Nelnet (NNI) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,152,828
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,171,609

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $209,445 and $61,914, respectively)	$ 20,460,873	$ 21,402,868
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	14,242	13,922
Cash and cash equivalents - held at a related party	53,298	119,984
Total cash and cash equivalents	67,540	133,906
Investments	449,700	247,099
Restricted cash	585,236	650,939
Restricted cash - due to customers	268,539	437,756
Accounts receivable (net of allowance for doubtful accounts of $3,901 and $4,455, respectively)	73,783	115,391
Goodwill	156,912	156,912
Intangible assets, net	66,733	81,532
Property and equipment, net	350,043	348,259
Other assets	131,849	134,308
Total assets	22,611,208	23,708,970
Liabilities:
Bonds and notes payable	19,726,158	20,529,054
Accrued interest payable	32,760	47,285
Other liabilities	242,965	303,781
Due to customers	268,539	437,756
Total liabilities	20,270,422	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	1,867	5,715
Retained earnings	2,331,312	2,377,627
Accumulated other comprehensive earnings	3,233	2,972
Total Nelnet, Inc. shareholders' equity	2,336,796	2,386,712
Noncontrolling interests	3,990	4,382
Total equity	2,340,786	2,391,094
Total liabilities and equity	22,611,208	23,708,970
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $209,445 and $61,914, respectively)	20,488,321	21,399,382
Cash and cash equivalents:
Restricted cash	567,064	639,816
Other assets	30	31
Liabilities:
Bonds and notes payable	19,856,362	20,742,798
Other liabilities	97,523	162,494
Common stock:
Net assets of consolidated education and other lending variable interest entities	1,101,530	1,133,937
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,232,836 shares and 28,458,495 shares, respectively
Common stock:
Common stock	272	285
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,171,609 shares and 11,271,609 shares, respectively
Common stock:
Common stock	$ 112	$ 113

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses	$ 209,445	$ 61,914
Allowance for doubtful accounts	$ 3,901	$ 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)	27,232,836	28,458,495
Shares outstanding (in shares)	27,232,836	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)	11,171,609	11,271,609
Shares outstanding (in shares)	11,171,609	11,271,609

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest income:
Loan interest	$ 146,140	$ 238,222	$ 327,933	$ 480,555
Investment interest	5,743	8,566	13,141	16,819
Total interest income	151,883	246,788	341,074	497,374
Interest expense:
Interest on bonds and notes payable	85,248	186,963	219,366	378,733
Net interest income	66,635	59,825	121,708	118,641
Less provision for loan losses	2,999	9,000	79,297	16,000
Net interest income after provision for loan losses	63,636	50,825	42,411	102,641
Other income/expense:
Gain on sale of loans	0	1,712	18,206	1,712
Other income	60,127	14,440	68,408	23,507
Impairment expense	(332)	0	(34,419)	0
Derivative market value adjustments and derivative settlements, net	1,910	(24,088)	(14,455)	(35,628)
Total other income/expense	251,049	182,149	441,676	388,276
Cost of services:
Cost of services	21,119	20,972	49,506	46,790
Operating expenses:
Salaries and benefits	119,247	111,214	239,125	222,272
Depreciation and amortization	29,393	24,484	57,041	48,697
Other expenses	37,052	45,417	80,439	89,233
Total operating expenses	185,692	181,115	376,605	360,202
Income before income taxes	107,874	30,887	57,976	83,925
Income tax expense	21,264	6,209	11,131	17,600
Net income	86,610	24,678	46,845	66,325
Net income attributable to noncontrolling interests	(128)	(59)	(895)	(115)
Net income attributable to Nelnet, Inc.	$ 86,482	$ 24,619	$ 45,950	$ 66,210
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 2.21	$ 0.61	$ 1.16	$ 1.65
Weighted average common shares outstanding - basic and diluted (in shares)	39,203,404	40,050,065	39,579,459	40,210,787
Loan servicing and systems
Other income/expense:
Revenue	$ 111,042	$ 113,985	$ 223,778	$ 228,883
Education technology, services, and payment processing
Other income/expense:
Revenue	59,304	60,342	142,979	139,502
Cost of services:
Cost of services	15,376	15,871	38,181	36,930
Communications services
Other income/expense:
Revenue	18,998	15,758	37,179	30,300
Cost of services:
Cost of services	$ 5,743	$ 5,101	$ 11,325	$ 9,860

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 86,610	$ 24,678	$ 46,845	$ 66,325
Available-for-sale securities:
Unrealized holding gains (losses) arising during period, net	3,236	(537)	221	(972)
Reclassification adjustment for (gains) losses recognized in net income, net	(112)	0	123	0
Income tax effect	(750)	129	(83)	233
Total other comprehensive income (loss)	2,374	(408)	261	(739)
Comprehensive income	88,984	24,270	47,106	65,586
Comprehensive income attributable to noncontrolling interests	(128)	(59)	(895)	(115)
Comprehensive income attributable to Nelnet, Inc.	$ 88,856	$ 24,211	$ 46,211	$ 65,471

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Preferred stock	Common stockCommon Class A	Common stockCommon Class B	Additional paid-in capital	Retained earnings	Retained earningsCumulative Effect, Period Of Adoption, Adjustment	Accumulated other comprehensive (loss) earnings	Noncontrolling interests	Noncontrolling interestsCumulative Effect, Period Of Adoption, Adjustment
Balance (in shares) at Dec. 31, 2018			0	28,798,464	11,459,641
Balance at Dec. 31, 2018	$ 2,314,779	$ (6,077)	$ 0	$ 288	$ 115	$ 622	$ 2,299,556		$ 3,883	$ 10,315	$ (6,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	52									52
Net income	66,325						66,210			115
Other comprehensive loss	(739)								(739)
Distribution to noncontrolling interests	(113)									(113)
Cash dividend on Class A and Class B common stock	(14,403)						(14,403)
Issuance of common stock, net of forfeitures (in shares)				141,529
Issuance of common stock, net of forfeitures	3,877			$ 1		3,876
Compensation expense for stock based awards	2,958					2,958
Repurchase of common stock (in shares)				(720,467)
Repurchase of common stock	(40,041)			$ (7)		(5,786)	(34,248)
Conversion of common stock (in shares)				180,000	180,000
Conversion of common stock	0			$ 2	$ 2
Balance (in shares) at Jun. 30, 2019			0	28,399,526	11,279,641
Balance at Jun. 30, 2019	2,326,618		$ 0	$ 284	$ 113	1,670	2,317,115		3,144	4,292
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26									26
Net income	24,678						24,619			59
Other comprehensive loss	(408)								(408)
Distribution to noncontrolling interests	(91)									(91)
Cash dividend on Class A and Class B common stock	(7,172)						(7,172)
Issuance of common stock, net of forfeitures (in shares)				10,138
Issuance of common stock, net of forfeitures	1,384					1,384
Compensation expense for stock based awards	1,590					1,590
Repurchase of common stock (in shares)				(419,140)
Repurchase of common stock	(23,683)			$ (4)		(1,940)	(21,739)
Conversion of common stock (in shares)				180,000	(180,000)
Conversion of common stock	0			$ 2	$ (2)
Balance (in shares) at Jun. 30, 2019			0	28,399,526	11,279,641
Balance at Jun. 30, 2019	2,326,618		$ 0	$ 284	$ 113	1,670	2,317,115		3,144	4,292
Balance (in shares) at Dec. 31, 2019			0	28,458,495	11,271,609
Balance at Dec. 31, 2019	2,391,094	$ (18,867)	$ 0	$ 285	$ 113	5,715	2,377,627	$ (18,867)	2,972	4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	52									52
Net income	46,845						45,950			895
Other comprehensive loss	261								261
Distribution to noncontrolling interests	(589)									(589)
Cash dividend on Class A and Class B common stock	(15,679)						(15,679)
Issuance of common stock, net of forfeitures (in shares)				172,275
Issuance of common stock, net of forfeitures	4,601			$ 1		4,600
Compensation expense for stock based awards	3,595					3,595
Repurchase of common stock (in shares)				(1,497,934)
Repurchase of common stock	(68,527)			$ (15)		(12,043)	(56,469)
Conversion of common stock (in shares)				100,000	100,000
Conversion of common stock				$ 1	$ 1
Acquisition of noncontrolling interest	(2,000)						(1,250)			(750)
Balance (in shares) at Jun. 30, 2020			0	27,232,836	11,171,609
Balance at Jun. 30, 2020	2,340,786		$ 0	$ 272	$ 112	1,867	2,331,312		3,233	3,990
Balance (in shares) at Mar. 31, 2020			0	28,582,032	11,271,609
Balance at Mar. 31, 2020	2,325,800		$ 0	$ 286	$ 113	9,140	2,310,282		859	5,120
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	26									26
Net income	86,610						86,482			128
Other comprehensive loss	2,374								2,374
Distribution to noncontrolling interests	(534)									(534)
Cash dividend on Class A and Class B common stock	(7,733)						(7,733)
Issuance of common stock, net of forfeitures (in shares)				23,853
Issuance of common stock, net of forfeitures	1,660					1,660
Compensation expense for stock based awards	1,857					1,857
Repurchase of common stock (in shares)				(1,473,049)
Repurchase of common stock	(67,274)			$ (15)		(10,790)	(56,469)
Conversion of common stock (in shares)				100,000	(100,000)
Conversion of common stock	0			$ 1	$ (1)
Acquisition of noncontrolling interest	(2,000)						(1,250)			(750)
Balance (in shares) at Jun. 30, 2020			0	27,232,836	11,171,609
Balance at Jun. 30, 2020	$ 2,340,786		$ 0	$ 272	$ 112	$ 1,867	$ 2,331,312		$ 3,233	$ 3,990

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Class A
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.40	$ 0.36
Common Class B
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.40	$ 0.36

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net income attributable to Nelnet, Inc.	$ 45,950	$ 66,210
Net income attributable to noncontrolling interests	895	115
Net income	46,845	66,325
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs	99,282	94,121
Loan discount accretion	(19,196)	(18,806)
Provision for loan losses	79,297	16,000
Derivative market value adjustments	24,513	67,635
Proceeds from termination of derivative instruments	0	2,119
Payments to clearinghouse - initial and variation margin, net	(24,453)	(77,229)
Gain on sale of loans	(18,206)	(1,712)
Gain from investments, net	(48,402)	(2,970)
(Gain) loss on repurchases and extinguishment of debt	(403)	1,801
Deferred income tax benefit	(14,762)	(15,023)
Non-cash compensation expense	3,581	3,138
Impairment expense	34,419	0
Increase in accrued interest receivable	(123,276)	(44,967)
Decrease (increase) in accounts receivable	41,608	(5,972)
Decrease (increase) in other assets, net	22,992	(6,065)
Decrease in the carrying amount of ROU asset	5,948	4,307
Decrease in accrued interest payable	(14,525)	(5,208)
Decrease in other liabilities	(26,817)	(504)
Decrease in the carrying amount of lease liability	(4,829)	(4,164)
Decrease in due to customers	(169,217)	(90,661)
Net cash used in operating activities	(105,601)	(17,835)
Cash flows from investing activities:
Purchases of loans	(872,987)	(997,123)
Purchases of loans from a related party	(75,118)	(32,580)
Net proceeds from loan repayments, claims, and capitalized interest	1,800,286	1,889,084
Proceeds from sale of loans	90,465	42,215
Purchases of available-for-sale securities	(112,675)	(1,010)
Proceeds from sales of available-for-sale securities	23,372	192
Proceeds from beneficial interest in loan securitizations	21,765	968
Purchases of other investments	(117,598)	(26,314)
Proceeds from other investments	6,770	23,763
Purchases of property and equipment	(46,994)	(43,715)
Net cash provided by investing activities	717,286	855,480
Cash flows from financing activities:
Payments on bonds and notes payable	(2,073,710)	(2,007,483)
Proceeds from issuance of bonds and notes payable	1,252,360	1,092,186
Payments of debt issuance costs	(5,863)	(5,515)
Payments to extinguish debt	0	(1,394)
Dividends paid	(15,679)	(14,403)
Repurchases of common stock	(68,527)	(40,041)
Proceeds from issuance of common stock	781	724
Acquisition of noncontrolling interest	(2,000)	0
Distribution to noncontrolling interests	(333)	(113)
Net cash used in financing activities	(912,971)	(976,039)
Net decrease in cash, cash equivalents, and restricted cash	(301,286)	(138,394)
Cash, cash equivalents, and restricted cash, beginning of period	1,222,601	1,192,391
Cash, cash equivalents, and restricted cash, end of period	921,315	1,053,997
Supplemental disclosures of cash flow information:
Cash disbursements made for interest	209,170	354,902
Cash disbursements made for income taxes, net of refunds and credits received	7,949	11,529
Cash disbursements made for operating leases	5,442	4,792
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations	3,265	3,298
Receipt of beneficial interest in consumer loan securitizations	38,490	7,921
Distribution to noncontrolling interest	33	0
Cash and cash equivalents:
Cash, cash equivalents, and restricted cash	$ 1,222,601	$ 1,053,997

Basis of Financial Reporting

Basis of Financial Reporting	6 Months Ended
	Jun. 30, 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 June 30, 2020 and for the three and six months ended June 30, 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 and six months ended June 30, 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 Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include: • Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and • Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income. 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. 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 The Company adopted ASC 326 using the prospective transition approach for loans receivable purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI"). In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the unamortized cost basis of the PCD assets were adjusted to reflect the addition of $32.4 million in the allowance for loan losses (as reflected in the table above). The remaining noncredit premium on these loans as of January 1, 2020 (based on the adjusted amortized cost basis) will be amortized into interest income over the life of the loans. Changes to the allowance for loan losses on these loans after adoption are recorded through provision expense. Summary of Significant Accounting Policies Affected by Implementation of ASC 326 Allowance for Loan Losses The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date. The Company aggregates loans with similar risk characteristics into homogeneous pools to estimate its expected credit losses. The Company continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change. The Company determines its estimated credit losses for the following financial assets as follows: Loans receivable Management has determined that the federally insured, private education, and consumer loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 2 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables. The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer loan portfolio. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, in general, the Company can reasonably estimate expected losses that incorporate current and forecasted economic conditions up to a one-year period. After this "reasonable and supportable" period, the Company uses a reversion period to the Company's actual long-term historical loss experience over a full economic life cycle. Historical credit loss experience provides the basis for the estimation of expected credit losses. Qualitative and quantitative adjustments to historical loss information are made separately on each of the Company’s federally insured, private education, and consumer loan portfolios. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s federally insured loan portfolio: loans in repayment versus those in nonpaying status; delinquency status; trends in defaults in the portfolio based on Company and industry data; past experience; trends in student loan claims rejected for payment by guarantors; changes in federal student loan programs; current economic conditions, including changes in unemployment rates; and other relevant qualitative factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s private education loans: loans in repayment versus those in a nonpaying status; delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions, including changes in unemployment rates and gross domestic product growth; and other relevant qualitative factors. The Company places private education loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days past due. Collections, if any, are reflected as a recovery through the allowance for loan losses. Qualitative and quantitative adjustments related to current conditions and a reasonable and supportable forecast period consider all of the following for the Company's consumer loans: delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions; and other relevant qualitative factors. The Company places consumer loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses. Purchased Loans Receivable with Credit Deterioration (“PCD”) The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Loan Accrued Interest Receivable The Company has elected to present its loan accrued interest receivable balance combined in its consolidated balance sheets with the loans receivable amortized cost balance. For the Company’s federally insured loan portfolio, the Company has elected to measure an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses. For the Company’s private education and consumer loan portfolios, the Company has elected not to measure an allowance for credit losses for accrued interest receivables. For private education and consumer loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 Federally insured student loans: Stafford and other $ 4,439,492 4,684,314 Consolidation 14,948,379 15,644,229 Total 19,387,871 20,328,543 Private education loans 293,218 244,258 Consumer loans 149,308 225,918 19,830,397 20,798,719 Accrued interest receivable 856,880 733,497 Loan discount, net of unamortized loan premiums and deferred origination costs (16,959) (35,036) Non-accretable discount — (32,398) Allowance for loan losses: Federally insured loans (144,829) (36,763) Private education loans (25,535) (9,597) Consumer loans (39,081) (15,554) $ 20,460,873 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. Subsequent to June 30, 2020, the Company made the decision to sell an additional $60.8 million (par value) of consumer loans to an unrelated third party who securitized such loans. As of June 30, 2020, these loans were classified as held for investment and are included in the table above. As partial consideration received for the consumer loans sold, the Company received a 25.4 percent residual interest in the consumer loan securitization. The Company currently anticipates recognizing a gain in the third quarter of 2020 of $14.8 million (pre-tax) from the sale of those loans. 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 June 30, 2020 Federally insured loans $ 146,759 — (1,950) (6,080) — 6,100 — 144,829 Private education loans 23,056 — 2,322 (26) 183 — — 25,535 Consumer loans 39,053 — 2,627 (2,820) 221 — — 39,081 $ 208,868 — 2,999 (8,926) 404 6,100 — 209,445 Three months ended June 30, 2019 Federally insured loans $ 40,934 — 2,000 (3,878) — — — 39,056 Private education loans 10,587 — — (588) 158 — — 10,157 Consumer loans 10,257 — 7,000 (2,652) 273 — (1,500) 13,378 $ 61,778 — 9,000 (7,118) 431 — (1,500) 62,591 Six months ended June 30, 2020 Federally insured loans $ 36,763 72,291 37,373 (12,398) — 10,800 — 144,829 Private education loans 9,597 4,797 12,121 (1,355) 375 — — 25,535 Consumer loans 15,554 13,926 29,803 (7,170) 468 — (13,500) 39,081 $ 61,914 91,014 79,297 (20,923) 843 10,800 (13,500) 209,445 Six months ended June 30, 2019 Federally insured loans $ 42,310 — 4,000 (7,254) — — — 39,056 Private education loans 10,838 — — (1,070) 389 — — 10,157 Consumer loans 7,240 — 12,000 (4,658) 296 — (1,500) 13,378 $ 60,388 — 16,000 (12,982) 685 — (1,500) 62,591 a) During the three and six months ended June 30, 2020, the Company acquired $292.7 million (par value) and $583.9 million (par value), respectively, 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 $6.1 million and $10.8 million, respectively, 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. The Company's provision expense for the three months ended June 30, 2020 was also impacted by the Company's estimate of certain improved economic conditions as of June 30, 2020 than what was used by the Company to determine the allowance for loan losses as of March 31, 2020. These improved economic conditions were partially offset by the Company extending its reversion period (to the Company's actual long-term historical loss experience) as of June 30, 2020, as the Company currently believes the economy will take longer to recover from the COVID-19 pandemic than what was originally estimated as of March 31, 2020. The Company's total allowance for loan losses of $209.4 million at June 30, 2020 represents reserves equal to 0.7% of the Company's federally insured loans (or 29.1% of the risk sharing component of the loans that is not covered by the federal guaranty), 8.7% of the Company's private education loans, and 26.2% of the Company's consumer loans. Loan Status and Delinquencies The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts. As of June 30, 2020 As of December 31, 2019 As of June 30, 2019 Federally insured loans: Loans in-school/grace/deferment $ 936,746 4.8 % $ 1,074,678 5.3 % $ 1,222,021 5.8 % Loans in forbearance 5,370,466 27.7 1,339,821 6.6 1,420,120 6.7 Loans in repayment status: Loans current 12,984,175 99.3 % 15,410,993 86.0 % 16,055,368 86.7 % Loans delinquent 31-60 days 2,057 — 650,796 3.6 677,113 3.7 Loans delinquent 61-90 days 165 — 428,879 2.4 443,988 2.4 Loans delinquent 91-120 days 23 — 310,851 1.7 269,688 1.5 Loans delinquent 121-270 days 101 — 812,107 4.5 755,093 4.1 Loans delinquent 271 days or greater 94,138 0.7 300,418 1.8 310,741 1.6 Total loans in repayment 13,080,659 67.5 100.0 % 17,914,044 88.1 100.0 % 18,511,991 87.5 100.0 % Total federally insured loans 19,387,871 100.0 % 20,328,543 100.0 % 21,154,132 100.0 % Accrued interest receivable 853,473 730,059 720,887 Loan discount, net of unamortized premiums and deferred origination costs (19,116) (35,822) (38,808) Non-accretable discount (a) — (28,036) (28,527) Allowance for loan losses (144,829) (36,763) (39,056) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 20,077,399 $ 20,957,981 $ 21,768,628 Private education loans: Loans in-school/grace/deferment $ 3,971 1.3 % $ 4,493 1.8 % $ 3,912 2.0 % Loans in forbearance 21,890 7.5 3,108 1.3 1,143 0.6 Loans in repayment status: Loans current 265,720 99.4 % 227,013 95.9 % 183,414 94.7 % Loans delinquent 31-60 days 680 0.2 2,814 1.2 3,491 1.8 Loans delinquent 61-90 days 244 0.1 1,694 0.7 1,658 0.9 Loans delinquent 91 days or greater 713 0.3 5,136 2.2 5,134 2.6 Total loans in repayment 267,357 91.2 100.0 % 236,657 96.9 100.0 % 193,697 97.4 100.0 % Total private education loans 293,218 100.0 % 244,258 100.0 % 198,752 100.0 % Accrued interest receivable 1,961 1,558 1,113 Loan premium, net of unaccreted discount 813 46 (880) Non-accretable discount (a) — (4,362) (5,008) Allowance for loan losses (25,535) (9,597) (10,157) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,457 $ 231,903 $ 183,820 Consumer loans: Loans in deferment $ 3,274 2.2 % $ — $ — Loans in repayment status: Loans current 142,540 97.6 % 220,404 97.5 % 234,944 98.8 % Loans delinquent 31-60 days 938 0.7 2,046 0.9 1,254 0.5 Loans delinquent 61-90 days 1,078 0.7 1,545 0.7 824 0.3 Loans delinquent 91 days or greater 1,478 1.0 1,923 0.9 930 0.4 Total loans in repayment 146,034 97.8 100.0 % 225,918 100.0 % 237,952 100.0 % Total consumer loans 149,308 100.0 % 225,918 237,952 Accrued interest receivable 1,446 1,880 1,846 Loan premium 1,344 740 736 Allowance for loan losses (39,081) (15,554) (13,378) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 113,017 $ 212,984 $ 227,156 (a) Upon adoption of ASC 326 on January 1, 2020, the Company reclassified the non-accretable discount balance related to loans purchased with evidence of credit deterioration to allowance for loan losses. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. The CARES Act, among other things, provides broad relief, effective March 13, 2020 through September 30, 2020, for borrowers that have student loans owned by the Department of Education (the "Department"). This relief package excluded Federal Family Education Loan Program ("FFELP" or "FFEL Program"), private education, and consumer loans. Although the Company's loans are excluded from the provisions of the CARES Act, the Company is providing relief for its borrowers. For the Company's federally insured and private education loans, effective March 13, 2020 through June 30, 2020, the Company proactively applied a 90 day natural disaster forbearance to any loan that was 31-269 days past due (for federally insured loans) and 80 days past due (for private education loans), and to any current loan upon request. Beginning July 1, 2020, the Company discontinued proactively applying 90 day natural disaster forbearances on past due loans. However, the Company will continue to apply a natural disaster forbearance with an end date of September 30, 2020, to any federally insured and private education loan upon request. In addition, for private education loans, effective March 13, 2020 through September 30, 2020, the Company is delaying final demand letters and default activity, while replacing collection calls with borrower outreach on relief options. For both federally insured and private education loans, effective March 13, 2020 through September 30, 2020, borrower late fees are being waived and borrower payments made after March 13, 2020 are refunded upon a borrower's request. For the majority of the Company's consumer loans, borrowers are generally being offered, upon request and/or documented evidence of financial distress, a two-month deferral of payments, with an option of additional deferrals if the COVID-19 pandemic continues. In addition, effective March 13, 2020 through September 30, 2020, the majority of fees (non-sufficient funds, late charges, check fees) and credit bureau reporting are currently suspended. The specific relief terms on the Company's consumer loan portfolio vary depending on the loan program and servicer of such loans. The Company will continue to review whether additional and/or extended borrower relief policies and activities are needed. Nonaccrual Status The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2019 and June 30, 2020, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of June 30, 2020 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Six months ended June 30, 2020 2019 2018 2017 2016 Prior Years Total Private education loans: Loans in school/grace/deferment $ — 386 — — 405 3,180 3,971 Loans in forbearance — 6,947 169 — 641 14,133 21,890 Loans in repayment status: Loans current 32,868 90,929 1,021 — 5,638 135,264 265,720 Loans delinquent 31-60 days — 59 — — — 621 680 Loans delinquent 61-90 days — — — — — 244 244 Loans delinquent 91 days or greater — — — — — 713 713 Total loans in repayment 32,868 90,988 1,021 — 5,638 136,842 267,357 Total private education loans $ 32,868 98,321 1,190 — 6,684 154,155 293,218 Accrued interest receivable 1,961 Loan premium, net of unaccreted discount 813 Allowance for loan losses (25,535) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,457 Consumer loans: Loans in deferment $ — 1,352 1,893 29 — — 3,274 Loans in repayment status: Loans current 76,002 29,953 31,955 4,630 — — 142,540 Loans delinquent 31-60 days 349 348 178 63 — — 938 Loans delinquent 61-90 days 289 447 297 45 — — 1,078 Loans delinquent 91 days or greater 211 652 586 29 — — 1,478 Total loans in repayment 76,851 31,400 33,016 4,767 — — 146,034 Total consumer loans $ 76,851 32,752 34,909 4,796 — — 149,308 Accrued interest receivable 1,446 Loan premium 1,344 Allowance for loan losses (39,081) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 113,017

Bonds and Notes Payable

Bonds and Notes Payable	6 Months Ended
	Jun. 30, 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 June 30, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,838,950 0.39% - 2.08% 5/27/25 - 3/26/68 Bonds and notes based on auction 757,925 0.36% - 2.69% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 18,596,875 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 760,063 1.83% - 3.45% 10/25/67 / 4/25/68 FFELP warehouse facilities 201,126 0.79% / 0.93% 11/22/21 / 2/26/23 Private education loan warehouse facility 107,355 0.95% 2/13/22 Consumer loan warehouse facility 73,571 0.83% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 59,811 1.65% / 1.93% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 42,942 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 30,000 1.69% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 3.55% 9/15/61 Other borrowings 91,702 0.86% / 1.93% 5/4/21 / 5/30/22 19,983,826 Discount on bonds and notes payable and debt issuance costs (257,668) Total $ 19,726,158 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 June 30, 2020, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 300,000 250,000 550,000 Amount outstanding 102,387 98,739 201,126 Amount available $ 197,613 151,261 348,874 Expiration of liquidity provisions November 20, 2020 February 26, 2021 Final maturity date November 22, 2021 February 26, 2023 Advanced as equity support $ 7,346 8,683 16,029 (a) On May 20, 2020, the Company decreased the maximum financing amount for this warehouse facility to $300 million, extended the expiration of liquidity provisions to November 20, 2020, and extended the maturity date to November 22, 2021. (b) On May 29, 2020, the Company decreased the maximum financing amount for this warehouse facility to $250 million, extended the expiration of liquidity provisions to February 26, 2021, and extended the maturity date to February 26, 2023. Asset-Backed Securitizations The following table summarizes the asset-backed securitization transactions completed during the first six 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 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 80 to 90 percent, liquidity provisions through February 13, 2021, and a final maturity date of February 13, 2022. As of June 30, 2020, $107.4 million was outstanding under this warehouse facility and $92.6 million was available for future funding. Additionally, as of June 30, 2020, the Company had $12.4 million advanced as equity support under this facility. 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 June 30, 2020, $73.6 million was outstanding under this warehouse facility and $126.4 million was available for future funding. Additionally, as of June 30, 2020, the Company had $24.7 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 June 30, 2020, $30.0 million was outstanding on the line of credit and $425.0 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. Other Borrowings During the second quarter of 2020, the Company entered into an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loan asset-backed securities. As of June 30, 2020, $86.7 million of student loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 2020 December 31, 2019 2020 $ — 1,000,000 2021 250,000 250,000 2022 2,000,000 2,000,000 (a) 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 6,150,000 7,150,000 (a) $750 million of the notional amount of these derivatives had forward effective start dates in May 2020. The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2020 and December 31, 2019 was one-month LIBOR plus 9.1 basis points and 9.7 basis points, respectively. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of June 30, 2020 As of December 31, 2019 Maturity Notional amount Weighted average fixed rate paid by the Company (a)(d) Notional amount Weighted average fixed rate paid by the Company (a) 2020 $ — — % $ 1,500,000 1.01 % 2021 600,000 2.15 600,000 2.15 2022 (b) 500,000 0.94 250,000 1.65 2023 (c) 400,000 1.00 150,000 2.25 $ 1,500,000 1.44 % $ 2,500,000 1.42 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at December 31, 2019 and June 30, 2020 have forward effective start dates in June 2021 and $250.0 million of derivatives entered into in May 2020 have forward effective start dates in August 2020. (c) $250.0 million of derivatives entered into in May 2020 have forward effective start dates in July 2020. (d) Excluding the derivatives with forward effective start dates, the weighted average fixed rate paid by the Company as of June 30, 2020, on its $750.0 million floor income derivative portfolio was 2.17%. 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 June 30, 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 Income The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Settlements: 1:3 basis swaps $ 7,129 807 9,242 3,140 Interest rate swaps - floor income hedges (1,308) 12,165 816 28,867 Total settlements - income (expense) 5,821 12,972 10,058 32,007 Change in fair value: 1:3 basis swaps (2,872) 4 (1,314) (2,209) Interest rate swaps - floor income hedges (1,039) (36,851) (23,199) (63,563) Interest rate swap options - floor income hedges — (88) — (1,464) Interest rate caps — (125) — (399) Total change in fair value - income (expense) (3,911) (37,060) (24,513) (67,635) Derivative market value adjustments and derivative settlements, net - income (expense) $ 1,910 (24,088) (14,455) (35,628)

Investments

Investments	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Investments	Investments A summary of the Company's investments follows: As of June 30, 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) $ 137,970 4,571 (316) 142,225 48,790 3,911 — 52,701 Equity securities 27,291 5,345 (2,664) 29,972 9,622 4,561 (1,283) 12,900 Total investments (at fair value) $ 165,261 9,916 (2,980) 172,197 58,412 8,472 (1,283) 65,601 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 143,224 72,760 Equity method 14,906 15,379 Other 539 1,301 Total venture capital and funds 158,669 89,440 Real estate and solar: Equity method 55,611 51,721 Other 856 867 Total real estate and solar 56,467 52,588 Beneficial interest in federally insured loan securitizations (b) 32,396 — Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $24,837 as of June 30, 2020 (b) 24,676 33,187 Tax liens and affordable housing 5,295 6,283 Total investments (not measured at fair value) 277,503 181,498 Total investments $ 449,700 $ 247,099 (a) As of June 30, 2020, $86.7 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings." (b) During 2020, the Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to June 30, 2020, the Company's ownership correlates to approximately $545 million and $270 million of federally insured and consumer loans, respectively, included in these securitizations. Investment in Agile Sports Technologies, Inc. (doing business as "Hudl") On May 20, 2020, the Company made an additional equity investment of approximately $26 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2020 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of Hudl’s equity raise, the Company recognized a $51.0 million (pre-tax) gain during the three months ended June 30, 2020 to adjust its carrying value to reflect the May 20, 2020 transaction value. This gain is included in "other income" on the consolidated statements of income. David S. Graff, who has served on the Company’s Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. 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. During the three months ended June 30, 2020, the Company recorded a $0.3 million (pre-tax) impairment charge related to a real estate investment. No additional impairment charges were considered necessary by the Company as of June 30, 2020.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 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 June 30, 2020 (months) As of As of June 30, 2020 December 31, 2019 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $73,827 and $60,553, respectively) 81 $ 58,626 71,900 Trade names (net of accumulated amortization of $3,334 and $2,792, respectively) 71 6,936 7,478 Computer software (net of accumulated amortization of $4,216 and $3,233, respectively) 8 1,171 2,154 Total - amortizable intangible assets, net 78 $ 66,733 81,532 The Company recorded amortization expense on its intangible assets of $7.4 million and $8.3 million during the three months ended June 30, 2020 and 2019, respectively, and $14.8 million and $16.8 million during the six months ended June 30, 2020 and 2019, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2020, the Company estimates it will record amortization expense as follows: 2020 (July 1 - December 31) $ 16,011 2021 19,687 2022 6,431 2023 6,184 2024 5,771 2025 and thereafter 12,649 $ 66,733

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2020
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of December 31, 2019 and June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 Non-communications: Computer equipment and software 1-5 years $ 177,513 160,319 Building and building improvements 5-48 years 38,883 37,904 Office furniture and equipment 1-10 years 22,049 21,245 Leasehold improvements 1-15 years 9,080 9,517 Transportation equipment 5-10 years 5,032 5,049 Land — 1,400 1,400 Construction in progress — 21,070 13,738 275,027 249,172 Accumulated depreciation - non-communications (162,981) (142,270) Non-communications, net property and equipment 112,046 106,902 Communications: Network plant and fiber 4-15 years 265,189 254,560 Customer located property 2-4 years 29,976 27,011 Central office 5-15 years 19,011 17,672 Transportation equipment 4-10 years 6,895 6,611 Computer equipment and software 1-5 years 6,064 5,574 Other 1-39 years 3,737 3,702 Land — 70 70 Construction in progress — 1,620 54 332,562 315,254 Accumulated depreciation - communications (94,565) (73,897) Communications, net property and equipment 237,997 241,357 Total property and equipment, net $ 350,043 348,259 The Company recorded depreciation expense on its property and equipment of $22.0 million and $16.2 million during the three months ended June 30, 2020 and 2019, respectively, and $42.3 million and $31.9 million during the six months ended June 30, 2020 and 2019, respectively.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 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 June 30, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 85,243 1,239 86,482 24,292 327 24,619 Denominator: Weighted-average common shares outstanding - basic and diluted 38,641,794 561,610 39,203,404 39,518,652 531,413 40,050,065 Earnings per share - basic and diluted $ 2.21 2.21 2.21 0.61 0.61 0.61 Six months ended June 30, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 45,305 645 45,950 65,346 864 66,210 Denominator: Weighted-average common shares outstanding - basic and diluted 39,023,624 555,835 39,579,459 39,685,958 524,829 40,210,787 Earnings per share - basic and diluted $ 1.16 1.16 1.16 1.65 1.65 1.65

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 52 420 — 150,583 1,196 (368) 151,883 Interest expense 28 21 — 84,489 1,078 (368) 85,248 Net interest income (expense) 24 399 — 66,094 118 — 66,635 Less provision for loan losses — — — 2,999 — — 2,999 Net interest income after provision for loan losses 24 399 — 63,095 118 — 63,636 Other income/expense: Loan servicing and systems revenue 111,042 — — — — — 111,042 Intersegment revenue 8,537 3 — — — (8,540) — Education technology, services, and payment processing revenue — 59,304 — — — — 59,304 Communications revenue — — 18,998 — — — 18,998 Gain on sale of loans — — — — — — — Other income 1,914 — 392 732 57,089 — 60,127 Impairment expense — — — — (332) — (332) Derivative settlements, net — — — 5,821 — — 5,821 Derivative market value adjustments, net — — — (3,911) — — (3,911) Total other income/expense 121,493 59,307 19,390 2,642 56,757 (8,540) 251,049 Cost of services: Cost to provide education technology, services, and payment processing services — 15,376 — — — — 15,376 Cost to provide communications services — — 5,743 — — — 5,743 Total cost of services — 15,376 5,743 — — — 21,119 Operating expenses: Salaries and benefits 68,401 24,522 5,570 421 20,334 — 119,247 Depreciation and amortization 9,142 2,362 10,824 — 7,065 — 29,393 Other expenses 13,380 2,326 3,774 4,863 12,710 — 37,052 Intersegment expenses, net 15,996 3,429 536 9,055 (20,476) (8,540) — Total operating expenses 106,919 32,639 20,704 14,339 19,633 (8,540) 185,692 Income (loss) before income taxes 14,598 11,691 (7,057) 51,398 37,242 — 107,874 Income tax (expense) benefit (3,504) (2,806) 1,694 (12,336) (4,312) — (21,264) Net income (loss) 11,094 8,885 (5,363) 39,062 32,930 — 86,610 Net income attributable to noncontrolling interests — — — — (128) — (128) Net income (loss) attributable to Nelnet, Inc. $ 11,094 8,885 (5,363) 39,062 32,802 — 86,482 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 732,994 (132,500) 22,611,208 Three months ended June 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 550 1,659 1 243,295 2,258 (974) 246,788 Interest expense 19 11 — 184,035 3,872 (974) 186,963 Net interest income (expense) 531 1,648 1 59,260 (1,614) — 59,825 Less provision for loan losses — — — 9,000 — — 9,000 Net interest income after provision for loan losses 531 1,648 1 50,260 (1,614) — 50,825 Other income/expense: Loan servicing and systems revenue 113,985 — — — — — 113,985 Intersegment revenue 11,598 — — — — (11,598) — Education technology, services, and payment processing revenue — 60,342 — — — — 60,342 Communications revenue — — 15,758 — — — 15,758 Gain on sale of loans — — — 1,712 — — 1,712 Other income 2,277 — 362 3,176 8,624 — 14,440 Impairment expense — — — — — — — Derivative settlements, net — — — 12,972 — — 12,972 Derivative market value adjustments, net — — — (37,060) — — (37,060) Total other income/expense 127,860 60,342 16,120 (19,200) 8,624 (11,598) 182,149 Cost of services: Cost to provide education technology, services, and payment processing services — 15,871 — — — — 15,871 Cost to provide communications services — — 5,101 — — — 5,101 Total cost of services — 15,871 5,101 — — — 20,972 Operating expenses: Salaries and benefits 66,496 22,823 5,192 382 16,321 — 111,214 Depreciation and amortization 8,799 3,324 7,737 — 4,623 — 24,484 Other expenses 17,118 5,805 3,865 6,207 12,423 — 45,417 Intersegment expenses, net 13,604 3,148 716 11,665 (17,535) (11,598) — Total operating expenses 106,017 35,100 17,510 18,254 15,832 (11,598) 181,115 Income (loss) before income taxes 22,374 11,019 (6,490) 12,806 (8,822) — 30,887 Income tax (expense) benefit (5,370) (2,645) 1,558 (3,074) 3,321 — (6,209) Net income (loss) 17,004 8,374 (4,932) 9,732 (5,501) — 24,678 Net income attributable to noncontrolling interests — — — — (59) — (59) Net income (loss) attributable to Nelnet, Inc. $ 17,004 8,374 (4,932) 9,732 (5,560) — 24,619 Total assets as of June 30, 2019 $ 267,611 336,896 302,873 22,907,234 595,623 (190,437) 24,219,800 Six months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 369 2,411 — 336,509 2,751 (967) 341,074 Interest expense 73 38 — 217,737 2,485 (967) 219,366 Net interest income (expense) 296 2,373 — 118,772 266 — 121,708 Less provision for loan losses — — — 79,297 — — 79,297 Net interest income after provision for loan losses 296 2,373 — 39,475 266 — 42,411 Other income/expense: Loan servicing and systems revenue 223,778 — — — — — 223,778 Intersegment revenue 19,591 14 — — — (19,605) — Education technology, services, and payment processing revenue — 142,979 — — — — 142,979 Communications revenue — — 37,179 — — — 37,179 Gain on sale of loans — — — 18,206 — — 18,206 Other income 4,544 — 745 3,947 59,172 — 68,408 Impairment expense — — — (26,303) (8,116) — (34,419) Derivative settlements, net — — — 10,058 — — 10,058 Derivative market value adjustments, net — — — (24,513) — — (24,513) Total other income/expense 247,913 142,993 37,924 (18,605) 51,056 (19,605) 441,676 Cost of services: Cost to provide education technology, services, and payment processing services — 38,181 — — — — 38,181 Cost to provide communications services — — 11,325 — — — 11,325 Total cost of services — 38,181 11,325 — — — 49,506 Operating expenses: Salaries and benefits 138,894 48,218 10,986 863 40,163 — 239,125 Depreciation and amortization 17,990 4,749 21,330 — 12,972 — 57,041 Other expenses 30,870 8,418 7,463 8,581 25,108 — 80,439 Intersegment expenses, net 32,235 6,756 1,160 20,971 (41,517) (19,605) — Total operating expenses 219,989 68,141 40,939 30,415 36,726 (19,605) 376,605 Income (loss) before income taxes 28,220 39,044 (14,340) (9,545) 14,596 — 57,976 Income tax (expense) benefit (6,773) (9,371) 3,442 2,291 (720) — (11,131) Net income (loss) 21,447 29,673 (10,898) (7,254) 13,876 — 46,845 Net income attributable to noncontrolling interests — — — — (895) — (895) Net income (loss) attributable to Nelnet, Inc. $ 21,447 29,673 (10,898) (7,254) 12,981 — 45,950 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 732,994 (132,500) 22,611,208 Six months ended June 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 1,047 3,676 3 490,162 4,310 (1,824) 497,374 Interest expense 19 19 — 372,834 7,685 (1,824) 378,733 Net interest income (expense) 1,028 3,657 3 117,328 (3,375) — 118,641 Less provision for loan losses — — — 16,000 — — 16,000 Net interest income after provision for loan losses 1,028 3,657 3 101,328 (3,375) — 102,641 Other income/expense: Loan servicing and systems revenue 228,883 — — — — — 228,883 Intersegment revenue 23,815 — — — — (23,815) — Education technology, services, and payment processing revenue — 139,502 — — — — 139,502 Communications revenue — — 30,300 — — — 30,300 Gain on sale of loans — — — 1,712 — — 1,712 Other income 4,350 — 487 6,701 11,969 — 23,507 Impairment expense — — — — — — — Derivative settlements, net — — — 32,007 — — 32,007 Derivative market value adjustments, net — — — (67,635) — — (67,635) Total other income/expense 257,048 139,502 30,787 (27,215) 11,969 (23,815) 388,276 Cost of services: Cost to provide education technology, services, and payment processing services — 36,930 — — — — 36,930 Cost to provide communications services — — 9,860 — — — 9,860 Total cost of services — 36,930 9,860 — — — 46,790 Operating expenses: Salaries and benefits 132,715 45,830 9,929 760 33,038 — 222,272 Depreciation and amortization 17,671 6,835 15,099 — 9,093 — 48,697 Other expenses 36,047 11,116 7,342 10,044 24,685 — 89,233 Intersegment expenses, net 27,362 6,447 1,380 23,952 (35,326) (23,815) — Total operating expenses 213,795 70,228 33,750 34,756 31,490 (23,815) 360,202 Income (loss) before income taxes 44,281 36,001 (12,820) 39,357 (22,896) — 83,925 Income tax (expense) benefit (10,628) (8,640) 3,077 (9,446) 8,037 — (17,600) Net income (loss) 33,653 27,361 (9,743) 29,911 (14,859) — 66,325 Net income attributable to noncontrolling interests — — — — (115) — (115) Net income (loss) attributable to Nelnet, Inc. $ 33,653 27,361 (9,743) 29,911 (14,974) — 66,210 Total assets as of June 30, 2019 $ 267,611 336,896 302,873 22,907,234 595,623 (190,437) 24,219,800

Disaggregated Revenue and Defer

Disaggregated Revenue and Deferred Revenue	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Government servicing - Nelnet $ 37,360 40,459 76,010 80,099 Government servicing - Great Lakes 45,213 45,973 91,660 93,050 Private education and consumer loan servicing 8,196 8,985 16,805 18,465 FFELP servicing 4,917 6,424 10,531 13,119 Software services 10,651 10,021 21,969 19,762 Outsourced services and other 4,705 2,123 6,803 4,388 Loan servicing and systems revenue $ 111,042 113,985 223,778 228,883 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Tuition payment plan services $ 22,947 24,655 54,534 54,829 Payment processing 21,168 21,311 52,910 50,290 Education technology and services 14,927 14,096 34,980 33,805 Other 262 280 555 578 Education technology, services, and payment processing revenue $ 59,304 60,342 142,979 139,502 Communications Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Internet $ 11,930 9,297 23,125 17,726 Television 4,218 4,050 8,440 7,939 Telephone 2,812 2,395 5,502 4,575 Other 38 16 112 60 Communications revenue $ 18,998 15,758 37,179 30,300 Residential revenue $ 14,209 11,890 27,766 22,955 Business revenue 4,619 3,816 9,091 7,230 Other 170 52 322 115 Communications revenue $ 18,998 15,758 37,179 30,300 Other Income The following table provides the components of "other income" on the consolidated statements of income: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gain on investments, net of losses $ 53,151 4,258 49,286 3,831 Management fee revenue 1,914 2,277 4,544 4,350 Investment advisory services 922 731 3,724 1,441 Borrower late fee income 319 3,161 3,506 6,674 Other 3,821 4,013 7,348 7,211 Other income $ 60,127 14,440 68,408 23,507 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 June 30, 2020 Balance, beginning of period $ 2,195 19,640 3,414 1,640 26,889 Deferral of revenue 800 22,340 10,640 879 34,659 Recognition of revenue (880) (22,056) (10,326) (843) (34,105) Balance, end of period $ 2,115 19,924 3,728 1,676 27,443 Three months ended June 30, 2019 Balance, beginning of period $ 3,947 18,498 2,756 1,552 26,753 Deferral of revenue 764 24,770 8,798 841 35,173 Recognition of revenue (1,396) (21,779) (8,474) (782) (32,431) Balance, end of period $ 3,315 21,489 3,080 1,611 29,495 Six months ended June 30, 2020 Balance, beginning of period $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 1,182 37,420 20,567 1,734 60,903 Recognition of revenue (1,779) (49,570) (20,071) (1,686) (73,106) Balance, end of period $ 2,115 19,924 3,728 1,676 27,443 Six months ended June 30, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 1,880 38,732 17,064 1,577 59,253 Recognition of revenue (2,978) (47,799) (16,535) (1,568) (68,880) Balance, end of period $ 3,315 21,489 3,080 1,611 29,495

Major Customer

Major Customer	6 Months Ended
	Jun. 30, 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 $37.4 million and $40.5 million for the three months ended June 30, 2020 and 2019, and $76.0 million and $80.1 million for the six months ended June 30, 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 $45.2 million and $46.0 million for the three months ended June 30, 2020 and 2019, and $91.7 million and $93.1 million for the six months ended June 30, 2020 and 2019, respectively. Nelnet Servicing and Great Lakes' servicing contracts with the Department previously provided for expiration on June 16, 2019. On November 26, 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. The EPS solicitation component was for a 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. The BPO solicitation component is for 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 had been determined to be outside of the competitive range and would 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. On April 27, 2020, the Company filed a supplemental protest challenging a number of bases for the Department's competitive range exclusion of the Company's proposal from the EPS solicitation component. On July 10, 2020, the Department cancelled the solicitation for the EPS component. In its cancellation description, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it will be introducing a new solicitation to continue the NextGen strategy in the future. Based on the Department's cancellation of the EPS procurement, on July 14, 2020, the GAO dismissed the Company's protests as moot. The Company fully intends to compete for the servicing system solution as the Department proceeds with their NextGen strategy. On June 18, 2020, the Company received a letter from the Department notifying the Company that the Company's proposal in response to the BPO solicitation component was determined to be ineligible for award, claiming the Company's response did not meet certain requirements related to small business participation. The Company immediately requested a debriefing regarding the Department's basis for this decision. Prior to providing the Company a debriefing, on June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 13, 2020, the Company filed a protest with the GAO challenging on a number of bases the Department's determination that the Company's BPO response did not meet small business participation requirements. In addition, on July 20, 2020, the Company filed a supplemental protest challenging the Department's decision to proceed with awards of contracts for the BPO component, when it cancelled the EPS component and a new EPS solicitation is expected to be released. On July 24, 2020, the Department provided the Company a debriefing regarding the Department's June 18, 2020 decision to eliminate the Company from the BPO competition. On July 28, 2020, the Company filed a second supplemental protest challenging the Department's BPO decision. Under applicable law, contract awards to other parties for the BPO component are subject to a stay of performance until the protests are resolved. A decision by the GAO is due on or before October 22, 2020. The Company cannot predict the outcome of the current protests regarding the BPO component, or the timing, nature, or ultimate outcome of the Department's NextGen contract procurement process.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2020 As of December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed securities - $ — 142,122 142,122 — 52,597 52,597 Equity securities 6 — 6 6 — 6 Equity securities measured at net asset value (a) 29,966 12,894 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 109 142,122 172,197 110 52,597 65,601 Total assets $ 109 142,122 172,197 110 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 June 30, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,017,543 19,603,993 — — 20,017,543 Accrued loan interest receivable 856,880 856,880 — 856,880 — Cash and cash equivalents 67,540 67,540 67,540 — — Investments (at fair value) 172,197 172,197 109 142,122 — Beneficial interest in loan securitizations 57,072 57,072 — — 57,072 Restricted cash 585,236 585,236 585,236 — — Restricted cash – due to customers 268,539 268,539 268,539 — — Financial liabilities: Bonds and notes payable 19,064,071 19,726,158 — 19,064,071 — Accrued interest payable 32,760 32,760 — 32,760 — Due to customers 268,539 268,539 268,539 — — 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 (P

Basis of Financial Reporting (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2020 and for the three and six months ended June 30, 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 and six months ended June 30, 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	Certain amounts previously reported have been reclassified to conform to the current period presentation. These reclassifications include: • Reclassifying the line item "accrued interest receivable" on the Company's consolidated balance sheet to "loans and accrued interest receivable" and "investments"; and • Reclassifying "gain on sale of loans" that was previously included in "other income" to a new line item on the Company's consolidated statements of income.
New Accounting Standards	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. 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 The Company adopted ASC 326 using the prospective transition approach for loans receivable purchased with credit deterioration ("PCD") that were previously classified as purchased credit impaired ("PCI"). In accordance with the standard, the Company did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the unamortized cost basis of the PCD assets were adjusted to reflect the addition of $32.4 million in the allowance for loan losses (as reflected in the table above). The remaining noncredit premium on these loans as of January 1, 2020 (based on the adjusted amortized cost basis) will be amortized into interest income over the life of the loans. Changes to the allowance for loan losses on these loans after adoption are recorded through provision expense. Summary of Significant Accounting Policies Affected by Implementation of ASC 326 Allowance for Loan Losses The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date. The Company aggregates loans with similar risk characteristics into homogeneous pools to estimate its expected credit losses. The Company continuously evaluates such pooling decisions and adjusts as needed from period to period as risk characteristics change. The Company determines its estimated credit losses for the following financial assets as follows: Loans receivable Management has determined that the federally insured, private education, and consumer loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 2 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables. The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer loan portfolio. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, in general, the Company can reasonably estimate expected losses that incorporate current and forecasted economic conditions up to a one-year period. After this "reasonable and supportable" period, the Company uses a reversion period to the Company's actual long-term historical loss experience over a full economic life cycle. Historical credit loss experience provides the basis for the estimation of expected credit losses. Qualitative and quantitative adjustments to historical loss information are made separately on each of the Company’s federally insured, private education, and consumer loan portfolios. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s federally insured loan portfolio: loans in repayment versus those in nonpaying status; delinquency status; trends in defaults in the portfolio based on Company and industry data; past experience; trends in student loan claims rejected for payment by guarantors; changes in federal student loan programs; current economic conditions, including changes in unemployment rates; and other relevant qualitative factors. The federal government guarantees 97 percent of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98 percent for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Student loans disbursed prior to October 1, 1993 are fully insured. Qualitative and quantitative adjustments related to current conditions and the reasonable and supportable forecast period consider all of the following for the Company’s private education loans: loans in repayment versus those in a nonpaying status; delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions, including changes in unemployment rates and gross domestic product growth; and other relevant qualitative factors. The Company places private education loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days past due. Collections, if any, are reflected as a recovery through the allowance for loan losses. Qualitative and quantitative adjustments related to current conditions and a reasonable and supportable forecast period consider all of the following for the Company's consumer loans: delinquency status; type of program; trends in defaults in the portfolio based on Company and industry data; past experience; current economic conditions; and other relevant qualitative factors. The Company places consumer loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses. Purchased Loans Receivable with Credit Deterioration (“PCD”) The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Loan Accrued Interest Receivable The Company has elected to present its loan accrued interest receivable balance combined in its consolidated balance sheets with the loans receivable amortized cost balance. For the Company’s federally insured loan portfolio, the Company has elected to measure an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses. For the Company’s private education and consumer loan portfolios, the Company has elected not to measure an allowance for credit losses for accrued interest receivables. For private education and consumer loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income.

Basis of Financial Reporting (T

Basis of Financial Reporting (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Loans Receivable	Loans and accrued interest receivable consisted of the following: As of As of June 30, 2020 December 31, 2019 Federally insured student loans: Stafford and other $ 4,439,492 4,684,314 Consolidation 14,948,379 15,644,229 Total 19,387,871 20,328,543 Private education loans 293,218 244,258 Consumer loans 149,308 225,918 19,830,397 20,798,719 Accrued interest receivable 856,880 733,497 Loan discount, net of unamortized loan premiums and deferred origination costs (16,959) (35,036) Non-accretable discount — (32,398) Allowance for loan losses: Federally insured loans (144,829) (36,763) Private education loans (25,535) (9,597) Consumer loans (39,081) (15,554) $ 20,460,873 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 June 30, 2020 Federally insured loans $ 146,759 — (1,950) (6,080) — 6,100 — 144,829 Private education loans 23,056 — 2,322 (26) 183 — — 25,535 Consumer loans 39,053 — 2,627 (2,820) 221 — — 39,081 $ 208,868 — 2,999 (8,926) 404 6,100 — 209,445 Three months ended June 30, 2019 Federally insured loans $ 40,934 — 2,000 (3,878) — — — 39,056 Private education loans 10,587 — — (588) 158 — — 10,157 Consumer loans 10,257 — 7,000 (2,652) 273 — (1,500) 13,378 $ 61,778 — 9,000 (7,118) 431 — (1,500) 62,591 Six months ended June 30, 2020 Federally insured loans $ 36,763 72,291 37,373 (12,398) — 10,800 — 144,829 Private education loans 9,597 4,797 12,121 (1,355) 375 — — 25,535 Consumer loans 15,554 13,926 29,803 (7,170) 468 — (13,500) 39,081 $ 61,914 91,014 79,297 (20,923) 843 10,800 (13,500) 209,445 Six months ended June 30, 2019 Federally insured loans $ 42,310 — 4,000 (7,254) — — — 39,056 Private education loans 10,838 — — (1,070) 389 — — 10,157 Consumer loans 7,240 — 12,000 (4,658) 296 — (1,500) 13,378 $ 60,388 — 16,000 (12,982) 685 — (1,500) 62,591 a) During the three and six months ended June 30, 2020, the Company acquired $292.7 million (par value) and $583.9 million (par value), respectively, 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 $6.1 million and $10.8 million, respectively, 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 June 30, 2020 As of December 31, 2019 As of June 30, 2019 Federally insured loans: Loans in-school/grace/deferment $ 936,746 4.8 % $ 1,074,678 5.3 % $ 1,222,021 5.8 % Loans in forbearance 5,370,466 27.7 1,339,821 6.6 1,420,120 6.7 Loans in repayment status: Loans current 12,984,175 99.3 % 15,410,993 86.0 % 16,055,368 86.7 % Loans delinquent 31-60 days 2,057 — 650,796 3.6 677,113 3.7 Loans delinquent 61-90 days 165 — 428,879 2.4 443,988 2.4 Loans delinquent 91-120 days 23 — 310,851 1.7 269,688 1.5 Loans delinquent 121-270 days 101 — 812,107 4.5 755,093 4.1 Loans delinquent 271 days or greater 94,138 0.7 300,418 1.8 310,741 1.6 Total loans in repayment 13,080,659 67.5 100.0 % 17,914,044 88.1 100.0 % 18,511,991 87.5 100.0 % Total federally insured loans 19,387,871 100.0 % 20,328,543 100.0 % 21,154,132 100.0 % Accrued interest receivable 853,473 730,059 720,887 Loan discount, net of unamortized premiums and deferred origination costs (19,116) (35,822) (38,808) Non-accretable discount (a) — (28,036) (28,527) Allowance for loan losses (144,829) (36,763) (39,056) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 20,077,399 $ 20,957,981 $ 21,768,628 Private education loans: Loans in-school/grace/deferment $ 3,971 1.3 % $ 4,493 1.8 % $ 3,912 2.0 % Loans in forbearance 21,890 7.5 3,108 1.3 1,143 0.6 Loans in repayment status: Loans current 265,720 99.4 % 227,013 95.9 % 183,414 94.7 % Loans delinquent 31-60 days 680 0.2 2,814 1.2 3,491 1.8 Loans delinquent 61-90 days 244 0.1 1,694 0.7 1,658 0.9 Loans delinquent 91 days or greater 713 0.3 5,136 2.2 5,134 2.6 Total loans in repayment 267,357 91.2 100.0 % 236,657 96.9 100.0 % 193,697 97.4 100.0 % Total private education loans 293,218 100.0 % 244,258 100.0 % 198,752 100.0 % Accrued interest receivable 1,961 1,558 1,113 Loan premium, net of unaccreted discount 813 46 (880) Non-accretable discount (a) — (4,362) (5,008) Allowance for loan losses (25,535) (9,597) (10,157) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,457 $ 231,903 $ 183,820 Consumer loans: Loans in deferment $ 3,274 2.2 % $ — $ — Loans in repayment status: Loans current 142,540 97.6 % 220,404 97.5 % 234,944 98.8 % Loans delinquent 31-60 days 938 0.7 2,046 0.9 1,254 0.5 Loans delinquent 61-90 days 1,078 0.7 1,545 0.7 824 0.3 Loans delinquent 91 days or greater 1,478 1.0 1,923 0.9 930 0.4 Total loans in repayment 146,034 97.8 100.0 % 225,918 100.0 % 237,952 100.0 % Total consumer loans 149,308 100.0 % 225,918 237,952 Accrued interest receivable 1,446 1,880 1,846 Loan premium 1,344 740 736 Allowance for loan losses (39,081) (15,554) (13,378) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 113,017 $ 212,984 $ 227,156 (a) Upon adoption of ASC 326 on January 1, 2020, the Company reclassified the non-accretable discount balance related to loans purchased with evidence of credit deterioration to allowance for loan losses.
Loans by Year of Origination	Six months ended June 30, 2020 2019 2018 2017 2016 Prior Years Total Private education loans: Loans in school/grace/deferment $ — 386 — — 405 3,180 3,971 Loans in forbearance — 6,947 169 — 641 14,133 21,890 Loans in repayment status: Loans current 32,868 90,929 1,021 — 5,638 135,264 265,720 Loans delinquent 31-60 days — 59 — — — 621 680 Loans delinquent 61-90 days — — — — — 244 244 Loans delinquent 91 days or greater — — — — — 713 713 Total loans in repayment 32,868 90,988 1,021 — 5,638 136,842 267,357 Total private education loans $ 32,868 98,321 1,190 — 6,684 154,155 293,218 Accrued interest receivable 1,961 Loan premium, net of unaccreted discount 813 Allowance for loan losses (25,535) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,457 Consumer loans: Loans in deferment $ — 1,352 1,893 29 — — 3,274 Loans in repayment status: Loans current 76,002 29,953 31,955 4,630 — — 142,540 Loans delinquent 31-60 days 349 348 178 63 — — 938 Loans delinquent 61-90 days 289 447 297 45 — — 1,078 Loans delinquent 91 days or greater 211 652 586 29 — — 1,478 Total loans in repayment 76,851 31,400 33,016 4,767 — — 146,034 Total consumer loans $ 76,851 32,752 34,909 4,796 — — 149,308 Accrued interest receivable 1,446 Loan premium 1,344 Allowance for loan losses (39,081) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 113,017

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of June 30, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,838,950 0.39% - 2.08% 5/27/25 - 3/26/68 Bonds and notes based on auction 757,925 0.36% - 2.69% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 18,596,875 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 760,063 1.83% - 3.45% 10/25/67 / 4/25/68 FFELP warehouse facilities 201,126 0.79% / 0.93% 11/22/21 / 2/26/23 Private education loan warehouse facility 107,355 0.95% 2/13/22 Consumer loan warehouse facility 73,571 0.83% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 59,811 1.65% / 1.93% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 42,942 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 30,000 1.69% 12/16/24 Unsecured debt - Junior Subordinated Hybrid Securities 20,381 3.55% 9/15/61 Other borrowings 91,702 0.86% / 1.93% 5/4/21 / 5/30/22 19,983,826 Discount on bonds and notes payable and debt issuance costs (257,668) Total $ 19,726,158 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 June 30, 2020, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 300,000 250,000 550,000 Amount outstanding 102,387 98,739 201,126 Amount available $ 197,613 151,261 348,874 Expiration of liquidity provisions November 20, 2020 February 26, 2021 Final maturity date November 22, 2021 February 26, 2023 Advanced as equity support $ 7,346 8,683 16,029 (a) On May 20, 2020, the Company decreased the maximum financing amount for this warehouse facility to $300 million, extended the expiration of liquidity provisions to November 20, 2020, and extended the maturity date to November 22, 2021. (b) On May 29, 2020, the Company decreased the maximum financing amount for this warehouse facility to $250 million, extended the expiration of liquidity provisions to February 26, 2021, and extended the maturity date to February 26, 2023.
Schedule of Asset-Backed Securitization	The following table summarizes the asset-backed securitization transactions completed during the first six 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 2020 December 31, 2019 2020 $ — 1,000,000 2021 250,000 250,000 2022 2,000,000 2,000,000 (a) 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 6,150,000 7,150,000 (a) $750 million of the notional amount of these derivatives had 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 June 30, 2020 As of December 31, 2019 Maturity Notional amount Weighted average fixed rate paid by the Company (a)(d) Notional amount Weighted average fixed rate paid by the Company (a) 2020 $ — — % $ 1,500,000 1.01 % 2021 600,000 2.15 600,000 2.15 2022 (b) 500,000 0.94 250,000 1.65 2023 (c) 400,000 1.00 150,000 2.25 $ 1,500,000 1.44 % $ 2,500,000 1.42 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at December 31, 2019 and June 30, 2020 have forward effective start dates in June 2021 and $250.0 million of derivatives entered into in May 2020 have forward effective start dates in August 2020. (c) $250.0 million of derivatives entered into in May 2020 have forward effective start dates in July 2020. (d) Excluding the derivatives with forward effective start dates, the weighted average fixed rate paid by the Company as of June 30, 2020, on its $750.0 million floor income derivative portfolio was 2.17%.
Schedule of Interest Rate Caps	The following table summarizes these derivative instruments as of June 30, 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 income. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Settlements: 1:3 basis swaps $ 7,129 807 9,242 3,140 Interest rate swaps - floor income hedges (1,308) 12,165 816 28,867 Total settlements - income (expense) 5,821 12,972 10,058 32,007 Change in fair value: 1:3 basis swaps (2,872) 4 (1,314) (2,209) Interest rate swaps - floor income hedges (1,039) (36,851) (23,199) (63,563) Interest rate swap options - floor income hedges — (88) — (1,464) Interest rate caps — (125) — (399) Total change in fair value - income (expense) (3,911) (37,060) (24,513) (67,635) Derivative market value adjustments and derivative settlements, net - income (expense) $ 1,910 (24,088) (14,455) (35,628)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments [Abstract]
Summary Investment Holdings	A summary of the Company's investments follows: As of June 30, 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) $ 137,970 4,571 (316) 142,225 48,790 3,911 — 52,701 Equity securities 27,291 5,345 (2,664) 29,972 9,622 4,561 (1,283) 12,900 Total investments (at fair value) $ 165,261 9,916 (2,980) 172,197 58,412 8,472 (1,283) 65,601 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 143,224 72,760 Equity method 14,906 15,379 Other 539 1,301 Total venture capital and funds 158,669 89,440 Real estate and solar: Equity method 55,611 51,721 Other 856 867 Total real estate and solar 56,467 52,588 Beneficial interest in federally insured loan securitizations (b) 32,396 — Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $24,837 as of June 30, 2020 (b) 24,676 33,187 Tax liens and affordable housing 5,295 6,283 Total investments (not measured at fair value) 277,503 181,498 Total investments $ 449,700 $ 247,099 (a) As of June 30, 2020, $86.7 million (par value) of student loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Other Borrowings." (b) During 2020, the Company has purchased partial ownership in certain federally insured and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to June 30, 2020, the Company's ownership correlates to approximately $545 million and $270 million of federally insured and consumer loans, respectively, included in these securitizations.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 (months) As of As of June 30, 2020 December 31, 2019 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $73,827 and $60,553, respectively) 81 $ 58,626 71,900 Trade names (net of accumulated amortization of $3,334 and $2,792, respectively) 71 6,936 7,478 Computer software (net of accumulated amortization of $4,216 and $3,233, respectively) 8 1,171 2,154 Total - amortizable intangible assets, net 78 $ 66,733 81,532
Schedule of Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2020, the Company estimates it will record amortization expense as follows: 2020 (July 1 - December 31) $ 16,011 2021 19,687 2022 6,431 2023 6,184 2024 5,771 2025 and thereafter 12,649 $ 66,733

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of December 31, 2019 and June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 Non-communications: Computer equipment and software 1-5 years $ 177,513 160,319 Building and building improvements 5-48 years 38,883 37,904 Office furniture and equipment 1-10 years 22,049 21,245 Leasehold improvements 1-15 years 9,080 9,517 Transportation equipment 5-10 years 5,032 5,049 Land — 1,400 1,400 Construction in progress — 21,070 13,738 275,027 249,172 Accumulated depreciation - non-communications (162,981) (142,270) Non-communications, net property and equipment 112,046 106,902 Communications: Network plant and fiber 4-15 years 265,189 254,560 Customer located property 2-4 years 29,976 27,011 Central office 5-15 years 19,011 17,672 Transportation equipment 4-10 years 6,895 6,611 Computer equipment and software 1-5 years 6,064 5,574 Other 1-39 years 3,737 3,702 Land — 70 70 Construction in progress — 1,620 54 332,562 315,254 Accumulated depreciation - communications (94,565) (73,897) Communications, net property and equipment 237,997 241,357 Total property and equipment, net $ 350,043 348,259

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 85,243 1,239 86,482 24,292 327 24,619 Denominator: Weighted-average common shares outstanding - basic and diluted 38,641,794 561,610 39,203,404 39,518,652 531,413 40,050,065 Earnings per share - basic and diluted $ 2.21 2.21 2.21 0.61 0.61 0.61 Six months ended June 30, 2020 2019 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 45,305 645 45,950 65,346 864 66,210 Denominator: Weighted-average common shares outstanding - basic and diluted 39,023,624 555,835 39,579,459 39,685,958 524,829 40,210,787 Earnings per share - basic and diluted $ 1.16 1.16 1.16 1.65 1.65 1.65

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 52 420 — 150,583 1,196 (368) 151,883 Interest expense 28 21 — 84,489 1,078 (368) 85,248 Net interest income (expense) 24 399 — 66,094 118 — 66,635 Less provision for loan losses — — — 2,999 — — 2,999 Net interest income after provision for loan losses 24 399 — 63,095 118 — 63,636 Other income/expense: Loan servicing and systems revenue 111,042 — — — — — 111,042 Intersegment revenue 8,537 3 — — — (8,540) — Education technology, services, and payment processing revenue — 59,304 — — — — 59,304 Communications revenue — — 18,998 — — — 18,998 Gain on sale of loans — — — — — — — Other income 1,914 — 392 732 57,089 — 60,127 Impairment expense — — — — (332) — (332) Derivative settlements, net — — — 5,821 — — 5,821 Derivative market value adjustments, net — — — (3,911) — — (3,911) Total other income/expense 121,493 59,307 19,390 2,642 56,757 (8,540) 251,049 Cost of services: Cost to provide education technology, services, and payment processing services — 15,376 — — — — 15,376 Cost to provide communications services — — 5,743 — — — 5,743 Total cost of services — 15,376 5,743 — — — 21,119 Operating expenses: Salaries and benefits 68,401 24,522 5,570 421 20,334 — 119,247 Depreciation and amortization 9,142 2,362 10,824 — 7,065 — 29,393 Other expenses 13,380 2,326 3,774 4,863 12,710 — 37,052 Intersegment expenses, net 15,996 3,429 536 9,055 (20,476) (8,540) — Total operating expenses 106,919 32,639 20,704 14,339 19,633 (8,540) 185,692 Income (loss) before income taxes 14,598 11,691 (7,057) 51,398 37,242 — 107,874 Income tax (expense) benefit (3,504) (2,806) 1,694 (12,336) (4,312) — (21,264) Net income (loss) 11,094 8,885 (5,363) 39,062 32,930 — 86,610 Net income attributable to noncontrolling interests — — — — (128) — (128) Net income (loss) attributable to Nelnet, Inc. $ 11,094 8,885 (5,363) 39,062 32,802 — 86,482 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 732,994 (132,500) 22,611,208 Three months ended June 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Corporate and Other Eliminations Total Total interest income $ 550 1,659 1 243,295 2,258 (974) 246,788 Interest expense 19 11 — 184,035 3,872 (974) 186,963 Net interest income (expense) 531 1,648 1 59,260 (1,614) — 59,825 Less provision for loan losses — — — 9,000 — — 9,000 Net interest income after provision for loan losses 531 1,648 1 50,260 (1,614) — 50,825 Other income/expense: Loan servicing and systems revenue 113,985 — — — — — 113,985 Intersegment revenue 11,598 — — — — (11,598) — Education technology, services, and payment processing revenue — 60,342 — — — — 60,342 Communications revenue — — 15,758 — — — 15,758 Gain on sale of loans — — — 1,712 — — 1,712 Other income 2,277 — 362 3,176 8,624 — 14,440 Impairment expense — — — — — — — Derivative settlements, net — — — 12,972 — — 12,972 Derivative market value adjustments, net — — — (37,060) — — (37,060) Total other income/expense 127,860 60,342 16,120 (19,200) 8,624 (11,598) 182,149 Cost of services: Cost to provide education technology, services, and payment processing services — 15,871 — — — — 15,871 Cost to provide communications services — — 5,101 — — — 5,101 Total cost of services — 15,871 5,101 — — — 20,972 Operating expenses: Salaries and benefits 66,496 22,823 5,192 382 16,321 — 111,214 Depreciation and amortization 8,799 3,324 7,737 — 4,623 — 24,484 Other expenses 17,118 5,805 3,865 6,207 12,423 — 45,417 Intersegment expenses, net 13,604 3,148 716 11,665 (17,535) (11,598) — Total operating expenses 106,017 35,100 17,510 18,254 15,832 (11,598) 181,115 Income (loss) before income taxes 22,374 11,019 (6,490) 12,806 (8,822) — 30,887 Income tax (expense) benefit (5,370) (2,645) 1,558 (3,074) 3,321 — (6,209) Net income (loss) 17,004 8,374 (4,932) 9,732 (5,501) — 24,678 Net income attributable to noncontrolling interests — — — — (59) — (59) Net income (loss) attributable to Nelnet, Inc. $ 17,004 8,374 (4,932) 9,732 (5,560) — 24,619 Total assets as of June 30, 2019 $ 267,611 336,896 302,873 22,907,234 595,623 (190,437) 24,219,800 Six months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 369 2,411 — 336,509 2,751 (967) 341,074 Interest expense 73 38 — 217,737 2,485 (967) 219,366 Net interest income (expense) 296 2,373 — 118,772 266 — 121,708 Less provision for loan losses — — — 79,297 — — 79,297 Net interest income after provision for loan losses 296 2,373 — 39,475 266 — 42,411 Other income/expense: Loan servicing and systems revenue 223,778 — — — — — 223,778 Intersegment revenue 19,591 14 — — — (19,605) — Education technology, services, and payment processing revenue — 142,979 — — — — 142,979 Communications revenue — — 37,179 — — — 37,179 Gain on sale of loans — — — 18,206 — — 18,206 Other income 4,544 — 745 3,947 59,172 — 68,408 Impairment expense — — — (26,303) (8,116) — (34,419) Derivative settlements, net — — — 10,058 — — 10,058 Derivative market value adjustments, net — — — (24,513) — — (24,513) Total other income/expense 247,913 142,993 37,924 (18,605) 51,056 (19,605) 441,676 Cost of services: Cost to provide education technology, services, and payment processing services — 38,181 — — — — 38,181 Cost to provide communications services — — 11,325 — — — 11,325 Total cost of services — 38,181 11,325 — — — 49,506 Operating expenses: Salaries and benefits 138,894 48,218 10,986 863 40,163 — 239,125 Depreciation and amortization 17,990 4,749 21,330 — 12,972 — 57,041 Other expenses 30,870 8,418 7,463 8,581 25,108 — 80,439 Intersegment expenses, net 32,235 6,756 1,160 20,971 (41,517) (19,605) — Total operating expenses 219,989 68,141 40,939 30,415 36,726 (19,605) 376,605 Income (loss) before income taxes 28,220 39,044 (14,340) (9,545) 14,596 — 57,976 Income tax (expense) benefit (6,773) (9,371) 3,442 2,291 (720) — (11,131) Net income (loss) 21,447 29,673 (10,898) (7,254) 13,876 — 46,845 Net income attributable to noncontrolling interests — — — — (895) — (895) Net income (loss) attributable to Nelnet, Inc. $ 21,447 29,673 (10,898) (7,254) 12,981 — 45,950 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 732,994 (132,500) 22,611,208 Six months ended June 30, 2019 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Corporate and Other Activities Eliminations Total Total interest income $ 1,047 3,676 3 490,162 4,310 (1,824) 497,374 Interest expense 19 19 — 372,834 7,685 (1,824) 378,733 Net interest income (expense) 1,028 3,657 3 117,328 (3,375) — 118,641 Less provision for loan losses — — — 16,000 — — 16,000 Net interest income after provision for loan losses 1,028 3,657 3 101,328 (3,375) — 102,641 Other income/expense: Loan servicing and systems revenue 228,883 — — — — — 228,883 Intersegment revenue 23,815 — — — — (23,815) — Education technology, services, and payment processing revenue — 139,502 — — — — 139,502 Communications revenue — — 30,300 — — — 30,300 Gain on sale of loans — — — 1,712 — — 1,712 Other income 4,350 — 487 6,701 11,969 — 23,507 Impairment expense — — — — — — — Derivative settlements, net — — — 32,007 — — 32,007 Derivative market value adjustments, net — — — (67,635) — — (67,635) Total other income/expense 257,048 139,502 30,787 (27,215) 11,969 (23,815) 388,276 Cost of services: Cost to provide education technology, services, and payment processing services — 36,930 — — — — 36,930 Cost to provide communications services — — 9,860 — — — 9,860 Total cost of services — 36,930 9,860 — — — 46,790 Operating expenses: Salaries and benefits 132,715 45,830 9,929 760 33,038 — 222,272 Depreciation and amortization 17,671 6,835 15,099 — 9,093 — 48,697 Other expenses 36,047 11,116 7,342 10,044 24,685 — 89,233 Intersegment expenses, net 27,362 6,447 1,380 23,952 (35,326) (23,815) — Total operating expenses 213,795 70,228 33,750 34,756 31,490 (23,815) 360,202 Income (loss) before income taxes 44,281 36,001 (12,820) 39,357 (22,896) — 83,925 Income tax (expense) benefit (10,628) (8,640) 3,077 (9,446) 8,037 — (17,600) Net income (loss) 33,653 27,361 (9,743) 29,911 (14,859) — 66,325 Net income attributable to noncontrolling interests — — — — (115) — (115) Net income (loss) attributable to Nelnet, Inc. $ 33,653 27,361 (9,743) 29,911 (14,974) — 66,210 Total assets as of June 30, 2019 $ 267,611 336,896 302,873 22,907,234 595,623 (190,437) 24,219,800

Disaggregated Revenue and Def_2

Disaggregated Revenue and Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Government servicing - Nelnet $ 37,360 40,459 76,010 80,099 Government servicing - Great Lakes 45,213 45,973 91,660 93,050 Private education and consumer loan servicing 8,196 8,985 16,805 18,465 FFELP servicing 4,917 6,424 10,531 13,119 Software services 10,651 10,021 21,969 19,762 Outsourced services and other 4,705 2,123 6,803 4,388 Loan servicing and systems revenue $ 111,042 113,985 223,778 228,883 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Tuition payment plan services $ 22,947 24,655 54,534 54,829 Payment processing 21,168 21,311 52,910 50,290 Education technology and services 14,927 14,096 34,980 33,805 Other 262 280 555 578 Education technology, services, and payment processing revenue $ 59,304 60,342 142,979 139,502 Communications Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Internet $ 11,930 9,297 23,125 17,726 Television 4,218 4,050 8,440 7,939 Telephone 2,812 2,395 5,502 4,575 Other 38 16 112 60 Communications revenue $ 18,998 15,758 37,179 30,300 Residential revenue $ 14,209 11,890 27,766 22,955 Business revenue 4,619 3,816 9,091 7,230 Other 170 52 322 115 Communications revenue $ 18,998 15,758 37,179 30,300
Schedule of Other Income, by Component	The following table provides the components of "other income" on the consolidated statements of income: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gain on investments, net of losses $ 53,151 4,258 49,286 3,831 Management fee revenue 1,914 2,277 4,544 4,350 Investment advisory services 922 731 3,724 1,441 Borrower late fee income 319 3,161 3,506 6,674 Other 3,821 4,013 7,348 7,211 Other income $ 60,127 14,440 68,408 23,507
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 June 30, 2020 Balance, beginning of period $ 2,195 19,640 3,414 1,640 26,889 Deferral of revenue 800 22,340 10,640 879 34,659 Recognition of revenue (880) (22,056) (10,326) (843) (34,105) Balance, end of period $ 2,115 19,924 3,728 1,676 27,443 Three months ended June 30, 2019 Balance, beginning of period $ 3,947 18,498 2,756 1,552 26,753 Deferral of revenue 764 24,770 8,798 841 35,173 Recognition of revenue (1,396) (21,779) (8,474) (782) (32,431) Balance, end of period $ 3,315 21,489 3,080 1,611 29,495 Six months ended June 30, 2020 Balance, beginning of period $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 1,182 37,420 20,567 1,734 60,903 Recognition of revenue (1,779) (49,570) (20,071) (1,686) (73,106) Balance, end of period $ 2,115 19,924 3,728 1,676 27,443 Six months ended June 30, 2019 Balance, beginning of period $ 4,413 30,556 2,551 1,602 39,122 Deferral of revenue 1,880 38,732 17,064 1,577 59,253 Recognition of revenue (2,978) (47,799) (16,535) (1,568) (68,880) Balance, end of period $ 3,315 21,489 3,080 1,611 29,495

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 As of December 31, 2019 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed securities - $ — 142,122 142,122 — 52,597 52,597 Equity securities 6 — 6 6 — 6 Equity securities measured at net asset value (a) 29,966 12,894 Debt securities - available-for-sale 103 — 103 104 — 104 Total investments 109 142,122 172,197 110 52,597 65,601 Total assets $ 109 142,122 172,197 110 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 June 30, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,017,543 19,603,993 — — 20,017,543 Accrued loan interest receivable 856,880 856,880 — 856,880 — Cash and cash equivalents 67,540 67,540 67,540 — — Investments (at fair value) 172,197 172,197 109 142,122 — Beneficial interest in loan securitizations 57,072 57,072 — — 57,072 Restricted cash 585,236 585,236 585,236 — — Restricted cash – due to customers 268,539 268,539 268,539 — — Financial liabilities: Bonds and notes payable 19,064,071 19,726,158 — 19,064,071 — Accrued interest payable 32,760 32,760 — 32,760 — Due to customers 268,539 268,539 268,539 — — 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 -

Basis of Financial Reporting - Schedule of Adoption Impact (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and accrued interest receivable, net of allowance
Loans receivable	$ 19,830,397			$ 20,798,719
Accrued interest receivable	856,880			733,497
Loan discount, net	(16,959)			(35,036)
Non-accretable discount	0			(32,398)
Allowance for loan losses	(209,445)	$ (208,868)		(61,914)	$ (62,591)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,460,873			21,402,868
Liabilities:
Other liabilities (deferred taxes)	242,965			303,781
Equity:
Retained earnings	$ 2,331,312			2,377,627
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
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		$ 0	(91,014)	$ (91,014)		$ 0	$ 0
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	Aug. 06, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				$ 19,830,397		$ 20,798,719
Accrued interest receivable				856,880		733,497
Loan discount, net of unamortized loan premiums and deferred origination costs				(16,959)		(35,036)
Non-accretable discount				0		(32,398)
Allowance for loan losses				(209,445)	$ (208,868)	(61,914)	$ (62,591)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance				20,460,873		21,402,868
Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residual interest in consumer loan securitization		25.40%
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				19,387,871		20,328,543	21,154,132
Accrued interest receivable				853,473		730,059	720,887
Loan discount, net of unamortized loan premiums and deferred origination costs				(19,116)		(35,822)	(38,808)
Non-accretable discount				0		(28,036)	(28,527)
Allowance for loan losses				(144,829)	(146,759)	(36,763)	(39,056)	(40,934)	(42,310)
Loans and accrued interest receivable, net of allowance				20,077,399		20,957,981	21,768,628
Federally insured loans | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				4,439,492		4,684,314
Federally insured loans | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				14,948,379		15,644,229
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				293,218		244,258	198,752
Accrued interest receivable				1,961		1,558	1,113
Loan discount, net of unamortized loan premiums and deferred origination costs				813		46	(880)
Non-accretable discount				0		(4,362)	(5,008)
Allowance for loan losses				(25,535)	(23,056)	(9,597)	(10,157)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance				270,457		231,903	183,820
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross				149,308		225,918	237,952
Accrued interest receivable				1,446		1,880	1,846
Loan discount, net of unamortized loan premiums and deferred origination costs				1,344		740	736
Allowance for loan losses				(39,081)	$ (39,053)	(15,554)	(13,378)	$ (10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance				$ 113,017		$ 212,984	$ 227,156
Loans sold, par value	$ 124,200
Loans sold, gain	$ 18,200
Loans sold, residual interest received	31.40%
Consumer loans | Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold, par value		$ 60,800
Consumer loans | Subsequent Event | Forecast
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold, gain			$ 14,800

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 208,868	$ 61,778	$ 61,914	$ 60,388
Provision for loan losses	2,999	9,000	79,297	16,000
Charge-offs	(8,926)	(7,118)	(20,923)	(12,982)
Recoveries	404	431	843	685
Initial allowance on loans purchased with credit deterioration	6,100	0	10,800	0
Loan sale	0	(1,500)	(13,500)	(1,500)
Balance at end of period	209,445	62,591	209,445	62,591
Par value of loans purchased with deteriorated credit quality	292,700		583,900
Loans purchased with deteriorated credit quality, expected credit losses	6,100		$ 10,800
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0	0	$ 91,014	0
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	146,759	40,934	36,763	42,310
Provision for loan losses	(1,950)	2,000	37,373	4,000
Charge-offs	(6,080)	(3,878)	(12,398)	(7,254)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	6,100	0	10,800	0
Loan sale	0	0	0	0
Balance at end of period	$ 144,829	39,056	$ 144,829	39,056
Allowance for credit loss, percentage	0.70%		0.70%
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 0	0	$ 72,291	0
Federally insured loans, not covered by federal guaranty
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for credit loss, percentage	29.10%		29.10%
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 23,056	10,587	$ 9,597	10,838
Provision for loan losses	2,322	0	12,121	0
Charge-offs	(26)	(588)	(1,355)	(1,070)
Recoveries	183	158	375	389
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sale	0	0	0	0
Balance at end of period	$ 25,535	10,157	$ 25,535	10,157
Allowance for credit loss, percentage	8.70%		8.70%
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 0	0	$ 4,797	0
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	39,053	10,257	15,554	7,240
Provision for loan losses	2,627	7,000	29,803	12,000
Charge-offs	(2,820)	(2,652)	(7,170)	(4,658)
Recoveries	221	273	468	296
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sale	0	(1,500)	(13,500)	(1,500)
Balance at end of period	$ 39,081	13,378	$ 39,081	13,378
Allowance for credit loss, percentage	26.20%		26.20%
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 0	$ 0	$ 13,926	$ 0

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans in repayment status:
Loans in repayment, percent	67.50%		88.10%	87.50%
Total loans	$ 19,830,397		$ 20,798,719
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 856,880		$ 733,497
Loan discount, net of unamortized premiums and deferred origination costs	(16,959)		(35,036)
Non-accretable discount	0		(32,398)
Allowance for loan losses	(209,445)	$ (208,868)	(61,914)	$ (62,591)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,460,873		21,402,868
Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 936,746		$ 1,074,678	$ 1,222,021
Loans in-school/grace/deferment, percent	4.80%		5.30%	5.80%
Loans in forbearance	$ 5,370,466		$ 1,339,821	$ 1,420,120
Loans in forbearance, percent	27.70%		6.60%	6.70%
Loans in repayment status:
Loans current	$ 12,984,175		$ 15,410,993	$ 16,055,368
Loans current, percentage	99.30%		86.00%	86.70%
Total loans in repayment	$ 13,080,659		$ 17,914,044	$ 18,511,991
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 19,387,871		$ 20,328,543	$ 21,154,132
Accrued interest receivable	853,473		730,059	720,887
Loan discount, net of unamortized premiums and deferred origination costs	(19,116)		(35,822)	(38,808)
Non-accretable discount	0		(28,036)	(28,527)
Allowance for loan losses	(144,829)	(146,759)	(36,763)	(39,056)	(40,934)	(42,310)
Loans and accrued interest receivable, net of allowance	20,077,399		20,957,981	21,768,628
Federally insured loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 2,057		$ 650,796	$ 677,113
Loans past due, percentage	0.00%		3.60%	3.70%
Federally insured loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 165		$ 428,879	$ 443,988
Loans past due, percentage	0.00%		2.40%	2.40%
Federally insured loans | Loans delinquent 91-120 days
Loans in repayment status:
Loans past due	$ 23		$ 310,851	$ 269,688
Loans past due, percentage	0.00%		1.70%	1.50%
Federally insured loans | Loans delinquent 121-270 days
Loans in repayment status:
Loans past due	$ 101		$ 812,107	$ 755,093
Loans past due, percentage	0.00%		4.50%	4.10%
Federally insured loans | Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due	$ 94,138		$ 300,418	$ 310,741
Loans past due, percentage	0.70%		1.80%	1.60%
Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 3,971		$ 4,493	$ 3,912
Loans in-school/grace/deferment, percent	1.30%		1.80%	2.00%
Loans in forbearance	$ 21,890		$ 3,108	$ 1,143
Loans in forbearance, percent	7.50%		1.30%	0.60%
Loans in repayment status:
Loans current	$ 265,720		$ 227,013	$ 183,414
Loans current, percentage	99.40%		95.90%	94.70%
Total loans in repayment	$ 267,357		$ 236,657	$ 193,697
Loans in repayment, percent	91.20%		96.90%	97.40%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 293,218		$ 244,258	$ 198,752
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 1,961		$ 1,558	$ 1,113
Loan discount, net of unamortized premiums and deferred origination costs	813		46	(880)
Non-accretable discount	0		(4,362)	(5,008)
Allowance for loan losses	(25,535)	(23,056)	(9,597)	(10,157)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance	270,457		231,903	183,820
Private education loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 680		$ 2,814	$ 3,491
Loans past due, percentage	0.20%		1.20%	1.80%
Private education loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 244		$ 1,694	$ 1,658
Loans past due, percentage	0.10%		0.70%	0.90%
Private education loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 713		$ 5,136	$ 5,134
Loans past due, percentage	0.30%		2.20%	2.60%
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 3,274
Loans in-school/grace/deferment, percent	2.20%
Loans in repayment status:
Loans current	$ 142,540		$ 220,404	$ 234,944
Loans current, percentage	97.60%		97.50%	98.80%
Total loans in repayment	$ 146,034		$ 225,918	$ 237,952
Loans in repayment, percent	97.80%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Total loans	$ 149,308		$ 225,918	$ 237,952
Total loans, percent	100.00%
Accrued interest receivable	$ 1,446		1,880	1,846
Loan discount, net of unamortized premiums and deferred origination costs	1,344		740	736
Allowance for loan losses	(39,081)	$ (39,053)	(15,554)	(13,378)	$ (10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance	113,017		212,984	227,156
Consumer loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 938		$ 2,046	$ 1,254
Loans past due, percentage	0.70%		0.90%	0.50%
Consumer loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 1,078		$ 1,545	$ 824
Loans past due, percentage	0.70%		0.70%	0.30%
Consumer loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 1,478		$ 1,923	$ 930
Loans past due, percentage	1.00%		0.90%	0.40%

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	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 856,880		$ 733,497
Loan discount, net of unamortized loan premiums and deferred origination costs	(16,959)		(35,036)
Allowance for loan losses	(209,445)	$ (208,868)	(61,914)	$ (62,591)	$ (61,778)	$ (60,388)
Loans and accrued interest receivable, net of allowance	20,460,873		21,402,868
Private education loans
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	32,868
2019	98,321
2018	1,190
2017	0
2016	6,684
Prior Years	154,155
Total loans	293,218
Accrued interest receivable	1,961		1,558	1,113
Loan discount, net of unamortized loan premiums and deferred origination costs	813		46	(880)
Allowance for loan losses	(25,535)	(23,056)	(9,597)	(10,157)	(10,587)	(10,838)
Loans and accrued interest receivable, net of allowance	270,457		231,903	183,820
Private education loans | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	386
2018	0
2017	0
2016	405
Prior Years	3,180
Total loans	3,971
Private education loans | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	6,947
2018	169
2017	0
2016	641
Prior Years	14,133
Total loans	21,890
Private education loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	32,868
2019	90,988
2018	1,021
2017	0
2016	5,638
Prior Years	136,842
Total loans	267,357
Private education loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	32,868
2019	90,929
2018	1,021
2017	0
2016	5,638
Prior Years	135,264
Total loans	265,720
Private education loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	59
2018	0
2017	0
2016	0
Prior Years	621
Total loans	680
Private education loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	244
Total loans	244
Private education loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	0
2018	0
2017	0
2016	0
Prior Years	713
Total loans	713
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	76,851
2019	32,752
2018	34,909
2017	4,796
2016	0
Prior Years	0
Total loans	149,308
Accrued interest receivable	1,446		1,880	1,846
Loan discount, net of unamortized loan premiums and deferred origination costs	1,344		740	736
Allowance for loan losses	(39,081)	$ (39,053)	(15,554)	(13,378)	$ (10,257)	$ (7,240)
Loans and accrued interest receivable, net of allowance	113,017		$ 212,984	$ 227,156
Consumer loans | Loans in school/grace/deferment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	0
2019	1,352
2018	1,893
2017	29
2016	0
Prior Years	0
Total loans	3,274
Consumer loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	76,851
2019	31,400
2018	33,016
2017	4,767
2016	0
Prior Years	0
Total loans	146,034
Consumer loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	76,002
2019	29,953
2018	31,955
2017	4,630
2016	0
Prior Years	0
Total loans	142,540
Consumer loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	349
2019	348
2018	178
2017	63
2016	0
Prior Years	0
Total loans	938
Consumer loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	289
2019	447
2018	297
2017	45
2016	0
Prior Years	0
Total loans	1,078
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2020	211
2019	652
2018	586
2017	29
2016	0
Prior Years	0
Total loans	$ 1,478

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 19,983,826	$ 20,803,180
Discount on bonds and notes payable and debt issuance costs	(257,668)	(274,126)
Bonds and notes payable, net	19,726,158	20,529,054
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 30,000	$ 50,000
Interest rate	1.69%	3.29%
Unsecured debt - Junior Subordinated Hybrid Securities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 20,381	$ 20,381
Interest rate	3.55%	5.28%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 91,702	$ 5,000
Interest rate		3.44%
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	17,838,950	$ 18,428,998
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	757,925	768,626
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	18,596,875	19,197,624
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	760,063	512,836
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	201,126	778,094
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	59,811	73,308
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	42,942	49,367
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 107,355
Interest rate	0.95%
Consumer loan | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 73,571	$ 116,570
Interest rate	0.83%	1.99%
Minimum | Other borrowings
Debt Instrument [Line Items]
Interest rate	0.86%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.39%	1.98%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	0.36%	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	0.79%	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 | Other borrowings
Debt Instrument [Line Items]
Interest rate	1.93%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.08%	3.61%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	2.69%	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	0.93%	2.07%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.93%	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	Jun. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Maximum financing amount	$ 550,000,000
Amount outstanding	201,126,000
Amount available	348,874,000
Advanced as equity support	16,029,000
NFSLW-I (a)
Line of Credit Facility [Line Items]
Maximum financing amount	300,000,000
Amount outstanding	102,387,000
Amount available	197,613,000
Advanced as equity support	7,346,000
NHELP-II (b)
Line of Credit Facility [Line Items]
Maximum financing amount	250,000,000
Amount outstanding	98,739,000
Amount available	151,261,000
Advanced as equity support	$ 8,683,000

Bonds and Notes Payable - Sched

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Bonds and notes payable, net	$ 19,726,158,000	$ 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 ($)	6 Months Ended
	Jun. 30, 2020	Mar. 20, 2020	Feb. 13, 2020
Debt Instrument [Line Items]
Other borrowings	$ 86,700,000
Other borrowings, termination notice period	5 days
Other borrowings, maximum	$ 100,000,000
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount	455,000,000
Amount outstanding	30,000,000
Amount available	425,000,000
Higher borrowing capacity option	550,000,000
Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount		$ 200,000,000	$ 100,000,000
Amount outstanding	107,400,000
Amount available	92,600,000
Advanced as equity support	12,400,000
Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount	200,000,000
Amount outstanding	73,600,000
Amount available	126,400,000
Advanced as equity support	$ 24,700,000
Minimum | Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	80.00%
Minimum | Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	70.00%
Maximum | Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	90.00%
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 - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 6,150,000,000	$ 7,150,000,000
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate	0.091%	0.097%
Maturity 2020
Derivative [Line Items]
Notional amount	$ 0
Maturity 2021
Derivative [Line Items]
Notional amount	250,000,000	$ 1,000,000,000
Maturity 2022
Derivative [Line Items]
Notional amount	2,000,000,000	250,000,000
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	2,000,000,000
Maturity 2024
Derivative [Line Items]
Notional amount	1,750,000,000	750,000,000
Maturity 2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,750,000,000
Maturity 2027
Derivative [Line Items]
Notional amount	$ 250,000,000	1,150,000,000
Maturity 2028
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 ($)	Jun. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 1,500,000,000	$ 2,500,000,000
Weighted average fixed rate paid by the Company	1.44%	1.42%
2020 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 0	$ 1,500,000,000
Weighted average fixed rate paid by the Company	0.00%	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	$ 500,000,000	$ 250,000,000
Weighted average fixed rate paid by the Company	0.94%	1.65%
2022 | Interest Rate Swap, forward effective date June 2021
Derivative [Line Items]
Notional amount	$ 250,000,000
2022 | Interest Rate Swap, forward effective date August 2020
Derivative [Line Items]
Notional amount	250,000,000
2022 | Interest Rate Swap, excluding those with forward effective start dates
Derivative [Line Items]
Notional amount	$ 750,000,000
Weighted average fixed rate paid by the Company	2.17%
2023 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 400,000,000	$ 150,000,000
Weighted average fixed rate paid by the Company	1.00%	2.25%
2023 | Interest Rate Swap, forward effective date July 2020
Derivative [Line Items]
Notional amount	$ 250,000,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Interest Rate Caps (Details) - Interest rate caps - USD ($)	1 Months Ended
	Jun. 30, 2019	Jun. 30, 2015	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 5,821	$ 12,972	$ 10,058	$ 32,007
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	5,821	12,972	10,058	32,007
Change in fair value	(3,911)	(37,060)	(24,513)	(67,635)
Derivative market value adjustments and derivative settlements, net - income (expense)	1,910	(24,088)	(14,455)	(35,628)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	7,129	807	9,242	3,140
Change in fair value	(2,872)	4	(1,314)	(2,209)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(1,308)	12,165	816	28,867
Change in fair value	(1,039)	(36,851)	(23,199)	(63,563)
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	(88)	0	(1,464)
Interest rate caps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 0	$ (125)	$ 0	$ (399)

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	May 20, 2020	Jun. 30, 2020	Mar. 31, 2020	May 19, 2020	Dec. 31, 2019
Investments (at fair value):
Amortized cost		$ 137,970			$ 48,790
Gross unrealized gains		4,571			3,911
Gross unrealized losses		(316)			0
Fair value		142,225			52,701
Equity securities
Amortized cost		27,291			9,622
Gross unrealized gains		5,345			4,561
Gross unrealized losses		(2,664)			(1,283)
Fair value		29,972			12,900
Total investments (at fair value)
Amortized cost		165,261			58,412
Gross unrealized gains		9,916			8,472
Gross unrealized losses		(2,980)			(1,283)
Fair value		172,197			65,601
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		277,503			181,498
Total investments		449,700			247,099
Beneficial interest in consumer loan securitizations, allowance for credit losses		24,837
Impairment charges on investments			$ 34,100
Impairment of real estate		300
Hudl
Other Investments and Notes Receivable (not measured at fair value):
Additional equity investment	$ 26,000
Ownership percentage (less than)				20.00%
Gain to adjust carrying value of investment		51,000
Venture capital and funds:
Other Investments and Notes Receivable (not measured at fair value):
Impairment charges on investments			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		143,224			72,760
Equity method		14,906			15,379
Other		539			1,301
Total investments (not measured at fair value)		158,669			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		55,611			51,721
Other		856			867
Total investments (not measured at fair value)		56,467			52,588
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		32,396			0
Loan amount corresponding to beneficial interest		545,000
Beneficial interest in consumer loan securitizations
Other Investments and Notes Receivable (not measured at fair value):
Impairment charges on investments			$ 26,300
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		24,676			33,187
Loan amount corresponding to beneficial interest		270,000
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)		$ 5,295			$ 6,283

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			78 months
Amortizable intangible assets, net	$ 66,733		$ 66,733		$ 81,532
Amortization of intangible assets	7,400	$ 8,300	$ 14,800	$ 16,800
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			81 months
Amortizable intangible assets, net	58,626		$ 58,626		71,900
Accumulated amortization of intangible assets	73,827		$ 73,827		60,553
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			71 months
Amortizable intangible assets, net	6,936		$ 6,936		7,478
Accumulated amortization of intangible assets	3,334		$ 3,334		2,792
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			8 months
Amortizable intangible assets, net	1,171		$ 1,171		2,154
Accumulated amortization of intangible assets	$ 4,216		$ 4,216		$ 3,233

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020 (July 1 - December 31)	$ 16,011
2021	19,687
2022	6,431
2023	6,184
2024	5,771
2025 and thereafter	12,649
Amortizable intangible assets, net	$ 66,733	$ 81,532

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 350,043		$ 350,043		$ 348,259
Depreciation	22,000	$ 16,200	42,300	$ 31,900
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	275,027		275,027		249,172
Accumulated depreciation	(162,981)		(162,981)		(142,270)
Property and equipment, net	112,046		112,046		106,902
Non-communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	177,513		$ 177,513		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	38,883		$ 38,883		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	22,049		$ 22,049		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	9,080		$ 9,080		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		$ 5,032		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		1,400
Non-communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,070		21,070		13,738
Communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	332,562		332,562		315,254
Accumulated depreciation	(94,565)		(94,565)		(73,897)
Property and equipment, net	237,997		237,997		241,357
Communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,064		$ 6,064		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	6,895		$ 6,895		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		70
Communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,620		1,620		54
Communications | Network plant and fiber
Property, Plant and Equipment [Line Items]
Property and equipment, gross	265,189		$ 265,189		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	29,976		$ 29,976		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	19,011		$ 19,011		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	$ 3,737		$ 3,737		$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 86,482	$ 24,619	$ 45,950	$ 66,210
Weighted average common shares outstanding - basic and diluted (in shares)	39,203,404	40,050,065	39,579,459	40,210,787
Earnings per share - basic and diluted (in dollars per share)	$ 2.21	$ 0.61	$ 1.16	$ 1.65
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 85,243	$ 24,292	$ 45,305	$ 65,346
Weighted average common shares outstanding - basic and diluted (in shares)	38,641,794	39,518,652	39,023,624	39,685,958
Earnings per share - basic and diluted (in dollars per share)	$ 2.21	$ 0.61	$ 1.16	$ 1.65
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 1,239	$ 327	$ 645	$ 864
Weighted average common shares outstanding - basic and diluted (in shares)	561,610	531,413	555,835	524,829
Earnings per share - basic and diluted (in dollars per share)	$ 2.21	$ 0.61	$ 1.16	$ 1.65

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total interest income	$ 151,883	$ 246,788	$ 341,074	$ 497,374
Interest expense	85,248	186,963	219,366	378,733
Net interest income	66,635	59,825	121,708	118,641
Less provision for loan losses	2,999	9,000	79,297	16,000
Net interest income after provision for loan losses	63,636	50,825	42,411	102,641
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	1,712	18,206	1,712
Other income	60,127	14,440	68,408	23,507
Impairment expense	(332)	0	(34,419)	0
Derivative settlements, net	5,821	12,972	10,058	32,007
Derivative market value and foreign currency transaction adjustments, net	(3,911)	(37,060)	(24,513)	(67,635)
Total other income/expense	251,049	182,149	441,676	388,276
Cost of services:
Cost of services	21,119	20,972	49,506	46,790
Operating expenses:
Salaries and benefits	119,247	111,214	239,125	222,272
Depreciation and amortization	29,393	24,484	57,041	48,697
Other expenses	37,052	45,417	80,439	89,233
Intersegment expenses, net	0	0	0	0
Total operating expenses	185,692	181,115	376,605	360,202
Income before income taxes	107,874	30,887	57,976	83,925
Income tax (expense) benefit	(21,264)	(6,209)	(11,131)	(17,600)
Net income	86,610	24,678	46,845	66,325
Net income attributable to noncontrolling interests	(128)	(59)	(895)	(115)
Net income attributable to Nelnet, Inc.	86,482	24,619	45,950	66,210
Total assets	22,611,208	24,219,800	22,611,208	24,219,800	$ 23,708,970
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	52	550	369	1,047
Interest expense	28	19	73	19
Net interest income	24	531	296	1,028
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	24	531	296	1,028
Other income:
Intersegment revenue	8,537	11,598	19,591	23,815
Gain on sale of loans	0	0	0	0
Other income	1,914	2,277	4,544	4,350
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income/expense	121,493	127,860	247,913	257,048
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	68,401	66,496	138,894	132,715
Depreciation and amortization	9,142	8,799	17,990	17,671
Other expenses	13,380	17,118	30,870	36,047
Intersegment expenses, net	15,996	13,604	32,235	27,362
Total operating expenses	106,919	106,017	219,989	213,795
Income before income taxes	14,598	22,374	28,220	44,281
Income tax (expense) benefit	(3,504)	(5,370)	(6,773)	(10,628)
Net income	11,094	17,004	21,447	33,653
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	11,094	17,004	21,447	33,653
Total assets	221,313	267,611	221,313	267,611
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	420	1,659	2,411	3,676
Interest expense	21	11	38	19
Net interest income	399	1,648	2,373	3,657
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	399	1,648	2,373	3,657
Other income:
Intersegment revenue	3	0	14	0
Gain on sale of loans	0	0	0	0
Other income	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income/expense	59,307	60,342	142,993	139,502
Cost of services:
Cost of services	15,376	15,871	38,181	36,930
Operating expenses:
Salaries and benefits	24,522	22,823	48,218	45,830
Depreciation and amortization	2,362	3,324	4,749	6,835
Other expenses	2,326	5,805	8,418	11,116
Intersegment expenses, net	3,429	3,148	6,756	6,447
Total operating expenses	32,639	35,100	68,141	70,228
Income before income taxes	11,691	11,019	39,044	36,001
Income tax (expense) benefit	(2,806)	(2,645)	(9,371)	(8,640)
Net income	8,885	8,374	29,673	27,361
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	8,885	8,374	29,673	27,361
Total assets	351,392	336,896	351,392	336,896
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income	0	1	0	3
Interest expense	0	0	0	0
Net interest income	0	1	0	3
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	1	0	3
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	0	0	0
Other income	392	362	745	487
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income/expense	19,390	16,120	37,924	30,787
Cost of services:
Cost of services	5,743	5,101	11,325	9,860
Operating expenses:
Salaries and benefits	5,570	5,192	10,986	9,929
Depreciation and amortization	10,824	7,737	21,330	15,099
Other expenses	3,774	3,865	7,463	7,342
Intersegment expenses, net	536	716	1,160	1,380
Total operating expenses	20,704	17,510	40,939	33,750
Income before income taxes	(7,057)	(6,490)	(14,340)	(12,820)
Income tax (expense) benefit	1,694	1,558	3,442	3,077
Net income	(5,363)	(4,932)	(10,898)	(9,743)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	(5,363)	(4,932)	(10,898)	(9,743)
Total assets	301,741	302,873	301,741	302,873
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	150,583	243,295	336,509	490,162
Interest expense	84,489	184,035	217,737	372,834
Net interest income	66,094	59,260	118,772	117,328
Less provision for loan losses	2,999	9,000	79,297	16,000
Net interest income after provision for loan losses	63,095	50,260	39,475	101,328
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	1,712	18,206	1,712
Other income	732	3,176	3,947	6,701
Impairment expense	0	0	(26,303)	0
Derivative settlements, net	5,821	12,972	10,058	32,007
Derivative market value and foreign currency transaction adjustments, net	(3,911)	(37,060)	(24,513)	(67,635)
Total other income/expense	2,642	(19,200)	(18,605)	(27,215)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	421	382	863	760
Depreciation and amortization	0	0	0	0
Other expenses	4,863	6,207	8,581	10,044
Intersegment expenses, net	9,055	11,665	20,971	23,952
Total operating expenses	14,339	18,254	30,415	34,756
Income before income taxes	51,398	12,806	(9,545)	39,357
Income tax (expense) benefit	(12,336)	(3,074)	2,291	(9,446)
Net income	39,062	9,732	(7,254)	29,911
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	39,062	9,732	(7,254)	29,911
Total assets	21,136,268	22,907,234	21,136,268	22,907,234
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	1,196	2,258	2,751	4,310
Interest expense	1,078	3,872	2,485	7,685
Net interest income	118	(1,614)	266	(3,375)
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	118	(1,614)	266	(3,375)
Other income:
Intersegment revenue	0	0	0	0
Gain on sale of loans	0	0	0	0
Other income	57,089	8,624	59,172	11,969
Impairment expense	(332)	0	(8,116)	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income/expense	56,757	8,624	51,056	11,969
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	20,334	16,321	40,163	33,038
Depreciation and amortization	7,065	4,623	12,972	9,093
Other expenses	12,710	12,423	25,108	24,685
Intersegment expenses, net	(20,476)	(17,535)	(41,517)	(35,326)
Total operating expenses	19,633	15,832	36,726	31,490
Income before income taxes	37,242	(8,822)	14,596	(22,896)
Income tax (expense) benefit	(4,312)	3,321	(720)	8,037
Net income	32,930	(5,501)	13,876	(14,859)
Net income attributable to noncontrolling interests	(128)	(59)	(895)	(115)
Net income attributable to Nelnet, Inc.	32,802	(5,560)	12,981	(14,974)
Total assets	732,994	595,623	732,994	595,623
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(368)	(974)	(967)	(1,824)
Interest expense	(368)	(974)	(967)	(1,824)
Net interest income	0	0	0	0
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income:
Intersegment revenue	(8,540)	(11,598)	(19,605)	(23,815)
Gain on sale of loans	0	0	0	0
Other income	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value and foreign currency transaction adjustments, net	0	0	0	0
Total other income/expense	(8,540)	(11,598)	(19,605)	(23,815)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(8,540)	(11,598)	(19,605)	(23,815)
Total operating expenses	(8,540)	(11,598)	(19,605)	(23,815)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(132,500)	(190,437)	(132,500)	(190,437)
Loan servicing and systems
Other income:
Revenue	111,042	113,985	223,778	228,883
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	111,042	113,985	223,778	228,883
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Eliminations
Other income:
Revenue	0	0	0	0
Education technology, services, and payment processing
Other income:
Revenue	59,304	60,342	142,979	139,502
Cost of services:
Cost of services	15,376	15,871	38,181	36,930
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	59,304	60,342	142,979	139,502
Cost of services:
Cost of services	15,376	15,871	38,181	36,930
Education technology, services, and payment processing | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services
Other income:
Revenue	18,998	15,758	37,179	30,300
Cost of services:
Cost of services	5,743	5,101	11,325	9,860
Communications services | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Operating Segments | Communications
Other income:
Revenue	18,998	15,758	37,179	30,300
Cost of services:
Cost of services	5,743	5,101	11,325	9,860
Communications services | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue and Def_3

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 18,998	$ 15,758	$ 37,179	$ 30,300
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	14,209	11,890	27,766	22,955
Business revenue
Disaggregation of Revenue [Line Items]
Revenue	4,619	3,816	9,091	7,230
Other
Disaggregation of Revenue [Line Items]
Revenue	170	52	322	115
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	111,042	113,985	223,778	228,883
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	37,360	40,459	76,010	80,099
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	45,213	45,973	91,660	93,050
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	8,196	8,985	16,805	18,465
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,917	6,424	10,531	13,119
Software services
Disaggregation of Revenue [Line Items]
Revenue	10,651	10,021	21,969	19,762
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	4,705	2,123	6,803	4,388
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	59,304	60,342	142,979	139,502
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	22,947	24,655	54,534	54,829
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	21,168	21,311	52,910	50,290
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	14,927	14,096	34,980	33,805
Other
Disaggregation of Revenue [Line Items]
Revenue	262	280	555	578
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue	18,998	15,758	37,179	30,300
Internet
Disaggregation of Revenue [Line Items]
Revenue	11,930	9,297	23,125	17,726
Television
Disaggregation of Revenue [Line Items]
Revenue	4,218	4,050	8,440	7,939
Telephone
Disaggregation of Revenue [Line Items]
Revenue	2,812	2,395	5,502	4,575
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 38	$ 16	$ 112	$ 60

Disaggregated Revenue and Def_4

Disaggregated Revenue and Deferred Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Gain on investments, net of losses	$ 53,151	$ 4,258	$ 49,286	$ 3,831
Borrower late fee income	319	3,161	3,506	6,674
Other	3,821	4,013	7,348	7,211
Other income	60,127	14,440	68,408	23,507
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	1,914	2,277	4,544	4,350
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	$ 922	$ 731	$ 3,724	$ 1,441

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 26,889	$ 26,753	$ 39,646	$ 39,122
Deferral of revenue	34,659	35,173	60,903	59,253
Recognition of revenue	(34,105)	(32,431)	(73,106)	(68,880)
Balance, end of period	27,443	29,495	27,443	29,495
Corporate and Other Activities
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	1,640	1,552	1,628	1,602
Deferral of revenue	879	841	1,734	1,577
Recognition of revenue	(843)	(782)	(1,686)	(1,568)
Balance, end of period	1,676	1,611	1,676	1,611
Loan Servicing and Systems | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	2,195	3,947	2,712	4,413
Deferral of revenue	800	764	1,182	1,880
Recognition of revenue	(880)	(1,396)	(1,779)	(2,978)
Balance, end of period	2,115	3,315	2,115	3,315
Education Technology, Services, and Payment Processing | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	19,640	18,498	32,074	30,556
Deferral of revenue	22,340	24,770	37,420	38,732
Recognition of revenue	(22,056)	(21,779)	(49,570)	(47,799)
Balance, end of period	19,924	21,489	19,924	21,489
Communications | Operating Segments
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	3,414	2,756	3,232	2,551
Deferral of revenue	10,640	8,798	20,567	17,064
Recognition of revenue	(10,326)	(8,474)	(20,071)	(16,535)
Balance, end of period	$ 3,728	$ 3,080	$ 3,728	$ 3,080

Major Customer (Details)

Major Customer (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)extensionOption	Jun. 30, 2019USD ($)
Concentration Risk [Line Items]
Servicing contract, number of extension options | extensionOption			2
Servicing contract, term of extension options			6 months
Great Lakes Educational Loan Service
Concentration Risk [Line Items]
Acquiree revenue since acquisition	$ 45,200	$ 46,000	$ 91,700	$ 93,100
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue	37,360	40,459	76,010	80,099
Government servicing - Nelnet | Customer concentration risk
Concentration Risk [Line Items]
Revenue	$ 37,400	$ 40,500	$ 76,000	$ 80,100

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Fair value	$ 172,197	$ 65,601
Total assets	172,197	65,601
Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	142,122	52,597
Equity securities
Financial assets:
Fair value	6	6
Equity securities measured at net asset value
Financial assets:
Fair value	29,966	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	142,122	52,597
Total assets	142,122	52,597
Level 2 | Student loan asset-backed securities - available-for-sale
Financial assets:
Fair value	142,122	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	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Loans receivable	$ 20,460,873	$ 21,402,868
Accrued loan interest receivable	856,880	733,497
Cash and cash equivalents	67,540	133,906	$ 84,400	$ 121,347
Investments (at fair value)	449,700	247,099
Restricted cash - due to customers	268,539	437,756	$ 279,017	$ 369,678
Financial liabilities:
Accrued interest payable	32,760	47,285
Due to customers	268,539	437,756
Fair value
Financial assets:
Loans receivable	20,017,543	21,477,630
Accrued loan interest receivable	856,880	733,497
Cash and cash equivalents	67,540	133,906
Investments (at fair value)	172,197	65,601
Beneficial interest in loan securitizations	57,072	33,258
Restricted cash	585,236	650,939
Restricted cash - due to customers	268,539	437,756
Financial liabilities:
Bonds and notes payable	19,064,071	20,479,095
Accrued interest payable	32,760	47,285
Due to customers	268,539	437,756
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	67,540	133,906
Investments (at fair value)	109	110
Beneficial interest in loan securitizations	0	0
Restricted cash	585,236	650,939
Restricted cash - due to customers	268,539	437,756
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Due to customers	268,539	437,756
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	856,880	733,497
Cash and cash equivalents	0	0
Investments (at fair value)	142,122	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	19,064,071	20,479,095
Accrued interest payable	32,760	47,285
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	20,017,543	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	57,072	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	19,603,993	20,669,371
Accrued loan interest receivable	856,880	733,497
Cash and cash equivalents	67,540	133,906
Investments (at fair value)	172,197	65,601
Beneficial interest in loan securitizations	57,072	33,187
Restricted cash	585,236	650,939
Restricted cash - due to customers	268,539	437,756
Financial liabilities:
Bonds and notes payable	19,726,158	20,529,054
Accrued interest payable	32,760	47,285
Due to customers	$ 268,539	$ 437,756