Nelnet (NNI) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001258602
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,903,522
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,271,609

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $208,868 and $61,914, respectively)	$ 21,158,208	$ 21,402,868
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	16,045	13,922
Cash and cash equivalents - held at a related party	188,799	119,984
Total cash and cash equivalents	204,844	133,906
Investments	253,939	247,099
Restricted cash	675,589	650,939
Restricted cash - due to customers	219,905	437,756
Accounts receivable (net of allowance for doubtful accounts of $5,142 and $4,455, respectively)	63,206	115,391
Goodwill	156,912	156,912
Intangible assets, net	74,127	81,532
Property and equipment, net	351,097	348,259
Other assets	122,801	134,308
Total assets	23,280,628	23,708,970
Liabilities:
Bonds and notes payable	20,466,730	20,529,054
Accrued interest payable	43,874	47,285
Other liabilities	224,319	303,781
Due to customers	219,905	437,756
Total liabilities	20,954,828	21,317,876
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	9,140	5,715
Retained earnings	2,310,282	2,377,627
Accumulated other comprehensive earnings	859	2,972
Total Nelnet, Inc. shareholders' equity	2,320,680	2,386,712
Noncontrolling interests	5,120	4,382
Total equity	2,325,800	2,391,094
Total liabilities and equity	23,280,628	23,708,970
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $208,868 and $61,914, respectively)	21,180,424	21,399,382
Cash and cash equivalents:
Restricted cash	659,624	639,816
Other assets	30	31
Liabilities:
Bonds and notes payable	20,625,388	20,742,798
Other liabilities	108,801	162,494
Common stock:
Net assets of consolidated education and other lending variable interest entities	1,105,889	1,133,937
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 28,582,032 shares and 28,458,495 shares, respectively
Common stock:
Common stock	286	285
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,271,609 shares
Common stock:
Common stock	$ 113	$ 113

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Allowance for loan losses	$ 208,868	$ 61,914
Allowance for doubtful accounts	$ 5,142	$ 4,455
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	28,582,032	28,458,495
Shares outstanding (in shares)	28,582,032	28,458,495
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	11,271,609	11,271,609
Shares outstanding (in shares)	11,271,609	11,271,609

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income:
Loan interest	$ 181,793	$ 242,333
Investment interest	7,398	8,253
Total interest income	189,191	250,586
Interest expense:
Interest on bonds and notes payable	134,118	191,770
Net interest income	55,073	58,816
Less provision for loan losses	76,299	7,000
Net interest income after provision for loan losses	(21,226)	51,816
Other income/expense:
Gain on sale of loans	18,206	0
Other income	8,281	9,067
Impairment expense	(34,087)	0
Derivative market value adjustments and derivative settlements, net	(16,365)	(11,539)
Total other income/expense	190,626	206,128
Cost of services:
Cost of services	28,388	25,818
Operating expenses:
Salaries and benefits	119,878	111,059
Depreciation and amortization	27,648	24,213
Other expenses	43,384	43,816
Total operating expenses	190,910	179,088
(Loss) income before income taxes	(49,898)	53,038
Income tax benefit (expense)	10,133	(11,391)
Net (loss) income	(39,765)	41,647
Net income attributable to noncontrolling interests	(767)	(56)
Net (loss) income attributable to Nelnet, Inc.	$ (40,532)	$ 41,591
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ (1.01)	$ 1.03
Weighted average common shares outstanding - basic and diluted (in shares)	39,955,514	40,373,295
Loan servicing and systems
Other income/expense:
Revenue	$ 112,735	$ 114,898
Education technology, services, and payment processing
Other income/expense:
Revenue	83,675	79,159
Cost of services:
Cost of services	22,806	21,059
Communications services
Other income/expense:
Revenue	18,181	14,543
Cost of services:
Cost of services	$ 5,582	$ 4,759

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (39,765)	$ 41,647
Available-for-sale securities:
Unrealized holding losses arising during period, net of gains	(3,015)	(436)
Reclassification adjustment for losses recognized in net income	235	0
Income tax effect	667	105
Total other comprehensive loss	(2,113)	(331)
Comprehensive (loss) income	(41,878)	41,316
Comprehensive income attributable to noncontrolling interests	(767)	(56)
Comprehensive (loss) income attributable to Nelnet, Inc.	$ (42,645)	$ 41,260

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, 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	26							26
Net (loss) income	41,647					41,591		56
Other comprehensive loss	(331)						(331)
Distribution to noncontrolling interests	(22)							(22)
Cash dividend on Class A and Class B common stock	(7,232)					(7,232)
Issuance of common stock, net of forfeitures (in shares)			131,391
Issuance of common stock, net of forfeitures	2,494		$ 1		2,493
Compensation expense for stock based awards	1,368				1,368
Repurchase of common stock (in shares)			(301,327)
Repurchase of common stock	(16,358)		$ (3)		(3,847)	(12,508)
Balance (in shares) at Mar. 31, 2019		0	28,628,528	11,459,641
Balance at Mar. 31, 2019	2,330,294	$ 0	$ 286	$ 115	636	2,321,407	3,552	4,298
Balance (in shares) at Dec. 31, 2019		0	28,458,495	11,271,609
Balance at Dec. 31, 2019	2,391,094	$ 0	$ 285	$ 113	5,715	2,377,627	2,972	4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26							26
Net (loss) income	(39,765)					(40,532)		767
Other comprehensive loss	(2,113)						(2,113)
Distribution to noncontrolling interests	(55)							(55)
Cash dividend on Class A and Class B common stock	(7,946)					(7,946)
Issuance of common stock, net of forfeitures (in shares)			148,422
Issuance of common stock, net of forfeitures	2,941		$ 1		2,940
Compensation expense for stock based awards	1,738				1,738
Repurchase of common stock (in shares)			(24,885)
Repurchase of common stock	(1,253)				(1,253)
Balance (in shares) at Mar. 31, 2020		0	28,582,032	11,271,609
Balance at Mar. 31, 2020	$ 2,325,800	$ 0	$ 286	$ 113	$ 9,140	$ 2,310,282	$ 859	$ 5,120

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common Class A
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.20	$ 0.18
Common Class B
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.20	$ 0.18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Net (loss) income attributable to Nelnet, Inc.	$ (40,532)	$ 41,591
Net income attributable to noncontrolling interests	767	56
Net (loss) income	(39,765)	41,647
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	48,763	46,948
Loan discount accretion	(9,442)	(9,693)
Provision for loan losses	76,299	7,000
Derivative market value adjustments	20,602	30,574
Proceeds from termination of derivative instruments	0	2,119
Payments to clearinghouse - initial and variation margin, net	(20,386)	(13,974)
Gain from sale of loans	(18,206)	0
Loss from investments, net	4,046	1,151
Deferred income tax benefit	(26,000)	(2,807)
Non-cash compensation expense	1,857	1,476
Impairment expense	34,087	0
Increase in accrued interest receivable	(33,167)	(36,722)
Decrease (increase) in accounts receivable	52,185	(16,571)
Decrease (increase) in other assets, net	31,363	(33,440)
(Increase) decrease in the carrying amount of ROU asset, net	(1,000)	1,096
(Decrease) increase in accrued interest payable	(3,411)	479
Decrease in other liabilities	(42,047)	(3,678)
Decrease in the carrying amount of lease liability, net	(2,382)	(2,063)
Decrease in due to customers	(217,851)	(153,207)
Net cash used in operating activities	(144,455)	(139,665)
Cash flows from investing activities:
Purchases of loans	(409,404)	(317,922)
Purchases of loans from a related party	(41,217)	(26,709)
Net proceeds from loan repayments, claims, and capitalized interest	517,347	769,996
Proceeds from sale of loans	90,461	0
Purchases of available-for-sale securities	(29,658)	0
Proceeds from sales of available-for-sale securities	22,197	0
Purchases of other investments	(32,892)	(15,970)
Proceeds from beneficial interest in loan securitizations	11,264	0
Proceeds from other investments	3,135	1,719
Purchases of property and equipment	(25,561)	(24,813)
Net cash provided by investing activities	105,672	386,301
Cash flows from financing activities:
Payments on bonds and notes payable	(1,263,204)	(932,007)
Proceeds from issuance of bonds and notes payable	1,193,388	570,532
Payments of debt issuance costs	(4,854)	(2,776)
Dividends paid	(7,946)	(7,232)
Repurchases of common stock	(1,253)	(16,358)
Proceeds from issuance of common stock	411	461
Distribution to noncontrolling interests	(22)	(22)
Net cash used in financing activities	(83,480)	(387,402)
Net decrease in cash, cash equivalents, and restricted cash	(122,263)	(140,766)
Cash, cash equivalents, and restricted cash, beginning of period	1,222,601	1,192,391
Cash, cash equivalents, and restricted cash, end of period	1,100,338	1,051,625
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	125,184	176,876
Cash disbursements made (refunds and credits received) for income taxes, net	80	(9)
Cash disbursements made for operating leases	2,702	2,376
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations	1,411	3,233
Receipt of beneficial interest in consumer loan securitization	38,490	0
Distribution to noncontrolling interest	33	0
Cash and cash equivalents:
Cash, cash equivalents, and restricted cash	$ 1,100,338	$ 1,192,391

Basis of Financial Reporting

Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 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 months ended March 31, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. 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, 2019 (the "2019 Annual Report"). Reclassifications Amounts previously reported in the line item "accrued interest receivable" in the Company's consolidated balance sheet have been reclassified to "loans and accrued interest receivable" and "investments" to conform to the current period presentation. Accounting Standard Adopted in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of March 31, 2020 December 31, 2019 Federally insured student loans: Stafford and other $ 4,645,574 4,684,314 Consolidation 15,539,478 15,644,229 Total 20,185,052 20,328,543 Private education loans 274,210 244,258 Consumer loans 145,803 225,918 20,605,065 20,798,719 Accrued interest receivable 766,773 733,497 Loan discount, net of unamortized loan premiums and deferred origination costs (4,762) (35,036) Non-accretable discount — (32,398) Allowance for loan losses: Federally insured loans (146,759) (36,763) Private education loans (23,056) (9,597) Consumer loans (39,053) (15,554) $ 21,158,208 21,402,868 On January 30, 2020, the Company sold $124.2 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a $18.2 million (pre-tax) gain as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 31.4 percent residual interest in the consumer loan securitization that is included in "investments" on the Company's consolidated balance sheet. Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sale Balance at end of period Three months ended March 31, 2020 Federally insured loans $ 36,763 72,291 39,323 (6,318) — 4,700 — 146,759 Private education loans 9,597 4,797 9,800 (1,330) 192 — — 23,056 Consumer loans 15,554 13,926 27,176 (4,350) 247 — (13,500) 39,053 $ 61,914 91,014 76,299 (11,998) 439 4,700 (13,500) 208,868 Three months ended March 31, 2019 Federally insured loans $ 42,310 — 2,000 (3,376) — — — 40,934 Private education loans 10,838 — — (482) 231 — — 10,587 Consumer loans 7,240 — 5,000 (2,006) 23 — — 10,257 $ 60,388 — 7,000 (5,864) 254 — — 61,778 a) During the three months ended March 31, 2020, the Company acquired $291.2 million (par value) of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $4.7 million at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans. In March 2020, the rapid outbreak of the respiratory disease caused by a novel strain of coronavirus, coronavirus 2019 or COVID-19 ("COVID-19"), was declared a global pandemic by the World Health Organization and a national emergency by the President, and caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on current and forecasted economic conditions. Loan Status and Delinquencies The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2020 As of December 31, 2019 As of March 31, 2019 Federally insured loans: Loans in-school/grace/deferment $ 1,111,139 5.5 % $ 1,074,678 5.3 % $ 1,288,011 5.9 % Loans in forbearance 2,131,735 10.6 1,339,821 6.6 1,358,343 6.3 Loans in repayment status: Loans current 14,618,767 86.3 % 15,410,993 86.0 % 16,550,665 87.0 % Loans delinquent 31-60 days 581,665 3.4 650,796 3.6 666,668 3.5 Loans delinquent 61-90 days 405,575 2.4 428,879 2.4 425,098 2.2 Loans delinquent 91-120 days 267,145 1.6 310,851 1.7 296,242 1.6 Loans delinquent 121-270 days 756,241 4.5 812,107 4.5 718,409 3.8 Loans delinquent 271 days or greater 312,785 1.8 300,418 1.8 377,177 1.9 Total loans in repayment 16,942,178 83.9 100.0 % 17,914,044 88.1 100.0 % 19,034,259 87.8 100.0 % Total federally insured loans 20,185,052 100.0 % 20,328,543 100.0 % 21,680,613 100.0 % Accrued interest receivable 763,924 730,059 712,852 Loan discount, net of unamortized premiums and deferred origination costs (5,732) (35,822) (45,139) Non-accretable discount (a) — (28,036) (25,799) Allowance for loan losses (146,759) (36,763) (40,934) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 20,796,485 $ 20,957,981 $ 22,281,593 Private education loans: Loans in-school/grace/deferment $ 4,783 1.7 % $ 4,493 1.8 % $ 4,208 2.0 % Loans in forbearance 11,428 4.2 3,108 1.3 1,473 0.7 Loans in repayment status: Loans current 252,611 97.9 % 227,013 95.9 % 196,122 95.5 % Loans delinquent 31-60 days 1,606 0.6 2,814 1.2 2,292 1.1 Loans delinquent 61-90 days 961 0.4 1,694 0.7 1,481 0.7 Loans delinquent 91 days or greater 2,821 1.1 5,136 2.2 5,453 2.7 Total loans in repayment 257,999 94.1 100.0 % 236,657 96.9 100.0 % 205,348 97.3 100.0 % Total private education loans 274,210 100.0 % 244,258 100.0 % 211,029 100.0 % Accrued interest receivable 1,716 1,558 1,134 Loan discount, net of unamortized premiums and deferred origination costs (138) 46 (1,063) Non-accretable discount (a) — (4,362) (5,311) Allowance for loan losses (23,056) (9,597) (10,587) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 252,732 $ 231,903 $ 195,202 Consumer loans: Loans in repayment status: Loans current $ 141,840 97.3 % $ 220,404 97.5 % $ 187,983 98.4 % Loans delinquent 31-60 days 1,525 1.0 2,046 0.9 1,162 0.6 Loans delinquent 61-90 days 851 0.6 1,545 0.7 917 0.5 Loans delinquent 91 days or greater 1,587 1.1 1,923 0.9 939 0.5 Total loans in repayment 145,803 100.0 % 225,918 100.0 % 191,001 100.0 % Total consumer loans 145,803 225,918 191,001 Accrued interest receivable 1,133 1,880 1,366 Loan premium 1,108 740 2,600 Allowance for loan losses (39,053) (15,554) (10,257) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 108,991 $ 212,984 $ 184,710

Bonds and Notes Payable

Bonds and Notes Payable	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 18,525,916 0.90% - 3.42% 5/27/25 - 3/26/68 Bonds and notes based on auction 763,476 1.61% - 3.26% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,289,392 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 773,997 1.83% - 3.45% 10/25/67 - 4/25/68 FFELP warehouse facilities 282,505 1.65% / 1.70% 5/20/21 / 5/31/22 Private education loan warehouse facility 85,494 1.65% 2/13/22 Consumer loan warehouse facility 67,097 1.68% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 65,859 1.65% / 2.70% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 46,045 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 100,000 2.11% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 4.81% 9/15/61 Other borrowings 5,000 3.11% 5/30/22 20,735,770 Discount on bonds and notes payable and debt issuance costs (269,040) Total $ 20,466,730 As of December 31, 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 $ 18,428,998 1.98% - 3.61% 5/27/25 - 1/25/68 Bonds and notes based on auction 768,626 2.75% - 3.60% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,197,624 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 512,836 2.00% - 3.45% 10/25/67 / 11/25/67 FFELP warehouse facilities 778,094 1.98% / 2.07% 5/20/21 / 5/31/22 Consumer loan warehouse facility 116,570 1.99% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 73,308 3.15% / 3.54% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 49,367 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 50,000 3.29% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 5.28% 9/15/61 Other borrowings 5,000 3.44% 5/30/22 20,803,180 Discount on bonds and notes payable and debt issuance costs (274,126) Total $ 20,529,054 FFELP Warehouse Facilities The Company funds the majority of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements. As of March 31, 2020, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I NHELP-II Total Maximum financing amount $ 550,000 500,000 1,050,000 Amount outstanding 159,441 123,064 282,505 Amount available $ 390,559 376,936 767,495 Expiration of liquidity provisions May 20, 2020 May 31, 2020 Final maturity date May 20, 2021 May 31, 2022 Advanced as equity support $ 7,981 10,556 18,537 Asset-Backed Securitizations The following table summarizes the asset-backed securitization transactions completed during the first three months of 2020. 2020-1 2020-2 2020-3 Total Date securities issued 2/20/20 3/11/20 3/19/20 Total original principal amount $ 435,600 272,100 352,600 1,060,300 Class A senior notes: Total principal amount $ 424,600 264,300 343,600 1,032,500 Bond discount — (44) (1,503) (1,547) Issue price $ 424,600 264,256 342,097 1,030,953 Cost of funds 1-month LIBOR plus 0.74% 1.83% 1-month LIBOR plus 0.92% Final maturity date 3/26/68 4/25/68 3/26/68 Class B subordinated notes: Total principal amount $ 11,000 7,800 9,000 27,800 Bond discount — (574) (284) (858) Issue price $ 11,000 7,226 8,716 26,942 Cost of funds 1-month LIBOR plus 1.75% 2.50% 1-month LIBOR plus 1.90% Final maturity date 3/26/68 4/25/68 3/26/68 Consumer Loan Warehouse Facility The Company has a consumer loan warehouse facility that has an aggregate maximum financing amount available of $200.0 million, an advance rate of 70 or 75 percent depending on the type of collateral and subject to certain concentration limits, liquidity provisions to April 23, 2021, and a final maturity date of April 23, 2022. As of March 31, 2020, $67.1 million was outstanding under this warehouse facility and $132.9 million was available for future funding. Additionally, as of March 31, 2020, the Company had $29.1 million advanced as equity support under this facility. Private Education Loan Warehouse Facility On February 13, 2020, the Company closed on a private education loan warehouse facility with an aggregate maximum financing amount available of $100.0 million. On March 20, 2020, the facility was amended to increase the maximum financing amount to $200.0 million. The facility has an advance rate of 90 percent, liquidity provisions through February 13, 2021, and a final maturity date of February 13, 2022. As of March 31, 2020, $85.5 million was outstanding under this warehouse facility and $114.5 million was available for future funding. Additionally, as of March 31, 2020, the Company had $9.2 million advanced as equity support under this facility. Unsecured Line of Credit The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of March 31, 2020, $100.0 million was outstanding on the line of credit and $355.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 2019 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2020 and December 31, 2019 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and March 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional Amount 2020 $ 1,000,000 2021 250,000 2022 (a) 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 7,150,000 (a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020. The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2020 and December 31, 2019 was one-month LIBOR plus 9.7 basis points. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of March 31, 2020 As of December 31, 2019 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2020 $ 1,000,000 1.00 % $ 1,500,000 1.01 % 2021 600,000 2.15 600,000 2.15 2022 (b) 250,000 1.65 250,000 1.65 2023 150,000 2.25 150,000 2.25 $ 2,000,000 1.52 % $ 2,500,000 1.42 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) These derivatives have forward effective start dates in June 2021. Excluding these derivatives, the weighted average fixed rate paid by the Company on its floor income derivative portfolio was 1.50% as of March 31, 2020. 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 will receive monthly payments related to the spread difference. The following table summarizes these derivative instruments as of March 31, 2020. 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 - Statements of Operations The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations. Three months ended March 31, 2020 2019 Settlements: 1:3 basis swaps $ 2,112 2,334 Interest rate swaps - floor income hedges 2,125 16,701 Total settlements - income (expense) 4,237 19,035 Change in fair value: 1:3 basis swaps 1,558 (2,212) Interest rate swaps - floor income hedges (22,160) (26,712) Interest rate swap options - floor income hedges — (1,376) Interest rate caps — (274) Total change in fair value - income (expense) (20,602) (30,574) Derivative market value adjustments and derivative settlements, net - income (expense) $ (16,365) (11,539)

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	Investments A summary of the Company's investments follows: As of March 31, 2020 As of December 31, 2019 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 (a) $ 56,016 2,230 (1,099) 57,147 48,790 3,911 — 52,701 Equity securities 22,871 4,846 (1,554) 26,163 9,622 4,561 (1,283) 12,900 Total investments (at fair value) $ 78,887 7,076 (2,653) 83,310 58,412 8,472 (1,283) 65,601 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 65,631 72,760 Equity method 15,338 15,379 Other 537 1,301 Total venture capital and funds 81,506 89,440 Real estate and solar: Equity method 45,070 51,721 Other 862 867 Total real estate and solar 45,932 52,588 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $26,303 as of March 31, 2020 34,109 33,187 Beneficial interest in federally insured loan securitization 3,084 — Tax liens and affordable housing 5,998 6,283 Total investments (not measured at fair value) 170,629 181,498 Total investments $ 253,939 $ 247,099 (a) As of March 31, 2020, there were no individual securities in which the fair value was lower than amortized cost as a result of credit losses. Accordingly, the Company has not recorded an allowance for credit losses on its available-for-sale debt securities as of March 31, 2020. In addition, for those securities in which fair value was lower than amortized cost, the Company has the ability to hold and does not intend to sell such securities until the amortized cost is recovered. Impairment Expense During the three months ended March 31, 2020, the Company recorded a total of $(34.1) million (pre-tax) in impairment charges related to its investments, which included $26.3 million and $7.8 million in impairments related to the Company's beneficial interest in consumer loan securitizations and several of its venture capital investments, respectively. As of March 31, 2020, the Company's estimate of future cash flows from the beneficial interest in consumer loan securitizations was lower than previously anticipated due to the expectation of increased consumer loan defaults within such securitizations due to the distressed economic conditions resulting from the COVID-19 pandemic. The Company measured the allowance for credit losses on the consumer loan beneficial interests by comparing the present value of expected cash flows to the amortized cost basis and recorded an allowance for credit losses of $26.3 million, which represented the amount by which the fair value was less than the amortized cost basis. Additionally, as of March 31, 2020, the Company identified several venture capital investments, a majority of which were accounted for under the measurement alternative, that were also negatively impacted by the distressed economic conditions resulting from the COVID-19 pandemic during the first quarter of 2020, and estimated that the fair value of such investments was significantly reduced from their previous carrying value.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets A summary of the Company's intangible assets follows: Weighted average remaining useful life as of March 31, 2020 (months) As of As of March 31, 2020 December 31, 2019 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $67,195 and $60,553, respectively) 80 $ 65,257 71,900 Trade names (net of accumulated amortization of $3,063 and $2,792, respectively) 94 7,207 7,478 Computer software (net of accumulated amortization of $3,724 and $3,233, respectively) 11 1,663 2,154 Total - amortizable intangible assets, net 80 $ 74,127 81,532 The Company recorded amortization expense on its intangible assets of $7.4 million and $8.5 million during the three months ended March 31, 2020 and 2019, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2020, the Company estimates it will record amortization expense as follows: 2020 (April 1 - December 31) $ 22,110 2021 18,761 2022 7,172 2023 6,925 2024 6,511 2025 and thereafter 12,648 $ 74,127

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of December 31, 2019 and March 31, 2020 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	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment A summary of the Company's property and equipment follows: As of As of Useful life March 31, 2020 December 31, 2019 Non-communications: Computer equipment and software 1-5 years $ 167,824 160,319 Building and building improvements 5-48 years 38,137 37,904 Office furniture and equipment 1-10 years 21,942 21,245 Leasehold improvements 1-15 years 9,538 9,517 Transportation equipment 5-10 years 5,032 5,049 Land — 1,400 1,400 Construction in progress — 20,570 13,738 264,443 249,172 Accumulated depreciation - non-communications (151,813) (142,270) Non-communications, net property and equipment 112,630 106,902 Communications: Network plant and fiber 4-15 years 258,678 254,560 Customer located property 2-4 years 27,971 27,011 Central office 5-15 years 18,429 17,672 Transportation equipment 4-10 years 6,663 6,611 Computer equipment and software 1-5 years 5,902 5,574 Other 1-39 years 3,733 3,702 Land — 70 70 Construction in progress — 1,088 54 322,534 315,254 Accumulated depreciation - communications (84,067) (73,897) Communications, net property and equipment 238,467 241,357 Total property and equipment, net $ 351,097 348,259 The Company recorded depreciation expense on its property and equipment of $20.3 million and $15.7 million during the three months ended March 31, 2020 and 2019, respectively.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net (loss) income attributable to Nelnet, Inc. $ (39,974) (558) (40,532) 41,057 534 41,591 Denominator: Weighted-average common shares outstanding - basic and diluted 39,405,454 550,060 39,955,514 39,855,122 518,173 40,373,295 Earnings per share - basic and diluted $ (1.01) (1.01) (1.01) 1.03 1.03 1.03

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting See note 14 of the notes to consolidated financial statements included in the 2019 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 March 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 317 1,991 — 185,926 1,555 (598) 189,191 Interest expense 44 17 — 133,249 1,407 (598) 134,118 Net interest income (expense) 273 1,974 — 52,677 148 — 55,073 Less provision for loan losses — — — 76,299 — — 76,299 Net interest income after provision for loan losses 273 1,974 — (23,622) 148 — (21,226) Other income/expense: Loan servicing and systems revenue 112,735 — — — — — 112,735 Intersegment revenue 11,054 11 — — — (11,065) — Education technology, services, and payment processing revenue — 83,675 — — — — 83,675 Communications revenue — — 18,181 — — — 18,181 Gain on sale of loans — — — 18,206 — — 18,206 Other income 2,630 — 353 3,215 2,083 — 8,281 Impairment expense — — — (26,303) (7,783) — (34,087) Derivative settlements, net — — — 4,237 — — 4,237 Derivative market value adjustments, net — — — (20,602) — — (20,602) Total other income/expense 126,419 83,686 18,534 (21,247) (5,700) (11,065) 190,626 Cost of services: Cost to provide education technology, services, and payment processing services — 22,806 — — — — 22,806 Cost to provide communications services — — 5,582 — — — 5,582 Total cost of services — 22,806 5,582 — — — 28,388 Operating expenses: Salaries and benefits 70,493 23,696 5,416 443 19,830 — 119,878 Depreciation and amortization 8,848 2,387 10,507 — 5,907 — 27,648 Other expenses 17,489 6,092 3,689 3,717 12,398 — 43,384 Intersegment expenses, net 16,239 3,327 624 11,916 (21,041) (11,065) — Total operating expenses 113,069 35,502 20,236 16,076 17,094 (11,065) 190,910 Income (loss) before income taxes 13,623 27,352 (7,284) (60,945) (22,646) — (49,898) Income tax (expense) benefit (3,269) (6,565) 1,748 14,627 3,592 — 10,133 Net income (loss) 10,354 20,787 (5,536) (46,318) (19,054) — (39,765) Net income attributable to noncontrolling interests — — — — (767) — (767) Net income (loss) attributable to Nelnet, Inc. $ 10,354 20,787 (5,536) (46,318) (19,821) — (40,532) Total assets as of March 31, 2020 $ 223,021 302,631 301,440 21,905,150 679,390 (131,004) 23,280,628 Three months ended March 31, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 497 2,017 2 246,867 2,053 (851) 250,586 Interest expense — 8 — 188,799 3,814 (851) 191,770 Net interest income (expense) 497 2,009 2 58,068 (1,761) — 58,816 Less provision for loan losses — — — 7,000 — — 7,000 Net interest income after provision for loan losses 497 2,009 2 51,068 (1,761) — 51,816 Other income/expense: Loan servicing and systems revenue 114,898 — — — — — 114,898 Intersegment revenue 12,217 — — — — (12,217) — Education technology, services, and payment processing revenue — 79,159 — — — — 79,159 Communications revenue — — 14,543 — — — 14,543 Gain on sale of loans — — — — — — — Other income 2,074 — 125 3,525 3,344 — 9,067 Impairment expense — — — — — — — Derivative settlements, net — — — 19,035 — — 19,035 Derivative market value adjustments, net — — — (30,574) — — (30,574) Total other income/expense 129,189 79,159 14,668 (8,014) 3,344 (12,217) 206,128 Cost of services: Cost to provide education technology, services, and payment processing services — 21,059 — — — — 21,059 Cost to provide communications services — — 4,759 — — — 4,759 Total cost of services — 21,059 4,759 — — — 25,818 Operating expenses: Salaries and benefits 66,220 23,008 4,737 378 16,716 — 111,059 Depreciation and amortization 8,871 3,510 7,362 — 4,469 — 24,213 Other expenses 18,928 5,311 3,477 3,837 12,262 — 43,816 Intersegment expenses, net 13,758 3,299 664 12,287 (17,791) (12,217) — Total operating expenses 107,777 35,128 16,240 16,502 15,656 (12,217) 179,088 Income (loss) before income taxes 21,909 24,981 (6,329) 26,552 (14,073) — 53,038 Income tax (expense) benefit (5,258) (5,995) 1,519 (6,372) 4,716 — (11,391) Net income (loss) 16,651 18,986 (4,810) 20,180 (9,357) — 41,647 Net income attributable to noncontrolling interests — — — — (56) — (56) Net income (loss) attributable to Nelnet, Inc. $ 16,651 18,986 (4,810) 20,180 (9,413) — 41,591 Total assets as of March 31, 2019 $ 273,065 294,019 297,196 23,475,113 546,987 (164,453) 24,721,927

Disaggregated Revenue and Defer

Disaggregated Revenue and Deferred Revenue	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Government servicing - Nelnet $ 38,650 39,640 Government servicing - Great Lakes 46,446 47,077 Private education and consumer loan servicing 8,609 9,480 FFELP servicing 5,614 6,695 Software services 11,318 9,741 Outsourced services and other 2,098 2,265 Loan servicing and systems revenue $ 112,735 114,898 Education Technology, Services, and Payment Processing Three months ended March 31, 2020 2019 Tuition payment plan services $ 31,587 30,173 Payment processing 31,742 28,979 Education technology and services 20,054 19,709 Other 292 298 Education technology, services, and payment processing revenue $ 83,675 79,159 Communications Three months ended March 31, 2020 2019 Internet $ 11,199 8,449 Television 4,236 3,898 Telephone 2,691 2,167 Other 55 29 Communications revenue $ 18,181 14,543 Residential revenue $ 13,559 11,065 Business revenue 4,471 3,414 Other 151 64 Communications revenue $ 18,181 14,543 Other Income The following table provides the components of "other income" on the consolidated statements of operations: Three months ended March 31, 2020 2019 Borrower late fee income $ 3,188 3,512 Investment advisory services 2,802 711 Management fee revenue 2,243 1,872 Gain (loss) on investments, net (3,864) (427) Other 3,912 3,399 Other income $ 8,281 9,067 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 March 31, 2020 Balance, beginning of period $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 382 15,080 9,927 855 26,244 Recognition of revenue (899) (27,514) (9,745) (843) (39,001) Balance, end of period $ 2,195 19,640 3,414 1,640 26,889 Three months ended March 31, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 1,116 13,962 8,266 736 24,080 Recognition of revenue (1,582) (26,020) (8,061) (786) (36,449) Balance, end of period $ 3,947 18,498 2,756 1,552 26,753

Major Customer

Major Customer	3 Months Ended
	Mar. 31, 2020
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. Revenue earned by Nelnet Servicing related to this contract was $38.7 million and $39.6 million for the three months ended March 31, 2020 and 2019, 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 $46.4 million and $47.1 million for the three months ended March 31, 2020 and 2019, respectively. Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. Nelnet Servicing and Great Lakes each received extensions from the Department on their contracts through December 14, 2020. The most current contract extensions also provide the potential for two additional six-month extensions at the Department's discretion through December 14, 2021. The Department is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, the Department issued solicitations for 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 solicitation component. On January 16, 2020, the Department released an amendment to the EPS solicitation component and the Company responded on February 3, 2020. In addition, on August 1, 2019, the Company responded to the BPO solicitation component. On January 10, 2020, the Department released an amendment to the BPO solicitation component and the Company responded on January 30, 2020. EPS is the transitional technology system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers for a period of time before eventually moving to OPS in the future. However, on April 3, 2020, the Department cancelled the OPS solicitation component. BPO is the back office and call center operational functions for servicing the Department's student loan customers. On March 30, 2020, the Company received a letter from the Department notifying the Company that the Company's proposal in response to the EPS component has been determined to be outside of the competitive range and will receive no further consideration for an award. On April 13, 2020, the Company filed a protest with the Government Accountability Office ("GAO") challenging the Department's decision to cancel the OPS solicitation component without amending the EPS solicitation component. In addition, on April 27, 2020, the Company filed a supplemental protest challenging on a number of bases the Department's competitive range exclusion of the Company's proposal from the EPS solicitation component and requesting that the GAO restore the Company's ability to participate in the EPS solicitation. The Department has not yet awarded a contract for the EPS component. Under applicable law, as of the date of the Company's initial protest filing, the Department is subject to a stay from awarding a contract until all protests are resolved. The Company cannot predict the timing or nature of the outcome of its protests. The Department has not yet made an award on the BPO component and the Company cannot predict the timing, nature, or outcome of the BPO solicitation. If the Department's NextGen EPS decision stands, Nelnet Servicing and Great Lakes will eventually be required to migrate their portfolios onto another provider's system after an award is made, and the Company would ultimately need to restructure the Company's loan servicing segment for long-term success. If the Company is awarded a BPO contract for operational services, it would partially mitigate the impact of not being awarded the EPS component.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed securities - $ — 57,044 57,044 — 52,597 52,597 Equity securities 6 — 6 6 — 6 Equity securities measured at net asset value (a) 26,157 12,894 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 109 57,044 83,310 110 52,597 65,601 Total assets $ 109 57,044 83,310 110 52,597 65,601 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 19,725,479 20,391,435 — — 19,725,479 Accrued loan interest receivable 766,773 766,773 — 766,773 — Cash and cash equivalents 204,844 204,844 204,844 — — Investments (at fair value) 83,310 83,310 109 57,044 — Beneficial interest in loan securitizations 37,193 37,193 — — 37,193 Restricted cash 675,589 675,589 675,589 — — Restricted cash – due to customers 219,905 219,905 219,905 — — Financial liabilities: Bonds and notes payable 18,661,338 20,466,730 — 18,661,338 — Accrued interest payable 43,874 43,874 — 43,874 — Due to customers 219,905 219,905 219,905 — — As of December 31, 2019 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 21,477,630 20,669,371 — — 21,477,630 Accrued loan interest receivable 733,497 733,497 — 733,497 — Cash and cash equivalents 133,906 133,906 133,906 — — Investments (at fair value) 65,601 65,601 110 52,597 — Beneficial interest in loan securitizations 33,258 33,187 — — 33,258 Restricted cash 650,939 650,939 650,939 — — Restricted cash – due to customers 437,756 437,756 437,756 — — Financial liabilities: Bonds and notes payable 20,479,095 20,529,054 — 20,479,095 — Accrued interest payable 47,285 47,285 — 47,285 — Due to customers 437,756 437,756 437,756 — — The methodologies for estimating the fair value of financial assets and liabilities are described in note 21 of the notes to consolidated financial statements included in the 2019 Annual Report.

Basis of Financial Reporting -

Basis of Financial Reporting - Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and for the three months ended March 31, 2020 and 2019 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2019 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 months ended March 31, 2020 are not necessarily indicative of the results for the year ending December 31, 2020. 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, 2019 (the "2019 Annual Report"). Reclassifications Amounts previously reported in the line item "accrued interest receivable" in the Company's consolidated balance sheet have been reclassified to "loans and accrued interest receivable" and "investments" to conform to the current period presentation.
Accounting Standards Adopted in 2020	Accounting Standard Adopted in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. Since its original issuance in 2016, the FASB has issued several updates to the original ASU. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired, including, for the Company, loans receivable, accounts receivable, and held-to-maturity beneficial interests in loan securitizations. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. On January 1, 2020, the Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 (recognizing estimated credit losses expected to occur over the asset's remaining life) while prior period amounts continue to be reported in accordance with previously applicable GAAP (recognizing estimated credit losses using an incurred loss model); therefore, the comparative information for 2019 is not comparable to the information presented for 2020. Adoption of the new guidance primarily impacted the allowance for loan losses related to the Company's loan portfolio. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million, which included a reclassification of the non-accretable discount balance and premiums related to loans purchased with evidence of credit deterioration, and decreased retained earnings, net of tax, by $18.9 million. The following table illustrates the impact of the adoption of ASC 326.

Basis of Financial Reporting _2

Basis of Financial Reporting - Basis of Financial Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Impact on Previous Reporting	The following table illustrates the impact of the adoption of ASC 326. Balances at Impact of ASC 326 adoption Balances at Assets Loans and accrued interest receivable, net of allowance Loans receivable $ 20,798,719 — 20,798,719 Accrued interest receivable 733,497 — 733,497 Loan discount, net (35,036) 33,790 (1,246) Non-accretable discount (32,398) 32,398 — Allowance for loan losses (61,914) (91,014) (152,928) Loans and accrued interest receivable, net of allowance 21,402,868 (24,826) 21,378,042 Liabilities Other liabilities (deferred taxes) 303,781 (5,958) 297,823 Equity Retained earnings 2,377,627 (18,868) 2,358,759

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Loans Receivable	Loans and accrued interest receivable consisted of the following: As of As of March 31, 2020 December 31, 2019 Federally insured student loans: Stafford and other $ 4,645,574 4,684,314 Consolidation 15,539,478 15,644,229 Total 20,185,052 20,328,543 Private education loans 274,210 244,258 Consumer loans 145,803 225,918 20,605,065 20,798,719 Accrued interest receivable 766,773 733,497 Loan discount, net of unamortized loan premiums and deferred origination costs (4,762) (35,036) Non-accretable discount — (32,398) Allowance for loan losses: Federally insured loans (146,759) (36,763) Private education loans (23,056) (9,597) Consumer loans (39,053) (15,554) $ 21,158,208 21,402,868
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sale Balance at end of period Three months ended March 31, 2020 Federally insured loans $ 36,763 72,291 39,323 (6,318) — 4,700 — 146,759 Private education loans 9,597 4,797 9,800 (1,330) 192 — — 23,056 Consumer loans 15,554 13,926 27,176 (4,350) 247 — (13,500) 39,053 $ 61,914 91,014 76,299 (11,998) 439 4,700 (13,500) 208,868 Three months ended March 31, 2019 Federally insured loans $ 42,310 — 2,000 (3,376) — — — 40,934 Private education loans 10,838 — — (482) 231 — — 10,587 Consumer loans 7,240 — 5,000 (2,006) 23 — — 10,257 $ 60,388 — 7,000 (5,864) 254 — — 61,778 a) During the three months ended March 31, 2020, the Company acquired $291.2 million (par value) of federally insured rehabilitation loans. These loans met the definition of PCD loans when they were purchased by the Company. The Company estimated that the expected credit losses relating to these loans was $4.7 million at the time of purchase. The noncredit discount recorded as part of these acquisitions will be recognized into interest income using an effective yield over the life of the loans.
Loan Status and Delinquencies	The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2020 As of December 31, 2019 As of March 31, 2019 Federally insured loans: Loans in-school/grace/deferment $ 1,111,139 5.5 % $ 1,074,678 5.3 % $ 1,288,011 5.9 % Loans in forbearance 2,131,735 10.6 1,339,821 6.6 1,358,343 6.3 Loans in repayment status: Loans current 14,618,767 86.3 % 15,410,993 86.0 % 16,550,665 87.0 % Loans delinquent 31-60 days 581,665 3.4 650,796 3.6 666,668 3.5 Loans delinquent 61-90 days 405,575 2.4 428,879 2.4 425,098 2.2 Loans delinquent 91-120 days 267,145 1.6 310,851 1.7 296,242 1.6 Loans delinquent 121-270 days 756,241 4.5 812,107 4.5 718,409 3.8 Loans delinquent 271 days or greater 312,785 1.8 300,418 1.8 377,177 1.9 Total loans in repayment 16,942,178 83.9 100.0 % 17,914,044 88.1 100.0 % 19,034,259 87.8 100.0 % Total federally insured loans 20,185,052 100.0 % 20,328,543 100.0 % 21,680,613 100.0 % Accrued interest receivable 763,924 730,059 712,852 Loan discount, net of unamortized premiums and deferred origination costs (5,732) (35,822) (45,139) Non-accretable discount (a) — (28,036) (25,799) Allowance for loan losses (146,759) (36,763) (40,934) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 20,796,485 $ 20,957,981 $ 22,281,593 Private education loans: Loans in-school/grace/deferment $ 4,783 1.7 % $ 4,493 1.8 % $ 4,208 2.0 % Loans in forbearance 11,428 4.2 3,108 1.3 1,473 0.7 Loans in repayment status: Loans current 252,611 97.9 % 227,013 95.9 % 196,122 95.5 % Loans delinquent 31-60 days 1,606 0.6 2,814 1.2 2,292 1.1 Loans delinquent 61-90 days 961 0.4 1,694 0.7 1,481 0.7 Loans delinquent 91 days or greater 2,821 1.1 5,136 2.2 5,453 2.7 Total loans in repayment 257,999 94.1 100.0 % 236,657 96.9 100.0 % 205,348 97.3 100.0 % Total private education loans 274,210 100.0 % 244,258 100.0 % 211,029 100.0 % Accrued interest receivable 1,716 1,558 1,134 Loan discount, net of unamortized premiums and deferred origination costs (138) 46 (1,063) Non-accretable discount (a) — (4,362) (5,311) Allowance for loan losses (23,056) (9,597) (10,587) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 252,732 $ 231,903 $ 195,202 Consumer loans: Loans in repayment status: Loans current $ 141,840 97.3 % $ 220,404 97.5 % $ 187,983 98.4 % Loans delinquent 31-60 days 1,525 1.0 2,046 0.9 1,162 0.6 Loans delinquent 61-90 days 851 0.6 1,545 0.7 917 0.5 Loans delinquent 91 days or greater 1,587 1.1 1,923 0.9 939 0.5 Total loans in repayment 145,803 100.0 % 225,918 100.0 % 191,001 100.0 % Total consumer loans 145,803 225,918 191,001 Accrued interest receivable 1,133 1,880 1,366 Loan premium 1,108 740 2,600 Allowance for loan losses (39,053) (15,554) (10,257) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 108,991 $ 212,984 $ 184,710
Loans on Nonaccrual Status
Loans by Year of Origination	Three months ended March 31, 2020 2019 2018 2017 2016 Prior Years Total Private education loans: Loans in school/grace/deferment $ — 628 — — 408 3,747 4,783 Loans in forbearance — 3,570 46 — 348 7,464 11,428 Loans in repayment status: Loans current — 98,059 1,198 — 6,454 146,900 252,611 Loans delinquent 31-60 days — — — — — 1,606 1,606 Loans delinquent 61-90 days — 71 — — 8 882 961 Loans delinquent 91 days or greater — — — — — 2,821 2,821 Total loans in repayment — 98,130 1,198 — 6,462 152,209 257,999 Total private education loans $ — 102,328 1,244 — 7,218 163,420 274,210 Accrued interest receivable 1,716 Loan discount, net of unamortized premiums and deferred origination costs (138) Allowance for loan losses (23,056) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 252,732 Consumer loans: Loans in repayment status: Loans current $ 60,134 35,456 40,208 6,042 — — 141,840 Loans delinquent 31-60 days 156 905 367 97 — — 1,525 Loans delinquent 61-90 days — 426 372 53 — — 851 Loans delinquent 91 days or greater — 714 797 76 — — 1,587 Total loans in repayment 60,290 37,501 41,744 6,268 — — 145,803 Total consumer loans $ 60,290 37,501 41,744 6,268 — — 145,803 Accrued interest receivable 1,133 Loan premium 1,108 Allowance for loan losses (39,053) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 108,991

Bonds and Notes payable (Tables

Bonds and Notes payable (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 18,525,916 0.90% - 3.42% 5/27/25 - 3/26/68 Bonds and notes based on auction 763,476 1.61% - 3.26% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,289,392 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 773,997 1.83% - 3.45% 10/25/67 - 4/25/68 FFELP warehouse facilities 282,505 1.65% / 1.70% 5/20/21 / 5/31/22 Private education loan warehouse facility 85,494 1.65% 2/13/22 Consumer loan warehouse facility 67,097 1.68% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 65,859 1.65% / 2.70% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 46,045 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 100,000 2.11% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 4.81% 9/15/61 Other borrowings 5,000 3.11% 5/30/22 20,735,770 Discount on bonds and notes payable and debt issuance costs (269,040) Total $ 20,466,730 As of December 31, 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 $ 18,428,998 1.98% - 3.61% 5/27/25 - 1/25/68 Bonds and notes based on auction 768,626 2.75% - 3.60% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 19,197,624 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 512,836 2.00% - 3.45% 10/25/67 / 11/25/67 FFELP warehouse facilities 778,094 1.98% / 2.07% 5/20/21 / 5/31/22 Consumer loan warehouse facility 116,570 1.99% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 73,308 3.15% / 3.54% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 49,367 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 50,000 3.29% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 5.28% 9/15/61 Other borrowings 5,000 3.44% 5/30/22 20,803,180 Discount on bonds and notes payable and debt issuance costs (274,126) Total $ 20,529,054
Schedule of Line of Credit Facilities	As of March 31, 2020, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I NHELP-II Total Maximum financing amount $ 550,000 500,000 1,050,000 Amount outstanding 159,441 123,064 282,505 Amount available $ 390,559 376,936 767,495 Expiration of liquidity provisions May 20, 2020 May 31, 2020 Final maturity date May 20, 2021 May 31, 2022 Advanced as equity support $ 7,981 10,556 18,537
Schedule of Asset-Backed Securitization	The following table summarizes the asset-backed securitization transactions completed during the first three months of 2020. 2020-1 2020-2 2020-3 Total Date securities issued 2/20/20 3/11/20 3/19/20 Total original principal amount $ 435,600 272,100 352,600 1,060,300 Class A senior notes: Total principal amount $ 424,600 264,300 343,600 1,032,500 Bond discount — (44) (1,503) (1,547) Issue price $ 424,600 264,256 342,097 1,030,953 Cost of funds 1-month LIBOR plus 0.74% 1.83% 1-month LIBOR plus 0.92% Final maturity date 3/26/68 4/25/68 3/26/68 Class B subordinated notes: Total principal amount $ 11,000 7,800 9,000 27,800 Bond discount — (574) (284) (858) Issue price $ 11,000 7,226 8,716 26,942 Cost of funds 1-month LIBOR plus 1.75% 2.50% 1-month LIBOR plus 1.90% Final maturity date 3/26/68 4/25/68 3/26/68

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of December 31, 2019 and March 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional Amount 2020 $ 1,000,000 2021 250,000 2022 (a) 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 7,150,000 (a) $750 million of the notional amount of these derivatives have forward effective start dates in May 2020.
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 March 31, 2020 As of December 31, 2019 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2020 $ 1,000,000 1.00 % $ 1,500,000 1.01 % 2021 600,000 2.15 600,000 2.15 2022 (b) 250,000 1.65 250,000 1.65 2023 150,000 2.25 150,000 2.25 $ 2,000,000 1.52 % $ 2,500,000 1.42 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) These derivatives have forward effective start dates in June 2021. Excluding these derivatives, the weighted average fixed rate paid by the Company on its floor income derivative portfolio was 1.50% as of March 31, 2020.
Schedule of Interest Rate Caps	The following table summarizes these derivative instruments as of March 31, 2020. 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 Income Statement Impact	The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations. Three months ended March 31, 2020 2019 Settlements: 1:3 basis swaps $ 2,112 2,334 Interest rate swaps - floor income hedges 2,125 16,701 Total settlements - income (expense) 4,237 19,035 Change in fair value: 1:3 basis swaps 1,558 (2,212) Interest rate swaps - floor income hedges (22,160) (26,712) Interest rate swap options - floor income hedges — (1,376) Interest rate caps — (274) Total change in fair value - income (expense) (20,602) (30,574) Derivative market value adjustments and derivative settlements, net - income (expense) $ (16,365) (11,539)

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Summary Investment Holdings	A summary of the Company's investments follows: As of March 31, 2020 As of December 31, 2019 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 (a) $ 56,016 2,230 (1,099) 57,147 48,790 3,911 — 52,701 Equity securities 22,871 4,846 (1,554) 26,163 9,622 4,561 (1,283) 12,900 Total investments (at fair value) $ 78,887 7,076 (2,653) 83,310 58,412 8,472 (1,283) 65,601 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 65,631 72,760 Equity method 15,338 15,379 Other 537 1,301 Total venture capital and funds 81,506 89,440 Real estate and solar: Equity method 45,070 51,721 Other 862 867 Total real estate and solar 45,932 52,588 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $26,303 as of March 31, 2020 34,109 33,187 Beneficial interest in federally insured loan securitization 3,084 — Tax liens and affordable housing 5,998 6,283 Total investments (not measured at fair value) 170,629 181,498 Total investments $ 253,939 $ 247,099 (a) As of March 31, 2020, there were no individual securities in which the fair value was lower than amortized cost as a result of credit losses. Accordingly, the Company has not recorded an allowance for credit losses on its available-for-sale debt securities as of March 31, 2020. In addition, for those securities in which fair value was lower than amortized cost, the Company has the ability to hold and does not intend to sell such securities until the amortized cost is recovered.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	A summary of the Company's intangible assets follows: Weighted average remaining useful life as of March 31, 2020 (months) As of As of March 31, 2020 December 31, 2019 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $67,195 and $60,553, respectively) 80 $ 65,257 71,900 Trade names (net of accumulated amortization of $3,063 and $2,792, respectively) 94 7,207 7,478 Computer software (net of accumulated amortization of $3,724 and $3,233, respectively) 11 1,663 2,154 Total - amortizable intangible assets, net 80 $ 74,127 81,532
Schedule of Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2020, the Company estimates it will record amortization expense as follows: 2020 (April 1 - December 31) $ 22,110 2021 18,761 2022 7,172 2023 6,925 2024 6,511 2025 and thereafter 12,648 $ 74,127

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of December 31, 2019 and March 31, 2020 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)	3 Months Ended
	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	A summary of the Company's property and equipment follows: As of As of Useful life March 31, 2020 December 31, 2019 Non-communications: Computer equipment and software 1-5 years $ 167,824 160,319 Building and building improvements 5-48 years 38,137 37,904 Office furniture and equipment 1-10 years 21,942 21,245 Leasehold improvements 1-15 years 9,538 9,517 Transportation equipment 5-10 years 5,032 5,049 Land — 1,400 1,400 Construction in progress — 20,570 13,738 264,443 249,172 Accumulated depreciation - non-communications (151,813) (142,270) Non-communications, net property and equipment 112,630 106,902 Communications: Network plant and fiber 4-15 years 258,678 254,560 Customer located property 2-4 years 27,971 27,011 Central office 5-15 years 18,429 17,672 Transportation equipment 4-10 years 6,663 6,611 Computer equipment and software 1-5 years 5,902 5,574 Other 1-39 years 3,733 3,702 Land — 70 70 Construction in progress — 1,088 54 322,534 315,254 Accumulated depreciation - communications (84,067) (73,897) Communications, net property and equipment 238,467 241,357 Total property and equipment, net $ 351,097 348,259

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net (loss) income attributable to Nelnet, Inc. $ (39,974) (558) (40,532) 41,057 534 41,591 Denominator: Weighted-average common shares outstanding - basic and diluted 39,405,454 550,060 39,955,514 39,855,122 518,173 40,373,295 Earnings per share - basic and diluted $ (1.01) (1.01) (1.01) 1.03 1.03 1.03

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 317 1,991 — 185,926 1,555 (598) 189,191 Interest expense 44 17 — 133,249 1,407 (598) 134,118 Net interest income (expense) 273 1,974 — 52,677 148 — 55,073 Less provision for loan losses — — — 76,299 — — 76,299 Net interest income after provision for loan losses 273 1,974 — (23,622) 148 — (21,226) Other income/expense: Loan servicing and systems revenue 112,735 — — — — — 112,735 Intersegment revenue 11,054 11 — — — (11,065) — Education technology, services, and payment processing revenue — 83,675 — — — — 83,675 Communications revenue — — 18,181 — — — 18,181 Gain on sale of loans — — — 18,206 — — 18,206 Other income 2,630 — 353 3,215 2,083 — 8,281 Impairment expense — — — (26,303) (7,783) — (34,087) Derivative settlements, net — — — 4,237 — — 4,237 Derivative market value adjustments, net — — — (20,602) — — (20,602) Total other income/expense 126,419 83,686 18,534 (21,247) (5,700) (11,065) 190,626 Cost of services: Cost to provide education technology, services, and payment processing services — 22,806 — — — — 22,806 Cost to provide communications services — — 5,582 — — — 5,582 Total cost of services — 22,806 5,582 — — — 28,388 Operating expenses: Salaries and benefits 70,493 23,696 5,416 443 19,830 — 119,878 Depreciation and amortization 8,848 2,387 10,507 — 5,907 — 27,648 Other expenses 17,489 6,092 3,689 3,717 12,398 — 43,384 Intersegment expenses, net 16,239 3,327 624 11,916 (21,041) (11,065) — Total operating expenses 113,069 35,502 20,236 16,076 17,094 (11,065) 190,910 Income (loss) before income taxes 13,623 27,352 (7,284) (60,945) (22,646) — (49,898) Income tax (expense) benefit (3,269) (6,565) 1,748 14,627 3,592 — 10,133 Net income (loss) 10,354 20,787 (5,536) (46,318) (19,054) — (39,765) Net income attributable to noncontrolling interests — — — — (767) — (767) Net income (loss) attributable to Nelnet, Inc. $ 10,354 20,787 (5,536) (46,318) (19,821) — (40,532) Total assets as of March 31, 2020 $ 223,021 302,631 301,440 21,905,150 679,390 (131,004) 23,280,628 Three months ended March 31, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 497 2,017 2 246,867 2,053 (851) 250,586 Interest expense — 8 — 188,799 3,814 (851) 191,770 Net interest income (expense) 497 2,009 2 58,068 (1,761) — 58,816 Less provision for loan losses — — — 7,000 — — 7,000 Net interest income after provision for loan losses 497 2,009 2 51,068 (1,761) — 51,816 Other income/expense: Loan servicing and systems revenue 114,898 — — — — — 114,898 Intersegment revenue 12,217 — — — — (12,217) — Education technology, services, and payment processing revenue — 79,159 — — — — 79,159 Communications revenue — — 14,543 — — — 14,543 Gain on sale of loans — — — — — — — Other income 2,074 — 125 3,525 3,344 — 9,067 Impairment expense — — — — — — — Derivative settlements, net — — — 19,035 — — 19,035 Derivative market value adjustments, net — — — (30,574) — — (30,574) Total other income/expense 129,189 79,159 14,668 (8,014) 3,344 (12,217) 206,128 Cost of services: Cost to provide education technology, services, and payment processing services — 21,059 — — — — 21,059 Cost to provide communications services — — 4,759 — — — 4,759 Total cost of services — 21,059 4,759 — — — 25,818 Operating expenses: Salaries and benefits 66,220 23,008 4,737 378 16,716 — 111,059 Depreciation and amortization 8,871 3,510 7,362 — 4,469 — 24,213 Other expenses 18,928 5,311 3,477 3,837 12,262 — 43,816 Intersegment expenses, net 13,758 3,299 664 12,287 (17,791) (12,217) — Total operating expenses 107,777 35,128 16,240 16,502 15,656 (12,217) 179,088 Income (loss) before income taxes 21,909 24,981 (6,329) 26,552 (14,073) — 53,038 Income tax (expense) benefit (5,258) (5,995) 1,519 (6,372) 4,716 — (11,391) Net income (loss) 16,651 18,986 (4,810) 20,180 (9,357) — 41,647 Net income attributable to noncontrolling interests — — — — (56) — (56) Net income (loss) attributable to Nelnet, Inc. $ 16,651 18,986 (4,810) 20,180 (9,413) — 41,591 Total assets as of March 31, 2019 $ 273,065 294,019 297,196 23,475,113 546,987 (164,453) 24,721,927

Disaggregated Revenue and Def_2

Disaggregated Revenue and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended March 31, 2020 2019 Government servicing - Nelnet $ 38,650 39,640 Government servicing - Great Lakes 46,446 47,077 Private education and consumer loan servicing 8,609 9,480 FFELP servicing 5,614 6,695 Software services 11,318 9,741 Outsourced services and other 2,098 2,265 Loan servicing and systems revenue $ 112,735 114,898 Education Technology, Services, and Payment Processing Three months ended March 31, 2020 2019 Tuition payment plan services $ 31,587 30,173 Payment processing 31,742 28,979 Education technology and services 20,054 19,709 Other 292 298 Education technology, services, and payment processing revenue $ 83,675 79,159 Communications Three months ended March 31, 2020 2019 Internet $ 11,199 8,449 Television 4,236 3,898 Telephone 2,691 2,167 Other 55 29 Communications revenue $ 18,181 14,543 Residential revenue $ 13,559 11,065 Business revenue 4,471 3,414 Other 151 64 Communications revenue $ 18,181 14,543
Schedule of Other Income, by Component	The following table provides the components of "other income" on the consolidated statements of operations: Three months ended March 31, 2020 2019 Borrower late fee income $ 3,188 3,512 Investment advisory services 2,802 711 Management fee revenue 2,243 1,872 Gain (loss) on investments, net (3,864) (427) Other 3,912 3,399 Other income $ 8,281 9,067
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 March 31, 2020 Balance, beginning of period $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 382 15,080 9,927 855 26,244 Recognition of revenue (899) (27,514) (9,745) (843) (39,001) Balance, end of period $ 2,195 19,640 3,414 1,640 26,889 Three months ended March 31, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 1,116 13,962 8,266 736 24,080 Recognition of revenue (1,582) (26,020) (8,061) (786) (36,449) Balance, end of period $ 3,947 18,498 2,756 1,552 26,753

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2020 As of December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed securities - $ — 57,044 57,044 — 52,597 52,597 Equity securities 6 — 6 6 — 6 Equity securities measured at net asset value (a) 26,157 12,894 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 109 57,044 83,310 110 52,597 65,601 Total assets $ 109 57,044 83,310 110 52,597 65,601 (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 March 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 19,725,479 20,391,435 — — 19,725,479 Accrued loan interest receivable 766,773 766,773 — 766,773 — Cash and cash equivalents 204,844 204,844 204,844 — — Investments (at fair value) 83,310 83,310 109 57,044 — Beneficial interest in loan securitizations 37,193 37,193 — — 37,193 Restricted cash 675,589 675,589 675,589 — — Restricted cash – due to customers 219,905 219,905 219,905 — — Financial liabilities: Bonds and notes payable 18,661,338 20,466,730 — 18,661,338 — Accrued interest payable 43,874 43,874 — 43,874 — Due to customers 219,905 219,905 219,905 — — As of December 31, 2019 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 21,477,630 20,669,371 — — 21,477,630 Accrued loan interest receivable 733,497 733,497 — 733,497 — Cash and cash equivalents 133,906 133,906 133,906 — — Investments (at fair value) 65,601 65,601 110 52,597 — Beneficial interest in loan securitizations 33,258 33,187 — — 33,258 Restricted cash 650,939 650,939 650,939 — — Restricted cash – due to customers 437,756 437,756 437,756 — — Financial liabilities: Bonds and notes payable 20,479,095 20,529,054 — 20,479,095 — Accrued interest payable 47,285 47,285 — 47,285 — Due to customers 437,756 437,756 437,756 — —

Basis of Financial Reporting _3

Basis of Financial Reporting - Schedule of Adoption Impact (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and accrued interest receivable, net of allowance
Loans receivable	$ 20,605,065		$ 20,798,719
Accrued interest receivable	766,773		733,497
Loan discount, net	(4,762)		(35,036)
Non-accretable discount	0		(32,398)
Allowance for loan losses	(208,868)		(61,914)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	21,158,208		21,402,868
Liabilities:
Other liabilities (deferred taxes)	224,319		303,781
Equity:
Retained earnings	$ 2,310,282		2,377,627
Cumulative Effect, Period Of Adoption, Adjustment
Loans and accrued interest receivable, net of allowance
Loans receivable		$ 0
Accrued interest receivable		0
Loan discount, net		33,790
Non-accretable discount		32,398
Allowance for loan losses		(91,014)	$ (91,014)
Loans and accrued interest receivable, net of allowance		(24,826)
Liabilities:
Other liabilities (deferred taxes)		(5,958)
Equity:
Retained earnings		(18,868)
Cumulative Effect Period Of Adoption Adjusted Balance
Loans and accrued interest receivable, net of allowance
Loans receivable		20,798,719
Accrued interest receivable		733,497
Loan discount, net		(1,246)
Non-accretable discount		0
Allowance for loan losses		(152,928)
Loans and accrued interest receivable, net of allowance		21,378,042
Liabilities:
Other liabilities (deferred taxes)		297,823
Equity:
Retained earnings		$ 2,358,759

Loans and Accrued Interest Re_3

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Jan. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		$ 20,605,065	$ 20,798,719
Accrued interest receivable		766,773	733,497
Loan discount, net of unamortized loan premiums and deferred origination costs		(4,762)	(35,036)
Non-accretable discount		0	(32,398)
Allowance for loan losses		(208,868)	(61,914)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance		21,158,208	21,402,868
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		20,185,052	20,328,543	21,680,613
Accrued interest receivable		763,924	730,059	712,852
Loan discount, net of unamortized loan premiums and deferred origination costs		(5,732)	(35,822)	(45,139)
Non-accretable discount		0	(28,036)	(25,799)
Allowance for loan losses		(146,759)	(36,763)	(40,934)	(42,310)
Loans and accrued interest receivable, net of allowance		20,796,485	20,957,981	22,281,593
Federally insured loans | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		4,645,574	4,684,314
Federally insured loans | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		15,539,478	15,644,229
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		274,210	244,258	211,029
Accrued interest receivable		1,716	1,558	1,134
Loan discount, net of unamortized loan premiums and deferred origination costs		(138)	46	(1,063)
Non-accretable discount		0	(4,362)	(5,311)
Allowance for loan losses		(23,056)	(9,597)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance		252,732	231,903	195,202
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		145,803	225,918	191,001
Accrued interest receivable		1,133	1,880	1,366
Loan discount, net of unamortized loan premiums and deferred origination costs		1,108	740	2,600
Allowance for loan losses		(39,053)	(15,554)	(10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance		$ 108,991	$ 212,984	$ 184,710
Loans sold, par value	$ 124,200
Loans sold, gain	$ 18,200
Loans sold, residual interest received	31.40%

Loans and Accrued Interest Re_4

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 61,914	$ 60,388
Provision for loan losses	76,299	7,000
Charge-offs	(11,998)	(5,864)
Recoveries	439	254
Initial allowance on loans purchased with credit deterioration	4,700
Loan sale	(13,500)
Balance at end of period	208,868	61,778
Par value of loans purchased with deteriorated credit quality	291,200
Loans purchased with deteriorated credit quality, expected credit losses	4,700
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	91,014
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	36,763	42,310
Provision for loan losses	39,323	2,000
Charge-offs	(6,318)	(3,376)
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	4,700
Loan sale	0
Balance at end of period	146,759	40,934
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	72,291
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	9,597	10,838
Provision for loan losses	9,800	0
Charge-offs	(1,330)	(482)
Recoveries	192	231
Initial allowance on loans purchased with credit deterioration	0
Loan sale	0
Balance at end of period	23,056	10,587
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	4,797
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	15,554	7,240
Provision for loan losses	27,176	5,000
Charge-offs	(4,350)	(2,006)
Recoveries	247	23
Initial allowance on loans purchased with credit deterioration	0
Loan sale	(13,500)
Balance at end of period	39,053	$ 10,257
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 13,926

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans in repayment status:
Loans in repayment, percent	83.90%	88.10%	87.80%
Total loans	$ 20,605,065	$ 20,798,719
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 766,773	$ 733,497
Loan discount, net of unamortized premiums and deferred origination costs	(4,762)	(35,036)
Non-accretable discount	0	(32,398)
Allowance for loan losses	(208,868)	(61,914)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	21,158,208	21,402,868
Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 1,111,139	$ 1,074,678	$ 1,288,011
Loans in-school/grace/deferment, percent	5.50%	5.30%	5.90%
Loans in forbearance	$ 2,131,735	$ 1,339,821	$ 1,358,343
Loans in forbearance, percent	10.60%	6.60%	6.30%
Loans in repayment status:
Loans current	$ 14,618,767	$ 15,410,993	$ 16,550,665
Loans current, percentage	86.30%	86.00%	87.00%
Total loans in repayment	$ 16,942,178	$ 17,914,044	$ 19,034,259
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 20,185,052	$ 20,328,543	$ 21,680,613
Accrued interest receivable	763,924	730,059	712,852
Loan discount, net of unamortized premiums and deferred origination costs	(5,732)	(35,822)	(45,139)
Non-accretable discount	0	(28,036)	(25,799)
Allowance for loan losses	(146,759)	(36,763)	(40,934)	(42,310)
Loans and accrued interest receivable, net of allowance	20,796,485	20,957,981	22,281,593
Federally insured loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 581,665	$ 650,796	$ 666,668
Loans past due, percentage	3.40%	3.60%	3.50%
Federally insured loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 405,575	$ 428,879	$ 425,098
Loans past due, percentage	2.40%	2.40%	2.20%
Federally insured loans | Loans delinquent 91-120 days
Loans in repayment status:
Loans past due	$ 267,145	$ 310,851	$ 296,242
Loans past due, percentage	1.60%	1.70%	1.60%
Federally insured loans | Loans delinquent 121-270 days
Loans in repayment status:
Loans past due	$ 756,241	$ 812,107	$ 718,409
Loans past due, percentage	4.50%	4.50%	3.80%
Federally insured loans | Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due	$ 312,785	$ 300,418	$ 377,177
Loans past due, percentage	1.80%	1.80%	1.90%
Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 4,783	$ 4,493	$ 4,208
Loans in-school/grace/deferment, percent	1.70%	1.80%	2.00%
Loans in forbearance	$ 11,428	$ 3,108	$ 1,473
Loans in forbearance, percent	4.20%	1.30%	0.70%
Loans in repayment status:
Loans current	$ 252,611	$ 227,013	$ 196,122
Loans current, percentage	97.90%	95.90%	95.50%
Total loans in repayment	$ 257,999	$ 236,657	$ 205,348
Loans in repayment, percent	94.10%	96.90%	97.30%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 274,210	$ 244,258	$ 211,029
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 1,716	$ 1,558	$ 1,134
Loan discount, net of unamortized premiums and deferred origination costs	(138)	46	(1,063)
Non-accretable discount	0	(4,362)	(5,311)
Allowance for loan losses	(23,056)	(9,597)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance	252,732	231,903	195,202
Private education loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 1,606	$ 2,814	$ 2,292
Loans past due, percentage	0.60%	1.20%	1.10%
Private education loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 961	$ 1,694	$ 1,481
Loans past due, percentage	0.40%	0.70%	0.70%
Private education loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 2,821	$ 5,136	$ 5,453
Loans past due, percentage	1.10%	2.20%	2.70%
Consumer loans
Loans in repayment status:
Loans current	$ 141,840	$ 220,404	$ 187,983
Loans current, percentage	97.30%	97.50%	98.40%
Total loans in repayment	$ 145,803	$ 225,918	$ 191,001
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 145,803	$ 225,918	$ 191,001
Accrued interest receivable	1,133	1,880	1,366
Loan discount, net of unamortized premiums and deferred origination costs	1,108	740	2,600
Allowance for loan losses	(39,053)	(15,554)	(10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance	108,991	212,984	184,710
Consumer loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 1,525	$ 2,046	$ 1,162
Loans past due, percentage	1.00%	0.90%	0.60%
Consumer loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 851	$ 1,545	$ 917
Loans past due, percentage	0.60%	0.70%	0.50%
Consumer loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 1,587	$ 1,923	$ 939
Loans past due, percentage	1.10%	0.90%	0.50%

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 766,773	$ 733,497
Loan discount, net of unamortized loan premiums and deferred origination costs	(4,762)	(35,036)
Allowance for loan losses	(208,868)	(61,914)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	21,158,208	21,402,868
Private education loans
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	102,328
2018	1,244
2017	0
2016	7,218
Prior Years	163,420
Total loans	274,210
Accrued interest receivable	1,716	1,558	1,134
Loan discount, net of unamortized loan premiums and deferred origination costs	(138)	46	(1,063)
Allowance for loan losses	(23,056)	(9,597)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance	252,732	231,903	195,202
Private education loans | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	628
2018	0
2017	0
2016	408
Prior Years	3,747
Total loans	4,783
Private education loans | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	3,570
2018	46
2017	0
2016	348
Prior Years	7,464
Total loans	11,428
Private education loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	98,130
2018	1,198
2017	0
2016	6,462
Prior Years	152,209
Total loans	257,999
Private education loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	98,059
2018	1,198
2017	0
2016	6,454
Prior Years	146,900
Total loans	252,611
Private education loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	1,606
Total loans	1,606
Private education loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	71
2018	0
2017	0
2016	8
Prior Years	882
Total loans	961
Private education loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	2,821
Total loans	2,821
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	60,290
2019	37,501
2018	41,744
2017	6,268
2016	0
Prior Years	0
Total loans	145,803
Accrued interest receivable	1,133	1,880	1,366
Loan discount, net of unamortized loan premiums and deferred origination costs	1,108	740	2,600
Allowance for loan losses	(39,053)	(15,554)	(10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance	108,991	$ 212,984	$ 184,710
Consumer loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	60,290
2019	37,501
2018	41,744
2017	6,268
2016	0
Prior Years	0
Total loans	145,803
Consumer loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	60,134
2019	35,456
2018	40,208
2017	6,042
2016	0
Prior Years	0
Total loans	141,840
Consumer loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	156
2019	905
2018	367
2017	97
2016	0
Prior Years	0
Total loans	1,525
Consumer loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	426
2018	372
2017	53
2016	0
Prior Years	0
Total loans	851
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2020	0
2019	714
2018	797
2017	76
2016	0
Prior Years	0
Total loans	$ 1,587

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 20,735,770	$ 20,803,180
Discount on bonds and notes payable and debt issuance costs	(269,040)	(274,126)
Bonds and notes payable, net	20,466,730	20,529,054
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 100,000	$ 50,000
Interest rate	2.11%	3.29%
Unsecured debt - Junior Subordinated Hybrid Securities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 20,381	$ 20,381
Interest rate	4.81%	5.28%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 5,000	$ 5,000
Interest rate	3.11%	3.44%
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 18,525,916	$ 18,428,998
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	763,476	768,626
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	19,289,392	19,197,624
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	773,997	512,836
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	282,505	778,094
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	65,859	73,308
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	46,045	49,367
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 85,494
Interest rate	1.65%
Consumer loan | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 67,097	$ 116,570
Interest rate	1.68%	1.99%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.90%	1.98%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	1.61%	2.75%
Minimum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.83%	2.00%
Minimum | Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Interest rate	1.65%	1.98%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.65%	3.15%
Minimum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.60%	3.60%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	3.42%	3.61%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	3.26%	3.60%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum | Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Interest rate	1.70%	2.07%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	2.70%	3.54%
Maximum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%

Bonds and Notes Payable - Out_2

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Warehouse facilities - Federally insured student loans	Mar. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Maximum financing amount	$ 1,050,000,000
Amount outstanding	282,505,000
Amount available	767,495,000
Advanced as equity support	18,537,000
NFSLW-I
Line of Credit Facility [Line Items]
Maximum financing amount	550,000,000
Amount outstanding	159,441,000
Amount available	390,559,000
Advanced as equity support	7,981,000
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	500,000,000
Amount outstanding	123,064,000
Amount available	376,936,000
Advanced as equity support	$ 10,556,000

Bonds and Notes Payable - Sched

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, net	$ 20,466,730,000	$ 20,529,054,000
Asset-Backed Securitizations | 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	435,600,000
Asset-Backed Securitizations | 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	272,100,000
Asset-Backed Securitizations | 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	352,600,000
Asset-Backed Securitizations | 2020 Notes
Debt Instrument [Line Items]
Total principal amount	1,060,300,000
Senior Notes | Class A 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	424,600,000
Bond discount	0
Bonds and notes payable, net	$ 424,600,000
Senior Notes | Class A 2020-1 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.74%
Senior Notes | Class A 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	$ 264,300,000
Bond discount	(44,000)
Bonds and notes payable, net	$ 264,256,000
Cost of funds	1.83%
Senior Notes | Class A 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	$ 343,600,000
Bond discount	(1,503,000)
Bonds and notes payable, net	$ 342,097,000
Senior Notes | Class A 2020-3 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.92%
Senior Notes | 2020 Class A Notes
Debt Instrument [Line Items]
Total principal amount	$ 1,032,500,000
Bond discount	(1,547,000)
Bonds and notes payable, net	1,030,953,000
Subordinated Debt | Class B 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	11,000,000
Bond discount	0
Bonds and notes payable, net	$ 11,000,000
Subordinated Debt | Class B 2020-1 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.75%
Subordinated Debt | Class B 2020-2 Notes
Debt Instrument [Line Items]
Total principal amount	$ 7,800,000
Bond discount	(574,000)
Bonds and notes payable, net	$ 7,226,000
Cost of funds	2.50%
Subordinated Debt | Class B 2020-3 Notes
Debt Instrument [Line Items]
Total principal amount	$ 9,000,000
Bond discount	(284,000)
Bonds and notes payable, net	$ 8,716,000
Subordinated Debt | Class B 2020-3 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.90%
Subordinated Debt | 2020 Class B Notes
Debt Instrument [Line Items]
Total principal amount	$ 27,800,000
Bond discount	(858,000)
Bonds and notes payable, net	$ 26,942,000

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 20, 2020	Feb. 13, 2020
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount	$ 455,000,000
Amount outstanding	100,000,000
Amount available	355,000,000
Higher borrowing capacity option	550,000,000
Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount	200,000,000
Amount outstanding	67,100,000
Amount available	132,900,000
Advanced as equity support	$ 29,100,000
Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount		$ 200,000,000	$ 100,000,000
Advance rate	90.00%
Amount outstanding	$ 85,500,000
Amount available	114,500,000
Advanced as equity support	$ 9,200,000
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%

Derivative Financial Instrume_3

Derivative Financial Instruments - Basis Swap (Details) - 1:3 basis swaps	Mar. 31, 2020USD ($)
Derivative [Line Items]
Notional amount	$ 7,150,000,000
Weighted average rate	0.097%
Maturity 2020
Derivative [Line Items]
Notional amount	$ 1,000,000,000
Maturity 2021
Derivative [Line Items]
Notional amount	250,000,000
Maturity 2022
Derivative [Line Items]
Notional amount	2,000,000,000
Maturity 2022, effective start dates in May 2020
Derivative [Line Items]
Notional amount	750,000,000
Maturity 2023
Derivative [Line Items]
Notional amount	750,000,000
Maturity 2024
Derivative [Line Items]
Notional amount	1,750,000,000
Maturity 2026
Derivative [Line Items]
Notional amount	1,150,000,000
Maturity 2027
Derivative [Line Items]
Notional amount	$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 2,000,000,000	$ 2,500,000,000
Weighted average fixed rate paid by the Company	1.52%	1.42%
Interest Rate Swap, forward effective start dates subsequent to period end
Derivative [Line Items]
Weighted average fixed rate paid by the Company	1.50%
2020 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 1,000,000,000	$ 1,500,000,000
Weighted average fixed rate paid by the Company	1.00%	1.01%
2021 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 600,000,000	$ 600,000,000
Weighted average fixed rate paid by the Company	2.15%	2.15%
2022 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000
Weighted average fixed rate paid by the Company	1.65%	1.65%
2023 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 150,000,000	$ 150,000,000
Weighted average fixed rate paid by the Company	2.25%	2.25%

Derivative Financial Instrume_5

Derivative Financial Instruments - Interest Rate Caps (Details) - Interest rate caps - USD ($)	1 Months Ended
	Jun. 30, 2019	Jun. 30, 2015	Mar. 31, 2020
Derivative [Line Items]
Payments to enter into derivative instruments	$ 300,000	$ 2,900,000
Interest Rate Cap 1 Maturing July 2020
Derivative [Line Items]
Notional amount			$ 125,000,000
Interest Rate Cap 1 Maturing July 2020 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Strike rate			2.50%
Interest Rate Cap 2 Maturing July 2020
Derivative [Line Items]
Notional amount			$ 150,000,000
Interest Rate Cap 2 Maturing July 2020 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Strike rate			4.99%
Interest Rate Cap Maturing September 2020
Derivative [Line Items]
Notional amount			$ 500,000,000
Interest Rate Cap Maturing September 2020 | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Strike rate			2.25%

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 4,237	$ 19,035
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	4,237	19,035
Change in fair value	(20,602)	(30,574)
Derivative market value adjustments and derivative settlements, net - income (expense)	(16,365)	(11,539)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	2,112	2,334
Change in fair value	1,558	(2,212)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	2,125	16,701
Change in fair value	(22,160)	(26,712)
Interest rate swap options - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	0	(1,376)
Interest rate caps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 0	$ (274)

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments (at fair value):
Amortized cost	$ 56,016	$ 48,790
Gross unrealized gains	2,230	3,911
Gross unrealized losses	(1,099)	0
Fair value	57,147	52,701
Equity securities
Amortized cost	22,871	9,622
Gross unrealized gains	4,846	4,561
Gross unrealized losses	(1,554)	(1,283)
Fair value	26,163	12,900
Total investments (at fair value)
Amortized cost	78,887	58,412
Gross unrealized gains	7,076	8,472
Gross unrealized losses	(2,653)	(1,283)
Fair value	83,310	65,601
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)	170,629	181,498
Total investments	253,939	247,099
Beneficial interest in consumer loan securitizations, allowance for credit losses	26,303
Investments, impairment	(34,100)
Beneficial interest in securitization, impairment	26,300
Other investments, impairment	7,800
Venture capital and funds: | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative	65,631	72,760
Equity method	15,338	15,379
Other	537	1,301
Total investments (not measured at fair value)	81,506	89,440
Real estate and solar: | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method	45,070	51,721
Other	862	867
Total investments (not measured at fair value)	45,932	52,588
Beneficial interest in consumer loan securitizations | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest In securitizations	34,109	33,187
Beneficial interest in federally insured loan securitization | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest In securitizations	3,084	0
Tax liens and affordable housing | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)	$ 5,998	$ 6,283

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	80 months
Amortizable intangible assets, net	$ 74,127		$ 81,532
Amortization of intangible assets	$ 7,400	$ 8,500
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	80 months
Amortizable intangible assets, net	$ 65,257		71,900
Accumulated amortization of intangible assets	$ 67,195		60,553
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	94 months
Amortizable intangible assets, net	$ 7,207		7,478
Accumulated amortization of intangible assets	$ 3,063		2,792
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	11 months
Amortizable intangible assets, net	$ 1,663		2,154
Accumulated amortization of intangible assets	$ 3,724		$ 3,233

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020 (April 1 - December 31)	$ 22,110
2021	18,761
2022	7,172
2023	6,925
2024	6,511
2025 and thereafter	12,648
Amortizable intangible assets, net	$ 74,127	$ 81,532

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill	$ 156,912	$ 156,912
Corporate and Other Activities
Goodwill [Line Items]
Goodwill	0	0
Loan Servicing and Systems | Operating Segments
Goodwill [Line Items]
Goodwill	23,639	23,639
Education Technology, Services, and Payment Processing | Operating Segments
Goodwill [Line Items]
Goodwill	70,278	70,278
Communications | Operating Segments
Goodwill [Line Items]
Goodwill	21,112	21,112
Asset Generation and Management | Operating Segments
Goodwill [Line Items]
Goodwill	$ 41,883	$ 41,883

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 351,097		$ 348,259
Depreciation	20,300	$ 15,700
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	264,443		249,172
Accumulated depreciation	(151,813)		(142,270)
Property and equipment, net	112,630		106,902
Non-communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 167,824		160,319
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	$ 38,137		37,904
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	$ 21,942		21,245
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	$ 9,538		9,517
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	$ 5,032		5,049
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
Non-communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,570		13,738
Communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	322,534		315,254
Accumulated depreciation	(84,067)		(73,897)
Property and equipment, net	238,467		241,357
Communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,902		5,574
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	$ 6,663		6,611
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 | Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 70		70
Communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,088		54
Communications | Network plant and fiber
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 258,678		254,560
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	$ 27,971		27,011
Communications | Customer located property | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 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	$ 18,429		17,672
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	$ 3,733		$ 3,702
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

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to Nelnet, Inc.	$ (40,532)	$ 41,591
Weighted average common shares outstanding - basic and diluted (in shares)	39,955,514	40,373,295
Earnings per share - basic and diluted (in dollars per share)	$ (1.01)	$ 1.03
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to Nelnet, Inc.	$ (39,974)	$ 41,057
Weighted average common shares outstanding - basic and diluted (in shares)	39,405,454	39,855,122
Earnings per share - basic and diluted (in dollars per share)	$ (1.01)	$ 1.03
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net (loss) income attributable to Nelnet, Inc.	$ (558)	$ 534
Weighted average common shares outstanding - basic and diluted (in shares)	550,060	518,173
Earnings per share - basic and diluted (in dollars per share)	$ (1.01)	$ 1.03

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total interest income	$ 189,191	$ 250,586
Interest expense	134,118	191,770
Net interest income	55,073	58,816
Less provision for loan losses	76,299	7,000
Net interest income after provision for loan losses	(21,226)	51,816
Other income:
Intersegment revenue	0	0
Gain on sale of loans	18,206	0
Other income	8,281	9,067
Impairment expense	(34,087)	0
Derivative settlements, net	4,237	19,035
Derivative market value and foreign currency transaction adjustments, net	(20,602)	(30,574)
Total other income/expense	190,626	206,128
Cost of services:
Cost of services	28,388	25,818
Operating expenses:
Salaries and benefits	119,878	111,059
Depreciation and amortization	27,648	24,213
Other expenses	43,384	43,816
Intersegment expenses, net	0	0
Total operating expenses	190,910	179,088
(Loss) income before income taxes	(49,898)	53,038
Income tax (expense) benefit	10,133	(11,391)
Net (loss) income	(39,765)	41,647
Net income attributable to noncontrolling interests	(767)	(56)
Net (loss) income attributable to Nelnet, Inc.	(40,532)	41,591
Total assets	23,280,628	24,721,927	$ 23,708,970
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	317	497
Interest expense	44	0
Net interest income	273	497
Less provision for loan losses	0	0
Net interest income after provision for loan losses	273	497
Other income:
Intersegment revenue	11,054	12,217
Gain on sale of loans	0	0
Other income	2,630	2,074
Impairment expense	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income/expense	126,419	129,189
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	70,493	66,220
Depreciation and amortization	8,848	8,871
Other expenses	17,489	18,928
Intersegment expenses, net	16,239	13,758
Total operating expenses	113,069	107,777
(Loss) income before income taxes	13,623	21,909
Income tax (expense) benefit	(3,269)	(5,258)
Net (loss) income	10,354	16,651
Net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to Nelnet, Inc.	10,354	16,651
Total assets	223,021	273,065
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	1,991	2,017
Interest expense	17	8
Net interest income	1,974	2,009
Less provision for loan losses	0	0
Net interest income after provision for loan losses	1,974	2,009
Other income:
Intersegment revenue	11	0
Gain on sale of loans	0	0
Other income	0	0
Impairment expense	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income/expense	83,686	79,159
Cost of services:
Cost of services	22,806	21,059
Operating expenses:
Salaries and benefits	23,696	23,008
Depreciation and amortization	2,387	3,510
Other expenses	6,092	5,311
Intersegment expenses, net	3,327	3,299
Total operating expenses	35,502	35,128
(Loss) income before income taxes	27,352	24,981
Income tax (expense) benefit	(6,565)	(5,995)
Net (loss) income	20,787	18,986
Net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to Nelnet, Inc.	20,787	18,986
Total assets	302,631	294,019
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income	0	2
Interest expense	0	0
Net interest income	0	2
Less provision for loan losses	0	0
Net interest income after provision for loan losses	0	2
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	0
Other income	353	125
Impairment expense	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income/expense	18,534	14,668
Cost of services:
Cost of services	5,582	4,759
Operating expenses:
Salaries and benefits	5,416	4,737
Depreciation and amortization	10,507	7,362
Other expenses	3,689	3,477
Intersegment expenses, net	624	664
Total operating expenses	20,236	16,240
(Loss) income before income taxes	(7,284)	(6,329)
Income tax (expense) benefit	1,748	1,519
Net (loss) income	(5,536)	(4,810)
Net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to Nelnet, Inc.	(5,536)	(4,810)
Total assets	301,440	297,196
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	185,926	246,867
Interest expense	133,249	188,799
Net interest income	52,677	58,068
Less provision for loan losses	76,299	7,000
Net interest income after provision for loan losses	(23,622)	51,068
Other income:
Intersegment revenue	0	0
Gain on sale of loans	18,206	0
Other income	3,215	3,525
Impairment expense	(26,303)	0
Derivative settlements, net	4,237	19,035
Derivative market value and foreign currency transaction adjustments, net	(20,602)	(30,574)
Total other income/expense	(21,247)	(8,014)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	443	378
Depreciation and amortization	0	0
Other expenses	3,717	3,837
Intersegment expenses, net	11,916	12,287
Total operating expenses	16,076	16,502
(Loss) income before income taxes	(60,945)	26,552
Income tax (expense) benefit	14,627	(6,372)
Net (loss) income	(46,318)	20,180
Net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to Nelnet, Inc.	(46,318)	20,180
Total assets	21,905,150	23,475,113
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	1,555	2,053
Interest expense	1,407	3,814
Net interest income	148	(1,761)
Less provision for loan losses	0	0
Net interest income after provision for loan losses	148	(1,761)
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	0
Other income	2,083	3,344
Impairment expense	(7,783)	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income/expense	(5,700)	3,344
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	19,830	16,716
Depreciation and amortization	5,907	4,469
Other expenses	12,398	12,262
Intersegment expenses, net	(21,041)	(17,791)
Total operating expenses	17,094	15,656
(Loss) income before income taxes	(22,646)	(14,073)
Income tax (expense) benefit	3,592	4,716
Net (loss) income	(19,054)	(9,357)
Net income attributable to noncontrolling interests	(767)	(56)
Net (loss) income attributable to Nelnet, Inc.	(19,821)	(9,413)
Total assets	679,390	546,987
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(598)	(851)
Interest expense	(598)	(851)
Net interest income	0	0
Less provision for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income:
Intersegment revenue	(11,065)	(12,217)
Gain on sale of loans	0	0
Other income	0	0
Impairment expense	0	0
Derivative settlements, net	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0
Total other income/expense	(11,065)	(12,217)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	0	0
Depreciation and amortization	0	0
Other expenses	0	0
Intersegment expenses, net	(11,065)	(12,217)
Total operating expenses	(11,065)	(12,217)
(Loss) income before income taxes	0	0
Income tax (expense) benefit	0	0
Net (loss) income	0	0
Net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to Nelnet, Inc.	0	0
Total assets	(131,004)	(164,453)
Loan servicing and systems
Other income:
Revenue	112,735	114,898
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	112,735	114,898
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Loan servicing and systems | Operating Segments | Communications
Other income:
Revenue	0	0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Loan servicing and systems | Corporate and Other Activities
Other income:
Revenue	0	0
Loan servicing and systems | Eliminations
Other income:
Revenue	0	0
Education technology, services, and payment processing
Other income:
Revenue	83,675	79,159
Cost of services:
Cost of services	22,806	21,059
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	83,675	79,159
Cost of services:
Cost of services	22,806	21,059
Education technology, services, and payment processing | Operating Segments | Communications
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services
Other income:
Revenue	18,181	14,543
Cost of services:
Cost of services	5,582	4,759
Communications services | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Operating Segments | Communications
Other income:
Revenue	18,181	14,543
Cost of services:
Cost of services	5,582	4,759
Communications services | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	$ 0	$ 0

Disaggregated Revenue and Def_3

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 18,181	$ 14,543
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	13,559	11,065
Business revenue
Disaggregation of Revenue [Line Items]
Revenue	4,471	3,414
Other
Disaggregation of Revenue [Line Items]
Revenue	151	64
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	112,735	114,898
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	38,650	39,640
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	46,446	47,077
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	8,609	9,480
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	5,614	6,695
Software services
Disaggregation of Revenue [Line Items]
Revenue	11,318	9,741
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	2,098	2,265
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	83,675	79,159
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	31,587	30,173
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	31,742	28,979
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	20,054	19,709
Other
Disaggregation of Revenue [Line Items]
Revenue	292	298
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	18,181	14,543
Internet
Disaggregation of Revenue [Line Items]
Revenue	11,199	8,449
Television
Disaggregation of Revenue [Line Items]
Revenue	4,236	3,898
Telephone
Disaggregation of Revenue [Line Items]
Revenue	2,691	2,167
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 55	$ 29

Disaggregated Revenue and Def_4

Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Borrower late fee income	$ 3,188	$ 3,512
Gain (loss) on investments, net	(3,864)	(427)
Other	3,912	3,399
Other income	8,281	9,067
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	2,802	711
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 2,243	$ 1,872

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
	Mar. 31, 2020	Mar. 31, 2019
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 39,646	$ 39,122
Deferral of revenue	26,244	24,080
Recognition of revenue	(39,001)	(36,449)
Balance, end of period	26,889	26,753
Corporate and Other Activities
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	1,628	1,602
Deferral of revenue	855	736
Recognition of revenue	(843)	(786)
Balance, end of period	1,640	1,552
Loan Servicing and Systems | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	2,712	4,413
Deferral of revenue	382	1,116
Recognition of revenue	(899)	(1,582)
Balance, end of period	2,195	3,947
Education Technology, Services, and Payment Processing | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	32,074	30,556
Deferral of revenue	15,080	13,962
Recognition of revenue	(27,514)	(26,020)
Balance, end of period	19,640	18,498
Communications | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	3,232	2,551
Deferral of revenue	9,927	8,266
Recognition of revenue	(9,745)	(8,061)
Balance, end of period	$ 3,414	$ 2,756

Major Customer (Details)

Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Great Lakes Educational Loan Service
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 46,400	$ 47,100
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue	38,650	39,640
Government servicing - Nelnet | Customer concentration risk
Concentration Risk [Line Items]
Revenue	$ 38,700	$ 39,600

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Fair value	$ 83,310	$ 65,601
Total assets	83,310	65,601
Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	57,044	52,597
Equity securities
Financial assets:
Fair value	6	6
Equity securities measured at net asset value
Financial assets:
Fair value	26,157	12,894
Debt securities - available-for-sale
Financial assets:
Fair value	103	104
Level 1
Financial assets:
Fair value	109	110
Total assets	109	110
Level 1 | Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	0	0
Level 1 | Equity securities
Financial assets:
Fair value	6	6
Level 1 | Debt securities - available-for-sale
Financial assets:
Fair value	103	104
Level 2
Financial assets:
Fair value	57,044	52,597
Total assets	57,044	52,597
Level 2 | Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	57,044	52,597
Level 2 | Equity securities
Financial assets:
Fair value	0	0
Level 2 | Debt securities - available-for-sale
Financial assets:
Fair value	$ 0	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Financial assets:
Loans receivable	$ 21,158,208	$ 21,402,868
Accrued loan interest receivable	766,773	733,497
Cash and cash equivalents	204,844	133,906	$ 74,881	$ 121,347
Investments (at fair value)	253,939	247,099
Restricted cash - due to customers	219,905	437,756	$ 216,471	$ 369,678
Financial liabilities:
Accrued interest payable	43,874	47,285
Due to customers	219,905	437,756
Fair value
Financial assets:
Loans receivable	19,725,479	21,477,630
Accrued loan interest receivable	766,773	733,497
Cash and cash equivalents	204,844	133,906
Investments (at fair value)	83,310	65,601
Beneficial interest in loan securitizations	37,193	33,258
Restricted cash	675,589	650,939
Restricted cash - due to customers	219,905	437,756
Financial liabilities:
Bonds and notes payable	18,661,338	20,479,095
Accrued interest payable	43,874	47,285
Due to customers	219,905	437,756
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	204,844	133,906
Investments (at fair value)	109	110
Beneficial interest in loan securitizations	0	0
Restricted cash	675,589	650,939
Restricted cash - due to customers	219,905	437,756
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	219,905	437,756
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	766,773	733,497
Cash and cash equivalents	0	0
Investments (at fair value)	57,044	52,597
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	18,661,338	20,479,095
Accrued interest payable	43,874	47,285
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	19,725,479	21,477,630
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Beneficial interest in loan securitizations	37,193	33,258
Restricted cash	0	0
Restricted cash - due to customers	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	20,391,435	20,669,371
Accrued loan interest receivable	766,773	733,497
Cash and cash equivalents	204,844	133,906
Investments (at fair value)	83,310	65,601
Beneficial interest in loan securitizations	37,193	33,187
Restricted cash	675,589	650,939
Restricted cash - due to customers	219,905	437,756
Financial liabilities:
Bonds and notes payable	20,466,730	20,529,054
Accrued interest payable	43,874	47,285
Due to customers	$ 219,905	$ 437,756

Uncategorized Items - nni-20200

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (18,867,000)
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	(18,867,000)
Noncontrolling Interest [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (6,077,000)