Nelnet (NNI) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,994,698
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,674,892

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $117,825 and $127,113, respectively)	$ 17,621,576	$ 18,335,197
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	36,111	30,128
Cash and cash equivalents - held at a related party	126,674	95,435
Total cash and cash equivalents	162,785	125,563
Investments	1,649,578	1,588,919
Restricted cash	757,954	741,981
Restricted cash - due to customers	256,927	326,645
Accounts receivable (net of allowance for doubtful accounts of $1,098 and $1,160, respectively)	144,902	163,315
Goodwill	142,092	142,092
Intangible assets, net	49,544	52,029
Property and equipment, net	120,779	119,413
Other assets	83,604	82,887
Total assets	20,989,741	21,678,041
Liabilities:
Bonds and notes payable	16,736,701	17,631,089
Accrued interest payable	7,216	4,566
Bank deposits	484,047	344,315
Other liabilities	400,523	379,231
Due to customers	276,191	366,002
Total liabilities	17,904,678	18,725,203
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	1,208	1,000
Retained earnings	3,092,226	2,940,523
Accumulated other comprehensive (loss) earnings, net	(5,500)	9,304
Total Nelnet, Inc. shareholders' equity	3,088,313	2,951,206
Noncontrolling interests	(3,250)	1,632
Total equity	3,085,063	2,952,838
Total liabilities and equity	20,989,741	21,678,041
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $117,825 and $127,113, respectively)	17,162,119	17,981,414
Cash and cash equivalents:
Restricted cash	666,369	674,073
Liabilities:
Bonds and notes payable	16,660,541	17,462,456
Common stock:
Accrued interest payable and other liabilities	(48,267)	(36,276)
Net assets of consolidated education and other lending variable interest entities	1,119,680	1,156,755
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 27,151,270 shares and 27,239,654 shares, respectively
Common stock:
Common stock	272	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,674,892 shares and 10,676,642 shares, respectively
Common stock:
Common stock	$ 107	$ 107

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for loan losses	$ 117,825	$ 127,113
Allowance for doubtful accounts	$ 1,098	$ 1,160
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)	27,151,270	27,239,654
Shares outstanding (in shares)	27,151,270	27,239,654
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)	10,674,892	10,676,642
Shares outstanding (in shares)	10,674,892	10,676,642

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest income:
Loan interest	$ 111,377	$ 124,117
Investment interest	13,819	4,986
Total interest income	125,196	129,103
Interest expense on bonds and notes payable and bank deposits	48,079	27,773
Net interest income	77,117	101,330
Negative provision for loan losses	(435)	(17,048)
Net interest income after provision for loan losses	77,552	118,378
Other income/expense:
Other	9,877	(2,168)
Gain on sale of loans	2,989	0
Derivative market value adjustments and derivative settlements, net	142,925	34,505
Total other income/expense	404,445	239,112
Cost to provide education technology, services, and payment processing services	35,545	27,052
Operating expenses:
Salaries and benefits	149,414	115,791
Depreciation and amortization	16,956	20,184
Other expenses	39,499	36,698
Total operating expenses	205,869	172,673
Income before income taxes	240,583	157,765
Income tax expense	55,697	34,861
Net income	184,886	122,904
Net loss attributable to noncontrolling interests	1,761	694
Net income attributable to Nelnet, Inc.	$ 186,647	$ 123,598
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 4.91	$ 3.20
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 4.91	$ 3.20
Weighted-average common shares outstanding - basic (in shares)	38,041,834	38,603,555
Weighted-average common shares outstanding - diluted (in shares)	38,041,834	38,603,555
Loan servicing and systems
Other income/expense:
Revenue	$ 136,368	$ 111,517
Education technology, services, and payment processing
Other income/expense:
Revenue	$ 112,286	$ 95,258

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 184,886	$ 122,904
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments	9	1
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(16,698)	4,349
Reclassification of gains recognized in net income, net of losses	(2,793)	(508)
Income tax effect	4,678	(922)
Unrealized gains (losses) during period after reclassifications and tax	(14,813)	2,919
Other comprehensive (loss) income	(14,804)	2,920
Comprehensive income	170,082	125,824
Comprehensive loss attributable to noncontrolling interests	1,761	694
Comprehensive income attributable to Nelnet, Inc.	$ 171,843	$ 126,518

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock	Common stockCommon Class A	Common stockCommon Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2020		0	27,193,154	11,155,571
Beginning balance at Dec. 31, 2020	$ 2,628,349	$ 0	$ 272	$ 112	$ 3,794	$ 2,621,762	$ 6,102	$ (3,693)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	1,400							1,400
Net income (loss)	122,904					123,598		(694)
Other comprehensive income (loss)	2,920						2,920
Distribution to noncontrolling interests	(102)							(102)
Cash dividend on Class A and Class B common stock	(8,437)					(8,437)
Issuance of common stock, net of forfeitures (in shares)			199,442
Issuance of common stock, net of forfeitures	2,091		$ 2		2,089
Compensation expense for stock based awards	1,985				1,985
Repurchase of common stock (in shares)			(26,199)
Repurchase of common stock	(2,009)				(2,009)	0
Conversion of common stock (in shares)			1,400	(1,400)
Conversion of common stock	0
Ending balance (in shares) at Mar. 31, 2021		0	27,367,797	11,154,171
Ending balance at Mar. 31, 2021	2,749,101	$ 0	$ 274	$ 112	5,859	2,736,923	9,022	(3,089)
Beginning balance (in shares) at Dec. 31, 2021		0	27,239,654	10,676,642
Beginning balance at Dec. 31, 2021	2,952,838	$ 0	$ 272	$ 107	1,000	2,940,523	9,304	1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	2,004							2,004
Net income (loss)	184,886					186,647		(1,761)
Other comprehensive income (loss)	(14,804)						(14,804)
Distribution to noncontrolling interests	(5,125)							(5,125)
Cash dividend on Class A and Class B common stock	(9,063)					(9,063)
Issuance of common stock, net of forfeitures (in shares)			289,919
Issuance of common stock, net of forfeitures	4,385		$ 3		4,382
Compensation expense for stock based awards	2,841				2,841
Repurchase of common stock (in shares)			(380,053)
Repurchase of common stock	(32,899)		$ (3)		(7,015)	(25,881)
Conversion of common stock (in shares)			1,750	(1,750)
Conversion of common stock	0
Ending balance (in shares) at Mar. 31, 2022		0	27,151,270	10,674,892
Ending balance at Mar. 31, 2022	$ 3,085,063	$ 0	$ 272	$ 107	$ 1,208	$ 3,092,226	$ (5,500)	$ (3,250)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.24	$ 0.22
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.24	$ 0.22

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 186,647	$ 123,598
Net loss attributable to noncontrolling interests		(1,761)	(694)
Net income		184,886	122,904
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		36,335	38,415
Loan discount accretion		(9,927)	(7,218)
Negative provision for loan losses		(435)	(17,048)
Derivative market value adjustments		(145,734)	(38,809)
Proceeds from clearinghouse - initial and variation margin, net of payments		149,649	38,081
Gain on sale of loans		(2,989)	0
Loss on investments, net		2,801	13,849
Proceeds from sale (purchases) of equity securities, net		572	(13,512)
Deferred income tax expense		39,443	15,405
Non-cash compensation expense		2,920	2,052
Negative provision for beneficial interests		0	(2,436)
Decrease (increase) in loan and investment accrued interest receivable		10,694	(114)
Decrease (increase) in accounts receivable		18,442	(3,831)
(Increase) decrease in other assets, net		(1,963)	5,147
Decrease in the carrying amount of ROU asset, net		1,439	1,418
Increase (decrease) in accrued interest payable		2,650	(23,174)
Decrease in other liabilities, net		(11,824)	(10,375)
Decrease in the carrying amount of lease liability		(1,500)	(1,247)
Decrease in due to customers		(89,884)	(70,849)
Other		(110)	0
Net cash provided by operating activities		185,465	48,658
Cash flows from investing activities:
Purchases and originations of loans		(161,334)	(152,329)
Purchases of loans from a related party		(1,049)	(19,731)
Net proceeds from loan repayments, claims, and capitalized interest		848,188	637,275
Proceeds from sale of loans		15,170	0
Purchases of available-for-sale securities		(139,195)	(44,335)
Proceeds from sales of available-for-sale securities		113,980	18,077
Proceeds from beneficial interest in loan securitizations		7,271	8,603
Purchases of other investments		(73,944)	(71,590)
Proceeds from other investments		9,776	110,290
Purchases of property and equipment		(15,794)	(17,898)
Net cash provided by investing activities		603,069	468,362
Cash flows from financing activities:
Payments on bonds and notes payable		(918,270)	(584,303)
Proceeds from issuance of bonds and notes payable		13,512	7,800
Payments of debt issuance costs		(312)	(614)
Increase in bank deposits, net		139,732	57,197
Dividends paid		(9,063)	(8,437)
Repurchases of common stock		(32,899)	(2,009)
Proceeds from issuance of common stock		435	381
Issuance of noncontrolling interests		2,004	1,940
Distribution to noncontrolling interests		(365)	(102)
Net cash used in financing activities		(805,226)	(528,147)
Effect of exchange rate changes on cash		169	(77)
Net decrease in cash, cash equivalents, and restricted cash		(16,523)	(11,204)
Cash, cash equivalents, and restricted cash, beginning of period		1,194,189	958,395
Cash, cash equivalents, and restricted cash, end of period		1,177,666	947,191
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		33,895	39,686
Cash disbursements made for income taxes, net of refunds and credits received	[1]	466	199
Cash disbursements made for operating leases		1,887	2,098
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		746	740
Receipt of beneficial interest in consumer loan securitization		3,660	0
Distribution to noncontrolling interests		4,760	0
Issuance of noncontrolling interests		$ 0	$ 540
[1]	The Company utilized $1.1 million and $2.0 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2022 and 2021, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 1,100	$ 2,000
Cash and cash equivalents:
Total cash and cash equivalents	162,785	144,229
Restricted cash	757,954	609,881
Restricted cash - due to customers	256,927	193,081
Cash, cash equivalents, and restricted cash	$ 1,177,666	$ 947,191

Basis of Financial Reporting

Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. 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, 2021 (the "2021 Annual Report").

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of March 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 3,741,495 3,904,000 Consolidation 12,553,882 13,187,047 Total 16,295,377 17,091,047 Private education loans 278,537 299,442 Consumer loans 44,713 51,301 Non-Nelnet Bank loans 16,618,627 17,441,790 Nelnet Bank: Federally insured student loans 82,789 88,011 Private education loans 285,468 169,890 Nelnet Bank loans 368,257 257,901 Accrued interest receivable 774,774 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (22,257) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (95,995) (103,381) Private education loans (14,622) (16,143) Consumer loans (5,710) (6,481) Non-Nelnet Bank allowance for loan losses (116,327) (126,005) Nelnet Bank: Federally insured loans (247) (268) Private education loans (1,251) (840) Nelnet Bank allowance for loan losses (1,498) (1,108) $ 17,621,576 18,335,197 The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios. As of As of March 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans (a) 0.59 % 0.60 % Private education loans 5.25 % 5.39 % Consumer loans 12.77 % 12.63 % Nelnet Bank: Federally insured student loans (a) 0.30 % 0.30 % Private education loans 0.44 % 0.49 % (a) As of March 31, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively. Gain on Sale of Loans On January 26, 2022, the Company sold $18.1 million (par value) of consumer loans to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) as part of this transaction. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent residual interest in the consumer loan securitization, which 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 Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended March 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (2,748) (4,761) — 123 — 95,995 Private education loans 16,143 (400) (1,299) 176 — 2 14,622 Consumer loans 6,481 2,284 (937) 166 — (2,284) 5,710 Nelnet Bank: Federally insured loans 268 (21) — — — — 247 Private education loans 840 426 (13) — — (2) 1,251 $ 127,113 (459) (7,010) 342 123 (2,284) 117,825 Three months ended March 31, 2021 Non-Nelnet Bank: Federally insured loans $ 128,590 (7,483) (61) — 800 — 121,846 Private education loans 19,529 1,431 (493) 202 — 1 20,670 Consumer loans 27,256 (11,418) (1,950) 246 — — 14,134 Nelnet Bank: Private education loans 323 422 — — — (1) 744 $ 175,698 (17,048) (2,504) 448 800 — 157,394 (a) During the three months ended March 31, 2022 and 2021, the Company acquired $9.2 million (par value) and $54.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company. The Company recorded a negative provision for loan losses for its federally insured loan portfolio for the three months ended March 31, 2022 due to the amortization of the portfolio and an increase in expected prepayments as a result of an initiative offered by the Department of Education (the “Department”) for Federal Family Education Loan Program ("FFELP" or "FFEL Program") borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department by October 31, 2022 to qualify for loan forgiveness under the Public Service Loan Forgiveness program. The Company recorded a provision for loan losses on its consumer loan portfolio during the three months ended March 31, 2022 as a result of loans acquired during the period. 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 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 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. Unfunded Private Education Loan Commitments As of March 31, 2022, Nelnet Bank has a liability of approximately $36,000 related to $37.9 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheet. During the three months ended March 31, 2022, Nelnet Bank recognized provision for loan losses of approximately $24,000 related to unfunded loan commitments. Key Credit Quality Indicators Loan Status and Delinquencies Key credit quality indicators for the Company's federally insured, private education, and consumer loan portfolios are loan status, including delinquencies. The impact of changes in loan status is incorporated into the allowance for loan losses calculation. Delinquencies have the potential to adversely impact the Company’s earnings through increased servicing and collection costs and account charge-offs. The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2022 As of December 31, 2021 As of March 31, 2021 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 839,566 5.2 % $ 829,624 4.9 % $ 1,006,605 5.4 % Loans in forbearance 1,160,048 7.1 1,118,667 6.5 1,936,553 10.4 Loans in repayment status: Loans current 12,352,543 86.4 % 12,847,685 84.9 % 13,787,038 88.0 % Loans delinquent 31-60 days 462,750 3.2 895,656 5.9 425,599 2.7 Loans delinquent 61-90 days 282,810 2.0 352,449 2.3 234,871 1.5 Loans delinquent 91-120 days 202,371 1.4 251,075 1.7 125,471 0.8 Loans delinquent 121-270 days 712,753 5.0 592,449 3.9 1,026,050 6.6 Loans delinquent 271 days or greater 282,536 2.0 203,442 1.3 63,196 0.4 Total loans in repayment 14,295,763 87.7 100.0 % 15,142,756 88.6 100.0 % 15,662,225 84.2 100.0 % Total federally insured loans 16,295,377 100.0 % 17,091,047 100.0 % 18,605,383 100.0 % Accrued interest receivable 770,853 784,716 791,199 Loan discount, net of unamortized premiums and deferred origination costs (27,317) (28,309) (14,608) Allowance for loan losses (95,995) (103,381) (121,846) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 16,942,918 $ 17,744,073 $ 19,260,128 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,226 3.7 % $ 9,661 3.2 % $ 10,405 3.3 % Loans in forbearance 2,838 1.0 3,601 1.2 7,567 2.4 Loans in repayment status: Loans current 260,911 98.3 % 280,457 98.0 % 292,840 98.9 % Loans delinquent 31-60 days 1,699 0.6 2,403 0.8 1,343 0.5 Loans delinquent 61-90 days 1,040 0.4 976 0.3 843 0.3 Loans delinquent 91 days or greater 1,823 0.7 2,344 0.9 1,050 0.3 Total loans in repayment 265,473 95.3 100.0 % 286,180 95.6 100.0 % 296,076 94.3 100.0 % Total private education loans 278,537 100.0 % 299,442 100.0 % 314,048 100.0 % Accrued interest receivable 1,898 1,960 2,303 Loan discount, net of unamortized premiums (598) (1,123) 2,673 Allowance for loan losses (14,622) (16,143) (20,670) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 265,215 $ 284,136 $ 298,354 As of March 31, 2022 As of December 31, 2021 As of March 31, 2021 Consumer loans - Non-Nelnet Bank: Loans in deferment $ 72 0.2 % $ 43 0.1 % $ 306 0.3 % Loans in repayment status: Loans current 43,424 97.3 % 49,697 97.0 % 108,126 97.9 % Loans delinquent 31-60 days 255 0.5 414 0.8 760 0.7 Loans delinquent 61-90 days 304 0.7 322 0.6 577 0.5 Loans delinquent 91 days or greater 658 1.5 825 1.6 1,023 0.9 Total loans in repayment 44,641 99.8 100.0 % 51,258 99.9 100.0 % 110,486 99.7 % 100.0 % Total consumer loans 44,713 100.0 % 51,301 100.0 % 110,792 100.0 % Accrued interest receivable 374 396 934 Loan premium 1,040 913 1,845 Allowance for loan losses (5,710) (6,481) (14,134) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 40,417 $ 46,129 $ 99,437 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 286 0.3 % $ 330 0.4 % Loans in forbearance 948 1.2 1,057 1.2 Loans in repayment status: Loans current 80,421 98.6 % 85,599 98.8 % Loans delinquent 30-59 days 402 0.5 816 1.0 Loans delinquent 60-89 days 427 0.5 — — Loans delinquent 90-119 days 90 0.1 — — Loans delinquent 120-270 days 157 0.2 209 0.2 Loans delinquent 271 days or greater 58 0.1 — — Total loans in repayment 81,555 98.5 100.0 % 86,624 98.4 100.0 % Total federally insured loans 82,789 100.0 % 88,011 100.0 % Accrued interest receivable 1,231 1,216 Loan premium 25 26 Allowance for loan losses (247) (268) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 83,798 $ 88,985 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 497 0.2 % $ 150 0.1 % $ 82 0.1 % Loans in forbearance 317 0.1 460 0.3 29 — Loans in repayment status: Loans current 284,081 99.8 % 169,157 99.9 % 79,120 100.0 % Loans delinquent 30-59 days 422 0.2 51 — — — Loans delinquent 60-89 days 78 — — — — — Loans delinquent 90 days or greater 73 — 72 0.1 — — Total loans in repayment 284,654 99.7 100.0 % 169,280 99.6 100.0 % 79,120 99.9 100.0 % Total private education loans 285,468 100.0 % 169,890 100.0 % 79,231 100.0 % Accrued interest receivable 418 264 125 Deferred origination costs 4,593 2,560 999 Allowance for loan losses (1,251) (840) (744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 289,228 $ 171,874 $ 79,611 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation. FICO Scores - Nelnet Bank Private Education Loans An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of March 31, 2022 Three months ended March 31, 2022 2021 2020 Total FICO at origination: Less than 705 $ 2,097 5,841 99 8,037 705 - 734 10,935 11,391 272 22,598 735 - 764 17,278 17,906 1,049 36,233 765 - 794 34,510 34,100 1,389 69,999 Greater than 794 62,116 79,633 6,852 148,601 $ 126,936 148,871 9,661 285,468 Loan balance as of December 31, 2021 2021 2020 Total FICO at origination: Less than 705 $ 6,481 100 6,581 705 - 734 11,697 276 11,973 735 - 764 18,611 1,072 19,683 765 - 794 36,274 1,467 37,741 Greater than 794 86,141 7,771 93,912 $ 159,204 10,686 169,890 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, 2021 and March 31, 2022, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Three months ended March 31, 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 121 3,030 1,899 3,318 — 1,858 10,226 Loans in forbearance — 10 372 858 181 1,417 2,838 Loans in repayment status: Loans current 1,452 2,796 60,651 46,107 284 149,621 260,911 Loans delinquent 31-60 days — 2 10 239 — 1,448 1,699 Loans delinquent 61-90 days — 13 102 — — 925 1,040 Loans delinquent 91 days or greater — — 87 — — 1,736 1,823 Total loans in repayment 1,452 2,811 60,850 46,346 284 153,730 265,473 Total private education loans $ 1,573 5,851 63,121 50,522 465 157,005 278,537 Accrued interest receivable 1,898 Loan discount, net of unamortized premiums (598) Allowance for loan losses (14,622) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 265,215 Consumer loans - Non-Nelnet Bank: Loans in deferment $ — 34 — 32 6 — 72 Loans in repayment status: Loans current 17,335 17,475 574 3,738 4,243 59 43,424 Loans delinquent 31-60 days 32 74 15 99 31 4 255 Loans delinquent 61-90 days — 181 50 12 57 4 304 Loans delinquent 91 days or greater — 54 39 208 357 — 658 Total loans in repayment 17,367 17,784 678 4,057 4,688 67 44,641 Total consumer loans $ 17,367 17,818 678 4,089 4,694 67 44,713 Accrued interest receivable 374 Loan premium 1,040 Allowance for loan losses (5,710) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 40,417 Private education loans - Nelnet Bank (a): Loans in school/grace/deferment $ 133 364 — — — — 497 Loans in forbearance 139 178 — — — — 317 Loans in repayment status: Loans current 126,380 148,040 9,661 — — — 284,081 Loans delinquent 30-59 days 284 138 — — — — 422 Loans delinquent 60-89 days — 78 — — — — 78 Loans delinquent 90 days or greater — 73 — — — — 73 Total loans in repayment 126,664 148,329 9,661 — — — 284,654 Total private education loans $ 126,936 148,871 9,661 — — — 285,468 Accrued interest receivable 418 Deferred origination costs 4,593 Allowance for loan losses (1,251) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 289,228 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable

Bonds and Notes Payable	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2022 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 $ 15,144,282 0.37% - 2.46% 5/27/25 - 9/25/69 Bonds and notes based on auction 225,535 0.00% - 1.43% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 15,369,817 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 736,079 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 5,017 0.61% 5/22/23 Private education loan warehouse facility 96,714 0.55% 6/30/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 28,039 1.90% / 2.21% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 26,764 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 267,481 1.08% 5/4/22 Repurchase agreements 384,343 0.95% - 1.46% 4/14/22 - 12/20/23 Secured line of credit 5,000 2.05% 5/30/22 16,919,254 Discount on bonds and notes payable and debt issuance costs (182,553) Total $ 16,736,701 As of December 31, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 15,887,295 0.23% - 2.10% 5/27/25 - 9/25/69 Bonds and notes based on auction 248,550 0.00% - 1.09% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 16,135,845 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 772,935 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 5,048 0.21% 5/22/23 Private education loan warehouse facility 107,011 0.24% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 31,818 1.65% / 1.85% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 28,613 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 253,969 0.78% 5/4/22 Repurchase agreements 483,848 0.66% - 1.46% 5/27/22 - 12/20/23 Secured line of credit 5,000 1.91% 5/30/22 17,824,087 Discount on bonds and notes payable and debt issuance costs (192,998) Total $ 17,631,089 Warehouse Facilities The Company funds a portion of its loan acquisitions using warehouse facilities. Loan warehousing allows the Company to buy and manage loans prior to transferring them into more permanent financing arrangements. FFELP loan warehouse facility As of March 31, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $60.0 million, liquidity provisions through May 23, 2022, and a final maturity of May 22, 2023. As of March 31, 2022, $5.0 million was outstanding under this facility, $55.0 million was available for future funding, and the Company had $0.3 million advanced as equity support. Private education loan warehouse facility As of March 31, 2022, the Company's private education warehouse facility had an aggregate maximum financing amount available of $175.0 million and an advance rate of 80 to 90 percent. On January 28, 2022, the Company amended the facility to extend the liquidity provisions through June 30, 2022 and final maturity date to June 30, 2023. As of March 31, 2022, $96.7 million was outstanding under this warehouse facility, $78.3 million was available for future funding, and the Company had $10.6 million advanced as equity support. Unsecured Line of Credit The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of March 31, 2022, no amount was outstanding on the line of credit and $495.0 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 $737.5 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 March 31, 2022, $267.5 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 See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under this participation agreement. Repurchase Agreements On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities. The first agreement has maturity dates of November 20, 2023 and December 20, 2023, or earlier if either party provides 180 days’ prior written notice, and the second agreement has maturity dates (as of March 31, 2022) of April 14, 2022, May 27, 2022, and January 13, 2023. Included in “bonds and notes payable” as of March 31, 2022 was $192.9 million subject to the first agreement and $191.4 million subject to the second 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 was 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 expense on bonds and notes payable and bank deposits" in the consolidated statements of income. Debt Repurchases During the three months ended March 31, 2022, the Company repurchased $18.5 million of its own debt. The gain recognized from these debt repurchases was not significant. No debt was repurchased during the three months ended March 31, 2021. The Company has retained certain of its own asset-backed securities upon their initial issuance or repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2022, the Company holds $398.1 million (par value) of its own asset-backed securities. As of March 31, 2022, $45.7 million of the Company's repurchased asset-backed securities were financed with proceeds from the Company's repurchase agreements (as discussed above).

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
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 interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2021 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2022 and December 31, 2021 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of March 31, 2022 and December 31, 2021, 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 2022 $ 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 5,900,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2022 and December 31, 2021 was one-month LIBOR plus 9.1 basis points. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of March 31, 2022 As of December 31, 2021 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2022 $ — — % $ 500,000 0.94 % 2023 750,000 0.30 900,000 0.62 2024 2,500,000 0.35 2,500,000 0.35 2025 500,000 0.35 500,000 0.35 2026 500,000 1.02 500,000 1.02 2031 100,000 1.53 100,000 1.53 $ 4,350,000 0.44 % $ 5,000,000 0.55 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. On April 28, 2022, the Company terminated $1.25 billion in notional amount of derivatives ($500 million, $250 million, and $500 million that had maturity dates in 2023, 2024, and 2025, respectively) that are included in the table above. 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 March 31, 2022 2021 Settlements: 1:3 basis swaps $ 396 (19) Interest rate swaps - floor income hedges (3,205) (4,285) Total settlements - income (expense) (2,809) (4,304) Change in fair value: 1:3 basis swaps 889 2,799 Interest rate swaps - floor income hedges 144,845 36,010 Total change in fair value - income (expense) 145,734 38,809 Derivative market value adjustments and derivative settlements, net - income (expense) $ 142,925 34,505

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Investments	Investments A summary of the Company's investments follows: As of March 31, 2022 As of December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses (a) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (b) $ 507,378 12,079 (2,388) 517,069 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 388,736 — (16,851) 371,885 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale 49,306 4 (78) 49,232 22,435 — — 22,435 Total available-for-sale debt securities $ 945,420 12,083 (19,317) 938,186 917,412 15,217 (2,960) 929,669 Equity securities 71,698 71,986 Total investments (at fair value) 1,009,884 1,001,655 Other Investments (not measured at fair value): Other debt securities - held-to-maturity 8,200 8,200 Venture capital and funds: Measurement alternative 164,368 157,609 Equity method 74,339 67,840 Total venture capital and funds 238,707 225,449 Real estate: Equity method 50,257 47,226 Notes receivable 4,169 — Total real estate 54,426 47,226 Investment in ALLO: Voting interest/equity method (d) 108,773 87,247 Preferred membership interest and accrued and unpaid preferred return (e) 139,459 137,342 Total investment in ALLO 248,232 224,589 Beneficial interest in loan securitizations (f): Private education loans 73,915 66,008 Consumer loans 31,222 28,366 Federally insured student loans 25,217 25,768 Total beneficial interest in loan securitizations 130,354 120,142 Solar (g) (44,354) (42,457) Tax liens, affordable housing, and other 4,129 4,115 Total investments (not measured at fair value) 639,694 587,264 Total investments $ 1,649,578 $ 1,588,919 (a) As of March 31, 2022, the aggregate fair value of asset-backed securities classified as available-for-sale with unrealized losses was $640.6 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. (b) As of March 31, 2022, $267.5 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." (c) As of March 31, 2022, a total of $374.4 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.” (d) On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $13.1 million and $22.2 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under 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. 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 March 31, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $2.1 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income. (f) The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2022, the Company's ownership correlates to approximately $680 million, $190 million, and $450 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations. (g) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2022, the Company has funded a total of $231.4 million in solar investments, which includes $62.6 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 March 31, 2022 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of March 31, 2022, the Company is committed to fund an additional $19.0 million on these projects, of which $14.8 million will be provided 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 March 31, 2022 and 2021, the Company recognized pre-tax losses of $1.0 million and $1.7 million, respectively, on its solar investments. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments during the three months ended March 31, 2022 and 2021 include losses of $1.8 million and $0.6 million, respectively, attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2022 (months) As of As of March 31, 2022 December 31, 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $99,366 and $97,398, respectively) 100 $ 45,926 47,894 Computer software (net of accumulated amortization of $4,236 and $3,669, respectively) 21 3,618 4,135 Total - amortizable intangible assets, net 94 $ 49,544 52,029 The Company recorded amortization expense on its intangible assets of $2.5 million and $8.4 million during the three months ended March 31, 2022 and 2021, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2022, the Company estimates it will record amortization expense as follows: 2022 (April 1 - December 31) $ 7,454 2023 9,830 2024 7,457 2025 4,644 2026 4,517 2027 and thereafter 15,642 $ 49,544

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill as of March 31, 2022 and December 31, 2021 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 183,328 3,319 186,647 121,766 1,832 123,598 Denominator: Weighted-average common shares outstanding - basic and diluted 37,365,339 676,495 38,041,834 38,031,267 572,288 38,603,555 Earnings per share - basic and diluted $ 4.91 4.91 4.91 3.20 3.20 3.20

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting See note 15 of the notes to consolidated financial statements included in the 2021 Annual Report for a description of the Company's operating segments. The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 67 339 118,598 3,030 3,992 (828) 125,196 Interest expense 24 — 46,003 856 2,026 (828) 48,079 Net interest income 43 339 72,595 2,174 1,966 — 77,117 Less (negative provision) provision for loan losses — — (864) 429 — — (435) Net interest income after provision for loan losses 43 339 73,459 1,745 1,966 — 77,552 Other income/expense: Loan servicing and systems revenue 136,368 — — — — — 136,368 Intersegment revenue 8,480 3 — — — (8,483) — Education technology, services, and payment processing revenue — 112,286 — — — — 112,286 Other 740 — 6,511 1,500 1,125 — 9,877 Gain on sale of loans — — 2,989 — — — 2,989 Derivative settlements, net — — (2,809) — — — (2,809) Derivative market value adjustments, net — — 145,734 — — — 145,734 Total other income/expense 145,588 112,289 152,425 1,500 1,125 (8,483) 404,445 Cost of services — 35,545 — — — — 35,545 Operating expenses: Salaries and benefits 91,972 31,286 591 1,554 24,012 — 149,414 Depreciation and amortization 4,954 2,315 — 3 9,684 — 16,956 Other expenses 16,213 5,764 3,033 682 13,804 — 39,499 Intersegment expenses, net 20,398 4,605 8,831 45 (25,396) (8,483) — Total operating expenses 133,537 43,970 12,455 2,284 22,104 (8,483) 205,869 Income (loss) before income taxes 12,094 33,113 213,429 961 (19,013) — 240,583 Income tax (expense) benefit (2,903) (7,947) (51,223) (223) 6,598 — (55,697) Net income (loss) 9,191 25,166 162,206 738 (12,415) — 184,886 Net loss attributable to noncontrolling interests — — — — 1,761 — 1,761 Net income (loss) attributable to Nelnet, Inc. $ 9,191 25,166 162,206 738 (10,654) — 186,647 Total assets as of March 31, 2022 $ 259,712 376,794 18,158,972 656,242 2,066,417 (528,396) 20,989,741 Three months ended March 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 34 263 126,402 1,376 1,246 (218) 129,103 Interest expense 23 — 26,950 194 824 (218) 27,773 Net interest income 11 263 99,452 1,182 422 — 101,330 Less (negative provision) provision for loan losses — — (17,470) 422 — — (17,048) Net interest income after provision for loan losses 11 263 116,922 760 422 — 118,378 Other income/expense: Loan servicing and systems revenue 111,517 — — — — — 111,517 Intersegment revenue 8,268 3 — — — (8,271) — Education technology, services, and payment processing revenue — 95,258 — — — — 95,258 Other 1,113 — 2,881 22 (6,184) — (2,168) Gain on sale of loans — — — — — — — Derivative settlements, net — — (4,304) — — — (4,304) Derivative market value adjustments, net — — 38,809 — — — 38,809 Total other income/expense 120,898 95,261 37,386 22 (6,184) (8,271) 239,112 Cost of services — 27,052 — — — — 27,052 Operating expenses: Salaries and benefits 66,458 25,941 495 1,488 21,409 — 115,791 Depreciation and amortization 8,192 3,071 — — 8,920 — 20,184 Other expenses 13,285 4,822 3,777 545 14,272 — 36,698 Intersegment expenses, net 16,890 3,664 8,427 3 (20,713) (8,271) — Total operating expenses 104,825 37,498 12,699 2,036 23,888 (8,271) 172,673 Income (loss) before income taxes 16,084 30,974 141,609 (1,254) (29,650) — 157,765 Income tax (expense) benefit (3,860) (7,434) (33,987) 286 10,133 — (34,861) Net income (loss) 12,224 23,540 107,622 (968) (19,517) — 122,904 Net loss attributable to noncontrolling interests — — — — 694 — 694 Net income (loss) attributable to Nelnet, Inc. $ 12,224 23,540 107,622 (968) (18,823) — 123,598 Total assets as of March 31, 2021 $ 191,910 372,315 20,367,532 296,908 1,148,560 (210,017) 22,167,208

Disaggregated Revenue

Disaggregated Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	Disaggregated Revenue The following tables provides disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments. Loan Servicing and Systems Three months ended March 31, 2022 2021 Government servicing - Nelnet $ 61,049 34,872 Government servicing - Great Lakes 48,076 43,302 Private education and consumer loan servicing 12,873 8,548 FFELP servicing 4,248 4,670 Software services 7,400 8,454 Outsourced services and other 2,722 11,671 Loan servicing and systems revenue $ 136,368 111,517 Education Technology, Services, and Payment Processing Three months ended March 31, 2022 2021 Tuition payment plan services $ 30,716 29,550 Payment processing 38,071 33,038 Education technology and services 43,251 32,527 Other 248 143 Education technology, services, and payment processing revenue $ 112,286 95,258 Other Income/Expense The following table provides the components of "other" in "other income/expense" on the consolidated statements of income: Three months ended March 31, 2022 2021 Income/gains from investments, net $ 11,856 8,498 Borrower late fee income 2,431 442 ALLO preferred return 2,117 2,321 Investment advisory services 1,282 2,697 Negative provision for beneficial interests investment — 2,436 Loss from ALLO voting membership interest investment (13,130) (22,219) Loss from solar investments (1,030) (1,679) Other 6,351 5,336 $ 9,877 (2,168)

Major Customer

Major Customer	3 Months Ended
	Mar. 31, 2022
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. Revenues earned by Nelnet Servicing and Great Lakes related to these contracts are set forth in the "Government servicing - Nelnet" and "Government servicing - Great Lakes" line items of the "Loan Servicing and Systems" table in note 10. Nelnet Servicing's and Great Lakes' student loan servicing contracts with the Department are scheduled to expire on December 14, 2023. In 2017, the Department initiated a contract procurement process referred to as the Next Generation Financial Services Environment ("NextGen") for a new framework for the servicing of all student loans owned by the Department. The Consolidated Appropriations Act, 2021 contains provisions directing certain aspects of the NextGen process, including that any new federal student loan servicing environment is required to provide for the participation of multiple student loan servicers and the allocation of borrower accounts to eligible student loan servicers based on performance. The Company cannot predict the timing, nature, or ultimate outcome of NextGen or any other contract procurement process by the Department.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2022 As of December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: FFELP loan asset-backed debt securities - available-for-sale $ — 517,069 517,069 — 494,682 494,682 Private education loan asset-backed debt securities - available-for-sale — 371,885 371,885 — 412,552 412,552 Other debt securities - available-for-sale 100 49,132 49,232 100 22,335 22,435 Equity securities 59,943 — 59,943 63,154 — 63,154 Equity securities measured at net asset value (a) 11,755 8,832 Total investments 60,043 938,086 1,009,884 63,254 929,569 1,001,655 Total assets $ 60,043 938,086 1,009,884 63,254 929,569 1,001,655 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 17,656,032 16,846,802 — — 17,656,032 Accrued loan interest receivable 774,774 774,774 — 774,774 — Cash and cash equivalents 162,785 162,785 162,785 — — Investments (at fair value) 1,009,884 1,009,884 60,043 938,086 — Beneficial interest in loan securitizations 145,623 130,354 — — 145,623 Restricted cash 757,954 757,954 757,954 — — Restricted cash – due to customers 256,927 256,927 256,927 — — Financial liabilities: Bonds and notes payable 16,705,877 16,736,701 — 16,705,877 — Accrued interest payable 7,216 7,216 — 7,216 — Bank deposits 469,559 484,047 189,319 280,240 — Due to customers 276,191 276,191 276,191 — — As of December 31, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 18,576,272 17,546,645 — — 18,576,272 Accrued loan interest receivable 788,552 788,552 — 788,552 — Cash and cash equivalents 125,563 125,563 125,563 — — Investments (at fair value) 1,001,655 1,001,655 63,254 929,569 — Beneficial interest in loan securitizations 142,391 120,142 — — 142,391 Restricted cash 741,981 741,981 741,981 — — Restricted cash – due to customers 326,645 326,645 326,645 — — Financial liabilities: Bonds and notes payable 17,819,902 17,631,089 — 17,819,902 — Accrued interest payable 4,566 4,566 — 4,566 — Bank deposits 342,463 344,315 184,897 157,566 — Due to customers 366,002 366,002 366,002 — — 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 2021 Annual Report.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. 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, 2021 (the "2021 Annual Report").

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of March 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 3,741,495 3,904,000 Consolidation 12,553,882 13,187,047 Total 16,295,377 17,091,047 Private education loans 278,537 299,442 Consumer loans 44,713 51,301 Non-Nelnet Bank loans 16,618,627 17,441,790 Nelnet Bank: Federally insured student loans 82,789 88,011 Private education loans 285,468 169,890 Nelnet Bank loans 368,257 257,901 Accrued interest receivable 774,774 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (22,257) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (95,995) (103,381) Private education loans (14,622) (16,143) Consumer loans (5,710) (6,481) Non-Nelnet Bank allowance for loan losses (116,327) (126,005) Nelnet Bank: Federally insured loans (247) (268) Private education loans (1,251) (840) Nelnet Bank allowance for loan losses (1,498) (1,108) $ 17,621,576 18,335,197
Allowance for Loan Losses as a Percentage of the Ending Balance	The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios. As of As of March 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans (a) 0.59 % 0.60 % Private education loans 5.25 % 5.39 % Consumer loans 12.77 % 12.63 % Nelnet Bank: Federally insured student loans (a) 0.30 % 0.30 % Private education loans 0.44 % 0.49 % (a) As of March 31, 2022 and December 31, 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 21.6% and 22.2%, respectively, and for Nelnet Bank was 11.8% and 12.1%, respectively.
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Three months ended March 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (2,748) (4,761) — 123 — 95,995 Private education loans 16,143 (400) (1,299) 176 — 2 14,622 Consumer loans 6,481 2,284 (937) 166 — (2,284) 5,710 Nelnet Bank: Federally insured loans 268 (21) — — — — 247 Private education loans 840 426 (13) — — (2) 1,251 $ 127,113 (459) (7,010) 342 123 (2,284) 117,825 Three months ended March 31, 2021 Non-Nelnet Bank: Federally insured loans $ 128,590 (7,483) (61) — 800 — 121,846 Private education loans 19,529 1,431 (493) 202 — 1 20,670 Consumer loans 27,256 (11,418) (1,950) 246 — — 14,134 Nelnet Bank: Private education loans 323 422 — — — (1) 744 $ 175,698 (17,048) (2,504) 448 800 — 157,394 (a) During the three months ended March 31, 2022 and 2021, the Company acquired $9.2 million (par value) and $54.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of purchased loans with credit deterioration ("PCD loans") when they were purchased by the Company.
Loan Status and Delinquencies	The table below shows the Company’s loan status and delinquency amounts. As of March 31, 2022 As of December 31, 2021 As of March 31, 2021 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 839,566 5.2 % $ 829,624 4.9 % $ 1,006,605 5.4 % Loans in forbearance 1,160,048 7.1 1,118,667 6.5 1,936,553 10.4 Loans in repayment status: Loans current 12,352,543 86.4 % 12,847,685 84.9 % 13,787,038 88.0 % Loans delinquent 31-60 days 462,750 3.2 895,656 5.9 425,599 2.7 Loans delinquent 61-90 days 282,810 2.0 352,449 2.3 234,871 1.5 Loans delinquent 91-120 days 202,371 1.4 251,075 1.7 125,471 0.8 Loans delinquent 121-270 days 712,753 5.0 592,449 3.9 1,026,050 6.6 Loans delinquent 271 days or greater 282,536 2.0 203,442 1.3 63,196 0.4 Total loans in repayment 14,295,763 87.7 100.0 % 15,142,756 88.6 100.0 % 15,662,225 84.2 100.0 % Total federally insured loans 16,295,377 100.0 % 17,091,047 100.0 % 18,605,383 100.0 % Accrued interest receivable 770,853 784,716 791,199 Loan discount, net of unamortized premiums and deferred origination costs (27,317) (28,309) (14,608) Allowance for loan losses (95,995) (103,381) (121,846) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 16,942,918 $ 17,744,073 $ 19,260,128 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,226 3.7 % $ 9,661 3.2 % $ 10,405 3.3 % Loans in forbearance 2,838 1.0 3,601 1.2 7,567 2.4 Loans in repayment status: Loans current 260,911 98.3 % 280,457 98.0 % 292,840 98.9 % Loans delinquent 31-60 days 1,699 0.6 2,403 0.8 1,343 0.5 Loans delinquent 61-90 days 1,040 0.4 976 0.3 843 0.3 Loans delinquent 91 days or greater 1,823 0.7 2,344 0.9 1,050 0.3 Total loans in repayment 265,473 95.3 100.0 % 286,180 95.6 100.0 % 296,076 94.3 100.0 % Total private education loans 278,537 100.0 % 299,442 100.0 % 314,048 100.0 % Accrued interest receivable 1,898 1,960 2,303 Loan discount, net of unamortized premiums (598) (1,123) 2,673 Allowance for loan losses (14,622) (16,143) (20,670) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 265,215 $ 284,136 $ 298,354 As of March 31, 2022 As of December 31, 2021 As of March 31, 2021 Consumer loans - Non-Nelnet Bank: Loans in deferment $ 72 0.2 % $ 43 0.1 % $ 306 0.3 % Loans in repayment status: Loans current 43,424 97.3 % 49,697 97.0 % 108,126 97.9 % Loans delinquent 31-60 days 255 0.5 414 0.8 760 0.7 Loans delinquent 61-90 days 304 0.7 322 0.6 577 0.5 Loans delinquent 91 days or greater 658 1.5 825 1.6 1,023 0.9 Total loans in repayment 44,641 99.8 100.0 % 51,258 99.9 100.0 % 110,486 99.7 % 100.0 % Total consumer loans 44,713 100.0 % 51,301 100.0 % 110,792 100.0 % Accrued interest receivable 374 396 934 Loan premium 1,040 913 1,845 Allowance for loan losses (5,710) (6,481) (14,134) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 40,417 $ 46,129 $ 99,437 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 286 0.3 % $ 330 0.4 % Loans in forbearance 948 1.2 1,057 1.2 Loans in repayment status: Loans current 80,421 98.6 % 85,599 98.8 % Loans delinquent 30-59 days 402 0.5 816 1.0 Loans delinquent 60-89 days 427 0.5 — — Loans delinquent 90-119 days 90 0.1 — — Loans delinquent 120-270 days 157 0.2 209 0.2 Loans delinquent 271 days or greater 58 0.1 — — Total loans in repayment 81,555 98.5 100.0 % 86,624 98.4 100.0 % Total federally insured loans 82,789 100.0 % 88,011 100.0 % Accrued interest receivable 1,231 1,216 Loan premium 25 26 Allowance for loan losses (247) (268) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 83,798 $ 88,985 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 497 0.2 % $ 150 0.1 % $ 82 0.1 % Loans in forbearance 317 0.1 460 0.3 29 — Loans in repayment status: Loans current 284,081 99.8 % 169,157 99.9 % 79,120 100.0 % Loans delinquent 30-59 days 422 0.2 51 — — — Loans delinquent 60-89 days 78 — — — — — Loans delinquent 90 days or greater 73 — 72 0.1 — — Total loans in repayment 284,654 99.7 100.0 % 169,280 99.6 100.0 % 79,120 99.9 100.0 % Total private education loans 285,468 100.0 % 169,890 100.0 % 79,231 100.0 % Accrued interest receivable 418 264 125 Deferred origination costs 4,593 2,560 999 Allowance for loan losses (1,251) (840) (744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 289,228 $ 171,874 $ 79,611 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators	The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of March 31, 2022 Three months ended March 31, 2022 2021 2020 Total FICO at origination: Less than 705 $ 2,097 5,841 99 8,037 705 - 734 10,935 11,391 272 22,598 735 - 764 17,278 17,906 1,049 36,233 765 - 794 34,510 34,100 1,389 69,999 Greater than 794 62,116 79,633 6,852 148,601 $ 126,936 148,871 9,661 285,468 Loan balance as of December 31, 2021 2021 2020 Total FICO at origination: Less than 705 $ 6,481 100 6,581 705 - 734 11,697 276 11,973 735 - 764 18,611 1,072 19,683 765 - 794 36,274 1,467 37,741 Greater than 794 86,141 7,771 93,912 $ 159,204 10,686 169,890 The following table presents the amortized cost of the Company's private education and consumer loans by loan status and delinquency amount as of March 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Three months ended March 31, 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 121 3,030 1,899 3,318 — 1,858 10,226 Loans in forbearance — 10 372 858 181 1,417 2,838 Loans in repayment status: Loans current 1,452 2,796 60,651 46,107 284 149,621 260,911 Loans delinquent 31-60 days — 2 10 239 — 1,448 1,699 Loans delinquent 61-90 days — 13 102 — — 925 1,040 Loans delinquent 91 days or greater — — 87 — — 1,736 1,823 Total loans in repayment 1,452 2,811 60,850 46,346 284 153,730 265,473 Total private education loans $ 1,573 5,851 63,121 50,522 465 157,005 278,537 Accrued interest receivable 1,898 Loan discount, net of unamortized premiums (598) Allowance for loan losses (14,622) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 265,215 Consumer loans - Non-Nelnet Bank: Loans in deferment $ — 34 — 32 6 — 72 Loans in repayment status: Loans current 17,335 17,475 574 3,738 4,243 59 43,424 Loans delinquent 31-60 days 32 74 15 99 31 4 255 Loans delinquent 61-90 days — 181 50 12 57 4 304 Loans delinquent 91 days or greater — 54 39 208 357 — 658 Total loans in repayment 17,367 17,784 678 4,057 4,688 67 44,641 Total consumer loans $ 17,367 17,818 678 4,089 4,694 67 44,713 Accrued interest receivable 374 Loan premium 1,040 Allowance for loan losses (5,710) Total consumer loans and accrued interest receivable, net of allowance for loan losses $ 40,417 Private education loans - Nelnet Bank (a): Loans in school/grace/deferment $ 133 364 — — — — 497 Loans in forbearance 139 178 — — — — 317 Loans in repayment status: Loans current 126,380 148,040 9,661 — — — 284,081 Loans delinquent 30-59 days 284 138 — — — — 422 Loans delinquent 60-89 days — 78 — — — — 78 Loans delinquent 90 days or greater — 73 — — — — 73 Total loans in repayment 126,664 148,329 9,661 — — — 284,654 Total private education loans $ 126,936 148,871 9,661 — — — 285,468 Accrued interest receivable 418 Deferred origination costs 4,593 Allowance for loan losses (1,251) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 289,228 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2022 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 $ 15,144,282 0.37% - 2.46% 5/27/25 - 9/25/69 Bonds and notes based on auction 225,535 0.00% - 1.43% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 15,369,817 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 736,079 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 5,017 0.61% 5/22/23 Private education loan warehouse facility 96,714 0.55% 6/30/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 28,039 1.90% / 2.21% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 26,764 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 267,481 1.08% 5/4/22 Repurchase agreements 384,343 0.95% - 1.46% 4/14/22 - 12/20/23 Secured line of credit 5,000 2.05% 5/30/22 16,919,254 Discount on bonds and notes payable and debt issuance costs (182,553) Total $ 16,736,701 As of December 31, 2021 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 15,887,295 0.23% - 2.10% 5/27/25 - 9/25/69 Bonds and notes based on auction 248,550 0.00% - 1.09% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 16,135,845 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 772,935 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 5,048 0.21% 5/22/23 Private education loan warehouse facility 107,011 0.24% 2/13/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 31,818 1.65% / 1.85% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 28,613 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 253,969 0.78% 5/4/22 Repurchase agreements 483,848 0.66% - 1.46% 5/27/22 - 12/20/23 Secured line of credit 5,000 1.91% 5/30/22 17,824,087 Discount on bonds and notes payable and debt issuance costs (192,998) Total $ 17,631,089

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of March 31, 2022 and December 31, 2021, 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 2022 $ 2,000,000 2023 750,000 2024 1,750,000 2026 1,150,000 2027 250,000 $ 5,900,000
Interest Rate Swaps, Floor Income Hedge	The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of March 31, 2022 As of December 31, 2021 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2022 $ — — % $ 500,000 0.94 % 2023 750,000 0.30 900,000 0.62 2024 2,500,000 0.35 2,500,000 0.35 2025 500,000 0.35 500,000 0.35 2026 500,000 1.02 500,000 1.02 2031 100,000 1.53 100,000 1.53 $ 4,350,000 0.44 % $ 5,000,000 0.55 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR.
Derivative Impact on Statement 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 March 31, 2022 2021 Settlements: 1:3 basis swaps $ 396 (19) Interest rate swaps - floor income hedges (3,205) (4,285) Total settlements - income (expense) (2,809) (4,304) Change in fair value: 1:3 basis swaps 889 2,799 Interest rate swaps - floor income hedges 144,845 36,010 Total change in fair value - income (expense) 145,734 38,809 Derivative market value adjustments and derivative settlements, net - income (expense) $ 142,925 34,505

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Investments	A summary of the Company's investments follows: As of March 31, 2022 As of December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses (a) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (b) $ 507,378 12,079 (2,388) 517,069 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 388,736 — (16,851) 371,885 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale 49,306 4 (78) 49,232 22,435 — — 22,435 Total available-for-sale debt securities $ 945,420 12,083 (19,317) 938,186 917,412 15,217 (2,960) 929,669 Equity securities 71,698 71,986 Total investments (at fair value) 1,009,884 1,001,655 Other Investments (not measured at fair value): Other debt securities - held-to-maturity 8,200 8,200 Venture capital and funds: Measurement alternative 164,368 157,609 Equity method 74,339 67,840 Total venture capital and funds 238,707 225,449 Real estate: Equity method 50,257 47,226 Notes receivable 4,169 — Total real estate 54,426 47,226 Investment in ALLO: Voting interest/equity method (d) 108,773 87,247 Preferred membership interest and accrued and unpaid preferred return (e) 139,459 137,342 Total investment in ALLO 248,232 224,589 Beneficial interest in loan securitizations (f): Private education loans 73,915 66,008 Consumer loans 31,222 28,366 Federally insured student loans 25,217 25,768 Total beneficial interest in loan securitizations 130,354 120,142 Solar (g) (44,354) (42,457) Tax liens, affordable housing, and other 4,129 4,115 Total investments (not measured at fair value) 639,694 587,264 Total investments $ 1,649,578 $ 1,588,919 (a) As of March 31, 2022, the aggregate fair value of asset-backed securities classified as available-for-sale with unrealized losses was $640.6 million. The Company currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. (b) As of March 31, 2022, $267.5 million (par value) of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." (c) As of March 31, 2022, a total of $374.4 million (par value) of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under “Repurchase Agreements.” (d) On February 25, 2022, the Company contributed $34.7 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value ("HLBV") method of accounting. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax losses of $13.1 million and $22.2 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under 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. 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 March 31, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $2.1 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. During the three months ended March 31, 2022 and 2021, the Company recognized pre-tax income on its ALLO preferred membership interests of $2.1 million and $2.3 million, respectively, that is included in "other" in "other income/expense" on the consolidated statements of income. (f) The Company has partial ownership in certain private education, consumer, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2022, the Company's ownership correlates to approximately $680 million, $190 million, and $450 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations. (g) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of March 31, 2022, the Company has funded a total of $231.4 million in solar investments, which includes $62.6 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 March 31, 2022 represents the sum of total tax credits earned on solar projects placed in service through March 31, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of March 31, 2022, the Company is committed to fund an additional $19.0 million on these projects, of which $14.8 million will be provided 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 March 31, 2022 and 2021, the Company recognized pre-tax losses of $1.0 million and $1.7 million, respectively, on its solar investments. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments during the three months ended March 31, 2022 and 2021 include losses of $1.8 million and $0.6 million, respectively, attributable to third-party minority interest investors (syndication partners) that are included in “net loss attributable to noncontrolling interests” in the consolidated statements of income.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2022 (months) As of As of March 31, 2022 December 31, 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $99,366 and $97,398, respectively) 100 $ 45,926 47,894 Computer software (net of accumulated amortization of $4,236 and $3,669, respectively) 21 3,618 4,135 Total - amortizable intangible assets, net 94 $ 49,544 52,029
Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2022, the Company estimates it will record amortization expense as follows: 2022 (April 1 - December 31) $ 7,454 2023 9,830 2024 7,457 2025 4,644 2026 4,517 2027 and thereafter 15,642 $ 49,544

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill [Abstract]
Goodwill	The carrying amount of goodwill as of March 31, 2022 and December 31, 2021 by reportable operating segment was as follows: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 76,570 41,883 — — 142,092

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 183,328 3,319 186,647 121,766 1,832 123,598 Denominator: Weighted-average common shares outstanding - basic and diluted 37,365,339 676,495 38,041,834 38,031,267 572,288 38,603,555 Earnings per share - basic and diluted $ 4.91 4.91 4.91 3.20 3.20 3.20

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Operating Segments Reconciliation to Consolidated Financial Statements	The following tables include the results of each of the Company's operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 67 339 118,598 3,030 3,992 (828) 125,196 Interest expense 24 — 46,003 856 2,026 (828) 48,079 Net interest income 43 339 72,595 2,174 1,966 — 77,117 Less (negative provision) provision for loan losses — — (864) 429 — — (435) Net interest income after provision for loan losses 43 339 73,459 1,745 1,966 — 77,552 Other income/expense: Loan servicing and systems revenue 136,368 — — — — — 136,368 Intersegment revenue 8,480 3 — — — (8,483) — Education technology, services, and payment processing revenue — 112,286 — — — — 112,286 Other 740 — 6,511 1,500 1,125 — 9,877 Gain on sale of loans — — 2,989 — — — 2,989 Derivative settlements, net — — (2,809) — — — (2,809) Derivative market value adjustments, net — — 145,734 — — — 145,734 Total other income/expense 145,588 112,289 152,425 1,500 1,125 (8,483) 404,445 Cost of services — 35,545 — — — — 35,545 Operating expenses: Salaries and benefits 91,972 31,286 591 1,554 24,012 — 149,414 Depreciation and amortization 4,954 2,315 — 3 9,684 — 16,956 Other expenses 16,213 5,764 3,033 682 13,804 — 39,499 Intersegment expenses, net 20,398 4,605 8,831 45 (25,396) (8,483) — Total operating expenses 133,537 43,970 12,455 2,284 22,104 (8,483) 205,869 Income (loss) before income taxes 12,094 33,113 213,429 961 (19,013) — 240,583 Income tax (expense) benefit (2,903) (7,947) (51,223) (223) 6,598 — (55,697) Net income (loss) 9,191 25,166 162,206 738 (12,415) — 184,886 Net loss attributable to noncontrolling interests — — — — 1,761 — 1,761 Net income (loss) attributable to Nelnet, Inc. $ 9,191 25,166 162,206 738 (10,654) — 186,647 Total assets as of March 31, 2022 $ 259,712 376,794 18,158,972 656,242 2,066,417 (528,396) 20,989,741 Three months ended March 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 34 263 126,402 1,376 1,246 (218) 129,103 Interest expense 23 — 26,950 194 824 (218) 27,773 Net interest income 11 263 99,452 1,182 422 — 101,330 Less (negative provision) provision for loan losses — — (17,470) 422 — — (17,048) Net interest income after provision for loan losses 11 263 116,922 760 422 — 118,378 Other income/expense: Loan servicing and systems revenue 111,517 — — — — — 111,517 Intersegment revenue 8,268 3 — — — (8,271) — Education technology, services, and payment processing revenue — 95,258 — — — — 95,258 Other 1,113 — 2,881 22 (6,184) — (2,168) Gain on sale of loans — — — — — — — Derivative settlements, net — — (4,304) — — — (4,304) Derivative market value adjustments, net — — 38,809 — — — 38,809 Total other income/expense 120,898 95,261 37,386 22 (6,184) (8,271) 239,112 Cost of services — 27,052 — — — — 27,052 Operating expenses: Salaries and benefits 66,458 25,941 495 1,488 21,409 — 115,791 Depreciation and amortization 8,192 3,071 — — 8,920 — 20,184 Other expenses 13,285 4,822 3,777 545 14,272 — 36,698 Intersegment expenses, net 16,890 3,664 8,427 3 (20,713) (8,271) — Total operating expenses 104,825 37,498 12,699 2,036 23,888 (8,271) 172,673 Income (loss) before income taxes 16,084 30,974 141,609 (1,254) (29,650) — 157,765 Income tax (expense) benefit (3,860) (7,434) (33,987) 286 10,133 — (34,861) Net income (loss) 12,224 23,540 107,622 (968) (19,517) — 122,904 Net loss attributable to noncontrolling interests — — — — 694 — 694 Net income (loss) attributable to Nelnet, Inc. $ 12,224 23,540 107,622 (968) (18,823) — 123,598 Total assets as of March 31, 2021 $ 191,910 372,315 20,367,532 296,908 1,148,560 (210,017) 22,167,208

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Loan Servicing and Systems Three months ended March 31, 2022 2021 Government servicing - Nelnet $ 61,049 34,872 Government servicing - Great Lakes 48,076 43,302 Private education and consumer loan servicing 12,873 8,548 FFELP servicing 4,248 4,670 Software services 7,400 8,454 Outsourced services and other 2,722 11,671 Loan servicing and systems revenue $ 136,368 111,517 Education Technology, Services, and Payment Processing Three months ended March 31, 2022 2021 Tuition payment plan services $ 30,716 29,550 Payment processing 38,071 33,038 Education technology and services 43,251 32,527 Other 248 143 Education technology, services, and payment processing revenue $ 112,286 95,258
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 March 31, 2022 2021 Income/gains from investments, net $ 11,856 8,498 Borrower late fee income 2,431 442 ALLO preferred return 2,117 2,321 Investment advisory services 1,282 2,697 Negative provision for beneficial interests investment — 2,436 Loss from ALLO voting membership interest investment (13,130) (22,219) Loss from solar investments (1,030) (1,679) Other 6,351 5,336 $ 9,877 (2,168)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2022 As of December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: FFELP loan asset-backed debt securities - available-for-sale $ — 517,069 517,069 — 494,682 494,682 Private education loan asset-backed debt securities - available-for-sale — 371,885 371,885 — 412,552 412,552 Other debt securities - available-for-sale 100 49,132 49,232 100 22,335 22,435 Equity securities 59,943 — 59,943 63,154 — 63,154 Equity securities measured at net asset value (a) 11,755 8,832 Total investments 60,043 938,086 1,009,884 63,254 929,569 1,001,655 Total assets $ 60,043 938,086 1,009,884 63,254 929,569 1,001,655 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value of Financial Instruments	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 17,656,032 16,846,802 — — 17,656,032 Accrued loan interest receivable 774,774 774,774 — 774,774 — Cash and cash equivalents 162,785 162,785 162,785 — — Investments (at fair value) 1,009,884 1,009,884 60,043 938,086 — Beneficial interest in loan securitizations 145,623 130,354 — — 145,623 Restricted cash 757,954 757,954 757,954 — — Restricted cash – due to customers 256,927 256,927 256,927 — — Financial liabilities: Bonds and notes payable 16,705,877 16,736,701 — 16,705,877 — Accrued interest payable 7,216 7,216 — 7,216 — Bank deposits 469,559 484,047 189,319 280,240 — Due to customers 276,191 276,191 276,191 — — As of December 31, 2021 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 18,576,272 17,546,645 — — 18,576,272 Accrued loan interest receivable 788,552 788,552 — 788,552 — Cash and cash equivalents 125,563 125,563 125,563 — — Investments (at fair value) 1,001,655 1,001,655 63,254 929,569 — Beneficial interest in loan securitizations 142,391 120,142 — — 142,391 Restricted cash 741,981 741,981 741,981 — — Restricted cash – due to customers 326,645 326,645 326,645 — — Financial liabilities: Bonds and notes payable 17,819,902 17,631,089 — 17,819,902 — Accrued interest payable 4,566 4,566 — 4,566 — Bank deposits 342,463 344,315 184,897 157,566 — Due to customers 366,002 366,002 366,002 — —

Loans and Accrued Interest Re_3

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 774,774	$ 788,552
Loan discount, net of unamortized loan premiums and deferred origination costs	(22,257)	(25,933)
Allowance for loan losses	(117,825)	(127,113)	$ (157,394)	$ (175,698)
Financing receivable, after allowance for credit loss	17,621,576	18,335,197
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	16,618,627	17,441,790
Allowance for loan losses	(116,327)	(126,005)
Federally insured loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	16,295,377	17,091,047	18,605,383
Accrued interest receivable	770,853	784,716	791,199
Loan discount, net of unamortized loan premiums and deferred origination costs	(27,317)	(28,309)	(14,608)
Allowance for loan losses	(95,995)	(103,381)	(121,846)	(128,590)
Financing receivable, after allowance for credit loss	16,942,918	17,744,073	19,260,128
Federally insured loans - Non-Nelnet Bank: | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,741,495	3,904,000
Federally insured loans - Non-Nelnet Bank: | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	12,553,882	13,187,047
Private education loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	278,537	299,442	314,048
Accrued interest receivable	1,898	1,960	2,303
Loan discount, net of unamortized loan premiums and deferred origination costs	(598)	(1,123)	2,673
Allowance for loan losses	(14,622)	(16,143)	(20,670)	(19,529)
Financing receivable, after allowance for credit loss	265,215	284,136	298,354
Consumer loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	44,713	51,301	110,792
Accrued interest receivable	374	396	934
Loan discount, net of unamortized loan premiums and deferred origination costs	1,040	913	1,845
Allowance for loan losses	(5,710)	(6,481)	(14,134)	(27,256)
Financing receivable, after allowance for credit loss	40,417	46,129	99,437
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	368,257	257,901
Allowance for loan losses	(1,498)	(1,108)
Federally insured loans - Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	82,789	88,011
Accrued interest receivable	1,231	1,216
Loan discount, net of unamortized loan premiums and deferred origination costs	25	26
Allowance for loan losses	(247)	(268)
Financing receivable, after allowance for credit loss	83,798	88,985
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	285,468	169,890	79,231
Accrued interest receivable	418	264	125
Loan discount, net of unamortized loan premiums and deferred origination costs	4,593	2,560	999
Allowance for loan losses	(1,251)	(840)	(744)	$ (323)
Financing receivable, after allowance for credit loss	$ 289,228	$ 171,874	$ 79,611

Loans and Accrued Interest Re_4

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)	Mar. 31, 2022	Dec. 31, 2021
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.59%	0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	21.60%	22.20%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	5.25%	5.39%
Consumer loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	12.77%	12.63%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.30%	0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	11.80%	12.10%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.44%	0.49%

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands	Jan. 26, 2022	Mar. 31, 2022
Consumer loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of financing receivable	$ 18,100
Loans sold, gain	$ 3,000
Residual interest received on sale of financing receivable	6.60%
Consumer Portfolio Segment, Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liability related to unfunded private education loan commitments		$ 36
Unfunded private education loan commitments		37,900
Provision for loan losses		$ 24

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 127,113	$ 175,698
Negative provision for loan losses	(459)	(17,048)
Charge-offs	(7,010)	(2,504)
Recoveries	342	448
Initial allowance on loans purchased with credit deterioration	123	800
Loan sales	(2,284)	0
Balance at end of period	117,825	157,394
Par value of loans purchased with deteriorated credit quality	9,200	54,000
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	103,381	128,590
Negative provision for loan losses	(2,748)	(7,483)
Charge-offs	(4,761)	(61)
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	123	800
Loan sales	0	0
Balance at end of period	95,995	121,846
Private education loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	16,143	19,529
Negative provision for loan losses	(400)	1,431
Charge-offs	(1,299)	(493)
Recoveries	176	202
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	2	1
Balance at end of period	14,622	20,670
Consumer loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	6,481	27,256
Negative provision for loan losses	2,284	(11,418)
Charge-offs	(937)	(1,950)
Recoveries	166	246
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	(2,284)	0
Balance at end of period	5,710	14,134
Federally insured loans - Nelnet Bank:
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	268
Negative provision for loan losses	(21)
Charge-offs	0
Recoveries	0
Initial allowance on loans purchased with credit deterioration	0
Loan sales	0
Balance at end of period	247
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	840	323
Negative provision for loan losses	426	422
Charge-offs	(13)	0
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	(2)	(1)
Balance at end of period	$ 1,251	$ 744

Loans and Accrued Interest Re_7

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans in repayment status:
Accrued interest receivable	$ 774,774	$ 788,552
(Loan discount, net of unamortized premiums) Loan premium	(22,257)	(25,933)
Allowance for loan losses	(117,825)	(127,113)	$ (157,394)	$ (175,698)
Financing receivable, after allowance for credit loss	17,621,576	18,335,197
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 839,566	$ 829,624	$ 1,006,605
Loans in-school/grace/deferment, percent	5.20%	4.90%	5.40%
Loans in forbearance	$ 1,160,048	$ 1,118,667	$ 1,936,553
Loans in forbearance, percent	7.10%	6.50%	10.40%
Loans in repayment status:
Loans receivable, gross	$ 16,295,377	$ 17,091,047	$ 18,605,383
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans in repayment	$ 14,295,763	$ 15,142,756	$ 15,662,225
Loans in repayment, percent	87.70%	88.60%	84.20%
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 770,853	$ 784,716	$ 791,199
(Loan discount, net of unamortized premiums) Loan premium	(27,317)	(28,309)	(14,608)
Allowance for loan losses	(95,995)	(103,381)	(121,846)	(128,590)
Financing receivable, after allowance for credit loss	16,942,918	17,744,073	19,260,128
Federally insured loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 12,352,543	$ 12,847,685	$ 13,787,038
Loans current, percentage	86.40%	84.90%	88.00%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 462,750	$ 895,656	$ 425,599
Loans past due, percentage	3.20%	5.90%	2.70%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 282,810	$ 352,449	$ 234,871
Loans past due, percentage	2.00%	2.30%	1.50%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 202,371	$ 251,075	$ 125,471
Loans past due, percentage	1.40%	1.70%	0.80%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 712,753	$ 592,449	$ 1,026,050
Loans past due, percentage	5.00%	3.90%	6.60%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 282,536	$ 203,442	$ 63,196
Loans past due, percentage	2.00%	1.30%	0.40%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 10,226	$ 9,661	$ 10,405
Loans in-school/grace/deferment, percent	3.70%	3.20%	3.30%
Loans in forbearance	$ 2,838	$ 3,601	$ 7,567
Loans in forbearance, percent	1.00%	1.20%	2.40%
Loans in repayment status:
Loans receivable, gross	$ 278,537	$ 299,442	$ 314,048
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans in repayment	$ 265,473	$ 286,180	$ 296,076
Loans in repayment, percent	95.30%	95.60%	94.30%
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 1,898	$ 1,960	$ 2,303
(Loan discount, net of unamortized premiums) Loan premium	(598)	(1,123)	2,673
Allowance for loan losses	(14,622)	(16,143)	(20,670)	(19,529)
Financing receivable, after allowance for credit loss	265,215	284,136	298,354
Private education loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 260,911	$ 280,457	$ 292,840
Loans current, percentage	98.30%	98.00%	98.90%
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 1,699	$ 2,403	$ 1,343
Loans past due, percentage	0.60%	0.80%	0.50%
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 1,040	$ 976	$ 843
Loans past due, percentage	0.40%	0.30%	0.30%
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 1,823	$ 2,344	$ 1,050
Loans past due, percentage	0.70%	0.90%	0.30%
Consumer loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 72	$ 43	$ 306
Loans in-school/grace/deferment, percent	0.20%	0.10%	0.30%
Loans in repayment status:
Loans receivable, gross	$ 44,713	$ 51,301	$ 110,792
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans in repayment	$ 44,641	$ 51,258	$ 110,486
Loans in repayment, percent	99.80%	99.90%	99.70%
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 374	$ 396	$ 934
(Loan discount, net of unamortized premiums) Loan premium	1,040	913	1,845
Allowance for loan losses	(5,710)	(6,481)	(14,134)	(27,256)
Financing receivable, after allowance for credit loss	40,417	46,129	99,437
Consumer loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 43,424	$ 49,697	$ 108,126
Loans current, percentage	97.30%	97.00%	97.90%
Consumer loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 255	$ 414	$ 760
Loans past due, percentage	0.50%	0.80%	0.70%
Consumer loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 304	$ 322	$ 577
Loans past due, percentage	0.70%	0.60%	0.50%
Consumer loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 658	$ 825	$ 1,023
Loans past due, percentage	1.50%	1.60%	0.90%
Federally insured loans - Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 286	$ 330
Loans in-school/grace/deferment, percent	0.30%	0.40%
Loans in forbearance	$ 948	$ 1,057
Loans in forbearance, percent	1.20%	1.20%
Loans in repayment status:
Loans receivable, gross	$ 82,789	$ 88,011
Total loans in repayment, percentage	100.00%	100.00%
Total loans in repayment	$ 81,555	$ 86,624
Loans in repayment, percent	98.50%	98.40%
Total loans, percent	100.00%	100.00%
Accrued interest receivable	$ 1,231	$ 1,216
(Loan discount, net of unamortized premiums) Loan premium	25	26
Allowance for loan losses	(247)	(268)
Financing receivable, after allowance for credit loss	83,798	88,985
Federally insured loans - Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 80,421	$ 85,599
Loans current, percentage	98.60%	98.80%
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 402	$ 816
Loans past due, percentage	0.50%	1.00%
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 427	$ 0
Loans past due, percentage	0.50%	0.00%
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 90	$ 0
Loans past due, percentage	0.10%	0.00%
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 157	$ 209
Loans past due, percentage	0.20%	0.20%
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 58	$ 0
Loans past due, percentage	0.10%	0.00%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 497	$ 150	$ 82
Loans in-school/grace/deferment, percent	0.20%	0.10%	0.10%
Loans in forbearance	$ 317	$ 460	$ 29
Loans in forbearance, percent	0.10%	0.30%	0.00%
Loans in repayment status:
Loans receivable, gross	$ 285,468	$ 169,890	$ 79,231
Total loans in repayment, percentage	100.00%	100.00%	100.00%
Total loans in repayment	$ 284,654	$ 169,280	$ 79,120
Loans in repayment, percent	99.70%	99.60%	99.90%
Total loans, percent	100.00%	100.00%	100.00%
Accrued interest receivable	$ 418	$ 264	$ 125
(Loan discount, net of unamortized premiums) Loan premium	4,593	2,560	999
Allowance for loan losses	(1,251)	(840)	(744)	$ (323)
Financing receivable, after allowance for credit loss	289,228	171,874	79,611
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 284,081	$ 169,157	$ 79,120
Loans current, percentage	99.80%	99.90%	100.00%
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 422	$ 51	$ 0
Loans past due, percentage	0.20%	0.00%	0.00%
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 78	$ 0	$ 0
Loans past due, percentage	0.00%	0.00%	0.00%
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 73	$ 72	$ 0
Loans past due, percentage	0.00%	0.10%	0.00%

Loans and Accrued Interest Re_8

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Nelnet Bank's Private Education Loans by FICO Score at Origination (Details) - Private education loans - Nelnet Bank - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 126,936	$ 159,204
Fiscal year before current fiscal year	148,871	10,686
Fiscal year two years before current fiscal year	9,661
Total loans	285,468	169,890	$ 79,231
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	2,097	6,481
Fiscal year before current fiscal year	5,841	100
Fiscal year two years before current fiscal year	99
Total loans	8,037	6,581
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	10,935	11,697
Fiscal year before current fiscal year	11,391	276
Fiscal year two years before current fiscal year	272
Total loans	22,598	11,973
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	17,278	18,611
Fiscal year before current fiscal year	17,906	1,072
Fiscal year two years before current fiscal year	1,049
Total loans	36,233	19,683
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	34,510	36,274
Fiscal year before current fiscal year	34,100	1,467
Fiscal year two years before current fiscal year	1,389
Total loans	69,999	37,741
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	62,116	86,141
Fiscal year before current fiscal year	79,633	7,771
Fiscal year two years before current fiscal year	6,852
Total loans	$ 148,601	$ 93,912

Loans and Accrued Interest Re_9

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 774,774	$ 788,552
(Loan discount, net of unamortized premiums) Loan premium	(22,257)	(25,933)
Allowance for loan losses	(117,825)	(127,113)	$ (157,394)	$ (175,698)
Financing receivable, after allowance for credit loss	17,621,576	18,335,197
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	1,573
2021	5,851
2020	63,121
2019	50,522
2018	465
Prior years	157,005
Total loans	278,537	299,442	314,048
Accrued interest receivable	1,898	1,960	2,303
(Loan discount, net of unamortized premiums) Loan premium	(598)	(1,123)	2,673
Allowance for loan losses	(14,622)	(16,143)	(20,670)	(19,529)
Financing receivable, after allowance for credit loss	265,215	284,136	298,354
Private education loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	260,911	280,457	292,840
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,699	2,403	1,343
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,040	976	843
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,823	2,344	1,050
Private education loans - Non-Nelnet Bank: | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	121
2021	3,030
2020	1,899
2019	3,318
2018	0
Prior years	1,858
Total loans	10,226
Private education loans - Non-Nelnet Bank: | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	10
2020	372
2019	858
2018	181
Prior years	1,417
Total loans	2,838
Private education loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	1,452
2021	2,811
2020	60,850
2019	46,346
2018	284
Prior years	153,730
Total loans	265,473
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	1,452
2021	2,796
2020	60,651
2019	46,107
2018	284
Prior years	149,621
Total loans	260,911
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	2
2020	10
2019	239
2018	0
Prior years	1,448
Total loans	1,699
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	13
2020	102
2019	0
2018	0
Prior years	925
Total loans	1,040
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	0
2020	87
2019	0
2018	0
Prior years	1,736
Total loans	1,823
Consumer loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	17,367
2021	17,818
2020	678
2019	4,089
2018	4,694
Prior years	67
Total loans	44,713	51,301	110,792
Accrued interest receivable	374	396	934
(Loan discount, net of unamortized premiums) Loan premium	1,040	913	1,845
Allowance for loan losses	(5,710)	(6,481)	(14,134)	(27,256)
Financing receivable, after allowance for credit loss	40,417	46,129	99,437
Consumer loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	43,424	49,697	108,126
Consumer loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	255	414	760
Consumer loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	304	322	577
Consumer loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	658	825	1,023
Consumer loans - Non-Nelnet Bank: | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	34
2020	0
2019	32
2018	6
Prior years	0
Total loans	72
Consumer loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	17,367
2021	17,784
2020	678
2019	4,057
2018	4,688
Prior years	67
Total loans	44,641
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	17,335
2021	17,475
2020	574
2019	3,738
2018	4,243
Prior years	59
Total loans	43,424
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	32
2021	74
2020	15
2019	99
2018	31
Prior years	4
Total loans	255
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	181
2020	50
2019	12
2018	57
Prior years	4
Total loans	304
Consumer loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	54
2020	39
2019	208
2018	357
Prior years	0
Total loans	658
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	126,936	159,204
2021	148,871	10,686
2020	9,661
2019	0
2018	0
Prior years	0
Total loans	285,468	169,890	79,231
Accrued interest receivable	418	264	125
(Loan discount, net of unamortized premiums) Loan premium	4,593	2,560	999
Deferred origination costs	4,593
Allowance for loan losses	(1,251)	(840)	(744)	$ (323)
Financing receivable, after allowance for credit loss	289,228	171,874	79,611
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	284,081	$ 169,157	$ 79,120
Private education loans - Nelnet Bank | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	133
2021	364
2020	0
2019	0
2018	0
Prior years	0
Total loans	497
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	139
2021	178
2020	0
2019	0
2018	0
Prior years	0
Total loans	317
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	126,664
2021	148,329
2020	9,661
2019	0
2018	0
Prior years	0
Total loans	284,654
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	126,380
2021	148,040
2020	9,661
2019	0
2018	0
Prior years	0
Total loans	284,081
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	284
2021	138
2020	0
2019	0
2018	0
Prior years	0
Total loans	422
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	78
2020	0
2019	0
2018	0
Prior years	0
Total loans	78
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2022	0
2021	73
2020	0
2019	0
2018	0
Prior years	0
Total loans	$ 73

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 16,919,254	$ 17,824,087
Discount on bonds and notes payable and debt issuance costs	(182,553)	(192,998)
Bonds and notes payable, net	16,736,701	17,631,089
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 0	$ 0
Interest rate	0.00%	0.00%
Participation agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 267,481	$ 253,969
Interest rate	1.08%	0.78%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 384,343	$ 483,848
Secured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 5,000	$ 5,000
Interest rate	2.05%	1.91%
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 15,144,282	$ 15,887,295
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	225,535	248,550
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	15,369,817	16,135,845
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	736,079	772,935
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 5,017	$ 5,048
Interest rate	0.61%	0.21%
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 28,039	$ 31,818
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	26,764	28,613
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 96,714	$ 107,011
Interest rate	0.55%	0.24%
Minimum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	0.95%	0.66%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	0.37%	0.23%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	0.00%	0.00%
Minimum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.42%	1.42%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	1.90%	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	1.46%	1.46%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.46%	2.10%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	1.43%	1.09%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	2.21%	1.85%
Maximum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Other borrowing agreement, termination notice period	5 days
Other borrowings, maximum	$ 400,000,000
Repurchase agreements, contractual maturity adjustment, written notice period		180 days
Repurchase agreements, amount collateralized by private education loan asset-backed securities	192,900,000
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities	191,400,000
Decrease in interest on bonds, notes payable, and bank deposits		$ 23,800,000
Repurchased debt during period	18,500,000	$ 0
Par value of asset-based securities	938,186,000		$ 929,669,000
Asset-backed securities
Debt Instrument [Line Items]
Par value of asset-based securities	398,100,000
Asset-based securities Financed through secured debt repurchase agreement	45,700,000
Union Bank and Trust Company
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities	267,500,000
Warehouse facilities | Federally insured student loans | NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount	60,000,000
Amount outstanding	5,000,000
Amount available	55,000,000
Advanced as equity support	300,000
Private Loan Warehouse Facility | Warehouse facilities
Debt Instrument [Line Items]
Maximum financing amount	175,000,000
Amount outstanding	96,700,000
Amount available	78,300,000
Advanced as equity support	$ 10,600,000
Private Loan Warehouse Facility | Warehouse facilities | Minimum
Debt Instrument [Line Items]
Advance rate	80.00%
Private Loan Warehouse Facility | Warehouse facilities | Maximum
Debt Instrument [Line Items]
Advance rate	90.00%
Unsecured Line of Credit | Line of Credit
Debt Instrument [Line Items]
Amount outstanding	$ 0
Amount available	495,000,000
Unsecured Line of Credit | Unsecured line of credit | Line of Credit
Debt Instrument [Line Items]
Maximum financing amount	495,000,000
Higher borrowing capacity option	$ 737,500,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 5,900,000,000	$ 5,900,000,000
2022
Derivative [Line Items]
Notional amount	2,000,000,000	2,000,000,000
2023
Derivative [Line Items]
Notional amount	750,000,000	750,000,000
2024
Derivative [Line Items]
Notional amount	1,750,000,000	1,750,000,000
2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
2027
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Apr. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate		0.091%	0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges | Subsequent Event
Derivative [Line Items]
Derivative, notional amount, terminated	$ 1,250
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023 | Subsequent Event
Derivative [Line Items]
Derivative, notional amount, terminated	500
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024 | Subsequent Event
Derivative [Line Items]
Derivative, notional amount, terminated	250
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025 | Subsequent Event
Derivative [Line Items]
Derivative, notional amount, terminated	$ 500

Derivative Financial Instrume_5

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 4,350,000,000	$ 5,000,000,000
Weighted average fixed rate paid by the Company	0.44%	0.55%
2022
Derivative [Line Items]
Notional amount	$ 0	$ 500,000,000
Weighted average fixed rate paid by the Company	0.00%	0.94%
2023
Derivative [Line Items]
Notional amount	$ 750,000,000	$ 900,000,000
Weighted average fixed rate paid by the Company	0.30%	0.62%
2024
Derivative [Line Items]
Notional amount	$ 2,500,000,000	$ 2,500,000,000
Weighted average fixed rate paid by the Company	0.35%	0.35%
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	$ 500,000,000	$ 500,000,000
Weighted average fixed rate paid by the Company	1.02%	1.02%
2031
Derivative [Line Items]
Notional amount	$ 100,000,000	$ 100,000,000
Weighted average fixed rate paid by the Company	1.53%	1.53%

Derivative Financial Instrume_6

Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ (2,809)	$ (4,304)
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(2,809)	(4,304)
Change in fair value	145,734	38,809
Derivative market value adjustments and derivative settlements, net - income (expense)	142,925	34,505
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	396	(19)
Change in fair value	889	2,799
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(3,205)	(4,285)
Change in fair value	$ 144,845	$ 36,010

Investments (Details)

Investments (Details) - USD ($)	Feb. 25, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments (at fair value):
Amortized cost		$ 945,420,000		$ 917,412,000
Gross unrealized gains		12,083,000		15,217,000
Gross unrealized losses		(19,317,000)		(2,960,000)
Fair value		938,186,000		929,669,000
Equity securities
Fair value		71,698,000		71,986,000
Total investments (at fair value)
Fair value		1,009,884,000		1,001,655,000
Other Investments (not measured at fair value):
Other debt securities - held-to-maturity		8,200,000		8,200,000
Total investments (not measured at fair value)		639,694,000		587,264,000
Total investments		1,649,578,000		1,588,919,000
Asset -backed securities unrealized loss position		640,600,000
Asset -backed securities unrealized loss position not due to credit loss		0
Private education loan asset-backed securities subject to repurchase agreements with third-parties		374,400,000
Loss from ALLO voting membership interest investment		13,130,000	$ 22,219,000
Equity securities, realized gain		2,117,000	2,321,000
Net loss attributable to noncontrolling interests		1,761,000	694,000
FFELP loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		507,378,000		480,691,000
Gross unrealized gains		12,079,000		14,710,000
Gross unrealized losses		(2,388,000)		(719,000)
Fair value		517,069,000		494,682,000
Private education loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		388,736,000		414,286,000
Gross unrealized gains		0		507,000
Gross unrealized losses		(16,851,000)		(2,241,000)
Fair value		371,885,000		412,552,000
Other debt securities - available-for-sale
Investments (at fair value):
Amortized cost		49,306,000		22,435,000
Gross unrealized gains		4,000		0
Gross unrealized losses		(78,000)		0
Fair value		49,232,000		22,435,000
Union Bank and Trust Company
Other Investments (not measured at fair value):
Amount of participation, student loan asset-backed securities		267,500,000
Miscellaneous Investments
Other Investments (not measured at fair value):
Beneficial interest in securitizations		130,354,000		120,142,000
Venture capital and funds: | Miscellaneous Investments
Other Investments (not measured at fair value):
Measurement alternative		164,368,000		157,609,000
Equity method		74,339,000		67,840,000
Total investments (not measured at fair value)		238,707,000		225,449,000
Real estate: | Miscellaneous Investments
Other Investments (not measured at fair value):
Equity method		50,257,000		47,226,000
Notes receivable		4,169,000		0
Total investments (not measured at fair value)		54,426,000		47,226,000
Partnership Interest | Miscellaneous Investments
Other Investments (not measured at fair value):
Equity method		108,773,000		87,247,000
Preferred membership interest and accrued and unpaid preferred return		139,459,000		137,342,000
Total investments (not measured at fair value)		248,232,000		224,589,000
Additional equity investment	$ 34,700,000
Loss from ALLO voting membership interest investment		13,100,000	22,200,000
Partnership Interest | Miscellaneous Investments | ALLO
Other Investments (not measured at fair value):
Preferred membership interest and accrued and unpaid preferred return		137,300,000
Equity method investment, accrued and unpaid preferred return		2,100,000
Beneficial interest in private education loan securitizations | Miscellaneous Investments
Other Investments (not measured at fair value):
Beneficial interest in securitizations		73,915,000		66,008,000
Loans corresponding to beneficial interest		680,000,000
Consumer loans | Miscellaneous Investments
Other Investments (not measured at fair value):
Beneficial interest in securitizations		31,222,000		28,366,000
Loans corresponding to beneficial interest		190,000,000
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments
Other Investments (not measured at fair value):
Beneficial interest in securitizations		25,217,000		25,768,000
Loans corresponding to beneficial interest		450,000,000
Solar
Other Investments (not measured at fair value):
Amount funded or committed to fund		231,400,000
Amount funded or committed to fund by partners		62,600,000
Equity method investment, amount committed to fund		19,000,000
Equity method investment, amount committed to fund by partners		14,800,000
Pre-tax loss from equity investment		1,000,000	1,700,000
Net loss attributable to noncontrolling interests		$ 1,800,000	600,000
Solar | Minimum
Other Investments (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period		5 years
Solar | Maximum
Other Investments (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period		6 years
Solar | Miscellaneous Investments
Other Investments (not measured at fair value):
Total investments (not measured at fair value)		$ (44,354,000)		(42,457,000)
Tax liens, affordable housing, and other | Miscellaneous Investments
Other Investments (not measured at fair value):
Total investments (not measured at fair value)		$ 4,129,000		$ 4,115,000
Preferred Partnership Interest | Miscellaneous Investments
Other Investments (not measured at fair value):
Equity method investment, preferred annual return		6.25%
Equity securities, realized gain		$ 2,100,000	$ 2,300,000

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	94 months
Amortizable intangible assets, net	$ 49,544	$ 52,029
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 99,366	97,398
Weighted average remaining useful life	100 months
Amortizable intangible assets, net	$ 45,926	47,894
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 4,236	3,669
Weighted average remaining useful life	21 months
Amortizable intangible assets, net	$ 3,618	$ 4,135

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 2.5	$ 8.4

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022 (April 1 - December 31)	$ 7,454
2023	9,830
2024	7,457
2025	4,644
2026	4,517
2027 and thereafter	15,642
Amortizable intangible assets, net	$ 49,544	$ 52,029

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 186,647	$ 123,598
Net income attributable to Nelnet, Inc., diluted	$ 186,647	$ 123,598
Weighted-average common shares outstanding - basic (in shares)	38,041,834	38,603,555
Weighted-average common shares outstanding - diluted (in shares)	38,041,834	38,603,555
Earnings per share - basic (in dollars per share)	$ 4.91	$ 3.20
Earnings per share - diluted (in dollars per share)	$ 4.91	$ 3.20
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 183,328	$ 121,766
Net income attributable to Nelnet, Inc., diluted	$ 183,328	$ 121,766
Weighted-average common shares outstanding - basic (in shares)	37,365,339	38,031,267
Weighted-average common shares outstanding - diluted (in shares)	37,365,339	38,031,267
Earnings per share - basic (in dollars per share)	$ 4.91	$ 3.20
Earnings per share - diluted (in dollars per share)	$ 4.91	$ 3.20
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 3,319	$ 1,832
Net income attributable to Nelnet, Inc., diluted	$ 3,319	$ 1,832
Weighted-average common shares outstanding - basic (in shares)	676,495	572,288
Weighted-average common shares outstanding - diluted (in shares)	676,495	572,288
Earnings per share - basic (in dollars per share)	$ 4.91	$ 3.20
Earnings per share - diluted (in dollars per share)	$ 4.91	$ 3.20

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total interest income	$ 125,196	$ 129,103
Interest expense	48,079	27,773
Net interest income	77,117	101,330
Negative provision for loan losses	(435)	(17,048)
Net interest income after provision for loan losses	77,552	118,378
Other income/expense:
Intersegment revenue	0	0
Other	9,877	(2,168)
Gain on sale of loans	2,989	0
Derivative settlements, net	(2,809)	(4,304)
Derivative market value adjustments, net	145,734	38,809
Total other income/expense	404,445	239,112
Cost to provide education technology, services, and payment processing services	35,545	27,052
Operating expenses:
Salaries and benefits	149,414	115,791
Depreciation and amortization	16,956	20,184
Other expenses	39,499	36,698
Intersegment expenses, net	0	0
Total operating expenses	205,869	172,673
Income before income taxes	240,583	157,765
Income tax (expense) benefit	(55,697)	(34,861)
Net income	184,886	122,904
Net loss attributable to noncontrolling interests	1,761	694
Net income attributable to Nelnet, Inc.	186,647	123,598
Total assets	20,989,741	22,167,208	$ 21,678,041
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	67	34
Interest expense	24	23
Net interest income	43	11
Negative provision for loan losses	0	0
Net interest income after provision for loan losses	43	11
Other income/expense:
Intersegment revenue	8,480	8,268
Other	740	1,113
Gain on sale of loans	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	145,588	120,898
Cost to provide education technology, services, and payment processing services	0	0
Operating expenses:
Salaries and benefits	91,972	66,458
Depreciation and amortization	4,954	8,192
Other expenses	16,213	13,285
Intersegment expenses, net	20,398	16,890
Total operating expenses	133,537	104,825
Income before income taxes	12,094	16,084
Income tax (expense) benefit	(2,903)	(3,860)
Net income	9,191	12,224
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	9,191	12,224
Total assets	259,712	191,910
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	339	263
Interest expense	0	0
Net interest income	339	263
Negative provision for loan losses	0	0
Net interest income after provision for loan losses	339	263
Other income/expense:
Intersegment revenue	3	3
Other	0	0
Gain on sale of loans	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	112,289	95,261
Cost to provide education technology, services, and payment processing services	35,545	27,052
Operating expenses:
Salaries and benefits	31,286	25,941
Depreciation and amortization	2,315	3,071
Other expenses	5,764	4,822
Intersegment expenses, net	4,605	3,664
Total operating expenses	43,970	37,498
Income before income taxes	33,113	30,974
Income tax (expense) benefit	(7,947)	(7,434)
Net income	25,166	23,540
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	25,166	23,540
Total assets	376,794	372,315
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	118,598	126,402
Interest expense	46,003	26,950
Net interest income	72,595	99,452
Negative provision for loan losses	(864)	(17,470)
Net interest income after provision for loan losses	73,459	116,922
Other income/expense:
Intersegment revenue	0	0
Other	6,511	2,881
Gain on sale of loans	2,989	0
Derivative settlements, net	(2,809)	(4,304)
Derivative market value adjustments, net	145,734	38,809
Total other income/expense	152,425	37,386
Cost to provide education technology, services, and payment processing services	0	0
Operating expenses:
Salaries and benefits	591	495
Depreciation and amortization	0	0
Other expenses	3,033	3,777
Intersegment expenses, net	8,831	8,427
Total operating expenses	12,455	12,699
Income before income taxes	213,429	141,609
Income tax (expense) benefit	(51,223)	(33,987)
Net income	162,206	107,622
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	162,206	107,622
Total assets	18,158,972	20,367,532
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	3,030	1,376
Interest expense	856	194
Net interest income	2,174	1,182
Negative provision for loan losses	429	422
Net interest income after provision for loan losses	1,745	760
Other income/expense:
Intersegment revenue	0	0
Other	1,500	22
Gain on sale of loans	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	1,500	22
Cost to provide education technology, services, and payment processing services	0	0
Operating expenses:
Salaries and benefits	1,554	1,488
Depreciation and amortization	3	0
Other expenses	682	545
Intersegment expenses, net	45	3
Total operating expenses	2,284	2,036
Income before income taxes	961	(1,254)
Income tax (expense) benefit	(223)	286
Net income	738	(968)
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	738	(968)
Total assets	656,242	296,908
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	3,992	1,246
Interest expense	2,026	824
Net interest income	1,966	422
Negative provision for loan losses	0	0
Net interest income after provision for loan losses	1,966	422
Other income/expense:
Intersegment revenue	0	0
Other	1,125	(6,184)
Gain on sale of loans	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	1,125	(6,184)
Cost to provide education technology, services, and payment processing services	0	0
Operating expenses:
Salaries and benefits	24,012	21,409
Depreciation and amortization	9,684	8,920
Other expenses	13,804	14,272
Intersegment expenses, net	(25,396)	(20,713)
Total operating expenses	22,104	23,888
Income before income taxes	(19,013)	(29,650)
Income tax (expense) benefit	6,598	10,133
Net income	(12,415)	(19,517)
Net loss attributable to noncontrolling interests	1,761	694
Net income attributable to Nelnet, Inc.	(10,654)	(18,823)
Total assets	2,066,417	1,148,560
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(828)	(218)
Interest expense	(828)	(218)
Net interest income	0	0
Negative provision for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income/expense:
Intersegment revenue	(8,483)	(8,271)
Other	0	0
Gain on sale of loans	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income/expense	(8,483)	(8,271)
Cost to provide education technology, services, and payment processing services	0	0
Operating expenses:
Salaries and benefits	0	0
Depreciation and amortization	0	0
Other expenses	0	0
Intersegment expenses, net	(8,483)	(8,271)
Total operating expenses	(8,483)	(8,271)
Income before income taxes	0	0
Income tax (expense) benefit	0	0
Net income	0	0
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	0	0
Total assets	(528,396)	(210,017)
Loan servicing and systems
Other income/expense:
Revenue	136,368	111,517
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income/expense:
Revenue	136,368	111,517
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income/expense:
Revenue	0	0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income/expense:
Revenue	0	0
Loan servicing and systems | Operating Segments | Nelnet Bank
Other income/expense:
Revenue	0	0
Loan servicing and systems | Corporate and Other Activities
Other income/expense:
Revenue	0	0
Loan servicing and systems | Eliminations
Other income/expense:
Revenue	0	0
Education technology, services, and payment processing
Other income/expense:
Revenue	112,286	95,258
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income/expense:
Revenue	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income/expense:
Revenue	112,286	95,258
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income/expense:
Revenue	0	0
Education technology, services, and payment processing | Operating Segments | Nelnet Bank
Other income/expense:
Revenue	0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income/expense:
Revenue	0	0
Education technology, services, and payment processing | Eliminations
Other income/expense:
Revenue	$ 0	$ 0

Disaggregated Revenue - Disaggr

Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 136,368	$ 111,517
Government servicing - Nelnet
Disaggregation of Revenue [Line Items]
Revenue	61,049	34,872
Government servicing - Great Lakes
Disaggregation of Revenue [Line Items]
Revenue	48,076	43,302
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,873	8,548
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,248	4,670
Software services
Disaggregation of Revenue [Line Items]
Revenue	7,400	8,454
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	2,722	11,671
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue	112,286	95,258
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	30,716	29,550
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	38,071	33,038
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	43,251	32,527
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 248	$ 143

Disaggregated Revenue - Other I

Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	$ 11,856	$ 8,498
Borrower late fee income	2,431	442
ALLO preferred return	2,117	2,321
Impairment expense and provision for beneficial interests, net	0	2,436
Loss from ALLO voting membership interest investment	(13,130)	(22,219)
Other	6,351	5,336
Total other	9,877	(2,168)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(1,030)	(1,679)
ALLO preferred return
Disaggregation of Revenue [Line Items]
Investment advisory services	$ 1,282	$ 2,697

Fair Value - Fair Value, Assets

Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Fair value	$ 1,009,884	$ 1,001,655
Total assets	1,009,884	1,001,655
FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	517,069	494,682
Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	371,885	412,552
Other debt securities - available-for-sale
Financial assets:
Fair value	49,232	22,435
Equity securities
Financial assets:
Fair value	59,943	63,154
Equity securities measured at net asset value
Financial assets:
Fair value	11,755	8,832
Level 1
Financial assets:
Fair value	60,043	63,254
Total assets	60,043	63,254
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	100
Level 1 | Equity securities
Financial assets:
Fair value	59,943	63,154
Level 2
Financial assets:
Fair value	938,086	929,569
Total assets	938,086	929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	517,069	494,682
Level 2 | Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	371,885	412,552
Level 2 | Other debt securities - available-for-sale
Financial assets:
Fair value	49,132	22,335
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	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Loans receivable	$ 17,621,576	$ 18,335,197
Accrued loan interest receivable	774,774	788,552
Cash and cash equivalents	162,785	125,563	$ 144,229	$ 121,249
Investments (at fair value)	1,649,578	1,588,919
Restricted cash - due to customers	256,927	326,645	$ 193,081	$ 283,971
Financial liabilities:
Accrued interest payable	7,216	4,566
Bank deposits	484,047	344,315
Due to customers	276,191	366,002
Fair value
Financial assets:
Loans receivable	17,656,032	18,576,272
Accrued loan interest receivable	774,774	788,552
Cash and cash equivalents	162,785	125,563
Investments (at fair value)	1,009,884	1,001,655
Beneficial interest in loan securitizations	145,623	142,391
Restricted cash	757,954	741,981
Restricted cash - due to customers	256,927	326,645
Financial liabilities:
Bonds and notes payable	16,705,877	17,819,902
Accrued interest payable	7,216	4,566
Bank deposits	469,559	342,463
Due to customers	276,191	366,002
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	162,785	125,563
Investments (at fair value)	60,043	63,254
Beneficial interest in loan securitizations	0	0
Restricted cash	757,954	741,981
Restricted cash - due to customers	256,927	326,645
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	189,319	184,897
Due to customers	276,191	366,002
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	774,774	788,552
Cash and cash equivalents	0	0
Investments (at fair value)	938,086	929,569
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	16,705,877	17,819,902
Accrued interest payable	7,216	4,566
Bank deposits	280,240	157,566
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	17,656,032	18,576,272
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Beneficial interest in loan securitizations	145,623	142,391
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	16,846,802	17,546,645
Accrued loan interest receivable	774,774	788,552
Cash and cash equivalents	162,785	125,563
Investments (at fair value)	1,009,884	1,001,655
Beneficial interest in loan securitizations	130,354	120,142
Restricted cash	757,954	741,981
Restricted cash - due to customers	256,927	326,645
Financial liabilities:
Bonds and notes payable	16,736,701	17,631,089
Accrued interest payable	7,216	4,566
Bank deposits	484,047	344,315
Due to customers	$ 276,191	$ 366,002