Nelnet (NNI) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,437,070
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,673,659

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $119,057 and $127,113, respectively)	$ 15,876,251	$ 18,335,197
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	30,800	30,128
Cash and cash equivalents - held at a related party	32,398	95,435
Total cash and cash equivalents	63,198	125,563
Investments and notes receivable	2,063,514	1,588,919
Restricted cash	799,212	741,981
Restricted cash - due to customers	180,919	326,645
Accounts receivable (net of allowance for doubtful accounts of $3,195 and $1,160, respectively)	121,945	163,315
Goodwill	172,033	142,092
Intangible assets, net	70,368	52,029
Property and equipment, net	127,094	119,413
Other assets	88,999	82,887
Total assets	19,563,533	21,678,041
Liabilities:
Bonds and notes payable	15,042,595	17,631,089
Accrued interest payable	21,796	4,566
Bank deposits	580,825	344,315
Other liabilities	445,606	379,231
Due to customers	306,352	366,002
Total liabilities	16,397,174	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	837	1,000
Retained earnings	3,208,044	2,940,523
Accumulated other comprehensive (loss) earnings, net	(28,639)	9,304
Total Nelnet, Inc. shareholders' equity	3,180,614	2,951,206
Noncontrolling interests	(14,255)	1,632
Total equity	3,166,359	2,952,838
Total liabilities and equity	19,563,533	21,678,041
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $119,057 and $127,113, respectively)	15,173,335	17,981,414
Cash and cash equivalents:
Restricted cash	712,435	674,073
Liabilities:
Bonds and notes payable	14,725,098	17,462,456
Common stock:
Accrued interest payable and other liabilities	(96,004)	(36,276)
Net assets of consolidated education lending variable interest entities	1,064,668	1,156,755
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,483,298 shares and 27,239,654 shares, respectively
Common stock:
Common stock	265	272
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,673,659 shares and 10,676,642 shares, respectively
Common stock:
Common stock	$ 107	$ 107

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for loan losses	$ 119,057	$ 127,113
Allowance for doubtful accounts	$ 3,195	$ 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)	26,483,298	27,239,654
Shares outstanding (in shares)	26,483,298	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)	10,673,659	10,676,642
Shares outstanding (in shares)	10,673,659	10,676,642

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Loan interest	$ 176,244	$ 124,096	$ 422,327	$ 370,219
Investment interest	26,889	12,558	57,589	29,122
Total interest income	203,133	136,654	479,916	399,341
Interest expense on bonds and notes payable and bank deposits	126,625	50,176	248,347	127,939
Net interest income	76,508	86,478	231,569	271,402
Provision (negative provision) for loan losses	9,665	5,827	18,640	(10,847)
Net interest income after provision for loan losses	66,843	80,651	212,929	282,249
Other income/expense:
Other	2,225	11,867	24,750	30,183
Gain on sale of loans	2,627	3,444	5,616	18,715
Impairment expense and provision for beneficial interests, net	121	(14,159)	(6,163)	(12,223)
Derivative market value adjustments and derivative settlements, net	63,262	1,351	251,210	28,868
Total other income/expense	318,684	200,178	990,420	658,788
Total cost of services	48,644	31,335	115,041	80,063
Operating expenses:
Salaries and benefits	147,198	128,592	438,010	363,351
Depreciation and amortization	18,772	15,710	53,978	56,129
Other expenses	43,858	38,324	120,297	107,611
Total operating expenses	209,828	182,626	612,285	527,091
Income before income taxes	127,055	66,868	476,023	333,883
Income tax expense	26,586	15,649	107,765	76,747
Net income	100,469	51,219	368,258	257,136
Net loss attributable to noncontrolling interests	4,329	1,919	8,315	3,467
Net income attributable to Nelnet, Inc.	$ 104,798	$ 53,138	$ 376,573	$ 260,603
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Weighted-average common shares outstanding - basic (in shares)	37,380,493	38,595,721	37,708,425	38,646,892
Weighted-average common shares outstanding - diluted (in shares)	37,380,493	38,595,721	37,708,425	38,646,892
Loan servicing and systems revenue
Other income/expense:
Revenue	$ 134,197	$ 112,351	$ 395,438	$ 335,961
Education technology, services, and payment processing revenue
Other income/expense:
Revenue	106,894	85,324	310,211	257,284
Total cost of services	42,676	31,335	109,073	80,063
Solar construction revenue
Other income/expense:
Revenue	9,358	0	9,358	0
Total cost of services	$ 5,968	$ 0	$ 5,968	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 100,469	$ 51,219	$ 368,258	$ 257,136
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	18	(9)	19	(9)
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net	4,790	4,524	(45,730)	11,770
Reclassification of gains recognized in net income, net of losses	(578)	(1,173)	(4,220)	(2,052)
Income tax effect	(1,011)	(804)	11,988	(2,332)
Unrealized gains (losses) during period after reclassifications and tax	3,201	2,547	(37,962)	7,386
Other comprehensive income (loss)	3,219	2,538	(37,943)	7,377
Comprehensive income	103,688	53,757	330,315	264,513
Comprehensive loss attributable to noncontrolling interests	4,329	1,919	8,315	3,467
Comprehensive income attributable to Nelnet, Inc.	$ 108,017	$ 55,676	$ 338,630	$ 267,980

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock	Common stock Common Class A	Common stock Common 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	11,823							11,823
Net income (loss)	257,136					260,603		(3,467)
Other comprehensive income (loss)	7,377						7,377
Distribution to noncontrolling interests	(6,954)							(6,954)
Cash dividend on Class A and Class B common stock	(25,319)					(25,319)
Issuance of common stock, net of forfeitures (in shares)			261,760
Issuance of common stock, net of forfeitures	4,409		$ 3		4,406
Compensation expense for stock based awards	7,628				7,628
Repurchase of common stock (in shares)			(372,661)
Repurchase of common stock	(27,486)		$ (4)		(14,235)	(13,247)
Conversion of common stock (in shares)			474,117	(474,117)
Conversion of common stock	0		$ 5	$ (5)
Ending balance (in shares) at Sep. 30, 2021		0	27,556,370	10,681,454
Ending balance at Sep. 30, 2021	2,856,963	$ 0	$ 276	$ 107	1,593	2,843,799	13,479	(2,291)
Beginning balance (in shares) at Jun. 30, 2021		0	27,494,942	11,054,171
Beginning balance at Jun. 30, 2021	2,828,618	$ 0	$ 275	$ 111	10,158	2,812,315	10,941	(5,182)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	4,935							4,935
Net income (loss)	51,219					53,138		(1,919)
Other comprehensive income (loss)	2,538						2,538
Distribution to noncontrolling interests	(125)							(125)
Cash dividend on Class A and Class B common stock	(8,407)					(8,407)
Issuance of common stock, net of forfeitures (in shares)			29,805
Issuance of common stock, net of forfeitures	493				493
Compensation expense for stock based awards	2,770				2,770
Repurchase of common stock (in shares)			(341,094)
Repurchase of common stock	(25,078)		$ (3)		(11,828)	(13,247)
Conversion of common stock (in shares)			372,717	(372,717)
Conversion of common stock	0		$ 4	$ (4)
Ending balance (in shares) at Sep. 30, 2021		0	27,556,370	10,681,454
Ending balance at Sep. 30, 2021	2,856,963	$ 0	$ 276	$ 107	1,593	2,843,799	13,479	(2,291)
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	25,297							25,297
Net income (loss)	368,258					376,573		(8,315)
Other comprehensive income (loss)	(37,943)						(37,943)
Distribution to noncontrolling interests	(32,869)							(32,869)
Cash dividend on Class A and Class B common stock	(26,960)					(26,960)
Issuance of common stock, net of forfeitures (in shares)			348,831
Issuance of common stock, net of forfeitures	6,978		$ 4		6,974
Compensation expense for stock based awards	9,659				9,659
Repurchase of common stock (in shares)			(1,108,170)
Repurchase of common stock	(93,224)		$ (11)		(16,796)	(76,417)
Conversion of common stock (in shares)			2,983	(2,983)
Conversion of common stock	0
Other	(5,675)					(5,675)
Ending balance (in shares) at Sep. 30, 2022		0	26,483,298	10,673,659
Ending balance at Sep. 30, 2022	3,166,359	$ 0	$ 265	$ 107	837	3,208,044	(28,639)	(14,255)
Beginning balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Beginning balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	14,018							14,018
Net income (loss)	100,469					104,798		(4,329)
Other comprehensive income (loss)	3,219						3,219
Distribution to noncontrolling interests	(17,707)							(17,707)
Cash dividend on Class A and Class B common stock	(8,925)					(8,925)
Issuance of common stock, net of forfeitures (in shares)			38,192
Issuance of common stock, net of forfeitures	477		$ 1		476
Compensation expense for stock based awards	3,631				3,631
Repurchase of common stock (in shares)			(169,860)
Repurchase of common stock	(14,293)		$ (2)		(4,450)	(9,841)
Conversion of common stock (in shares)			1,233	(1,233)
Conversion of common stock	0
Other	(5,675)					(5,675)
Ending balance (in shares) at Sep. 30, 2022		0	26,483,298	10,673,659
Ending balance at Sep. 30, 2022	$ 3,166,359	$ 0	$ 265	$ 107	$ 837	$ 3,208,044	$ (28,639)	$ (14,255)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.24	$ 0.22	$ 0.72	$ 0.66
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.24	$ 0.22	$ 0.72	$ 0.66

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 376,573	$ 260,603
Net loss attributable to noncontrolling interests		(8,315)	(3,467)
Net income		368,258	257,136
Adjustments to reconcile net income to net cash provided by operating activities, net of business acquisitions:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		113,655	113,651
Loan discount accretion		(27,963)	(25,048)
Provision (negative provision) for loan losses		18,640	(10,847)
Derivative market value adjustments		(239,125)	(44,455)
Proceeds from termination of derivative instruments, net		91,786	0
Proceeds from clearinghouse - initial and variation margin, net of payments		227,448	41,033
Gain on sale of loans		(5,616)	(18,715)
Loss (gain) on investments, net		13,605	(293)
(Gain) loss from repurchases of debt, net		(1,231)	3,964
Proceeds from sale (purchases) of equity securities, net		42,863	(41,591)
Deferred income tax expense		57,633	33,078
Non-cash compensation expense		9,872	7,824
Provision for beneficial interests and impairment expense, net		6,163	12,223
Increase in loan and investment accrued interest receivable		(16,206)	(41,931)
Decrease (increase) in accounts receivable		47,514	(2,137)
(Increase) decrease in other assets, net		(73,291)	35,381
Decrease in the carrying amount of ROU asset, net		4,476	5,652
Increase (decrease) in accrued interest payable		17,230	(24,260)
Increase in other liabilities, net		5,388	41,040
Decrease in the carrying amount of lease liability		(4,227)	(5,158)
Net cash provided by operating activities		656,872	336,547
Cash flows from investing activities, net of business acquisitions:
Purchases and originations of loans		(539,118)	(1,145,775)
Purchases of loans from a related party		(8,242)	(21,476)
Net proceeds from loan repayments, claims, and capitalized interest		2,955,097	2,010,645
Proceeds from sale of loans		38,559	85,906
Purchases of available-for-sale securities		(944,588)	(521,565)
Proceeds from sales of available-for-sale securities		450,457	104,520
Proceeds from beneficial interest in loan securitizations		17,754	30,811
Purchases of other investments and issuance of notes receivable		(192,773)	(166,664)
Proceeds from other investments		42,524	209,634
Purchases of property and equipment		(44,423)	(42,594)
Business acquisitions, net of cash acquired		(35,973)	0
Net cash provided by investing activities		1,739,274	543,442
Cash flows from financing activities, net of business acquisitions:
Payments on bonds and notes payable		(3,035,082)	(2,479,582)
Proceeds from issuance of bonds and notes payable		413,391	1,738,405
Payments of debt issuance costs		(1,160)	(6,778)
Increase in bank deposits, net		236,510	146,018
(Decrease) increase in due to customers		(59,467)	53,146
Dividends paid		(26,960)	(25,319)
Repurchases of common stock		(93,224)	(27,486)
Proceeds from issuance of common stock		1,206	1,108
Issuance of noncontrolling interests		19,380	13,905
Distribution to noncontrolling interests		(1,153)	(548)
Net cash used in financing activities		(2,546,559)	(587,131)
Effect of exchange rate changes on cash		(447)	(175)
Net (decrease) increase in cash, cash equivalents, and restricted cash		(150,860)	292,683
Cash, cash equivalents, and restricted cash, beginning of period		1,194,189	958,395
Cash, cash equivalents, and restricted cash, end of period		1,043,329	1,251,078
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		196,278	117,336
Cash disbursements made for income taxes, net of refunds and credits received	[1]	37,467	10,921
Cash disbursements made for operating leases		5,221	6,003
Non-cash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		5,981	4,026
Receipt of beneficial interest in consumer loan securitizations		8,336	23,506
Distribution to noncontrolling interests		31,716	6,406
Issuance of noncontrolling interests		$ 5,917	$ 2,082
[1]The Company utilized $9.4 million and $22.2 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2022 and 2021, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 9,400	$ 22,200
Cash and cash equivalents:
Total cash and cash equivalents	63,198	191,936
Restricted cash	799,212	764,089
Restricted cash - due to customers	180,919	295,053
Cash, cash equivalents, and restricted cash	$ 1,043,329	$ 1,251,078

Basis of Financial Reporting

Basis of Financial Reporting	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial Reporting The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of September 30, 2022 and for the three and nine months ended September 30, 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 and nine months ended September 30, 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"). Reclassification of Prior Period Cash Flows Presentation Prior to June 30, 2022, the line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was presented in cash flows from operating activities. Beginning in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, the Company corrected this presentation in its statements of cash flows to show this activity as a financing activity. This correction had no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction had a corresponding impact on the amounts of cash flows from operating and financing activities, it had no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements, or its previously issued financial statements for 2021, 2020, and 2019.

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 3,298,138 3,904,000 Consolidation 11,002,253 13,187,047 Total 14,300,391 17,091,047 Private education loans 262,183 299,442 Consumer and other loans 231,441 51,301 Non-Nelnet Bank loans 14,794,015 17,441,790 Nelnet Bank: Federally insured student loans 72,905 88,011 Private education loans 356,571 169,890 Nelnet Bank loans 429,476 257,901 Accrued interest receivable 793,838 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (22,021) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (87,778) (103,381) Private education loans (15,577) (16,143) Consumer and other loans (13,290) (6,481) Non-Nelnet Bank allowance for loan losses (116,645) (126,005) Nelnet Bank: Federally insured loans (164) (268) Private education loans (2,248) (840) Nelnet Bank allowance for loan losses (2,412) (1,108) $ 15,876,251 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 September 30, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans (a) 0.61 % 0.60 % Private education loans 5.94 % 5.39 % Consumer and other loans (b) 5.74 % 12.63 % Nelnet Bank: Federally insured student loans (a) 0.22 % 0.30 % Private education loans 0.63 % 0.49 % (a) As of September 30, 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 22.3% and 22.2%, respectively, and for Nelnet Bank was 8.9% and 12.1%, respectively. (b) During 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of September 30, 2022 as compared to December 31, 2021. Gain on Sale of Loans On January 26, 2022 and July 7, 2022, the Company sold $18.1 million (par value) and $28.9 million (par value) of consumer loans, respectively, to an unrelated third party who securitized such loans. The Company recognized a gain of $3.0 million (pre-tax) and $2.6 million (pre-tax), respectively, as part of these transactions. As partial consideration received for the consumer loans sold, the Company received a 6.6 percent and 7.6 percent residual interest, respectively, in the consumer loan securitizations that are included in "investments and notes receivable" 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 September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 92,593 888 (5,715) — 12 — 87,778 Private education loans 15,253 1,154 (1,066) 236 — — 15,577 Consumer and other loans 10,576 7,173 (1,021) 147 — (3,585) 13,290 Nelnet Bank: Federally insured loans 258 (94) — — — — 164 Private education loans 1,744 504 — — — — 2,248 $ 120,424 9,625 (7,802) 383 12 (3,585) 119,057 Three months ended September 30, 2021 Non-Nelnet Bank: Federally insured loans $ 120,802 4,452 (10,330) — 935 — 115,859 Private education loans 19,403 (1,208) (954) 113 — (301) 17,053 Consumer and other loans 4,702 2,696 (1,133) 187 — (2,023) 4,429 Nelnet Bank: Federally insured loans 245 44 — — — — 289 Private education loans 567 (157) — 4 — — 414 $ 145,719 5,827 (12,417) 304 935 (2,324) 138,044 Nine months ended September 30, 2022 Non-Nelnet Bank Federally insured loans $ 103,381 505 (16,264) — 156 — 87,778 Private education loans 16,143 1,971 (3,072) 531 — 4 15,577 Consumer and other loans 6,481 14,702 (2,489) 465 — (5,869) 13,290 Nelnet Bank Federally insured loans 268 (102) (2) — — — 164 Private education loans 840 1,499 (87) — — (4) 2,248 $ 127,113 18,575 (21,914) 996 156 (5,869) 119,057 Nine months ended September 30, 2021 Non-Nelnet Bank Federally insured loans $ 128,590 (3,428) (11,563) — 2,260 — 115,859 Private education loans 19,529 (781) (1,850) 454 — (299) 17,053 Consumer and other loans 27,256 (7,016) (4,547) 668 — (11,932) 4,429 Nelnet Bank Federally insured loans — 289 — — — — 289 Private education loans 323 89 — 4 — (2) 414 $ 175,698 (10,847) (17,960) 1,126 2,260 (12,233) 138,044 (a) During the three months ended September 30, 2022 and 2021, and nine months ended September 30, 2022 and 2021, the Company acquired $0.9 million (par value), $64.6 million (par value), $11.6 million (par value), and $153.3 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 during the first quarter of 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 first quarter of 2022 as a result of loans acquired during the period. The Company recorded a provision for loan losses for its federally insured, private education, consumer, and other loan portfolios during the second and third quarters of 2022 due to management's estimate of declining economic conditions. In addition, the Company recorded provision for loan losses on its consumer and other loan and Nelnet Bank private education loan portfolios during these periods as a result of loans acquired and originated during the period. The provision for loan losses recognized by the Company for its federally insured loan portfolio during these periods was partially offset due to the continued amortization of the portfolio. Unfunded Private Education Loan Commitments As of September 30, 2022, Nelnet Bank has a liability of approximately $76,000 related to $4.3 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 nine months ended September 30, 2022, Nelnet Bank recognized provision for loan losses of approximately $65,000 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, consumer, and other 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 September 30, 2022 As of December 31, 2021 As of September 30, 2021 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 719,724 5.0 % $ 829,624 4.9 % $ 909,228 5.0 % Loans in forbearance 1,384,709 9.7 1,118,667 6.5 1,826,082 10.1 Loans in repayment status: Loans current 10,454,046 85.7 % 12,847,685 84.9 % 13,525,751 88.1 % Loans delinquent 31-60 days 431,471 3.6 895,656 5.9 548,670 3.6 Loans delinquent 61-90 days 261,616 2.1 352,449 2.3 286,681 1.9 Loans delinquent 91-120 days 185,753 1.5 251,075 1.7 163,447 1.1 Loans delinquent 121-270 days 540,555 4.4 592,449 3.9 467,441 3.0 Loans delinquent 271 days or greater 322,517 2.7 203,442 1.3 354,188 2.3 Total loans in repayment 12,195,958 85.3 100.0 % 15,142,756 88.6 100.0 % 15,346,178 84.9 100.0 % Total federally insured loans 14,300,391 100.0 % 17,091,047 100.0 % 18,081,488 100.0 % Accrued interest receivable 786,494 784,716 831,142 Loan discount, net of unamortized premiums and deferred origination costs (25,381) (28,309) (23,229) Allowance for loan losses (87,778) (103,381) (115,859) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 14,973,726 $ 17,744,073 $ 18,773,542 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 15,556 5.9 % $ 9,661 3.2 % $ 10,282 3.2 % Loans in forbearance 2,745 1.1 3,601 1.2 3,554 1.1 Loans in repayment status: Loans current 238,926 98.0 % 280,457 98.0 % 300,231 98.3 % Loans delinquent 31-60 days 2,014 0.8 2,403 0.8 1,870 0.6 Loans delinquent 61-90 days 992 0.4 976 0.3 912 0.3 Loans delinquent 91 days or greater 1,950 0.8 2,344 0.9 2,363 0.8 Total loans in repayment 243,882 93.0 100.0 % 286,180 95.6 100.0 % 305,376 95.7 100.0 % Total private education loans 262,183 100.0 % 299,442 100.0 % 319,212 100.0 % Accrued interest receivable 2,207 1,960 2,076 Loan discount, net of unamortized premiums (185) (1,123) (1,496) Allowance for loan losses (15,577) (16,143) (17,053) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 248,628 $ 284,136 $ 302,739 As of September 30, 2022 As of December 31, 2021 As of September 30, 2021 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 29 0.0 % $ 43 0.1 % $ 18 0.0 % Loans in repayment status: Loans current 228,827 98.9 % 49,697 97.0 % 35,744 96.6 % Loans delinquent 31-60 days 1,019 0.4 414 0.8 319 0.9 Loans delinquent 61-90 days 427 0.2 322 0.6 243 0.7 Loans delinquent 91 days or greater 1,139 0.5 825 1.6 670 1.8 Total loans in repayment 231,412 100.0 100.0 % 51,258 99.9 100.0 % 36,976 100.0 100.0 % Total consumer and other loans 231,441 100.0 % 51,301 100.0 % 36,994 100.0 % Accrued interest receivable 2,561 396 280 Loan discount, net of unamortized premiums (1,847) 913 664 Allowance for loan losses (13,290) (6,481) (4,429) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 218,865 $ 46,129 $ 33,509 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 274 0.4 % $ 330 0.4 % $ 283 0.3 % Loans in forbearance 2,551 3.5 1,057 1.2 1,722 1.8 Loans in repayment status: Loans current 68,970 98.4 % 85,599 98.8 % 91,366 99.4 % Loans delinquent 30-59 days 353 0.5 816 1.0 277 0.3 Loans delinquent 60-89 days 130 0.2 — — 35 0.0 Loans delinquent 90-119 days 5 0.0 — — 45 0.1 Loans delinquent 120-270 days 508 0.7 209 0.2 202 0.2 Loans delinquent 271 days or greater 114 0.2 — — — — Total loans in repayment 70,080 96.1 100.0 % 86,624 98.4 100.0 % 91,925 97.9 100.0 % Total federally insured loans 72,905 100.0 % 88,011 100.0 % 93,930 100.0 % Accrued interest receivable 1,607 1,216 1,177 Loan premium 23 26 28 Allowance for loan losses (164) (268) (289) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 74,371 $ 88,985 $ 94,846 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 10,888 3.1 % $ 150 0.1 % $ 82 0.1 % Loans in forbearance 524 0.1 460 0.3 193 0.2 Loans in repayment status: Loans current 344,469 99.8 % 169,157 99.9 % 98,120 100.0 % Loans delinquent 30-59 days 197 0.1 51 0.0 — — Loans delinquent 60-89 days 79 0.0 — — — — Loans delinquent 90 days or greater 414 0.1 72 0.1 — — Total loans in repayment 345,159 96.8 100.0 % 169,280 99.6 100.0 % 98,120 99.7 100.0 % Total private education loans 356,571 100.0 % 169,890 100.0 % 98,395 100.0 % Accrued interest receivable 969 264 156 Deferred origination costs, net of unaccreted discount 5,369 2,560 1,430 Allowance for loan losses (2,248) (840) (414) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 360,661 $ 171,874 $ 99,567 (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 September 30, 2022 Nine months ended September 30, 2022 2021 2020 Total FICO at origination: Less than 705 $ 5,105 5,516 350 10,971 705 - 734 21,916 10,745 537 33,198 735 - 764 34,495 17,107 1,485 53,087 765 - 794 57,481 32,421 1,639 91,541 Greater than 794 88,097 73,190 6,487 167,774 $ 207,094 138,979 10,498 356,571 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 education, consumer, and other loans on nonaccrual status, as well as the allowance for loan losses related to such loans, as of December 31, 2021 and September 30, 2022, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 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. Nine months ended September 30, 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 2,051 7,282 1,664 2,956 101 1,502 15,556 Loans in forbearance — 30 423 1,244 134 914 2,745 Loans in repayment status: Loans current 3,877 2,912 55,156 42,006 172 134,803 238,926 Loans delinquent 31-60 days — 11 9 174 38 1,782 2,014 Loans delinquent 61-90 days — 35 202 76 — 679 992 Loans delinquent 91 days or greater — — 13 — — 1,937 1,950 Total loans in repayment 3,877 2,958 55,380 42,256 210 139,201 243,882 Total private education loans $ 5,928 10,270 57,467 46,456 445 141,617 262,183 Accrued interest receivable 2,207 Loan discount, net of unamortized premiums (185) Allowance for loan losses (15,577) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 248,628 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 20 — — — 9 — 29 Loans in repayment status: Loans current 190,237 32,198 1,682 2,419 2,272 19 228,827 Loans delinquent 31-60 days 535 320 60 76 28 — 1,019 Loans delinquent 61-90 days 328 73 3 13 10 — 427 Loans delinquent 91 days or greater 151 441 14 189 344 — 1,139 Total loans in repayment 191,251 33,032 1,759 2,697 2,654 19 231,412 Total consumer and other loans $ 191,271 33,032 1,759 2,697 2,663 19 231,441 Accrued interest receivable 2,561 Loan discount, net of unamortized premiums (1,847) Allowance for loan losses (13,290) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 218,865 Private education loans - Nelnet Bank (a): Loans in school/grace/deferment $ 8,239 1,215 1,434 — — — 10,888 Loans in forbearance 221 211 92 — — — 524 Loans in repayment status: Loans current 198,423 137,074 8,972 — — — 344,469 Loans delinquent 30-59 days 132 65 — — — — 197 Loans delinquent 60-89 days 79 — — — — — 79 Loans delinquent 90 days or greater — 414 — — — — 414 Total loans in repayment 198,634 137,553 8,972 — — — 345,159 Total private education loans $ 207,094 138,979 10,498 — — — 356,571 Accrued interest receivable 969 Deferred origination costs, net of unaccreted discount 5,369 Allowance for loan losses (2,248) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 360,661 (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	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 13,056,109 2.89% - 5.08% 8/26/30 - 9/25/69 Bonds and notes based on auction 208,660 0.00% - 2.82% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 13,264,769 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 646,956 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 249,543 3.20% 11/22/23 Private education loan warehouse facility 86,154 3.07% 10/31/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 22,161 4.65% / 4.83% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 24,056 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 399,744 3.77% 5/4/23 Repurchase agreements 506,968 0.97% - 4.26% 10/7/22 - 11/27/24 Other - due to related party 743 3.55% - 5.35% 11/22/22 - 10/14/28 15,201,094 Discount on bonds and notes payable and debt issuance costs (158,499) Total $ 15,042,595 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 September 30, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $300.0 million that was increased from $25.0 million per a July 29, 2022 amendment to the facility. A May 2022 amendment extended the liquidity provisions and final maturity to November 22, 2022 and November 22, 2023, respectively. As of September 30, 2022, $249.5 million was outstanding under this facility, $50.5 million was available for future funding, and the Company had $20.3 million advanced as equity support. Private education loan warehouse facility As of September 30, 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 June 30, 2022, the Company amended the facility to extend the liquidity provisions through October 31, 2022 and final maturity date to October 31, 2023. As of September 30, 2022, $86.2 million was outstanding under this warehouse facility, $88.8 million was available for future funding, and the Company had $9.8 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 September 30, 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 September 30, 2022, $399.7 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 various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and the second agreement has various maturity dates through January 13, 2023. Included in “bonds and notes payable” as of September 30, 2022 was $218.0 million subject to the first agreement and $289.0 million subject to the second agreement. See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, 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 The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other" in "other income/expense" on the Company's consolidated statements of income. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Purchase price $ (13,563) (184,827) (67,081) (205,269) Par value 13,903 184,781 69,133 204,597 Remaining unamortized cost of issuance (180) (3,222) (821) (3,292) Gain (loss) $ 160 (3,268) 1,231 (3,964) The Company has 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 September 30, 2022, the Company holds $431.5 million (par value) of its own FFELP asset-backed securities. As of September 30, 2022, $230.6 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreements (as discussed above).

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of September 30, 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 As of As of September 30, 2022 December 31, 2021 2022 $ 1,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 4,900,000 5,900,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of September 30, 2022 and December 31, 2021 was one-month LIBOR plus 9.4 basis points and 9.1 basis points, respectively. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of September 30, 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 — — 900,000 0.62 2024 2,000,000 0.35 2,500,000 0.35 2025 — — 500,000 0.35 2026 500,000 1.02 500,000 1.02 2031 100,000 1.53 100,000 1.53 $ 2,600,000 0.52 % $ 5,000,000 0.55 % (a) For all interest rate derivatives, the Company receives discrete three-month LIBOR. In March 2022, the Company terminated $650 million in notional amount of derivatives ($500 million and $150 million that had maturity dates in 2022 and 2023, respectively) for net payments of $0.1 million. On April 29, 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) for total proceeds of $68.1 million. On August 26, 2022, the Company terminated $500 million in notional amount of derivatives ($250 million that had maturity dates in each of 2023 and 2024) for total proceeds of $23.8 million. 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Settlements: 1:3 basis swaps $ (1,085) (700) 242 (939) Interest rate swaps - floor income hedges 11,356 (5,209) 11,843 (14,648) Total settlements - income (expense) 10,271 (5,909) 12,085 (15,587) Change in fair value: 1:3 basis swaps 189 1,061 929 2,755 Interest rate swaps - floor income hedges 52,802 6,199 238,196 41,700 Total change in fair value - income 52,991 7,260 239,125 44,455 Derivative market value adjustments and derivative settlements, net - income $ 63,262 1,351 251,210 28,868

Investments and Notes Receivabl

Investments and Notes Receivable	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable A summary of the Company's investments and notes receivable follows: As of September 30, 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) $ 783,676 7,767 (6,434) 785,009 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 352,500 — (34,599) 317,901 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale 279,589 357 (4,785) 275,161 22,435 — — 22,435 Total available-for-sale debt securities $ 1,415,765 8,124 (45,818) 1,378,071 917,412 15,217 (2,960) 929,669 Equity securities 39,214 71,986 Total investments (at fair value) 1,417,285 1,001,655 Other Investments and Notes Receivable (not measured at fair value): Other debt securities - held-to-maturity 8,440 8,200 Venture capital and funds: Measurement alternative 159,437 157,609 Equity method 81,231 67,840 Total venture capital and funds 240,668 225,449 Real estate: Equity method 81,820 47,226 Investment in ALLO: Voting interest/equity method (d) 74,271 87,247 Preferred membership interest and accrued and unpaid preferred return (e) 143,763 137,342 Total investment in ALLO 218,034 224,589 Beneficial interest in loan securitizations (f): Private education loans, including accrued interest 77,447 66,008 Consumer loans 27,617 28,366 Federally insured student loans 24,844 25,768 Total beneficial interest in loan securitizations 129,908 120,142 Solar (g) (71,000) (42,457) Notes receivable 32,124 — Tax liens, affordable housing, and other 6,235 4,115 Total investments (not measured at fair value) 646,229 587,264 Total investments and notes receivable $ 2,063,514 $ 1,588,919 (a) As of September 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.0 billion. 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 September 30, 2022, $399.7 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 September 30, 2022, $350.9 million (par value) of private education loan asset-backed securities are 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 September 30, 2022 and 2021, the Company recognized pre-tax losses of $17.6 million and $10.5 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the nine months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $47.6 million and $31.6 million, respectively. 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 September 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $6.4 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.2 million and $2.0 million during the three months ended September 30, 2022 and 2021, respectively, and $6.4 million during each of the nine months ended September 30, 2022 and 2021. This income 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 September 30, 2022, the Company's ownership correlates to approximately $630 million, $150 million, and $420 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations. (g) As of September 30, 2022, the Company has funded a total of $252.1 million in solar investments, which includes $81.3 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. The solar investment balance at September 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of September 30, 2022, the Company is committed to fund an additional $42.8 million on these projects, of which $35.1 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. The Company recognized pre-tax losses on its solar investments of $4.2 million and $3.4 million during the three months ended September 30, 2022 and 2021, respectively, and $7.1 million and $7.4 million during the nine months ended September 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses 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. Solar losses attributed to minority interest investors was $4.1 million and $2.1 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $4.0 million for the nine months ended September 30, 2022 and 2021, respectively. Impairment Expense During the second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense and provision for beneficial interests, net" on the consolidated statements of income.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations NGWeb Solutions, LLC On April 30, 2022, the Company acquired 30 percent of the ownership interests of NGWeb Solutions, LLC ("NextGen") for total cash consideration of $9.2 million. NextGen provides software solutions primarily to higher education institutions to enable administrators to efficiently manage online forms, scholarships, employment, online timesheets, and other specialized processes that require signed authorizations and interactions with student information. Prior to the acquisition, the Company owned 50 percent of the ownership interests of NextGen and accounted for this investment under the equity method. As a result of the acquisition, the previously held 50 percent ownership interests was remeasured to its fair value as of the April 30, 2022 date of acquisition of the additional 30 percent of the ownership interests, resulting in a $15.2 million revaluation gain, which is included in "other" in "other income/expense" on the consolidated statements of income. For segment reporting, this gain is included in Corporate and Other Activities. Subsequent to the acquisition, the Company has consolidated the operating results of NextGen and such results are included in the Education Technology, Services, and Payment Processing reportable segment. The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended September 30, 2022, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments had no impact on operating results. Cash and cash equivalents $ 1,885 Accounts receivable 1,315 Property and equipment 800 Other assets 201 Intangible assets 15,250 Excess cost over fair value of net assets acquired (goodwill) 15,937 Other liabilities (4,550) Net assets acquired 30,838 Minority interest (6,291) Remeasurement of previously held investment (15,342) Total consideration paid by the Company $ 9,205 The $15.3 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 14 years. The intangible assets that made up this amount include customer relationships of $12.8 million (15-year useful life), computer software of $1.7 million (5-year useful life) and a trade name of $0.8 million (10-year useful life). The $15.9 million of goodwill is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to the synergies and economies of scale expected from combining the operations of the Company and NextGen. The pro forma impacts of the NextGen acquisition on the Company's historical results prior to the acquisition were not material. GRNE Solar On July 1, 2022, the Company acquired 80 percent of the ownership interests of two subsidiaries of GRNE Solutions, LLC named GRNE-Nelnet, LLC ("GRNE") and ENRG-Nelnet, LLC ("ENRG") (collectively referred to as "GRNE Solar") for total cash consideration of $30.4 million. GRNE designs and installs residential, commercial, and utility-scale solar systems in the Midwest. ENRG owns certain assets that generate and sell solar energy. The acquisition diversifies the Company's position in the renewable energy space to include solar construction. For segment reporting, the operating results of GRNE Solar are included in Corporate and Other Activities. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. Cash and cash equivalents $ 1,742 Accounts receivable 4,941 Property and equipment 8,720 Other assets 3,092 Intangible assets 11,683 Excess cost over fair value of net assets acquired (goodwill) 14,004 Bonds and notes payable (750) Other liabilities (5,438) Net assets acquired 37,994 Minority interest (7,599) Total consideration paid by the Company $ 30,395 The $11.7 million of acquired intangible assets on the date of acquisition had a weighted-average useful life of approximately 8 years. The intangible assets that made up this amount include a trade name of $8.1 million (10-year useful life), customer relationships of $1.1 million (3-year useful life), and other separably identified intangibles of $2.4 million (5-year useful life). The $14.0 million of goodwill is expected to be deductible for tax purposes. The amount allocated to goodwill was attributed to synergies from combining the operations of the Company and GRNE Solar and intangible assets that do not qualify for separate recognition. The pro forma impacts of the GRNE Solar acquisition on the Company's historical results prior to the acquisition were not material.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of September 30, 2022 (months) As of As of September 30, 2022 December 31, 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $49,709 and $97,398, respectively) 112 $ 55,385 47,894 Trade names (net of accumulated amortization of $312) 117 8,598 — Computer software (net of accumulated amortization of $3,730 and $3,669, respectively) 30 4,190 4,135 Other (net of accumulated amortization of $245) 57 2,195 — Total - amortizable intangible assets, net 106 $ 70,368 52,029 The Company recorded amortization expense on its intangible assets of $3.3 million for the three months ended September 30, 2022 and 2021, and $8.6 million and $19.9 million during the nine months ended September 30, 2022 and 2021, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2022, the Company estimates it will record amortization expense as follows: 2022 (October 1 - December 31) $ 3,509 2023 13,222 2024 10,691 2025 7,604 2026 7,259 2027 and thereafter 28,083 $ 70,368

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2022
Goodwill [Abstract]
Goodwill	Goodwill The carrying amount of goodwill 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 Balance as of December 31, 2021 and March 31, 2022 $ 23,639 76,570 41,883 — — 142,092 Goodwill acquired during the period (NextGen) — 7,025 — — — 7,025 Balance as of June 30, 2022 23,639 83,595 41,883 — — 149,117 Goodwill acquired during the period (GRNE Solar) — — — — 14,004 14,004 NextGen purchase price allocation adjustment — 8,912 — — — 8,912 Balance as of September 30, 2022 $ 23,639 92,507 41,883 — 14,004 172,033

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 102,763 2,035 104,798 52,245 893 53,138 Denominator: Weighted-average common shares outstanding - basic and diluted 36,654,781 725,712 37,380,493 37,947,257 648,464 38,595,721 Earnings per share - basic and diluted $ 2.80 2.80 2.80 1.38 1.38 1.38 Nine months ended September 30, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 369,479 7,094 376,573 256,416 4,187 260,603 Denominator: Weighted-average common shares outstanding - basic and diluted 36,998,100 710,325 37,708,425 38,025,898 620,994 38,646,892 Earnings per share - basic and diluted $ 9.99 9.99 9.99 6.74 6.74 6.74

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 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 September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 831 3,707 182,932 7,551 10,860 (2,748) 203,133 Interest expense — — 120,009 3,298 6,067 (2,748) 126,625 Net interest income 831 3,707 62,923 4,253 4,793 — 76,508 Less provision (negative provision) for loan losses — — 9,215 450 — — 9,665 Net interest income after provision for loan losses 831 3,707 53,708 3,803 4,793 — 66,843 Other income/expense: Loan servicing and systems revenue 134,197 — — — — — 134,197 Intersegment revenue 8,281 8 — — — (8,289) — Education technology, services, and payment processing revenue — 106,894 — — — — 106,894 Solar construction revenue — — — — 9,358 — 9,358 Other 596 — 4,627 566 (3,564) — 2,225 Gain on sale of loans — — 2,627 — — — 2,627 Impairment expense and provision for beneficial interests, net — — — — 121 — 121 Derivative settlements, net — — 10,271 — — — 10,271 Derivative market value adjustments, net — — 52,991 — — — 52,991 Total other income/expense 143,074 106,902 70,516 566 5,915 (8,289) 318,684 Cost of services: Cost to provide education technology, services, and payment processing services — 42,676 — — — — 42,676 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 42,676 — — 5,968 — 48,644 Operating expenses: Salaries and benefits 82,067 34,950 653 1,814 27,713 — 147,198 Depreciation and amortization 5,784 2,532 — 4 10,452 — 18,772 Other expenses 16,654 7,034 3,349 1,427 15,395 — 43,858 Intersegment expenses, net 17,486 4,762 8,350 69 (22,378) (8,289) — Total operating expenses 121,991 49,278 12,352 3,314 31,182 (8,289) 209,828 Income (loss) before income taxes 21,914 18,655 111,872 1,055 (26,442) — 127,055 Income tax (expense) benefit (5,259) (4,475) (26,849) (246) 10,244 — (26,586) Net income (loss) 16,655 14,180 85,023 809 (16,198) — 100,469 Net (income) loss attributable to noncontrolling interests — (61) — — 4,390 — 4,329 Net income (loss) attributable to Nelnet, Inc. $ 16,655 14,119 85,023 809 (11,808) — 104,798 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Three months ended September 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 31 344 131,781 2,061 2,609 (172) 136,654 Interest expense 24 — 48,662 421 1,242 (172) 50,176 Net interest income 7 344 83,119 1,640 1,367 — 86,478 Less provision (negative provision) for loan losses — — 5,940 (113) — — 5,827 Net interest income after provision for loan losses 7 344 77,179 1,753 1,367 — 80,651 Other income/expense: Loan servicing and systems revenue 112,351 — — — — — 112,351 Intersegment revenue 8,621 3 — — — (8,624) — Education technology, services, and payment processing revenue — 85,324 — — — — 85,324 Solar construction revenue — — — — — — — Other 727 13 (7,275) 450 17,952 — 11,867 Gain on sale of loans — — 3,444 — — — 3,444 Impairment expense and provision for beneficial interests, net (13,243) — — — (916) — (14,159) Derivative settlements, net — — (5,909) — — — (5,909) Derivative market value adjustments, net — — 7,260 — — — 7,260 Total other income/expense 108,456 85,340 (2,480) 450 17,036 (8,624) 200,178 Cost of services: Cost to provide education technology, services, and payment processing services — 31,335 — — — — 31,335 Cost to provide solar construction services — — — — — — — Total cost of services — 31,335 — — — — 31,335 Operating expenses: Salaries and benefits 75,305 29,119 542 890 22,735 — 128,592 Depreciation and amortization 4,245 2,762 — — 8,702 — 15,710 Other expenses 12,738 4,804 5,420 445 14,918 — 38,324 Intersegment expenses, net 19,217 3,672 8,652 32 (22,949) (8,624) — Total operating expenses 111,505 40,357 14,614 1,367 23,406 (8,624) 182,626 Income (loss) before income taxes (3,042) 13,992 60,085 836 (5,003) — 66,868 Income tax (expense) benefit 730 (3,358) (14,421) (200) 1,600 — (15,649) Net income (loss) (2,312) 10,634 45,664 636 (3,403) — 51,219 Net (income) loss attributable to noncontrolling interests — — — — 1,919 — 1,919 Net income (loss) attributable to Nelnet, Inc. $ (2,312) 10,634 45,664 636 (1,484) — 53,138 Total assets as of September 30, 2021 $ 238,602 415,178 20,001,997 413,155 1,740,060 (406,253) 22,402,739 Nine months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,144 4,920 441,926 15,792 21,087 (4,953) 479,916 Interest expense 44 — 235,720 5,792 11,745 (4,953) 248,347 Net interest income 1,100 4,920 206,206 10,000 9,342 — 231,569 Less provision (negative provision) for loan losses — — 17,178 1,462 — — 18,640 Net interest income after provision for loan losses 1,100 4,920 189,028 8,538 9,342 — 212,929 Other income/expense: Loan servicing and systems revenue 395,438 — — — — — 395,438 Intersegment revenue 25,142 16 — — — (25,158) — Education technology, services, and payment processing revenue — 310,211 — — — — 310,211 Solar construction revenue — — — — 9,358 — 9,358 Other 1,946 — 16,270 2,224 4,309 — 24,750 Gain on sale of loans — — 5,616 — — — 5,616 Impairment expense and provision for beneficial interests, net — — — — (6,163) — (6,163) Derivative settlements, net — — 12,085 — — — 12,085 Derivative market value adjustments, net — — 239,125 — — — 239,125 Total other income/expense 422,526 310,227 273,096 2,224 7,504 (25,158) 990,420 Cost of services: Cost to provide education technology, services, and payment processing services — 109,073 — — — — 109,073 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 109,073 — — 5,968 — 115,041 Operating expenses: Salaries and benefits 257,259 98,356 1,858 5,082 75,455 — 438,010 Depreciation and amortization 16,056 7,544 — 11 30,366 — 53,978 Other expenses 46,375 19,549 9,925 3,009 41,438 — 120,297 Intersegment expenses, net 56,442 14,171 25,694 171 (71,320) (25,158) — Total operating expenses 376,132 139,620 37,477 8,273 75,939 (25,158) 612,285 Income (loss) before income taxes 47,494 66,454 424,647 2,489 (65,061) — 476,023 Income tax (expense) benefit (11,399) (15,947) (101,915) (574) 22,070 — (107,765) Net income (loss) 36,095 50,507 322,732 1,915 (42,991) — 368,258 Net (income) loss attributable to noncontrolling interests — (8) — — 8,323 — 8,315 Net income (loss) attributable to Nelnet, Inc. $ 36,095 50,499 322,732 1,915 (34,668) — 376,573 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Nine months ended September 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 95 818 388,149 5,479 5,379 (578) 399,341 Interest expense 70 — 124,282 1,007 3,158 (578) 127,939 Net interest income 25 818 263,867 4,472 2,221 — 271,402 Less provision (negative provision) for loan losses — — (11,225) 378 — — (10,847) Net interest income after provision for loan losses 25 818 275,092 4,094 2,221 — 282,249 Other income/expense: Loan servicing and systems revenue 335,961 — — — — — 335,961 Intersegment revenue 25,369 9 — — — (25,378) — Education technology, services, and payment processing revenue — 257,284 — — — — 257,284 Solar construction revenue — — — — — — — Other 2,541 13 (4,514) 475 31,668 — 30,183 Gain on sale of loans — — 18,715 — — — 18,715 Impairment expense and provision for beneficial interests, net (13,243) — 2,436 — (1,416) — (12,223) Derivative settlements, net — — (15,587) — — — (15,587) Derivative market value adjustments, net — — 44,455 — — — 44,455 Total other income/expense 350,628 257,306 45,505 475 30,252 (25,378) 658,788 Cost of services: Cost to provide education technology, services, and payment processing services — 80,063 — — — — 80,063 Cost to provide solar construction services — — — — — — — Total cost of services — 80,063 — — — — 80,063 Operating expenses: Salaries and benefits 210,151 82,154 1,594 3,956 65,496 — 363,351 Depreciation and amortization 20,411 8,789 — — 26,927 — 56,129 Other expenses 39,296 14,063 12,763 1,227 40,265 — 107,611 Intersegment expenses, net 52,241 10,856 25,627 72 (63,419) (25,378) — Total operating expenses 322,099 115,862 39,984 5,255 69,269 (25,378) 527,091 Income (loss) before income taxes 28,554 62,199 280,613 (686) (36,796) — 333,883 Income tax (expense) benefit (6,853) (14,928) (67,347) 151 12,230 — (76,747) Net income (loss) 21,701 47,271 213,266 (535) (24,566) — 257,136 Net (income) loss attributable to noncontrolling interests — — — — 3,467 — 3,467 Net income (loss) attributable to Nelnet, Inc. $ 21,701 47,271 213,266 (535) (21,099) — 260,603 Total assets as of September 30, 2021 $ 238,602 415,178 20,001,997 413,155 1,740,060 (406,253) 22,402,739

Disaggregated Revenue

Disaggregated Revenue	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	Disaggregated Revenue The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments. Loan Servicing and Systems Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Government servicing $ 104,428 84,084 312,368 241,497 Private education and consumer loan servicing 12,198 13,198 37,194 34,563 FFELP servicing 4,127 4,557 12,386 13,930 Software services 8,229 6,952 23,536 22,779 Outsourced services and other 5,215 3,560 9,954 23,192 Loan servicing and systems revenue $ 134,197 112,351 395,438 335,961 Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Tuition payment plan services $ 25,779 23,618 84,131 79,706 Payment processing 47,957 39,852 113,996 97,898 Education technology and services 32,548 21,295 110,755 78,752 Other 610 559 1,329 928 Education technology, services, and payment processing revenue $ 106,894 85,324 310,211 257,284 Other Income/Expense The following table provides the components of "other" in "other income/expense" on the consolidated statements of income: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Income/gains from investments, net $ 10,701 16,050 40,685 40,141 Borrower late fee income 2,824 514 7,693 1,698 ALLO preferred return 2,164 2,043 6,420 6,384 Administration/sponsor fee income 1,920 1,670 6,055 1,670 Investment advisory services 1,612 2,400 4,375 6,242 Loss from ALLO voting membership interest investment (17,562) (10,495) (47,633) (31,620) Loss from solar investments (4,216) (3,393) (7,100) (7,375) Other 4,782 3,078 14,255 13,043 $ 2,225 11,867 24,750 30,183

Major Customer

Major Customer	9 Months Ended
	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Major Customer	Major Customer The Company earns loan servicing revenue from servicing contracts with the Department. Revenues earned by the Company related to these contracts are set forth in the "Government servicing" line item of the "Loan Servicing and Systems" table in note 11. The Company's 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 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 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. In the second quarter of 2022, the Department released a solicitation entitled Unified Servicing and Data Solution ("USDS") for the new servicing framework. The Company responded to the USDS solicitation. The Company cannot predict the timing, nature, or ultimate outcome of this or any other contract procurement process by the Department. On August 24, 2022, the Department issued a bulletin titled “Biden-Harris Administration Announces Final Student Loan Pause Extension Through December 31 and Targeted Debt Cancellation to Smooth Transition to Repayment” (the “August 24, 2022 Bulletin”). The August 24, 2022 Bulletin indicates the Department will provide targeted student debt cancellation to borrowers with loans held by the Department, and that borrowers whose annual income for either 2020 or 2021 was under $125,000 (for single or married, filing separately) or under $250,000 (for married couples, filing jointly or heads of household) will be eligible for otherwise unconditional loan cancellation in amounts of up to $20,000 for eligible borrowers who received a Pell Grant, or of up to $10,000 for eligible borrowers who did not receive a Pell Grant. On October 21, 2022, the U.S. Court of Appeals for the Eighth Circuit issued a temporary administrative stay of implementation of the Department's student debt relief plan in response to a legal challenge that was initiated by other parties (not the Company). As of September 30, 2022, the Company was servicing 15.7 million borrowers under its government servicing contracts. The Company cannot currently estimate how many borrowers meet the eligibility requirements and other terms and conditions for one-time debt relief under the August 24, 2022 Bulletin and subsequent publicly available guidance provided by the Department. However, revenue earned by the Company under its contracts will be negatively impacted if the Department’s student debt relief plan or other broad based loan forgiveness is implemented.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 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 September 30, 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 $ — 785,009 785,009 — 494,682 494,682 Private education loan asset-backed debt securities - available-for-sale — 317,901 317,901 — 412,552 412,552 Other debt securities - available-for-sale 100 275,061 275,161 100 22,335 22,435 Equity securities 7,254 — 7,254 63,154 — 63,154 Equity securities measured at net asset value (a) 31,960 8,832 Total investments 7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 Total assets $ 7,354 1,377,971 1,417,285 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 September 30, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 15,390,107 15,082,413 — — 15,390,107 Accrued loan interest receivable 793,838 793,838 — 793,838 — Cash and cash equivalents 63,198 63,198 63,198 — — Investments (at fair value) 1,417,285 1,417,285 7,354 1,377,971 — Beneficial interest in loan securitizations 143,128 129,908 — — 143,128 Restricted cash 799,212 799,212 799,212 — — Restricted cash – due to customers 180,919 180,919 180,919 — — Financial liabilities: Bonds and notes payable 14,653,852 15,042,595 — 14,653,852 — Accrued interest payable 21,796 21,796 — 21,796 — Bank deposits 550,834 580,825 208,811 342,023 — Due to customers 306,352 306,352 306,352 — — 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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and for the three and nine months ended September 30, 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 and nine months ended September 30, 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").
Reclassification of Prior Period Cash Flows Presentation	Reclassification of Prior Period Cash Flows Presentation Prior to June 30, 2022, the line item in the Company's consolidated statements of cash flows for changes during a period in amounts "due to customers" was presented in cash flows from operating activities. Beginning in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, the Company corrected this presentation in its statements of cash flows to show this activity as a financing activity. This correction had no impact on the Company's previously reported consolidated net income, total assets (including cash and cash equivalents), liabilities, and equity, and while the correction had a corresponding impact on the amounts of cash flows from operating and financing activities, it had no impact on the net increase or decrease in cash for previously reported periods. The Company has concluded that the correction was not material from a combined quantitative and qualitative perspective to its previously issued interim financial statements, or its previously issued financial statements for 2021, 2020, and 2019.

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of September 30, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans: Stafford and other $ 3,298,138 3,904,000 Consolidation 11,002,253 13,187,047 Total 14,300,391 17,091,047 Private education loans 262,183 299,442 Consumer and other loans 231,441 51,301 Non-Nelnet Bank loans 14,794,015 17,441,790 Nelnet Bank: Federally insured student loans 72,905 88,011 Private education loans 356,571 169,890 Nelnet Bank loans 429,476 257,901 Accrued interest receivable 793,838 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (22,021) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (87,778) (103,381) Private education loans (15,577) (16,143) Consumer and other loans (13,290) (6,481) Non-Nelnet Bank allowance for loan losses (116,645) (126,005) Nelnet Bank: Federally insured loans (164) (268) Private education loans (2,248) (840) Nelnet Bank allowance for loan losses (2,412) (1,108) $ 15,876,251 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 September 30, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured student loans (a) 0.61 % 0.60 % Private education loans 5.94 % 5.39 % Consumer and other loans (b) 5.74 % 12.63 % Nelnet Bank: Federally insured student loans (a) 0.22 % 0.30 % Private education loans 0.63 % 0.49 % (a) As of September 30, 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 22.3% and 22.2%, respectively, and for Nelnet Bank was 8.9% and 12.1%, respectively. (b) During 2022, the Company purchased home equity loans that generally have lower default rates than unsecured consumer loans. As such, the allowance for loan losses as a percentage of the ending loan balance has decreased as of September 30, 2022 as compared to December 31, 2021.
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 September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 92,593 888 (5,715) — 12 — 87,778 Private education loans 15,253 1,154 (1,066) 236 — — 15,577 Consumer and other loans 10,576 7,173 (1,021) 147 — (3,585) 13,290 Nelnet Bank: Federally insured loans 258 (94) — — — — 164 Private education loans 1,744 504 — — — — 2,248 $ 120,424 9,625 (7,802) 383 12 (3,585) 119,057 Three months ended September 30, 2021 Non-Nelnet Bank: Federally insured loans $ 120,802 4,452 (10,330) — 935 — 115,859 Private education loans 19,403 (1,208) (954) 113 — (301) 17,053 Consumer and other loans 4,702 2,696 (1,133) 187 — (2,023) 4,429 Nelnet Bank: Federally insured loans 245 44 — — — — 289 Private education loans 567 (157) — 4 — — 414 $ 145,719 5,827 (12,417) 304 935 (2,324) 138,044 Nine months ended September 30, 2022 Non-Nelnet Bank Federally insured loans $ 103,381 505 (16,264) — 156 — 87,778 Private education loans 16,143 1,971 (3,072) 531 — 4 15,577 Consumer and other loans 6,481 14,702 (2,489) 465 — (5,869) 13,290 Nelnet Bank Federally insured loans 268 (102) (2) — — — 164 Private education loans 840 1,499 (87) — — (4) 2,248 $ 127,113 18,575 (21,914) 996 156 (5,869) 119,057 Nine months ended September 30, 2021 Non-Nelnet Bank Federally insured loans $ 128,590 (3,428) (11,563) — 2,260 — 115,859 Private education loans 19,529 (781) (1,850) 454 — (299) 17,053 Consumer and other loans 27,256 (7,016) (4,547) 668 — (11,932) 4,429 Nelnet Bank Federally insured loans — 289 — — — — 289 Private education loans 323 89 — 4 — (2) 414 $ 175,698 (10,847) (17,960) 1,126 2,260 (12,233) 138,044 (a) During the three months ended September 30, 2022 and 2021, and nine months ended September 30, 2022 and 2021, the Company acquired $0.9 million (par value), $64.6 million (par value), $11.6 million (par value), and $153.3 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 September 30, 2022 As of December 31, 2021 As of September 30, 2021 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 719,724 5.0 % $ 829,624 4.9 % $ 909,228 5.0 % Loans in forbearance 1,384,709 9.7 1,118,667 6.5 1,826,082 10.1 Loans in repayment status: Loans current 10,454,046 85.7 % 12,847,685 84.9 % 13,525,751 88.1 % Loans delinquent 31-60 days 431,471 3.6 895,656 5.9 548,670 3.6 Loans delinquent 61-90 days 261,616 2.1 352,449 2.3 286,681 1.9 Loans delinquent 91-120 days 185,753 1.5 251,075 1.7 163,447 1.1 Loans delinquent 121-270 days 540,555 4.4 592,449 3.9 467,441 3.0 Loans delinquent 271 days or greater 322,517 2.7 203,442 1.3 354,188 2.3 Total loans in repayment 12,195,958 85.3 100.0 % 15,142,756 88.6 100.0 % 15,346,178 84.9 100.0 % Total federally insured loans 14,300,391 100.0 % 17,091,047 100.0 % 18,081,488 100.0 % Accrued interest receivable 786,494 784,716 831,142 Loan discount, net of unamortized premiums and deferred origination costs (25,381) (28,309) (23,229) Allowance for loan losses (87,778) (103,381) (115,859) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 14,973,726 $ 17,744,073 $ 18,773,542 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 15,556 5.9 % $ 9,661 3.2 % $ 10,282 3.2 % Loans in forbearance 2,745 1.1 3,601 1.2 3,554 1.1 Loans in repayment status: Loans current 238,926 98.0 % 280,457 98.0 % 300,231 98.3 % Loans delinquent 31-60 days 2,014 0.8 2,403 0.8 1,870 0.6 Loans delinquent 61-90 days 992 0.4 976 0.3 912 0.3 Loans delinquent 91 days or greater 1,950 0.8 2,344 0.9 2,363 0.8 Total loans in repayment 243,882 93.0 100.0 % 286,180 95.6 100.0 % 305,376 95.7 100.0 % Total private education loans 262,183 100.0 % 299,442 100.0 % 319,212 100.0 % Accrued interest receivable 2,207 1,960 2,076 Loan discount, net of unamortized premiums (185) (1,123) (1,496) Allowance for loan losses (15,577) (16,143) (17,053) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 248,628 $ 284,136 $ 302,739 As of September 30, 2022 As of December 31, 2021 As of September 30, 2021 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 29 0.0 % $ 43 0.1 % $ 18 0.0 % Loans in repayment status: Loans current 228,827 98.9 % 49,697 97.0 % 35,744 96.6 % Loans delinquent 31-60 days 1,019 0.4 414 0.8 319 0.9 Loans delinquent 61-90 days 427 0.2 322 0.6 243 0.7 Loans delinquent 91 days or greater 1,139 0.5 825 1.6 670 1.8 Total loans in repayment 231,412 100.0 100.0 % 51,258 99.9 100.0 % 36,976 100.0 100.0 % Total consumer and other loans 231,441 100.0 % 51,301 100.0 % 36,994 100.0 % Accrued interest receivable 2,561 396 280 Loan discount, net of unamortized premiums (1,847) 913 664 Allowance for loan losses (13,290) (6,481) (4,429) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 218,865 $ 46,129 $ 33,509 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 274 0.4 % $ 330 0.4 % $ 283 0.3 % Loans in forbearance 2,551 3.5 1,057 1.2 1,722 1.8 Loans in repayment status: Loans current 68,970 98.4 % 85,599 98.8 % 91,366 99.4 % Loans delinquent 30-59 days 353 0.5 816 1.0 277 0.3 Loans delinquent 60-89 days 130 0.2 — — 35 0.0 Loans delinquent 90-119 days 5 0.0 — — 45 0.1 Loans delinquent 120-270 days 508 0.7 209 0.2 202 0.2 Loans delinquent 271 days or greater 114 0.2 — — — — Total loans in repayment 70,080 96.1 100.0 % 86,624 98.4 100.0 % 91,925 97.9 100.0 % Total federally insured loans 72,905 100.0 % 88,011 100.0 % 93,930 100.0 % Accrued interest receivable 1,607 1,216 1,177 Loan premium 23 26 28 Allowance for loan losses (164) (268) (289) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 74,371 $ 88,985 $ 94,846 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 10,888 3.1 % $ 150 0.1 % $ 82 0.1 % Loans in forbearance 524 0.1 460 0.3 193 0.2 Loans in repayment status: Loans current 344,469 99.8 % 169,157 99.9 % 98,120 100.0 % Loans delinquent 30-59 days 197 0.1 51 0.0 — — Loans delinquent 60-89 days 79 0.0 — — — — Loans delinquent 90 days or greater 414 0.1 72 0.1 — — Total loans in repayment 345,159 96.8 100.0 % 169,280 99.6 100.0 % 98,120 99.7 100.0 % Total private education loans 356,571 100.0 % 169,890 100.0 % 98,395 100.0 % Accrued interest receivable 969 264 156 Deferred origination costs, net of unaccreted discount 5,369 2,560 1,430 Allowance for loan losses (2,248) (840) (414) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 360,661 $ 171,874 $ 99,567 (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 September 30, 2022 Nine months ended September 30, 2022 2021 2020 Total FICO at origination: Less than 705 $ 5,105 5,516 350 10,971 705 - 734 21,916 10,745 537 33,198 735 - 764 34,495 17,107 1,485 53,087 765 - 794 57,481 32,421 1,639 91,541 Greater than 794 88,097 73,190 6,487 167,774 $ 207,094 138,979 10,498 356,571 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, consumer, and other loans by loan status and delinquency amount as of September 30, 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. Nine months ended September 30, 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in school/grace/deferment $ 2,051 7,282 1,664 2,956 101 1,502 15,556 Loans in forbearance — 30 423 1,244 134 914 2,745 Loans in repayment status: Loans current 3,877 2,912 55,156 42,006 172 134,803 238,926 Loans delinquent 31-60 days — 11 9 174 38 1,782 2,014 Loans delinquent 61-90 days — 35 202 76 — 679 992 Loans delinquent 91 days or greater — — 13 — — 1,937 1,950 Total loans in repayment 3,877 2,958 55,380 42,256 210 139,201 243,882 Total private education loans $ 5,928 10,270 57,467 46,456 445 141,617 262,183 Accrued interest receivable 2,207 Loan discount, net of unamortized premiums (185) Allowance for loan losses (15,577) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 248,628 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 20 — — — 9 — 29 Loans in repayment status: Loans current 190,237 32,198 1,682 2,419 2,272 19 228,827 Loans delinquent 31-60 days 535 320 60 76 28 — 1,019 Loans delinquent 61-90 days 328 73 3 13 10 — 427 Loans delinquent 91 days or greater 151 441 14 189 344 — 1,139 Total loans in repayment 191,251 33,032 1,759 2,697 2,654 19 231,412 Total consumer and other loans $ 191,271 33,032 1,759 2,697 2,663 19 231,441 Accrued interest receivable 2,561 Loan discount, net of unamortized premiums (1,847) Allowance for loan losses (13,290) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 218,865 Private education loans - Nelnet Bank (a): Loans in school/grace/deferment $ 8,239 1,215 1,434 — — — 10,888 Loans in forbearance 221 211 92 — — — 524 Loans in repayment status: Loans current 198,423 137,074 8,972 — — — 344,469 Loans delinquent 30-59 days 132 65 — — — — 197 Loans delinquent 60-89 days 79 — — — — — 79 Loans delinquent 90 days or greater — 414 — — — — 414 Total loans in repayment 198,634 137,553 8,972 — — — 345,159 Total private education loans $ 207,094 138,979 10,498 — — — 356,571 Accrued interest receivable 969 Deferred origination costs, net of unaccreted discount 5,369 Allowance for loan losses (2,248) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 360,661 (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)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of September 30, 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 $ 13,056,109 2.89% - 5.08% 8/26/30 - 9/25/69 Bonds and notes based on auction 208,660 0.00% - 2.82% 3/22/32 - 8/27/46 Total FFELP variable-rate bonds and notes 13,264,769 Fixed-rate bonds and notes issued in FFELP loan asset-backed securitizations 646,956 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 249,543 3.20% 11/22/23 Private education loan warehouse facility 86,154 3.07% 10/31/23 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 22,161 4.65% / 4.83% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 24,056 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 399,744 3.77% 5/4/23 Repurchase agreements 506,968 0.97% - 4.26% 10/7/22 - 11/27/24 Other - due to related party 743 3.55% - 5.35% 11/22/22 - 10/14/28 15,201,094 Discount on bonds and notes payable and debt issuance costs (158,499) Total $ 15,042,595 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
Debt Repurchased	The following table summarizes the Company's repurchases of its own debt. Gains/losses recorded by the Company from the repurchase of debt are included in "other" in "other income/expense" on the Company's consolidated statements of income. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Purchase price $ (13,563) (184,827) (67,081) (205,269) Par value 13,903 184,781 69,133 204,597 Remaining unamortized cost of issuance (180) (3,222) (821) (3,292) Gain (loss) $ 160 (3,268) 1,231 (3,964)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of September 30, 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 As of As of September 30, 2022 December 31, 2021 2022 $ 1,000,000 2,000,000 2023 750,000 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 4,900,000 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 September 30, 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 — — 900,000 0.62 2024 2,000,000 0.35 2,500,000 0.35 2025 — — 500,000 0.35 2026 500,000 1.02 500,000 1.02 2031 100,000 1.53 100,000 1.53 $ 2,600,000 0.52 % $ 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Settlements: 1:3 basis swaps $ (1,085) (700) 242 (939) Interest rate swaps - floor income hedges 11,356 (5,209) 11,843 (14,648) Total settlements - income (expense) 10,271 (5,909) 12,085 (15,587) Change in fair value: 1:3 basis swaps 189 1,061 929 2,755 Interest rate swaps - floor income hedges 52,802 6,199 238,196 41,700 Total change in fair value - income 52,991 7,260 239,125 44,455 Derivative market value adjustments and derivative settlements, net - income $ 63,262 1,351 251,210 28,868

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2022
Investments [Abstract]
Investments and Notes Receivable	A summary of the Company's investments and notes receivable follows: As of September 30, 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) $ 783,676 7,767 (6,434) 785,009 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 352,500 — (34,599) 317,901 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale 279,589 357 (4,785) 275,161 22,435 — — 22,435 Total available-for-sale debt securities $ 1,415,765 8,124 (45,818) 1,378,071 917,412 15,217 (2,960) 929,669 Equity securities 39,214 71,986 Total investments (at fair value) 1,417,285 1,001,655 Other Investments and Notes Receivable (not measured at fair value): Other debt securities - held-to-maturity 8,440 8,200 Venture capital and funds: Measurement alternative 159,437 157,609 Equity method 81,231 67,840 Total venture capital and funds 240,668 225,449 Real estate: Equity method 81,820 47,226 Investment in ALLO: Voting interest/equity method (d) 74,271 87,247 Preferred membership interest and accrued and unpaid preferred return (e) 143,763 137,342 Total investment in ALLO 218,034 224,589 Beneficial interest in loan securitizations (f): Private education loans, including accrued interest 77,447 66,008 Consumer loans 27,617 28,366 Federally insured student loans 24,844 25,768 Total beneficial interest in loan securitizations 129,908 120,142 Solar (g) (71,000) (42,457) Notes receivable 32,124 — Tax liens, affordable housing, and other 6,235 4,115 Total investments (not measured at fair value) 646,229 587,264 Total investments and notes receivable $ 2,063,514 $ 1,588,919 (a) As of September 30, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.0 billion. 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 September 30, 2022, $399.7 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 September 30, 2022, $350.9 million (par value) of private education loan asset-backed securities are 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 September 30, 2022 and 2021, the Company recognized pre-tax losses of $17.6 million and $10.5 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the nine months ended September 30, 2022 and 2021, the Company recognized pre-tax losses of $47.6 million and $31.6 million, respectively. 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 September 30, 2022, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $137.3 million and $6.4 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25 percent. The Company recognized pre-tax income on its ALLO preferred membership interests of $2.2 million and $2.0 million during the three months ended September 30, 2022 and 2021, respectively, and $6.4 million during each of the nine months ended September 30, 2022 and 2021. This income 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 September 30, 2022, the Company's ownership correlates to approximately $630 million, $150 million, and $420 million of private education, consumer, and federally insured student loans, respectively, included in these securitizations. (g) As of September 30, 2022, the Company has funded a total of $252.1 million in solar investments, which includes $81.3 million funded by syndication partners. The carrying value of the Company’s investment in a solar project is reduced by tax credits earned when the solar project is placed in service. The solar investment balance at September 30, 2022 represents the sum of total tax credits earned on solar projects placed in service through September 30, 2022 and the calculated HLBV net losses being larger than total payments made by the Company on such projects. As of September 30, 2022, the Company is committed to fund an additional $42.8 million on these projects, of which $35.1 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. The Company recognized pre-tax losses on its solar investments of $4.2 million and $3.4 million during the three months ended September 30, 2022 and 2021, respectively, and $7.1 million and $7.4 million during the nine months ended September 30, 2022 and 2021, respectively. These losses are included in “other” in "other income/expense" on the consolidated statements of income. Losses from solar investments include losses 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. Solar losses attributed to minority interest investors was $4.1 million and $2.1 million for the three months ended September 30, 2022 and 2021, respectively, and $8.0 million and $4.0 million for the nine months ended September 30, 2022 and 2021, respectively.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed at the acquisition date. During the three months ended September 30, 2022, the Company recognized certain adjustments to the provisional amounts recorded on the acquisition date that were needed to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The net impact of these adjustments had no impact on operating results. Cash and cash equivalents $ 1,885 Accounts receivable 1,315 Property and equipment 800 Other assets 201 Intangible assets 15,250 Excess cost over fair value of net assets acquired (goodwill) 15,937 Other liabilities (4,550) Net assets acquired 30,838 Minority interest (6,291) Remeasurement of previously held investment (15,342) Total consideration paid by the Company $ 9,205 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. Cash and cash equivalents $ 1,742 Accounts receivable 4,941 Property and equipment 8,720 Other assets 3,092 Intangible assets 11,683 Excess cost over fair value of net assets acquired (goodwill) 14,004 Bonds and notes payable (750) Other liabilities (5,438) Net assets acquired 37,994 Minority interest (7,599) Total consideration paid by the Company $ 30,395

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of September 30, 2022 (months) As of As of September 30, 2022 December 31, 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $49,709 and $97,398, respectively) 112 $ 55,385 47,894 Trade names (net of accumulated amortization of $312) 117 8,598 — Computer software (net of accumulated amortization of $3,730 and $3,669, respectively) 30 4,190 4,135 Other (net of accumulated amortization of $245) 57 2,195 — Total - amortizable intangible assets, net 106 $ 70,368 52,029
Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2022, the Company estimates it will record amortization expense as follows: 2022 (October 1 - December 31) $ 3,509 2023 13,222 2024 10,691 2025 7,604 2026 7,259 2027 and thereafter 28,083 $ 70,368

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill [Abstract]
Goodwill	The carrying amount of goodwill 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 Balance as of December 31, 2021 and March 31, 2022 $ 23,639 76,570 41,883 — — 142,092 Goodwill acquired during the period (NextGen) — 7,025 — — — 7,025 Balance as of June 30, 2022 23,639 83,595 41,883 — — 149,117 Goodwill acquired during the period (GRNE Solar) — — — — 14,004 14,004 NextGen purchase price allocation adjustment — 8,912 — — — 8,912 Balance as of September 30, 2022 $ 23,639 92,507 41,883 — 14,004 172,033

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 102,763 2,035 104,798 52,245 893 53,138 Denominator: Weighted-average common shares outstanding - basic and diluted 36,654,781 725,712 37,380,493 37,947,257 648,464 38,595,721 Earnings per share - basic and diluted $ 2.80 2.80 2.80 1.38 1.38 1.38 Nine months ended September 30, 2022 2021 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 369,479 7,094 376,573 256,416 4,187 260,603 Denominator: Weighted-average common shares outstanding - basic and diluted 36,998,100 710,325 37,708,425 38,025,898 620,994 38,646,892 Earnings per share - basic and diluted $ 9.99 9.99 9.99 6.74 6.74 6.74

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 831 3,707 182,932 7,551 10,860 (2,748) 203,133 Interest expense — — 120,009 3,298 6,067 (2,748) 126,625 Net interest income 831 3,707 62,923 4,253 4,793 — 76,508 Less provision (negative provision) for loan losses — — 9,215 450 — — 9,665 Net interest income after provision for loan losses 831 3,707 53,708 3,803 4,793 — 66,843 Other income/expense: Loan servicing and systems revenue 134,197 — — — — — 134,197 Intersegment revenue 8,281 8 — — — (8,289) — Education technology, services, and payment processing revenue — 106,894 — — — — 106,894 Solar construction revenue — — — — 9,358 — 9,358 Other 596 — 4,627 566 (3,564) — 2,225 Gain on sale of loans — — 2,627 — — — 2,627 Impairment expense and provision for beneficial interests, net — — — — 121 — 121 Derivative settlements, net — — 10,271 — — — 10,271 Derivative market value adjustments, net — — 52,991 — — — 52,991 Total other income/expense 143,074 106,902 70,516 566 5,915 (8,289) 318,684 Cost of services: Cost to provide education technology, services, and payment processing services — 42,676 — — — — 42,676 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 42,676 — — 5,968 — 48,644 Operating expenses: Salaries and benefits 82,067 34,950 653 1,814 27,713 — 147,198 Depreciation and amortization 5,784 2,532 — 4 10,452 — 18,772 Other expenses 16,654 7,034 3,349 1,427 15,395 — 43,858 Intersegment expenses, net 17,486 4,762 8,350 69 (22,378) (8,289) — Total operating expenses 121,991 49,278 12,352 3,314 31,182 (8,289) 209,828 Income (loss) before income taxes 21,914 18,655 111,872 1,055 (26,442) — 127,055 Income tax (expense) benefit (5,259) (4,475) (26,849) (246) 10,244 — (26,586) Net income (loss) 16,655 14,180 85,023 809 (16,198) — 100,469 Net (income) loss attributable to noncontrolling interests — (61) — — 4,390 — 4,329 Net income (loss) attributable to Nelnet, Inc. $ 16,655 14,119 85,023 809 (11,808) — 104,798 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Three months ended September 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 31 344 131,781 2,061 2,609 (172) 136,654 Interest expense 24 — 48,662 421 1,242 (172) 50,176 Net interest income 7 344 83,119 1,640 1,367 — 86,478 Less provision (negative provision) for loan losses — — 5,940 (113) — — 5,827 Net interest income after provision for loan losses 7 344 77,179 1,753 1,367 — 80,651 Other income/expense: Loan servicing and systems revenue 112,351 — — — — — 112,351 Intersegment revenue 8,621 3 — — — (8,624) — Education technology, services, and payment processing revenue — 85,324 — — — — 85,324 Solar construction revenue — — — — — — — Other 727 13 (7,275) 450 17,952 — 11,867 Gain on sale of loans — — 3,444 — — — 3,444 Impairment expense and provision for beneficial interests, net (13,243) — — — (916) — (14,159) Derivative settlements, net — — (5,909) — — — (5,909) Derivative market value adjustments, net — — 7,260 — — — 7,260 Total other income/expense 108,456 85,340 (2,480) 450 17,036 (8,624) 200,178 Cost of services: Cost to provide education technology, services, and payment processing services — 31,335 — — — — 31,335 Cost to provide solar construction services — — — — — — — Total cost of services — 31,335 — — — — 31,335 Operating expenses: Salaries and benefits 75,305 29,119 542 890 22,735 — 128,592 Depreciation and amortization 4,245 2,762 — — 8,702 — 15,710 Other expenses 12,738 4,804 5,420 445 14,918 — 38,324 Intersegment expenses, net 19,217 3,672 8,652 32 (22,949) (8,624) — Total operating expenses 111,505 40,357 14,614 1,367 23,406 (8,624) 182,626 Income (loss) before income taxes (3,042) 13,992 60,085 836 (5,003) — 66,868 Income tax (expense) benefit 730 (3,358) (14,421) (200) 1,600 — (15,649) Net income (loss) (2,312) 10,634 45,664 636 (3,403) — 51,219 Net (income) loss attributable to noncontrolling interests — — — — 1,919 — 1,919 Net income (loss) attributable to Nelnet, Inc. $ (2,312) 10,634 45,664 636 (1,484) — 53,138 Total assets as of September 30, 2021 $ 238,602 415,178 20,001,997 413,155 1,740,060 (406,253) 22,402,739 Nine months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,144 4,920 441,926 15,792 21,087 (4,953) 479,916 Interest expense 44 — 235,720 5,792 11,745 (4,953) 248,347 Net interest income 1,100 4,920 206,206 10,000 9,342 — 231,569 Less provision (negative provision) for loan losses — — 17,178 1,462 — — 18,640 Net interest income after provision for loan losses 1,100 4,920 189,028 8,538 9,342 — 212,929 Other income/expense: Loan servicing and systems revenue 395,438 — — — — — 395,438 Intersegment revenue 25,142 16 — — — (25,158) — Education technology, services, and payment processing revenue — 310,211 — — — — 310,211 Solar construction revenue — — — — 9,358 — 9,358 Other 1,946 — 16,270 2,224 4,309 — 24,750 Gain on sale of loans — — 5,616 — — — 5,616 Impairment expense and provision for beneficial interests, net — — — — (6,163) — (6,163) Derivative settlements, net — — 12,085 — — — 12,085 Derivative market value adjustments, net — — 239,125 — — — 239,125 Total other income/expense 422,526 310,227 273,096 2,224 7,504 (25,158) 990,420 Cost of services: Cost to provide education technology, services, and payment processing services — 109,073 — — — — 109,073 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 109,073 — — 5,968 — 115,041 Operating expenses: Salaries and benefits 257,259 98,356 1,858 5,082 75,455 — 438,010 Depreciation and amortization 16,056 7,544 — 11 30,366 — 53,978 Other expenses 46,375 19,549 9,925 3,009 41,438 — 120,297 Intersegment expenses, net 56,442 14,171 25,694 171 (71,320) (25,158) — Total operating expenses 376,132 139,620 37,477 8,273 75,939 (25,158) 612,285 Income (loss) before income taxes 47,494 66,454 424,647 2,489 (65,061) — 476,023 Income tax (expense) benefit (11,399) (15,947) (101,915) (574) 22,070 — (107,765) Net income (loss) 36,095 50,507 322,732 1,915 (42,991) — 368,258 Net (income) loss attributable to noncontrolling interests — (8) — — 8,323 — 8,315 Net income (loss) attributable to Nelnet, Inc. $ 36,095 50,499 322,732 1,915 (34,668) — 376,573 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Nine months ended September 30, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 95 818 388,149 5,479 5,379 (578) 399,341 Interest expense 70 — 124,282 1,007 3,158 (578) 127,939 Net interest income 25 818 263,867 4,472 2,221 — 271,402 Less provision (negative provision) for loan losses — — (11,225) 378 — — (10,847) Net interest income after provision for loan losses 25 818 275,092 4,094 2,221 — 282,249 Other income/expense: Loan servicing and systems revenue 335,961 — — — — — 335,961 Intersegment revenue 25,369 9 — — — (25,378) — Education technology, services, and payment processing revenue — 257,284 — — — — 257,284 Solar construction revenue — — — — — — — Other 2,541 13 (4,514) 475 31,668 — 30,183 Gain on sale of loans — — 18,715 — — — 18,715 Impairment expense and provision for beneficial interests, net (13,243) — 2,436 — (1,416) — (12,223) Derivative settlements, net — — (15,587) — — — (15,587) Derivative market value adjustments, net — — 44,455 — — — 44,455 Total other income/expense 350,628 257,306 45,505 475 30,252 (25,378) 658,788 Cost of services: Cost to provide education technology, services, and payment processing services — 80,063 — — — — 80,063 Cost to provide solar construction services — — — — — — — Total cost of services — 80,063 — — — — 80,063 Operating expenses: Salaries and benefits 210,151 82,154 1,594 3,956 65,496 — 363,351 Depreciation and amortization 20,411 8,789 — — 26,927 — 56,129 Other expenses 39,296 14,063 12,763 1,227 40,265 — 107,611 Intersegment expenses, net 52,241 10,856 25,627 72 (63,419) (25,378) — Total operating expenses 322,099 115,862 39,984 5,255 69,269 (25,378) 527,091 Income (loss) before income taxes 28,554 62,199 280,613 (686) (36,796) — 333,883 Income tax (expense) benefit (6,853) (14,928) (67,347) 151 12,230 — (76,747) Net income (loss) 21,701 47,271 213,266 (535) (24,566) — 257,136 Net (income) loss attributable to noncontrolling interests — — — — 3,467 — 3,467 Net income (loss) attributable to Nelnet, Inc. $ 21,701 47,271 213,266 (535) (21,099) — 260,603 Total assets as of September 30, 2021 $ 238,602 415,178 20,001,997 413,155 1,740,060 (406,253) 22,402,739

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables provide disaggregated revenue by service offering and/or customer type for the Company's fee-based reportable operating segments. Loan Servicing and Systems Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Government servicing $ 104,428 84,084 312,368 241,497 Private education and consumer loan servicing 12,198 13,198 37,194 34,563 FFELP servicing 4,127 4,557 12,386 13,930 Software services 8,229 6,952 23,536 22,779 Outsourced services and other 5,215 3,560 9,954 23,192 Loan servicing and systems revenue $ 134,197 112,351 395,438 335,961 Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Tuition payment plan services $ 25,779 23,618 84,131 79,706 Payment processing 47,957 39,852 113,996 97,898 Education technology and services 32,548 21,295 110,755 78,752 Other 610 559 1,329 928 Education technology, services, and payment processing revenue $ 106,894 85,324 310,211 257,284
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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Income/gains from investments, net $ 10,701 16,050 40,685 40,141 Borrower late fee income 2,824 514 7,693 1,698 ALLO preferred return 2,164 2,043 6,420 6,384 Administration/sponsor fee income 1,920 1,670 6,055 1,670 Investment advisory services 1,612 2,400 4,375 6,242 Loss from ALLO voting membership interest investment (17,562) (10,495) (47,633) (31,620) Loss from solar investments (4,216) (3,393) (7,100) (7,375) Other 4,782 3,078 14,255 13,043 $ 2,225 11,867 24,750 30,183

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ — 785,009 785,009 — 494,682 494,682 Private education loan asset-backed debt securities - available-for-sale — 317,901 317,901 — 412,552 412,552 Other debt securities - available-for-sale 100 275,061 275,161 100 22,335 22,435 Equity securities 7,254 — 7,254 63,154 — 63,154 Equity securities measured at net asset value (a) 31,960 8,832 Total investments 7,354 1,377,971 1,417,285 63,254 929,569 1,001,655 Total assets $ 7,354 1,377,971 1,417,285 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 September 30, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 15,390,107 15,082,413 — — 15,390,107 Accrued loan interest receivable 793,838 793,838 — 793,838 — Cash and cash equivalents 63,198 63,198 63,198 — — Investments (at fair value) 1,417,285 1,417,285 7,354 1,377,971 — Beneficial interest in loan securitizations 143,128 129,908 — — 143,128 Restricted cash 799,212 799,212 799,212 — — Restricted cash – due to customers 180,919 180,919 180,919 — — Financial liabilities: Bonds and notes payable 14,653,852 15,042,595 — 14,653,852 — Accrued interest payable 21,796 21,796 — 21,796 — Bank deposits 550,834 580,825 208,811 342,023 — Due to customers 306,352 306,352 306,352 — — 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	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 793,838		$ 788,552
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(22,021)		(25,933)
Allowance for loan losses	(119,057)	$ (120,424)	(127,113)	$ (138,044)	$ (145,719)	$ (175,698)
Financing receivable, after allowance for credit loss	15,876,251		18,335,197
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	14,794,015		17,441,790
Allowance for loan losses	(116,645)		(126,005)
Federally insured loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	14,300,391		17,091,047	18,081,488
Accrued interest receivable	786,494		784,716	831,142
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(25,381)		(28,309)	(23,229)
Allowance for loan losses	(87,778)	(92,593)	(103,381)	(115,859)	(120,802)	(128,590)
Financing receivable, after allowance for credit loss	14,973,726		17,744,073	18,773,542
Federally insured loans - Non-Nelnet Bank: | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,298,138		3,904,000
Federally insured loans - Non-Nelnet Bank: | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	11,002,253		13,187,047
Private education loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	262,183		299,442	319,212
Accrued interest receivable	2,207		1,960	2,076
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(185)		(1,123)	(1,496)
Allowance for loan losses	(15,577)	(15,253)	(16,143)	(17,053)	(19,403)	(19,529)
Financing receivable, after allowance for credit loss	248,628		284,136	302,739
Consumer and other loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	231,441		51,301	36,994
Accrued interest receivable	2,561		396	280
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(1,847)		913	664
Allowance for loan losses	(13,290)	(10,576)	(6,481)	(4,429)	(4,702)	(27,256)
Financing receivable, after allowance for credit loss	218,865		46,129	33,509
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	429,476		257,901
Allowance for loan losses	(2,412)		(1,108)
Federally insured loans - Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	72,905		88,011	93,930
Accrued interest receivable	1,607		1,216	1,177
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	23		26	28
Allowance for loan losses	(164)	(258)	(268)	(289)	(245)	0
Financing receivable, after allowance for credit loss	74,371		88,985	94,846
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	356,571		169,890	98,395
Accrued interest receivable	969		264	156
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,369		2,560	1,430
Allowance for loan losses	(2,248)	$ (1,744)	(840)	(414)	$ (567)	$ (323)
Financing receivable, after allowance for credit loss	$ 360,661		$ 171,874	$ 99,567

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)	Sep. 30, 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	0.61%	0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	22.30%	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	5.94%	5.39%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	5.74%	12.63%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.22%	0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	8.90%	12.10%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.63%	0.49%

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Jul. 07, 2022	Jan. 26, 2022	Sep. 30, 2022
Consumer and other loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of financing receivable	$ 28,900	$ 18,100
Loans sold, gain	$ 2,600	$ 3,000
Residual interest received on sale of financing receivable	7.60%	6.60%
Consumer Portfolio Segment, Private Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liability related to unfunded private education loan commitments			$ 76
Unfunded private education loan commitments			4,300
Provision for loan losses			$ 65

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 120,424	$ 145,719	$ 127,113	$ 175,698
Provision (negative provision) for loan losses	9,625	5,827	18,575	(10,847)
Charge-offs	(7,802)	(12,417)	(21,914)	(17,960)
Recoveries	383	304	996	1,126
Initial allowance on loans purchased with credit deterioration	12	935	156	2,260
Loan sales	(3,585)	(2,324)	(5,869)	(12,233)
Balance at end of period	119,057	138,044	119,057	138,044
Par value of loans purchased with deteriorated credit quality	900	64,600	11,600	153,300
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	92,593	120,802	103,381	128,590
Provision (negative provision) for loan losses	888	4,452	505	(3,428)
Charge-offs	(5,715)	(10,330)	(16,264)	(11,563)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	12	935	156	2,260
Loan sales	0	0	0	0
Balance at end of period	87,778	115,859	87,778	115,859
Private education loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	15,253	19,403	16,143	19,529
Provision (negative provision) for loan losses	1,154	(1,208)	1,971	(781)
Charge-offs	(1,066)	(954)	(3,072)	(1,850)
Recoveries	236	113	531	454
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	(301)	4	(299)
Balance at end of period	15,577	17,053	15,577	17,053
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	10,576	4,702	6,481	27,256
Provision (negative provision) for loan losses	7,173	2,696	14,702	(7,016)
Charge-offs	(1,021)	(1,133)	(2,489)	(4,547)
Recoveries	147	187	465	668
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	(3,585)	(2,023)	(5,869)	(11,932)
Balance at end of period	13,290	4,429	13,290	4,429
Federally insured loans - Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	258	245	268	0
Provision (negative provision) for loan losses	(94)	44	(102)	289
Charge-offs	0	0	(2)	0
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	0	0	0
Balance at end of period	164	289	164	289
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1,744	567	840	323
Provision (negative provision) for loan losses	504	(157)	1,499	89
Charge-offs	0	0	(87)	0
Recoveries	0	4	0	4
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	0	(4)	(2)
Balance at end of period	$ 2,248	$ 414	$ 2,248	$ 414

Loans and Accrued Interest Re_7

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans in repayment status:
Accrued interest receivable	$ 793,838		$ 788,552
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(22,021)		(25,933)
Allowance for loan losses	(119,057)	$ (120,424)	(127,113)	$ (138,044)	$ (145,719)	$ (175,698)
Financing receivable, after allowance for credit loss	15,876,251		18,335,197
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 719,724		$ 829,624	$ 909,228
Loans in-school/grace/deferment, percent	5%		4.90%	5%
Loans in forbearance	$ 1,384,709		$ 1,118,667	$ 1,826,082
Loans in forbearance, percent	9.70%		6.50%	10.10%
Loans in repayment status:
Loans receivable, gross	$ 14,300,391		$ 17,091,047	$ 18,081,488
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 12,195,958		$ 15,142,756	$ 15,346,178
Loans in repayment, percent	85.30%		88.60%	84.90%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 786,494		$ 784,716	$ 831,142
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(25,381)		(28,309)	(23,229)
Allowance for loan losses	(87,778)	(92,593)	(103,381)	(115,859)	(120,802)	(128,590)
Financing receivable, after allowance for credit loss	14,973,726		17,744,073	18,773,542
Federally insured loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 10,454,046		$ 12,847,685	$ 13,525,751
Loans current, percentage	85.70%		84.90%	88.10%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 431,471		$ 895,656	$ 548,670
Loans past due, percentage	3.60%		5.90%	3.60%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 261,616		$ 352,449	$ 286,681
Loans past due, percentage	2.10%		2.30%	1.90%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 185,753		$ 251,075	$ 163,447
Loans past due, percentage	1.50%		1.70%	1.10%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 540,555		$ 592,449	$ 467,441
Loans past due, percentage	4.40%		3.90%	3%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 322,517		$ 203,442	$ 354,188
Loans past due, percentage	2.70%		1.30%	2.30%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 15,556		$ 9,661	$ 10,282
Loans in-school/grace/deferment, percent	5.90%		3.20%	3.20%
Loans in forbearance	$ 2,745		$ 3,601	$ 3,554
Loans in forbearance, percent	1.10%		1.20%	1.10%
Loans in repayment status:
Loans receivable, gross	$ 262,183		$ 299,442	$ 319,212
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 243,882		$ 286,180	$ 305,376
Loans in repayment, percent	93%		95.60%	95.70%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,207		$ 1,960	$ 2,076
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(185)		(1,123)	(1,496)
Allowance for loan losses	(15,577)	(15,253)	(16,143)	(17,053)	(19,403)	(19,529)
Financing receivable, after allowance for credit loss	248,628		284,136	302,739
Private education loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 238,926		$ 280,457	$ 300,231
Loans current, percentage	98%		98%	98.30%
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 2,014		$ 2,403	$ 1,870
Loans past due, percentage	0.80%		0.80%	0.60%
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 992		$ 976	$ 912
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	$ 1,950		$ 2,344	$ 2,363
Loans past due, percentage	0.80%		0.90%	0.80%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 29		$ 43	$ 18
Loans in-school/grace/deferment, percent	0%		0.10%	0%
Loans in repayment status:
Loans receivable, gross	$ 231,441		$ 51,301	$ 36,994
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 231,412		$ 51,258	$ 36,976
Loans in repayment, percent	100%		99.90%	100%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,561		$ 396	$ 280
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(1,847)		913	664
Allowance for loan losses	(13,290)	(10,576)	(6,481)	(4,429)	(4,702)	(27,256)
Financing receivable, after allowance for credit loss	218,865		46,129	33,509
Consumer and other loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 228,827		$ 49,697	$ 35,744
Loans current, percentage	98.90%		97%	96.60%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 1,019		$ 414	$ 319
Loans past due, percentage	0.40%		0.80%	0.90%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 427		$ 322	$ 243
Loans past due, percentage	0.20%		0.60%	0.70%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 1,139		$ 825	$ 670
Loans past due, percentage	0.50%		1.60%	1.80%
Federally insured loans - Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 274		$ 330	$ 283
Loans in-school/grace/deferment, percent	0.40%		0.40%	0.30%
Loans in forbearance	$ 2,551		$ 1,057	$ 1,722
Loans in forbearance, percent	3.50%		1.20%	1.80%
Loans in repayment status:
Loans receivable, gross	$ 72,905		$ 88,011	$ 93,930
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 70,080		$ 86,624	$ 91,925
Loans in repayment, percent	96.10%		98.40%	97.90%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 1,607		$ 1,216	$ 1,177
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	23		26	28
Allowance for loan losses	(164)	(258)	(268)	(289)	(245)	0
Financing receivable, after allowance for credit loss	74,371		88,985	94,846
Federally insured loans - Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 68,970		$ 85,599	$ 91,366
Loans current, percentage	98.40%		98.80%	99.40%
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 353		$ 816	$ 277
Loans past due, percentage	0.50%		1%	0.30%
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 130		$ 0	$ 35
Loans past due, percentage	0.20%		0%	0%
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 5		$ 0	$ 45
Loans past due, percentage	0%		0%	0.10%
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 508		$ 209	$ 202
Loans past due, percentage	0.70%		0.20%	0.20%
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 114		$ 0	$ 0
Loans past due, percentage	0.20%		0%	0%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 10,888		$ 150	$ 82
Loans in-school/grace/deferment, percent	3.10%		0.10%	0.10%
Loans in forbearance	$ 524		$ 460	$ 193
Loans in forbearance, percent	0.10%		0.30%	0.20%
Loans in repayment status:
Loans receivable, gross	$ 356,571		$ 169,890	$ 98,395
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 345,159		$ 169,280	$ 98,120
Loans in repayment, percent	96.80%		99.60%	99.70%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 969		$ 264	$ 156
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,369		2,560	1,430
Allowance for loan losses	(2,248)	$ (1,744)	(840)	(414)	$ (567)	$ (323)
Financing receivable, after allowance for credit loss	360,661		171,874	99,567
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 344,469		$ 169,157	$ 98,120
Loans current, percentage	99.80%		99.90%	100%
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 197		$ 51	$ 0
Loans past due, percentage	0.10%		0%	0%
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 79		$ 0	$ 0
Loans past due, percentage	0%		0%	0%
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 414		$ 72	$ 0
Loans past due, percentage	0.10%		0.10%	0%

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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 207,094	$ 159,204
Fiscal year before current fiscal year	138,979	10,686
Fiscal year two years before current fiscal year	10,498
Total loans	356,571	169,890	$ 98,395
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,105	6,481
Fiscal year before current fiscal year	5,516	100
Fiscal year two years before current fiscal year	350
Total loans	10,971	6,581
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	21,916	11,697
Fiscal year before current fiscal year	10,745	276
Fiscal year two years before current fiscal year	537
Total loans	33,198	11,973
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	34,495	18,611
Fiscal year before current fiscal year	17,107	1,072
Fiscal year two years before current fiscal year	1,485
Total loans	53,087	19,683
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	57,481	36,274
Fiscal year before current fiscal year	32,421	1,467
Fiscal year two years before current fiscal year	1,639
Total loans	91,541	37,741
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	88,097	86,141
Fiscal year before current fiscal year	73,190	7,771
Fiscal year two years before current fiscal year	6,487
Total loans	$ 167,774	$ 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	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 793,838		$ 788,552
Loan discount, net of unamortized premiums	(22,021)		(25,933)
Allowance for loan losses	(119,057)	$ (120,424)	(127,113)	$ (138,044)	$ (145,719)	$ (175,698)
Financing receivable, after allowance for credit loss	15,876,251		18,335,197
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	5,928
2021	10,270
2020	57,467
2019	46,456
2018	445
Prior years	141,617
Total loans	262,183		299,442	319,212
Accrued interest receivable	2,207		1,960	2,076
Loan discount, net of unamortized premiums	(185)		(1,123)	(1,496)
Allowance for loan losses	(15,577)	(15,253)	(16,143)	(17,053)	(19,403)	(19,529)
Financing receivable, after allowance for credit loss	248,628		284,136	302,739
Private education loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	238,926		280,457	300,231
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,014		2,403	1,870
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	992		976	912
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,950		2,344	2,363
Private education loans - Non-Nelnet Bank: | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	2,051
2021	7,282
2020	1,664
2019	2,956
2018	101
Prior years	1,502
Total loans	15,556
Private education loans - Non-Nelnet Bank: | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	0
2021	30
2020	423
2019	1,244
2018	134
Prior years	914
Total loans	2,745
Private education loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	3,877
2021	2,958
2020	55,380
2019	42,256
2018	210
Prior years	139,201
Total loans	243,882
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	3,877
2021	2,912
2020	55,156
2019	42,006
2018	172
Prior years	134,803
Total loans	238,926
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	0
2021	11
2020	9
2019	174
2018	38
Prior years	1,782
Total loans	2,014
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	0
2021	35
2020	202
2019	76
2018	0
Prior years	679
Total loans	992
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	0
2021	0
2020	13
2019	0
2018	0
Prior years	1,937
Total loans	1,950
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	191,271
2021	33,032
2020	1,759
2019	2,697
2018	2,663
Prior years	19
Total loans	231,441		51,301	36,994
Accrued interest receivable	2,561		396	280
Loan discount, net of unamortized premiums	(1,847)		913	664
Allowance for loan losses	(13,290)	(10,576)	(6,481)	(4,429)	(4,702)	(27,256)
Financing receivable, after allowance for credit loss	218,865		46,129	33,509
Consumer and other loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	228,827		49,697	35,744
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,019		414	319
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	427		322	243
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,139		825	670
Consumer and other loans - Non-Nelnet Bank: | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	20
2021	0
2020	0
2019	0
2018	9
Prior years	0
Total loans	29
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	191,251
2021	33,032
2020	1,759
2019	2,697
2018	2,654
Prior years	19
Total loans	231,412
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	190,237
2021	32,198
2020	1,682
2019	2,419
2018	2,272
Prior years	19
Total loans	228,827
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	535
2021	320
2020	60
2019	76
2018	28
Prior years	0
Total loans	1,019
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	328
2021	73
2020	3
2019	13
2018	10
Prior years	0
Total loans	427
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	151
2021	441
2020	14
2019	189
2018	344
Prior years	0
Total loans	1,139
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	207,094		159,204
2021	138,979		10,686
2020	10,498
2019	0
2018	0
Prior years	0
Total loans	356,571		169,890	98,395
Accrued interest receivable	969		264	156
Loan discount, net of unamortized premiums	5,369		2,560	1,430
Deferred origination costs, net of unaccreted discount	5,369
Allowance for loan losses	(2,248)	$ (1,744)	(840)	(414)	$ (567)	$ (323)
Financing receivable, after allowance for credit loss	360,661		171,874	99,567
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	344,469		$ 169,157	$ 98,120
Private education loans - Nelnet Bank | Loans in school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	8,239
2021	1,215
2020	1,434
2019	0
2018	0
Prior years	0
Total loans	10,888
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	221
2021	211
2020	92
2019	0
2018	0
Prior years	0
Total loans	524
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	198,634
2021	137,553
2020	8,972
2019	0
2018	0
Prior years	0
Total loans	345,159
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	198,423
2021	137,074
2020	8,972
2019	0
2018	0
Prior years	0
Total loans	344,469
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	132
2021	65
2020	0
2019	0
2018	0
Prior years	0
Total loans	197
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	79
2021	0
2020	0
2019	0
2018	0
Prior years	0
Total loans	79
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2022	0
2021	414
2020	0
2019	0
2018	0
Prior years	0
Total loans	$ 414

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 15,201,094	$ 17,824,087
Discount on bonds and notes payable and debt issuance costs	(158,499)	(192,998)
Bonds and notes payable, net	15,042,595	17,631,089
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 0	$ 0
Interest rate	0%	0%
Participation agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 399,744	$ 253,969
Interest rate	3.77%	0.78%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 506,968	$ 483,848
Other - due to related party
Debt Instrument [Line Items]
Bonds and notes payable, gross	743
Secured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross		$ 5,000
Interest rate		1.91%
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	13,056,109	$ 15,887,295
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	208,660	248,550
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	13,264,769	16,135,845
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	646,956	772,935
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 249,543	$ 5,048
Interest rate	3.20%	0.21%
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 22,161	$ 31,818
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	24,056	28,613
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 86,154	$ 107,011
Interest rate	3.07%	0.24%
Minimum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	0.97%	0.66%
Minimum | Other - due to related party
Debt Instrument [Line Items]
Interest rate	3.55%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	2.89%	0.23%
Minimum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	0%	0%
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	4.65%	1.65%
Minimum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.60%	3.60%
Maximum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	4.26%	1.46%
Maximum | Other - due to related party
Debt Instrument [Line Items]
Interest rate	5.35%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	5.08%	2.10%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	2.82%	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	4.83%	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	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 29, 2022	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		218,000,000
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities		289,000,000
Decrease in interest on bonds, notes payable, and bank deposits	$ 23,800,000
Par value of asset-based securities		1,378,071,000			$ 929,669,000
Asset-backed securities
Debt Instrument [Line Items]
Par value of asset-based securities		431,500,000
Asset-based securities serving as collateral on secured debt repurchase agreements		230,600,000
Union Bank and Trust Company
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities		399,700,000
Warehouse facilities | Federally insured student loans | NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount		300,000,000		$ 25,000,000
Amount outstanding		249,500,000
Amount available		50,500,000
Advanced as equity support		20,300,000
Private Loan Warehouse Facility | Warehouse facilities
Debt Instrument [Line Items]
Maximum financing amount		175,000,000
Amount outstanding		86,200,000
Amount available		88,800,000
Advanced as equity support		$ 9,800,000
Private Loan Warehouse Facility | Warehouse facilities | Minimum
Debt Instrument [Line Items]
Advance rate		80%
Private Loan Warehouse Facility | Warehouse facilities | Maximum
Debt Instrument [Line Items]
Advance rate		90%
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

Bonds and Notes Payable - Debt

Bonds and Notes Payable - Debt Repurchased (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Purchase price	$ (13,563)	$ (184,827)	$ (67,081)	$ (205,269)
Par value	13,903	184,781	69,133	204,597
Remaining unamortized cost of issuance	(180)	(3,222)	(821)	(3,292)
Gain (loss)	$ 160	$ (3,268)	$ 1,231	$ (3,964)

Derivative Financial Instrume_3

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 4,900,000,000	$ 5,900,000,000
2022
Derivative [Line Items]
Notional amount	1,000,000,000	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			1 Months Ended
	Aug. 26, 2022	Apr. 29, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate				0.094%	0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges
Derivative [Line Items]
Derivative, notional amount, terminated	$ 500	$ 1,250	$ 650
Net payment for settlement of terminated derivatives			0.1
Proceeds for settlement of terminated derivatives	23.8	68.1
Interest Rate Swap | Interest rate swaps - floor income hedges | 2022
Derivative [Line Items]
Derivative, notional amount, terminated			500
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023
Derivative [Line Items]
Derivative, notional amount, terminated	250	500	$ 150
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024
Derivative [Line Items]
Derivative, notional amount, terminated	$ 250	250
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025
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 ($)	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 2,600,000,000	$ 5,000,000,000
Weighted average fixed rate paid by the Company	0.52%	0.55%
2022
Derivative [Line Items]
Notional amount	$ 0	$ 500,000,000
Weighted average fixed rate paid by the Company	0%	0.94%
2023
Derivative [Line Items]
Notional amount	$ 0	$ 900,000,000
Weighted average fixed rate paid by the Company	0%	0.62%
2024
Derivative [Line Items]
Notional amount	$ 2,000,000,000	$ 2,500,000,000
Weighted average fixed rate paid by the Company	0.35%	0.35%
2025
Derivative [Line Items]
Notional amount	$ 0	$ 500,000,000
Weighted average fixed rate paid by the Company	0%	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 10,271	$ (5,909)	$ 12,085	$ (15,587)
Change in fair value	$ 52,991	$ 7,260	$ 239,125	$ 44,455
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 10,271	$ (5,909)	$ 12,085	$ (15,587)
Derivative market value adjustments and derivative settlements, net - income	63,262	1,351	251,210	28,868
1:3 basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	189	$ 1,061	$ 929	$ 2,755
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(1,085)	$ (700)	$ 242	$ (939)
Interest rate swaps - floor income hedges
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ 52,802	$ 6,199	$ 238,196	$ 41,700
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 11,356	$ (5,209)	$ 11,843	$ (14,648)

Investments and Notes Receiva_3

Investments and Notes Receivable - Summary of Investments (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 25, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments (at fair value):
Amortized cost		$ 1,415,765,000		$ 1,415,765,000		$ 917,412,000
Gross unrealized gains		8,124,000		8,124,000		15,217,000
Gross unrealized losses		(45,818,000)		(45,818,000)		(2,960,000)
Fair value		1,378,071,000		1,378,071,000		929,669,000
Equity securities
Fair value		39,214,000		39,214,000		71,986,000
Total investments (at fair value)
Fair value		1,417,285,000		1,417,285,000		1,001,655,000
Other Investments and Notes Receivable (not measured at fair value):
Other debt securities - held-to-maturity		8,440,000		8,440,000		8,200,000
Notes receivable		32,124,000		32,124,000		0
Total investments (not measured at fair value)		646,229,000		646,229,000		587,264,000
Total investments and notes receivable		2,063,514,000		2,063,514,000		1,588,919,000
Asset -backed securities unrealized loss position		1,000,000,000		1,000,000,000
Asset -backed securities unrealized loss position not due to credit loss		0		0
Private education loan asset-backed securities subject to repurchase agreements with third-parties		350,900,000		350,900,000
Equity securities, realized gain		2,164,000	$ 2,043,000	6,420,000	$ 6,384,000
Net loss attributable to noncontrolling interests		4,329,000	1,919,000	8,315,000	3,467,000
FFELP loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		783,676,000		783,676,000		480,691,000
Gross unrealized gains		7,767,000		7,767,000		14,710,000
Gross unrealized losses		(6,434,000)		(6,434,000)		(719,000)
Fair value		785,009,000		785,009,000		494,682,000
Private education loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost		352,500,000		352,500,000		414,286,000
Gross unrealized gains		0		0		507,000
Gross unrealized losses		(34,599,000)		(34,599,000)		(2,241,000)
Fair value		317,901,000		317,901,000		412,552,000
Other debt securities - available-for-sale
Investments (at fair value):
Amortized cost		279,589,000		279,589,000		22,435,000
Gross unrealized gains		357,000		357,000		0
Gross unrealized losses		(4,785,000)		(4,785,000)		0
Fair value		275,161,000		275,161,000		22,435,000
Union Bank and Trust Company
Other Investments and Notes Receivable (not measured at fair value):
Amount of participation, student loan asset-backed securities		399,700,000		399,700,000
Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations		129,908,000		129,908,000		120,142,000
Venture capital and funds: | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative		159,437,000		159,437,000		157,609,000
Equity method		81,231,000		81,231,000		67,840,000
Total investments (not measured at fair value)		240,668,000		240,668,000		225,449,000
Real estate: | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity method		81,820,000		81,820,000		47,226,000
Partnership Interest | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity method		74,271,000		74,271,000		87,247,000
Preferred membership interest and accrued and unpaid preferred return		143,763,000		143,763,000		137,342,000
Total investments (not measured at fair value)		218,034,000		218,034,000		224,589,000
Additional equity investment	$ 34,700,000
Equity securities, realized loss		17,600,000	10,500,000	47,600,000	31,600,000
Partnership Interest | Miscellaneous Investments | ALLO
Other Investments and Notes Receivable (not measured at fair value):
Preferred membership interest and accrued and unpaid preferred return		137,300,000		137,300,000
Equity method investment, accrued and unpaid preferred return		6,400,000		6,400,000
Beneficial interest in private education loan securitizations | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations		77,447,000		77,447,000		66,008,000
Loans corresponding to beneficial interest		630,000,000		630,000,000
Consumer loans | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations		27,617,000		27,617,000		28,366,000
Loans corresponding to beneficial interest		150,000,000		150,000,000
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations		24,844,000		24,844,000		25,768,000
Loans corresponding to beneficial interest		420,000,000		420,000,000
Solar
Other Investments and Notes Receivable (not measured at fair value):
Amount funded or committed to fund		252,100,000		252,100,000
Amount funded or committed to fund by partners		81,300,000		81,300,000
Equity method investment, amount committed to fund		42,800,000		42,800,000
Equity method investment, amount committed to fund by partners		35,100,000		35,100,000
Pre-tax loss from equity investment		4,200,000	3,400,000	7,100,000	7,400,000
Net loss attributable to noncontrolling interests		4,100,000	2,100,000	8,000,000	4,000,000
Solar | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		(71,000,000)		(71,000,000)		(42,457,000)
Tax liens, affordable housing, and other | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)		6,235,000		6,235,000		$ 4,115,000
Preferred Partnership Interest | Miscellaneous Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity securities, realized gain		$ 2,200,000	$ 2,000,000	$ 6,400,000	$ 6,400,000
Equity method investment, preferred annual return		6.25%		6.25%

Investments and Notes Receiva_4

Investments and Notes Receivable - Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Investments [Abstract]
Impairment charge	$ 5.4

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands			9 Months Ended
	Jul. 01, 2022 USD ($) subsidiary	Apr. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Apr. 29, 2022	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Useful life			106 months
Goodwill			$ 172,033	$ 149,117		$ 142,092	$ 142,092
Computer software
Business Acquisition [Line Items]
Useful life			30 months
Customer relationships
Business Acquisition [Line Items]
Useful life			112 months
Trade names
Business Acquisition [Line Items]
Useful life			117 months
Other Intangible Assets
Business Acquisition [Line Items]
Useful life			57 months
NGWeb Solutions, LLC
Business Acquisition [Line Items]
Percent ownership acquired		30%
Payments to acquire businesses		$ 9,205
Equity interest previously held					50%
Revaluation gain		15,200
Intangible assets		$ 15,250
Weighted average useful life of intangible assets acquired		14 years
Goodwill		$ 15,937
NGWeb Solutions, LLC | Computer software
Business Acquisition [Line Items]
Intangible assets		$ 1,700
Useful life		5 years
NGWeb Solutions, LLC | Customer relationships
Business Acquisition [Line Items]
Intangible assets		$ 12,800
Useful life		15 years
NGWeb Solutions, LLC | Trade names
Business Acquisition [Line Items]
Intangible assets		$ 800
Useful life		10 years
GRNE Solar
Business Acquisition [Line Items]
Percent ownership acquired	80%
Payments to acquire businesses	$ 30,395
Intangible assets	$ 11,683
Weighted average useful life of intangible assets acquired	8 years
Goodwill	$ 14,004
Number of subsidiaries voting interest acquired | subsidiary	2
Goodwill expected tax deductible amount	$ 14,000
GRNE Solar | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 1,100
Useful life	3 years
GRNE Solar | Trade names
Business Acquisition [Line Items]
Intangible assets	$ 8,100
Useful life	10 years
GRNE Solar | Other Intangible Assets
Business Acquisition [Line Items]
Intangible assets	$ 2,400
Useful life	5 years

Business Combinations - Recogni

Business Combinations - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Apr. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Excess cost over fair value of net assets acquired (goodwill)			$ 172,033	$ 149,117	$ 142,092	$ 142,092
NGWeb Solutions, LLC
Business Acquisition [Line Items]
Cash and cash equivalents		$ 1,885
Accounts receivable		1,315
Property and equipment		800
Other assets		201
Intangible assets		15,250
Excess cost over fair value of net assets acquired (goodwill)		15,937
Other liabilities		(4,550)
Net assets acquired		30,838
Minority interest		(6,291)
Remeasurement of previously held investment		(15,342)
Total consideration paid by the Company		$ 9,205
GRNE Solar
Business Acquisition [Line Items]
Cash and cash equivalents	$ 1,742
Accounts receivable	4,941
Property and equipment	8,720
Other assets	3,092
Intangible assets	11,683
Excess cost over fair value of net assets acquired (goodwill)	14,004
Bonds and notes payable	(750)
Other liabilities	(5,438)
Net assets acquired	37,994
Minority interest	(7,599)
Total consideration paid by the Company	$ 30,395

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	106 months
Amortizable intangible assets, net	$ 70,368	$ 52,029
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 49,709	97,398
Weighted average remaining useful life	112 months
Amortizable intangible assets, net	$ 55,385	47,894
Trade names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 312
Weighted average remaining useful life	117 months
Amortizable intangible assets, net	$ 8,598	0
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 3,730	3,669
Weighted average remaining useful life	30 months
Amortizable intangible assets, net	$ 4,190	4,135
Other
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 245
Weighted average remaining useful life	57 months
Amortizable intangible assets, net	$ 2,195	$ 0

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 3.3	$ 3.3	$ 8.6	$ 19.9

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2022 (October 1 - December 31)	$ 3,509
2023	13,222
2024	10,691
2025	7,604
2026	7,259
2027 and thereafter	28,083
Amortizable intangible assets, net	$ 70,368	$ 52,029

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2022
Goodwill [Roll Forward]
Balance at beginning of period	$ 149,117	$ 142,092	$ 142,092
Goodwill acquired during the period	14,004	7,025	7,025
NextGen purchase price allocation adjustment	8,912
Balance at end of period	172,033	149,117	149,117
Corporate and Other Activities
Goodwill [Roll Forward]
Balance at beginning of period	0	0	0
Goodwill acquired during the period	14,004	0	0
NextGen purchase price allocation adjustment	0
Balance at end of period	14,004	0	0
Loan Servicing and Systems | Operating Segments
Goodwill [Roll Forward]
Balance at beginning of period	23,639	23,639	23,639
Goodwill acquired during the period	0	0	0
NextGen purchase price allocation adjustment	0
Balance at end of period	23,639	23,639	23,639
Education Technology, Services, and Payment Processing | Operating Segments
Goodwill [Roll Forward]
Balance at beginning of period	83,595	76,570	76,570
Goodwill acquired during the period	0	7,025	7,025
NextGen purchase price allocation adjustment	8,912
Balance at end of period	92,507	83,595	83,595
Asset Generation and Management | Operating Segments
Goodwill [Roll Forward]
Balance at beginning of period	41,883	41,883	41,883
Goodwill acquired during the period	0	0	0
NextGen purchase price allocation adjustment	0
Balance at end of period	41,883	41,883	41,883
Nelnet Bank | Operating Segments
Goodwill [Roll Forward]
Balance at beginning of period	0	0	0
Goodwill acquired during the period	0	0	0
NextGen purchase price allocation adjustment	0
Balance at end of period	$ 0	$ 0	$ 0

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 104,798	$ 53,138	$ 376,573	$ 260,603
Net income attributable to Nelnet, Inc., diluted	$ 104,798	$ 53,138	$ 376,573	$ 260,603
Weighted-average common shares outstanding - basic (in shares)	37,380,493	38,595,721	37,708,425	38,646,892
Weighted-average common shares outstanding - diluted (in shares)	37,380,493	38,595,721	37,708,425	38,646,892
Earnings per share - basic (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Earnings per share - diluted (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 102,763	$ 52,245	$ 369,479	$ 256,416
Net income attributable to Nelnet, Inc., diluted	$ 102,763	$ 52,245	$ 369,479	$ 256,416
Weighted-average common shares outstanding - basic (in shares)	36,654,781	37,947,257	36,998,100	38,025,898
Weighted-average common shares outstanding - diluted (in shares)	36,654,781	37,947,257	36,998,100	38,025,898
Earnings per share - basic (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Earnings per share - diluted (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 2,035	$ 893	$ 7,094	$ 4,187
Net income attributable to Nelnet, Inc., diluted	$ 2,035	$ 893	$ 7,094	$ 4,187
Weighted-average common shares outstanding - basic (in shares)	725,712	648,464	710,325	620,994
Weighted-average common shares outstanding - diluted (in shares)	725,712	648,464	710,325	620,994
Earnings per share - basic (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74
Earnings per share - diluted (in dollars per share)	$ 2.80	$ 1.38	$ 9.99	$ 6.74

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total interest income	$ 203,133	$ 136,654	$ 479,916	$ 399,341
Interest expense	126,625	50,176	248,347	127,939
Net interest income	76,508	86,478	231,569	271,402
Provision (negative provision) for loan losses	9,665	5,827	18,640	(10,847)
Net interest income after provision for loan losses	66,843	80,651	212,929	282,249
Other income/expense:
Intersegment revenue	0	0	0	0
Other	2,225	11,867	24,750	30,183
Gain on sale of loans	2,627	3,444	5,616	18,715
Impairment expense and provision for beneficial interests, net	121	(14,159)	(6,163)	(12,223)
Derivative settlements, net	10,271	(5,909)	12,085	(15,587)
Derivative market value adjustments, net	52,991	7,260	239,125	44,455
Total other income/expense	318,684	200,178	990,420	658,788
Total cost of services	48,644	31,335	115,041	80,063
Operating expenses:
Salaries and benefits	147,198	128,592	438,010	363,351
Depreciation and amortization	18,772	15,710	53,978	56,129
Other expenses	43,858	38,324	120,297	107,611
Intersegment expenses, net	0	0	0	0
Total operating expenses	209,828	182,626	612,285	527,091
Income before income taxes	127,055	66,868	476,023	333,883
Income tax (expense) benefit	(26,586)	(15,649)	(107,765)	(76,747)
Net income	100,469	51,219	368,258	257,136
Net (income) loss attributable to noncontrolling interests	4,329	1,919	8,315	3,467
Net income attributable to Nelnet, Inc.	104,798	53,138	376,573	260,603
Total assets	19,563,533	22,402,739	19,563,533	22,402,739	$ 21,678,041
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	831	31	1,144	95
Interest expense	0	24	44	70
Net interest income	831	7	1,100	25
Provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	831	7	1,100	25
Other income/expense:
Intersegment revenue	8,281	8,621	25,142	25,369
Other	596	727	1,946	2,541
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	(13,243)	0	(13,243)
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	143,074	108,456	422,526	350,628
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	82,067	75,305	257,259	210,151
Depreciation and amortization	5,784	4,245	16,056	20,411
Other expenses	16,654	12,738	46,375	39,296
Intersegment expenses, net	17,486	19,217	56,442	52,241
Total operating expenses	121,991	111,505	376,132	322,099
Income before income taxes	21,914	(3,042)	47,494	28,554
Income tax (expense) benefit	(5,259)	730	(11,399)	(6,853)
Net income	16,655	(2,312)	36,095	21,701
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	16,655	(2,312)	36,095	21,701
Total assets	235,858	238,602	235,858	238,602
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	3,707	344	4,920	818
Interest expense	0	0	0	0
Net interest income	3,707	344	4,920	818
Provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	3,707	344	4,920	818
Other income/expense:
Intersegment revenue	8	3	16	9
Other	0	13	0	13
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	106,902	85,340	310,227	257,306
Total cost of services	42,676	31,335	109,073	80,063
Operating expenses:
Salaries and benefits	34,950	29,119	98,356	82,154
Depreciation and amortization	2,532	2,762	7,544	8,789
Other expenses	7,034	4,804	19,549	14,063
Intersegment expenses, net	4,762	3,672	14,171	10,856
Total operating expenses	49,278	40,357	139,620	115,862
Income before income taxes	18,655	13,992	66,454	62,199
Income tax (expense) benefit	(4,475)	(3,358)	(15,947)	(14,928)
Net income	14,180	10,634	50,507	47,271
Net (income) loss attributable to noncontrolling interests	(61)	0	(8)	0
Net income attributable to Nelnet, Inc.	14,119	10,634	50,499	47,271
Total assets	440,859	415,178	440,859	415,178
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	182,932	131,781	441,926	388,149
Interest expense	120,009	48,662	235,720	124,282
Net interest income	62,923	83,119	206,206	263,867
Provision (negative provision) for loan losses	9,215	5,940	17,178	(11,225)
Net interest income after provision for loan losses	53,708	77,179	189,028	275,092
Other income/expense:
Intersegment revenue	0	0	0	0
Other	4,627	(7,275)	16,270	(4,514)
Gain on sale of loans	2,627	3,444	5,616	18,715
Impairment expense and provision for beneficial interests, net	0	0	0	2,436
Derivative settlements, net	10,271	(5,909)	12,085	(15,587)
Derivative market value adjustments, net	52,991	7,260	239,125	44,455
Total other income/expense	70,516	(2,480)	273,096	45,505
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	653	542	1,858	1,594
Depreciation and amortization	0	0	0	0
Other expenses	3,349	5,420	9,925	12,763
Intersegment expenses, net	8,350	8,652	25,694	25,627
Total operating expenses	12,352	14,614	37,477	39,984
Income before income taxes	111,872	60,085	424,647	280,613
Income tax (expense) benefit	(26,849)	(14,421)	(101,915)	(67,347)
Net income	85,023	45,664	322,732	213,266
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	85,023	45,664	322,732	213,266
Total assets	16,374,493	20,001,997	16,374,493	20,001,997
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	7,551	2,061	15,792	5,479
Interest expense	3,298	421	5,792	1,007
Net interest income	4,253	1,640	10,000	4,472
Provision (negative provision) for loan losses	450	(113)	1,462	378
Net interest income after provision for loan losses	3,803	1,753	8,538	4,094
Other income/expense:
Intersegment revenue	0	0	0	0
Other	566	450	2,224	475
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	566	450	2,224	475
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	1,814	890	5,082	3,956
Depreciation and amortization	4	0	11	0
Other expenses	1,427	445	3,009	1,227
Intersegment expenses, net	69	32	171	72
Total operating expenses	3,314	1,367	8,273	5,255
Income before income taxes	1,055	836	2,489	(686)
Income tax (expense) benefit	(246)	(200)	(574)	151
Net income	809	636	1,915	(535)
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	809	636	1,915	(535)
Total assets	884,089	413,155	884,089	413,155
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	10,860	2,609	21,087	5,379
Interest expense	6,067	1,242	11,745	3,158
Net interest income	4,793	1,367	9,342	2,221
Provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	4,793	1,367	9,342	2,221
Other income/expense:
Intersegment revenue	0	0	0	0
Other	(3,564)	17,952	4,309	31,668
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	121	(916)	(6,163)	(1,416)
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	5,915	17,036	7,504	30,252
Total cost of services	5,968	0	5,968	0
Operating expenses:
Salaries and benefits	27,713	22,735	75,455	65,496
Depreciation and amortization	10,452	8,702	30,366	26,927
Other expenses	15,395	14,918	41,438	40,265
Intersegment expenses, net	(22,378)	(22,949)	(71,320)	(63,419)
Total operating expenses	31,182	23,406	75,939	69,269
Income before income taxes	(26,442)	(5,003)	(65,061)	(36,796)
Income tax (expense) benefit	10,244	1,600	22,070	12,230
Net income	(16,198)	(3,403)	(42,991)	(24,566)
Net (income) loss attributable to noncontrolling interests	4,390	1,919	8,323	3,467
Net income attributable to Nelnet, Inc.	(11,808)	(1,484)	(34,668)	(21,099)
Total assets	2,360,882	1,740,060	2,360,882	1,740,060
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(2,748)	(172)	(4,953)	(578)
Interest expense	(2,748)	(172)	(4,953)	(578)
Net interest income	0	0	0	0
Provision (negative provision) for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income/expense:
Intersegment revenue	(8,289)	(8,624)	(25,158)	(25,378)
Other	0	0	0	0
Gain on sale of loans	0	0	0	0
Impairment expense and provision for beneficial interests, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income/expense	(8,289)	(8,624)	(25,158)	(25,378)
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	0	0	0	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(8,289)	(8,624)	(25,158)	(25,378)
Total operating expenses	(8,289)	(8,624)	(25,158)	(25,378)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(732,648)	(406,253)	(732,648)	(406,253)
Loan servicing and systems revenue
Other income/expense:
Revenue	134,197	112,351	395,438	335,961
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems
Other income/expense:
Revenue	134,197	112,351	395,438	335,961
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income/expense:
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management
Other income/expense:
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Nelnet Bank
Other income/expense:
Revenue	0	0	0	0
Loan servicing and systems revenue | Corporate and Other Activities
Other income/expense:
Revenue	0	0	0	0
Loan servicing and systems revenue | Eliminations
Other income/expense:
Revenue	0	0	0	0
Education technology, services, and payment processing revenue
Other income/expense:
Revenue	106,894	85,324	310,211	257,284
Total cost of services	42,676	31,335	109,073	80,063
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income/expense:
Revenue	106,894	85,324	310,211	257,284
Total cost of services	42,676	31,335	109,073	80,063
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Corporate and Other Activities
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Eliminations
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue
Other income/expense:
Revenue	9,358	0	9,358	0
Total cost of services	5,968	0	5,968	0
Solar construction revenue | Operating Segments | Loan Servicing and Systems
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Asset Generation and Management
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Nelnet Bank
Other income/expense:
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Corporate and Other Activities
Other income/expense:
Revenue	9,358	0	9,358	0
Total cost of services	5,968	0	5,968	0
Solar construction revenue | Eliminations
Other income/expense:
Revenue	0	0	0	0
Total cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue - Disaggr

Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 134,197	$ 112,351	$ 395,438	$ 335,961
Government servicing
Disaggregation of Revenue [Line Items]
Revenue	104,428	84,084	312,368	241,497
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,198	13,198	37,194	34,563
FFELP servicing
Disaggregation of Revenue [Line Items]
Revenue	4,127	4,557	12,386	13,930
Software services
Disaggregation of Revenue [Line Items]
Revenue	8,229	6,952	23,536	22,779
Outsourced services and other
Disaggregation of Revenue [Line Items]
Revenue	5,215	3,560	9,954	23,192
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	106,894	85,324	310,211	257,284
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	25,779	23,618	84,131	79,706
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	47,957	39,852	113,996	97,898
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	32,548	21,295	110,755	78,752
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 610	$ 559	$ 1,329	$ 928

Disaggregated Revenue - Other I

Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Income/gains from investments, net	$ 10,701	$ 16,050	$ 40,685	$ 40,141
Borrower late fee income	2,824	514	7,693	1,698
ALLO preferred return	2,164	2,043	6,420	6,384
Administration/sponsor fee income	1,920	1,670	6,055	1,670
Other	4,782	3,078	14,255	13,043
Total other	2,225	11,867	24,750	30,183
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(17,562)	(10,495)	(47,633)	(31,620)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(4,216)	(3,393)	(7,100)	(7,375)
Investment advisory services
Disaggregation of Revenue [Line Items]
Investment advisory services	$ 1,612	$ 2,400	$ 4,375	$ 6,242

Major Customer (Details)

Major Customer (Details) borrower in Millions	Sep. 30, 2022 borrower
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark
Concentration Risk [Line Items]
Number of borrowers	15.7

Fair Value - Fair Value, Assets

Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Fair value	$ 1,417,285	$ 1,001,655
Total assets	1,417,285	1,001,655
FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	785,009	494,682
Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	317,901	412,552
Other debt securities - available-for-sale
Financial assets:
Fair value	275,161	22,435
Equity securities
Financial assets:
Fair value	7,254	63,154
Equity securities measured at net asset value
Financial assets:
Fair value	31,960	8,832
Level 1
Financial assets:
Fair value	7,354	63,254
Total assets	7,354	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	7,254	63,154
Level 2
Financial assets:
Fair value	1,377,971	929,569
Total assets	1,377,971	929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	785,009	494,682
Level 2 | Private education loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	317,901	412,552
Level 2 | Other debt securities - available-for-sale
Financial assets:
Fair value	275,061	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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Loans receivable	$ 15,876,251	$ 18,335,197
Accrued loan interest receivable	793,838	788,552
Cash and cash equivalents	63,198	125,563	$ 191,936	$ 121,249
Restricted cash - due to customers	180,919	326,645	$ 295,053	$ 283,971
Financial liabilities:
Accrued interest payable	21,796	4,566
Bank deposits	580,825	344,315
Due to customers	306,352	366,002
Fair value
Financial assets:
Loans receivable	15,390,107	18,576,272
Accrued loan interest receivable	793,838	788,552
Cash and cash equivalents	63,198	125,563
Investments (at fair value)	1,417,285	1,001,655
Beneficial interest in loan securitizations	143,128	142,391
Restricted cash	799,212	741,981
Restricted cash - due to customers	180,919	326,645
Financial liabilities:
Bonds and notes payable	14,653,852	17,819,902
Accrued interest payable	21,796	4,566
Bank deposits	550,834	342,463
Due to customers	306,352	366,002
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	63,198	125,563
Investments (at fair value)	7,354	63,254
Beneficial interest in loan securitizations	0	0
Restricted cash	799,212	741,981
Restricted cash - due to customers	180,919	326,645
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	208,811	184,897
Due to customers	306,352	366,002
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	793,838	788,552
Cash and cash equivalents	0	0
Investments (at fair value)	1,377,971	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	14,653,852	17,819,902
Accrued interest payable	21,796	4,566
Bank deposits	342,023	157,566
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	15,390,107	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	143,128	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	15,082,413	17,546,645
Accrued loan interest receivable	793,838	788,552
Cash and cash equivalents	63,198	125,563
Investments (at fair value)	1,417,285	1,001,655
Beneficial interest in loan securitizations	129,908	120,142
Restricted cash	799,212	741,981
Restricted cash - due to customers	180,919	326,645
Financial liabilities:
Bonds and notes payable	15,042,595	17,631,089
Accrued interest payable	21,796	4,566
Bank deposits	580,825	344,315
Due to customers	$ 306,352	$ 366,002