Nelnet (NNI) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,370,797
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,154,171

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $157,394 and $175,698, respectively)	$ 19,737,530	$ 20,185,656
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	50,586	33,292
Cash and cash equivalents - held at a related party	93,643	87,957
Total cash and cash equivalents	144,229	121,249
Investments	973,099	992,940
Restricted cash	609,881	553,175
Restricted cash - due to customers	193,081	283,971
Accounts receivable (net of allowance for doubtful accounts of $2,091 and $1,824, respectively)	80,283	76,460
Goodwill	142,092	142,092
Intangible assets, net	66,718	75,070
Property and equipment, net	130,450	123,527
Other assets	89,845	92,020
Total assets	22,167,208	22,646,160
Liabilities:
Bonds and notes payable	18,754,715	19,320,726
Accrued interest payable	5,527	28,701
Bank deposits	111,830	54,633
Other liabilities	315,454	312,280
Due to customers	230,581	301,471
Total liabilities	19,418,107	20,017,811
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	5,859	3,794
Retained earnings	2,736,923	2,621,762
Accumulated other comprehensive earnings	9,022	6,102
Total Nelnet, Inc. shareholders' equity	2,752,190	2,632,042
Noncontrolling interests	(3,089)	(3,693)
Total equity	2,749,101	2,628,349
Total liabilities and equity	22,167,208	22,646,160
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $157,394 and $175,698, respectively)	19,575,058	20,132,996
Cash and cash equivalents:
Restricted cash	551,983	499,223
Liabilities:
Bonds and notes payable	18,888,943	19,355,375
Common stock:
Accrued interest payable and other liabilities	67,348	83,127
Net assets of consolidated education and other lending variable interest entities	1,170,750	1,193,717
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,367,797 shares and 27,193,154 shares, respectively
Common stock:
Common stock	274	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,154,171 shares and 11,155,571 shares, respectively
Common stock:
Common stock	$ 112	$ 112

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Allowance for loan losses	$ 157,394	$ 175,698
Allowance for doubtful accounts	$ 2,091	$ 1,824
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	27,367,797	27,193,154
Shares outstanding (in shares)	27,367,797	27,193,154
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	11,154,171	11,155,571
Shares outstanding (in shares)	11,154,171	11,155,571

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Loan interest	$ 124,117	$ 181,793
Investment interest	4,986	7,398
Total interest income	129,103	189,191
Interest expense:
Interest on bonds and notes payable and bank deposits	27,773	134,118
Net interest income	101,330	55,073
Less (negative provision) provision for loan losses	(17,048)	76,299
Net interest income after provision for loan losses	118,378	(21,226)
Other income/expense:
Other	(4,604)	8,281
Gain on sale of loans	0	18,206
Impairment expense and provision for beneficial interests, net	(2,436)	34,087
Derivative market value adjustments and derivative settlements, net	34,505	(16,365)
Total other income/expense	239,112	190,626
Cost of services:
Cost of services	27,052	28,388
Operating expenses:
Salaries and benefits	115,791	119,878
Depreciation and amortization	20,184	27,648
Other expenses	36,698	43,384
Total operating expenses	172,673	190,910
Income (loss) before income taxes	157,765	(49,898)
Income tax (expense) benefit	(34,861)	10,133
Net income (loss)	122,904	(39,765)
Net loss (income) attributable to noncontrolling interests	694	(767)
Net income (loss) attributable to Nelnet, Inc.	$ 123,598	$ (40,532)
Earnings per common share:
Net (loss) income attributable to Nelnet, Inc. shareholders - basic and diluted (in dollars per share)	$ 3.20	$ (1.01)
Weighted average common shares outstanding - basic and diluted (in shares)	38,603,555	39,955,514
Loan servicing and systems
Other income/expense:
Revenue	$ 111,517	$ 112,735
Education technology, services, and payment processing
Other income/expense:
Revenue	95,258	83,675
Cost of services:
Cost of services	27,052	22,806
Communications services
Other income/expense:
Revenue	0	18,181
Cost of services:
Cost of services	$ 0	$ 5,582

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 122,904	$ (39,765)
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	1	0
Net changes related to available-for-sale debt securities:
Unrealized gains (losses) during period, net	4,349	(3,015)
Reclassification of (gains) losses to net income, net	(508)	235
Income tax effect	(922)	667
Unrealized gains (losses) during period after reclassifications and tax	2,919	(2,113)
Other comprehensive income (loss)	2,920	(2,113)
Comprehensive income (loss)	125,824	(41,878)
Comprehensive loss (income) attributable to noncontrolling interests	694	(767)
Comprehensive income (loss) attributable to Nelnet, Inc.	$ 126,518	$ (42,645)

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
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	26									26
Net income (loss)	(39,765)						(40,532)			767
Other comprehensive loss	(2,113)								(2,113)
Distribution to noncontrolling interests	(55)									(55)
Cash dividend on Class A and Class B common stock	(7,946)						(7,946)
Issuance of common stock, net of forfeitures (in shares)				148,422
Issuance of common stock, net of forfeitures	2,941			$ 1		2,940
Compensation expense for stock based awards	1,738					1,738
Repurchase of common stock (in shares)				(24,885)
Repurchase of common stock	(1,253)					(1,253)
Balance (in shares) at Mar. 31, 2020			0	28,582,032	11,271,609
Balance at Mar. 31, 2020	2,325,800		$ 0	$ 286	$ 113	9,140	2,310,282		859	5,120
Balance (in shares) at Dec. 31, 2020			0	27,193,154	11,155,571
Balance at Dec. 31, 2020	2,628,349		$ 0	$ 272	$ 112	3,794	2,621,762		6,102	(3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	1,400									1,400
Net income (loss)	122,904						123,598			(694)
Other comprehensive loss	2,920								2,920
Distribution to noncontrolling interests	(102)									(102)
Cash dividend on Class A and Class B common stock	(8,437)						(8,437)
Issuance of common stock, net of forfeitures (in shares)				199,442
Issuance of common stock, net of forfeitures	2,091			$ 2		2,089
Compensation expense for stock based awards	1,985					1,985
Repurchase of common stock (in shares)				(26,199)
Repurchase of common stock	(2,009)					(2,009)
Conversion of common stock (in shares)				1,400	(1,400)
Conversion of common stock	0
Balance (in shares) at Mar. 31, 2021			0	27,367,797	11,154,171
Balance at Mar. 31, 2021	$ 2,749,101		$ 0	$ 274	$ 112	$ 5,859	$ 2,736,923		$ 9,022	$ (3,089)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.22	$ 0.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Net cash provided by operating activities:
Net income (loss) attributable to Nelnet, Inc.		$ 123,598	$ (40,532)
Net (loss) income attributable to noncontrolling interests		(694)	767
Net income (loss)		122,904	(39,765)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		38,415	48,763
Loan discount accretion		(7,218)	(9,442)
Provision (negative provision) for loan losses		(17,048)	76,299
Derivative market value adjustments		(38,809)	20,602
Proceeds from (payments to) clearinghouse - initial and variation margin, net		38,081	(20,386)
Gain from sale of loans		0	(18,206)
Loss from investments, net		13,849	4,046
Purchases of equity securities - trading		(13,512)	0
Deferred income tax expense (benefit)		15,405	(26,000)
Non-cash compensation expense		2,052	1,857
(Negative provision) provision for beneficial interests and impairment expense		(2,436)	34,087
Increase in loan and investment accrued interest receivable		(114)	(33,167)
(Increase) decrease in accounts receivable		(3,831)	52,185
Decrease in other assets, net		5,147	31,363
Decrease (increase) in the carrying amount of ROU asset		1,418	(1,000)
Decrease in accrued interest payable		(23,174)	(3,411)
Decrease in other liabilities		(10,375)	(42,047)
Decrease in the carrying amount of lease liability		(1,247)	(2,382)
Decrease in due to customers		(70,849)	(217,851)
Net cash provided by (used in) operating activities		48,658	(144,455)
Cash flows from investing activities, net of acquisition:
Purchases and originations of loans		(152,329)	(409,404)
Purchases of loans from a related party		(19,731)	(41,217)
Net proceeds from loan repayments, claims, and capitalized interest		637,275	517,347
Proceeds from sale of loans		0	90,461
Purchases of available-for-sale securities		(44,335)	(29,658)
Proceeds from sales of available-for-sale securities		18,077	22,197
Proceeds from beneficial interest in loan securitizations		8,603	11,264
Purchases of other investments		(71,590)	(32,892)
Proceeds from other investments		110,290	3,135
Purchases of property and equipment		(17,898)	(25,561)
Net cash provided by investing activities		468,362	105,672
Cash flows from financing activities:
Payments on bonds and notes payable		(584,303)	(1,263,204)
Proceeds from issuance of bonds and notes payable		7,800	1,193,388
Payments of debt issuance costs		(614)	(4,854)
Increase in bank deposits, net		57,197	0
Dividends paid		(8,437)	(7,946)
Repurchases of common stock		(2,009)	(1,253)
Proceeds from issuance of common stock		381	411
Issuance of noncontrolling interests		1,940	0
Distribution to noncontrolling interests		(102)	(22)
Net cash used in financing activities		(528,147)	(83,480)
Effect of exchange rate changes on cash		(77)	0
Net decrease in cash, cash equivalents, and restricted cash		(11,204)	(122,263)
Cash, cash equivalents, and restricted cash, beginning of period		958,395	1,222,601
Cash, cash equivalents, and restricted cash, end of period		947,191	1,100,338
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		39,686	125,184
Cash disbursements made for income taxes, net of refunds and credits received	[1]	199	80
Cash disbursements made for operating leases		2,098	2,702
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		740	1,411
Receipt of beneficial interest in consumer loan securitizations		0	38,490
Distribution to noncontrolling interest		$ 0	$ 33
[1]	For the three months ended March 31, 2021 and 2020, respectively, the Company utilized $2.0 million and $9.4 million, respectively, of federal and state tax credits related primarily to renewable energy.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 2,000	$ 9,400
Cash and cash equivalents:
Total cash and cash equivalents	144,229	204,844
Restricted cash	609,881	675,589
Restricted cash - due to customers	193,081	219,905
Cash, cash equivalents, and restricted cash	$ 947,191	$ 1,100,338

Basis of Financial Reporting

Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of March 31, 2021 December 31, 2020 Federally insured student loans: Stafford and other $ 4,283,566 4,383,000 Consolidation 14,321,817 14,746,173 Total 18,605,383 19,129,173 Private education loans 314,048 320,589 Private education loans - Nelnet Bank 79,231 17,543 Consumer loans 110,792 109,346 19,109,454 19,576,651 Accrued interest receivable 794,561 794,611 Loan discount, net of unamortized loan premiums and deferred origination costs (9,091) (9,908) Allowance for loan losses: Federally insured loans (121,846) (128,590) Private education loans (20,670) (19,529) Private education loans - Nelnet Bank (744) (323) Consumer loans (14,134) (27,256) $ 19,737,530 20,185,656 Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended March 31, 2021 Federally insured loans $ 128,590 — (7,483) (61) — 800 — 121,846 Private education loans 19,529 — 1,431 (493) 202 — 1 20,670 Private education loans - Nelnet Bank 323 — 422 — — — (1) 744 Consumer loans 27,256 — (11,418) (1,950) 246 — — 14,134 $ 175,698 — (17,048) (2,504) 448 800 — 157,394 Three months ended March 31, 2020 Federally insured loans $ 36,763 72,291 39,323 (6,318) — 4,700 — 146,759 Private education loans 9,597 4,797 9,800 (1,330) 192 — — 23,056 Consumer loans 15,554 13,926 27,176 (4,350) 247 — (13,500) 39,053 $ 61,914 91,014 76,299 (11,998) 439 4,700 (13,500) 208,868 a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company. Beginning in March 2020, the coronavirus disease 2019 ("COVID-19") pandemic has caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on economic conditions. The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain continued improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain continued improved economic conditions as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. Loan Status and Delinquencies The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2021 As of December 31, 2020 As of March 31, 2020 Federally insured loans: Loans in-school/grace/deferment $ 1,006,605 5.4 % $ 1,036,028 5.4 % $ 1,111,139 5.5 % Loans in forbearance 1,936,553 10.4 1,973,175 10.3 2,131,735 10.6 Loans in repayment status: Loans current 13,787,038 88.0 % 13,683,054 84.9 % 14,618,767 86.3 % Loans delinquent 31-60 days 425,599 2.7 633,411 3.9 581,665 3.4 Loans delinquent 61-90 days 234,871 1.5 307,936 1.9 405,575 2.4 Loans delinquent 91-120 days 125,471 0.8 800,257 5.0 267,145 1.6 Loans delinquent 121-270 days 1,026,050 6.6 674,975 4.2 756,241 4.5 Loans delinquent 271 days or greater 63,196 0.4 20,337 0.1 312,785 1.8 Total loans in repayment 15,662,225 84.2 100.0 % 16,119,970 84.3 100.0 % 16,942,178 83.9 100.0 % Total federally insured loans 18,605,383 100.0 % 19,129,173 100.0 % 20,185,052 100.0 % Accrued interest receivable 791,199 791,453 763,924 Loan discount, net of unamortized premiums and deferred origination costs (14,608) (14,505) (5,732) Allowance for loan losses (121,846) (128,590) (146,759) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 19,260,128 $ 19,777,531 $ 20,796,485 Private education loans: Loans in-school/grace/deferment $ 10,405 3.3 % $ 5,049 1.6 % $ 4,783 1.7 % Loans in forbearance 7,567 2.4 2,359 0.7 11,428 4.2 Loans in repayment status: Loans current 292,840 98.9 % 310,036 99.0 % 252,611 97.9 % Loans delinquent 31-60 days 1,343 0.5 1,099 0.4 1,606 0.6 Loans delinquent 61-90 days 843 0.3 675 0.2 961 0.4 Loans delinquent 91 days or greater 1,050 0.3 1,371 0.4 2,821 1.1 Total loans in repayment 296,076 94.3 100.0 % 313,181 97.7 100.0 % 257,999 94.1 100.0 % Total private education loans 314,048 100.0 % 320,589 100.0 % 274,210 100.0 % Accrued interest receivable 2,303 2,131 1,716 Loan premium, net of unaccreted discount 2,673 2,691 (138) Allowance for loan losses (20,670) (19,529) (23,056) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 298,354 $ 305,882 $ 252,732 Private education loans - Nelnet Bank: Loans in-school/grace/deferment $ 82 0.1 % $ — — % Loans in forbearance 29 — 29 0.2 Loans in repayment status: Loans current 79,120 100.0 % 17,514 100.0 % Loans delinquent 31-60 days — — — — Loans delinquent 61-90 days — — — — Loans delinquent 91 days or greater — — — — Total loans in repayment 79,120 99.9 100.0 % 17,514 99.8 100.0 % Total private education loans 79,231 100.0 % 17,543 100.0 % Accrued interest receivable 125 26 Loan premium, net of unaccreted discount 999 266 Allowance for loan losses (744) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 79,611 $ 17,512 Consumer loans: Loans in deferment $ 306 0.3 % $ 829 0.8 % $ — Loans in repayment status: Loans current 108,126 97.9 % 105,650 97.4 % 141,840 97.3 % Loans delinquent 31-60 days 760 0.7 954 0.9 1,525 1.0 Loans delinquent 61-90 days 577 0.5 804 0.7 851 0.6 Loans delinquent 91 days or greater 1,023 0.9 1,109 1.0 1,587 1.1 Total loans in repayment 110,486 99.7 100.0 % 108,517 99.2 100.0 % 145,803 100.0 % Total consumer loans 110,792 100.0 % 109,346 100.0 % 145,803 Accrued interest receivable 934 1,001 1,133 Loan premium 1,845 1,640 1,108 Allowance for loan losses (14,134) (27,256) (39,053) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 99,437 $ 84,731 $ 108,991 Nonaccrual Status The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2020 and March 31, 2021, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 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. Three months ended March 31, 2021 2020 2019 2018 2017 Prior years Total Private education loans: Loans in school/grace/deferment $ 216 2,159 4,948 — — 3,082 10,405 Loans in forbearance — 488 1,288 131 — 5,660 7,567 Loans in repayment status: Loans current 1,069 101,577 67,914 636 — 121,644 292,840 Loans delinquent 31-60 days — 10 114 — — 1,219 1,343 Loans delinquent 61-90 days — — 59 — — 784 843 Loans delinquent 91 days or greater — — 120 — — 930 1,050 Total loans in repayment 1,069 101,587 68,207 636 — 124,577 296,076 Total private education loans $ 1,285 104,234 74,443 767 — 133,319 314,048 Accrued interest receivable 2,303 Loan premium, net of unaccreted discount 2,673 Allowance for loan losses (20,670) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 298,354 Private education loans - Nelnet Bank: Loans in school/grace/deferment $ 82 — — — — — 82 Loans in forbearance — 29 — — — — 29 Loans in repayment status: Loans current 62,647 16,473 — — — — 79,120 Loans delinquent 31-60 days — — — — — — — Loans delinquent 61-90 days — — — — — — — Loans delinquent 91 days or greater — — — — — — — Total loans in repayment 62,647 16,473 — — — — 79,120 Total private education loans $ 62,729 16,502 — — — — 79,231 Accrued interest receivable 125 Loan premium, net of unaccreted discount 999 Allowance for loan losses (744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 79,611 Consumer loans: Loans in deferment $ — 33 177 96 — — 306 Loans in repayment status: Loans current 18,713 51,409 18,771 17,360 1,873 — 108,126 Loans delinquent 31-60 days — 339 272 120 29 — 760 Loans delinquent 61-90 days — 311 185 64 17 — 577 Loans delinquent 91 days or greater — 312 297 404 10 — 1,023 Total loans in repayment 18,713 52,371 19,525 17,948 1,929 — 110,486 Total consumer loans $ 18,713 52,404 19,702 18,044 1,929 — 110,792 Accrued interest receivable 934 Loan premium 1,845 Allowance for loan losses (14,134) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 99,437

Bonds and Notes Payable

Bonds and Notes Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 16,716,369 0.19% - 2.11% 5/27/25 - 10/25/68 Bonds and notes based on auction 747,075 1.07% - 2.15% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,463,444 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 915,947 1.42% - 3.45% 10/25/67 / 8/27/68 FFELP warehouse facilities 247,018 0.23% 5/20/22 / 2/26/24 Private education loan warehouse facility 158,197 0.26% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 44,844 1.65% / 1.86% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 35,196 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 12/16/24 Other borrowings 118,537 0.81% / 1.86% 5/4/21 / 5/30/22 18,983,183 Discount on bonds and notes payable and debt issuance costs (228,468) Total $ 18,754,715 As of December 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,127,643 0.28% - 2.05% 5/27/25 - 10/25/68 Bonds and notes based on auction 749,925 1.12% - 2.14% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,877,568 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 923,076 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 252,165 0.27% / 0.31% 5/20/22 / 2/26/23 Private education loan warehouse facility 150,397 0.28% 2/13/22 Consumer loan warehouse facility 25,809 0.28% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 49,025 1.65% / 1.90% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 37,251 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 120,000 1.65% 12/16/24 Other borrowings 123,558 0.84% / 1.90% 5/4/21 / 5/30/22 19,558,849 Discount on bonds and notes payable and debt issuance costs (238,123) Total $ 19,320,726 FFELP Warehouse Facilities The Company funds the majority of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements. As of March 31, 2021, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I NHELP-II (a) Total Maximum financing amount $ 260,000 50,000 310,000 Amount outstanding 247,018 — 247,018 Amount available $ 12,982 50,000 62,982 Expiration of liquidity provisions May 20, 2021 February 26, 2022 Final maturity date May 20, 2022 February 26, 2024 Advanced as equity support $ 20,529 — 20,529 (a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively. Private Education Loan Warehouse Facility During 2020, the Company obtained a private education loan warehouse facility that had an aggregate maximum financing amount available of $200.0 million. On February 12, 2021, the Company decreased the maximum financing amount available for this facility to $175.0 million and extended the liquidity provisions and final maturity date to February 13, 2022 and February 13, 2023, respectively. As of March 31, 2021, $158.2 million was outstanding under this warehouse facility and $16.8 million was available for future funding. The facility has an advance rate of 80 to 90 percent and, as of March 31, 2021, the Company had $17.0 million advanced as equity support under this facility. Consumer Loan Warehouse Facility The Company had a $100.0 million consumer loan warehouse facility. On March 31, 2021, the Company terminated this facility. Unsecured Line of Credit The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of March 31, 2021, no amount was outstanding on the line of credit and $455.0 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 The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loan asset-backed securities. As of March 31, 2021, $113.5 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 Accrued Interest Liability During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined is no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest on bonds and notes payable and bank deposits" in the consolidated statements of operations.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 6 of the notes to consolidated financial statements included in the 2020 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2021 and December 31, 2020 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount 2021 $ 250,000 2022 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 6,150,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2021 and December 31, 2020 was one-month LIBOR plus 9.1 basis points. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of March 31, 2021 As of December 31, 2020 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2021 $ 600,000 2.15 % $ 600,000 2.15 % 2022 (b) 500,000 0.94 500,000 0.94 2023 900,000 0.62 900,000 0.62 2024 (c) 2,500,000 0.35 2,000,000 0.32 2025 500,000 0.35 500,000 0.35 $ 5,000,000 0.67 % $ 4,500,000 0.70 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. (c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. Consolidated Financial Statement Impact Related to Derivatives - Statements of Operations The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations. Three months ended March 31, 2021 2020 Settlements: 1:3 basis swaps $ (19) 2,112 Interest rate swaps - floor income hedges (4,285) 2,125 Total settlements - (expense) income (4,304) 4,237 Change in fair value: 1:3 basis swaps 2,799 1,558 Interest rate swaps - floor income hedges 36,010 (22,160) Total change in fair value - income (expense) 38,809 (20,602) Derivative market value adjustments and derivative settlements, net - income (expense) $ 34,505 (16,365)

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Investments	Investments A summary of the Company's investments follows: As of March 31, 2021 As of December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Student loan asset-backed and other debt securities - available-for-sale (a) $ 367,343 11,879 (9) 379,213 340,578 8,042 (13) 348,607 Equity securities 53,044 10,430 (3,621) 59,853 36,227 8,768 (2,954) 42,041 Total investments (at fair value) $ 420,387 22,309 (3,630) 439,066 376,805 16,810 (2,967) 390,648 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 145,440 144,795 Equity method (b) 59,583 14,018 Other 1,328 894 Total venture capital and funds 206,351 159,707 Real estate Equity method 49,527 50,291 Notes receivable (c) 17,344 847 Total real estate 66,871 51,138 Investment in ALLO: Voting interest/equity method (d) 107,177 129,396 Preferred membership interest and accrued and unpaid preferred return (e) 131,237 228,916 Total investment in ALLO 238,414 358,312 Solar (f) (34,091) (30,373) Beneficial interest in federally insured loan securitizations (g) 29,228 30,377 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g) 22,936 27,954 Tax liens and affordable housing 4,324 5,177 Total investments (not measured at fair value) 534,033 602,292 Total investments $ 973,099 $ 992,940 (a) As of March 31, 2021, $113.5 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) In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education student loans representing approximately 445,000 borrowers. The Company has entered into agreements to participate in a joint venture to acquire the portfolio. As of March 31, 2021, the Company has invested $44.7 million in the joint venture and is accounting for this investment under the equity method of accounting. (c) On February 26, 2021, the Company received a $13.0 million promissory note from Telegraph Flats, LLC ("Telegraph Flats"). The Company owns 50% of Telegraph Flats. Telegraph Flats is an entity that was established for the sole purpose of acquiring, developing, and owning a multi-family and commercial real estate property in Lincoln, Nebraska. The promissory note carries an interest rate of one-month LIBOR plus 1.75% and has a maturity date of August 26, 2021. (d) The Company accounts for its voting membership interests in ALLO Communications LLC ("ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three month period ended March 31, 2021, the Company recognized a loss of $22.2 million under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under generally accepted accounting principles. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (e) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2021, the Company recognized income on its ALLO preferred membership interests of $2.3 million. On January 19, 2021, ALLO closed on certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under the October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2021, the Company has funded $151.8 million in solar investments. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2021 represents total tax credits earned on solar projects placed in service through March 31, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $42.8 million on these projects. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended March 31, 2021 and 2020, the Company recognized pre-tax losses of $1.7 million and $2.8 million, respectively, on its solar investments. These losses are included in "other" in "other income/expense" on the consolidated statements of operations. (g) 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 March 31, 2021, the Company's ownership correlates to approximately $500 million and $230 million of federally insured and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of operations.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2021 (months) As of As of March 31, 2021 December 31, 2020 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $90,282 and $83,419, respectively) 102 $ 60,110 66,974 Computer software (net of accumulated amortization of $2,082 and $4,127, respectively) 33 5,775 6,430 Trade names (net of accumulated amortization of $4,288 and $3,455, respectively) 3 833 1,666 Total - amortizable intangible assets, net 95 $ 66,718 75,070 The Company recorded amortization expense on its intangible assets of $8.4 million and $7.4 million during the three months ended March 31, 2021 and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2021, the Company estimates it will record amortization expense as follows: 2021 (April 1 - December 31) $ 14,690 2022 9,939 2023 9,830 2024 7,457 2025 4,644 2026 and thereafter 20,158 $ 66,718

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of December 31, 2020 and March 31, 2021 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: As of As of Useful life March 31, 2021 December 31, 2020 Computer equipment and software 1-5 years $ 188,378 172,664 Building and building improvements 5-48 years 52,806 52,444 Office furniture and equipment 1-10 years 22,502 21,899 Leasehold improvements 1-15 years 9,167 9,168 Transportation equipment 5-10 years 4,857 4,857 Land — 3,642 3,642 Construction in progress — 20,549 18,478 301,901 283,152 Accumulated depreciation (171,451) (159,625) Total property and equipment, net $ 130,450 123,527

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income (loss) attributable to Nelnet, Inc. $ 121,766 1,832 123,598 (39,974) (558) (40,532) Denominator: Weighted-average common shares outstanding - basic and diluted 38,031,267 572,288 38,603,555 39,405,454 550,060 39,955,514 Earnings per share - basic and diluted $ 3.20 3.20 3.20 (1.01) (1.01) (1.01)

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting See note 15 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 34 263 — 126,402 1,376 1,246 (218) 129,103 Interest expense 23 — — 26,950 194 824 (218) 27,773 Net interest income (expense) 11 263 — 99,452 1,182 422 — 101,330 Less (negative provision) provision for loan losses — — — (17,470) 422 — — (17,048) Net interest income after provision for loan losses 11 263 — 116,922 760 422 — 118,378 Other income/expense: Loan servicing and systems revenue 111,517 — — — — — — 111,517 Intersegment revenue 8,268 3 — — — — (8,271) — Education technology, services, and payment processing revenue — 95,258 — — — — — 95,258 Communications revenue — — — — — — — — Other 1,113 — — 445 22 (6,184) — (4,604) Gain on sale of loans — — — — — — — — Impairment expense and provision for beneficial interests, net — — — 2,436 — — — 2,436 Derivative settlements, net — — — (4,304) — — — (4,304) Derivative market value adjustments, net — — — 38,809 — — — 38,809 Total other income/expense 120,898 95,261 — 37,386 22 (6,184) (8,271) 239,112 Cost of services: Cost to provide education technology, services, and payment processing services — 27,052 — — — — — 27,052 Cost to provide communications services — — — — — — — — Total cost of services — 27,052 — — — — — 27,052 Operating expenses: Salaries and benefits 66,458 25,941 — 495 1,488 21,409 — 115,791 Depreciation and amortization 8,192 3,071 — — — 8,920 — 20,184 Other expenses 13,285 4,822 — 3,777 545 14,272 — 36,698 Intersegment expenses, net 16,890 3,664 — 8,427 3 (20,713) (8,271) — Total operating expenses 104,825 37,498 — 12,699 2,036 23,888 (8,271) 172,673 Income (loss) before income taxes 16,084 30,974 — 141,609 (1,254) (29,650) — 157,765 Income tax (expense) benefit (b) (3,860) (7,434) — (33,987) 286 10,133 — (34,861) Net income (loss) 12,224 23,540 — 107,622 (968) (19,517) — 122,904 Net loss (income) attributable to noncontrolling interests — — — — — (17) 711 694 Net income (loss) attributable to Nelnet, Inc. $ 12,224 23,540 — 107,622 (968) (19,534) 711 123,598 Total assets as of March 31, 2021 $ 191,910 372,315 — 20,367,532 296,908 1,148,560 (210,017) 22,167,208 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Three months ended March 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Nelnet Bank (a) Corporate and Other Eliminations Total Total interest income $ 317 1,991 — 185,926 — 1,555 (598) 189,191 Interest expense 44 17 — 133,249 — 1,407 (598) 134,118 Net interest income (expense) 273 1,974 — 52,677 — 148 — 55,073 Less (negative provision) provision for loan losses — — — 76,299 — — — 76,299 Net interest income after provision for loan losses 273 1,974 — (23,622) — 148 — (21,226) Other income/expense: Loan servicing and systems revenue 112,735 — — — — — — 112,735 Intersegment revenue 11,054 11 — — — — (11,065) — Education technology, services, and payment processing revenue — 83,675 — — — — — 83,675 Communications revenue — — 18,181 — — — — 18,181 Other 2,630 — 353 3,215 — 2,083 — 8,281 Gain on sale of loans — — — 18,206 — — — 18,206 Impairment expense and provision for beneficial interests, net — — — (26,303) — (7,783) — (34,087) Derivative settlements, net — — — 4,237 — — — 4,237 Derivative market value adjustments, net — — — (20,602) — — — (20,602) Total other income/expense 126,419 83,686 18,534 (21,247) — (5,700) (11,065) 190,626 Cost of services: Cost to provide education technology, services, and payment processing services — 22,806 — — — — — 22,806 Cost to provide communications services — — 5,582 — — — — 5,582 Total cost of services — 22,806 5,582 — — — — 28,388 Operating expenses: Salaries and benefits 70,493 23,696 5,416 443 — 19,830 — 119,878 Depreciation and amortization 8,848 2,387 10,507 — — 5,907 — 27,648 Other expenses 17,489 6,092 3,689 3,717 — 12,398 — 43,384 Intersegment expenses, net 16,239 3,327 624 11,916 — (21,041) (11,065) — Total operating expenses 113,069 35,502 20,236 16,076 — 17,094 (11,065) 190,910 Income (loss) before income taxes 13,623 27,352 (7,284) (60,945) — (22,646) — (49,898) Income tax (expense) benefit (3,269) (6,565) 1,748 14,627 — 3,592 — 10,133 Net income (loss) 10,354 20,787 (5,536) (46,318) — (19,054) — (39,765) Net loss (income) attributable to noncontrolling interests — — — — — (767) — (767) Net income (loss) attributable to Nelnet, Inc. $ 10,354 20,787 (5,536) (46,318) — (19,821) — (40,532) Total assets as of March 31, 2020 $ 223,021 302,631 301,440 21,905,150 — 679,390 (131,004) 23,280,628 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended March 31, 2020.

Disaggregated Revenue

Disaggregated Revenue	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	Disaggregated Revenue The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments (except ALLO). Loan Servicing and Systems Three months ended March 31, 2021 2020 Government servicing - Nelnet $ 34,872 38,650 Government servicing - Great Lakes 43,302 46,446 Private education and consumer loan servicing 8,548 8,609 FFELP servicing 4,670 5,614 Software services 8,454 11,318 Outsourced services 11,671 2,098 Loan servicing and systems revenue $ 111,517 112,735 Education Technology, Services, and Payment Processing Three months ended March 31, 2021 2020 Tuition payment plan services $ 29,550 31,587 Payment processing 33,038 31,742 Education technology and services 32,322 20,054 Other 348 292 Education technology, services, and payment processing revenue $ 95,258 83,675 Other Income/Expense The following table provides the components of "other" in "other income/expense" on the consolidated statements of operations: Three months ended March 31, 2021 2020 Income/gains from investments, net $ 8,498 (1,025) Investment advisory services 2,697 2,802 ALLO preferred return 2,321 — Management fee revenue 1,113 2,630 Borrower late fee income 442 3,188 Loss from ALLO voting membership interests investment (22,219) — Loss from solar investments (1,679) (2,839) Other 4,223 3,525 $ (4,604) 8,281

Major Customer

Major Customer	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Nelnet Servicing, LLC ("Nelnet Servicing") and Great Lakes Educational Loan Services, Inc. ("Great Lakes"), subsidiaries of the Company, each earn loan servicing revenue from a servicing contract with the Department of Education (the "Department"). Revenue earned by Nelnet Servicing related to this contract was $34.9 million and $38.7 million for the three months ended March 31, 2021 and 2020, respectively. Revenue earned by Great Lakes related to this contract was $43.3 million and $46.4 million for the three months ended March 31, 2021 and 2020, respectively. The current servicing contracts with the Department are currently scheduled to expire on June 14, 2021, but provide the potential for an additional six-month extension at the Department’s discretion through December 14, 2021. The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, provides that the Department may extend the period of performance for the servicing contracts scheduled to expire on December 14, 2021 for up to two The Department is conducting a contract procurement process entitled Next Generation Financial Services Environment (“NextGen”) for a new framework for the servicing of all student loans owned by the Department. On January 15, 2019, the Department issued solicitations for certain NextGen components, including the NextGen Enhanced Processing Solution (“EPS”), which was for a technology servicing system and certain processing functions the Department planned to use under NextGen to service the Department's student loan customers, and the NextGen Business Processing Operations (“BPO”), which is for the back office and call center operational functions for servicing the Department's student loan customers. On June 24, 2020, the Department awarded and signed contracts with five other companies in connection with the BPO solicitation. On July 10, 2020, the Department cancelled the solicitation for the EPS component. In the Department's description of its cancellation of the EPS solicitation component, the Department indicated that it continues to be committed to the goals and vision of NextGen, and that it would be introducing a new solicitation to continue the NextGen strategy in the future. On October 28, 2020, the Department issued a new federal loan servicing solicitation for an Interim Servicing Solution ("ISS"). ISS was a follow-on to the existing contracts, which would award a full system and servicing solution to two providers. Under ISS, the selected providers would have provided the technology platform to host the Department's student loan portfolio; customer service (including contact centers) and back-office processing; digital engagement layer including borrower-facing website and mobile-applications; intake, imaging, and fulfillment; and portfolio-level operations. As the companies awarded BPO contracts are onboarded, contact center and back-office operations would have shifted from the ISS contract to the BPO providers. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment shall provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance, and directed the suspension of awarding any ISS contract for at least 90 days. On January 9, 2021, the Department suspended the ISS solicitation. In the Department’s description of the suspension, it indicated that in consideration of the Consolidated Appropriations Act, 2021, the Government is reassessing its needs and will amend or cancel the subject solicitation in the future.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2021 As of December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed debt securities - available-for-sale $ — 379,110 379,110 — 348,504 348,504 Equity securities (a) 28,296 — 28,296 10,114 — 10,114 Equity securities measured at net asset value (b) 31,557 31,927 Debt securities - available-for-sale 103 — 103 103 — 103 Total investments 28,399 379,110 439,066 10,217 348,504 390,648 Total assets $ 28,399 379,110 439,066 10,217 348,504 390,648 (a) As of March 31, 2021, $13.5 million and $14.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,247,318 18,942,969 — — 20,247,318 Accrued loan interest receivable 794,561 794,561 — 794,561 — Cash and cash equivalents 144,229 144,229 144,229 — — Investments (at fair value) 439,066 439,066 28,399 379,110 — Beneficial interest in loan securitizations 71,514 52,164 — — 71,514 Restricted cash 609,881 609,881 609,881 — — Restricted cash – due to customers 193,081 193,081 193,081 — — Financial liabilities: Bonds and notes payable 18,968,284 18,754,715 — 18,968,284 — Accrued interest payable 5,527 5,527 — 5,527 — Bank deposits 111,398 111,830 45,147 66,251 — Due to customers 230,581 230,581 230,581 — — As of December 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,454,132 19,391,045 — — 20,454,132 Accrued loan interest receivable 794,611 794,611 — 794,611 — Cash and cash equivalents 121,249 121,249 121,249 — — Investments (at fair value) 390,648 390,648 10,217 348,504 — Beneficial interest in loan securitizations 58,709 58,331 — — 58,709 Restricted cash 553,175 553,175 553,175 — — Restricted cash – due to customers 283,971 283,971 283,971 — — Financial liabilities: Bonds and notes payable 19,270,810 19,320,726 — 19,270,810 — Accrued interest payable 28,701 28,701 — 28,701 — Bank deposits 54,599 54,633 48,422 6,177 — Due to customers 301,471 301,471 301,471 — — The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2020 Annual Report.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Receivable	Loans and accrued interest receivable consisted of the following: As of As of March 31, 2021 December 31, 2020 Federally insured student loans: Stafford and other $ 4,283,566 4,383,000 Consolidation 14,321,817 14,746,173 Total 18,605,383 19,129,173 Private education loans 314,048 320,589 Private education loans - Nelnet Bank 79,231 17,543 Consumer loans 110,792 109,346 19,109,454 19,576,651 Accrued interest receivable 794,561 794,611 Loan discount, net of unamortized loan premiums and deferred origination costs (9,091) (9,908) Allowance for loan losses: Federally insured loans (121,846) (128,590) Private education loans (20,670) (19,529) Private education loans - Nelnet Bank (744) (323) Consumer loans (14,134) (27,256) $ 19,737,530 20,185,656
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended March 31, 2021 Federally insured loans $ 128,590 — (7,483) (61) — 800 — 121,846 Private education loans 19,529 — 1,431 (493) 202 — 1 20,670 Private education loans - Nelnet Bank 323 — 422 — — — (1) 744 Consumer loans 27,256 — (11,418) (1,950) 246 — — 14,134 $ 175,698 — (17,048) (2,504) 448 800 — 157,394 Three months ended March 31, 2020 Federally insured loans $ 36,763 72,291 39,323 (6,318) — 4,700 — 146,759 Private education loans 9,597 4,797 9,800 (1,330) 192 — — 23,056 Consumer loans 15,554 13,926 27,176 (4,350) 247 — (13,500) 39,053 $ 61,914 91,014 76,299 (11,998) 439 4,700 (13,500) 208,868 a) During the three months ended March 31, 2021 and 2020, the Company acquired $54.0 million (par value) and $291.2 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.
Loan Status and Delinquencies	The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2021 As of December 31, 2020 As of March 31, 2020 Federally insured loans: Loans in-school/grace/deferment $ 1,006,605 5.4 % $ 1,036,028 5.4 % $ 1,111,139 5.5 % Loans in forbearance 1,936,553 10.4 1,973,175 10.3 2,131,735 10.6 Loans in repayment status: Loans current 13,787,038 88.0 % 13,683,054 84.9 % 14,618,767 86.3 % Loans delinquent 31-60 days 425,599 2.7 633,411 3.9 581,665 3.4 Loans delinquent 61-90 days 234,871 1.5 307,936 1.9 405,575 2.4 Loans delinquent 91-120 days 125,471 0.8 800,257 5.0 267,145 1.6 Loans delinquent 121-270 days 1,026,050 6.6 674,975 4.2 756,241 4.5 Loans delinquent 271 days or greater 63,196 0.4 20,337 0.1 312,785 1.8 Total loans in repayment 15,662,225 84.2 100.0 % 16,119,970 84.3 100.0 % 16,942,178 83.9 100.0 % Total federally insured loans 18,605,383 100.0 % 19,129,173 100.0 % 20,185,052 100.0 % Accrued interest receivable 791,199 791,453 763,924 Loan discount, net of unamortized premiums and deferred origination costs (14,608) (14,505) (5,732) Allowance for loan losses (121,846) (128,590) (146,759) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 19,260,128 $ 19,777,531 $ 20,796,485 Private education loans: Loans in-school/grace/deferment $ 10,405 3.3 % $ 5,049 1.6 % $ 4,783 1.7 % Loans in forbearance 7,567 2.4 2,359 0.7 11,428 4.2 Loans in repayment status: Loans current 292,840 98.9 % 310,036 99.0 % 252,611 97.9 % Loans delinquent 31-60 days 1,343 0.5 1,099 0.4 1,606 0.6 Loans delinquent 61-90 days 843 0.3 675 0.2 961 0.4 Loans delinquent 91 days or greater 1,050 0.3 1,371 0.4 2,821 1.1 Total loans in repayment 296,076 94.3 100.0 % 313,181 97.7 100.0 % 257,999 94.1 100.0 % Total private education loans 314,048 100.0 % 320,589 100.0 % 274,210 100.0 % Accrued interest receivable 2,303 2,131 1,716 Loan premium, net of unaccreted discount 2,673 2,691 (138) Allowance for loan losses (20,670) (19,529) (23,056) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 298,354 $ 305,882 $ 252,732 Private education loans - Nelnet Bank: Loans in-school/grace/deferment $ 82 0.1 % $ — — % Loans in forbearance 29 — 29 0.2 Loans in repayment status: Loans current 79,120 100.0 % 17,514 100.0 % Loans delinquent 31-60 days — — — — Loans delinquent 61-90 days — — — — Loans delinquent 91 days or greater — — — — Total loans in repayment 79,120 99.9 100.0 % 17,514 99.8 100.0 % Total private education loans 79,231 100.0 % 17,543 100.0 % Accrued interest receivable 125 26 Loan premium, net of unaccreted discount 999 266 Allowance for loan losses (744) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 79,611 $ 17,512 Consumer loans: Loans in deferment $ 306 0.3 % $ 829 0.8 % $ — Loans in repayment status: Loans current 108,126 97.9 % 105,650 97.4 % 141,840 97.3 % Loans delinquent 31-60 days 760 0.7 954 0.9 1,525 1.0 Loans delinquent 61-90 days 577 0.5 804 0.7 851 0.6 Loans delinquent 91 days or greater 1,023 0.9 1,109 1.0 1,587 1.1 Total loans in repayment 110,486 99.7 100.0 % 108,517 99.2 100.0 % 145,803 100.0 % Total consumer loans 110,792 100.0 % 109,346 100.0 % 145,803 Accrued interest receivable 934 1,001 1,133 Loan premium 1,845 1,640 1,108 Allowance for loan losses (14,134) (27,256) (39,053) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 99,437 $ 84,731 $ 108,991
Loans by Year of Origination	The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2021 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. Three months ended March 31, 2021 2020 2019 2018 2017 Prior years Total Private education loans: Loans in school/grace/deferment $ 216 2,159 4,948 — — 3,082 10,405 Loans in forbearance — 488 1,288 131 — 5,660 7,567 Loans in repayment status: Loans current 1,069 101,577 67,914 636 — 121,644 292,840 Loans delinquent 31-60 days — 10 114 — — 1,219 1,343 Loans delinquent 61-90 days — — 59 — — 784 843 Loans delinquent 91 days or greater — — 120 — — 930 1,050 Total loans in repayment 1,069 101,587 68,207 636 — 124,577 296,076 Total private education loans $ 1,285 104,234 74,443 767 — 133,319 314,048 Accrued interest receivable 2,303 Loan premium, net of unaccreted discount 2,673 Allowance for loan losses (20,670) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 298,354 Private education loans - Nelnet Bank: Loans in school/grace/deferment $ 82 — — — — — 82 Loans in forbearance — 29 — — — — 29 Loans in repayment status: Loans current 62,647 16,473 — — — — 79,120 Loans delinquent 31-60 days — — — — — — — Loans delinquent 61-90 days — — — — — — — Loans delinquent 91 days or greater — — — — — — — Total loans in repayment 62,647 16,473 — — — — 79,120 Total private education loans $ 62,729 16,502 — — — — 79,231 Accrued interest receivable 125 Loan premium, net of unaccreted discount 999 Allowance for loan losses (744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 79,611 Consumer loans: Loans in deferment $ — 33 177 96 — — 306 Loans in repayment status: Loans current 18,713 51,409 18,771 17,360 1,873 — 108,126 Loans delinquent 31-60 days — 339 272 120 29 — 760 Loans delinquent 61-90 days — 311 185 64 17 — 577 Loans delinquent 91 days or greater — 312 297 404 10 — 1,023 Total loans in repayment 18,713 52,371 19,525 17,948 1,929 — 110,486 Total consumer loans $ 18,713 52,404 19,702 18,044 1,929 — 110,792 Accrued interest receivable 934 Loan premium 1,845 Allowance for loan losses (14,134) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 99,437

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 16,716,369 0.19% - 2.11% 5/27/25 - 10/25/68 Bonds and notes based on auction 747,075 1.07% - 2.15% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,463,444 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 915,947 1.42% - 3.45% 10/25/67 / 8/27/68 FFELP warehouse facilities 247,018 0.23% 5/20/22 / 2/26/24 Private education loan warehouse facility 158,197 0.26% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 44,844 1.65% / 1.86% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 35,196 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 12/16/24 Other borrowings 118,537 0.81% / 1.86% 5/4/21 / 5/30/22 18,983,183 Discount on bonds and notes payable and debt issuance costs (228,468) Total $ 18,754,715 As of December 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,127,643 0.28% - 2.05% 5/27/25 - 10/25/68 Bonds and notes based on auction 749,925 1.12% - 2.14% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,877,568 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 923,076 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 252,165 0.27% / 0.31% 5/20/22 / 2/26/23 Private education loan warehouse facility 150,397 0.28% 2/13/22 Consumer loan warehouse facility 25,809 0.28% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 49,025 1.65% / 1.90% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 37,251 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 120,000 1.65% 12/16/24 Other borrowings 123,558 0.84% / 1.90% 5/4/21 / 5/30/22 19,558,849 Discount on bonds and notes payable and debt issuance costs (238,123) Total $ 19,320,726
Schedule of Line of Credit Facilities	As of March 31, 2021, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I NHELP-II (a) Total Maximum financing amount $ 260,000 50,000 310,000 Amount outstanding 247,018 — 247,018 Amount available $ 12,982 50,000 62,982 Expiration of liquidity provisions May 20, 2021 February 26, 2022 Final maturity date May 20, 2022 February 26, 2024 Advanced as equity support $ 20,529 — 20,529 (a) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of March 31, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount 2021 $ 250,000 2022 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 6,150,000
Schedule of Interest Rate Swaps, Floor Income Hedge	The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of March 31, 2021 As of December 31, 2020 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2021 $ 600,000 2.15 % $ 600,000 2.15 % 2022 (b) 500,000 0.94 500,000 0.94 2023 900,000 0.62 900,000 0.62 2024 (c) 2,500,000 0.35 2,000,000 0.32 2025 500,000 0.35 500,000 0.35 $ 5,000,000 0.67 % $ 4,500,000 0.70 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. (b) $250.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021. (c) $500.0 million of the derivatives outstanding at March 31, 2021 and December 31, 2020 have forward effective start dates in June 2021.
Schedule of Income Statement Impact	The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of operations. Three months ended March 31, 2021 2020 Settlements: 1:3 basis swaps $ (19) 2,112 Interest rate swaps - floor income hedges (4,285) 2,125 Total settlements - (expense) income (4,304) 4,237 Change in fair value: 1:3 basis swaps 2,799 1,558 Interest rate swaps - floor income hedges 36,010 (22,160) Total change in fair value - income (expense) 38,809 (20,602) Derivative market value adjustments and derivative settlements, net - income (expense) $ 34,505 (16,365)

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments [Abstract]
Summary Investment Holdings	A summary of the Company's investments follows: As of March 31, 2021 As of December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Student loan asset-backed and other debt securities - available-for-sale (a) $ 367,343 11,879 (9) 379,213 340,578 8,042 (13) 348,607 Equity securities 53,044 10,430 (3,621) 59,853 36,227 8,768 (2,954) 42,041 Total investments (at fair value) $ 420,387 22,309 (3,630) 439,066 376,805 16,810 (2,967) 390,648 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative 145,440 144,795 Equity method (b) 59,583 14,018 Other 1,328 894 Total venture capital and funds 206,351 159,707 Real estate Equity method 49,527 50,291 Notes receivable (c) 17,344 847 Total real estate 66,871 51,138 Investment in ALLO: Voting interest/equity method (d) 107,177 129,396 Preferred membership interest and accrued and unpaid preferred return (e) 131,237 228,916 Total investment in ALLO 238,414 358,312 Solar (f) (34,091) (30,373) Beneficial interest in federally insured loan securitizations (g) 29,228 30,377 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g) 22,936 27,954 Tax liens and affordable housing 4,324 5,177 Total investments (not measured at fair value) 534,033 602,292 Total investments $ 973,099 $ 992,940 (a) As of March 31, 2021, $113.5 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) In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education student loans representing approximately 445,000 borrowers. The Company has entered into agreements to participate in a joint venture to acquire the portfolio. As of March 31, 2021, the Company has invested $44.7 million in the joint venture and is accounting for this investment under the equity method of accounting. (c) On February 26, 2021, the Company received a $13.0 million promissory note from Telegraph Flats, LLC ("Telegraph Flats"). The Company owns 50% of Telegraph Flats. Telegraph Flats is an entity that was established for the sole purpose of acquiring, developing, and owning a multi-family and commercial real estate property in Lincoln, Nebraska. The promissory note carries an interest rate of one-month LIBOR plus 1.75% and has a maturity date of August 26, 2021. (d) The Company accounts for its voting membership interests in ALLO Communications LLC ("ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three month period ended March 31, 2021, the Company recognized a loss of $22.2 million under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under generally accepted accounting principles. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (e) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2021, the Company recognized income on its ALLO preferred membership interests of $2.3 million. On January 19, 2021, ALLO closed on certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under the October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2021, the Company has funded $151.8 million in solar investments. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at March 31, 2021 represents total tax credits earned on solar projects placed in service through March 31, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $42.8 million on these projects. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended March 31, 2021 and 2020, the Company recognized pre-tax losses of $1.7 million and $2.8 million, respectively, on its solar investments. These losses are included in "other" in "other income/expense" on the consolidated statements of operations. (g) 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 March 31, 2021, the Company's ownership correlates to approximately $500 million and $230 million of federally insured and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of operations.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2021 (months) As of As of March 31, 2021 December 31, 2020 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $90,282 and $83,419, respectively) 102 $ 60,110 66,974 Computer software (net of accumulated amortization of $2,082 and $4,127, respectively) 33 5,775 6,430 Trade names (net of accumulated amortization of $4,288 and $3,455, respectively) 3 833 1,666 Total - amortizable intangible assets, net 95 $ 66,718 75,070
Schedule of Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2021, the Company estimates it will record amortization expense as follows: 2021 (April 1 - December 31) $ 14,690 2022 9,939 2023 9,830 2024 7,457 2025 4,644 2026 and thereafter 20,158 $ 66,718

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of December 31, 2020 and March 31, 2021 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following: As of As of Useful life March 31, 2021 December 31, 2020 Computer equipment and software 1-5 years $ 188,378 172,664 Building and building improvements 5-48 years 52,806 52,444 Office furniture and equipment 1-10 years 22,502 21,899 Leasehold improvements 1-15 years 9,167 9,168 Transportation equipment 5-10 years 4,857 4,857 Land — 3,642 3,642 Construction in progress — 20,549 18,478 301,901 283,152 Accumulated depreciation (171,451) (159,625) Total property and equipment, net $ 130,450 123,527

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income (loss) attributable to Nelnet, Inc. $ 121,766 1,832 123,598 (39,974) (558) (40,532) Denominator: Weighted-average common shares outstanding - basic and diluted 38,031,267 572,288 38,603,555 39,405,454 550,060 39,955,514 Earnings per share - basic and diluted $ 3.20 3.20 3.20 (1.01) (1.01) (1.01)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 34 263 — 126,402 1,376 1,246 (218) 129,103 Interest expense 23 — — 26,950 194 824 (218) 27,773 Net interest income (expense) 11 263 — 99,452 1,182 422 — 101,330 Less (negative provision) provision for loan losses — — — (17,470) 422 — — (17,048) Net interest income after provision for loan losses 11 263 — 116,922 760 422 — 118,378 Other income/expense: Loan servicing and systems revenue 111,517 — — — — — — 111,517 Intersegment revenue 8,268 3 — — — — (8,271) — Education technology, services, and payment processing revenue — 95,258 — — — — — 95,258 Communications revenue — — — — — — — — Other 1,113 — — 445 22 (6,184) — (4,604) Gain on sale of loans — — — — — — — — Impairment expense and provision for beneficial interests, net — — — 2,436 — — — 2,436 Derivative settlements, net — — — (4,304) — — — (4,304) Derivative market value adjustments, net — — — 38,809 — — — 38,809 Total other income/expense 120,898 95,261 — 37,386 22 (6,184) (8,271) 239,112 Cost of services: Cost to provide education technology, services, and payment processing services — 27,052 — — — — — 27,052 Cost to provide communications services — — — — — — — — Total cost of services — 27,052 — — — — — 27,052 Operating expenses: Salaries and benefits 66,458 25,941 — 495 1,488 21,409 — 115,791 Depreciation and amortization 8,192 3,071 — — — 8,920 — 20,184 Other expenses 13,285 4,822 — 3,777 545 14,272 — 36,698 Intersegment expenses, net 16,890 3,664 — 8,427 3 (20,713) (8,271) — Total operating expenses 104,825 37,498 — 12,699 2,036 23,888 (8,271) 172,673 Income (loss) before income taxes 16,084 30,974 — 141,609 (1,254) (29,650) — 157,765 Income tax (expense) benefit (b) (3,860) (7,434) — (33,987) 286 10,133 — (34,861) Net income (loss) 12,224 23,540 — 107,622 (968) (19,517) — 122,904 Net loss (income) attributable to noncontrolling interests — — — — — (17) 711 694 Net income (loss) attributable to Nelnet, Inc. $ 12,224 23,540 — 107,622 (968) (19,534) 711 123,598 Total assets as of March 31, 2021 $ 191,910 372,315 — 20,367,532 296,908 1,148,560 (210,017) 22,167,208 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Three months ended March 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Generation and Management Nelnet Bank (a) Corporate and Other Eliminations Total Total interest income $ 317 1,991 — 185,926 — 1,555 (598) 189,191 Interest expense 44 17 — 133,249 — 1,407 (598) 134,118 Net interest income (expense) 273 1,974 — 52,677 — 148 — 55,073 Less (negative provision) provision for loan losses — — — 76,299 — — — 76,299 Net interest income after provision for loan losses 273 1,974 — (23,622) — 148 — (21,226) Other income/expense: Loan servicing and systems revenue 112,735 — — — — — — 112,735 Intersegment revenue 11,054 11 — — — — (11,065) — Education technology, services, and payment processing revenue — 83,675 — — — — — 83,675 Communications revenue — — 18,181 — — — — 18,181 Other 2,630 — 353 3,215 — 2,083 — 8,281 Gain on sale of loans — — — 18,206 — — — 18,206 Impairment expense and provision for beneficial interests, net — — — (26,303) — (7,783) — (34,087) Derivative settlements, net — — — 4,237 — — — 4,237 Derivative market value adjustments, net — — — (20,602) — — — (20,602) Total other income/expense 126,419 83,686 18,534 (21,247) — (5,700) (11,065) 190,626 Cost of services: Cost to provide education technology, services, and payment processing services — 22,806 — — — — — 22,806 Cost to provide communications services — — 5,582 — — — — 5,582 Total cost of services — 22,806 5,582 — — — — 28,388 Operating expenses: Salaries and benefits 70,493 23,696 5,416 443 — 19,830 — 119,878 Depreciation and amortization 8,848 2,387 10,507 — — 5,907 — 27,648 Other expenses 17,489 6,092 3,689 3,717 — 12,398 — 43,384 Intersegment expenses, net 16,239 3,327 624 11,916 — (21,041) (11,065) — Total operating expenses 113,069 35,502 20,236 16,076 — 17,094 (11,065) 190,910 Income (loss) before income taxes 13,623 27,352 (7,284) (60,945) — (22,646) — (49,898) Income tax (expense) benefit (3,269) (6,565) 1,748 14,627 — 3,592 — 10,133 Net income (loss) 10,354 20,787 (5,536) (46,318) — (19,054) — (39,765) Net loss (income) attributable to noncontrolling interests — — — — — (767) — (767) Net income (loss) attributable to Nelnet, Inc. $ 10,354 20,787 (5,536) (46,318) — (19,821) — (40,532) Total assets as of March 31, 2020 $ 223,021 302,631 301,440 21,905,150 — 679,390 (131,004) 23,280,628 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended March 31, 2020.

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended March 31, 2021 2020 Government servicing - Nelnet $ 34,872 38,650 Government servicing - Great Lakes 43,302 46,446 Private education and consumer loan servicing 8,548 8,609 FFELP servicing 4,670 5,614 Software services 8,454 11,318 Outsourced services 11,671 2,098 Loan servicing and systems revenue $ 111,517 112,735 Education Technology, Services, and Payment Processing Three months ended March 31, 2021 2020 Tuition payment plan services $ 29,550 31,587 Payment processing 33,038 31,742 Education technology and services 32,322 20,054 Other 348 292 Education technology, services, and payment processing revenue $ 95,258 83,675
Schedule of Other Income, by Component	The following table provides the components of "other" in "other income/expense" on the consolidated statements of operations: Three months ended March 31, 2021 2020 Income/gains from investments, net $ 8,498 (1,025) Investment advisory services 2,697 2,802 ALLO preferred return 2,321 — Management fee revenue 1,113 2,630 Borrower late fee income 442 3,188 Loss from ALLO voting membership interests investment (22,219) — Loss from solar investments (1,679) (2,839) Other 4,223 3,525 $ (4,604) 8,281

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2021 As of December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Student loan asset-backed debt securities - available-for-sale $ — 379,110 379,110 — 348,504 348,504 Equity securities (a) 28,296 — 28,296 10,114 — 10,114 Equity securities measured at net asset value (b) 31,557 31,927 Debt securities - available-for-sale 103 — 103 103 — 103 Total investments 28,399 379,110 439,066 10,217 348,504 390,648 Total assets $ 28,399 379,110 439,066 10,217 348,504 390,648 (a) As of March 31, 2021, $13.5 million and $14.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,247,318 18,942,969 — — 20,247,318 Accrued loan interest receivable 794,561 794,561 — 794,561 — Cash and cash equivalents 144,229 144,229 144,229 — — Investments (at fair value) 439,066 439,066 28,399 379,110 — Beneficial interest in loan securitizations 71,514 52,164 — — 71,514 Restricted cash 609,881 609,881 609,881 — — Restricted cash – due to customers 193,081 193,081 193,081 — — Financial liabilities: Bonds and notes payable 18,968,284 18,754,715 — 18,968,284 — Accrued interest payable 5,527 5,527 — 5,527 — Bank deposits 111,398 111,830 45,147 66,251 — Due to customers 230,581 230,581 230,581 — — As of December 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,454,132 19,391,045 — — 20,454,132 Accrued loan interest receivable 794,611 794,611 — 794,611 — Cash and cash equivalents 121,249 121,249 121,249 — — Investments (at fair value) 390,648 390,648 10,217 348,504 — Beneficial interest in loan securitizations 58,709 58,331 — — 58,709 Restricted cash 553,175 553,175 553,175 — — Restricted cash – due to customers 283,971 283,971 283,971 — — Financial liabilities: Bonds and notes payable 19,270,810 19,320,726 — 19,270,810 — Accrued interest payable 28,701 28,701 — 28,701 — Bank deposits 54,599 54,633 48,422 6,177 — Due to customers 301,471 301,471 301,471 — —

Loans and Accrued Interest Re_3

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 19,109,454	$ 19,576,651
Accrued interest receivable	794,561	794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(9,091)	(9,908)
Allowance for loan losses	(157,394)	(175,698)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss	19,737,530	20,185,656
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	18,605,383	19,129,173
Accrued interest receivable	791,199	791,453	763,924
Loan discount, net of unamortized loan premiums and deferred origination costs	(14,608)	(14,505)	(5,732)
Allowance for loan losses	(121,846)	(128,590)	(146,759)	(36,763)
Financing receivable, after allowance for credit loss	19,260,128	19,777,531	20,796,485
Federally insured loans | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	4,283,566	4,383,000
Federally insured loans | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	14,321,817	14,746,173
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	314,048	320,589
Accrued interest receivable	2,303		1,716
Loan discount, net of unamortized loan premiums and deferred origination costs	2,673		(138)
Allowance for loan losses	(20,670)	(19,529)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss	298,354		252,732
Private education loans | Non-federally insured student loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	2,303	2,131
Loan discount, net of unamortized loan premiums and deferred origination costs	2,673	2,691
Allowance for loan losses	(20,670)	(19,529)
Financing receivable, after allowance for credit loss	298,354	305,882
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	79,231	17,543
Accrued interest receivable	125
Loan discount, net of unamortized loan premiums and deferred origination costs	999
Allowance for loan losses	(744)	(323)
Financing receivable, after allowance for credit loss	79,611
Private education loans - Nelnet Bank | Non-federally insured student loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	125	26
Loan discount, net of unamortized loan premiums and deferred origination costs	999	266
Allowance for loan losses	(744)	(323)
Financing receivable, after allowance for credit loss	79,611	17,512
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	110,792	109,346
Accrued interest receivable	934	1,001	1,133
Loan discount, net of unamortized loan premiums and deferred origination costs	1,845	1,640	1,108
Allowance for loan losses	(14,134)	(27,256)	(39,053)	$ (15,554)
Financing receivable, after allowance for credit loss	$ 99,437	$ 84,731	$ 108,991

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		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 175,698	$ 61,914
Provision (negative provision) for loan losses	(17,048)	76,299
Charge-offs	(2,504)	(11,998)
Recoveries	448	439
Initial allowance on loans purchased with credit deterioration	800	4,700
Loan sales	0	(13,500)
Balance at end of period	157,394	208,868	$ 61,914
Par value of loans purchased with deteriorated credit quality	54,000	291,200
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		91,014
Balance at end of period			$ 91,014
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	128,590	36,763
Provision (negative provision) for loan losses	(7,483)	39,323
Charge-offs	(61)	(6,318)
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	800	4,700
Loan sales	0	0
Balance at end of period	121,846	146,759	36,763
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period		72,291
Balance at end of period			72,291
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	19,529	9,597
Provision (negative provision) for loan losses	1,431	9,800
Charge-offs	(493)	(1,330)
Recoveries	202	192
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	1	0
Balance at end of period	20,670	23,056	9,597
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period		4,797
Balance at end of period			4,797
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	323
Provision (negative provision) for loan losses	422
Charge-offs	0
Recoveries	0
Initial allowance on loans purchased with credit deterioration	0
Loan sales	(1)
Balance at end of period	744
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	27,256	15,554
Provision (negative provision) for loan losses	(11,418)	27,176
Charge-offs	(1,950)	(4,350)
Recoveries	246	247
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	0	(13,500)
Balance at end of period	$ 14,134	39,053	15,554
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period		$ 13,926
Balance at end of period			$ 13,926

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans in repayment status:
Loans in repayment, percent	84.20%	84.30%	83.90%
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 794,561	$ 794,611
Loan discount, net of unamortized premiums and deferred origination costs	(9,091)	(9,908)
Allowance for loan losses	(157,394)	(175,698)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss	19,737,530	20,185,656
Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 1,006,605	$ 1,036,028	$ 1,111,139
Loans in-school/grace/deferment, percent	5.40%	5.40%	5.50%
Loans in forbearance	$ 1,936,553	$ 1,973,175	$ 2,131,735
Loans in forbearance, percent	10.40%	10.30%	10.60%
Loans in repayment status:
Loans current	$ 13,787,038	$ 13,683,054	$ 14,618,767
Loans current, percentage	88.00%	84.90%	86.30%
Total loans in repayment	$ 15,662,225	$ 16,119,970	$ 16,942,178
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 18,605,383	$ 19,129,173	$ 20,185,052
Notes receivable	18,605,383	19,129,173	20,185,052
Accrued interest receivable	791,199	791,453	763,924
Loan discount, net of unamortized premiums and deferred origination costs	(14,608)	(14,505)	(5,732)
Allowance for loan losses	(121,846)	(128,590)	(146,759)	(36,763)
Financing receivable, after allowance for credit loss	19,260,128	19,777,531	20,796,485
Federally insured loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 425,599	$ 633,411	$ 581,665
Loans past due, percentage	2.70%	3.90%	3.40%
Federally insured loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 234,871	$ 307,936	$ 405,575
Loans past due, percentage	1.50%	1.90%	2.40%
Federally insured loans | Loans delinquent 91-120 days
Loans in repayment status:
Loans past due	$ 125,471	$ 800,257	$ 267,145
Loans past due, percentage	0.80%	5.00%	1.60%
Federally insured loans | Loans delinquent 121-270 days
Loans in repayment status:
Loans past due	$ 1,026,050	$ 674,975	$ 756,241
Loans past due, percentage	6.60%	4.20%	4.50%
Federally insured loans | Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due	$ 63,196	$ 20,337	$ 312,785
Loans past due, percentage	0.40%	0.10%	1.80%
Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment			$ 4,783
Loans in-school/grace/deferment, percent			1.70%
Loans in forbearance			$ 11,428
Loans in forbearance, percent			4.20%
Loans in repayment status:
Loans current			$ 252,611
Loans current, percentage			97.90%
Total loans in repayment			$ 257,999
Loans in repayment, percent			94.10%
Total loans in repayment, percentage			100.00%
Total loans	$ 314,048		$ 274,210
Total loans, percent			100.00%
Notes receivable	314,048		$ 274,210
Accrued interest receivable	2,303		1,716
Loan discount, net of unamortized premiums and deferred origination costs	2,673		(138)
Allowance for loan losses	(20,670)	$ (19,529)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss	298,354		252,732
Private education loans | Non-federally insured student loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 10,405	$ 5,049
Loans in-school/grace/deferment, percent	3.30%	1.60%
Loans in forbearance	$ 7,567	$ 2,359
Loans in forbearance, percent	2.40%	0.70%
Loans in repayment status:
Loans current	$ 292,840	$ 310,036
Loans current, percentage	98.90%	99.00%
Total loans in repayment	$ 296,076	$ 313,181
Loans in repayment, percent	94.30%	97.70%
Total loans in repayment, percentage	100.00%	100.00%
Total loans	$ 314,048	$ 320,589
Total loans, percent	100.00%	100.00%
Notes receivable	$ 314,048	$ 320,589
Accrued interest receivable	2,303	2,131
Loan discount, net of unamortized premiums and deferred origination costs	2,673	2,691
Allowance for loan losses	(20,670)	(19,529)
Financing receivable, after allowance for credit loss	298,354	305,882
Private education loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due			$ 1,606
Loans past due, percentage			0.60%
Private education loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due			$ 961
Loans past due, percentage			0.40%
Private education loans | Loans delinquent 61-90 days | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 843	$ 675
Loans past due, percentage	0.30%	0.20%
Private education loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due			$ 2,821
Loans past due, percentage			1.10%
Private education loans | Loans delinquent 91 days or greater | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 1,050	$ 1,371
Loans past due, percentage	0.30%	0.40%
Private education loans | Financing Receivables, 31 to 60 Days Past Due [Member] | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 1,343	$ 1,099
Loans past due, percentage	0.50%	0.40%
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 306	$ 829	$ 0
Loans in-school/grace/deferment, percent	0.30%	0.80%
Loans in repayment status:
Loans current	$ 108,126	$ 105,650	$ 141,840
Loans current, percentage	97.90%	97.40%	97.30%
Total loans in repayment	$ 110,486	$ 108,517	$ 145,803
Loans in repayment, percent	99.70%	99.20%
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans	$ 110,792	$ 109,346	$ 145,803
Total loans, percent	100.00%	100.00%
Notes receivable	$ 110,792	$ 109,346	145,803
Accrued interest receivable	934	1,001	1,133
Loan discount, net of unamortized premiums and deferred origination costs	1,845	1,640	1,108
Allowance for loan losses	(14,134)	(27,256)	(39,053)	$ (15,554)
Financing receivable, after allowance for credit loss	99,437	84,731	108,991
Consumer loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due	$ 760	$ 954	$ 1,525
Loans past due, percentage	0.70%	0.90%	1.00%
Consumer loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due	$ 577	$ 804	$ 851
Loans past due, percentage	0.50%	0.70%	0.60%
Consumer loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due	$ 1,023	$ 1,109	$ 1,587
Loans past due, percentage	0.90%	1.00%	1.10%
Private education loans - Nelnet Bank
Loans in repayment status:
Total loans	$ 79,231
Notes receivable	79,231
Accrued interest receivable	125
Loan discount, net of unamortized premiums and deferred origination costs	999
Allowance for loan losses	(744)	$ (323)
Financing receivable, after allowance for credit loss	79,611
Private education loans - Nelnet Bank | Non-federally insured student loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 82	$ 0
Loans in-school/grace/deferment, percent	0.10%	0.00%
Loans in forbearance	$ 29	$ 29
Loans in forbearance, percent	0.00%	0.20%
Loans in repayment status:
Loans current	$ 79,120	$ 17,514
Loans current, percentage	100.00%	100.00%
Total loans in repayment	$ 79,120	$ 17,514
Loans in repayment, percent	99.90%	99.80%
Total loans in repayment, percentage	100.00%	100.00%
Total loans	$ 79,231	$ 17,543
Total loans, percent	100.00%	100.00%
Notes receivable	$ 79,231	$ 17,543
Accrued interest receivable	125	26
Loan discount, net of unamortized premiums and deferred origination costs	999	266
Allowance for loan losses	(744)	(323)
Financing receivable, after allowance for credit loss	79,611	17,512
Private education loans - Nelnet Bank | Loans delinquent 61-90 days | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 0	$ 0
Loans past due, percentage	0.00%	0.00%
Private education loans - Nelnet Bank | Loans delinquent 91 days or greater | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 0	$ 0
Loans past due, percentage	0.00%	0.00%
Private education loans - Nelnet Bank | Financing Receivables, 31 to 60 Days Past Due [Member] | Non-federally insured student loans
Loans in repayment status:
Loans past due	$ 0	$ 0
Loans past due, percentage	0.00%	0.00%

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 794,561	$ 794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(9,091)	(9,908)
Allowance for loan losses	(157,394)	(175,698)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss	19,737,530	20,185,656
Private education loans
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	1,285
2020	104,234
2019	74,443
2018	767
2017	0
Prior years	133,319
Total loans	314,048		274,210
Accrued interest receivable	2,303		1,716
Loan discount, net of unamortized loan premiums and deferred origination costs	2,673		(138)
Allowance for loan losses	(20,670)	(19,529)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss	298,354		252,732
Private education loans | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	216
2020	2,159
2019	4,948
2018	0
2017	0
Prior years	3,082
Total loans	10,405
Private education loans | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	488
2019	1,288
2018	131
2017	0
Prior years	5,660
Total loans	7,567
Private education loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	1,069
2020	101,587
2019	68,207
2018	636
2017	0
Prior years	124,577
Total loans	296,076
Private education loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	1,069
2020	101,577
2019	67,914
2018	636
2017	0
Prior years	121,644
Total loans	292,840
Private education loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	10
2019	114
2018	0
2017	0
Prior years	1,219
Total loans	1,343
Private education loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	0
2019	59
2018	0
2017	0
Prior years	784
Total loans	843
Private education loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	0
2019	120
2018	0
2017	0
Prior years	930
Total loans	1,050
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	62,729
2020	16,502
2019	0
2018	0
2017	0
Prior years	0
Total loans	79,231
Accrued interest receivable	125
Loan discount, net of unamortized loan premiums and deferred origination costs	999
Allowance for loan losses	(744)	(323)
Financing receivable, after allowance for credit loss	79,611
Private education loans - Nelnet Bank | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	82
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	82
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	29
2019	0
2018	0
2017	0
Prior years	0
Total loans	29
Private education loans - Nelnet Bank | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	62,647
2020	16,473
2019	0
2018	0
2017	0
Prior years	0
Total loans	79,120
Private education loans - Nelnet Bank | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	62,647
2020	16,473
2019	0
2018	0
2017	0
Prior years	0
Total loans	79,120
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	0
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	0
Private education loans - Nelnet Bank | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	0
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	18,713
2020	52,404
2019	19,702
2018	18,044
2017	1,929
Prior years	0
Total loans	110,792	109,346	145,803
Accrued interest receivable	934	1,001	1,133
Loan discount, net of unamortized loan premiums and deferred origination costs	1,845	1,640	1,108
Allowance for loan losses	(14,134)	(27,256)	(39,053)	$ (15,554)
Financing receivable, after allowance for credit loss	99,437	$ 84,731	$ 108,991
Consumer loans | Loans in school/grace/deferment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	33
2019	177
2018	96
2017	0
Prior years	0
Total loans	306
Consumer loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	18,713
2020	52,371
2019	19,525
2018	17,948
2017	1,929
Prior years	0
Total loans	110,486
Consumer loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	18,713
2020	51,409
2019	18,771
2018	17,360
2017	1,873
Prior years	0
Total loans	108,126
Consumer loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	339
2019	272
2018	120
2017	29
Prior years	0
Total loans	760
Consumer loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	311
2019	185
2018	64
2017	17
Prior years	0
Total loans	577
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2021	0
2020	312
2019	297
2018	404
2017	10
Prior years	0
Total loans	$ 1,023

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 18,983,183	$ 19,558,849
Discount on bonds and notes payable and debt issuance costs	(228,468)	(238,123)
Bonds and notes payable, net	18,754,715	19,320,726
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 0	$ 120,000
Interest rate	0.00%	1.65%
Other borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 118,537	$ 123,558
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	16,716,369	17,127,643
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	747,075	749,925
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	17,463,444	17,877,568
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	915,947	923,076
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	247,018	252,165
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	44,844	49,025
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	35,196	37,251
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 158,197	$ 150,397
Interest rate	0.26%	0.28%
Consumer loan | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross		$ 25,809
Interest rate		0.28%
Minimum | Other borrowings
Debt Instrument [Line Items]
Interest rate	0.81%	0.84%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.19%	0.28%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	1.07%	1.12%
Minimum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.42%	1.42%
Minimum | Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Interest rate	0.23%	0.27%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.65%	1.65%
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	1.86%	1.90%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.11%	2.05%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	2.15%	2.14%
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		0.31%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.86%	1.90%
Maximum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%

Bonds and Notes Payable - Out_2

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Warehouse facilities - Federally insured student loans	Mar. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum financing amount	$ 310,000,000
Amount outstanding	247,018,000
Amount available	62,982,000
Advanced as equity support	20,529,000
NFSLW-I
Line of Credit Facility [Line Items]
Maximum financing amount	260,000,000
Amount outstanding	247,018,000
Amount available	12,982,000
Advanced as equity support	20,529,000
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	50,000,000
Amount outstanding	0
Amount available	50,000,000
Advanced as equity support	$ 0

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Feb. 12, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other borrowings, termination notice period	5 days
Other borrowings, maximum	$ 100,000,000
Decrease in interest on bonds, notes payable, and bank deposits	(23,800,000)
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount	455,000,000
Amount outstanding	0
Amount available	455,000,000
Higher borrowing capacity option	550,000,000
Warehouse facilities | Federally insured student loans
Debt Instrument [Line Items]
Maximum financing amount	310,000,000
Amount outstanding	247,018,000
Amount available	62,982,000
Advanced as equity support	20,529,000
Warehouse facilities | Federally insured student loans | NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount	260,000,000
Amount outstanding	247,018,000
Amount available	12,982,000
Advanced as equity support	20,529,000
Warehouse facilities | Federally insured student loans | NHELP-II
Debt Instrument [Line Items]
Maximum financing amount	50,000,000
Amount outstanding	0
Amount available	50,000,000
Advanced as equity support	0
Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount		$ 175,000,000	$ 200,000,000
Amount outstanding	158,200,000
Amount available	16,800,000
Advanced as equity support	17,000,000
Warehouse facilities | Consumer Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount	$ 100,000,000
Minimum | Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	80.00%
Maximum | Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Advance rate	90.00%

Derivative Financial Instrume_3

Derivative Financial Instruments - Basis Swap (Details) - 1:3 basis swaps - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 6,150,000,000	$ 6,150,000,000
London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate	0.091%	0.091%
Maturity 2021
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000
Maturity 2022
Derivative [Line Items]
Notional amount	2,000,000,000	2,000,000,000
Maturity 2023
Derivative [Line Items]
Notional amount	750,000,000	750,000,000
Maturity 2024
Derivative [Line Items]
Notional amount	1,750,000,000	1,750,000,000
Maturity 2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
Maturity 2027
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 5,000,000,000	$ 4,500,000,000
Weighted average fixed rate paid by the Company	0.67%	0.70%
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	$ 500,000,000
Weighted average fixed rate paid by the Company	0.94%	0.94%
2022 | Interest Rate Swap, forward effective date June 2021
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000
2023 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 900,000,000	$ 900,000,000
Weighted average fixed rate paid by the Company	0.62%	0.62%
2024 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 2,500,000,000	$ 2,000,000,000
Weighted average fixed rate paid by the Company	0.35%	0.32%
2024 | Interest Rate Swap, forward effective date June 2021
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000
2025 | Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000
Weighted average fixed rate paid by the Company	0.35%	0.35%

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ (4,304)	$ 4,237
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(4,304)	4,237
Change in fair value	38,809	(20,602)
Derivative market value adjustments and derivative settlements, net - income (expense)	34,505	(16,365)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(19)	2,112
Change in fair value	2,799	1,558
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(4,285)	2,125
Change in fair value	$ 36,010	$ (22,160)

Investments (Details)

Investments (Details) $ in Thousands	Feb. 26, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jan. 19, 2021USD ($)	Dec. 31, 2020USD ($)borrowers
Investments (at fair value):
Amortized cost		$ 367,343			$ 340,578
Gross unrealized gains		11,879			8,042
Gross unrealized losses		(9)			(13)
Fair value		379,213			348,607
Equity securities
Amortized cost		53,044			36,227
Gross unrealized gains		10,430			8,768
Gross unrealized losses		(3,621)			(2,954)
Fair value		59,853			42,041
Total investments (at fair value)
Amortized cost		420,387			376,805
Gross unrealized gains		22,309			16,810
Gross unrealized losses		(3,630)			(2,967)
Fair value		439,066			390,648
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in consumer loan securitizations, allowance for credit losses		4,449
Total investments (not measured at fair value)		534,033			602,292
Total investments		973,099			992,940
Loans receivable		19,737,530			20,185,656
ALLO
Other Investments and Notes Receivable (not measured at fair value):
Redemption price payment if debt financing obtained				$ 100,000
Private education loans
Other Investments and Notes Receivable (not measured at fair value):
Loans receivable		298,354	$ 252,732
Private education loans | Non-federally insured student loans
Other Investments and Notes Receivable (not measured at fair value):
Loans receivable		298,354			305,882
Private education loans | Non-federally insured student loans | Wells Fargo
Other Investments and Notes Receivable (not measured at fair value):
Loans receivable					$ 10,000,000
Number of borrowers | borrowers					445,000
Union Bank and Trust Company
Other Investments and Notes Receivable (not measured at fair value):
Amount of participation, student loan asset-backed securities		113,500
Venture capital and funds: | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative		145,440			$ 144,795
Equity method		59,583			14,018
Other		1,328			894
Total investments (not measured at fair value)		206,351			159,707
Noncontrolling interest in joint ventures		44,700
Real estate | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method		49,527			50,291
Notes receivable		17,344			847
Total investments (not measured at fair value)		66,871			51,138
Real estate | Other Investments (not measured at fair value): | Affiliated Entity [Member] | Telegraph Flats
Other Investments and Notes Receivable (not measured at fair value):
Notes receivable	$ 13,000
Noncontrolling interest ownership percentage	50.00%
Real estate | Other Investments (not measured at fair value): | Affiliated Entity [Member] | London Interbank Offered Rate (LIBOR) | Telegraph Flats
Other Investments and Notes Receivable (not measured at fair value):
Cost of funds	1.75%
Solar
Other Investments and Notes Receivable (not measured at fair value):
Amount funded or committed to fund		151,800
Equity method investment, amount committed to fund		42,800
Pre-tax losses from investments		$ 1,700	2,800
Solar | Minimum
Other Investments and Notes Receivable (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period		5 years
Solar | Maximum
Other Investments and Notes Receivable (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period		6 years
Solar | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		$ (34,091)			(30,373)
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		29,228			30,377
Loans corresponding to beneficial interest		500,000
Beneficial interest in consumer loan securitizations
Other Investments and Notes Receivable (not measured at fair value):
Impairment charges on investments		(2,400)	$ (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		22,936			27,954
Loans corresponding to beneficial interest		230,000
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)		4,324			5,177
Partnership Interest | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method		107,177			129,396
Preferred membership interest and accrued and unpaid preferred return		131,237			228,916
Total investments (not measured at fair value)		238,414			$ 358,312
Equity securities, FV-NI, realized loss		(22,200)
Preferred Partnership Interest | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity securities, FV-NI, realized loss		$ (2,300)
Equity method investment, preferred annual return		6.25%
Maximum financing amount				$ 230,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	95 months
Amortizable intangible assets, net	$ 66,718		$ 75,070
Amortization of intangible assets	$ 8,400	$ 7,400
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	102 months
Amortizable intangible assets, net	$ 60,110		66,974
Accumulated amortization of intangible assets	$ 90,282		83,419
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	3 months
Amortizable intangible assets, net	$ 833		1,666
Accumulated amortization of intangible assets	$ 4,288		3,455
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	33 months
Amortizable intangible assets, net	$ 5,775		6,430
Accumulated amortization of intangible assets	$ 2,082		$ 4,127

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2021 (April 1 - December 31)	$ 14,690
2022	9,939
2023	9,830
2024	7,457
2025	4,644
2026 and thereafter	20,158
Amortizable intangible assets, net	$ 66,718	$ 75,070

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 142,092	$ 142,092
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	76,570	76,570
Asset Generation and Management | Operating Segments
Goodwill [Line Items]
Goodwill	41,883	41,883
Nelnet Bank | Operating Segments
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 130,450		$ 123,527
Depreciation	11,800	$ 20,300
Non-communications
Property, Plant and Equipment [Line Items]
Property and equipment, gross	301,901		283,152
Accumulated depreciation	(171,451)		(159,625)
Property and equipment, net	130,450		123,527
Non-communications | Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 188,378		172,664
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	$ 52,806		52,444
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	$ 22,502		21,899
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	$ 9,167		9,168
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	$ 4,857		4,857
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	$ 3,642		3,642
Non-communications | Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,549		$ 18,478

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Nelnet, Inc.	$ 123,598	$ (40,532)
Weighted average common shares outstanding - basic and diluted (in shares)	38,603,555	39,955,514
Earnings per share - basic and diluted (in dollars per share)	$ 3.20	$ (1.01)
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Nelnet, Inc.	$ 121,766	$ (39,974)
Weighted average common shares outstanding - basic and diluted (in shares)	38,031,267	39,405,454
Earnings per share - basic and diluted (in dollars per share)	$ 3.20	$ (1.01)
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) attributable to Nelnet, Inc.	$ 1,832	$ (558)
Weighted average common shares outstanding - basic and diluted (in shares)	572,288	550,060
Earnings per share - basic and diluted (in dollars per share)	$ 3.20	$ (1.01)

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total interest income	$ 129,103	$ 189,191
Interest expense	27,773	134,118
Net interest income	101,330	55,073
Less (negative provision) provision for loan losses	(17,048)	76,299
Net interest income after provision for loan losses	118,378	(21,226)
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	18,206
Other	(4,604)	8,281
Impairment expense and provision for beneficial interests, net	2,436	(34,087)
Derivative settlements, net	(4,304)	4,237
Derivative market value adjustments, net	38,809	(20,602)
Total other income/expense	239,112	190,626
Cost of services:
Cost of services	27,052	28,388
Operating expenses:
Salaries and benefits	115,791	119,878
Depreciation and amortization	20,184	27,648
Other expenses	36,698	43,384
Intersegment expenses, net	0	0
Total operating expenses	172,673	190,910
Income (loss) before income taxes	157,765	(49,898)
Income tax (expense) benefit	(34,861)	10,133
Net income (loss)	122,904	(39,765)
Net loss (income) attributable to noncontrolling interests	694	(767)
Net income (loss) attributable to Nelnet, Inc.	123,598	(40,532)
Total assets	$ 22,167,208	23,280,628	$ 22,646,160
Nelnet Bank
Operating expenses:
Percent of income (loss) before taxes	24.00%
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	$ 34	317
Interest expense	23	44
Net interest income	11	273
Less (negative provision) provision for loan losses	0	0
Net interest income after provision for loan losses	11	273
Other income:
Intersegment revenue	8,268	11,054
Gain on sale of loans	0	0
Other	1,113	2,630
Impairment expense and provision for beneficial interests, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	120,898	126,419
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	66,458	70,493
Depreciation and amortization	8,192	8,848
Other expenses	13,285	17,489
Intersegment expenses, net	16,890	16,239
Total operating expenses	104,825	113,069
Income (loss) before income taxes	16,084	13,623
Income tax (expense) benefit	(3,860)	(3,269)
Net income (loss)	12,224	10,354
Net loss (income) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Nelnet, Inc.	12,224	10,354
Total assets	191,910	223,021
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	263	1,991
Interest expense	0	17
Net interest income	263	1,974
Less (negative provision) provision for loan losses	0	0
Net interest income after provision for loan losses	263	1,974
Other income:
Intersegment revenue	3	11
Gain on sale of loans	0	0
Other	0	0
Impairment expense and provision for beneficial interests, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	95,261	83,686
Cost of services:
Cost of services	27,052	22,806
Operating expenses:
Salaries and benefits	25,941	23,696
Depreciation and amortization	3,071	2,387
Other expenses	4,822	6,092
Intersegment expenses, net	3,664	3,327
Total operating expenses	37,498	35,502
Income (loss) before income taxes	30,974	27,352
Income tax (expense) benefit	(7,434)	(6,565)
Net income (loss)	23,540	20,787
Net loss (income) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Nelnet, Inc.	23,540	20,787
Total assets	372,315	302,631
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income	0	0
Interest expense	0	0
Net interest income	0	0
Less (negative provision) provision for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	0
Other	0	353
Impairment expense and provision for beneficial interests, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	0	18,534
Cost of services:
Cost of services	0	5,582
Operating expenses:
Salaries and benefits	0	5,416
Depreciation and amortization	0	10,507
Other expenses	0	3,689
Intersegment expenses, net	0	624
Total operating expenses	0	20,236
Income (loss) before income taxes	0	(7,284)
Income tax (expense) benefit	0	1,748
Net income (loss)	0	(5,536)
Net loss (income) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Nelnet, Inc.	0	(5,536)
Total assets	0	301,440
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	126,402	185,926
Interest expense	26,950	133,249
Net interest income	99,452	52,677
Less (negative provision) provision for loan losses	(17,470)	76,299
Net interest income after provision for loan losses	116,922	(23,622)
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	18,206
Other	445	3,215
Impairment expense and provision for beneficial interests, net	2,436	(26,303)
Derivative settlements, net	(4,304)	4,237
Derivative market value adjustments, net	38,809	(20,602)
Total other income/expense	37,386	(21,247)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	495	443
Depreciation and amortization	0	0
Other expenses	3,777	3,717
Intersegment expenses, net	8,427	11,916
Total operating expenses	12,699	16,076
Income (loss) before income taxes	141,609	(60,945)
Income tax (expense) benefit	(33,987)	14,627
Net income (loss)	107,622	(46,318)
Net loss (income) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Nelnet, Inc.	107,622	(46,318)
Total assets	20,367,532	21,905,150
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	1,376	0
Interest expense	194	0
Net interest income	1,182	0
Less (negative provision) provision for loan losses	422	0
Net interest income after provision for loan losses	760	0
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	0
Other	22	0
Impairment expense and provision for beneficial interests, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	22	0
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	1,488	0
Depreciation and amortization	0	0
Other expenses	545	0
Intersegment expenses, net	3	0
Total operating expenses	2,036	0
Income (loss) before income taxes	(1,254)	0
Income tax (expense) benefit	286	0
Net income (loss)	(968)	0
Net loss (income) attributable to noncontrolling interests	0	0
Net income (loss) attributable to Nelnet, Inc.	(968)	0
Total assets	296,908		$ 0
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	1,246	1,555
Interest expense	824	1,407
Net interest income	422	148
Less (negative provision) provision for loan losses	0	0
Net interest income after provision for loan losses	422	148
Other income:
Intersegment revenue	0	0
Gain on sale of loans	0	0
Other	(6,184)	2,083
Impairment expense and provision for beneficial interests, net	0	(7,783)
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	(6,184)	(5,700)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	21,409	19,830
Depreciation and amortization	8,920	5,907
Other expenses	14,272	12,398
Intersegment expenses, net	(20,713)	(21,041)
Total operating expenses	23,888	17,094
Income (loss) before income taxes	(29,650)	(22,646)
Income tax (expense) benefit	10,133	3,592
Net income (loss)	(19,517)	(19,054)
Net loss (income) attributable to noncontrolling interests	(17)	(767)
Net income (loss) attributable to Nelnet, Inc.	(19,534)	(19,821)
Total assets	1,148,560	679,390
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(218)	(598)
Interest expense	(218)	(598)
Net interest income	0	0
Less (negative provision) provision for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income:
Intersegment revenue	(8,271)	(11,065)
Gain on sale of loans	0	0
Other	0	0
Impairment expense and provision for beneficial interests, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	(8,271)	(11,065)
Cost of services:
Cost of services	0	0
Operating expenses:
Salaries and benefits	0	0
Depreciation and amortization	0	0
Other expenses	0	0
Intersegment expenses, net	(8,271)	(11,065)
Total operating expenses	(8,271)	(11,065)
Income (loss) before income taxes	0	0
Income tax (expense) benefit	0	0
Net income (loss)	0	0
Net loss (income) attributable to noncontrolling interests	711	0
Net income (loss) attributable to Nelnet, Inc.	711	0
Total assets	(210,017)	(131,004)
Loan servicing and systems
Other income:
Revenue	111,517	112,735
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	111,517	112,735
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Loan servicing and systems | Operating Segments | Communications
Other income:
Revenue	0	0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Loan servicing and systems | Operating Segments | Nelnet Bank
Other income:
Revenue	0	0
Loan servicing and systems | Corporate and Other Activities
Other income:
Revenue	0	0
Loan servicing and systems | Eliminations
Other income:
Revenue	0	0
Education technology, services, and payment processing
Other income:
Revenue	95,258	83,675
Cost of services:
Cost of services	27,052	22,806
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	95,258	83,675
Cost of services:
Cost of services	27,052	22,806
Education technology, services, and payment processing | Operating Segments | Communications
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Operating Segments | Nelnet Bank
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Education technology, services, and payment processing | Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services
Other income:
Revenue	0	18,181
Cost of services:
Cost of services	0	5,582
Communications services | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Operating Segments | Communications
Other income:
Revenue	0	18,181
Cost of services:
Cost of services	0	5,582
Communications services | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Operating Segments | Nelnet Bank
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Corporate and Other Activities
Other income:
Revenue	0	0
Cost of services:
Cost of services	0	0
Communications services | Eliminations
Other income:
Revenue	0	0
Cost of services:
Cost of services	$ 0	$ 0

Disaggregated Revenue - Schedul

Disaggregated Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 111,517	$ 112,735
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	34,872	38,650
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	43,302	46,446
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	8,548	8,609
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,670	5,614
Software services
Disaggregation of Revenue [Line Items]
Revenue	8,454	11,318
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue	11,671	2,098
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	95,258	83,675
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	29,550	31,587
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	33,038	31,742
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	32,322	20,054
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 348	$ 292

Disaggregated Revenue - Sched_2

Disaggregated Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	$ 8,498	$ (1,025)
ALLO preferred return	2,321	0
Borrower late fee income	442	3,188
Other	4,223	3,525
Total other	(4,604)	8,281
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(22,219)	0
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(1,679)	(2,839)
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	2,697	2,802
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 1,113	$ 2,630

Major Customer (Details)

Major Customer (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 26, 2020
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue		$ 34,872	$ 38,650
Potential extension period of service contracts	2 years			6 months
Customer concentration risk | Department of Education | Nelnet Servicing
Concentration Risk [Line Items]
Revenue		34,900	38,700
Customer concentration risk | Department of Education | Great Lakes Educational Loan Services
Concentration Risk [Line Items]
Acquiree revenue since acquisition		$ 43,300	$ 46,400

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Fair value	$ 439,066	$ 390,648
Total assets	439,066	390,648
Equity securities - trading	13,500
Equity securities, available-for-sale	14,800
Student loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	379,110	348,504
Equity securities (a)
Financial assets:
Fair value	28,296	10,114
Equity securities measured at net asset value
Financial assets:
Fair value	31,557	31,927
Debt securities - available-for-sale
Financial assets:
Fair value	103	103
Level 1
Financial assets:
Fair value	28,399	10,217
Total assets	28,399	10,217
Level 1 | Student loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	0	0
Level 1 | Equity securities (a)
Financial assets:
Fair value	28,296	10,114
Level 1 | Debt securities - available-for-sale
Financial assets:
Fair value	103	103
Level 2
Financial assets:
Fair value	379,110	348,504
Total assets	379,110	348,504
Level 2 | Student loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	379,110	348,504
Level 2 | Equity securities (a)
Financial assets:
Fair value	0	0
Level 2 | Debt securities - available-for-sale
Financial assets:
Fair value	$ 0	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Loans receivable	$ 19,737,530	$ 20,185,656
Accrued loan interest receivable	794,561	794,611
Cash and cash equivalents	144,229	121,249	$ 204,844	$ 133,906
Investments (at fair value)	973,099	992,940
Restricted cash - due to customers	193,081	283,971	$ 219,905	$ 437,756
Financial liabilities:
Accrued interest payable	5,527	28,701
Bank deposits	111,830	54,633
Due to customers	230,581	301,471
Fair value
Financial assets:
Loans receivable	20,247,318	20,454,132
Accrued loan interest receivable	794,561	794,611
Cash and cash equivalents	144,229	121,249
Investments (at fair value)	439,066	390,648
Beneficial interest in loan securitizations	71,514	58,709
Restricted cash	609,881	553,175
Restricted cash - due to customers	193,081	283,971
Financial liabilities:
Bonds and notes payable	18,968,284	19,270,810
Accrued interest payable	5,527	28,701
Bank deposits	111,398	54,599
Due to customers	230,581	301,471
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	144,229	121,249
Investments (at fair value)	28,399	10,217
Beneficial interest in loan securitizations	0	0
Restricted cash	609,881	553,175
Restricted cash - due to customers	193,081	283,971
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	45,147	48,422
Due to customers	230,581	301,471
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	794,561	794,611
Cash and cash equivalents	0	0
Investments (at fair value)	379,110	348,504
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	18,968,284	19,270,810
Accrued interest payable	5,527	28,701
Bank deposits	66,251	6,177
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	20,247,318	20,454,132
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Beneficial interest in loan securitizations	71,514	58,709
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	0	0
Due to customers	0	0
Carrying value
Financial assets:
Loans receivable	18,942,969	19,391,045
Accrued loan interest receivable	794,561	794,611
Cash and cash equivalents	144,229	121,249
Investments (at fair value)	439,066	390,648
Beneficial interest in loan securitizations	52,164	58,331
Restricted cash	609,881	553,175
Restricted cash - due to customers	193,081	283,971
Financial liabilities:
Bonds and notes payable	18,754,715	19,320,726
Accrued interest payable	5,527	28,701
Bank deposits	111,830	54,633
Due to customers	$ 230,581	$ 301,471