7,240	3,255
Provision for loan losses	8,000	2,500	20,000	6,000
Charge-offs	(2,759)	(1,403)	(7,417)	(3,376)
Recoveries	240	26	536	32
Loan sale and other	0	0	(1,500)	0
Balance at end of period	$ 18,859	$ 5,911	$ 18,859	$ 5,911

Loans Receivable and Allowanc_5

Loans Receivable and Allowance for Loan Losses - Loans Receivable Delinquencies (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Loans in repayment status:
Total loans	$ 21,206,948	$ 22,520,498
Federally insured loans
Loans in repayment status:
Total loans	20,695,837	22,155,896
Federally insured loans | Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	1,243,705	1,298,493	$ 1,410,902
Loans in forbearance	1,391,482	1,430,291	1,487,107
Loans in repayment status:
Loans current	15,646,231	16,882,252	16,921,119
Total loans in repayment	$ 18,060,650	$ 19,427,112	$ 19,492,734
Loans current, percentage	86.70%	86.90%	86.80%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 20,695,837	$ 22,155,896	$ 22,390,743
Federally insured loans | Loans delinquent 31-60 days | Federally insured loans
Loans in repayment status:
Loans past due	$ 662,431	$ 683,084	$ 689,454
Loans past due, percentage	3.80%	3.50%	3.50%
Federally insured loans | Loans delinquent 61-90 days | Federally insured loans
Loans in repayment status:
Loans past due	$ 402,197	$ 427,764	$ 412,639
Loans past due, percentage	2.20%	2.20%	2.10%
Federally insured loans | Loans delinquent 91-120 days | Federally insured loans
Loans in repayment status:
Loans past due	$ 279,524	$ 283,831	$ 347,013
Loans past due, percentage	1.50%	1.50%	1.80%
Federally insured loans | Loans delinquent 121-270 days | Federally insured loans
Loans in repayment status:
Loans past due	$ 795,230	$ 806,692	$ 853,224
Loans past due, percentage	4.40%	4.20%	4.40%
Federally insured loans | Loans delinquent 271 days or greater | Federally insured loans
Loans in repayment status:
Loans past due	$ 275,037	$ 343,489	$ 269,285
Loans past due, percentage	1.40%	1.70%	1.40%
Private education loans
Loans in repayment status:
Total loans	$ 189,912	$ 225,975
Private education loans | Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	3,944	4,320	$ 3,550
Loans in forbearance	2,242	1,494	1,577
Loans in repayment status:
Loans current	173,883	208,977	156,383
Total loans in repayment	$ 183,726	$ 220,161	$ 164,340
Loans current, percentage	94.70%	95.00%	95.20%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 189,912	$ 225,975	$ 169,467
Private education loans | Loans delinquent 31-60 days | Private education loans
Loans in repayment status:
Loans past due	$ 3,011	$ 3,626	$ 1,796
Loans past due, percentage	1.60%	1.60%	1.10%
Private education loans | Loans delinquent 61-90 days | Private education loans
Loans in repayment status:
Loans past due	$ 1,370	$ 1,560	$ 1,155
Loans past due, percentage	0.70%	0.70%	0.70%
Private education loans | Loans delinquent 91 days or greater | Private education loans
Loans in repayment status:
Loans past due	$ 5,462	$ 5,998	$ 5,006
Loans past due, percentage	3.00%	2.70%	3.00%
Consumer loans
Loans in repayment status:
Total loans	$ 321,199	$ 138,627
Consumer loans | Consumer loans
Loans in repayment status:
Loans current	315,708	136,130	$ 110,885
Total loans in repayment	$ 321,199	$ 138,627	$ 112,547
Loans current, percentage	98.30%	98.20%	98.50%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 321,199	$ 138,627	$ 112,547
Consumer loans | Loans delinquent 31-60 days | Consumer loans
Loans in repayment status:
Loans past due	$ 2,249	$ 1,012	$ 905
Loans past due, percentage	0.70%	0.70%	0.80%
Consumer loans | Loans delinquent 61-90 days | Consumer loans
Loans in repayment status:
Loans past due	$ 1,617	$ 832	$ 355
Loans past due, percentage	0.50%	0.60%	0.30%
Consumer loans | Loans delinquent 91 days or greater | Consumer loans
Loans in repayment status:
Loans past due	$ 1,625	$ 653	$ 402
Loans past due, percentage	0.50%	0.50%	0.40%

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Bonds and notes payable	$ 20,910,190	$ 22,185,558	$ 22,218,740
Discount on bonds and notes payable and debt issuance costs	(284,468)		(318,359)
Warehouse facilities | FFELP warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable	739,448		986,886
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable	0		310,000
Unsecured debt - Junior Subordinated Hybrid Securities
Debt Instrument [Line Items]
Bonds and notes payable	$ 20,381		$ 20,381
Interest rate range	5.46%		6.17%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable	$ 45,465		$ 120,342
Bonds and notes payable, gross
Debt Instrument [Line Items]
Bonds and notes payable	21,194,658		22,537,099
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable	18,961,410		20,192,123
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable	773,726		793,476
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	374,500
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	19,735,136		20,985,599
Consumer loan | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable	$ 144,022
Interest rate range	2.23%
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	$ 53,368		63,171
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable	$ 82,338		$ 50,720
Interest rate range			4.26%
Minimum | Warehouse facilities | FFELP warehouse facilities
Debt Instrument [Line Items]
Interest rate range	2.22%		2.65%
Minimum | Unsecured line of credit
Debt Instrument [Line Items]
Interest rate range			3.92%
Minimum | Other borrowings
Debt Instrument [Line Items]
Interest rate range	2.77%		3.05%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate range	2.20%		2.59%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate range	3.02%		2.84%
Minimum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	2.53%
Minimum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	3.60%		3.60%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	3.40%
Maximum | Warehouse facilities | FFELP warehouse facilities
Debt Instrument [Line Items]
Interest rate range	2.26%		2.71%
Maximum | Unsecured line of credit
Debt Instrument [Line Items]
Interest rate range			4.01%
Maximum | Other borrowings
Debt Instrument [Line Items]
Interest rate range	3.85%		5.22%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate range	3.81%		4.52%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate range	3.84%		3.55%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	3.45%
Maximum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	5.35%		5.35%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate range	3.77%

Bonds and Notes Payable - Out_2

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - FFELP warehouse facilities - Warehouse facilities - USD ($)	Sep. 30, 2019	Mar. 08, 2019
Line of Credit Facility [Line Items]
Maximum financing amount	$ 1,000,000,000
Amount outstanding	739,448,000
Amount available	260,552,000
Advanced as equity support	48,091,000
NFSLW-I
Line of Credit Facility [Line Items]
Maximum financing amount	500,000,000	$ 500,000,000
Amount outstanding	387,510,000
Amount available	112,490,000
Advanced as equity support	22,238,000
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	500,000,000
Amount outstanding	351,938,000
Amount available	148,062,000
Advanced as equity support	$ 25,853,000

Bonds and Notes Payable - Sched

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
2019-1, Class A-1 Notes
Debt Instrument [Line Items]
Principal amount	$ 35,700,000
2019-1, Class A-1 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	35,700,000
Bond discount	0
Issue price	$ 35,700,000
2019-1, Class A-1 Notes | Senior notes | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	0.30%
2019-1, Class A-2 Notes
Debt Instrument [Line Items]
Principal amount	$ 448,000,000
2019-1, Class A-2 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	448,000,000
Bond discount	0
Issue price	$ 448,000,000
2019-1, Class A-2 Notes | Senior notes | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	0.75%
2019-1
Debt Instrument [Line Items]
Principal amount	$ 496,800,000
2019-1, Class A Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	483,700,000
Bond discount	0
Issue price	483,700,000
2019-1, Class B Notes | Subordinated debt
Debt Instrument [Line Items]
Principal amount	13,100,000
Bond discount	0
Issue price	$ 13,100,000
2019-1, Class B Notes | Subordinated debt | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	1.40%
2019-2
Debt Instrument [Line Items]
Principal amount	$ 416,100,000
2019-2, Class A Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	405,000,000
Bond discount	0
Issue price	$ 405,000,000
2019-2, Class A Notes | Senior notes | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	0.90%
2019-2, Class B Notes | Subordinated debt
Debt Instrument [Line Items]
Principal amount	$ 11,100,000
Bond discount	0
Issue price	$ 11,100,000
2019-2, Class B Notes | Subordinated debt | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	1.50%
Private education loan 2019-A
Debt Instrument [Line Items]
Principal amount	$ 47,159,000
Private education loan 2019-A | Senior notes
Debt Instrument [Line Items]
Principal amount	47,159,000
Bond discount	0
Issue price	$ 47,159,000
Private education loan 2019-A | Senior notes | Prime Rate
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	1.60%
2019-3
Debt Instrument [Line Items]
Principal amount	$ 498,300,000
2019-3, Class A Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	485,800,000
Bond discount	0
Issue price	$ 485,800,000
2019-3, Class A Notes | Senior notes | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	0.80%
2019-3, Class B Notes | Subordinated debt
Debt Instrument [Line Items]
Principal amount	$ 12,500,000
Bond discount	0
Issue price	$ 12,500,000
2019-3, Class B Notes | Subordinated debt | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	1.55%
2019-4
Debt Instrument [Line Items]
Principal amount	$ 418,600,000
2019-4, Class A Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	408,000,000
Bond discount	0
Issue price	$ 408,000,000
2019-4, Class A Notes | Senior notes | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	0.87%
2019-4, Class B Notes | Subordinated debt
Debt Instrument [Line Items]
Principal amount	$ 10,600,000
Bond discount	0
Issue price	$ 10,600,000
2019-4, Class B Notes | Subordinated debt | LIBOR
Debt Instrument [Line Items]
Cost of funds, spread on variable interest rate	1.65%
2019-5
Debt Instrument [Line Items]
Principal amount	$ 374,500,000
2019-5, Class A Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	364,500,000
Bond discount	(114,000)
Issue price	$ 364,386,000
Cost of funds	2.53%
2019-5, Class B Notes | Subordinated debt
Debt Instrument [Line Items]
Principal amount	$ 10,000,000
Bond discount	(4,000)
Issue price	$ 9,996,000
Cost of funds	3.45%
2019 Total
Debt Instrument [Line Items]
Principal amount	$ 2,251,459,000
2019 Class A | Senior notes
Debt Instrument [Line Items]
Principal amount	2,194,159,000
Bond discount	(114,000)
Issue price	2,194,045,000
2019 Class B | Subordinated debt
Debt Instrument [Line Items]
Principal amount	57,300,000
Bond discount	(4,000)
Issue price	$ 57,296,000

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	Jun. 07, 2019	May 30, 2019	Jan. 11, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Apr. 25, 2019	Jan. 01, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Payment of premium to extinguish debt					$ 14,030,000	$ 0
Loss on extinguishment of debt					15,815,000	$ 0
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount				$ 382,500,000	382,500,000
Amount outstanding				0	0
Higher borrowing capacity option				400,000,000	400,000,000
FFELP Asset-Backed Security Investment
Debt Instrument [Line Items]
Other borrowings subject to repurchase agreement				40,500,000	40,500,000				$ 41,400,000
Private education loans
Debt Instrument [Line Items]
Other borrowings subject to repurchase agreement									$ 45,000,000
Secured Line Of Credit Maturing May 2022
Debt Instrument [Line Items]
Maximum financing amount		$ 22,000,000
Amount outstanding				5,000,000	5,000,000
Amount available				17,000,000	17,000,000
Secured Line Of Credit Maturing May 2022 | LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate		1.75%
Asset-backed securities
Debt Instrument [Line Items]
Amount of debt extinguished	$ 93,000,000			675,600,000
Payment of premium to extinguish debt	1,400,000			12,600,000
Write off of debt issuance costs	400,000			1,400,000
Loss on extinguishment of debt	$ 1,800,000			14,000,000
Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount			$ 100,000,000				$ 200,000,000
Amount outstanding				144,000,000	144,000,000
Amount available				56,000,000	56,000,000
Advanced as equity support				$ 50,200,000	$ 50,200,000
Minimum | Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate			70.00%
Maximum | Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate			75.00%
Accounting Standards Update 2016-02
Debt Instrument [Line Items]
Issue price								$ 33,900,000
Partnerships For Certain Real Estate Development Projects
Debt Instrument [Line Items]
Noncontrolling interest ownership percentage				50.00%	50.00%

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Basis Swap (Details) - 1:3 basis swaps - USD ($)	3 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 7,150,000,000	$ 10,000,000,000
Net proceeds from termination of derivatives	500,000
2019
Derivative [Line Items]
Notional amount	0	3,500,000,000
2020
Derivative [Line Items]
Notional amount	1,000,000,000	1,000,000,000
2021
Derivative [Line Items]
Notional amount	250,000,000	250,000,000
2022
Derivative [Line Items]
Notional amount	2,000,000,000	2,000,000,000
Effective Start Date May 2020
Derivative [Line Items]
Notional amount	750,000,000
2023
Derivative [Line Items]
Notional amount	750,000,000	750,000,000
2024
Derivative [Line Items]
Notional amount	1,750,000,000	250,000,000
2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
2027
Derivative [Line Items]
Notional amount	250,000,000	375,000,000
Notional amount, terminated	125,000,000
2028
Derivative [Line Items]
Notional amount	0	325,000,000
Notional amount, terminated	325,000,000
2029
Derivative [Line Items]
Notional amount	0	100,000,000
Notional amount, terminated	100,000,000
2031
Derivative [Line Items]
Notional amount	0	$ 300,000,000
Notional amount, terminated	$ 300,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest rate swap - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Notional amount	$ 3,000,000,000	$ 5,575,000,000
Weighted average fixed rate paid by the Company	1.37%	1.18%
2019
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 3,250,000,000
Weighted average fixed rate paid by the Company	1.12%	0.97%
2020
Derivative [Line Items]
Notional amount	$ 1,500,000,000	$ 1,500,000,000
Weighted average fixed rate paid by the Company	1.01%	1.01%
2021
Derivative [Line Items]
Notional amount	$ 600,000,000	$ 100,000,000
Weighted average fixed rate paid by the Company	2.15%	2.95%
2022
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 0
Weighted average fixed rate paid by the Company	1.65%
2023
Derivative [Line Items]
Notional amount	$ 150,000,000	$ 400,000,000
Weighted average fixed rate paid by the Company	2.25%	2.24%
2024
Derivative [Line Items]
Notional amount	$ 0	$ 300,000,000
Weighted average fixed rate paid by the Company		2.28%
2027
Derivative [Line Items]
Notional amount	$ 0	$ 25,000,000
Weighted average fixed rate paid by the Company		2.35%

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Interest Rate Caps (Details) - Interest rate caps	Sep. 30, 2019USD ($)
Interest Rate Cap 1 Maturing July 2020
Derivative [Line Items]
Notional amount	$ 125,000,000
Interest Rate Cap 2 Maturing July 2020
Derivative [Line Items]
Notional amount	150,000,000
Interest Rate Cap Maturing September 2020
Derivative [Line Items]
Notional amount	$ 500,000,000
LIBOR | Interest Rate Cap 1 Maturing July 2020
Derivative [Line Items]
Strike rate, spread above variable rate	2.50%
LIBOR | Interest Rate Cap 2 Maturing July 2020
Derivative [Line Items]
Strike rate, spread above variable rate	4.99%
LIBOR | Interest Rate Cap Maturing September 2020
Derivative [Line Items]
Strike rate, spread above variable rate	2.25%

Derivative Financial Instrume_6

Derivative Financial Instruments - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2015	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2014
1:3 basis swaps
Derivative [Line Items]
Weighted average basis point paid			0.097%		0.094%
Interest rate swap | Interest rate swaps - floor income hedges
Derivative [Line Items]
Amounts received to terminate derivative instruments				$ 2,100,000
Amounts paid to terminate derivative instruments			$ 16,500,000
Notional amount, terminated			$ 700,000,000	$ 100,000,000
Interest rate swap options - floor income hedges
Derivative [Line Items]
Payments to enter into derivative instruments					$ 4,600,000	$ 9,100,000
Fixed interest rate of swap option			3.21%
Interest rate caps
Derivative [Line Items]
Payments to enter into derivative instruments	$ 300,000	$ 2,900,000

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivatives as Reflected on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	$ 57	$ 1,818
Fair value of asset derivatives
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	57	1,818
Fair value of asset derivatives | Interest rate swap options - floor income hedges
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	0	1,465
Fair value of asset derivatives | Interest rate caps
Derivatives, Fair Value [Line Items]
Fair value of asset derivatives	57	353
Fair value of liability derivatives
Derivatives, Fair Value [Line Items]
Fair value of liability derivatives	0	0
Fair value of liability derivatives | Interest rate swap options - floor income hedges
Derivatives, Fair Value [Line Items]
Fair value of liability derivatives	0	0
Fair value of liability derivatives | Interest rate caps
Derivatives, Fair Value [Line Items]
Fair value of liability derivatives	$ 0	$ 0

Derivative Financial Instrume_8

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 7,298	$ 22,324	$ 39,306	$ 51,018
Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	7,298	22,324	39,306	51,018
Change in fair value	(5,630)	(5,226)	(73,265)	49,909
Derivative market value adjustments and derivative settlements, net - income (expense)	1,668	17,098	(33,959)	100,927
1:3 basis swaps | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	234	3,361	3,375	4,676
Change in fair value	6,636	1,283	4,427	12,058
Interest rate swaps - floor income hedges | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	7,064	19,087	35,931	46,752
Change in fair value	(12,094)	(7,427)	(75,657)	34,008
Interest rate swap options - floor income hedges | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(1)	(31)	(1,465)	437
Interest rate caps | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(171)	119	(570)	567
Interest rate swaps - hybrid debt hedges | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	0	(124)	0	(410)
Change in fair value	$ 0	$ 830	$ 0	$ 2,839

Investments and Notes Receiva_3

Investments and Notes Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Investments (at fair value):
Amortized cost	$ 48,772		$ 47,931
Gross unrealized gains	3,802		5,109
Gross unrealized losses	0		0
Fair value	52,574		53,040
Equity securities
Amortized cost	13,913		12,909
Gross unrealized gains	4,114		5,145
Gross unrealized losses	(725)		(407)
Fair value	17,302		17,647
Total investments (at fair value)
Amortized cost	62,685		60,840
Gross unrealized gains	7,916		10,254
Gross unrealized losses	(725)		(407)
Fair value	69,876		70,687
Other Investments and Notes Receivable (not measured at fair value):
Other investments, total	142,540		178,683
Total investments and notes receivable	212,416	$ 226,236	249,370
Other Investments and Notes Receivable (not measured at fair value): | Venture capital and funds:
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative	71,752		70,939
Equity method	11,396		19,230
Other	850		900
Other investments, total	83,998		91,069
Other Investments and Notes Receivable (not measured at fair value): | Real estate:
Other Investments and Notes Receivable (not measured at fair value):
Equity method	44,995		29,168
Other	1,372		34,211
Other investments, total	46,367		63,379
Other Investments and Notes Receivable (not measured at fair value): | Consumer loan
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in consumer loan securitization	5,755		0
Other Investments and Notes Receivable (not measured at fair value): | Tax liens and affordable housing
Other Investments and Notes Receivable (not measured at fair value):
Other investments, total	6,420		7,862
Other Investments and Notes Receivable (not measured at fair value): | Notes receivable
Other Investments and Notes Receivable (not measured at fair value):
Other investments, total	$ 0		$ 16,373

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	80 months
Amortizable intangible assets, net	$ 89,499	$ 114,290
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	80 months
Amortizable intangible assets, net	$ 78,527	98,484
Accumulated amortization of intangible assets	$ 53,926	33,968
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	92 months
Amortizable intangible assets, net	$ 8,326	10,868
Accumulated amortization of intangible assets	$ 8,367	5,825
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	17 months
Amortizable intangible assets, net	$ 2,646	4,938
Accumulated amortization of intangible assets	$ 2,741	$ 15,420

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 8,000	$ 7,900	$ 24,800	$ 21,900
2019 (October 1 - December 31)	7,967		7,967
2020	29,515		29,515
2021	18,761		18,761
2022	7,172		7,172
2023	6,925		6,925
2024 and thereafter	19,159		19,159
Amortizable intangible assets, net	$ 89,499		$ 89,499		$ 114,290

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 156,912	$ 156,912
Loan servicing and systems revenue
Goodwill [Line Items]
Goodwill	23,639	23,639
Education technology, services, and payment processing revenue
Goodwill [Line Items]
Goodwill	70,278	70,278
Communications
Goodwill [Line Items]
Goodwill	21,112	21,112
Asset Generation and Management
Goodwill [Line Items]
Goodwill	41,883	41,883
Corporate and Other Activities
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 342,401		$ 342,401		$ 327,810	$ 344,784
Depreciation	19,700	$ 15,100	51,600	$ 41,100
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	244,777		244,777			231,995
Accumulated depreciation	(147,266)		(147,266)			(123,003)
Property and equipment, net	97,511		97,511			108,992
Non-communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	161,420		$ 161,420			137,705
Non-communications | Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications | Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications | Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	38,621		$ 38,621			50,138
Non-communications | Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications | Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life			48 years
Non-communications | Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	24,354		$ 24,354			22,796
Non-communications | Office furniture and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications | Office furniture and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications | Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,193		$ 10,193			9,327
Non-communications | Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Non-communications | Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Non-communications | Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,049		$ 5,049			5,123
Non-communications | Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Non-communications | Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Non-communications | Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,400		$ 1,400			3,328
Non-communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,740		3,740			3,578
Communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	308,119		308,119			273,865
Accumulated depreciation	(63,229)		(63,229)			(38,073)
Property and equipment, net	244,890		244,890			235,792
Communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,443		$ 5,443			4,943
Communications | Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications | Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications | Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,728		$ 6,728			6,580
Communications | Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications | Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Communications | Network plant and fiber
Property, Plant and Equipment [Line Items]
Property and equipment, gross	246,971		$ 246,971			215,787
Communications | Network plant and fiber | Minimum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications | Network plant and fiber | Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications | Customer located property
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,966		$ 25,966			21,234
Communications | Customer located property | Minimum
Property, Plant and Equipment [Line Items]
Useful life			3 years
Communications | Customer located property | Maximum
Property, Plant and Equipment [Line Items]
Useful life			4 years
Communications | Central office
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,499		$ 17,499			15,688
Communications | Central office | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Communications | Central office | Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Communications | Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,391		$ 3,391			3,219
Communications | Other | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Communications | Other | Maximum
Property, Plant and Equipment [Line Items]
Useful life			39 years
Communications | Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70		$ 70			70
Communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,051		$ 2,051			$ 6,344

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to Nelnet, Inc.	$ 33,212	$ 42,927	$ 99,423	$ 206,287
Denominator:
Weighted average common shares outstanding - basic and diluted (in shares)	39,877,129	40,988,965	40,098,346	40,942,177
Earnings per share - basic and diluted (in dollars per share)	$ 0.83	$ 1.05	$ 2.48	$ 5.04
Common shareholders
Numerator:
Net income attributable to Nelnet, Inc.	$ 32,778	$ 42,354	$ 98,125	$ 203,881
Denominator:
Weighted average common shares outstanding - basic and diluted (in shares)	39,356,311	40,441,783	39,574,868	40,464,638
Earnings per share - basic and diluted (in dollars per share)	$ 0.83	$ 1.05	$ 2.48	$ 5.04
Unvested restricted stock shareholders
Numerator:
Net income attributable to Nelnet, Inc.	$ 434	$ 573	$ 1,298	$ 2,406
Denominator:
Weighted average common shares outstanding - basic and diluted (in shares)	520,818	547,182	523,478	477,539
Earnings per share - basic and diluted (in dollars per share)	$ 0.83	$ 1.05	$ 2.48	$ 5.04

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total interest income	$ 238,945	$ 239,948	$ 736,319	$ 671,995
Interest expense	172,488	180,175	551,221	487,174
Net interest income	66,457	59,773	185,098	184,821
Less provision for loan losses	10,000	10,500	26,000	18,000
Net interest income after provision for loan losses	56,457	49,273	159,098	166,821
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	13,439	16,673	38,658	44,808
Derivative settlements, net	7,298	22,324	39,306	51,018
Derivative market value adjustments, net	(5,630)	(5,226)	(73,265)	49,909
Total other income	219,114	216,577	607,391	671,699
Cost of services:
Total cost of services	30,907	23,397	77,697	55,979
Operating expenses:
Salaries and benefits	116,670	114,172	338,942	321,932
Depreciation and amortization	27,701	22,992	76,398	62,943
Loan servicing fees to third parties	3,382	3,087	9,431	9,428
Other expenses	54,947	45,194	138,131	119,020
Intersegment expenses, net	0	0	0	0
Total operating expenses	202,700	185,445	562,902	513,323
Income before income taxes	41,964	57,008	125,890	269,218
Income tax (expense) benefit	(8,829)	(13,882)	(26,429)	(63,369)
Net income	33,135	43,126	99,461	205,849
Net loss (income) attributable to noncontrolling interests	77	(199)	(38)	438
Net income attributable to Nelnet, Inc.	33,212	42,927	99,423	206,287
Total assets	23,936,719	25,104,925	23,936,719	25,104,925	$ 25,220,968
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	532	381	1,579	931
Interest expense	51	0	70	0
Net interest income	481	381	1,509	931
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	481	381	1,509	931
Other income:
Intersegment servicing revenue	11,611	12,290	35,426	34,670
Other income	2,291	1,948	6,642	5,196
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income	127,188	126,817	384,237	367,131
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	69,209	70,440	201,924	198,411
Depreciation and amortization	8,565	8,957	26,236	23,237
Loan servicing fees to third parties	0	0	0	0
Other expenses	16,686	19,638	52,732	51,591
Intersegment expenses, net	12,955	15,029	40,317	43,968
Total operating expenses	107,415	114,064	321,209	317,207
Income before income taxes	20,254	13,134	64,537	50,855
Income tax (expense) benefit	(4,861)	(3,152)	(15,489)	(12,399)
Net income	15,393	9,982	49,048	38,456
Net loss (income) attributable to noncontrolling interests	0	0	0	808
Net income attributable to Nelnet, Inc.	15,393	9,982	49,048	39,264
Total assets	222,606	276,153	222,606	276,153
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	3,499	1,513	7,175	2,927
Interest expense	12	3	32	3
Net interest income	3,487	1,510	7,143	2,924
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	3,487	1,510	7,143	2,924
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income	74,251	58,409	213,753	167,372
Cost of services:
Total cost of services	25,671	19,087	62,601	44,087
Operating expenses:
Salaries and benefits	23,826	19,972	69,656	58,552
Depreciation and amortization	2,997	3,435	9,832	10,062
Loan servicing fees to third parties	0	0	0	0
Other expenses	5,325	4,943	16,440	14,950
Intersegment expenses, net	3,194	2,494	9,642	7,630
Total operating expenses	35,342	30,844	105,570	91,194
Income before income taxes	16,725	9,988	52,725	35,015
Income tax (expense) benefit	(4,014)	(2,397)	(12,654)	(8,404)
Net income	12,711	7,591	40,071	26,611
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	12,711	7,591	40,071	26,611
Total assets	413,076	243,497	413,076	243,497
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income	0	1	3	3
Interest expense	0	4,174	0	9,987
Net interest income	0	(4,173)	3	(9,984)
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	(4,173)	3	(9,984)
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	532	950	1,019	950
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income	17,002	12,768	47,789	32,277
Cost of services:
Total cost of services	5,236	4,310	15,096	11,892
Operating expenses:
Salaries and benefits	5,763	4,554	15,692	13,284
Depreciation and amortization	10,926	6,167	26,025	16,585
Loan servicing fees to third parties	0	0	0	0
Other expenses	3,842	3,151	11,184	8,811
Intersegment expenses, net	701	598	2,081	1,802
Total operating expenses	21,232	14,470	54,982	40,482
Income before income taxes	(9,466)	(10,185)	(22,286)	(30,081)
Income tax (expense) benefit	2,272	2,444	5,349	7,220
Net income	(7,194)	(7,741)	(16,937)	(22,861)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	(7,194)	(7,741)	(16,937)	(22,861)
Total assets	306,743	271,370	306,743	271,370
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	233,225	236,039	723,388	662,881
Interest expense	171,485	176,874	544,319	480,729
Net interest income	61,740	59,165	179,069	182,152
Less provision for loan losses	10,000	10,500	26,000	18,000
Net interest income after provision for loan losses	51,740	48,665	153,069	164,152
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	3,384	3,267	11,796	9,391
Derivative settlements, net	7,298	22,448	39,306	51,428
Derivative market value adjustments, net	(5,630)	(6,056)	(73,265)	47,070
Total other income	5,052	19,659	(22,163)	107,889
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	394	424	1,153	1,183
Depreciation and amortization	0	0	0	0
Loan servicing fees to third parties	3,382	3,087	9,431	9,428
Other expenses	15,672	845	19,667	2,982
Intersegment expenses, net	11,678	12,378	35,630	34,943
Total operating expenses	31,126	16,734	65,881	48,536
Income before income taxes	25,666	51,590	65,025	223,505
Income tax (expense) benefit	(6,160)	(12,381)	(15,606)	(53,641)
Net income	19,506	39,209	49,419	169,864
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	19,506	39,209	49,419	169,864
Total assets	22,520,688	23,927,156	22,520,688	23,927,156
Operating Segments | Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	2,859	6,860	7,170	17,673
Interest expense	2,110	3,968	9,796	8,875
Net interest income	749	2,892	(2,626)	8,798
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	749	2,892	(2,626)	8,798
Other income:
Intersegment servicing revenue	0	0	0	0
Other income	7,231	10,508	19,200	29,272
Derivative settlements, net	0	(124)	0	(410)
Derivative market value adjustments, net	0	830	0	2,839
Total other income	7,231	11,214	19,200	31,701
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	17,479	18,782	50,517	50,502
Depreciation and amortization	5,212	4,433	14,305	13,058
Loan servicing fees to third parties	0	0	0	0
Other expenses	13,422	16,616	38,107	40,686
Intersegment expenses, net	(16,917)	(18,208)	(52,244)	(53,672)
Total operating expenses	19,196	21,623	50,685	50,574
Income before income taxes	(11,216)	(7,517)	(34,111)	(10,075)
Income tax (expense) benefit	3,935	1,604	11,971	3,855
Net income	(7,281)	(5,913)	(22,140)	(6,220)
Net loss (income) attributable to noncontrolling interests	77	(199)	(38)	(371)
Net income attributable to Nelnet, Inc.	(7,204)	(6,112)	(22,178)	(6,591)
Total assets	685,998	723,985	685,998	723,985
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(1,171)	(4,846)	(2,995)	(12,420)
Interest expense	(1,171)	(4,846)	(2,995)	(12,420)
Net interest income	0	0	0	0
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income:
Intersegment servicing revenue	(11,611)	(12,290)	(35,426)	(34,670)
Other income	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income	(11,611)	(12,290)	(35,426)	(34,670)
Cost of services:
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Loan servicing fees to third parties	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(11,611)	(12,290)	(35,426)	(34,670)
Total operating expenses	(11,611)	(12,290)	(35,426)	(34,670)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(212,392)	(337,236)	(212,392)	(337,236)
Loan servicing and systems revenue
Other income:
Revenue	113,286	112,579	342,169	327,265
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	113,286	112,579	342,169	327,265
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Loan servicing and systems revenue | Eliminations
Other income:
Revenue	0	0	0	0
Education technology, services, and payment processing revenue
Other income:
Revenue	74,251	58,409	213,753	167,372
Cost of services:
Total cost of services	25,671	19,087	62,601	44,087
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	74,251	58,409	213,753	167,372
Cost of services:
Total cost of services	25,671	19,087	62,601	44,087
Education technology, services, and payment processing revenue | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications
Other income:
Revenue	16,470	11,818	46,770	31,327
Cost of services:
Total cost of services	5,236	4,310	15,096	11,892
Communications | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications | Operating Segments | Communications
Other income:
Revenue	16,470	11,818	46,770	31,327
Cost of services:
Total cost of services	5,236	4,310	15,096	11,892
Communications | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications | Operating Segments | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	0	0	0	0
Communications | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Total cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue and Def_3

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 16,470	$ 11,818	$ 46,770	$ 31,327
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	12,397	8,896	35,351	23,367
Business revenue
Disaggregation of Revenue [Line Items]
Revenue	4,025	2,861	11,256	7,779
Other
Disaggregation of Revenue [Line Items]
Revenue	48	61	163	181
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	113,286	112,579	342,169	327,265
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	38,645	38,907	118,744	118,015
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	46,234	45,671	139,285	122,107
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	9,561	10,007	28,026	31,990
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	6,089	7,422	19,208	24,259
Software services
Disaggregation of Revenue [Line Items]
Revenue	10,493	8,201	30,255	24,461
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	2,264	2,371	6,651	6,433
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	74,251	58,409	213,753	167,372
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	25,760	19,771	80,589	63,209
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	35,138	26,956	85,428	62,908
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	13,067	11,419	46,872	40,411
Other
Disaggregation of Revenue [Line Items]
Revenue	286	263	864	844
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	16,470	11,818	46,770	31,327
Internet
Disaggregation of Revenue [Line Items]
Revenue	9,899	6,453	27,641	16,541
Television
Disaggregation of Revenue [Line Items]
Revenue	4,068	3,380	12,020	9,241
Telephone
Disaggregation of Revenue [Line Items]
Revenue	2,487	1,962	7,062	5,482
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 16	$ 23	$ 47	$ 63

Disaggregated Revenue and Def_4

Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Borrower late fee income	$ 3,196	$ 3,253	$ 9,870	$ 8,994
Gain on investments and notes receivable, net of losses	1,948	2,503	5,779	10,291
Other	5,458	7,978	14,808	16,681
Other income	13,439	16,673	38,658	44,808
Management fees
Disaggregation of Revenue [Line Items]
Revenue	2,084	1,756	6,007	4,673
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	$ 753	$ 1,183	$ 2,194	$ 4,169

Disaggregated Revenue and Def_5

Disaggregated Revenue and Deferred Revenue - Schedule of Changes in Liabilities from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	$ 29,495	$ 25,660	$ 39,122	$ 32,276
Deferral of revenue	53,888	45,174	113,141	91,280
Recognition of revenue	(32,977)	(28,003)	(101,857)	(80,725)
Balance, end of period	50,406	42,831	50,406	42,831
Loan Servicing and Systems
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	3,315	3,771	4,413	4,968
Deferral of revenue	881	1,591	2,761	2,555
Recognition of revenue	(1,149)	(1,754)	(4,127)	(3,915)
Balance, end of period	3,047	3,608	3,047	3,608
Education Technology, Services, and Payment Processing
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	21,489	17,989	30,556	24,164
Deferral of revenue	42,752	34,252	81,484	65,940
Recognition of revenue	(21,820)	(17,049)	(69,619)	(54,912)
Balance, end of period	42,421	35,192	42,421	35,192
Communications
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	3,080	2,149	2,551	1,665
Deferral of revenue	9,302	6,567	26,366	17,916
Recognition of revenue	(9,158)	(6,342)	(25,693)	(17,207)
Balance, end of period	3,224	2,374	3,224	2,374
Corporate and Other Activities
Contract With Customer Liability [Heading Roll Forward]
Balance, beginning of period	1,611	1,751	1,602	1,479
Deferral of revenue	953	2,764	2,530	4,869
Recognition of revenue	(850)	(2,858)	(2,418)	(4,691)
Balance, end of period	$ 1,714	$ 1,657	$ 1,714	$ 1,657

Major Customer (Details)

Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue	$ 38,645	$ 38,907		$ 118,744	$ 118,015
Government servicing - Nelnet | Customer concentration risk
Concentration Risk [Line Items]
Revenue	38,600	38,900		118,700	118,000
Government servicing - Great Lakes
Concentration Risk [Line Items]
Revenue	46,234	45,671		139,285	$ 122,107
Government servicing - Great Lakes | Customer concentration risk
Concentration Risk [Line Items]
Revenue	$ 46,200	$ 45,700	$ 122,100	$ 139,300

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($) $ in Thousands	Jul. 26, 2019	Aug. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Management fees
Related Party Transaction [Line Items]
Revenue			$ 2,084	$ 1,756	$ 6,007	$ 4,673
Renewable energy investment
Related Party Transaction [Line Items]
Investment in LLC			700
Renewable energy investment | Farmers & Merchants Investment Inc.
Related Party Transaction [Line Items]
Investment in LLC			2,100
Renewable energy investment | BankFirst holding co
Related Party Transaction [Line Items]
Investment in LLC			2,100
Director
Related Party Transaction [Line Items]
Note receivable, related party	$ 16,000
Notes receivable, related party, interest rate	14.00%
Notes receivable, related party, term	180 days
Proceeds from note receivable paid in full to the Company		$ 16,000
Director | Management fees | BankFirst holding co
Related Party Transaction [Line Items]
Revenue			69
Affiliated Entity | Management fees | Farmers & Merchants Investment Inc.
Related Party Transaction [Line Items]
Revenue			69
Affiliated Entity and Director | Management fees
Related Party Transaction [Line Items]
Revenue			$ 138

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 69,876		$ 70,687
Derivative instruments	57		1,818
Total assets	69,933		72,505
Financial assets:
Loans receivable	21,071,441		22,377,142
Total cash and cash equivalents	160,979	$ 120,701	121,347	$ 83,537	$ 66,752
Restricted cash - due to customers	309,309		369,678	$ 188,591	$ 187,121
Accrued interest receivable	736,901		679,197
Derivative instruments	57		1,818
Financial liabilities:
Bonds and notes payable	20,910,190	$ 22,185,558	22,218,740
Accrued interest payable	52,345		61,679
Due to customers	309,309		369,678
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,366		2,826
Derivative instruments	0		0
Total assets	3,366		2,826
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,471		52,936
Derivative instruments	57		1,818
Total assets	52,528		54,754
Fair value
Financial assets:
Loans receivable	21,892,651		23,521,171
Total cash and cash equivalents	160,979		121,347
Investments (at fair value)	69,876		70,687
Beneficial interest in consumer loan securitization	5,755
Notes receivable			16,373
Restricted cash	667,919		701,366
Restricted cash - due to customers	309,309		369,678
Accrued interest receivable	736,901		679,197
Derivative instruments	57		1,818
Financial liabilities:
Bonds and notes payable	20,824,456		22,270,462
Accrued interest payable	52,345		61,679
Due to customers	309,309		369,678
Fair value | Level 1
Financial assets:
Loans receivable	0		0
Total cash and cash equivalents	160,979		121,347
Investments (at fair value)	3,366		2,826
Beneficial interest in consumer loan securitization	0
Notes receivable			0
Restricted cash	667,919		701,366
Restricted cash - due to customers	309,309		369,678
Accrued interest receivable	0		0
Derivative instruments	0		0
Financial liabilities:
Bonds and notes payable	0		0
Accrued interest payable	0		0
Due to customers	309,309		369,678
Fair value | Level 2
Financial assets:
Loans receivable	0		0
Total cash and cash equivalents	0		0
Investments (at fair value)	52,471		52,936
Beneficial interest in consumer loan securitization	0
Notes receivable			16,373
Restricted cash	0		0
Restricted cash - due to customers	0		0
Accrued interest receivable	736,901		679,197
Derivative instruments	57		1,818
Financial liabilities:
Bonds and notes payable	20,824,456		22,270,462
Accrued interest payable	52,345		61,679
Due to customers	0		0
Fair value | Level 3
Financial assets:
Loans receivable	21,892,651		23,521,171
Total cash and cash equivalents	0		0
Investments (at fair value)	0		0
Beneficial interest in consumer loan securitization	5,755
Notes receivable			0
Restricted cash	0		0
Restricted cash - due to customers	0		0
Accrued interest receivable	0		0
Derivative instruments	0		0
Financial liabilities:
Bonds and notes payable	0		0
Accrued interest payable	0		0
Due to customers	0		0
Carrying value
Financial assets:
Loans receivable	21,071,441		22,377,142
Total cash and cash equivalents	160,979		121,347
Investments (at fair value)	69,876		70,687
Beneficial interest in consumer loan securitization	5,755
Notes receivable			16,373
Restricted cash	667,919		701,366
Restricted cash - due to customers	309,309		369,678
Accrued interest receivable	736,901		679,197
Derivative instruments	57		1,818
Financial liabilities:
Bonds and notes payable	20,910,190		22,218,740
Accrued interest payable	52,345		61,679
Due to customers	309,309		369,678
Student loan and other asset-backed securities - available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,471		52,936
Student loan and other asset-backed securities - available-for-sale | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0		0
Student loan and other asset-backed securities - available-for-sale | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	52,471		52,936
Equity securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,263		2,722
Equity securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	3,263		2,722
Equity securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	0		0
Equity securities measured at net asset value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	14,039		14,925
Debt securities - available-for-sale
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	103		104
Debt securities - available-for-sale | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	103		104
Debt securities - available-for-sale | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 0		$ 0

Uncategorized Items - nni-20190

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,264,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(6,077,000)
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(743,000)
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(6,077,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,007,000