Nelnet (NNI) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,600,443
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,954,171

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $145,719 and $175,698, respectively)	$ 20,187,670	$ 20,185,656
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	37,243	33,292
Cash and cash equivalents - held at a related party	175,746	87,957
Total cash and cash equivalents	212,989	121,249
Investments	1,267,957	992,940
Restricted cash	616,711	553,175
Restricted cash - due to customers	247,673	283,971
Accounts receivable (net of allowance for doubtful accounts of $1,405 and $1,824, respectively)	85,884	76,460
Goodwill	142,092	142,092
Intangible assets, net	58,464	75,070
Property and equipment, net	128,527	123,527
Other assets	80,896	92,020
Total assets	23,028,863	22,646,160
Liabilities:
Bonds and notes payable	19,381,835	19,320,726
Accrued interest payable	4,922	28,701
Bank deposits	202,841	54,633
Other liabilities	307,474	312,280
Due to customers	303,173	301,471
Total liabilities	20,200,245	20,017,811
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	10,158	3,794
Retained earnings	2,812,315	2,621,762
Accumulated other comprehensive earnings, net	10,941	6,102
Total Nelnet, Inc. shareholders' equity	2,833,800	2,632,042
Noncontrolling interests	(5,182)	(3,693)
Total equity	2,828,618	2,628,349
Total liabilities and equity	23,028,863	22,646,160
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $145,719 and $175,698, respectively)	19,935,821	20,132,996
Cash and cash equivalents:
Restricted cash	554,638	499,223
Liabilities:
Bonds and notes payable	19,166,839	19,355,375
Common stock:
Accrued interest payable and other liabilities	82,485	83,127
Net assets of consolidated education and other lending variable interest entities	1,241,135	1,193,717
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,494,942 shares and 27,193,154 shares, respectively
Common stock:
Common stock	275	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 11,054,171 shares and 11,155,571 shares, respectively
Common stock:
Common stock	$ 111	$ 112

CONSOLIDATED BALANCE SHEETS (Pa

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

CONSOLIDATED STATEMENTS OF OPER

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

CONSOLIDATED STATEMENTS OF COMP

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

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

CONSOLIDATED STATEMENTS OF SH_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 207,465	$ 45,950
Net (loss) income attributable to noncontrolling interests		(1,548)	895
Net income		205,917	46,845
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		76,754	99,282
Loan discount accretion		(14,606)	(19,196)
Provision (negative provision) for loan losses		(16,674)	79,297
Derivative market value adjustments		(37,194)	24,513
Proceeds from (payments to) clearinghouse - initial and variation margin, net		38,440	(24,453)
Gain from sale of loans		(15,271)	(18,206)
Loss (gain) from investments, net		812	(48,402)
Loss (gain) from repurchases of debt, net		695	(403)
Purchases of equity securities - trading, net		(19,764)	0
Deferred income tax expense (benefit)		18,173	(14,762)
Non-cash compensation expense		4,980	3,581
(Negative provision) provision for beneficial interests and impairment expense, net		(1,936)	34,419
Increase in loan and investment accrued interest receivable		(40,488)	(123,276)
(Increase) decrease in accounts receivable		(9,446)	41,608
Decrease in other assets, net		32,241	22,992
Decrease in the carrying amount of ROU asset		3,962	5,948
Decrease in accrued interest payable		(23,779)	(14,525)
Decrease in other liabilities, net		(13,663)	(26,817)
Decrease in the carrying amount of lease liability		(3,288)	(4,829)
Increase (decrease) in due to customers		1,746	(169,217)
Net cash provided by (used in) operating activities		187,611	(105,601)
Cash flows from investing activities:
Purchases and originations of loans		(1,040,573)	(872,987)
Purchases of loans from a related party		(20,847)	(75,118)
Net proceeds from loan repayments, claims, and capitalized interest		1,047,645	1,800,286
Proceeds from sale of loans		65,224	90,465
Purchases of available-for-sale securities		(363,485)	(112,675)
Proceeds from sales of available-for-sale securities		38,511	23,372
Proceeds from and sale of beneficial interest in loan securitizations		19,077	21,765
Purchases of other investments		(128,011)	(117,598)
Proceeds from other investments		167,821	6,770
Purchases of property and equipment		(28,784)	(46,994)
Net cash (used in) provided by investing activities		(243,422)	717,286
Cash flows from financing activities:
Payments on bonds and notes payable		(1,073,523)	(2,073,710)
Proceeds from issuance of bonds and notes payable		1,114,821	1,252,360
Payments of debt issuance costs		(3,035)	(5,863)
Increase in bank deposits, net		148,208	0
Dividends paid		(16,912)	(15,679)
Repurchases of common stock		(2,408)	(68,527)
Proceeds from issuance of common stock		689	781
Acquisition of noncontrolling interest		0	(2,000)
Issuance of noncontrolling interests		7,480	0
Distribution to noncontrolling interests		(423)	(333)
Net cash provided by (used in) financing activities		174,897	(912,971)
Effect of exchange rate changes on cash		(108)	0
Net increase (decrease) in cash, cash equivalents, and restricted cash		118,978	(301,286)
Cash, cash equivalents, and restricted cash, beginning of period		958,395	1,222,601
Cash, cash equivalents, and restricted cash, end of period		1,077,373	921,315
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		78,904	209,170
Cash disbursements made for income taxes, net of refunds and credits received	[1]	14,229	7,949
Cash disbursements made for operating leases		4,096	5,442
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		823	3,265
Receipt of beneficial interest in consumer loan securitizations		19,280	38,490
Distribution to noncontrolling interests		6,406	33
Issuance of noncontrolling interests		$ 592	$ 0
[1]	The Company utilized $22.0 million and $18.3 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2021 and 2020, respectively.

CONSOLIDATED STATEMENTS OF CA_2

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

Basis of Financial Reporting

Basis of Financial Reporting	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of June 30, 2021 December 31, 2020 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 4,420,716 4,383,000 Consolidation 14,518,148 14,746,173 Total 18,938,864 19,129,173 Private education loans 350,094 320,589 Consumer loans 42,767 109,346 Non-Nelnet Bank loans 19,331,725 19,559,108 Nelnet Bank: Federally insured student loans 97,167 — Private education loans 93,404 17,543 Nelnet Bank loans 190,571 17,543 Accrued interest receivable 834,989 794,611 Loan discount, net of unamortized loan premiums and deferred origination costs (23,896) (9,908) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (120,802) (128,590) Private education loans (19,403) (19,529) Consumer loans (4,702) (27,256) Non-Nelnet Bank allowance for loan losses (144,907) (175,375) Nelnet Bank: Federally insured loans (245) — Private education loans (567) (323) Nelnet Bank allowance for loan losses (812) (323) $ 20,187,670 20,185,656 On May 14, 2021, the Company sold $77.4 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $15.3 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 24.5 percent residual interest in the consumer loan securitization that is included in "investments" on the Company's consolidated balance sheet. Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended June 30, 2021 Non-Nelnet Bank Federally insured loans $ 121,846 — (397) (1,172) — 525 — 120,802 Private education loans 20,670 — (1,004) (403) 139 — 1 19,403 Consumer loans 14,134 — 1,706 (1,464) 235 — (9,909) 4,702 Nelnet Bank Federally insured loans — — 245 — — — — 245 Private education loans 744 — (176) — — — (1) 567 $ 157,394 — 374 (3,039) 374 525 (9,909) 145,719 Three months ended June 30, 2020 Non-Nelnet Bank Federally insured loans $ 146,759 — (1,950) (6,080) — 6,100 — 144,829 Private education loans 23,056 — 2,322 (26) 183 — — 25,535 Consumer loans 39,053 — 2,627 (2,820) 221 — — 39,081 $ 208,868 — 2,999 (8,926) 404 6,100 — 209,445 Six months ended June 30, 2021 Non-Nelnet Bank Federally insured loans $ 128,590 — (7,880) (1,233) — 1,325 — 120,802 Private education loans 19,529 — 427 (896) 341 — 2 19,403 Consumer loans 27,256 — (9,712) (3,414) 481 — (9,909) 4,702 Nelnet Bank Federally insured loans — — 245 — — — — 245 Private education loans 323 — 246 — — — (2) 567 $ 175,698 — (16,674) (5,543) 822 1,325 (9,909) 145,719 Six months ended June 30, 2020 Non-Nelnet Bank Federally insured loans $ 36,763 72,291 37,373 (12,398) — 10,800 — 144,829 Private education loans 9,597 4,797 12,121 (1,355) 375 — — 25,535 Consumer loans 15,554 13,926 29,803 (7,170) 468 — (13,500) 39,081 $ 61,914 91,014 79,297 (20,923) 843 10,800 (13,500) 209,445 a) During the three months ended June 30, 2021 and 2020, and six months ended June 30, 2021 and 2020, the Company acquired $34.7 million (par value), $292.7 million (par value), $88.7 million (par value), and $583.9 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company. Beginning in March 2020, the coronavirus disease 2019 ("COVID-19") pandemic has caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of ASC 326 effective January 1, 2020, the Company’s allowance for loan losses increased during the first quarter of 2020 primarily as a result of the COVID-19 pandemic and its effects on economic conditions. The Company recorded a negative provision for loan losses for its federally insured and consumer loan portfolios for the three months ended March 31, 2021 due to management's estimate of certain continued improved economic conditions (including the improvement in certain macroeconomic variables (unemployment rates, gross domestic product, and consumer price index) used in the Company's loan loss models) as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. The Company recorded a provision expense on its private education loan portfolio during the three months ended March 31, 2021 as a result of an increase of loans in forbearance, which was partially offset by management's estimate of certain continued improved economic conditions as of March 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020. During the second quarter of 2021, the Company recorded a negative provision for loan losses for its federally insured and private education loan portfolios due to management's estimate of certain continued improved economic conditions as of June 30, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of March 31, 2021. These amounts were partially offset due to the Company establishing an initial allowance for federally insured and private education loans acquired during the period. The Company recorded a provision for loan losses on its consumer loan portfolio during the second quarter of 2021 as a result of establishing an initial allowance for consumer loans acquired during the period, which was partially offset by management's estimate of certain continued improved economic conditions as of June 30, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of March 31, 2021. Loan Status and Delinquencies The key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts. As of June 30, 2021 As of December 31, 2020 As of June 30, 2020 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 955,227 5.0 % $ 1,036,028 5.4 % $ 936,746 4.8 % Loans in forbearance 2,079,368 11.0 1,973,175 10.3 5,370,466 27.7 Loans in repayment status: Loans current 13,995,297 88.0 % 13,683,054 84.9 % 12,984,175 99.3 % Loans delinquent 31-60 days 580,602 3.7 633,411 3.9 2,057 — Loans delinquent 61-90 days 262,353 1.6 307,936 1.9 165 — Loans delinquent 91-120 days 104,124 0.7 800,257 5.0 23 — Loans delinquent 121-270 days 398,965 2.5 674,975 4.2 101 — Loans delinquent 271 days or greater 562,928 3.5 20,337 0.1 94,138 0.7 Total loans in repayment 15,904,269 84.0 100.0 % 16,119,970 84.3 100.0 % 13,080,659 67.5 100.0 % Total federally insured loans 18,938,864 100.0 % 19,129,173 100.0 % 19,387,871 100.0 % Accrued interest receivable 830,973 791,453 853,473 Loan discount, net of unamortized premiums and deferred origination costs (24,129) (14,505) (19,116) Allowance for loan losses (120,802) (128,590) (144,829) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 19,624,906 $ 19,777,531 $ 20,077,399 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,195 2.9 % $ 5,049 1.6 % $ 3,971 1.3 % Loans in forbearance 3,884 1.1 2,359 0.7 21,890 7.5 Loans in repayment status: Loans current 330,097 98.3 % 310,036 99.0 % 265,720 99.4 % Loans delinquent 31-60 days 3,962 1.2 1,099 0.4 680 0.2 Loans delinquent 61-90 days 818 0.2 675 0.2 244 0.1 Loans delinquent 91 days or greater 1,138 0.3 1,371 0.4 713 0.3 Total loans in repayment 336,015 96.0 100.0 % 313,181 97.7 100.0 % 267,357 91.2 100.0 % Total private education loans 350,094 100.0 % 320,589 100.0 % 293,218 100.0 % Accrued interest receivable 2,360 2,131 1,961 Loan discount, net of unamortized premiums (1,547) 2,691 813 Allowance for loan losses (19,403) (19,529) (25,535) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 331,504 $ 305,882 $ 270,457 As of June 30, 2021 As of December 31, 2020 As of June 30, 2020 Consumer loans - Non-Nelnet Bank: Loans in deferment $ 38 0.1 % $ 829 0.8 % $ 3,274 2.2 % Loans in repayment status: Loans current 41,039 96.1 % 105,650 97.4 % 142,540 97.6 % Loans delinquent 31-60 days 387 0.9 954 0.9 938 0.7 Loans delinquent 61-90 days 484 1.1 804 0.7 1,078 0.7 Loans delinquent 91 days or greater 819 1.9 1,109 1.0 1,478 1.0 Total loans in repayment 42,729 99.9 100.0 % 108,517 99.2 100.0 % 146,034 97.8 % 100.0 % Total consumer loans 42,767 100.0 % 109,346 100.0 % 149,308 100.0 % Accrued interest receivable 328 1,001 1,446 Loan premium 377 1,640 1,344 Allowance for loan losses (4,702) (27,256) (39,081) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 38,770 $ 84,731 $ 113,017 Federally insured loans - Nelnet Bank: Loans in-school/grace/deferment $ 103 0.1 % Loans in forbearance 1,026 1.1 Loans in repayment status: Loans current 95,402 99.3 % Loans delinquent 31-60 days 593 0.6 Loans delinquent 61-90 days 43 0.1 Loans delinquent 91-120 days — — Loans delinquent 121-270 days — — Loans delinquent 271 days or greater — — Total loans in repayment 96,038 98.8 100.0 % Total federally insured loans 97,167 100.0 % Accrued interest receivable 1,179 Loan premium 29 Allowance for loan losses (245) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 98,130 Private education loans - Nelnet Bank: Loans in-school/grace/deferment $ 82 0.1 % $ — — % Loans in forbearance 133 0.1 29 0.2 Loans in repayment status: Loans current 93,189 100.0 % 17,514 100.0 % Loans delinquent 31-60 days — — — — Loans delinquent 61-90 days — — — — Loans delinquent 91 days or greater — — — — Total loans in repayment 93,189 99.8 100.0 % 17,514 99.8 100.0 % Total private education loans 93,404 100.0 % 17,543 100.0 % Accrued interest receivable 149 26 Deferred origination costs 1,374 266 Allowance for loan losses (567) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 94,360 $ 17,512 Nonaccrual Status The Company does not place federally insured loans on nonaccrual status due to the government guaranty. The amortized cost of private and consumer loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2020 and June 30, 2021, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of June 30, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or "FFELP") and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Six months ended June 30, 2021 2020 2019 2018 2017 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 810 2,306 4,744 — — 2,335 10,195 Loans in forbearance — 299 755 173 — 2,657 3,884 Loans in repayment status: Loans current 1,885 90,009 60,694 481 — 177,028 330,097 Loans delinquent 31-60 days — 161 373 — — 3,428 3,962 Loans delinquent 61-90 days — — — — — 818 818 Loans delinquent 91 days or greater — — — — — 1,138 1,138 Total loans in repayment 1,885 90,170 61,067 481 — 182,412 336,015 Total private education loans $ 2,695 92,775 66,566 654 — 187,404 350,094 Accrued interest receivable 2,360 Loan discount, net of unamortized premiums (1,547) Allowance for loan losses (19,403) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 331,504 Consumer loans - Non-Nelnet Bank: Loans in deferment $ — — 30 8 — — 38 Loans in repayment status: Loans current 19,733 1,582 8,880 10,630 214 — 41,039 Loans delinquent 31-60 days 29 83 189 77 9 — 387 Loans delinquent 61-90 days 50 233 113 83 5 — 484 Loans delinquent 91 days or greater 25 107 302 385 — — 819 Total loans in repayment 19,837 2,005 9,484 11,175 228 — 42,729 Total consumer loans $ 19,837 2,005 9,514 11,183 228 — 42,767 Accrued interest receivable 328 Loan premium 377 Allowance for loan losses (4,702) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 38,770 Private education loans - Nelnet Bank: Loans in school/grace/deferment $ 82 — — — — — 82 Loans in forbearance 133 — — — — — 133 Loans in repayment status: Loans current 78,817 14,372 — — — — 93,189 Loans delinquent 31-60 days — — — — — — — Loans delinquent 61-90 days — — — — — — — Loans delinquent 91 days or greater — — — — — — — Total loans in repayment 78,817 14,372 — — — — 93,189 Total private education loans $ 79,032 14,372 — — — — 93,404 Accrued interest receivable 149 Deferred origination costs 1,374 Allowance for loan losses (567) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 94,360

Bonds and Notes Payable

Bonds and Notes Payable	6 Months Ended
	Jun. 30, 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 June 30, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 16,974,086 0.22% - 2.09% 5/27/25 - 7/25/69 Bonds and notes based on auction 742,350 0.91% - 2.06% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,716,436 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 893,093 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 301,144 0.16% / 0.23% 11/22/22 / 2/26/24 Private education loan warehouse facility 140,763 0.21% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 40,030 1.65% / 1.84% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 32,742 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 85,000 1.58% 12/16/24 Participation agreement 132,078 0.80% 5/4/22 Repurchase agreements 255,323 0.80% - 1.05% 9/24/21 - 12/20/23 Secured line of credit 5,000 2.09% 5/30/22 19,601,609 Discount on bonds and notes payable and debt issuance costs (219,774) Total $ 19,381,835 As of December 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,127,643 0.28% - 2.05% 5/27/25 - 10/25/68 Bonds and notes based on auction 749,925 1.12% - 2.14% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,877,568 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 923,076 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 252,165 0.27% / 0.31% 5/20/22 / 2/26/23 Private education loan warehouse facility 150,397 0.28% 2/13/22 Consumer loan warehouse facility 25,809 0.28% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 49,025 1.65% / 1.90% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 37,251 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 120,000 1.65% 12/16/24 Participation agreement 118,558 0.84% 5/4/21 Secured line of credit 5,000 1.90% 5/30/22 19,558,849 Discount on bonds and notes payable and debt issuance costs (238,123) Total $ 19,320,726 FFELP Warehouse Facilities The Company funds a portion of its FFELP loan acquisitions using its FFELP warehouse facilities. Student loan warehousing allows the Company to buy and manage student loans prior to transferring them into more permanent financing arrangements. As of June 30, 2021, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 310,000 50,000 360,000 Amount outstanding 290,539 10,605 301,144 Amount available $ 19,461 39,395 58,856 Expiration of liquidity provisions November 22, 2021 February 26, 2022 Final maturity date November 22, 2022 February 26, 2024 Advanced as equity support $ 24,136 666 24,802 (a) On May 20, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional six months to November 22, 2021 and November 22, 2022, respectively. On June 28, 2021, the maximum financing amount for this warehouse facility increased to $770.0 million, and on June 30, 2021 the maximum financing amount decreased to $310.0 million. (b) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively. Asset-Backed Securitizations The following table summarizes the asset-backed securitization transaction completed by the Company during the first six months of 2021. NSLT 2021-1 Date securities issued 6/30/21 Total original principal amount $ 797,000 Class A senior notes: Total principal amount $ 781,000 Cost of funds 1-month LIBOR plus 0.50% Final maturity date 7/25/69 Class B subordinated notes: Total principal amount $ 16,000 Cost of funds 1-month LIBOR plus 1.25% Final maturity date 7/25/69 Private Education Loan Warehouse Facility During 2020, the Company obtained a private education loan warehouse facility that had an aggregate maximum financing amount available of $200.0 million. On February 12, 2021, the Company decreased the maximum financing amount available for this facility to $175.0 million and extended the liquidity provisions and final maturity date to February 13, 2022 and February 13, 2023, respectively. As of June 30, 2021, $140.8 million was outstanding under this warehouse facility and $34.2 million was available for future funding. The facility has an advance rate of 80 to 90 percent and, as of June 30, 2021, the Company had $15.0 million advanced as equity support under this facility. Consumer Loan Warehouse Facility The Company had a $100.0 million consumer loan warehouse facility. On March 31, 2021, the Company terminated this facility. Unsecured Line of Credit The Company has a $455.0 million unsecured line of credit that has a maturity date of December 16, 2024. As of June 30, 2021, $85.0 million was outstanding on the line of credit and $370.0 million was available for future use. The line of credit provides that the Company may increase the aggregate financing commitments, through the existing lenders and/or through new lenders, up to a total of $550.0 million, subject to certain conditions. Participation Agreement The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities. As of June 30, 2021, $132.1 million of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five Repurchase Agreements On May 3, 2021, the Company entered into a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by private education loan asset-backed securities. The repurchase agreement has maturity dates of November 20, 2023 and December 20, 2023, or earlier if either party provides 180 days’ prior written notice. The Company incurs interest on amounts outstanding based on three-month LIBOR plus an applicable spread, and is subject to margin deficit payment requirements if the fair value of the securities subject to the repurchase agreement is less than the original purchase price of such securities on any scheduled reset date. Included in “bonds and notes payable” as of June 30, 2021 was $228.4 million subject to this repurchase agreement. On June 23, 2021, the Company entered into an additional repurchase agreement with another non-affiliated third party, the proceeds of which are collateralized by private education loan asset-backed securities. The repurchase agreement has a maturity date of September 24, 2021. The Company incurs interest on amounts outstanding based on three-month LIBOR plus an applicable spread, and could be subject to margin deficit payment requirements if the fair value of the securities subject to the repurchase agreement is less than the original purchase price of such securities and the counter-party provides notice requiring such payment. Included in "bonds and notes payable" as of June 30, 2021 was $26.9 million subject to this repurchase agreement. See note 5 for additional information about the private education loan asset-backed securities investments serving as collateral for these repurchase agreements. Accrued Interest Liability During the first quarter of 2021, the Company reversed a historical accrued interest liability of $23.8 million on certain bonds, which liability the Company determined is no longer probable of being required to be paid. The liability was initially recorded when certain asset-backed securitizations were acquired in 2011 and 2013. The reduction of this liability is reflected in (a reduction of) "interest on bonds and notes payable and bank deposits" in the consolidated statements of income.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of June 30, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 2021 December 31, 2020 2021 $ — 250,000 2022 2,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 5,900,000 6,150,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of June 30, 2021 and December 31, 2020 was one-month LIBOR plus 9.1 basis points. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of June 30, 2021 As of December 31, 2020 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2021 $ 100,000 2.95 % $ 600,000 2.15 % 2022 500,000 0.94 500,000 0.94 2023 900,000 0.62 900,000 0.62 2024 2,500,000 0.35 2,000,000 0.32 2025 500,000 0.35 500,000 0.35 2026 150,000 0.85 — — 2031 100,000 1.53 — — $ 4,750,000 0.56 % $ 4,500,000 0.70 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. Consolidated Financial Statement Impact Related to Derivatives - Statements of Income The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Settlements: 1:3 basis swaps $ (221) 7,129 (240) 9,242 Interest rate swaps - floor income hedges (5,153) (1,308) (9,438) 816 Total settlements - (expense) income (5,374) 5,821 (9,678) 10,058 Change in fair value: 1:3 basis swaps (1,106) (2,872) 1,693 (1,314) Interest rate swaps - floor income hedges (509) (1,039) 35,501 (23,199) Total change in fair value - (expense) income (1,615) (3,911) 37,194 (24,513) Derivative market value adjustments and derivative settlements, net - (expense) income $ (6,989) 1,910 27,516 (14,455)

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	Investments Private Education Loan Investment In December of 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education loans representing approximately 445,000 borrowers. The Company has entered into a joint venture with other investors to acquire the loans, and under the joint venture the Company has an approximately 8 percent interest in the loans. In conjunction with the sale, the Company was selected as servicer of the portfolio. During March and throughout the second quarter of 2021, the borrowers were converted to the Company's servicing platform. The joint venture established a limited partnership that purchased the private education loans and funded such loans with a temporary warehouse facility. The Company is accounting for its membership interests in this partnership under the equity method of accounting and as of June 30, 2021, such investment was $8.3 million. This investment is included in “venture capital and funds – equity method” in the table below. On May 20, 2021 and June 30, 2021, the joint venture completed asset-backed securitization transactions to permanently finance a total of $5.8 billion of the private education loans purchased by the joint venture. The Company is accounting for its approximately 8 percent residual interest in these securitizations as held-to-maturity beneficial interest investments. These investments are shown as “beneficial interest in private education loan securitizations” in the table below. On behalf of the joint venture, the Company is the sponsor and administrator for these loan securitizations. As sponsor, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in “private education loan asset-backed securities – available for sale” in the table below and as of June 30, 2021, the fair value of these bonds was $307.3 million. The Company must retain these investment securities until the latest of (i) two years from the closing date of the securitization, (ii) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (iii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party. The Company entered into repurchase agreements with third-parties, the proceeds of which were used to purchase a portion of the asset-backed investments, and such investments serve as collateral on the repurchase obligations. See note 3 for additional information about these repurchase agreements. A summary of the Company's investments follows: As of June 30, 2021 As of December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (a) $ 357,935 13,498 — 371,433 338,475 8,040 (13) 346,502 Private education loan asset-backed securities - available-for-sale (b) 306,395 898 — 307,293 — — — — Other debt securities - available-for-sale 2,100 1 — 2,101 2,103 2 — 2,105 Equity securities 57,652 15,336 (3,865) 69,123 36,227 8,768 (2,954) 42,041 Total investments (at fair value) $ 724,082 29,733 (3,865) 749,950 376,805 16,810 (2,967) 390,648 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative (c) 150,857 144,795 Equity method 26,307 14,018 Other 883 894 Total venture capital and funds 178,047 159,707 Real estate Equity method 46,748 50,291 Notes receivable 3,500 847 Total real estate 50,248 51,138 Investment in ALLO: Voting interest/equity method (d) 108,271 129,396 Preferred membership interest and accrued and unpaid preferred return (e) 133,257 228,916 Total investment in ALLO 241,528 358,312 Solar (f) (60,862) (30,373) Beneficial interest in private education loan securitizations (g) 36,079 — Beneficial interest in federally insured loan securitizations (g) 27,955 30,377 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g) 40,983 27,954 Tax liens and affordable housing 4,029 5,177 Total investments (not measured at fair value) 518,007 602,292 Total investments $ 1,267,957 $ 992,940 (a) As of June 30, 2021, $132.1 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank. See note 3 for additional information. (b) As of June 30, 2021, a total of $293.9 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third-parties. See note 3 for additional information. (c) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On May 27, 2021, the Company made an additional equity investment of approximately $5 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2021 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. For accounting purposes, the May 2021 equity raise transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities and the price was contractually agreed to during Hudl's prior May 2020 equity raise. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the May 2021 transaction value. As of June 30, 2021, the carrying amount of the Company's investment in Hudl is $133.9 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (d) The Company accounts for its voting membership interests in ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three and six months ended June 30, 2021, the Company recognized income of $1.1 million and losses of $21.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. In the second quarter of 2021, the Company revised its accounting policy to correct for an error in its method of applying the HLBV method of accounting for its investment in ALLO. Previously, the Company calculated Nelnet’s liquidation basis in ALLO under the HLBV method by using Nelnet’s proportionate share of tax losses and amortizing any basis difference using tax methods. The Company has determined that Nelnet’s liquidation basis in ALLO under the HLBV method should equal ALLO’s GAAP losses and amortizing any basis difference using book lives. During the second quarter of 2021, the Company recorded an adjustment to reflect the cumulative net impact on prior periods (since the deconsolidation of ALLO on December 21, 2020) for the correction of this error that resulted in a $14.0 million increase to the Company’s ALLO investment balance and a corresponding pre-tax increase to other income (a $10.6 million after tax, or $0.27 per share, increase to net income). The Company concluded this error had an immaterial impact on 2021 results as well as the results for prior periods. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. The Company currently anticipates such losses in the second half of 2021 to approximate the amount of total losses incurred during the first half of 2021. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income. (e) As of June 30, 2021, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $129.7 million and $3.6 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three and six months ended June 30, 2021, the Company recognized income on its ALLO preferred membership interests of $2.0 million and $4.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income. On January 19, 2021, ALLO obtained certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of June 30, 2021, the Company has funded a total of $162.0 million in solar investments, which includes $19.5 million funded by syndication partners. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at June 30, 2021 represents total tax credits earned on solar projects placed in service through June 30, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $68.7 million on these projects, of which $34.9 million will be funded by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended June 30, 2021 and 2020, the Company recognized pre-tax losses and income of $2.3 million and $2.0 million, respectively, and for the six months ended June 30, 2021 and 2020, the Company recognized pre-tax losses of $4.0 million and $0.8 million, respectively, on its solar investments. These losses and income are included in "other" in "other income/expense" on the consolidated statements of income. (g) The Company has purchased partial ownership in certain private education, federally insured, and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to June 30, 2021, the Company's ownership correlates to approximately $460 million, $495 million, and $280 million of private education, federally insured, and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of income.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of June 30, 2021 (months) As of As of June 30, 2021 December 31, 2020 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $91,996 and $83,419, respectively) 107 $ 53,296 66,974 Computer software (net of accumulated amortization of $2,685 and $4,127, respectively) 30 5,168 6,430 Trade names (net of accumulated amortization of $5,121 and $3,455, respectively) — — 1,666 Total - amortizable intangible assets, net 100 $ 58,464 75,070 The Company recorded amortization expense on its intangible assets of $8.3 million and $7.4 million during the three months ended June 30, 2021 and 2020, respectively, and $16.6 million and $14.8 million during the six months ended June 30, 2021 and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2021, the Company estimates it will record amortization expense as follows: 2021 (July 1 - December 31) $ 6,435 2022 9,939 2023 9,830 2024 7,457 2025 4,644 2026 and thereafter 20,159 $ 58,464

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2021
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of June 30, 2021 and December 31, 2020 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 Computer equipment and software 1-5 years $ 207,206 172,664 Building and building improvements 5-48 years 54,545 52,444 Office furniture and equipment 1-10 years 23,243 21,899 Leasehold improvements 1-15 years 9,387 9,168 Transportation equipment 5-10 years 4,857 4,857 Land — 3,642 3,642 Construction in progress — 8,169 18,478 311,049 283,152 Accumulated depreciation (182,522) (159,625) Total property and equipment, net $ 128,527 123,527

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 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 June 30, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 82,479 1,388 83,867 85,243 1,239 86,482 Denominator: Weighted-average common shares outstanding - basic and diluted 38,100,092 641,394 38,741,486 38,641,794 561,610 39,203,404 Earnings per share - basic and diluted $ 2.16 2.16 2.16 2.21 2.21 2.21 Six months ended June 30, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 204,209 3,256 207,465 45,305 645 45,950 Denominator: Weighted-average common shares outstanding - basic and diluted 38,065,869 607,033 38,672,902 39,023,624 555,835 39,579,459 Earnings per share - basic and diluted $ 5.36 5.36 5.36 1.16 1.16 1.16

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 30 210 — 129,965 2,041 1,524 (187) 133,583 Interest expense 23 — — 48,670 392 1,093 (187) 49,991 Net interest income 7 210 — 81,295 1,649 431 — 83,592 Less provision (negative provision) for loan losses — — — 305 69 — — 374 Net interest income after provision for loan losses 7 210 — 80,990 1,580 431 — 83,218 Other income/expense: Loan servicing and systems revenue 112,094 — — — — — — 112,094 Intersegment revenue 8,480 3 — — — — (8,483) — Education technology, services, and payment processing revenue — 76,702 — — — — — 76,702 Communications revenue — — — — — — — — Other 701 — — 2,316 4 19,900 — 22,921 Gain on sale of loans — — — 15,271 — — — 15,271 Impairment expense and provision for beneficial interests, net — — — — — (500) — (500) Derivative settlements, net — — — (5,374) — — — (5,374) Derivative market value adjustments, net — — — (1,615) — — — (1,615) Total other income/expense 121,275 76,705 — 10,598 4 19,400 (8,483) 219,499 Cost of services: Cost to provide education technology, services, and payment processing services — 21,676 — — — — — 21,676 Cost to provide communications services — — — — — — — — Total cost of services — 21,676 — — — — — 21,676 Operating expenses: Salaries and benefits 68,388 27,094 — 556 1,578 21,351 — 118,968 Depreciation and amortization 7,974 2,956 — — — 9,305 — 20,236 Other expenses 13,273 4,437 — 3,567 237 11,074 — 32,587 Intersegment expenses, net 16,134 3,520 — 8,549 37 (19,757) (8,483) — Total operating expenses 105,769 38,007 — 12,672 1,852 21,973 (8,483) 171,791 Income (loss) before income taxes 15,513 17,232 — 78,916 (268) (2,142) — 109,250 Income tax (expense) benefit (b) (3,723) (4,136) — (18,940) 64 497 — (26,237) Net income (loss) 11,790 13,096 — 59,976 (204) (1,645) — 83,013 Net loss (income) attributable to noncontrolling interests — — — — — 854 — 854 Net income (loss) attributable to Nelnet, Inc. $ 11,790 13,096 — 59,976 (204) (791) — 83,867 Total assets as of June 30, 2021 $ 205,214 424,079 — 20,783,755 407,611 1,489,212 (281,008) 23,028,863 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Three months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Nelnet Bank (a) Corporate and Other Activities Eliminations Total Total interest income $ 52 420 — 150,583 — 1,196 (368) 151,883 Interest expense 28 21 — 84,489 — 1,078 (368) 85,248 Net interest income 24 399 — 66,094 — 118 — 66,635 Less provision (negative provision) for loan losses — — — 2,999 — — — 2,999 Net interest income after provision for loan losses 24 399 — 63,095 — 118 — 63,636 Other income/expense: Loan servicing and systems revenue 111,042 — — — — — — 111,042 Intersegment revenue 8,537 3 — — — — (8,540) — Education technology, services, and payment processing revenue — 59,304 — — — — — 59,304 Communications revenue — — 18,998 — — — — 18,998 Other 1,914 — 392 732 — 57,089 — 60,127 Gain on sale of loans — — — — — — — — Impairment expense and provision for beneficial interests, net — — — — — (332) — (332) Derivative settlements, net — — — 5,821 — — — 5,821 Derivative market value adjustments, net — — — (3,911) — — — (3,911) Total other income/expense 121,493 59,307 19,390 2,642 — 56,757 (8,540) 251,049 Cost of services: Cost to provide education technology, services, and payment processing services — 15,376 — — — — — 15,376 Cost to provide communications services — — 5,743 — — — — 5,743 Total cost of services — 15,376 5,743 — — — — 21,119 Operating expenses: Salaries and benefits 68,401 24,522 5,570 421 — 20,334 — 119,247 Depreciation and amortization 9,142 2,362 10,824 — — 7,065 — 29,393 Other expenses 13,380 2,326 3,774 4,863 — 12,710 — 37,052 Intersegment expenses, net 15,996 3,429 536 9,055 — (20,476) (8,540) — Total operating expenses 106,919 32,639 20,704 14,339 — 19,633 (8,540) 185,692 Income (loss) before income taxes 14,598 11,691 (7,057) 51,398 — 37,242 — 107,874 Income tax (expense) benefit (3,504) (2,806) 1,694 (12,336) — (4,312) — (21,264) Net income (loss) 11,094 8,885 (5,363) 39,062 — 32,930 — 86,610 Net loss (income) attributable to noncontrolling interests — — — — — (128) — (128) Net income (loss) attributable to Nelnet, Inc. $ 11,094 8,885 (5,363) 39,062 — 32,802 — 86,482 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 — 732,994 (132,500) 22,611,208 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended June 30, 2020. Six months ended June 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 63 473 — 256,367 3,418 2,770 (405) 262,686 Interest expense 47 — — 75,620 586 1,916 (405) 77,764 Net interest income 16 473 — 180,747 2,832 854 — 184,922 Less provision (negative provision) for loan losses — — — (17,165) 491 — — (16,674) Net interest income after provision for loan losses 16 473 — 197,912 2,341 854 — 201,596 Other income/expense: Loan servicing and systems revenue 223,611 — — — — — — 223,611 Intersegment revenue 16,748 6 — — — — (16,754) — Education technology, services, and payment processing revenue — 171,960 — — — — — 171,960 Communications revenue — — — — — — — — Other 1,814 — — 2,760 26 13,716 — 18,317 Gain on sale of loans — — — 15,271 — — — 15,271 Impairment expense and provision for beneficial interests, net — — — 2,436 — (500) — 1,936 Derivative settlements, net — — — (9,678) — — — (9,678) Derivative market value adjustments, net — — — 37,194 — — — 37,194 Total other income/expense 242,173 171,966 — 47,983 26 13,216 (16,754) 458,611 Cost of services: Cost to provide education technology, services, and payment processing services — 48,728 — — — — — 48,728 Cost to provide communications services — — — — — — — — Total cost of services — 48,728 — — — — — 48,728 Operating expenses: Salaries and benefits 134,846 53,035 — 1,051 3,065 42,761 — 234,759 Depreciation and amortization 16,166 6,027 — — — 18,225 — 40,419 Other expenses 26,557 9,259 — 7,344 781 25,346 — 69,286 Intersegment expenses, net 33,024 7,184 — 16,976 40 (40,470) (16,754) — Total operating expenses 210,593 75,505 — 25,371 3,886 45,862 (16,754) 344,464 Income (loss) before income taxes 31,596 48,206 — 220,524 (1,519) (31,792) — 267,015 Income tax (expense) benefit (b) (7,583) (11,570) — (52,926) 351 10,630 — (61,098) Net income (loss) 24,013 36,636 — 167,598 (1,168) (21,162) — 205,917 Net loss (income) attributable to noncontrolling interests — — — — — 1,548 — 1,548 Net income (loss) attributable to Nelnet, Inc. $ 24,013 36,636 — 167,598 (1,168) (19,614) — 207,465 Total assets as of June 30, 2021 $ 205,214 424,079 — 20,783,755 407,611 1,489,212 (281,008) 23,028,863 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Six months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Nelnet Bank (a) Corporate and Other Activities Eliminations Total Total interest income $ 369 2,411 — 336,509 — 2,751 (967) 341,074 Interest expense 73 38 — 217,737 — 2,485 (967) 219,366 Net interest income 296 2,373 — 118,772 — 266 — 121,708 Less provision (negative provision) for loan losses — — — 79,297 — — — 79,297 Net interest income after provision for loan losses 296 2,373 — 39,475 — 266 — 42,411 Other income/expense: Loan servicing and systems revenue 223,778 — — — — — — 223,778 Intersegment revenue 19,591 14 — — — — (19,605) — Education technology, services, and payment processing revenue — 142,979 — — — — — 142,979 Communications revenue — — 37,179 — — — — 37,179 Other 4,544 — 745 3,947 — 59,172 — 68,408 Gain on sale of loans — — — 18,206 — — — 18,206 Impairment expense and provision for beneficial interests, net — — — (26,303) — (8,116) — (34,419) Derivative settlements, net — — — 10,058 — — — 10,058 Derivative market value adjustments, net — — — (24,513) — — — (24,513) Total other income/expense 247,913 142,993 37,924 (18,605) — 51,056 (19,605) 441,676 Cost of services: Cost to provide education technology, services, and payment processing services — 38,181 — — — — — 38,181 Cost to provide communications services — — 11,325 — — — — 11,325 Total cost of services — 38,181 11,325 — — — — 49,506 Operating expenses: Salaries and benefits 138,894 48,218 10,986 863 — 40,163 — 239,125 Depreciation and amortization 17,990 4,749 21,330 — — 12,972 — 57,041 Other expenses 30,870 8,418 7,463 8,581 — 25,108 — 80,439 Intersegment expenses, net 32,235 6,756 1,160 20,971 — (41,517) (19,605) — Total operating expenses 219,989 68,141 40,939 30,415 — 36,726 (19,605) 376,605 Income (loss) before income taxes 28,220 39,044 (14,340) (9,545) — 14,596 — 57,976 Income tax (expense) benefit (6,773) (9,371) 3,442 2,291 — (720) — (11,131) Net income (loss) 21,447 29,673 (10,898) (7,254) — 13,876 — 46,845 Net loss (income) attributable to noncontrolling interests — — — — — (895) — (895) Net income (loss) attributable to Nelnet, Inc. $ 21,447 29,673 (10,898) (7,254) — 12,981 — 45,950 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 — 732,994 (132,500) 22,611,208 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the six months ended June 30, 2020.

Disaggregated Revenue

Disaggregated Revenue	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Government servicing - Nelnet $ 35,376 37,360 70,248 76,010 Government servicing - Great Lakes 43,863 45,213 87,165 91,660 Private education and consumer loan servicing 12,816 8,196 21,364 16,805 FFELP servicing 4,703 4,917 9,373 10,531 Software services 7,374 10,651 15,827 21,969 Outsourced services 7,962 4,705 19,634 6,803 Loan servicing and systems revenue $ 112,094 111,042 223,611 223,778 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Tuition payment plan services $ 26,538 22,947 56,088 54,534 Payment processing 25,008 21,168 58,046 52,910 Education technology and services 24,733 14,927 57,055 34,980 Other 423 262 771 555 Education technology, services, and payment processing revenue $ 76,702 59,304 171,960 142,979 Other Income/Expense The following table provides the components of "other" in "other income/expense" on the consolidated statements of income: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income/gains from investments, net $ 15,591 51,111 24,089 50,085 ALLO preferred return 2,020 — 4,342 — Investment advisory services 1,145 922 3,842 3,724 Income (loss) from ALLO voting membership interest investment 1,094 — (21,125) — Borrower late fee income 744 319 1,184 3,506 Management fee revenue 701 1,914 1,814 4,544 (Loss) income from solar investments (2,302) 2,040 (3,982) (799) Other 3,928 3,821 8,153 7,348 $ 22,921 60,127 18,317 68,408

Major Customer

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

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 2021 As of December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: FFELP loan asset-backed debt securities - available-for-sale $ — 371,433 371,433 — 346,502 346,502 Private education loan asset-backed debt securities - available-for-sale — 307,293 307,293 — — — Other debt securities - available-for-sale 100 2,001 2,101 103 2,002 2,105 Equity securities (a) 34,550 — 34,550 10,114 — 10,114 Equity securities measured at net asset value (b) 34,573 31,927 Total investments 34,650 680,727 749,950 10,217 348,504 390,648 Total assets $ 34,650 680,727 749,950 10,217 348,504 390,648 (a) As of June 30, 2021, $14.8 million and $19.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of June 30, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,712,564 19,352,681 — — 20,712,564 Accrued loan interest receivable 834,989 834,989 — 834,989 — Cash and cash equivalents 212,989 212,989 212,989 — — Investments (at fair value) 749,950 749,950 34,650 680,727 — Beneficial interest in loan securitizations 123,329 105,017 — — 123,329 Restricted cash 616,711 616,711 616,711 — — Restricted cash – due to customers 247,673 247,673 247,673 — — Financial liabilities: Bonds and notes payable 19,639,727 19,381,835 — 19,639,727 — Accrued interest payable 4,922 4,922 — 4,922 — Bank deposits 201,957 202,841 44,632 157,325 — Due to customers 303,173 303,173 303,173 — — As of December 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,454,132 19,391,045 — — 20,454,132 Accrued loan interest receivable 794,611 794,611 — 794,611 — Cash and cash equivalents 121,249 121,249 121,249 — — Investments (at fair value) 390,648 390,648 10,217 348,504 — Beneficial interest in loan securitizations 58,709 58,331 — — 58,709 Restricted cash 553,175 553,175 553,175 — — Restricted cash – due to customers 283,971 283,971 283,971 — — Financial liabilities: Bonds and notes payable 19,270,810 19,320,726 — 19,270,810 — Accrued interest payable 28,701 28,701 — 28,701 — Bank deposits 54,599 54,633 48,422 6,177 — Due to customers 301,471 301,471 301,471 — — The methodologies for estimating the fair value of financial assets and liabilities are described in note 22 of the notes to consolidated financial statements included in the 2020 Annual Report.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2020 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report").

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Loans Receivable	Loans and accrued interest receivable consisted of the following: As of As of June 30, 2021 December 31, 2020 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 4,420,716 4,383,000 Consolidation 14,518,148 14,746,173 Total 18,938,864 19,129,173 Private education loans 350,094 320,589 Consumer loans 42,767 109,346 Non-Nelnet Bank loans 19,331,725 19,559,108 Nelnet Bank: Federally insured student loans 97,167 — Private education loans 93,404 17,543 Nelnet Bank loans 190,571 17,543 Accrued interest receivable 834,989 794,611 Loan discount, net of unamortized loan premiums and deferred origination costs (23,896) (9,908) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (120,802) (128,590) Private education loans (19,403) (19,529) Consumer loans (4,702) (27,256) Non-Nelnet Bank allowance for loan losses (144,907) (175,375) Nelnet Bank: Federally insured loans (245) — Private education loans (567) (323) Nelnet Bank allowance for loan losses (812) (323) $ 20,187,670 20,185,656
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of ASC 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended June 30, 2021 Non-Nelnet Bank Federally insured loans $ 121,846 — (397) (1,172) — 525 — 120,802 Private education loans 20,670 — (1,004) (403) 139 — 1 19,403 Consumer loans 14,134 — 1,706 (1,464) 235 — (9,909) 4,702 Nelnet Bank Federally insured loans — — 245 — — — — 245 Private education loans 744 — (176) — — — (1) 567 $ 157,394 — 374 (3,039) 374 525 (9,909) 145,719 Three months ended June 30, 2020 Non-Nelnet Bank Federally insured loans $ 146,759 — (1,950) (6,080) — 6,100 — 144,829 Private education loans 23,056 — 2,322 (26) 183 — — 25,535 Consumer loans 39,053 — 2,627 (2,820) 221 — — 39,081 $ 208,868 — 2,999 (8,926) 404 6,100 — 209,445 Six months ended June 30, 2021 Non-Nelnet Bank Federally insured loans $ 128,590 — (7,880) (1,233) — 1,325 — 120,802 Private education loans 19,529 — 427 (896) 341 — 2 19,403 Consumer loans 27,256 — (9,712) (3,414) 481 — (9,909) 4,702 Nelnet Bank Federally insured loans — — 245 — — — — 245 Private education loans 323 — 246 — — — (2) 567 $ 175,698 — (16,674) (5,543) 822 1,325 (9,909) 145,719 Six months ended June 30, 2020 Non-Nelnet Bank Federally insured loans $ 36,763 72,291 37,373 (12,398) — 10,800 — 144,829 Private education loans 9,597 4,797 12,121 (1,355) 375 — — 25,535 Consumer loans 15,554 13,926 29,803 (7,170) 468 — (13,500) 39,081 $ 61,914 91,014 79,297 (20,923) 843 10,800 (13,500) 209,445 a) During the three months ended June 30, 2021 and 2020, and six months ended June 30, 2021 and 2020, the Company acquired $34.7 million (par value), $292.7 million (par value), $88.7 million (par value), and $583.9 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.
Loan Status and Delinquencies	The table below shows the Company’s loan status and delinquency amounts. As of June 30, 2021 As of December 31, 2020 As of June 30, 2020 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 955,227 5.0 % $ 1,036,028 5.4 % $ 936,746 4.8 % Loans in forbearance 2,079,368 11.0 1,973,175 10.3 5,370,466 27.7 Loans in repayment status: Loans current 13,995,297 88.0 % 13,683,054 84.9 % 12,984,175 99.3 % Loans delinquent 31-60 days 580,602 3.7 633,411 3.9 2,057 — Loans delinquent 61-90 days 262,353 1.6 307,936 1.9 165 — Loans delinquent 91-120 days 104,124 0.7 800,257 5.0 23 — Loans delinquent 121-270 days 398,965 2.5 674,975 4.2 101 — Loans delinquent 271 days or greater 562,928 3.5 20,337 0.1 94,138 0.7 Total loans in repayment 15,904,269 84.0 100.0 % 16,119,970 84.3 100.0 % 13,080,659 67.5 100.0 % Total federally insured loans 18,938,864 100.0 % 19,129,173 100.0 % 19,387,871 100.0 % Accrued interest receivable 830,973 791,453 853,473 Loan discount, net of unamortized premiums and deferred origination costs (24,129) (14,505) (19,116) Allowance for loan losses (120,802) (128,590) (144,829) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 19,624,906 $ 19,777,531 $ 20,077,399 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,195 2.9 % $ 5,049 1.6 % $ 3,971 1.3 % Loans in forbearance 3,884 1.1 2,359 0.7 21,890 7.5 Loans in repayment status: Loans current 330,097 98.3 % 310,036 99.0 % 265,720 99.4 % Loans delinquent 31-60 days 3,962 1.2 1,099 0.4 680 0.2 Loans delinquent 61-90 days 818 0.2 675 0.2 244 0.1 Loans delinquent 91 days or greater 1,138 0.3 1,371 0.4 713 0.3 Total loans in repayment 336,015 96.0 100.0 % 313,181 97.7 100.0 % 267,357 91.2 100.0 % Total private education loans 350,094 100.0 % 320,589 100.0 % 293,218 100.0 % Accrued interest receivable 2,360 2,131 1,961 Loan discount, net of unamortized premiums (1,547) 2,691 813 Allowance for loan losses (19,403) (19,529) (25,535) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 331,504 $ 305,882 $ 270,457 As of June 30, 2021 As of December 31, 2020 As of June 30, 2020 Consumer loans - Non-Nelnet Bank: Loans in deferment $ 38 0.1 % $ 829 0.8 % $ 3,274 2.2 % Loans in repayment status: Loans current 41,039 96.1 % 105,650 97.4 % 142,540 97.6 % Loans delinquent 31-60 days 387 0.9 954 0.9 938 0.7 Loans delinquent 61-90 days 484 1.1 804 0.7 1,078 0.7 Loans delinquent 91 days or greater 819 1.9 1,109 1.0 1,478 1.0 Total loans in repayment 42,729 99.9 100.0 % 108,517 99.2 100.0 % 146,034 97.8 % 100.0 % Total consumer loans 42,767 100.0 % 109,346 100.0 % 149,308 100.0 % Accrued interest receivable 328 1,001 1,446 Loan premium 377 1,640 1,344 Allowance for loan losses (4,702) (27,256) (39,081) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 38,770 $ 84,731 $ 113,017 Federally insured loans - Nelnet Bank: Loans in-school/grace/deferment $ 103 0.1 % Loans in forbearance 1,026 1.1 Loans in repayment status: Loans current 95,402 99.3 % Loans delinquent 31-60 days 593 0.6 Loans delinquent 61-90 days 43 0.1 Loans delinquent 91-120 days — — Loans delinquent 121-270 days — — Loans delinquent 271 days or greater — — Total loans in repayment 96,038 98.8 100.0 % Total federally insured loans 97,167 100.0 % Accrued interest receivable 1,179 Loan premium 29 Allowance for loan losses (245) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 98,130 Private education loans - Nelnet Bank: Loans in-school/grace/deferment $ 82 0.1 % $ — — % Loans in forbearance 133 0.1 29 0.2 Loans in repayment status: Loans current 93,189 100.0 % 17,514 100.0 % Loans delinquent 31-60 days — — — — Loans delinquent 61-90 days — — — — Loans delinquent 91 days or greater — — — — Total loans in repayment 93,189 99.8 100.0 % 17,514 99.8 100.0 % Total private education loans 93,404 100.0 % 17,543 100.0 % Accrued interest receivable 149 26 Deferred origination costs 1,374 266 Allowance for loan losses (567) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 94,360 $ 17,512
Loans by Year of Origination	The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of June 30, 2021 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or "FFELP") and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Six months ended June 30, 2021 2020 2019 2018 2017 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 810 2,306 4,744 — — 2,335 10,195 Loans in forbearance — 299 755 173 — 2,657 3,884 Loans in repayment status: Loans current 1,885 90,009 60,694 481 — 177,028 330,097 Loans delinquent 31-60 days — 161 373 — — 3,428 3,962 Loans delinquent 61-90 days — — — — — 818 818 Loans delinquent 91 days or greater — — — — — 1,138 1,138 Total loans in repayment 1,885 90,170 61,067 481 — 182,412 336,015 Total private education loans $ 2,695 92,775 66,566 654 — 187,404 350,094 Accrued interest receivable 2,360 Loan discount, net of unamortized premiums (1,547) Allowance for loan losses (19,403) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 331,504 Consumer loans - Non-Nelnet Bank: Loans in deferment $ — — 30 8 — — 38 Loans in repayment status: Loans current 19,733 1,582 8,880 10,630 214 — 41,039 Loans delinquent 31-60 days 29 83 189 77 9 — 387 Loans delinquent 61-90 days 50 233 113 83 5 — 484 Loans delinquent 91 days or greater 25 107 302 385 — — 819 Total loans in repayment 19,837 2,005 9,484 11,175 228 — 42,729 Total consumer loans $ 19,837 2,005 9,514 11,183 228 — 42,767 Accrued interest receivable 328 Loan premium 377 Allowance for loan losses (4,702) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 38,770 Private education loans - Nelnet Bank: Loans in school/grace/deferment $ 82 — — — — — 82 Loans in forbearance 133 — — — — — 133 Loans in repayment status: Loans current 78,817 14,372 — — — — 93,189 Loans delinquent 31-60 days — — — — — — — Loans delinquent 61-90 days — — — — — — — Loans delinquent 91 days or greater — — — — — — — Total loans in repayment 78,817 14,372 — — — — 93,189 Total private education loans $ 79,032 14,372 — — — — 93,404 Accrued interest receivable 149 Deferred origination costs 1,374 Allowance for loan losses (567) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 94,360

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of June 30, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 16,974,086 0.22% - 2.09% 5/27/25 - 7/25/69 Bonds and notes based on auction 742,350 0.91% - 2.06% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,716,436 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 893,093 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 301,144 0.16% / 0.23% 11/22/22 / 2/26/24 Private education loan warehouse facility 140,763 0.21% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 40,030 1.65% / 1.84% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 32,742 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 85,000 1.58% 12/16/24 Participation agreement 132,078 0.80% 5/4/22 Repurchase agreements 255,323 0.80% - 1.05% 9/24/21 - 12/20/23 Secured line of credit 5,000 2.09% 5/30/22 19,601,609 Discount on bonds and notes payable and debt issuance costs (219,774) Total $ 19,381,835 As of December 31, 2020 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 17,127,643 0.28% - 2.05% 5/27/25 - 10/25/68 Bonds and notes based on auction 749,925 1.12% - 2.14% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 17,877,568 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 923,076 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP warehouse facilities 252,165 0.27% / 0.31% 5/20/22 / 2/26/23 Private education loan warehouse facility 150,397 0.28% 2/13/22 Consumer loan warehouse facility 25,809 0.28% 4/23/22 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 49,025 1.65% / 1.90% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 37,251 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit 120,000 1.65% 12/16/24 Participation agreement 118,558 0.84% 5/4/21 Secured line of credit 5,000 1.90% 5/30/22 19,558,849 Discount on bonds and notes payable and debt issuance costs (238,123) Total $ 19,320,726
Schedule of Line of Credit Facilities	As of June 30, 2021, the Company had two FFELP warehouse facilities as summarized below. NFSLW-I (a) NHELP-II (b) Total Maximum financing amount $ 310,000 50,000 360,000 Amount outstanding 290,539 10,605 301,144 Amount available $ 19,461 39,395 58,856 Expiration of liquidity provisions November 22, 2021 February 26, 2022 Final maturity date November 22, 2022 February 26, 2024 Advanced as equity support $ 24,136 666 24,802 (a) On May 20, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional six months to November 22, 2021 and November 22, 2022, respectively. On June 28, 2021, the maximum financing amount for this warehouse facility increased to $770.0 million, and on June 30, 2021 the maximum financing amount decreased to $310.0 million. (b) On February 26, 2021, the Company extended the expiration of liquidity provisions and the maturity date for this warehouse facility an additional year to February 26, 2022 and February 26, 2024, respectively.
Schedule of Asset Backed Securitization	The following table summarizes the asset-backed securitization transaction completed by the Company during the first six months of 2021. NSLT 2021-1 Date securities issued 6/30/21 Total original principal amount $ 797,000 Class A senior notes: Total principal amount $ 781,000 Cost of funds 1-month LIBOR plus 0.50% Final maturity date 7/25/69 Class B subordinated notes: Total principal amount $ 16,000 Cost of funds 1-month LIBOR plus 1.25% Final maturity date 7/25/69

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of June 30, 2021 and December 31, 2020, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 2021 December 31, 2020 2021 $ — 250,000 2022 2,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 5,900,000 6,150,000
Schedule of Interest Rate Swaps, Floor Income Hedge	The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of June 30, 2021 As of December 31, 2020 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2021 $ 100,000 2.95 % $ 600,000 2.15 % 2022 500,000 0.94 500,000 0.94 2023 900,000 0.62 900,000 0.62 2024 2,500,000 0.35 2,000,000 0.32 2025 500,000 0.35 500,000 0.35 2026 150,000 0.85 — — 2031 100,000 1.53 — — $ 4,750,000 0.56 % $ 4,500,000 0.70 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Schedule of Income Statement Impact	The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Settlements: 1:3 basis swaps $ (221) 7,129 (240) 9,242 Interest rate swaps - floor income hedges (5,153) (1,308) (9,438) 816 Total settlements - (expense) income (5,374) 5,821 (9,678) 10,058 Change in fair value: 1:3 basis swaps (1,106) (2,872) 1,693 (1,314) Interest rate swaps - floor income hedges (509) (1,039) 35,501 (23,199) Total change in fair value - (expense) income (1,615) (3,911) 37,194 (24,513) Derivative market value adjustments and derivative settlements, net - (expense) income $ (6,989) 1,910 27,516 (14,455)

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Summary Investment Holdings	A summary of the Company's investments follows: As of June 30, 2021 As of December 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (a) $ 357,935 13,498 — 371,433 338,475 8,040 (13) 346,502 Private education loan asset-backed securities - available-for-sale (b) 306,395 898 — 307,293 — — — — Other debt securities - available-for-sale 2,100 1 — 2,101 2,103 2 — 2,105 Equity securities 57,652 15,336 (3,865) 69,123 36,227 8,768 (2,954) 42,041 Total investments (at fair value) $ 724,082 29,733 (3,865) 749,950 376,805 16,810 (2,967) 390,648 Other Investments (not measured at fair value): Venture capital and funds: Measurement alternative (c) 150,857 144,795 Equity method 26,307 14,018 Other 883 894 Total venture capital and funds 178,047 159,707 Real estate Equity method 46,748 50,291 Notes receivable 3,500 847 Total real estate 50,248 51,138 Investment in ALLO: Voting interest/equity method (d) 108,271 129,396 Preferred membership interest and accrued and unpaid preferred return (e) 133,257 228,916 Total investment in ALLO 241,528 358,312 Solar (f) (60,862) (30,373) Beneficial interest in private education loan securitizations (g) 36,079 — Beneficial interest in federally insured loan securitizations (g) 27,955 30,377 Beneficial interest in consumer loan securitizations, net of allowance for credit losses of $4,449 as of December 31, 2020 (g) 40,983 27,954 Tax liens and affordable housing 4,029 5,177 Total investments (not measured at fair value) 518,007 602,292 Total investments $ 1,267,957 $ 992,940 (a) As of June 30, 2021, $132.1 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank. See note 3 for additional information. (b) As of June 30, 2021, a total of $293.9 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third-parties. See note 3 for additional information. (c) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On May 27, 2021, the Company made an additional equity investment of approximately $5 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2021 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. For accounting purposes, the May 2021 equity raise transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities and the price was contractually agreed to during Hudl's prior May 2020 equity raise. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the May 2021 transaction value. As of June 30, 2021, the carrying amount of the Company's investment in Hudl is $133.9 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (d) The Company accounts for its voting membership interests in ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO") under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the Company’s share of the earnings or losses from the equity investment for the period. Because the Company will be able to utilize certain tax losses related to ALLO’s operations, the equity investment agreements for the Company have liquidation rights and priorities that are sufficiently different from the voting membership interests percentages such that the HLBV method of accounting was deemed appropriate. Accordingly, the recognition of earnings or losses during any reporting period related to the Company’s equity investment in ALLO may or may not reflect its voting membership interests percentage and could vary substantially from those calculated based on the Company’s voting membership interests in ALLO. During the three and six months ended June 30, 2021, the Company recognized income of $1.1 million and losses of $21.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. In the second quarter of 2021, the Company revised its accounting policy to correct for an error in its method of applying the HLBV method of accounting for its investment in ALLO. Previously, the Company calculated Nelnet’s liquidation basis in ALLO under the HLBV method by using Nelnet’s proportionate share of tax losses and amortizing any basis difference using tax methods. The Company has determined that Nelnet’s liquidation basis in ALLO under the HLBV method should equal ALLO’s GAAP losses and amortizing any basis difference using book lives. During the second quarter of 2021, the Company recorded an adjustment to reflect the cumulative net impact on prior periods (since the deconsolidation of ALLO on December 21, 2020) for the correction of this error that resulted in a $14.0 million increase to the Company’s ALLO investment balance and a corresponding pre-tax increase to other income (a $10.6 million after tax, or $0.27 per share, increase to net income). The Company concluded this error had an immaterial impact on 2021 results as well as the results for prior periods. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. The Company currently anticipates such losses in the second half of 2021 to approximate the amount of total losses incurred during the first half of 2021. Income and losses from the Company's investment in ALLO are included in "other" in "other income/expense" on the consolidated statements of income. (e) As of June 30, 2021, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $129.7 million and $3.6 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three and six months ended June 30, 2021, the Company recognized income on its ALLO preferred membership interests of $2.0 million and $4.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income. On January 19, 2021, ALLO obtained certain private debt financing facilities from unrelated third-party lenders providing for aggregate financing of up to $230.0 million. With proceeds from this transaction, ALLO redeemed a portion of its non-voting preferred membership interests held by the Company in exchange for an aggregate redemption price payment to the Company of $100.0 million. Under October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (f) The Company makes investments in entities that promote renewable energy sources (solar). The Company's investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of June 30, 2021, the Company has funded a total of $162.0 million in solar investments, which includes $19.5 million funded by syndication partners. The carrying value of the Company's solar investments are reduced by tax credits earned when the solar project is placed in service. The solar investment balance at June 30, 2021 represents total tax credits earned on solar projects placed in service through June 30, 2021 being larger than total payments made by the Company on such projects. The Company is committed to fund an additional $68.7 million on these projects, of which $34.9 million will be funded by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company's solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the three months ended June 30, 2021 and 2020, the Company recognized pre-tax losses and income of $2.3 million and $2.0 million, respectively, and for the six months ended June 30, 2021 and 2020, the Company recognized pre-tax losses of $4.0 million and $0.8 million, respectively, on its solar investments. These losses and income are included in "other" in "other income/expense" on the consolidated statements of income. (g) The Company has purchased partial ownership in certain private education, federally insured, and consumer loan securitizations. As of the latest remittance reports filed by the various trusts prior to June 30, 2021, the Company's ownership correlates to approximately $460 million, $495 million, and $280 million of private education, federally insured, and consumer loans, respectively, included in these securitizations. During the first quarter of 2020, the Company recorded a $26.3 million provision charge related to the Company's beneficial interest in consumer loan securitizations due to distressed economic conditions resulting from the COVID-19 pandemic. Due to improved economic conditions, the Company has reduced the allowance for credit losses related to the consumer loan beneficial interests, including reducing such allowance by $2.4 million during the first quarter of 2021. As of March 31, 2021, the Company no longer has an allowance for credit losses associated with the consumer loan beneficial interests. The activity related to the allowance for credit losses related to the consumer loan beneficial interests is included in “impairment expense and provision for beneficial interests, net” on the consolidated statements of income.

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of June 30, 2021 (months) As of As of June 30, 2021 December 31, 2020 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $91,996 and $83,419, respectively) 107 $ 53,296 66,974 Computer software (net of accumulated amortization of $2,685 and $4,127, respectively) 30 5,168 6,430 Trade names (net of accumulated amortization of $5,121 and $3,455, respectively) — — 1,666 Total - amortizable intangible assets, net 100 $ 58,464 75,070
Schedule of Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2021, the Company estimates it will record amortization expense as follows: 2021 (July 1 - December 31) $ 6,435 2022 9,939 2023 9,830 2024 7,457 2025 4,644 2026 and thereafter 20,159 $ 58,464

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill [Abstract]
Schedule of Goodwill	The carrying amount of goodwill as of June 30, 2021 and December 31, 2020 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following: As of As of Useful life June 30, 2021 December 31, 2020 Computer equipment and software 1-5 years $ 207,206 172,664 Building and building improvements 5-48 years 54,545 52,444 Office furniture and equipment 1-10 years 23,243 21,899 Leasehold improvements 1-15 years 9,387 9,168 Transportation equipment 5-10 years 4,857 4,857 Land — 3,642 3,642 Construction in progress — 8,169 18,478 311,049 283,152 Accumulated depreciation (182,522) (159,625) Total property and equipment, net $ 128,527 123,527

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 82,479 1,388 83,867 85,243 1,239 86,482 Denominator: Weighted-average common shares outstanding - basic and diluted 38,100,092 641,394 38,741,486 38,641,794 561,610 39,203,404 Earnings per share - basic and diluted $ 2.16 2.16 2.16 2.21 2.21 2.21 Six months ended June 30, 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 204,209 3,256 207,465 45,305 645 45,950 Denominator: Weighted-average common shares outstanding - basic and diluted 38,065,869 607,033 38,672,902 39,023,624 555,835 39,579,459 Earnings per share - basic and diluted $ 5.36 5.36 5.36 1.16 1.16 1.16

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 30 210 — 129,965 2,041 1,524 (187) 133,583 Interest expense 23 — — 48,670 392 1,093 (187) 49,991 Net interest income 7 210 — 81,295 1,649 431 — 83,592 Less provision (negative provision) for loan losses — — — 305 69 — — 374 Net interest income after provision for loan losses 7 210 — 80,990 1,580 431 — 83,218 Other income/expense: Loan servicing and systems revenue 112,094 — — — — — — 112,094 Intersegment revenue 8,480 3 — — — — (8,483) — Education technology, services, and payment processing revenue — 76,702 — — — — — 76,702 Communications revenue — — — — — — — — Other 701 — — 2,316 4 19,900 — 22,921 Gain on sale of loans — — — 15,271 — — — 15,271 Impairment expense and provision for beneficial interests, net — — — — — (500) — (500) Derivative settlements, net — — — (5,374) — — — (5,374) Derivative market value adjustments, net — — — (1,615) — — — (1,615) Total other income/expense 121,275 76,705 — 10,598 4 19,400 (8,483) 219,499 Cost of services: Cost to provide education technology, services, and payment processing services — 21,676 — — — — — 21,676 Cost to provide communications services — — — — — — — — Total cost of services — 21,676 — — — — — 21,676 Operating expenses: Salaries and benefits 68,388 27,094 — 556 1,578 21,351 — 118,968 Depreciation and amortization 7,974 2,956 — — — 9,305 — 20,236 Other expenses 13,273 4,437 — 3,567 237 11,074 — 32,587 Intersegment expenses, net 16,134 3,520 — 8,549 37 (19,757) (8,483) — Total operating expenses 105,769 38,007 — 12,672 1,852 21,973 (8,483) 171,791 Income (loss) before income taxes 15,513 17,232 — 78,916 (268) (2,142) — 109,250 Income tax (expense) benefit (b) (3,723) (4,136) — (18,940) 64 497 — (26,237) Net income (loss) 11,790 13,096 — 59,976 (204) (1,645) — 83,013 Net loss (income) attributable to noncontrolling interests — — — — — 854 — 854 Net income (loss) attributable to Nelnet, Inc. $ 11,790 13,096 — 59,976 (204) (791) — 83,867 Total assets as of June 30, 2021 $ 205,214 424,079 — 20,783,755 407,611 1,489,212 (281,008) 23,028,863 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Three months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Nelnet Bank (a) Corporate and Other Activities Eliminations Total Total interest income $ 52 420 — 150,583 — 1,196 (368) 151,883 Interest expense 28 21 — 84,489 — 1,078 (368) 85,248 Net interest income 24 399 — 66,094 — 118 — 66,635 Less provision (negative provision) for loan losses — — — 2,999 — — — 2,999 Net interest income after provision for loan losses 24 399 — 63,095 — 118 — 63,636 Other income/expense: Loan servicing and systems revenue 111,042 — — — — — — 111,042 Intersegment revenue 8,537 3 — — — — (8,540) — Education technology, services, and payment processing revenue — 59,304 — — — — — 59,304 Communications revenue — — 18,998 — — — — 18,998 Other 1,914 — 392 732 — 57,089 — 60,127 Gain on sale of loans — — — — — — — — Impairment expense and provision for beneficial interests, net — — — — — (332) — (332) Derivative settlements, net — — — 5,821 — — — 5,821 Derivative market value adjustments, net — — — (3,911) — — — (3,911) Total other income/expense 121,493 59,307 19,390 2,642 — 56,757 (8,540) 251,049 Cost of services: Cost to provide education technology, services, and payment processing services — 15,376 — — — — — 15,376 Cost to provide communications services — — 5,743 — — — — 5,743 Total cost of services — 15,376 5,743 — — — — 21,119 Operating expenses: Salaries and benefits 68,401 24,522 5,570 421 — 20,334 — 119,247 Depreciation and amortization 9,142 2,362 10,824 — — 7,065 — 29,393 Other expenses 13,380 2,326 3,774 4,863 — 12,710 — 37,052 Intersegment expenses, net 15,996 3,429 536 9,055 — (20,476) (8,540) — Total operating expenses 106,919 32,639 20,704 14,339 — 19,633 (8,540) 185,692 Income (loss) before income taxes 14,598 11,691 (7,057) 51,398 — 37,242 — 107,874 Income tax (expense) benefit (3,504) (2,806) 1,694 (12,336) — (4,312) — (21,264) Net income (loss) 11,094 8,885 (5,363) 39,062 — 32,930 — 86,610 Net loss (income) attributable to noncontrolling interests — — — — — (128) — (128) Net income (loss) attributable to Nelnet, Inc. $ 11,094 8,885 (5,363) 39,062 — 32,802 — 86,482 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 — 732,994 (132,500) 22,611,208 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the three months ended June 30, 2020. Six months ended June 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 63 473 — 256,367 3,418 2,770 (405) 262,686 Interest expense 47 — — 75,620 586 1,916 (405) 77,764 Net interest income 16 473 — 180,747 2,832 854 — 184,922 Less provision (negative provision) for loan losses — — — (17,165) 491 — — (16,674) Net interest income after provision for loan losses 16 473 — 197,912 2,341 854 — 201,596 Other income/expense: Loan servicing and systems revenue 223,611 — — — — — — 223,611 Intersegment revenue 16,748 6 — — — — (16,754) — Education technology, services, and payment processing revenue — 171,960 — — — — — 171,960 Communications revenue — — — — — — — — Other 1,814 — — 2,760 26 13,716 — 18,317 Gain on sale of loans — — — 15,271 — — — 15,271 Impairment expense and provision for beneficial interests, net — — — 2,436 — (500) — 1,936 Derivative settlements, net — — — (9,678) — — — (9,678) Derivative market value adjustments, net — — — 37,194 — — — 37,194 Total other income/expense 242,173 171,966 — 47,983 26 13,216 (16,754) 458,611 Cost of services: Cost to provide education technology, services, and payment processing services — 48,728 — — — — — 48,728 Cost to provide communications services — — — — — — — — Total cost of services — 48,728 — — — — — 48,728 Operating expenses: Salaries and benefits 134,846 53,035 — 1,051 3,065 42,761 — 234,759 Depreciation and amortization 16,166 6,027 — — — 18,225 — 40,419 Other expenses 26,557 9,259 — 7,344 781 25,346 — 69,286 Intersegment expenses, net 33,024 7,184 — 16,976 40 (40,470) (16,754) — Total operating expenses 210,593 75,505 — 25,371 3,886 45,862 (16,754) 344,464 Income (loss) before income taxes 31,596 48,206 — 220,524 (1,519) (31,792) — 267,015 Income tax (expense) benefit (b) (7,583) (11,570) — (52,926) 351 10,630 — (61,098) Net income (loss) 24,013 36,636 — 167,598 (1,168) (21,162) — 205,917 Net loss (income) attributable to noncontrolling interests — — — — — 1,548 — 1,548 Net income (loss) attributable to Nelnet, Inc. $ 24,013 36,636 — 167,598 (1,168) (19,614) — 207,465 Total assets as of June 30, 2021 $ 205,214 424,079 — 20,783,755 407,611 1,489,212 (281,008) 23,028,863 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. See note 2 of the notes to consolidated financial statements included in the 2020 Annual Report for a description of the transaction and a summary of the deconsolidation impact. Accordingly, there are no operating results for the (former) Communications operating segment in 2021. (b) Income taxes for the Nelnet Bank operating segment reflect Nelnet Bank's actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. Income taxes for all other operating segments are allocated based on 24% of that segment's income before taxes. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Six months ended June 30, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications Asset Nelnet Bank (a) Corporate and Other Activities Eliminations Total Total interest income $ 369 2,411 — 336,509 — 2,751 (967) 341,074 Interest expense 73 38 — 217,737 — 2,485 (967) 219,366 Net interest income 296 2,373 — 118,772 — 266 — 121,708 Less provision (negative provision) for loan losses — — — 79,297 — — — 79,297 Net interest income after provision for loan losses 296 2,373 — 39,475 — 266 — 42,411 Other income/expense: Loan servicing and systems revenue 223,778 — — — — — — 223,778 Intersegment revenue 19,591 14 — — — — (19,605) — Education technology, services, and payment processing revenue — 142,979 — — — — — 142,979 Communications revenue — — 37,179 — — — — 37,179 Other 4,544 — 745 3,947 — 59,172 — 68,408 Gain on sale of loans — — — 18,206 — — — 18,206 Impairment expense and provision for beneficial interests, net — — — (26,303) — (8,116) — (34,419) Derivative settlements, net — — — 10,058 — — — 10,058 Derivative market value adjustments, net — — — (24,513) — — — (24,513) Total other income/expense 247,913 142,993 37,924 (18,605) — 51,056 (19,605) 441,676 Cost of services: Cost to provide education technology, services, and payment processing services — 38,181 — — — — — 38,181 Cost to provide communications services — — 11,325 — — — — 11,325 Total cost of services — 38,181 11,325 — — — — 49,506 Operating expenses: Salaries and benefits 138,894 48,218 10,986 863 — 40,163 — 239,125 Depreciation and amortization 17,990 4,749 21,330 — — 12,972 — 57,041 Other expenses 30,870 8,418 7,463 8,581 — 25,108 — 80,439 Intersegment expenses, net 32,235 6,756 1,160 20,971 — (41,517) (19,605) — Total operating expenses 219,989 68,141 40,939 30,415 — 36,726 (19,605) 376,605 Income (loss) before income taxes 28,220 39,044 (14,340) (9,545) — 14,596 — 57,976 Income tax (expense) benefit (6,773) (9,371) 3,442 2,291 — (720) — (11,131) Net income (loss) 21,447 29,673 (10,898) (7,254) — 13,876 — 46,845 Net loss (income) attributable to noncontrolling interests — — — — — (895) — (895) Net income (loss) attributable to Nelnet, Inc. $ 21,447 29,673 (10,898) (7,254) — 12,981 — 45,950 Total assets as of June 30, 2020 $ 221,313 351,392 301,741 21,136,268 — 732,994 (132,500) 22,611,208 (a) Nelnet Bank launched operations on November 2, 2020. Accordingly, there are no operating results for the Nelnet Bank operating segment in the six months ended June 30, 2020.

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Government servicing - Nelnet $ 35,376 37,360 70,248 76,010 Government servicing - Great Lakes 43,863 45,213 87,165 91,660 Private education and consumer loan servicing 12,816 8,196 21,364 16,805 FFELP servicing 4,703 4,917 9,373 10,531 Software services 7,374 10,651 15,827 21,969 Outsourced services 7,962 4,705 19,634 6,803 Loan servicing and systems revenue $ 112,094 111,042 223,611 223,778 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Tuition payment plan services $ 26,538 22,947 56,088 54,534 Payment processing 25,008 21,168 58,046 52,910 Education technology and services 24,733 14,927 57,055 34,980 Other 423 262 771 555 Education technology, services, and payment processing revenue $ 76,702 59,304 171,960 142,979
Schedule of Other Income, by Component	The following table provides the components of "other" in "other income/expense" on the consolidated statements of income: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income/gains from investments, net $ 15,591 51,111 24,089 50,085 ALLO preferred return 2,020 — 4,342 — Investment advisory services 1,145 922 3,842 3,724 Income (loss) from ALLO voting membership interest investment 1,094 — (21,125) — Borrower late fee income 744 319 1,184 3,506 Management fee revenue 701 1,914 1,814 4,544 (Loss) income from solar investments (2,302) 2,040 (3,982) (799) Other 3,928 3,821 8,153 7,348 $ 22,921 60,127 18,317 68,408

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 As of December 31, 2020 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: FFELP loan asset-backed debt securities - available-for-sale $ — 371,433 371,433 — 346,502 346,502 Private education loan asset-backed debt securities - available-for-sale — 307,293 307,293 — — — Other debt securities - available-for-sale 100 2,001 2,101 103 2,002 2,105 Equity securities (a) 34,550 — 34,550 10,114 — 10,114 Equity securities measured at net asset value (b) 34,573 31,927 Total investments 34,650 680,727 749,950 10,217 348,504 390,648 Total assets $ 34,650 680,727 749,950 10,217 348,504 390,648 (a) As of June 30, 2021, $14.8 million and $19.8 million of equity securities were classified as trading and available-for-sale, respectively. All equity securities as of December 31, 2020 were classified as available-for-sale. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of June 30, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,712,564 19,352,681 — — 20,712,564 Accrued loan interest receivable 834,989 834,989 — 834,989 — Cash and cash equivalents 212,989 212,989 212,989 — — Investments (at fair value) 749,950 749,950 34,650 680,727 — Beneficial interest in loan securitizations 123,329 105,017 — — 123,329 Restricted cash 616,711 616,711 616,711 — — Restricted cash – due to customers 247,673 247,673 247,673 — — Financial liabilities: Bonds and notes payable 19,639,727 19,381,835 — 19,639,727 — Accrued interest payable 4,922 4,922 — 4,922 — Bank deposits 201,957 202,841 44,632 157,325 — Due to customers 303,173 303,173 303,173 — — As of December 31, 2020 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 20,454,132 19,391,045 — — 20,454,132 Accrued loan interest receivable 794,611 794,611 — 794,611 — Cash and cash equivalents 121,249 121,249 121,249 — — Investments (at fair value) 390,648 390,648 10,217 348,504 — Beneficial interest in loan securitizations 58,709 58,331 — — 58,709 Restricted cash 553,175 553,175 553,175 — — Restricted cash – due to customers 283,971 283,971 283,971 — — Financial liabilities: Bonds and notes payable 19,270,810 19,320,726 — 19,270,810 — Accrued interest payable 28,701 28,701 — 28,701 — Bank deposits 54,599 54,633 48,422 6,177 — Due to customers 301,471 301,471 301,471 — —

Loans and Accrued Interest Re_3

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable (Details) - USD ($) $ in Thousands	May 14, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable		$ 834,989		$ 794,611
Loan discount, net of unamortized loan premiums and deferred origination costs		(23,896)		(9,908)
Allowance for loan losses		(145,719)	$ (157,394)	(175,698)	$ (209,445)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss		20,187,670		20,185,656
Federally insured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		18,938,864		19,129,173	19,387,871
Accrued interest receivable		830,973		791,453	853,473
Loan discount, net of unamortized loan premiums and deferred origination costs		(24,129)		(14,505)	(19,116)
Allowance for loan losses		(120,802)	(121,846)	(128,590)	(144,829)	(146,759)	(36,763)
Financing receivable, after allowance for credit loss		19,624,906		19,777,531	20,077,399
Federally insured loans | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		4,420,716		4,383,000
Federally insured loans | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		14,518,148		14,746,173
Private education loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		350,094		320,589	293,218
Accrued interest receivable		2,360		2,131	1,961
Loan discount, net of unamortized loan premiums and deferred origination costs		(1,547)		2,691	813
Allowance for loan losses		(19,403)	(20,670)	(19,529)	(25,535)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss		331,504		305,882	270,457
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		42,767		109,346	149,308
Accrued interest receivable		328		1,001	1,446
Loan discount, net of unamortized loan premiums and deferred origination costs		377		1,640	1,344
Allowance for loan losses		(4,702)	(14,134)	(27,256)	(39,081)	$ (39,053)	$ (15,554)
Financing receivable, after allowance for credit loss		38,770		84,731	$ 113,017
Sale of financing receivable	$ 77,400
Loans sold, gain	$ 15,300
Residual interest received on sale of financing receivable	24.50%
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		19,331,725		19,559,108
Allowance for loan losses		(144,907)		(175,375)
Federally insured, Nelnet bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		97,167		0
Accrued interest receivable		1,179
Loan discount, net of unamortized loan premiums and deferred origination costs		29
Allowance for loan losses		(245)	0	0
Financing receivable, after allowance for credit loss		98,130
Private education loans, Nelnet bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		93,404		17,543
Accrued interest receivable		149		26
Loan discount, net of unamortized loan premiums and deferred origination costs		1,374		266
Allowance for loan losses		(567)	$ (744)	(323)
Financing receivable, after allowance for credit loss		94,360		17,512
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross		190,571		17,543
Allowance for loan losses		$ (812)		$ (323)

Loans and Accrued Interest Re_4

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 157,394	$ 208,868	$ 61,914	$ 175,698	$ 61,914
Provision (negative provision) for loan losses	374	2,999		(16,674)	79,297
Charge-offs	(3,039)	(8,926)		(5,543)	(20,923)
Recoveries	374	404		822	843
Initial allowance on loans purchased with credit deterioration	525	6,100		1,325	10,800
Loan sales	(9,909)	0		(9,909)	(13,500)
Balance at end of period	145,719	209,445	$ 208,868	145,719	209,445
Accounting standards update , extensible list			us-gaap:AccountingStandardsUpdate201613Member
Par value of loans purchased with deteriorated credit quality	34,700	292,700		88,700	583,900
Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			$ 91,014		91,014
Federally insured loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	121,846	146,759	36,763	128,590	36,763
Provision (negative provision) for loan losses	(397)	(1,950)		(7,880)	37,373
Charge-offs	(1,172)	(6,080)		(1,233)	(12,398)
Recoveries	0	0		0	0
Initial allowance on loans purchased with credit deterioration	525	6,100		1,325	10,800
Loan sales	0	0		0	0
Balance at end of period	120,802	144,829	146,759	120,802	144,829
Federally insured loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			72,291		72,291
Private education loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	20,670	23,056	9,597	19,529	9,597
Provision (negative provision) for loan losses	(1,004)	2,322		427	12,121
Charge-offs	(403)	(26)		(896)	(1,355)
Recoveries	139	183		341	375
Initial allowance on loans purchased with credit deterioration	0	0		0	0
Loan sales	1	0		2	0
Balance at end of period	19,403	25,535	23,056	19,403	25,535
Private education loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			4,797		4,797
Consumer loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	14,134	39,053	15,554	27,256	15,554
Provision (negative provision) for loan losses	1,706	2,627		(9,712)	29,803
Charge-offs	(1,464)	(2,820)		(3,414)	(7,170)
Recoveries	235	221		481	468
Initial allowance on loans purchased with credit deterioration	0	0		0	0
Loan sales	(9,909)	0		(9,909)	(13,500)
Balance at end of period	4,702	$ 39,081	39,053	4,702	39,081
Consumer loans | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			$ 13,926		$ 13,926
Federally insured, Nelnet bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	0			0
Provision (negative provision) for loan losses	245			245
Charge-offs	0			0
Recoveries	0			0
Initial allowance on loans purchased with credit deterioration	0			0
Loan sales	0			0
Balance at end of period	245			245
Private education loans, Nelnet bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	744			323
Provision (negative provision) for loan losses	(176)			246
Charge-offs	0			0
Recoveries	0			0
Initial allowance on loans purchased with credit deterioration	0			0
Loan sales	(1)			(2)
Balance at end of period	$ 567			$ 567

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquency (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans in repayment status:
Accrued interest receivable	$ 834,989		$ 794,611
Loan discount, net of unamortized premiums and deferred origination costs	(23,896)		(9,908)
Allowance for loan losses	(145,719)	$ (157,394)	(175,698)	$ (209,445)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss	20,187,670		20,185,656
Federally insured loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 955,227		$ 1,036,028	$ 936,746
Loans in-school/grace/deferment, percent	5.00%		5.40%	4.80%
Loans in forbearance	$ 2,079,368		$ 1,973,175	$ 5,370,466
Loans in forbearance, percent	11.00%		10.30%	27.70%
Loans in repayment status:
Total loans in repayment	$ 15,904,269		$ 16,119,970	$ 13,080,659
Loans in repayment, percent	84.00%		84.30%	67.50%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Loans receivable, gross	$ 18,938,864		$ 19,129,173	$ 19,387,871
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 830,973		$ 791,453	$ 853,473
Loan discount, net of unamortized premiums and deferred origination costs	(24,129)		(14,505)	(19,116)
Allowance for loan losses	(120,802)	(121,846)	(128,590)	(144,829)	(146,759)	(36,763)
Financing receivable, after allowance for credit loss	$ 19,624,906		$ 19,777,531	$ 20,077,399
Federally insured loans | Loans current
Loans in repayment status:
Loans current, percentage	88.00%		84.90%	99.30%
Loans receivable, gross	$ 13,995,297		$ 13,683,054	$ 12,984,175
Federally insured loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due, percentage	3.70%		3.90%	0.00%
Loans receivable, gross	$ 580,602		$ 633,411	$ 2,057
Federally insured loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due, percentage	1.60%		1.90%	0.00%
Loans receivable, gross	$ 262,353		$ 307,936	$ 165
Federally insured loans | Loans delinquent 91-120 days
Loans in repayment status:
Loans past due, percentage	0.70%		5.00%	0.00%
Loans receivable, gross	$ 104,124		$ 800,257	$ 23
Federally insured loans | Loans delinquent 121-270 days
Loans in repayment status:
Loans past due, percentage	2.50%		4.20%	0.00%
Loans receivable, gross	$ 398,965		$ 674,975	$ 101
Federally insured loans | Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due, percentage	3.50%		0.10%	0.70%
Loans receivable, gross	$ 562,928		$ 20,337	$ 94,138
Private education loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 10,195		$ 5,049	$ 3,971
Loans in-school/grace/deferment, percent	2.90%		1.60%	1.30%
Loans in forbearance	$ 3,884		$ 2,359	$ 21,890
Loans in forbearance, percent	1.10%		0.70%	7.50%
Loans in repayment status:
Total loans in repayment	$ 336,015		$ 313,181	$ 267,357
Loans in repayment, percent	96.00%		97.70%	91.20%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Loans receivable, gross	$ 350,094		$ 320,589	$ 293,218
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 2,360		$ 2,131	$ 1,961
Loan discount, net of unamortized premiums and deferred origination costs	(1,547)		2,691	813
Allowance for loan losses	(19,403)	(20,670)	(19,529)	(25,535)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss	$ 331,504		$ 305,882	$ 270,457
Private education loans | Loans current
Loans in repayment status:
Loans current, percentage	98.30%		99.00%	99.40%
Loans receivable, gross	$ 330,097		$ 310,036	$ 265,720
Private education loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due, percentage	1.20%		0.40%	0.20%
Loans receivable, gross	$ 3,962		$ 1,099	$ 680
Private education loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due, percentage	0.20%		0.20%	0.10%
Loans receivable, gross	$ 818		$ 675	$ 244
Private education loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due, percentage	0.30%		0.40%	0.30%
Loans receivable, gross	$ 1,138		$ 1,371	$ 713
Consumer loans
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 38		$ 829	$ 3,274
Loans in-school/grace/deferment, percent	0.10%		0.80%	2.20%
Loans in repayment status:
Total loans in repayment	$ 42,729		$ 108,517	$ 146,034
Loans in repayment, percent	99.90%		99.20%	97.80%
Total loans in repayment, percentage	100.00%		100.00%	100.00%
Loans receivable, gross	$ 42,767		$ 109,346	$ 149,308
Total loans, percent	100.00%		100.00%	100.00%
Accrued interest receivable	$ 328		$ 1,001	$ 1,446
Loan discount, net of unamortized premiums and deferred origination costs	377		1,640	1,344
Allowance for loan losses	(4,702)	(14,134)	(27,256)	(39,081)	$ (39,053)	$ (15,554)
Financing receivable, after allowance for credit loss	$ 38,770		$ 84,731	$ 113,017
Consumer loans | Loans current
Loans in repayment status:
Loans current, percentage	96.10%		97.40%	97.60%
Loans receivable, gross	$ 41,039		$ 105,650	$ 142,540
Consumer loans | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due, percentage	0.90%		0.90%	0.70%
Loans receivable, gross	$ 387		$ 954	$ 938
Consumer loans | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due, percentage	1.10%		0.70%	0.70%
Loans receivable, gross	$ 484		$ 804	$ 1,078
Consumer loans | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due, percentage	1.90%		1.00%	1.00%
Loans receivable, gross	$ 819		$ 1,109	$ 1,478
Federally insured, Nelnet bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 103
Loans in-school/grace/deferment, percent	0.10%
Loans in forbearance	$ 1,026
Loans in forbearance, percent	1.10%
Loans in repayment status:
Total loans in repayment	$ 96,038
Loans in repayment, percent	98.80%
Total loans in repayment, percentage	100.00%
Loans receivable, gross	$ 97,167		0
Total loans, percent	100.00%
Accrued interest receivable	$ 1,179
Loan discount, net of unamortized premiums and deferred origination costs	29
Allowance for loan losses	(245)	0	0
Financing receivable, after allowance for credit loss	$ 98,130
Federally insured, Nelnet bank | Loans current
Loans in repayment status:
Loans current, percentage	99.30%
Loans receivable, gross	$ 95,402
Federally insured, Nelnet bank | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due, percentage	0.60%
Loans receivable, gross	$ 593
Federally insured, Nelnet bank | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due, percentage	0.10%
Loans receivable, gross	$ 43
Federally insured, Nelnet bank | Loans delinquent 91-120 days
Loans in repayment status:
Loans past due, percentage	0.00%
Loans receivable, gross	$ 0
Federally insured, Nelnet bank | Loans delinquent 121-270 days
Loans in repayment status:
Loans past due, percentage	0.00%
Loans receivable, gross	$ 0
Federally insured, Nelnet bank | Loans delinquent 271 days or greater
Loans in repayment status:
Loans past due, percentage	0.00%
Loans receivable, gross	$ 0
Private education loans, Nelnet bank
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	$ 133		$ 29
Loans in forbearance, percent	0.10%		0.20%
Loans in repayment status:
Total loans in repayment	$ 93,189		$ 17,514
Loans in repayment, percent	99.80%		99.80%
Total loans in repayment, percentage	100.00%		100.00%
Loans receivable, gross	$ 93,404		$ 17,543
Total loans, percent	100.00%		100.00%
Accrued interest receivable	$ 149		$ 26
Loan discount, net of unamortized premiums and deferred origination costs	1,374		266
Allowance for loan losses	(567)	$ (744)	(323)
Financing receivable, after allowance for credit loss	$ 94,360		$ 17,512
Private education loans, Nelnet bank | Loans current
Loans in repayment status:
Loans current, percentage	100.00%		100.00%
Loans receivable, gross	$ 93,189		$ 17,514
Private education loans, Nelnet bank | Loans delinquent 31-60 days
Loans in repayment status:
Loans past due, percentage	0.00%		0.00%
Loans receivable, gross	$ 0		$ 0
Private education loans, Nelnet bank | Loans delinquent 61-90 days
Loans in repayment status:
Loans past due, percentage	0.00%		0.00%
Loans receivable, gross	$ 0		$ 0
Private education loans, Nelnet bank | Loans delinquent 91 days or greater
Loans in repayment status:
Loans past due, percentage	0.00%		0.00%
Loans receivable, gross	$ 0		$ 0

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 834,989		$ 794,611
Loan discount, net of unamortized loan premiums and deferred origination costs	(23,896)		(9,908)
Allowance for loan losses	(145,719)	$ (157,394)	(175,698)	$ (209,445)	$ (208,868)	$ (61,914)
Financing receivable, after allowance for credit loss	20,187,670		20,185,656
Private education loans
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	2,695
2020	92,775
2019	66,566
2018	654
2017	0
Prior years	187,404
Total loans	350,094		320,589	293,218
Accrued interest receivable	2,360		2,131	1,961
Loan discount, net of unamortized loan premiums and deferred origination costs	(1,547)		2,691	813
Allowance for loan losses	(19,403)	(20,670)	(19,529)	(25,535)	(23,056)	(9,597)
Financing receivable, after allowance for credit loss	331,504		305,882	270,457
Private education loans | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	330,097		310,036	265,720
Private education loans | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	3,962		1,099	680
Private education loans | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	818		675	244
Private education loans | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,138		1,371	713
Private education loans | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	810
2020	2,306
2019	4,744
2018	0
2017	0
Prior years	2,335
Total loans	10,195
Private education loans | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	0
2020	299
2019	755
2018	173
2017	0
Prior years	2,657
Total loans	3,884
Private education loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	1,885
2020	90,170
2019	61,067
2018	481
2017	0
Prior years	182,412
Total loans	336,015
Private education loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	1,885
2020	90,009
2019	60,694
2018	481
2017	0
Prior years	177,028
Total loans	330,097
Private education loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	0
2020	161
2019	373
2018	0
2017	0
Prior years	3,428
Total loans	3,962
Private education loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	818
Total loans	818
Private education loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	1,138
Total loans	1,138
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	19,837
2020	2,005
2019	9,514
2018	11,183
2017	228
Prior years	0
Total loans	42,767		109,346	149,308
Accrued interest receivable	328		1,001	1,446
Loan discount, net of unamortized loan premiums and deferred origination costs	377		1,640	1,344
Allowance for loan losses	(4,702)	(14,134)	(27,256)	(39,081)	$ (39,053)	$ (15,554)
Financing receivable, after allowance for credit loss	38,770		84,731	113,017
Consumer loans | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	41,039		105,650	142,540
Consumer loans | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	387		954	938
Consumer loans | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	484		804	1,078
Consumer loans | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	819		1,109	$ 1,478
Consumer loans | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	0
2020	0
2019	30
2018	8
2017	0
Prior years	0
Total loans	38
Consumer loans | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	19,837
2020	2,005
2019	9,484
2018	11,175
2017	228
Prior years	0
Total loans	42,729
Consumer loans | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	19,733
2020	1,582
2019	8,880
2018	10,630
2017	214
Prior years	0
Total loans	41,039
Consumer loans | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	29
2020	83
2019	189
2018	77
2017	9
Prior years	0
Total loans	387
Consumer loans | Loans in repayment | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	50
2020	233
2019	113
2018	83
2017	5
Prior years	0
Total loans	484
Consumer loans | Loans in repayment | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	25
2020	107
2019	302
2018	385
2017	0
Prior years	0
Total loans	819
Private education loans, Nelnet bank
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	79,032
2020	14,372
2019	0
2018	0
2017	0
Prior years	0
Total loans	93,404		17,543
Accrued interest receivable	149		26
Loan discount, net of unamortized loan premiums and deferred origination costs	1,374		266
Deferred origination costs	1,374
Allowance for loan losses	(567)	$ (744)	(323)
Financing receivable, after allowance for credit loss	94,360		17,512
Private education loans, Nelnet bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	93,189		17,514
Private education loans, Nelnet bank | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0		0
Private education loans, Nelnet bank | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0		0
Private education loans, Nelnet bank | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0		$ 0
Private education loans, Nelnet bank | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 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]
Six months ended June 30, 2021	133
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	133
Private education loans, Nelnet bank | Loans in repayment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	78,817
2020	14,372
2019	0
2018	0
2017	0
Prior years	0
Total loans	93,189
Private education loans, Nelnet bank | Loans in repayment | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2021	78,817
2020	14,372
2019	0
2018	0
2017	0
Prior years	0
Total loans	93,189
Private education loans, Nelnet bank | Loans in repayment | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 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]
Six months ended June 30, 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]
Six months ended June 30, 2021	0
2020	0
2019	0
2018	0
2017	0
Prior years	0
Total loans	$ 0

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 19,601,609	$ 19,558,849
Discount on bonds and notes payable and debt issuance costs	(219,774)	(238,123)
Bonds and notes payable, net	19,381,835	19,320,726
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 85,000	$ 120,000
Interest rate	1.58%	1.65%
Participation agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 132,078
Interest rate	0.80%
Participation agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross		$ 118,558
Interest rate		0.84%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 255,323
Secured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 5,000	$ 5,000
Interest rate	2.09%	1.90%
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 16,974,086	$ 17,127,643
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	742,350	749,925
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	17,716,436	17,877,568
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	893,093	923,076
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	301,144	252,165
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	40,030	49,025
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	32,742	37,251
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 140,763	$ 150,397
Interest rate	0.21%	0.28%
Consumer loan | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross		$ 25,809
Interest rate		0.28%
Minimum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	0.80%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.22%	0.28%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	0.91%	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	0.16%	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 | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	1.05%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.09%	2.05%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	2.06%	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	0.23%	0.31%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.84%	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 - USD ($)	Jun. 30, 2021	Jun. 28, 2021
Line of Credit Facility [Line Items]
Maximum financing amount	$ 360,000,000
Amount outstanding	301,144,000
Amount available	58,856,000
Advanced as equity support	24,802,000
NFSLW-I
Line of Credit Facility [Line Items]
Maximum financing amount	310,000,000	$ 770,000,000
Amount outstanding	290,539,000
Amount available	19,461,000
Advanced as equity support	24,136,000
NHELP-II
Line of Credit Facility [Line Items]
Maximum financing amount	50,000,000
Amount outstanding	10,605,000
Amount available	39,395,000
Advanced as equity support	$ 666,000

Bonds and Notes Payable - Sched

Bonds and Notes Payable - Schedule of Asset-Backed Securitizations (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Secured line of credit | 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	$ 797,000,000
Senior Notes | Class A 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	$ 781,000,000
Senior Notes | Class A 2020-1 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.50%
Subordinated Debt | Class B 2020-1 Notes
Debt Instrument [Line Items]
Total principal amount	$ 16,000,000
Subordinated Debt | Class B 2020-1 Notes | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.25%

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Jun. 28, 2021	Feb. 12, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Other borrowings, termination notice period		5 days
Other borrowings, maximum		$ 100,000,000
Repurchase agreements, amount collateralized by private education loan asset-backed securities		228,400,000
Additional repurchase agreemeent, amount collateralized by private education loan asset-backed securities		26,900,000
Decrease in interest on bonds, notes payable, and bank deposits	$ (23,800,000)
Union Bank and Trust Company
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities		132,100,000			$ 293,900,000
Warehouse facilities | Federally insured student loans
Debt Instrument [Line Items]
Maximum financing amount		360,000,000
Amount outstanding		301,144,000
Amount available		58,856,000
Advanced as equity support		24,802,000
Warehouse facilities | Federally insured student loans | NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount		310,000,000	$ 770,000,000
Amount outstanding		290,539,000
Amount available		19,461,000
Advanced as equity support		24,136,000
Warehouse facilities | Federally insured student loans | NHELP-II
Debt Instrument [Line Items]
Maximum financing amount		50,000,000
Amount outstanding		10,605,000
Amount available		39,395,000
Advanced as equity support		666,000
Unsecured Line of Credit
Debt Instrument [Line Items]
Maximum financing amount		455,000,000
Amount outstanding		85,000,000
Amount available		370,000,000
Higher borrowing capacity option		550,000,000
Warehouse facilities | Private Loan Warehouse Facility
Debt Instrument [Line Items]
Maximum financing amount				$ 175,000,000	$ 200,000,000
Amount outstanding		140,800,000
Amount available		34,200,000
Advanced as equity support		15,000,000
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 ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 5,900,000,000	$ 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	$ 0	$ 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 - Interest Rate Swap - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Notional amount	$ 4,750,000,000	$ 4,500,000,000
Weighted average fixed rate paid by the Company	0.56%	0.70%
2021
Derivative [Line Items]
Notional amount	$ 100,000,000	$ 600,000,000
Weighted average fixed rate paid by the Company	2.95%	2.15%
2022
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000
Weighted average fixed rate paid by the Company	0.94%	0.94%
2023
Derivative [Line Items]
Notional amount	$ 900,000,000	$ 900,000,000
Weighted average fixed rate paid by the Company	0.62%	0.62%
2024
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%
2025
Derivative [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000
Weighted average fixed rate paid by the Company	0.35%	0.35%
2026
Derivative [Line Items]
Notional amount	$ 150,000,000	$ 0
Weighted average fixed rate paid by the Company	0.85%	0.00%
2031
Derivative [Line Items]
Notional amount	$ 100,000,000	$ 0
Weighted average fixed rate paid by the Company	1.53%	0.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ (5,374)	$ 5,821	$ (9,678)	$ 10,058
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(5,374)	5,821	(9,678)	10,058
Change in fair value	(1,615)	(3,911)	37,194	(24,513)
Derivative market value adjustments and derivative settlements, net - (expense) income	(6,989)	1,910	27,516	(14,455)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(221)	7,129	(240)	9,242
Change in fair value	(1,106)	(2,872)	1,693	(1,314)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(5,153)	(1,308)	(9,438)	816
Change in fair value	$ (509)	$ (1,039)	$ 35,501	$ (23,199)

Investments (Details)

Investments (Details) $ / shares in Units, borrower in Thousands, $ in Thousands	May 27, 2021USD ($)	Jun. 30, 2021USD ($)$ / shares	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	May 26, 2021	Jan. 19, 2021USD ($)	Dec. 31, 2020USD ($)borrower
Investment Holdings [Line Items]
Loans receivable		$ 20,187,670				$ 20,187,670				$ 20,185,656
Bonds issued to cover risk retention policy on loans with beneficial securitization		$ 307,300				$ 307,300
Retention period after investment securitization						2 years
Debt covenant, multiple of original debt issue required to be paid down		33.00%				33.00%
Debt covenant, percent of principle balance debt issue required before liquidation						0.33
Equity securities
Amortized cost		$ 57,652				$ 57,652				36,227
Gross unrealized gains		15,336				15,336				8,768
Gross unrealized losses		(3,865)				(3,865)				(2,954)
Fair value		69,123				69,123				42,041
Total investments (at fair value)
Amortized cost		724,082				724,082				376,805
Gross unrealized gains		29,733				29,733				16,810
Gross unrealized losses		(3,865)				(3,865)				(2,967)
Fair value		749,950				749,950				390,648
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in consumer loan securitizations, allowance for credit losses		4,449				4,449
Total investments (not measured at fair value)		518,007				518,007				602,292
Total investments		$ 1,267,957				$ 1,267,957				992,940
Earnings per share - basic (in dollars per share) | $ / shares		$ 2.16		$ 2.21		$ 5.36	$ 1.16
FFELP loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		$ 357,935				$ 357,935				338,475
Gross unrealized gains		13,498				13,498				8,040
Gross unrealized losses		0				0				(13)
Fair value		371,433				371,433				346,502
Private education loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		306,395				306,395				0
Gross unrealized gains		898				898				0
Gross unrealized losses		0				0				0
Fair value		307,293				307,293				0
Other debt securities - available-for-sale
Investments (at fair value):
Amortized cost		2,100				2,100				2,103
Gross unrealized gains		1				1				2
Gross unrealized losses		0				0				0
Fair value		2,101				2,101				2,105
Hudl
Other Investments and Notes Receivable (not measured at fair value):
Additional equity investment	$ 5,000
ALLO
Other Investments and Notes Receivable (not measured at fair value):
Redemption price payment if debt financing obtained									$ 100,000
Hudl
Other Investments and Notes Receivable (not measured at fair value):
Ownership percentage (less than)								20.00%
Private education loans
Investment Holdings [Line Items]
Loans receivable		331,504		$ 270,457		331,504	$ 270,457			305,882
Private education loans | Non-federally insured student loans | Wells Fargo
Investment Holdings [Line Items]
Loans receivable										$ 10,000,000
Number of borrowers | borrower										445
Union Bank and Trust Company
Other Investments and Notes Receivable (not measured at fair value):
Amount of participation, student loan asset-backed securities		132,100				132,100				$ 293,900
Venture capital and funds: | Other Investments (not measured at fair value):
Investment Holdings [Line Items]
Noncontrolling interest in joint ventures		8,300				8,300
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative		150,857				150,857				144,795
Equity method		26,307				26,307				14,018
Other		883				883				894
Total investments (not measured at fair value)		178,047				178,047				159,707
Venture capital and funds: | Other Investments (not measured at fair value): | Hudl
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative		133,900				133,900
Real estate | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method		46,748				46,748				50,291
Notes receivable		3,500				3,500				847
Total investments (not measured at fair value)		50,248				50,248				51,138
Partnership Interest | Other Investments (not measured at fair value):
Other Investments and Notes Receivable (not measured at fair value):
Equity method		108,271				108,271				129,396
Preferred membership interest and accrued and unpaid preferred return		133,257				133,257				228,916
Total investments (not measured at fair value)		241,528				241,528				358,312
Equity securities, FV-NI, realized gain		1,100
Equity securities, FV-NI, realized loss						(21,100)
Partnership Interest | Other Investments (not measured at fair value): | Change in Liquidation Basis
Other Investments and Notes Receivable (not measured at fair value):
Equity method		14,000				14,000
Equity securities, FV-NI, realized gain						$ 10,600
Earnings per share - basic (in dollars per share) | $ / shares						$ 0.27
Partnership Interest | Other Investments (not measured at fair value): | ALLO
Other Investments and Notes Receivable (not measured at fair value):
Preferred membership interest and accrued and unpaid preferred return		129,700				$ 129,700
Preferred return accrued and not yet paid		3,600				3,600
Solar
Other Investments and Notes Receivable (not measured at fair value):
Amount funded or committed to fund		162,000				162,000
Amount funded or committed to fund by partners		19,500				19,500
Equity method investment, amount committed to fund		68,700				68,700
Equity method investment, amount committed to fund by partners		34,900				34,900
Pre-tax income (loss) from investments		(2,300)		$ 2,000		$ (4,000)	$ (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)		(60,862)				$ (60,862)				(30,373)
Beneficial interest in private education loan securitizations | Other Investments (not measured at fair value):
Investment Holdings [Line Items]
Amount of loans securitized		$ 5,800,000				$ 5,800,000
Beneficial interest in securitization, interest, percent		8.00%				8.00%
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest In securitizations		$ 36,079				$ 36,079				0
Loans corresponding to beneficial interest		460,000				460,000
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		27,955				27,955				30,377
Loans corresponding to beneficial interest		495,000				495,000
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		40,983				40,983				27,954
Loans corresponding to beneficial interest		280,000				280,000
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)		4,029				4,029				$ 5,177
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 gain		$ 2,000				$ 4,300
Equity method investment, preferred annual return		6.25%				6.25%
Maximum financing amount									$ 230,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life			100 months
Amortizable intangible assets, net	$ 58,464		$ 58,464		$ 75,070
Amortization of intangible assets	8,300	$ 7,400	16,600	$ 14,800
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	91,996		$ 91,996		83,419
Weighted average remaining useful life			107 months
Amortizable intangible assets, net	53,296		$ 53,296		66,974
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	2,685		$ 2,685		4,127
Weighted average remaining useful life			30 months
Amortizable intangible assets, net	5,168		$ 5,168		6,430
Trade names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	5,121		5,121		3,455
Amortizable intangible assets, net	$ 0		$ 0		$ 1,666

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2021 (July 1 - December 31)	$ 6,435
2022	9,939
2023	9,830
2024	7,457
2025	4,644
2026 and thereafter	20,159
Amortizable intangible assets, net	$ 58,464	$ 75,070

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 311,049		$ 311,049		$ 283,152
Accumulated depreciation	(182,522)		(182,522)		(159,625)
Property and equipment, net	128,527		128,527		123,527
Depreciation	12,000	$ 22,000	23,800	$ 42,300
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	207,206		$ 207,206		172,664
Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Building and building improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,545		$ 54,545		52,444
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life			48 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,243		$ 23,243		21,899
Office furniture and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Office furniture and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,387		$ 9,387		9,168
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life			1 year
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life			15 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,857		$ 4,857		4,857
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life			5 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life			10 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,642		$ 3,642		3,642
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,169		$ 8,169		$ 18,478

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 83,867	$ 86,482	$ 207,465	$ 45,950
Weighted-average common shares outstanding - basic (in shares)	38,741,486	39,203,404	38,672,902	39,579,459
Weighted-average common shares outstanding - diluted (in shares)	38,741,486	39,203,404	38,672,902	39,579,459
Earnings per share - basic (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Earnings per share - diluted (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 82,479	$ 85,243	$ 204,209	$ 45,305
Weighted-average common shares outstanding - basic (in shares)	38,100,092	38,641,794	38,065,869	39,023,624
Weighted-average common shares outstanding - diluted (in shares)	38,100,092	38,641,794	38,065,869	39,023,624
Earnings per share - basic (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Earnings per share - diluted (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc.	$ 1,388	$ 1,239	$ 3,256	$ 645
Weighted-average common shares outstanding - basic (in shares)	641,394	561,610	607,033	555,835
Weighted-average common shares outstanding - diluted (in shares)	641,394	561,610	607,033	555,835
Earnings per share - basic (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16
Earnings per share - diluted (in dollars per share)	$ 2.16	$ 2.21	$ 5.36	$ 1.16

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total interest income	$ 133,583	$ 151,883	$ 262,686	$ 341,074
Interest expense	49,991	85,248	77,764	219,366
Net interest income	83,592	66,635	184,922	121,708
Less provision (negative provision) for loan losses	374	2,999	(16,674)	79,297
Net interest income after provision for loan losses	83,218	63,636	201,596	42,411
Other income:
Intersegment revenue	0	0	0	0
Other	22,921	60,127	18,317	68,408
Gain on sale of loans	15,271	0	15,271	18,206
Impairment expense and provision for beneficial interests, net	(500)	(332)	1,936	(34,419)
Derivative settlements, net	(5,374)	5,821	(9,678)	10,058
Derivative market value adjustments, net	(1,615)	(3,911)	37,194	(24,513)
Total other income/expense	219,499	251,049	458,611	441,676
Cost of services:
Cost of services	21,676	21,119	48,728	49,506
Operating expenses:
Salaries and benefits	118,968	119,247	234,759	239,125
Depreciation and amortization	20,236	29,393	40,419	57,041
Other expenses	32,587	37,052	69,286	80,439
Intersegment expenses, net	0	0	0	0
Total operating expenses	171,791	185,692	344,464	376,605
Income before income taxes	109,250	107,874	267,015	57,976
Income tax (expense) benefit (b)	(26,237)	(21,264)	(61,098)	(11,131)
Net income	83,013	86,610	205,917	46,845
Net loss (income) attributable to noncontrolling interests	854	(128)	1,548	(895)
Net income attributable to Nelnet, Inc.	83,867	86,482	207,465	45,950
Total assets	$ 23,028,863	22,611,208	$ 23,028,863	22,611,208	$ 22,646,160
Operating Segments
Operating expenses:
Percent of income before taxes allocated to income taxes	24.00%		24.00%
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	$ 30	52	$ 63	369
Interest expense	23	28	47	73
Net interest income	7	24	16	296
Less provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	7	24	16	296
Other income:
Intersegment revenue	8,480	8,537	16,748	19,591
Other	701	1,914	1,814	4,544
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	121,275	121,493	242,173	247,913
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	68,388	68,401	134,846	138,894
Depreciation and amortization	7,974	9,142	16,166	17,990
Other expenses	13,273	13,380	26,557	30,870
Intersegment expenses, net	16,134	15,996	33,024	32,235
Total operating expenses	105,769	106,919	210,593	219,989
Income before income taxes	15,513	14,598	31,596	28,220
Income tax (expense) benefit (b)	(3,723)	(3,504)	(7,583)	(6,773)
Net income	11,790	11,094	24,013	21,447
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	11,790	11,094	24,013	21,447
Total assets	205,214	221,313	205,214	221,313
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	210	420	473	2,411
Interest expense	0	21	0	38
Net interest income	210	399	473	2,373
Less provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	210	399	473	2,373
Other income:
Intersegment revenue	3	3	6	14
Other	0	0	0	0
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	76,705	59,307	171,966	142,993
Cost of services:
Cost of services	21,676	15,376	48,728	38,181
Operating expenses:
Salaries and benefits	27,094	24,522	53,035	48,218
Depreciation and amortization	2,956	2,362	6,027	4,749
Other expenses	4,437	2,326	9,259	8,418
Intersegment expenses, net	3,520	3,429	7,184	6,756
Total operating expenses	38,007	32,639	75,505	68,141
Income before income taxes	17,232	11,691	48,206	39,044
Income tax (expense) benefit (b)	(4,136)	(2,806)	(11,570)	(9,371)
Net income	13,096	8,885	36,636	29,673
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	13,096	8,885	36,636	29,673
Total assets	424,079	351,392	424,079	351,392
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income	0	0	0	0
Interest expense	0	0	0	0
Net interest income	0	0	0	0
Less provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income:
Intersegment revenue	0	0	0	0
Other	0	392	0	745
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	0	19,390	0	37,924
Cost of services:
Cost of services	0	5,743	0	11,325
Operating expenses:
Salaries and benefits	0	5,570	0	10,986
Depreciation and amortization	0	10,824	0	21,330
Other expenses	0	3,774	0	7,463
Intersegment expenses, net	0	536	0	1,160
Total operating expenses	0	20,704	0	40,939
Income before income taxes	0	(7,057)	0	(14,340)
Income tax (expense) benefit (b)	0	1,694	0	3,442
Net income	0	(5,363)	0	(10,898)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	(5,363)	0	(10,898)
Total assets	0	301,741	0	301,741
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	129,965	150,583	256,367	336,509
Interest expense	48,670	84,489	75,620	217,737
Net interest income	81,295	66,094	180,747	118,772
Less provision (negative provision) for loan losses	305	2,999	(17,165)	79,297
Net interest income after provision for loan losses	80,990	63,095	197,912	39,475
Other income:
Intersegment revenue	0	0	0	0
Other	2,316	732	2,760	3,947
Gain on sale of loans	15,271	0	15,271	18,206
Impairment expense and provision for beneficial interests, net	0	0	2,436	(26,303)
Derivative settlements, net	(5,374)	5,821	(9,678)	10,058
Derivative market value adjustments, net	(1,615)	(3,911)	37,194	(24,513)
Total other income/expense	10,598	2,642	47,983	(18,605)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	556	421	1,051	863
Depreciation and amortization	0	0	0	0
Other expenses	3,567	4,863	7,344	8,581
Intersegment expenses, net	8,549	9,055	16,976	20,971
Total operating expenses	12,672	14,339	25,371	30,415
Income before income taxes	78,916	51,398	220,524	(9,545)
Income tax (expense) benefit (b)	(18,940)	(12,336)	(52,926)	2,291
Net income	59,976	39,062	167,598	(7,254)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	59,976	39,062	167,598	(7,254)
Total assets	20,783,755	21,136,268	20,783,755	21,136,268
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	2,041		3,418	0
Interest expense	392		586	0
Net interest income	1,649		2,832	0
Less provision (negative provision) for loan losses	69		491	0
Net interest income after provision for loan losses	1,580		2,341	0
Other income:
Intersegment revenue	0		0	0
Other	4		26	0
Gain on sale of loans	0		0	0
Impairment expense and provision for beneficial interests, net	0		0	0
Derivative settlements, net	0		0	0
Derivative market value adjustments, net	0		0	0
Total other income/expense	4		26	0
Cost of services:
Cost of services	0		0	0
Operating expenses:
Salaries and benefits	1,578		3,065	0
Depreciation and amortization	0		0	0
Other expenses	237		781	0
Intersegment expenses, net	37		40	0
Total operating expenses	1,852		3,886	0
Income before income taxes	(268)		(1,519)	0
Income tax (expense) benefit (b)	64		351	0
Net income	(204)		(1,168)	0
Net loss (income) attributable to noncontrolling interests	0		0	0
Net income attributable to Nelnet, Inc.	(204)		(1,168)	0
Total assets	407,611	0	407,611	0
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	1,524	1,196	2,770	2,751
Interest expense	1,093	1,078	1,916	2,485
Net interest income	431	118	854	266
Less provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	431	118	854	266
Other income:
Intersegment revenue	0	0	0	0
Other	19,900	57,089	13,716	59,172
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	(500)	(332)	(500)	(8,116)
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	19,400	56,757	13,216	51,056
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	21,351	20,334	42,761	40,163
Depreciation and amortization	9,305	7,065	18,225	12,972
Other expenses	11,074	12,710	25,346	25,108
Intersegment expenses, net	(19,757)	(20,476)	(40,470)	(41,517)
Total operating expenses	21,973	19,633	45,862	36,726
Income before income taxes	(2,142)	37,242	(31,792)	14,596
Income tax (expense) benefit (b)	497	(4,312)	10,630	(720)
Net income	(1,645)	32,930	(21,162)	13,876
Net loss (income) attributable to noncontrolling interests	854	(128)	1,548	(895)
Net income attributable to Nelnet, Inc.	(791)	32,802	(19,614)	12,981
Total assets	1,489,212	732,994	1,489,212	732,994
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(187)	(368)	(405)	(967)
Interest expense	(187)	(368)	(405)	(967)
Net interest income	0	0	0	0
Less provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income:
Intersegment revenue	(8,483)	(8,540)	(16,754)	(19,605)
Other	0	0	0	0
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	(8,483)	(8,540)	(16,754)	(19,605)
Cost of services:
Cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(8,483)	(8,540)	(16,754)	(19,605)
Total operating expenses	(8,483)	(8,540)	(16,754)	(19,605)
Income before income taxes	0	0	0	0
Income tax (expense) benefit (b)	0	0	0	0
Net income	0	0	0	0
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(281,008)	(132,500)	(281,008)	(132,500)
Loan servicing and systems
Other income:
Revenue	112,094	111,042	223,611	223,778
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	112,094	111,042	223,611	223,778
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Operating Segments | Nelnet Bank
Other income:
Revenue	0		0	0
Loan servicing and systems | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Loan servicing and systems | Eliminations
Other income:
Revenue	0	0	0	0
Education technology, services, and payment processing
Other income:
Revenue	76,702	59,304	171,960	142,979
Cost of services:
Cost of services	21,676	15,376	48,728	38,181
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	76,702	59,304	171,960	142,979
Cost of services:
Cost of services	21,676	15,376	48,728	38,181
Education technology, services, and payment processing | Operating Segments | Communications
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Operating Segments | Nelnet Bank
Other income:
Revenue	0		0	0
Cost of services:
Cost of services	0		0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Education technology, services, and payment processing | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services
Other income:
Revenue	0	18,998	0	37,179
Cost of services:
Cost of services	0	5,743	0	11,325
Communications services | Operating Segments | Loan Servicing and Systems
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Operating Segments | Education Technology, Services, and Payment Processing
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Operating Segments | Communications
Other income:
Revenue	0	18,998	0	37,179
Cost of services:
Cost of services	0	5,743	0	11,325
Communications services | Operating Segments | Asset Generation and Management
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Operating Segments | Nelnet Bank
Other income:
Revenue	0		0	0
Cost of services:
Cost of services	0		0	0
Communications services | Corporate and Other Activities
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	0	0	0	0
Communications services | Eliminations
Other income:
Revenue	0	0	0	0
Cost of services:
Cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue - Schedul

Disaggregated Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 112,094	$ 111,042	$ 223,611	$ 223,778
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	35,376	37,360	70,248	76,010
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	43,863	45,213	87,165	91,660
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,816	8,196	21,364	16,805
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,703	4,917	9,373	10,531
Software services
Disaggregation of Revenue [Line Items]
Revenue	7,374	10,651	15,827	21,969
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue	7,962	4,705	19,634	6,803
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	76,702	59,304	171,960	142,979
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	26,538	22,947	56,088	54,534
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	25,008	21,168	58,046	52,910
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	24,733	14,927	57,055	34,980
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 423	$ 262	$ 771	$ 555

Disaggregated Revenue - Sched_2

Disaggregated Revenue - Schedule of Other Income by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	$ 15,591	$ 51,111	$ 24,089	$ 50,085
ALLO preferred return	2,020	0	4,342	0
Borrower late fee income	744	319	1,184	3,506
Other	3,928	3,821	8,153	7,348
Total other	22,921	60,127	18,317	68,408
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	1,094	0	(21,125)	0
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(2,302)	2,040	(3,982)	(799)
Investment advisory services
Disaggregation of Revenue [Line Items]
Revenue	1,145	922	3,842	3,724
Management fee revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 701	$ 1,914	$ 1,814	$ 4,544

Major Customer (Details)

Major Customer (Details) $ in Thousands, borrower in Millions	Dec. 31, 2020	Jun. 30, 2021USD ($)borrower	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)borrower	Jun. 30, 2020USD ($)
Government servicing - Nelnet
Concentration Risk [Line Items]
Revenue		$ 35,376	$ 37,360	$ 70,248	$ 76,010
Potential extension period of service contracts	2 years
Customer concentration risk | Department of Education | Nelnet Servicing
Concentration Risk [Line Items]
Revenue		$ 35,400	37,400	$ 70,200	76,000
Number of borrowers | borrower		5.6		5.6
Customer concentration risk | Department of Education | Great Lakes Educational Loan Services
Concentration Risk [Line Items]
Acquiree revenue since acquisition		$ 43,900	$ 45,200	$ 87,200	$ 91,700
Number of borrowers | borrower		7.6		7.6

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities that are Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Fair value	$ 749,950	$ 390,648
Total assets	749,950	390,648
Equity securities - trading	14,800
Equity securities, available-for-sale	19,800
FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	371,433	346,502
Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	307,293	0
Other debt securities - available-for-sale
Financial assets:
Fair value	2,101	2,105
Equity securities
Financial assets:
Fair value	34,550	10,114
Equity securities measured at net asset value
Financial assets:
Fair value	34,573	31,927
Level 1
Financial assets:
Fair value	34,650	10,217
Total assets	34,650	10,217
Level 1 | FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	0	0
Level 1 | Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	0	0
Level 1 | Other debt securities - available-for-sale
Financial assets:
Fair value	100	103
Level 1 | Equity securities
Financial assets:
Fair value	34,550	10,114
Level 2
Financial assets:
Fair value	680,727	348,504
Total assets	680,727	348,504
Level 2 | FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	371,433	346,502
Level 2 | Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	307,293	0
Level 2 | Other debt securities - available-for-sale
Financial assets:
Fair value	2,001	2,002
Level 2 | Equity securities
Financial assets:
Fair value	$ 0	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Loans receivable	$ 20,187,670	$ 20,185,656
Accrued loan interest receivable	834,989	794,611
Cash and cash equivalents	212,989	121,249	$ 67,540	$ 133,906
Investments (at fair value)	1,267,957	992,940
Restricted cash - due to customers	247,673	283,971	$ 268,539	$ 437,756
Financial liabilities:
Accrued interest payable	4,922	28,701
Bank deposits	202,841	54,633
Due to customers	303,173	301,471
Fair value
Financial assets:
Loans receivable	20,712,564	20,454,132
Accrued loan interest receivable	834,989	794,611
Cash and cash equivalents	212,989	121,249
Investments (at fair value)	749,950	390,648
Beneficial interest in loan securitizations	123,329	58,709
Restricted cash	616,711	553,175
Restricted cash - due to customers	247,673	283,971
Financial liabilities:
Bonds and notes payable	19,639,727	19,270,810
Accrued interest payable	4,922	28,701
Bank deposits	201,957	54,599
Due to customers	303,173	301,471
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	212,989	121,249
Investments (at fair value)	34,650	10,217
Beneficial interest in loan securitizations	0	0
Restricted cash	616,711	553,175
Restricted cash - due to customers	247,673	283,971
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	44,632	48,422
Due to customers	303,173	301,471
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	834,989	794,611
Cash and cash equivalents	0	0
Investments (at fair value)	680,727	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	19,639,727	19,270,810
Accrued interest payable	4,922	28,701
Bank deposits	157,325	6,177
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	20,712,564	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	123,329	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	19,352,681	19,391,045
Accrued loan interest receivable	834,989	794,611
Cash and cash equivalents	212,989	121,249
Investments (at fair value)	749,950	390,648
Beneficial interest in loan securitizations	105,017	58,331
Restricted cash	616,711	553,175
Restricted cash - due to customers	247,673	283,971
Financial liabilities:
Bonds and notes payable	19,381,835	19,320,726
Accrued interest payable	4,922	28,701
Bank deposits	202,841	54,633
Due to customers	$ 303,173	$ 301,471