Nelnet (NNI) 10-K 28 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,437,938,178
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be filed for its 2023 Annual Meeting of Shareholders, scheduled to be held May 18, 2023, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001258602
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,466,685
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,668,460

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Lincoln, Nebraska
Auditor Firm ID	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Loans and accrued interest receivable	$ 15,243,889	$ 18,335,197
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	24,584	30,128
Cash and cash equivalents - held at a related party	93,562	95,435
Total cash and cash equivalents	118,146	125,563
Investments and notes receivable	2,111,917	1,588,919
Restricted cash	945,159	741,981
Restricted cash - due to customers	294,311	326,645
Accounts receivable (net of allowance for doubtful accounts of $3,079 and $1,160, respectively)	194,851	163,315
Goodwill	176,902	142,092
Intangible assets, net	63,501	52,029
Property and equipment, net	122,526	119,413
Other assets	102,842	82,887
Total assets	19,374,044	21,678,041
Liabilities:
Bonds and notes payable	14,637,195	17,631,089
Accrued interest payable	36,049	4,566
Bank deposits	691,322	344,315
Other liabilities	461,259	379,231
Due to customers	348,317	366,002
Total liabilities	16,174,142	18,725,203
Commitments and contingencies
Nelnet, Inc. shareholders' equity:
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no shares issued or outstanding	0	0
Common stock:
Additional paid-in capital	1,109	1,000
Retained earnings	3,234,844	2,940,523
Accumulated other comprehensive (loss) earnings, net	(37,366)	9,304
Total Nelnet, Inc. shareholders' equity	3,198,959	2,951,206
Noncontrolling interests	943	1,632
Total equity	3,199,902	2,952,838
Total liabilities and equity	19,374,044	21,678,041
Class A
Common stock:
Common stock	265	272
Class B
Common stock:
Common stock	107	107
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable	14,585,491	17,981,414
Cash and cash equivalents:
Restricted cash	867,961	674,073
Liabilities:
Bonds and notes payable	14,233,586	17,462,456
Common stock:
Accrued interest payable and other liabilities	(145,309)	(36,276)
Net assets of consolidated education and other lending variable interest entities	$ 1,074,557	$ 1,156,755

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance for loan losses	$ 131,827	$ 127,113
Allowance for doubtful accounts	$ 3,079	$ 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
Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	26,461,651	27,239,654
Common stock, shares outstanding (in shares)	26,461,651	27,239,654
Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	10,668,460	10,676,642
Common stock, shares outstanding (in shares)	10,668,460	10,676,642

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loan interest	$ 651,205	$ 482,337	$ 595,113
Investment interest	91,601	41,498	24,543
Total interest income	742,806	523,835	619,656
Interest expense on bonds and notes payable and bank deposits	430,137	176,233	330,071
Net interest income	312,669	347,602	289,585
Less provision (negative provision) for loan losses	46,441	(12,426)	63,360
Net interest income after provision for loan losses	266,228	360,028	226,225
Other income (expense):
Other, net	25,486	78,681	57,561
Gain on sale of loans, net	2,903	18,715	33,023
Gain from deconsolidation of ALLO	0	0	258,588
Impairment expense and provision for beneficial interests, net	(15,523)	(16,360)	(24,723)
Derivative Market Value Adjustments And Derivative Settlements, Net	264,634	71,446	(24,465)
Total other income (expense)	1,246,045	977,079	1,110,384
Cost of services:
Cost of services	168,374	108,660	105,018
Operating expenses:
Salaries and benefits	589,579	507,132	501,832
Depreciation and amortization	74,077	73,741	118,699
Other expenses	170,778	145,469	160,574
Total operating expenses	834,434	726,342	781,105
Income before income taxes	509,465	502,105	450,486
Income tax expense	113,224	115,822	100,860
Net income	396,241	386,283	349,626
Net loss attributable to noncontrolling interests	11,106	7,003	2,817
Net income attributable to Nelnet, Inc.	$ 407,347	$ 393,286	$ 352,443
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Weighted-average common shares outstanding - basic (in shares)	37,603,033	38,572,801	39,059,588
Weighted-average common shares outstanding - diluted (in shares)	37,603,033	38,572,801	39,059,588
Loan servicing and systems
Other income (expense):
Revenue	$ 535,459	$ 486,363	$ 451,561
Education technology, services, and payment processing
Other income (expense):
Revenue	408,543	338,234	282,196
Cost of services:
Cost of services	148,403	108,660	82,206
Communications
Other income (expense):
Revenue	0	0	76,643
Cost of services:
Cost of services	0	0	22,812
Solar construction
Other income (expense):
Revenue	24,543	0	0
Cost of services:
Cost of services	$ 19,971	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 396,241	$ 386,283	$ 349,626
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments	(9)	(10)	0
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(58,946)	6,921	6,637
Reclassification of gains recognized in net income, net of losses	(5,902)	(2,695)	(2,521)
Income tax effect	15,564	(1,014)	(986)
Unrealized gains (losses) during period after reclassifications and tax	(49,284)	3,212	3,130
Net changes related to equity method investee's other comprehensive income:
Gain on cash flow hedges	3,452	0	0
Income tax effect	(829)	0	0
Net changes related to equity method investee's other comprehensive, after income tax effect	2,623	0	0
Other comprehensive (loss) income	(46,670)	3,202	3,130
Comprehensive income	349,571	389,485	352,756
Comprehensive loss attributable to noncontrolling interests	11,106	7,003	2,817
Comprehensive income attributable to Nelnet, Inc.	$ 360,677	$ 396,488	$ 355,573

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred stock shares	Common stock shares Class A	Common stock shares Class B	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated other comprehensive (loss) earnings	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2019			0	28,458,495	11,271,609
Beginning balance at Dec. 31, 2019	$ 2,391,094	$ (18,868)	$ 0	$ 285	$ 113	$ 5,715	$ 2,377,627		$ 2,972	$ 4,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	219,265									219,265
Net income (loss)	349,626						352,443			(2,817)
Other comprehensive income (loss)	3,130								3,130
Distribution to noncontrolling interests	(16,123)									(16,123)
Cash dividends on Class A and Class B common stock	(31,778)						(31,778)
Issuance of common stock, net of forfeitures (in shares)				213,015
Issuance of common stock, net of forfeitures	5,628			$ 2		5,626
Compensation expense for stock based awards	7,290					7,290
Repurchase of common stock (in shares)				(1,594,394)
Repurchase of common stock	(73,358)			$ (16)		(14,837)	(58,505)
Conversion of common stock (in shares)				116,038	(116,038)
Conversion of common stock	0			$ 1	$ (1)
Acquisition of noncontrolling interest	(600)						(375)			(225)
Deconsolidation of noncontrolling interest - ALLO	(208,175)									(208,175)
Other equity transactions, net of costs incurred to sell shares of subsidiary	1,218						1,218
Ending balance at Dec. 31, 2020	2,628,349		$ 0	$ 272	$ 112	3,794	2,621,762	$ (18,868)	6,102	(3,693)
Ending balance (in shares) at Dec. 31, 2020			0	27,193,154	11,155,571
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	61,087									61,087
Net income (loss)	386,283						393,286			(7,003)
Other comprehensive income (loss)	3,202								3,202
Distribution to noncontrolling interests	(48,759)									(48,759)
Cash dividends on Class A and Class B common stock	(34,457)						(34,457)
Issuance of common stock, net of forfeitures (in shares)				280,845
Issuance of common stock, net of forfeitures	4,829			$ 2		4,827
Compensation expense for stock based awards	10,415					10,415
Repurchase of common stock (in shares)				(713,274)
Repurchase of common stock	(58,111)			$ (7)		(18,036)	(40,068)
Conversion of common stock (in shares)				478,929	(478,929)
Conversion of common stock	0			$ 5	$ (5)
Ending balance at Dec. 31, 2021	2,952,838		$ 0	$ 272	$ 107	1,000	2,940,523		9,304	1,632
Ending balance (in shares) at Dec. 31, 2021			0	27,239,654	10,676,642
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	67,003									67,003
Net income (loss)	396,241						407,347			(11,106)
Other comprehensive income (loss)	(46,670)								(46,670)
Distribution to noncontrolling interests	(56,586)									(56,586)
Cash dividends on Class A and Class B common stock	(36,608)						(36,608)
Issuance of common stock, net of forfeitures (in shares)				376,348
Issuance of common stock, net of forfeitures	7,481			$ 4		7,477
Compensation expense for stock based awards	13,888					13,888
Repurchase of common stock (in shares)				(1,162,533)
Repurchase of common stock	(97,685)			$ (11)		(21,256)	(76,418)
Conversion of common stock (in shares)				8,182	(8,182)
Conversion of common stock	0			$ 0	$ 0
Ending balance at Dec. 31, 2022	$ 3,199,902		$ 0	$ 265	$ 107	$ 1,109	$ 3,234,844		$ (37,366)	$ 943
Ending balance (in shares) at Dec. 31, 2022			0	26,461,651	10,668,460

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class A
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.98	$ 0.90	$ 0.82
Class B
Cash dividend on Class A and Class B common stock (in dollars per share)	$ 0.98	$ 0.90	$ 0.82

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Net income attributable to Nelnet, Inc.		$ 407,347	$ 393,286	$ 352,443
Net loss attributable to noncontrolling interests		(11,106)	(7,003)	(2,817)
Net income		396,241	386,283	349,626
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		176,248	132,325	198,473
Loan discount accretion		(67,480)	(7,990)	(35,285)
Provision (negative provision) for loan losses		46,441	(12,426)	63,360
Derivative market value adjustments		(231,691)	(92,813)	28,144
Proceeds from termination of derivative instruments, net		91,786	0	0
Proceeds from (payments to) clearinghouse - initial and variation margin, net		148,691	91,294	(26,747)
Gain from deconsolidation of ALLO, including cash impact		0	0	(287,579)
Gain on sale of loans		(2,903)	(18,715)	(33,023)
Loss (gain) on investments, net		24,643	(3,811)	(14,055)
(Gain) loss from repurchases of debt, net		(1,231)	6,775	(1,924)
Proceeds from sale (purchases) of equity securities, net		42,841	(42,916)	0
Deferred income tax expense		34,640	55,622	7,974
Non-cash compensation expense		14,176	10,673	16,739
Impairment expense and provision for beneficial interests, net		15,523	16,360	24,723
Other, net		723	0	186
(Increase) decrease in loan and investment accrued interest receivable		(38,500)	1,378	(61,090)
(Increase) decrease in accounts receivable		(26,358)	(86,982)	40,880
(Increase) decrease in other assets, net		(11,275)	39,439	59,182
Decrease in the carrying amount of ROU asset, net		5,702	7,170	11,594
Increase (decrease) in accrued interest payable		31,483	(24,135)	(18,584)
Increase in other liabilities		40,001	29,775	35,907
Decrease in the carrying amount of lease liability		(5,642)	(6,978)	(9,401)
Net cash provided by operating activities		684,059	480,328	349,100
Cash flows from investing activities, net of business acquisitions:
Purchases and originations of loans		(1,452,018)	(1,318,605)	(1,459,696)
Purchases of loans from a related party		(8,310)	(22,678)	(147,539)
Net proceeds from loan repayments, claims, and capitalized interest		4,394,183	3,103,776	2,644,347
Proceeds from sale of loans		123,129	85,906	136,126
Purchases of available-for-sale securities		(1,029,438)	(734,817)	(471,510)
Proceeds from sales of available-for-sale securities		511,124	160,976	173,784
Proceeds from and sale of beneficial interest in loan securitizations		21,531	40,602	44,213
Purchases of other investments and issuance of notes receivable		(263,346)	(253,894)	(168,216)
Proceeds from other investments		65,369	191,821	13,011
Purchases of held-to-maturity debt securities		(240)	(8,200)	0
Redemption of held-to-maturity debt securities		3,500	0	0
Purchases of property and equipment		(59,421)	(58,952)	(113,312)
Business acquisitions, net of cash and restricted cash acquired		(34,036)	0	(29,989)
Net cash provided by investing activities		2,272,027	1,185,935	621,219
Cash flows from financing activities, net of business acquisitions:
Payments on bonds and notes payable		(4,339,164)	(3,683,770)	(3,129,485)
Proceeds from issuance of bonds and notes payable		1,301,554	1,947,559	1,884,689
Payments of debt issuance costs		(3,795)	(7,093)	(8,674)
Increase in bank deposits, net		347,007	289,682	54,633
(Decrease) increase in due to customers		(17,670)	64,539	(136,285)
Dividends paid		(36,608)	(34,457)	(31,778)
Repurchases of common stock		(97,685)	(58,111)	(73,358)
Proceeds from issuance of common stock		1,633	1,465	1,653
Acquisition of noncontrolling interest		0	0	(600)
Issuance of noncontrolling interests		55,777	50,716	205,768
Distribution to noncontrolling interests		(3,548)	(878)	(1,088)
Net cash used in financing activities		(2,792,499)	(1,430,348)	(1,234,525)
Effect of exchange rate changes on cash		(160)	(121)	0
Net increase (decrease) in cash, cash equivalents, and restricted cash		163,427	235,794	(264,206)
Cash, cash equivalents, and restricted cash, beginning of period		1,194,189	958,395	1,222,601
Cash, cash equivalents, and restricted cash, end of period		1,357,616	1,194,189	958,395
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		350,662	152,173	301,570
Cash disbursements made for income taxes, net of refunds and credits received	[1]	57,705	18,659	29,685
Cash disbursements made for operating leases		6,797	7,970	11,488
Noncash operating, investing, and financing activity:
Business acquisition deferred purchase price		5,000	0	0
ROU assets obtained in exchange for lease obligations		7,728	4,228	4,282
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans		19,069	23,506	52,501
Receipt of held-to-maturity debt securities as consideration from sale of loans		13,806	0	0
Distribution to noncontrolling interests		53,038	47,881	15,035
Issuance of noncontrolling interests		11,226	10,371	4,132
Cash and cash equivalents:
Total cash and cash equivalents		118,146	125,563	121,249
Restricted cash		945,159	741,981	553,175
Restricted cash - due to customers		294,311	326,645	283,971
Cash, cash equivalents, and restricted cash		$ 1,357,616	$ 1,194,189	$ 958,395
[1]For 2022, 2021, and 2020 the Company utilized $11.2 million, $34.1 million, and $53.9 million of federal and state tax credits, respectively, related primarily to renewable energy.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Tax credit utilized in period	$ 11.2	$ 34.1	$ 53.9

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Nelnet, Inc. and its subsidiaries (“Nelnet” or the “Company”) is a diverse, innovative company with a purpose to serve others and a vision to make dreams possible. The largest operating businesses engage in loan servicing and education technology, services, and payment processing, and the Company also has a significant investment in communications. A significant portion of the Company's revenue is net interest income earned on a portfolio of federally insured student loans. The Company also makes investments to further diversify both within and outside of its historical core education-related businesses including, but not limited to, investments in early-stage and emerging growth companies, real estate, and renewable energy (solar). Substantially all revenue from external customers is earned, and all long-lived assets are located, in the United States. The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the Federal Family Education Loan Program (FFELP or “FFEL Program”) of the U.S. Department of Education (the “Department”). The Health Care and Education Reconciliation Act of 2010 (the “Reconciliation Act of 2010”) discontinued new loan originations under the FFEL Program, effective July 1, 2010, and requires all new federal student loan originations be made directly by the Department through the Federal Direct Loan Program. This law does not alter or affect the terms and conditions of existing FFELP loans. As a result of the Reconciliation Act of 2010, the Company no longer originates FFELP loans. However, a significant portion of the Company's income continues to be derived from its existing FFELP student loan portfolio. Interest income on the Company's existing FFELP loan portfolio will decline over time as the portfolio is paid down. Since all FFELP loans will eventually run off, a key objective of the Company is to maximize the amount and timing of cash flows generated from its FFELP portfolio and reposition itself for the post-FFELP environment. To reduce its reliance on interest income from FFELP loans, the Company has expanded its services and products. This expansion has been accomplished through internal growth and innovation as well as business and certain investment acquisitions. The Company is also actively expanding its private education, consumer, and other loan portfolios, and in November 2020 launched Nelnet Bank (as further explained below). In addition, the Company has been servicing federally owned student loans for the Department since 2009. The Company's reportable operating segments include: • Loan Servicing and Systems (LSS) • Education Technology, Services, and Payment Processing (ETS&PP) • Asset Generation and Management (AGM) • Nelnet Bank • Communications A description of each reportable operating segment is included below. See note 17 for additional information on the Company's segment reporting. Loan Servicing and Systems The primary service offerings of the Loan Servicing and Systems reportable operating segment (known as Nelnet Diversified Services (NDS)) include: • Servicing federally owned student loans for the Department • Servicing FFELP loans • Originating and servicing private education and consumer loans • Backup servicing for FFELP, private education, and consumer loans • Providing student loan servicing software and other information technology products and services • Providing outsourced services including call center, processing, and technology services LSS provides for the servicing of the Company's student loan portfolio and the portfolios of third parties. The loan servicing activities include loan conversion activities, application processing, borrower updates, customer service, payment processing, due diligence procedures, funds management reconciliations, and claim processing. These activities are performed internally for the Company's portfolio, in addition to generating external fee revenue when performed for third-party clients. In addition, LSS provides backup servicing to third parties, which allows a transfer of the customer’s servicing volume to the Company’s platform and becoming a full servicing customer if their existing servicer cannot perform their duties. Nelnet Servicing, LLC (“Nelnet Servicing”) and Great Lakes Educational Loan Services, Inc. (“Great Lakes”), subsidiaries of the Company, are two of the current six private sector entities that have student loan servicing contracts with the Department to provide servicing capacity for loans owned by the Department. This segment also provides student loan servicing software, which is used internally and licensed to third-party student loan holders and servicers. These software systems have been adapted so that they can be offered as hosted servicing software solutions usable by third parties to service various types of student loans, including Federal Direct Loan Program and FFEL Program loans. This segment also provides business process outsourcing primarily specializing in contact center management. The contact center solutions and services include taking inbound calls, helping with outreach campaigns and sales, interacting with customers through multi-channels, and processing and technology services. Education Technology, Services, and Payment Processing The Education Technology, Services, and Payment Processing reportable operating segment (known as Nelnet Business Services (NBS)) provides education services, payment technology, and community management solutions for K-12 schools, higher education institutions, churches, and businesses in the United States and internationally. NBS provides service and technology under five divisions as follows: FACTS provides solutions that elevate the education experience in the K-12 private and faith-based markets for school administrators, teachers, and families. FACTS offers (i) financial management, including tuition payment plans and financial needs assessment (grant and aid); (ii) school administration solutions, including school information system software that automates the flow of information between school administrators, teachers, and parents and includes administrative processes such as scheduling, cafeteria management, attendance, and grade book management; (iii) enrollment and communications, including website design and cost effective admissions software; (iv) advancement (giving management), including a comprehensive donation platform that streamlines donor communications, organizes donor information, and provides access to data analysis and reporting; and (v) education development, including customized professional development and coaching services, educational instruction services, and innovative technology products that aid in teacher and student evaluations. Nelnet Campus Commerce delivers payment technology to higher education institutions. Nelnet Campus Commerce solutions include (i) tuition management, including tuition payment plans and service and technology for student billings, payments, and refunds; and (ii) integrated commerce including solutions for in-person, online, and mobile payment experiences on campus. Nelnet Payment Services provides secure payment processing technology. Nelnet Payment Services supports and provides payment processing services, including credit card and electronic transfer, to the other divisions of NBS and Nelnet in addition to other industries and software platforms across the United States. Nelnet Community Engagement provides faith community engagement, giving management, and learning management services and technologies. Nelnet Community Engagement serves customers in the technology, nonprofit, religious, health care, and professional services industries. Nelnet International provides its services and technology in Australia, New Zealand, and the Asia-Pacific region. Nelnet International serves customers in the education, local government, and healthcare industries. Nelnet International’s suite of services include an integrated commerce payment platform, financial management and tuition payment plan services, and a school management platform that provides administrative, information management, financial management, and communication functions for K-12 schools. Asset Generation and Management The Company's Asset Generation and Management reportable operating segment includes the acquisition, management, and ownership of the Company's loan assets (excluding loan assets held by Nelnet Bank). Substantially all loan assets included in this segment are student loans originated under the FFEL Program, including the Stafford Loan Program, the PLUS Loan program, and loans that reflect the consolidation into a single loan of certain previously separate borrower obligations (“consolidation” loans). AGM also acquires private education, consumer, and other loans. AGM generates a substantial portion of its earnings from the spread, referred to as loan spread, between the yield it receives on its loan portfolio and the associated costs to finance such portfolio. The loan assets are held in a series of lending subsidiaries and associated securitization trusts designed specifically for this purpose. In addition to the loan spread earned on its portfolio, all costs and activity associated with managing the portfolio, such as servicing of the assets and debt maintenance, are included in this segment. Nelnet Bank On November 2, 2020, the Company obtained final approval for federal deposit insurance from the Federal Deposit Insurance Corporation (FDIC) and for a bank charter from the Utah Department of Financial Institutions (UDFI) in connection with the establishment of Nelnet Bank, and Nelnet Bank launched operations. Nelnet Bank operates as an internet Utah-chartered industrial bank franchise focused on the private education and consumer loan marketplace, with a home office in Salt Lake City, Utah. Nelnet Bank serves and plans to serve a niche market, with a concentration in the private education and unsecured consumer loan markets. Communications ALLO Communications LLC (“ALLO”) provides pure fiber optic service to homes and businesses for internet, television, and telephone services. ALLO derives its revenue primarily from the sale of communication services to residential, governmental, and business customers in Nebraska, Colorado, and Arizona. Internet and television services include revenue from residential and business customers for subscriptions to ALLO's data and video products. ALLO data services provide high-speed internet access over ALLO's all-fiber network at various symmetrical speeds of up to 1 gigabit per second for residential customers and is capable of providing symmetrical speeds of over 1 gigabit per second for business customers. Telephone services include local and long distance telephone service, hosted PBX services, and other services. On December 21, 2020 the Company deconsolidated ALLO from the Company’s consolidated financial statements due to ALLO’s recapitalization. The recapitalization of ALLO was not considered a strategic shift in the Company’s involvement with ALLO and ALLO’s results of operations, prior to deconsolidation, are presented by the Company as a reportable operating segment. See note 2 for a description of this transaction and the Company’s continued involvement. Corporate and Other Activities Other business activities and operating segments that are not reportable are combined and included in Corporate and Other Activities. Corporate and Other Activities include the following items: • The operating results of Whitetail Rock Capital Management, LLC (WRCM), the Company's U.S. Securities and Exchange Commission (SEC)-registered investment advisor subsidiary • The operating results of Nelnet Renewable Energy, which include solar tax equity investments made by the Company, administrative and management services provided by the Company on tax equity investments made by third parties, and solar development • The results of the majority of the Company’s investment activities, including early-stage and emerging growth companies and real estate • Interest income earned on cash and investment debt securities (primarily student loan and other asset-backed securities) • Interest expense incurred on unsecured and certain other corporate related debt transactions • Other product and service offerings that are not considered reportable operating segments Corporate and Other Activities also include certain activities related to internal audit, human resources, accounting, legal, enterprise risk management, information technology, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services. Corporate and Other Activities also includes corporate costs and overhead functions not allocated to operating segments, including executive management, investments in innovation, and other holding company organizational costs.

ALLO Recapitalization

ALLO Recapitalization	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
ALLO Recapitalization	ALLO Recapitalization On October 1, 2020, the Company entered into various agreements with SDC, a third-party global digital infrastructure investor, and ALLO, then a majority owned communications subsidiary of the Company, for various transactions contemplated by the parties in connection with a recapitalization and additional funding for ALLO. The agreements provided for a series of interrelated transactions, whereby on October 15, 2020, ALLO received proceeds of $197.0 million from SDC as the purchase price for the issuance of non-voting preferred membership units of ALLO, and redeemed $160.0 million of non-voting preferred membership units of ALLO held by the Company. On December 21, 2020, the non-voting preferred membership units of ALLO held by SDC automatically converted into voting membership units of ALLO pursuant to the terms of the agreements upon the receipt on December 21, 2020 of the required approvals from applicable regulatory authorities. As a result of such conversion, SDC, the Company, and members of ALLO’s management own approximately 48%, 45%, and 7%, respectively, of the outstanding voting membership interests of ALLO, and the Company deconsolidated ALLO from the Company’s consolidated financial statements. Upon the deconsolidation of ALLO, the Company recorded its 45% voting membership interests in ALLO at fair value, and accounts for such investment under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. In addition, the Company recorded its remaining non-voting preferred membership interests in ALLO at fair value, and accounts for such investment as a separate equity investment. The agreements between the Company, SDC, and ALLO provide that they will use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership units of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such units. The preferred membership units earn a preferred annual return of 6.25%. However, if the non-voting preferred membership interests are not redeemed on or before April 2024, the preferred annual return is increased from 6.25% to 10.00%. The voting membership interests and non-voting preferred membership interests of ALLO are included on the consolidated balance sheet in “investments and notes receivable.” See note 7 for additional information. As a result of the deconsolidation of ALLO on December 21, 2020, the Company recognized a gain of $258.6 million as summarized below. As of Voting interest/equity method investment - recorded at fair value $ 132,960 Preferred membership interest investment - recorded at fair value 228,530 Less: ALLO assets deconsolidated: Cash and cash equivalents – not held at a related party (299) Cash and cash equivalents – held at a related party (28,692) Accounts receivable (4,138) Goodwill (21,112) Intangible assets (6,083) Property and equipment, net (245,295) Other assets (29,643) Other liabilities 24,185 Noncontrolling interests 208,175 Gain recognized upon deconsolidation of ALLO $ 258,588 The impact to the Company’s 2020 operating results as a result of the ALLO recapitalization is summarized below: Gain from deconsolidation $ 258,588 Compensation expense (note 1) (9,298) Obligation to SDC (note 2) (2,339) $ 246,951 Note 1: On October 1, 2020 (prior to the deconsolidation of ALLO), ALLO recognized compensation expense related to the modification of certain equity awards previously granted to members of ALLO’s management. Note 2: As part of the ALLO recapitalization transaction, the Company and SDC entered into an agreement, in which the Company has a contingent payment obligation to pay SDC a contingent payment amount of $25.0 million to $35.0 million in the event the Company disposes of its voting membership interests of ALLO that it holds and realizes from such disposition certain targeted return levels. The Company recognized the estimated fair value of the contingent payment as of December 31, 2020 to be $2.3 million. During 2022, the Company recognized an additional expense of $5.3 million associated with this obligation, and as of December 31, 2022 the estimated fair value of the contingent payment is $7.6 million, which is included in “other liabilities” on the consolidated balance sheet.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Practices	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Practices	Summary of Significant Accounting Policies and Practices Consolidation The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries. In addition, the accounts of all variable interest entities (VIEs) of which the Company has determined that it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Variable Interest Entities The Company assesses its partnerships and joint ventures to determine if the entity meets the qualifications of a VIE. The Company performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether an entity is a VIE and whether it is the primary beneficiary. The Company performs this review initially at the time it enters into a partnership or joint venture agreement and reassess upon reconsideration events. VIEs - Consolidated The Company is required to consolidate VIEs in which it has determined it is the primary beneficiary. The Company's education and other lending subsidiaries are engaged in the securitization of finance assets. These lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company is generally the administrator and master servicer of the securitized assets held in its lending subsidiaries and owns the residual interest of the securitization trusts. For accounting purposes, the transfers of loans to the securitization trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet. VIEs - Not consolidated The Company is not required to consolidate VIEs in which it has determined it is not the primary beneficiary. As of December 31, 2022, the Company owned 45% of the economic rights of ALLO Communications LLC and has a disproportional 43% of the voting rights related to all operating decisions for ALLO's business. See note 1 for a description of ALLO, including the primary services offered. See note 2 for disclosure of ALLO’s recapitalization and the Company’s initial recognition of its voting interest/equity method and non-voting preferred membership investments. See note 7 for the Company’s carrying value of its voting interest/equity method and non-voting preferred membership investments, which is the Company’s maximum exposure to loss. The Company makes tax equity investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These investments are included in "investments and notes receivable" on the consolidated balance sheets and accounted for under the HLBV method of accounting. The carrying value of these investments are reduced by tax credits earned when the solar project is placed-in-service. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are included in “other liabilities” on the consolidated balance sheets. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment, unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The tax credit recapture period ratably decreases over five years from when the project is placed-in-service. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the energy-producing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of solar investment VIEs that the Company has not consolidated: As of December 31, 2022 2021 Investment carrying amount $ (36,863) (42,457) Tax credits subject to recapture 88,692 111,289 Unfunded capital and other commitments 33,456 4,350 Company’s maximum exposure to loss 85,285 73,182 Exposure syndicated to third-party investors 129,011 71,511 Maximum exposure to loss $ 214,296 144,693 Reclassification of Prior Period Cash Flow Presentation In prior years, the line item in the Company's consolidated statements of cash flows for changes in amounts "due to customers" was presented in cash flows from operating activities. Beginning in 2022, the Company corrected this presentation for all periods presented 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 financial statements for 2021 and 2020. Noncontrolling Interests Amounts for noncontrolling interests reflect the share of membership interest (equity) and net income attributable to the holders of minority membership interests in the following entities: • Whitetail Rock Capital Management, LLC - WRCM is the Company’s SEC-registered investment advisor subsidiary. WRCM issued 10% minority membership interests on January 1, 2012. • NGWeb Solutions, LLC - The Company acquired a controlling interest of NGWeb Solutions, LLC on April 30, 2022. Minority membership interests of 20% was maintained by prior interest holders. See note 8 for a description of NGWeb Solutions, LLC, including the primary services offered. • GRNE-Nelnet, LLC and ENRG-Nelnet, LLC - The Company acquired a controlling interest in two subsidiaries of GRNE Solutions, LLC on July 1, 2022. Minority membership interests of 20% was maintained by prior interest holders. See note 8 for additional description of the acquisition, including the primary services offered. In addition, the Company has established multiple entities for the purpose of investing in renewable energy (solar) and federal opportunity zone programs in which it has noncontrolling members. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates. Loans Receivable Loans consist of federally insured student, private education, consumer, and other loans. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of which are amortized to interest income. Loans which are held-for-investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. There were no loans classified as held for sale as of December 31, 2022 and 2021. Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five twelve Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances. Loans also include private education, consumer, and other loans. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFEL Program. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to thirty years. The private education loans are not covered by a guarantee or collateral in the event of borrower default. Consumer loans are unsecured loans to an individual for personal, family, or household purposes. The terms of the consumer loans, which vary on an individual basis, generally provide for repayment in weekly or monthly installments of principal and interest over a period of up to six years. Other loans consist of home equity lines of credit. These loans are made to an individual primarily for debt consolidation purposes using equity in the borrower’s home as security in the form of primarily second liens. These loans typically have a revolving draw period of five years and a repayment period at the end of the draw period of five Allowance for Loan Losses On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments , which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective method. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million and decreased retained earnings, net of tax, by $18.9 million. Allowance for Loan Losses - Accounting Policies The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date. The Company determines its estimated credit losses for the following financial assets as follows: Loans receivable The Company aggregates loans with similar risk characteristics into pools to estimate its expected credit losses. The Company evaluates such pooling decisions each quarter and makes adjustments as risk characteristics change. Management has determined that the federally insured, private education, consumer, and other loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 4 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables. The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer and other loan portfolios. For the undiscounted cash flow models, the expected credit losses are the product of multiplying the Company’s estimates of probability of default and loss given default and the exposure of default over the expected life of the loans. For the remaining life method, the expected credit losses are the product of multiplying the Company’s estimated net loss rate by the exposure at default over the expected life of the loans. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, the Company can reasonably estimate expected losses that incorporate current economic conditions and forecasted probability weighted economic scenarios up to a one-year period. Macroeconomic factors used in the models include such variables as unemployment rates, gross domestic product, and consumer price index. After the "reasonable and supportable" period, the Company reverts to its actual long-term historical loss experience in the historical observation period. The Company uses a straight line reversion method over two years. Historical credit loss experience provides the basis for the estimation of expected credit losses. A portion of the allowance is comprised of qualitative adjustments to historical loss experience. Qualitative adjustments consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in nonpaying status; delinquency status; type of private education, consumer, or other loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; and other relevant qualitative factors. The federal government guarantees 97% of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98% for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Federally insured student loans disbursed prior to October 1, 1993 are fully insured. Private education and consumer loans are unsecured, with neither a government nor a private insurance guarantee. Accordingly, the Company bears the full risk of loss on these loans if the borrower and co-borrower, if applicable, default. The Company places private education, consumer, and other loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses. Purchased Loans Receivable with Credit Deterioration (PCD) The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Loan Accrued Interest Receivable Accrued interest receivable on loans is combined and presented with the loans receivable amortized cost balance on the Company’s consolidated balance sheets. For the Company’s federally insured loan portfolio, the Company records an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses. For the Company’s private education, consumer, and other loan portfolios, the Company does not measure an allowance for credit losses for accrued interest receivables. For private education, consumer, and other loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income. Cash and Cash Equivalents and Statements of Cash Flows The Company considers all investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include amounts due to Nelnet Bank from the Federal Reserve Bank of $5.2 million and $18.7 million as of December 31, 2022 and 2021, respectively. Accrued interest on loans purchased and sold is included in cash flows from operating activities in the respective period. Net purchased loan accrued interest was $33.1 million, $48.3 million, and $92.3 million in 2022, 2021, and 2020, respectively. Investments The Company classifies its debt securities, primarily student loan and other asset-backed securities, as available-for-sale. These securities are carried at fair value, with the changes in fair value, net of taxes, carried as a separate component of shareholders’ equity. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. When an investment is sold, the cost basis is determined through specific identification of the security sold. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The Company classifies its residual interest in federally insured, private education, consumer, and other loan securitizations as held-to-maturity beneficial interest investments. The Company measures accretable yield initially as the excess of all cash flows expected to be collected attributable to the beneficial interest estimated at the acquisition/transaction date over the initial investment and recognizes interest income over the life of the beneficial interest using the effective interest method. The Company continues to update, over the life of the beneficial interest, the expectation of cash flows to be collected. Beneficial interest investments are evaluated for impairment by comparing the present value of the remaining cash flows as expected to be collected at the initial transaction date (or the last date previously revised) to the present value of the cash flows expected to be collected at the current financial reporting date, both discounted using the same effective rate equal to the current yield used to accrete the beneficial interest. If the present value of remaining cash flows is less than the present value of cash flows expected to be collected and the Company determines a credit loss has occurred, the Company records an allowance for credit losses for the difference. Subsequent favorable changes, if any, decreases the allowance for credit losses. The Company reflects the changes in the allowance for credit losses in provision for beneficial interests on the consolidated statements of income. Equity investments with readily determinable fair values are measured at fair value, with changes in the fair value recognized through net income. For equity investments without readily determinable fair value, the Company uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company uses qualitative factors to identify impairment on these investments. The Company accounts for equity investments over which it has significant influence but not a controlling financial interest using the equity method of accounting. Equity method investments are recorded at cost and subsequently increased or decreased by the amount of the Company’s proportionate share of the net earnings or losses and other comprehensive income of the investee. Equity method investments are evaluated for other-than-temporary impairment using certain impairment indicators such as a series of operating losses of an investee or other factors. These factors may indicate that a decrease in value of the investment has occurred that is other-than-temporary and shall be recognized. The Company accounts for its solar investments, voting equity investment in ALLO, and certain real estate investments under the HLBV method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the underlying percentage ownership or voting interests. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that the Company would receive if an equity investment entity were to liquidate its net assets and distribute that cash to the investors based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is the amount the Company recognizes for its share of the earnings or losses from the equity investment for the period. Notes Receivable The Company accounts for its investments in notes receivable as financing receivables under ASC Topic 310, Receivables. Notes exchanged for cash are recorded at amortized cost. Discounts, if any, upon issuance are accreted to income over the contractual life of the issued note, and interest income is accounted for on an accrual basis. The Company applies the principles in ASC Topic 326 to evaluate and record expected losses, if any, on its notes receivable. Restricted Cash Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the student loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative third-party clearinghouses. Restricted Cash - Due to Customers As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. In addition, as part of the Company's Education Technology, Services, and Payment Processing operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the accompanying consolidated balance sheets. A portion of cash collected for customers in the Company's Education Technology, Services, and Payment Processing operating segment are held at Nelnet Bank, in which Nelnet Bank can use these cash deposits for general operating purposes and is no longer considered restricted. As of December 31, 2022 and 2021, $55.0 million and $40.0 million, respectively, of cash collected for customers are held at Nelnet Bank. Accounts Receivable Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon expected loss considering individual customer experience, as well as the age of receivables and likelihood of collection. Business Combinations The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition, with the exception of contract assets or liabilities generated from contracts with customers, which are measured as if the Company had originated the acquired contract. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings. Goodwill The Company reviews goodwill for impairment annually (as of November 30) and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Goodwill is tested for impairment using a fair value approach at the reporting unit level. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. The Company tests goodwill for impairment in accordance with applicable accounting guidance. The guidance provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. For the 2022, 2021, and 2020 annual reviews of goodwill, the Company assessed qualitative factors and concluded it was not more likely than not that the fair value of its reporting units were less than their carrying amount. As such, the Company was not required to perform further impairment testing and concluded there was no impairment of goodwill. Intangible Assets The Company uses estimates to determine the fair value of acquired assets to allocate the purchase price to acquired intangible assets. Such estimates are generally based on estimated future cash flows or cost savings associated with particular assets and are discounted to present value using an appropriate discount rate. The estimates of future cash flows associated with intangible assets are generally prepared using a cost savings method, a lost income method, or an excess return method, as appropriate. In utilizing such methods, management must make certain assumptions about the amount and timing of estimated future cash flows and other economic benefits from the assets, the remaining economic useful life of the assets, and general economic factors concerning the selection of an appropriate discount rate. The Company may also use replacement cost or market comparison approaches to estimate fair value if such methods are determined to be more appropriate. Intangible assets with finite lives are amortized over their estimated lives. Such assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, the Company uses a straight-line amortization method. The Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. Property and Equipment Property and equipment are carried at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, and major improvements, including leasehold improvements, are capitalized. Gains and losses from the sale of property and equipment are included in determining net income. The Company uses the straight-line method for recording depreciation over the estimated useful life of the asset. Leasehold improvements are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. The Company evaluates the estimated remaining useful lives of property and equipment and whether events or changes in circumstances warrant a revision to the remaining periods of depreciation. Leases When the Company leases assets from others, it records right-of-use (ROU) assets and lease liabilities. The Company determines if the arrangement is, or contains, a lease at the inception of an arrangement and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases office and data center space. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company classifies each lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate. The Company accounts for lease and non-lease compone

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of December 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,389,178 3,904,000 Consolidation 10,177,295 13,187,047 Total 13,566,473 17,091,047 Private education loans 252,383 299,442 Consumer and other loans 350,915 51,301 Non-Nelnet Bank loans 14,169,771 17,441,790 Nelnet Bank: Federally insured loans 65,913 88,011 Private education loans 353,882 169,890 Nelnet Bank loans 419,795 257,901 Accrued interest receivable 816,864 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (30,714) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (83,593) (103,381) Private education loans (15,411) (16,143) Consumer and other loans (30,263) (6,481) Non-Nelnet Bank allowance for loan losses (129,267) (126,005) Nelnet Bank: Federally insured loans (170) (268) Private education loans (2,390) (840) Nelnet Bank allowance for loan losses (2,560) (1,108) $ 15,243,889 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 December 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured loans (a) 0.62 % 0.60 % Private education loans 6.11 % 5.39 % Consumer and other loans (b) 8.62 % 12.63 % Nelnet Bank: Federally insured loans (a) 0.26 % 0.30 % Private education loans 0.68 % 0.49 % (a) As of December 31, 2022 and 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured loans not covered by the federal guaranty for non-Nelnet Bank was 22.4% and 22.2%, respectively, and for Nelnet Bank was 10.3% 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 December 31, 2022 compared with December 31, 2021. Loan Sales The Company has sold portfolios of loans to unrelated third parties who securitized such loans. As partial consideration received for the loans sold, the Company received residual interest in the loan securitizations that are included in "investments and notes receivable" on the Company's consolidated balance sheets. The following table provides a summary of the loans sold and gains/losses recognized by the Company during 2022, 2021, and 2020. Loans sold Gain (loss) Loan type Residual interest received in securitization 2022: January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — July 7 28,915 2,627 Consumer 7.6 October 27 28,498 2,901 Consumer 7.9 November 29 91,298 (5,614) Home equity 54.8 (a) $ 166,950 2,903 2021: May 14 $ 77,417 15,271 Consumer 24.5 % August 10 5,280 195 Private — September 29 18,390 3,249 Consumer 6.9 December 28 20 — Federally insured — $ 101,107 18,715 2020: January 30 $ 124,249 18,206 Consumer 31.4 % July 29 60,779 14,817 Consumer 25.4 $ 185,028 33,023 (a) In addition to receiving a residual interest in the securitization, the Company also received $13.8 million of asset-backed securities issued as part of the transaction. These debt securities are classified as held-to-maturity and 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 Impact of Topic 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Year ended December 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 — 3,731 (24,181) — 662 — 83,593 Private education loans 16,143 — 2,487 (3,879) 656 — 4 15,411 Consumer and other loans 6,481 — 38,383 (3,725) 592 — (11,468) 30,263 Nelnet Bank: Federally insured loans 268 — (93) (5) — — — 170 Private education loans 840 — 1,860 (306) — — (4) 2,390 $ 127,113 — 46,368 (32,096) 1,248 662 (11,468) 131,827 Year ended December 31, 2021 Non-Nelnet Bank: Federally insured loans $ 128,590 — (7,343) (21,139) — 3,273 — 103,381 Private education loans 19,529 — (1,333) (2,476) 721 — (298) 16,143 Consumer and other loans 27,256 — (4,544) (5,123) 824 — (11,932) 6,481 Nelnet Bank: Federally insured loans — — 268 — — — — 268 Private education loans 323 — 526 (4) — — (5) 840 $ 175,698 — (12,426) (28,742) 1,545 3,273 (12,235) 127,113 Year ended December 31, 2020 Non-Nelnet Bank: Federally insured loans $ 36,763 72,291 18,691 (14,955) — 15,800 — 128,590 Private education loans 9,597 4,797 6,156 (1,652) 631 — — 19,529 Consumer and other loans 15,554 13,926 38,183 (12,115) 1,132 — (29,424) 27,256 Nelnet Bank: Private education loans — — 330 (7) — — — 323 $ 61,914 91,014 63,360 (28,729) 1,763 15,800 (29,424) 175,698 (a) During the years ended December 31, 2022, 2021, and 2020 the Company acquired $12.0 million (par value), $224.1 million (par value), and $835.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company. The following table summarizes net charge-offs as a percentage of average loans for each of the Company's loan portfolios. Year ended December 31, 2022 2021 2020 Non-Nelnet Bank: Federally insured loans 0.15 % 0.11 % 0.08 % Private education loans 1.18 % 0.55 % 0.36 % Consumer and other loans 2.05 % 6.21 % 8.66 % Nelnet Bank: (a) Federally insured loans 0.01 % 0.00 % — Private education loans 0.10 % 0.00 % 0.14 % (a) The charge-offs as a percentage of average loans for Nelnet Bank in 2020 is for the period from November 2, 2020 (Nelnet Bank’s inception) through December 31, 2020. Beginning in March 2020, the coronavirus disease 2019 (“COVID-19”) pandemic caused significant disruptions in the U.S. and world economies. Apart from the impact of the adoption of Topic 326 effective January 1, 2020, the Company’s allowance for loan losses increased in 2020 primarily as a result of the COVID-19 pandemic and its effects on economic conditions. During the year ended December 31, 2021, the Company recorded a negative provision for loan losses due to (i) management's estimate of certain improved economic conditions as of December 31, 2021 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2020; (ii) an increase in the constant prepayment rate on FFELP consolidation loans; and (iii) the amortization of the federally insured loan portfolio. These amounts were partially offset by the establishment of an initial allowance for loans originated and acquired during the period. During the year ended December 31, 2022, the Company recorded a provision for loan losses due to (i) management's estimate of declining economic conditions as of December 31, 2022 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2021; and (ii) the establishment of an initial allowance for loans originated and acquired during the period. These amounts were partially offset by the amortization of the federally insured loan portfolio and an increase in expected prepayments as a result of continued initiatives offered and proposed by the Department for FFELP borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department. Unfunded Private Education Loan Commitments As of December 31, 2022, Nelnet Bank has a liability of approximately $84,000 related to $5.0 million of unfunded private education loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the year ended December 31, 2022, Nelnet Bank recognized provision for loan losses of approximately $73,000 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 December 31, 2022 2021 2020 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment (a) $ 637,919 4.7 % $ 829,624 4.9 % $ 1,036,028 5.4 % Loans in forbearance (b) 1,103,181 8.1 1,118,667 6.5 1,973,175 10.3 Loans in repayment status: Loans current 10,173,859 86.0 % 12,847,685 84.9 % 13,683,054 84.9 % Loans delinquent 31-60 days (c) 415,305 3.5 895,656 5.9 633,411 3.9 Loans delinquent 61-90 days (c) 253,565 2.2 352,449 2.3 307,936 1.9 Loans delinquent 91-120 days (c) 180,029 1.5 251,075 1.7 800,257 5.0 Loans delinquent 121-270 days (c) 534,410 4.5 592,449 3.9 674,975 4.2 Loans delinquent 271 days or greater (c)(d) 268,205 2.3 203,442 1.3 20,337 0.1 Total loans in repayment 11,825,373 87.2 100.0 % 15,142,756 88.6 100.0 % 16,119,970 84.3 100.0 % Total federally insured loans 13,566,473 100.0 % 17,091,047 100.0 % 19,129,173 100.0 % Accrued interest receivable 808,150 784,716 791,453 Loan discount, net of unamortized premiums and deferred origination costs (35,468) (28,309) (14,505) Allowance for loan losses (83,593) (103,381) (128,590) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 14,255,562 $ 17,744,073 $ 19,777,531 As of December 31, 2022 2021 2020 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment (a) $ 12,756 5.1 % $ 9,661 3.2 % $ 5,049 1.6 % Loans in forbearance (b) 2,017 0.8 3,601 1.2 2,359 0.7 Loans in repayment status: Loans current 232,539 97.9 % 280,457 98.0 % 310,036 99.0 % Loans delinquent 31-60 days (c) 2,410 1.0 2,403 0.8 1,099 0.4 Loans delinquent 61-90 days (c) 767 0.3 976 0.3 675 0.2 Loans delinquent 91 days or greater (c) 1,894 0.8 2,344 0.9 1,371 0.4 Total loans in repayment 237,610 94.1 100.0 % 286,180 95.6 100.0 % 313,181 97.7 100.0 % Total private education loans 252,383 100.0 % 299,442 100.0 % 320,589 100.0 % Accrued interest receivable 2,146 1,960 2,131 Loan discount, net of unamortized premiums (38) (1,123) 2,691 Allowance for loan losses (15,411) (16,143) (19,529) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 239,080 $ 284,136 $ 305,882 Consumer and other loans - Non-Nelnet Bank: Loans in deferment (a) $ 109 0.0 % $ 43 0.1 % $ 829 0.8 % Loans in repayment status: Loans current 346,812 98.9 % 49,697 97.0 % 105,650 97.4 % Loans delinquent 31-60 days (c) 1,906 0.5 414 0.8 954 0.9 Loans delinquent 61-90 days (c) 764 0.2 322 0.6 804 0.7 Loans delinquent 91 days or greater (c) 1,324 0.4 825 1.6 1,109 1.0 Total loans in repayment 350,806 100.0 100.0 % 51,258 99.9 100.0 % 108,517 99.2 100.0 % Total consumer and other loans 350,915 100.0 % 51,301 100.0 % 109,346 100.0 % Accrued interest receivable 3,658 396 1,001 Loan discount, net of unamortized premiums (588) 913 1,640 Allowance for loan losses (30,263) (6,481) (27,256) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 323,722 $ 46,129 $ 84,731 Federally insured loans - Nelnet Bank (e): Loans in-school/grace/deferment (a) $ 241 0.4 % $ 330 0.4 % Loans in forbearance (b) 981 1.5 1,057 1.2 Loans in repayment status: Loans current 63,225 97.8 % 85,599 98.8 % Loans delinquent 30-59 days (c) 436 0.7 816 1.0 Loans delinquent 60-89 days (c) 466 0.7 — — Loans delinquent 90-119 days (c) 222 0.3 — — Loans delinquent 120-270 days (c) 183 0.3 209 0.2 Loans delinquent 271 days or greater (c) 159 0.2 — — Total loans in repayment 64,691 98.1 100.0 % 86,624 98.4 100.0 % Total federally insured loans 65,913 100.0 % 88,011 100.0 % Accrued interest receivable 1,758 1,216 Loan premium 20 26 Allowance for loan losses (170) (268) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 67,521 $ 88,985 As of December 31, 2022 2021 2020 Private education loans - Nelnet Bank (e): Loans in-school/grace/deferment (a) $ 11,580 3.3 % $ 150 0.1 % $ — — % Loans in forbearance (b) 864 0.2 460 0.3 29 0.2 Loans in repayment status: Loans current 340,830 99.8 % 169,157 99.9 % 17,514 100.0 % Loans delinquent 30-59 days (c) 167 0.1 51 0.0 — — Loans delinquent 60-89 days (c) 32 0.0 — — — — Loans delinquent 90 days or greater (c) 409 0.1 72 0.1 — — Total loans in repayment 341,438 96.5 100.0 % 169,280 99.6 100.0 % 17,514 99.8 100.0 % Total private education loans 353,882 100.0 % 169,890 100.0 % 17,543 100.0 % Accrued interest receivable 1,152 264 26 Deferred origination costs, net of unaccreted discount 5,360 2,560 266 Allowance for loan losses (2,390) (840) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 358,004 $ 171,874 $ 17,512 (a) Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet required to make payments on the loans, e.g. , residency periods for medical students or a grace period for bar exam preparation for law students. (b) Loans for borrowers who have temporarily ceased making full payments due to hardship or other factors, according to a schedule approved by the servicer consistent with the established loan program servicing procedures and policies. (c) The period of delinquency is based on the number of days scheduled payments are contractually past due and relate to repayment loans, that is, receivables not charged off, and not in school, grace, deferment, or forbearance. (d) A portion of loans included in loans delinquent 271 days or greater includes loans in claim status, which are loans that have gone into default and have been submitted to the guaranty agency. (e) 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 December 31, 2022 2022 2021 2020 Total FICO at origination: Less than 705 $ 5,898 5,389 348 11,635 705 - 734 23,392 10,543 542 34,477 735 - 764 35,456 16,686 1,473 53,615 765 - 794 57,141 31,035 1,622 89,798 Greater than 794 87,959 70,135 6,263 164,357 $ 209,846 133,788 10,248 353,882 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, 2022, 2021, and 2020 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 December 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 1,870 6,073 1,324 2,000 101 1,388 12,756 Loans in forbearance — 58 438 692 177 652 2,017 Loans in repayment status: Loans current 4,098 3,915 53,415 42,062 157 128,892 232,539 Loans delinquent 31-60 days 7 25 239 489 — 1,650 2,410 Loans delinquent 61-90 days — — — 114 — 653 767 Loans delinquent 91 days or greater — — 60 — — 1,834 1,894 Total loans in repayment 4,105 3,940 53,714 42,665 157 133,029 237,610 Total private education loans $ 5,975 10,071 55,476 45,357 435 135,069 252,383 Accrued interest receivable 2,146 Loan discount, net of unamortized premiums (38) Allowance for loan losses (15,411) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 239,080 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 46 52 — 11 — — 109 Loans in repayment status: Loans current 331,933 10,858 678 1,822 1,518 3 346,812 Loans delinquent 31-60 days 1,317 508 40 25 16 — 1,906 Loans delinquent 61-90 days 627 49 55 22 11 — 764 Loans delinquent 91 days or greater 419 337 6 192 370 — 1,324 Total loans in repayment 334,296 11,752 779 2,061 1,915 3 350,806 Total consumer and other loans $ 334,342 11,804 779 2,072 1,915 3 350,915 Accrued interest receivable 3,658 Loan discount, net of unamortized premiums (588) Allowance for loan losses (30,263) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 323,722 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 9,315 1,210 1,055 — — — 11,580 Loans in forbearance 747 117 — — — — 864 Loans in repayment status: Loans current 199,650 132,009 9,171 — — — 340,830 Loans delinquent 30-59 days 32 113 22 — — — 167 Loans delinquent 60-89 days 32 — — — — — 32 Loans delinquent 90 days or greater 70 339 — — — — 409 Total loans in repayment 199,784 132,461 9,193 — — — 341,438 Total private education loans $ 209,846 133,788 10,248 — — — 353,882 Accrued interest receivable 1,152 Deferred origination costs, net of unaccreted discount 5,360 Allowance for loan losses (2,390) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 358,004 (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	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of December 31, 2022 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 11,868,190 4.47% - 6.39% 8/26/30 - 9/25/69 Bonds and notes based on auction 178,960 0.00% - 4.02% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 12,047,150 Fixed-rate bonds and notes issued in FFELP loan asset-backed 594,051 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 978,956 4.69% / 4.71% 5/22/24 Private education loan warehouse facility 64,356 4.72% 12/31/23 Consumer loan warehouse facility 89,000 4.73% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 19,865 5.90% / 6.14% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 23,032 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 395,432 5.02% 5/4/23 Repurchase agreements 567,254 0.97% - 5.60% 1/04/23 - 11/27/24 Other - due to related party 6,187 3.55% - 6.05% 3/01/24 - 11/15/30 14,785,283 Discount on bonds and notes payable and debt issuance costs (148,088) Total $ 14,637,195 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 - 11/26/46 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 December 31, 2022, the Company’s FFELP warehouse facility had an aggregate maximum financing amount available of $1.2 billion, liquidity provisions through May 22, 2023, and a final maturity of May 22, 2024. As of December 31, 2022, $979.0 million was outstanding under this facility, $221.0 million was available for future funding, and the Company had $67.0 million advanced as equity support. In the event the Company is unable to renew the liquidity provisions by May 22, 2023, the facility would become a term facility at a stepped-up cost, with no additional student loans being eligible for financing, and the Company would be required to refinance the existing loans in the facility by the facility's final maturity date. Private education loan warehouse facility As of December 31, 2022, the Company’s private education warehouse facility had an aggregate maximum financing amount available of $64.4 million, an advance rate of 75%, liquidity provisions through June 30, 2023, and a final maturity of December 31, 2023. As of December 31, 2022, $64.4 million was outstanding under this facility with no amount available for future funding, and the Company had $22.4 million advanced as equity support. Consumer loan warehouse facility On November 14, 2022, the Company closed on a consumer loan warehouse facility that had an aggregate maximum financing amount available of $250.0 million, an advance rate of 70%, liquidity provisions through November 14, 2024, and a final maturity date of November 14, 2025. As of December 31, 2022, $89.0 million was outstanding under this facility, $161.0 million was available for future funding, and the Company had $36.6 million advanced as equity support. Asset-backed securitizations The Company has historically relied upon asset-backed securitizations as its most significant source of funding for loans. The net cash flow the Company receives from the securitized loans generally represents the excess amounts, if any, generated by the underlying loans over the amounts required to be paid to the bondholders, after deducting servicing fees and any other expenses relating to the securitizations. The Company’s rights to cash flow from securitized loans are subordinate to bondholder interests, and the securitized loans may fail to generate any cash flow beyond what is due to bondholders. The bonds and notes payable are primarily secured by the loans receivable, related accrued interest, and by the amounts on deposit in the accounts established under the respective financing agreements. The following table summarizes the asset-backed securitization transactions completed in 2021. There were no asset-backed securitization transactions completed during the year ended December 31, 2022. 2021-1 2021-2 Total Date securities issued 6/30/21 8/31/21 Total original principal amount $ 797,000 531,300 1,328,300 Class A senior notes: Total principal amount $ 781,000 520,600 1,301,600 Cost of funds 1-month LIBOR plus 0.50% 1-month LIBOR plus 0.50% Final maturity date 7/25/69 9/25/69 Class B subordinated notes: Total principal amount $ 16,000 10,700 26,700 Cost of funds 1-month LIBOR plus 1.25% 1-month LIBOR plus 1.20% Final maturity date 7/25/69 9/25/69 Unsecured Line of Credit The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. 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. As of December 31, 2022, no amount was outstanding on the line of credit and $495.0 million was available for future use. Interest on amounts borrowed under the line of credit is payable, at the Company's election, at an alternate base rate or a Eurodollar rate, plus a variable rate (LIBOR), in each case as defined in the credit agreement. The current margin applicable to Eurodollar borrowings is 150 basis points and may vary from 100 to 175 basis points depending on the Company's credit rating. The line of credit agreement contains certain financial covenants that, if not met, lead to an event of default under the agreement. The covenants include, among others, maintaining: • A minimum consolidated net worth • A limitation on recourse indebtedness to adjusted EBITDA (over the last four rolling quarters) • A limitation on recourse and non-recourse indebtedness • A limitation on the amount of private education, consumer, and other (non-FFELP) loans in the Company’s portfolio • A limitation on permitted investments, including business acquisitions that are not in one of the Company's existing lines of business As of December 31, 2022, the Company was in compliance with all of these requirements. Many of these covenants are duplicated in the Company's other lending facilities, including its warehouse facilities. The Company's operating line of credit does not have any covenants related to unsecured debt ratings. However, changes in the Company's ratings have modest implications on the pricing level at which the Company obtains funds. A default on the Company's other debt facilities would result in an event of default on the Company's unsecured line of credit that would result in the outstanding balance on the line of credit, if any, becoming immediately due and payable. Participation Agreement The Company has an agreement with 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 (bond investments). As of December 31, 2022, $395.4 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 7 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 (bond investments). 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 (as of December 31, 2022) from January 4, 2023 through January 25, 2023. Subsequent to December 31, 2022, the maturities on this agreement were extended, and as of February 28, 2023, the maturity dates vary from March 8, 2023 through November 27, 2024. The Company incurs interest on amounts outstanding under these agreements based on three-month LIBOR plus an applicable spread. Under the first agreement, the Company is subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities on any scheduled reset date, and under the second agreement, the Company could be subject to margin deficit payment requirements if the fair value of the securities subject to the agreement is less than the original purchase price of such securities and the counter-party provides notice requiring such payment. Included in “bonds and notes payable” in the consolidated balance sheets as of December 31, 2022 was $299.8 million subject to the first agreement and $267.5 million subject to the second agreement. See note 7 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. Nelnet Bank Nelnet Bank has Federal Funds lines of credit with correspondent banks totaling $30.0 million at a stated interest rate at the time of borrowing. As of December 31, 2022, no amounts were drawn on these lines of credit. Debt Covenants Certain bond resolutions and related credit agreements contain, among other requirements, covenants relating to restrictions on additional indebtedness, limits as to direct and indirect administrative expenses, and maintaining certain financial ratios. The Company is in compliance with all covenants of the bond indentures and related credit agreements as of December 31, 2022. Maturity Schedule Bonds and notes outstanding as of December 31, 2022 are due in varying amounts as shown below. 2023 $ 885,772 2024 1,120,517 2025 89,000 2027 285 2028 and thereafter 12,689,709 $ 14,785,283 Generally, the Company's secured financing instruments can be redeemed on any interest payment date at par plus accrued interest. Subject to certain provisions, all bonds and notes are subject to redemption prior to maturity at the option of certain lending subsidiaries. Accrued Interest Liability During 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, net” in "other income (expense)" on the Company’s consolidated statements of income. Year ended December 31, 2022 2021 2020 Purchase price $ (67,081) (407,487) (25,643) Par value 69,133 406,875 27,605 Remaining unamortized cost of issuance (821) (6,163) (38) Gain (loss) $ 1,231 (6,775) 1,924 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

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments primarily to manage interest rate risk. The Company is exposed to interest rate risk in the form of basis risk and repricing risk because the interest rate characteristics of the Company's assets do not match the interest rate characteristics of the funding for those assets. The Company periodically reviews the mismatch related to the interest rate characteristics of its assets and liabilities together with the Company's outlook as to current and future market conditions. Based on those factors, the Company uses derivative instruments as part of its overall risk management strategy. Derivative instruments used as part of the Company's interest rate risk management strategy are discussed below. Basis Swaps Interest earned on the majority of the Company's FFELP student loan assets is indexed to the one-month LIBOR rate. Meanwhile, the Company funds a portion of its FFELP loan assets with three-month LIBOR indexed floating rate securities. The differing interest rate characteristics of the Company's loan assets versus the liabilities funding these assets results in basis risk, which impacts the Company's excess spread earned on its loans. The Company also faces repricing risk due to the timing of the interest rate resets on its liabilities, which may occur as infrequently as once a quarter, in contrast to the timing of the interest rate resets on its assets, which generally occur daily. As of December 31, 2022, the Company’s AGM operating segment had $12.7 billion, $0.5 billion, and $0.4 billion of FFELP loans indexed to the one-month LIBOR rate, three-month commercial paper rate, and the three-month treasury bill rate, respectively, the indices for which reset daily, and $3.8 billion of debt indexed to three-month LIBOR, the indices for which reset quarterly, and $8.1 billion of debt indexed to one-month LIBOR, the indices for which reset monthly. The Company has used derivative instruments to hedge its basis risk and repricing risk. The Company has entered into basis swaps 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”). The following table summarizes the Company’s 1:3 Basis Swaps outstanding: As of December 31, 2022 2021 Maturity Notional amount Notional amount 2022 $ — 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 $ 3,900,000 5,900,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of December 31, 2022 and 2021, was one-month LIBOR plus 9.7 basis points and 9.1 basis points, respectively. Interest Rate Swaps – Floor Income Hedges FFELP loans originated prior to April 1, 2006 generally earn interest at the higher of the borrower rate, which is fixed over a period of time, or a floating rate based on the Special Allowance Payments (SAP) formula set by the Department. The SAP rate is based on an applicable index plus a fixed spread that depends on loan type, origination date, and repayment status. The Company generally finances its student loan portfolio with variable rate debt. In low and/or certain declining interest rate environments, when the fixed borrower rate is higher than the SAP rate, these student loans earn at a fixed rate while the interest on the variable rate debt typically continues to reflect the low and/or declining interest rates. In these interest rate environments, the Company may earn additional spread income that it refers to as floor income. Depending on the type of loan and when it was originated, the borrower rate is either fixed to term or is reset to an annual rate each July 1. As a result, for loans where the borrower rate is fixed to term, the Company may earn floor income for an extended period of time, which the Company refers to as fixed rate floor income, and for those loans where the borrower rate is reset annually on July 1, the Company may earn floor income to the next reset date, which the Company refers to as variable rate floor income. All FFELP loans first originated on or after April 1, 2006 effectively earn at the SAP rate, since lenders are required to rebate fixed rate floor income and variable rate floor income for these loans to the Department. Absent the use of derivative instruments, a rise in interest rates may reduce the amount of floor income received and this may have an impact on earnings due to interest margin compression caused by increasing financing costs, until such time as the federally insured loans earn interest at a variable rate in accordance with their SAP formulas. In higher interest rate environments, where the interest rate rises above the borrower rate and fixed rate loans effectively become variable rate loans, the impact of the rate fluctuations is reduced. As of December 31, 2022 and 2021, the Company had $0.9 billion and $7.2 billion, respectively, of FFELP student loan assets that were earning fixed rate floor income. The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income. As of December 31, 2022 As of December 31, 2021 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2022 $ — — % $ 500,000 0.94 % 2023 — — 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 2032 (b) 200,000 2.92 — — $ 2,800,000 0.70 % $ 5,000,000 0.55 % (a) For the interest rate derivatives maturing in 2032, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For all other interest rate derivatives, the Company receives payments based on three-month LIBOR that resets quarterly. (b) These derivatives have forward effective start dates in November 2024. 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. Year ended December 31, 2022 2021 2020 Settlements: 1:3 basis swaps $ (206) (1,638) 10,378 Interest rate swaps - floor income hedges 33,149 (19,729) (6,699) Total settlements - income (expense) 32,943 (21,367) 3,679 Change in fair value: 1:3 basis swaps 2,262 5,027 (7,462) Interest rate swaps - floor income hedges 229,429 87,786 (20,682) Total change in fair value - income (expense) 231,691 92,813 (28,144) Derivative market value adjustments and derivative settlements, net - income (expense) $ 264,634 71,446 (24,465) Derivative Instruments - Credit and Market Risk Interest rate movements have an impact on the amount of variation margin the Company may be required to pay to its third-party clearinghouse. The Company attempts to manage market risk associated with interest rates by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The Company's derivative portfolio and hedging strategy is reviewed periodically by its internal risk committee and board of directors' Risk and Finance Committee. With the Company's current derivative portfolio, the Company does not currently anticipate any movement in interest rates having a material impact on its liquidity or capital resources, nor expects future movements in interest rates to have a material impact on its ability to meet variation margin payments to its third-party clearinghouse.

Investments and Notes Receivabl

Investments and Notes Receivable	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable A summary of the Company's investments and notes receivable follows: As of December 31, 2022 As of December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses (a) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (b) $ 813,716 4,453 (19,958) 798,211 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 337,844 — (29,560) 308,284 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale (d) 290,070 169 (7,697) 282,542 22,435 — — 22,435 Total available-for-sale debt securities $ 1,441,630 4,622 (57,215) 1,389,037 917,412 15,217 (2,960) 929,669 Equity securities 39,082 71,986 Total investments (at fair value) 1,428,119 1,001,655 Other Investments and Notes Receivable (not measured at fair value): Other debt securities - held-to-maturity (e) 18,774 8,200 Venture capital and funds: Measurement alternative (f)(g) 160,052 157,609 Equity method 89,332 67,840 Total venture capital and funds 249,384 225,449 Real estate: Equity method 80,364 47,226 Investment in ALLO: Voting interest/equity method (h) 67,538 87,247 Preferred membership interest and accrued and unpaid preferred return (i) 145,926 137,342 Total investment in ALLO 213,464 224,589 Beneficial interest in loan securitizations (j): Private education loans 75,261 66,008 Consumer loans and other 39,249 28,366 Federally insured student loans 24,228 25,768 Total beneficial interest in loan securitizations 138,738 120,142 Solar (k) (55,448) (42,457) Notes receivable 31,106 — Tax liens, affordable housing, and other 7,416 4,115 Total investments (not measured at fair value) 683,798 587,264 Total investments and notes receivable $ 2,111,917 $ 1,588,919 (a) As of December 31, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.2 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) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 5 under "Participation Agreement." As of December 31, 2022, the par value and fair value of these securities was $395.4 million and $370.7 million, respectively. The Company’s FFELP loan asset-backed securities classified as available-for-sale with a fair value of $105.5 million, $9.3 million, $77.0 million, and $606.4 million as of December 31, 2022 were scheduled to mature within the next one year, 1-5 years, 6-10 years, and greater than 10 years, respectively. (c) In December 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education loans. The Company entered into a joint venture with other investors to acquire the loans. Under the terms of the joint venture agreements, the Company serves as the sponsor and administrator for the loan securitizations completed by the joint venture to permanently finance the loans acquired. As sponsor of the loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in “private education loan asset-backed securities – available for sale” in the above table and as of December 31, 2022, the par value and fair value of these bonds was $336.5 million and $306.5 million, respectively. These securities were subject to repurchase agreements with third parties, as discussed in note 5 under “Repurchase Agreements.” The Company must retain these investment securities until the latest of (i) two years from the closing date of the securitization, (ii) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (iii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party. As of December 31, 2022, the stated maturities for all the Company’s private education loan asset-backed securities classified as available-for-sale were greater than 10 years. (d) Other debt securities include mortgage-backed and consumer-backed securities and collateralized loan obligations. These debt securities classified as available-for-sale with a fair value of $23.4 million, $186.0 million, and $73.1 million as of December 31, 2022 were scheduled to mature in 1-5 years, 6-10 years, and greater than 10 years, respectively. (e) As of December 31, 2022, securities classified as held-to-maturity of $1.5 million, $3.5 million and $13.8 million were scheduled to mature within one year, 1-5 years, and greater than 10 years, respectively. As of December 31, 2022, the fair value of these securities approximated their carrying value. (f) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. In May 2020, the Company made an additional equity investment of approximately $26 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2020 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of Hudl’s equity raise, the Company recognized a $51.0 million gain during the second quarter of 2020 to adjust its carrying value to reflect the May 2020 transaction value. This gain is included in “other, net” in “other income (expense)” on the consolidated statements of income. In May 2021, the Company made an additional $5 million investment in Hudl. For accounting purposes, the May 2021 equity raise transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities and the price was contractually agreed to during Hudl's prior May 2020 equity raise. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the May 2021 transaction value. As of December 31, 2022, the carrying amount of the Company's investment in Hudl is $133.9 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (g) In October 2021, CompanyCam Inc., an entity in which the Company has an equity investment, completed an additional equity raise. The Company accounts for its investment in this entity using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of this entity’s equity raise, the Company recognized a $10.3 million gain during the fourth quarter of 2021 to adjust its carrying value to reflect the October 2021 transaction value. As of December 31, 2022, the carrying amount of this investment is $11.5 million. (h) The Company accounts for its voting membership interests in ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO") under the HLBV method of accounting. During the years ended December 31, 2022, 2021, and 2020, the Company recognized losses of $68.0 million, $42.1 million, and $3.6 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. During 2022, the Company contributed $48.3 million of additional equity to ALLO. As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (i) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. During the years ended December 31, 2022, 2021, and 2020, the Company recognized income on its ALLO preferred membership interests of $8.6 million, $8.4 million, and $0.4 million, respectively, which are included in "other, net" in "other income (expense)" on the consolidated statements of income. Under October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (j) The Company has partial ownership in certain federally insured student, private education, and consumer and other loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of December 31, 2022, the Company's ownership correlates to approximately $390 million, $620 million, and $310 million of federally insured student, private education, and consumer and other loans, respectively, included in these securitizations. (k) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of December 31, 2022, the Company has funded a total of $278.4 million in solar investments, which includes $102.8 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 December 31, 2022 represents the sum of total tax credits earned on solar projects placed-in-service through December 31, 2022 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of December 31, 2022, the Company is committed to fund an additional $30.3 million on these projects, of which $22.5 million will be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the years ended December 31, 2022, 2021, and 2020, the Company recognized losses on its solar investments of $9.5 million, $10.1 million, and $37.4 million, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $10.9 million, $7.4 million, and $3.8 million, for the years ended December 31, 2022, 2021, and 2020, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.

Business Combination

Business Combination	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combinations HigherSchool Publishing Company ("HigherSchool") On December 31, 2020, the Company acquired 100% of the outstanding stock of HigherSchool for total cash consideration of $24.7 million. HigherSchool provides supplemental instructional services and educational professional development for K-12 schools. The acquisition of HigherSchool has expanded the Company's professional development and educational instruction services. The operating results of HigherSchool are included in the Education Technology, Services, and Payment Processing reportable operating segment from the date of acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. Cash and cash equivalents $ 7 Accounts receivable 5,711 Intangible assets 24,200 Excess cost over fair value of net assets acquired (goodwill) 6,292 Other liabilities (11,510) Net assets acquired $ 24,700 The acquired intangible assets were customer relationships of $24.2 million (10-year useful life). The $6.3 million of goodwill was assigned to the Education Technology, Services, and Payment Processing operating segment and is not expected to be deductible for tax purposes. The amount allocated to goodwill was primarily attributed to the deferred tax liability related to the difference between the carrying amount and tax basis of acquired identifiable intangible assets. The pro forma impacts of the HigherSchool acquisition on the Company's historical results prior to the acquisition were not material. NGWeb Solutions, LLC On April 30, 2022, the Company acquired 30% 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% 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% ownership interests was remeasured to its fair value as of the April 30, 2022 date of acquisition of the additional 30% of the ownership interests, resulting in a $15.2 million revaluation gain, which is included in "other, net" 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 operating segment. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. 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 was assigned to the NextGen reporting unit and 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% 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 $28.9 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. As part of the acquisition, the Company agreed to pay $5.0 million in future capital contributions on behalf of the minority interest members. Any amount of the $5.0 million not paid as capital contributions to GRNE Solar by June 30, 2025 will be paid by the Company directly to the minority interest members. The $5.0 million liability is included in “other liabilities” and the Company recognized an additional $5.0 million in “goodwill” on the consolidated balance sheet as a result of the future capital contribution commitment. 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 Restricted cash 2,200 Accounts receivable 3,983 Property and equipment 8,720 Other assets 2,296 Intangible assets 11,683 Excess cost over fair value of net assets acquired (goodwill) 13,873 Bonds and notes payable (750) Other liabilities (7,624) Net assets acquired 36,123 Minority interest (7,225) Total consideration paid by the Company $ 28,898 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 $18.9 million of goodwill was assigned to the GRNE operating segment and 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	12 Months Ended
	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of the following: Weighted average remaining useful life as of December 31, 2022 (months) As of December 31, 2022 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $55,116 and $97,398, respectively) 112 $ 51,738 47,894 Trade names (net of accumulated amortization of $617) 114 8,293 — Computer software (net of accumulated amortization of $6,400 and $3,669, respectively) 52 1,520 4,135 Other (net of accumulated amortization of $490) 54 1,950 — Total - amortizable intangible assets, net 109 $ 63,501 52,029 The Company recorded amortization expense on its intangible assets of $15.0 million, $23.0 million, and $30.8 million during the years ended December 31, 2022, 2021, and 2020, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of December 31, 2022, the Company estimates it will record amortization expense as follows: 2023 $ 10,344 2024 9,770 2025 8,044 2026 7,259 2027 6,761 2028 and thereafter 21,323 $ 63,501

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Goodwill [Abstract]
Goodwill	Goodwill The change in 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 (a) Nelnet Bank Corporate and Other Activities Total Balance as of December 31, 2020 and 2021 $ 23,639 76,570 41,883 — — 142,092 Goodwill acquired (NextGen) — 15,937 — — — 15,937 Goodwill acquired (GRNE Solar) — — — — 18,873 18,873 Balance as of December 31, 2022 $ 23,639 92,507 41,883 — 18,873 176,902 (a) As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the Asset Generation and Management reporting unit due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio. Management believes the elimination of new FFELP loan originations will not have an adverse impact on the fair value of the Company's other reporting units.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: As of December 31, Useful life 2022 2021 Computer equipment and software 1-5 years $ 237,487 234,222 Building and building improvements 5-48 years 50,475 48,782 Office furniture and equipment 1-10 years 22,386 22,463 Leasehold improvements 1-15 years 10,410 10,537 Transportation equipment 5-10 years 6,207 4,857 Solar facilities 5-35 years 3,547 — Land — 3,181 3,266 Construction in progress — 22,987 2,392 356,680 326,519 Accumulated depreciation (234,154) (207,106) Total property and equipment, net $ 122,526 119,413 The Company recorded depreciation expense on its property and equipment of $59.1 million, $50.7 million, and $87.9 million during the years ended December 31, 2022, 2021, and 2020, respectively.

Impairment Expense and Provisio

Impairment Expense and Provision for Beneficial Interests	12 Months Ended
	Dec. 31, 2022
Impairment Expense And Provision For Beneficial Interests [Abstract]
Impairment Expense and Provision for Beneficial Interests	Impairment Expense and Provision for Beneficial Interests The following table presents the non-cash impairment charges by asset and reportable operating segment recognized by the Company during 2022, 2021, and 2020. The Company’s non-cash impairment charges are included in “impairment expense and provision for beneficial interest, net” in the consolidated statements of income. Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Total Year ended December 31, 2022 Investments - venture capital and funds (a) $ — — — — 6,561 6,561 Property and equipment - internally developed software 3,737 — — 214 — 3,951 Leases, buildings, and associated improvements (b) 1,774 — — — 998 2,772 Intangible asset - computer software — 2,239 — — — 2,239 $ 5,511 2,239 — 214 7,559 15,523 Year ended December 31, 2021 Investments - venture capital and funds (a) $ — — — — 4,637 4,637 Leases, buildings, and associated improvements (b) 13,243 — — — 916 14,159 Beneficial interest in loan securitizations (c) — — (2,436) — — (2,436) $ 13,243 — (2,436) — 5,553 16,360 Year ended December 31, 2020 Investments - venture capital and funds (a) $ — — — — 8,116 8,116 Beneficial interest in loan securitizations (c) — — 16,607 — — 16,607 $ — — 16,607 — 8,116 24,723 (a) The Company recorded non-cash impairment charges related to several of its venture capital investments accounted for under the measurement alternative method. (b) The Company continues to evaluate the use of office space as a large number of employees continue to work from home due to COVID-19. As a result, the Company recorded non-cash impairment charges related to operating lease assets and associated leasehold improvements and to building and building improvements. (c) During the first quarter of 2020, the Company recorded an allowance for credit losses (and related provision expense) related to the Company’s beneficial interest in consumer loan securitizations as a result of the expectation of increased consumer loan defaults within such securitizations due to the distressed economic conditions resulting from the COVID-19 pandemic. During the fourth quarter of 2020 and the first quarter of 2021, due to improved economic conditions, the Company reduced the allowance for credit losses related to the consumer loan beneficial interests. As of December 31, 2022 and 2021, there is no allowance for credit losses on the Company’s beneficial interest investments.

Bank Deposits

Bank Deposits	12 Months Ended
	Dec. 31, 2022
Deposits [Abstract]
Bank Deposits	Bank Deposits The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of December 31, 2022 2021 Brokered CDs, net of brokered deposit fees $ 254,817 84,209 Retail and other savings (529 and HSA) 410,556 243,759 Retail and other CDs (commercial and institutional) 25,949 16,347 Total interest-bearing deposits $ 691,322 344,315 Brokered deposit fees associated with the brokered CDs are amortized into interest expense using the effective interest rate method. The Bank recognized brokered deposit fee expense of $0.3 million and $0.1 million during the years ended December 31, 2022 and 2021, respectively. Brokered deposit fee expense was not significant in 2020. Fees paid to third-party brokers related to these CDs were $0.6 million and $0.4 million during the years ended December 31, 2022 and 2021, respectively. These fees were not significant in 2020. Certificates of deposit remaining maturities as of December 31, 2022 are summarized as follows: One year or less $ 51,501 After one year to two years — After two years to three years 3,237 After three years to four years 150,318 After four years to five years 75,710 After five years — Total $ 280,766 The Educational 529 College Savings and Health Savings plan deposits are large interest-bearing omnibus accounts structured to allow FDIC insurance to flow through to underlying individual depositors. Except for the pledged deposit from Nelnet, Inc. and an earmarked deposit required for intercompany transactions, there were no deposits exceeding the FDIC insurance limits as of December 31, 2022 and 2021. Accrued interest on deposits was $0.7 million and $0.1 million on December 31, 2022 and 2021, respectively, which is included in “accrued interest payable” on the consolidated balance sheets.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Shareholders’ Equity Classes of Common Stock The Company's common stock is divided into two classes. The Class B common stock has ten votes per share and the Class A common stock has one vote per share on all matters to be voted on by the Company's shareholders. Each Class B share is convertible at any time at the holder's option into one Class A share. With the exception of the voting rights and the conversion feature, the Class A and Class B shares are identical in terms of other rights, including dividend and liquidation rights. Stock Repurchases The Company has a stock repurchase program that expires on May 8, 2025 in which it can repurchase up to five million shares of its Class A common stock on the open market, through private transactions, or otherwise. As of December 31, 2022, 4.5 million shares may still be purchased under the Company's stock repurchase program. Shares repurchased by the Company during 2022, 2021, and 2020 are shown in the table below. In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company. Total shares repurchased Purchase price Average price of shares repurchased (per share) Year ended December 31, 2022 1,162,533 $ 97,685 $ 84.03 Year ended December 31, 2021 713,274 58,111 81.47 Year ended December 31, 2020 1,594,394 73,358 46.01

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings per Common Share Presented below is a summary of the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Year ended December 31, 2022 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 399,564 7,783 407,347 386,865 6,421 393,286 347,451 4,992 352,443 Denominator: Weighted-average common shares outstanding - basic and diluted 36,884,548 718,485 37,603,033 37,943,032 629,769 38,572,801 38,506,351 553,237 39,059,588 Earnings per share - basic and diluted $ 10.83 10.83 10.83 10.20 10.20 10.20 9.02 9.02 9.02 Unvested restricted stock awards are the Company's only potential common shares and, accordingly, there were no awards that were antidilutive and not included in average shares outstanding for the diluted earnings per share calculation. As of December 31, 2022, a cumulative amount of 171,132 shares have been deferred by non-employee directors under the Directors Stock Compensation Plan and will become issuable upon the termination of service by the respective non-employee director on the board of directors. These shares are included in the Company's weighted average shares outstanding calculation.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income taxes in the United States, Canada, Australia, Puerto Rico, and Philippines. Significant judgment is required in evaluating the Company's tax positions and determining the provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. As required by the ASC Topic 740, Income Taxes , the Company recognizes in the consolidated financial statements only those tax positions determined to be more likely than not of being sustained upon examination, based on the technical merits of the positions. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change. As of December 31, 2022, the total amount of gross unrecognized tax benefits (excluding the federal benefit received from state positions) was $16.8 million, which is included in “other liabilities” on the consolidated balance sheet. Of this total, $13.3 million (net of the federal benefit on state issues) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Company currently anticipates uncertain tax positions will decrease by $2.3 million prior to December 31, 2023 as a result of a lapse of applicable statutes of limitations, settlements, correspondence with examining authorities, and recognition or measurement considerations with federal and state jurisdictions; however, actual developments in this area could differ from those expected. Of the anticipated $2.3 million decrease, $1.8 million, if recognized, would favorably affect the Company's effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows: Year ended December 31, 2022 2021 Gross balance - beginning of year $ 19,678 20,318 Additions based on tax positions of prior years 2,269 271 Additions based on tax positions related to the current year 2,521 2,388 Settlements with taxing authorities (2,818) — Reductions for tax positions of prior years (2,580) (1,002) Reductions due to lapse of applicable statutes of limitations (2,235) (2,297) Gross balance - end of year $ 16,835 19,678 All the reductions shown in the table above that are due to prior year tax positions and the lapse of statutes of limitations impacted the effective tax rate. The Company's policy is to recognize interest and penalties accrued on uncertain tax positions as part of interest expense and other expense, respectively. As of December 31, 2022 and 2021, $4.0 million and $5.1 million in accrued interest and penalties, respectively, were included in “other liabilities” on the consolidated balance sheets. The Company recognized interest benefit of $1.1 million and $0.3 million, and expense of $0.4 million related to uncertain tax positions for the years ended December 31, 2022, 2021, and 2020, respectively. The impact to the consolidated statements of income related to penalties for uncertain tax positions was not significant for the years 2022, 2021, and 2020. The impact of timing differences and tax attributes are considered when calculating interest and penalty accruals associated with the unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return in the U.S. and the Company or one of its subsidiaries files income tax returns in various state, local, and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2019. The Company is no longer subject to U.S. state and local income tax examinations by tax authorities prior to 2014. The provision for income taxes consists of the following components: Year ended December 31, 2022 2021 2020 Current: Federal $ 67,649 55,239 82,832 State 10,984 4,792 9,815 Foreign (49) 169 239 Total current provision 78,584 60,200 92,886 Deferred: Federal 32,422 46,145 7,269 State 2,198 9,647 718 Foreign 20 (170) (13) Total deferred provision 34,640 55,622 7,974 Provision for income tax expense $ 113,224 115,822 100,860 The differences between the income tax provision computed at the statutory federal corporate tax rate and the financial statement provision for income taxes are shown below: Year ended December 31, 2022 2021 2020 Tax expense at federal rate 21.0 % 21.0 % 21.0 % Increase (decrease) resulting from: State tax, net of federal income tax benefit 2.8 3.0 2.8 Tax credits (0.6) (0.8) (1.1) Provision for uncertain federal and state tax matters — (0.1) (0.2) Basis difference (0.6) — — Change in valuation allowance (0.5) — — Other (0.3) (0.3) (0.2) Effective tax rate 21.8 % 22.8 % 22.3 % The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following: As of December 31, 2022 2021 Deferred tax assets: Deferred revenue $ 27,410 21,593 Student loans 20,569 19,776 Accrued expenses 10,824 10,712 State tax credit carryforwards 9,431 8,546 Stock compensation 5,345 4,027 Lease liability 3,432 3,685 Net operating losses 2,613 2,410 Debt and equity investments 1,430 — Total gross deferred tax assets 81,054 70,749 Less state tax valuation allowance (161) (2,084) Net deferred tax assets 80,893 68,665 Deferred tax liabilities: Partnership basis 99,184 100,428 Basis in certain derivative contracts 65,224 15,927 Depreciation 11,306 15,264 Loan origination services 3,264 4,930 Lease right of use asset 3,073 3,317 Intangible assets 1,474 4,772 Securitization 363 128 Debt and equity investments — 12,859 Other 2,679 1,665 Total gross deferred tax liabilities 186,567 159,290 Net deferred tax asset (liability) $ (105,674) (90,625) The Company has performed an evaluation of the recoverability of deferred tax assets. In assessing the realizability of the Company's deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible or eligible for utilization of a tax credit carryforward. Management considers the scheduled reversals of deferred tax liabilities, projected taxable income, carry back opportunities, and tax planning strategies in making the assessment of the amount of the valuation allowance. With the exception of a portion of the Company's state net operating losses, it is management's opinion that it is more likely than not that the deferred tax assets will be realized and should not be reduced by a valuation allowance. The amount of deferred tax assets considered realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. As of December 31, 2022 and 2021, net deferred tax liabilities of $140.1 million and $117.9 million, respectively, and net deferred tax assets of $34.4 million and $27.3 million, respectively, were included in “other liabilities” and “other assets,” respectively, on the consolidated balance sheets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's reportable operating segments include: • Loan Servicing and Systems • Education Technology, Services, and Payment Processing • Asset Generation and Management • Nelnet Bank • Communications The Company earns fee-based revenue through its Loan Servicing and Systems and Education Technology, Services, and Payment Processing operating segments; and earns interest income on its loan portfolio in its Asset Generation and Management and Nelnet Bank operating segments. In addition, the Company earned revenue from its Communications operating segment prior to its deconsolidation on December 21, 2020. See note 2 for a description of the transaction and a summary of the deconsolidation impact. As a result of ALLO’s deconsolidation, there are no operating results for the (former) Communications operating segment in 2021 and 2022. The Company’s operating segments are defined by the products and services they offer and the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. See note 1 for a description of each operating segment, including the primary products and services offered. The management reporting process measures the performance of the Company’s operating segments based on the management structure of the Company, as well as the methodology used by management to evaluate performance and allocate resources. Executive management (the "chief operating decision maker") evaluates the performance of the Company’s operating segments based on their financial results prepared in conformity with U.S. GAAP. The accounting policies of the Company’s operating segments are the same as those described in the summary of significant accounting policies. Intersegment revenues are charged by a segment that provides a product or service to another segment. Intersegment revenues and expenses are included within each segment consistent with the income statement presentation provided to management. Income taxes are allocated based on 24% of income before taxes for each individual operating segment, except for Nelnet Bank, which reflects Nelnet Bank’s actual tax expense/benefit as allocated and reflected in its Call Report filed with the Federal Deposit Insurance Corporation. The difference between the consolidated income tax expense and the sum of taxes calculated for each operating segment is included in income taxes in Corporate and Other Activities. Corporate and Other Activities Other business activities and operating segments that are not reportable are combined and included in Corporate and Other Activities. Corporate and Other Activities include the following items: • The results of the majority of the Company’s investment activities, including early-stage and emerging growth companies and real estate • Interest income earned on cash and investment debt securities (primarily student loan and other asset-backed securities) • Interest expense incurred on unsecured and certain other corporate related debt transactions • Other product and service offerings that are not considered reportable operating segments including, but not limited to, WRCM, the SEC-registered investment advisor subsidiary, and Nelnet Renewable Energy, which includes solar tax equity investments made by the Company, administrative and management services provided by the Company on tax equity investments made by third parties, and solar development Corporate and Other Activities also includes certain activities related to internal audit, human resources, accounting, legal, enterprise risk management, information technology, occupancy, and marketing. These costs are allocated to each operating segment based on estimated use of such activities and services. Certain shared service costs incurred to support Nelnet Bank will not be allocated to Nelnet Bank until the end of the Bank’s de novo period (November 2023). Corporate and Other Activities also includes corporate costs and overhead functions not allocated to operating segments, including executive management, investments in innovation, and other holding company organizational costs. Segment Results The following tables include the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements. Year ended December 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 2,722 9,377 676,557 25,973 42,576 (14,399) 742,806 Interest expense 44 — 411,900 11,055 21,538 (14,399) 430,137 Net interest income 2,678 9,377 264,657 14,918 21,038 — 312,669 Less provision (negative provision) for loan losses — — 44,601 1,840 — — 46,441 Net interest income after provision for loan losses 2,678 9,377 220,056 13,078 21,038 — 266,228 Other income (expense): Loan servicing and systems revenue 535,459 — — — — — 535,459 Intersegment revenue 33,170 81 — — — (33,251) — Education technology, services, and payment processing revenue — 408,543 — — — — 408,543 Solar construction revenue — — — — 24,543 — 24,543 Other, net 2,543 — 21,170 2,625 (853) — 25,486 Gain on sale of loans, net — — 2,903 — — — 2,903 Gain from deconsolidation of ALLO — — — — — — — Impairment expense and provision for beneficial interests, net (5,511) (2,239) — (214) (7,559) — (15,523) Derivative settlements, net — — 32,943 — — — 32,943 Derivative market value adjustments, net — — 231,691 — — — 231,691 Total other income (expense) 565,661 406,385 288,707 2,411 16,131 (33,251) 1,246,045 Cost of services: Cost to provide education technology, services, and payment processing services — 148,403 — — — — 148,403 Cost to provide solar construction services — — — — 19,971 — 19,971 Total cost of services — 148,403 — — 19,971 — 168,374 Operating expenses: Salaries and benefits 344,809 133,428 2,524 6,948 101,870 — 589,579 Depreciation and amortization 24,255 10,184 — 15 39,623 — 74,077 Other expenses 59,674 30,104 16,835 3,925 60,240 — 170,778 Intersegment expenses, net 75,145 19,538 34,679 244 (96,355) (33,251) — Total operating expenses 503,883 193,254 54,038 11,132 105,378 (33,251) 834,434 Income (loss) before income taxes 64,456 74,105 454,725 4,357 (88,180) — 509,465 Income tax (expense) benefit (15,470) (17,785) (109,134) (1,013) 30,178 — (113,224) Net income (loss) 48,986 56,320 345,591 3,344 (58,002) — 396,241 Net (income) loss attributable to noncontrolling interests — (3) — — 11,109 — 11,106 Net income (loss) attributable to Nelnet, Inc. $ 48,986 56,317 345,591 3,344 (46,893) — 407,347 Total assets as of December 31, 2022 $ 273,072 484,976 15,945,762 918,716 2,406,965 (655,447) 19,374,044 Year ended December 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 137 1,075 506,901 7,721 9,801 (1,800) 523,835 Interest expense 94 — 172,918 1,507 3,515 (1,800) 176,233 Net interest income 43 1,075 333,983 6,214 6,286 — 347,602 Less provision (negative provision) for loan losses — — (13,220) 794 — — (12,426) Net interest income after provision for loan losses 43 1,075 347,203 5,420 6,286 — 360,028 Other income (expense): Loan servicing and systems revenue 486,363 — — — — — 486,363 Intersegment revenue 33,956 12 — — — (33,968) — Education technology, services, and payment processing revenue — 338,234 — — — — 338,234 Solar construction revenue — — — — — — — Other, net 3,307 — 34,306 713 40,356 — 78,681 Gain on sale of loans, net — — 18,715 — — — 18,715 Gain from deconsolidation of ALLO — — — — — — — Impairment expense and provision for beneficial interests, net (13,243) — 2,436 — (5,553) — (16,360) Derivative settlements, net — — (21,367) — — — (21,367) Derivative market value adjustments, net — — 92,813 — — — 92,813 Total other income (expense) 510,383 338,246 126,903 713 34,803 (33,968) 977,079 Cost of services: Cost to provide education technology, services, and payment processing services — 108,660 — — — — 108,660 Cost to provide solar construction services — — — — — — — Total cost of services — 108,660 — — — — 108,660 Operating expenses: Salaries and benefits 297,406 112,046 2,135 5,042 90,502 — 507,132 Depreciation and amortization 25,649 11,404 — — 36,682 — 73,741 Other expenses 52,720 19,318 13,487 1,776 58,173 — 145,469 Intersegment expenses, net 72,206 15,180 34,868 107 (88,393) (33,968) — Total operating expenses 447,981 157,948 50,490 6,925 96,964 (33,968) 726,342 Income (loss) before income taxes 62,445 72,713 423,616 (792) (55,875) — 502,105 Income tax (expense) benefit (14,987) (17,451) (101,668) 175 18,109 — (115,822) Net income (loss) 47,458 55,262 321,948 (617) (37,766) — 386,283 Net (income) loss attributable to noncontrolling interests — — — — 7,003 — 7,003 Net income (loss) attributable to Nelnet, Inc. $ 47,458 55,262 321,948 (617) (30,763) — 393,286 Total assets as of December 31, 2021 $ 296,618 443,788 18,965,371 535,948 1,963,032 (526,716) 21,678,041 Year ended December 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank (b) Corporate and Other Activities Eliminations Total Total interest income $ 436 3,036 2 611,474 414 5,775 (1,480) 619,656 Interest expense 121 54 — 328,157 41 3,178 (1,480) 330,071 Net interest income 315 2,982 2 283,317 373 2,597 — 289,585 Less provision (negative provision) for loan losses — — — 63,029 330 — — 63,360 Net interest income after provision for loan losses 315 2,982 2 220,288 43 2,597 — 226,225 Other income (expense): Loan servicing and systems revenue 451,561 — — — — — — 451,561 Intersegment revenue 36,520 20 — — — — (36,540) — Education technology, services, and payment processing revenue — 282,196 — — — — — 282,196 Communications revenue — — 76,643 — — — — 76,643 Solar construction revenue — — — — — — — — Other, net 9,421 373 1,561 7,189 48 38,969 — 57,561 Gain on sale of loans, net — — — 33,023 — — — 33,023 Gain from deconsolidation of ALLO — — — — — 258,588 — 258,588 Impairment expense and provision for beneficial interests, net — — — (16,607) — (8,116) — (24,723) Derivative settlements, net — — — 3,679 — — — 3,679 Derivative market value adjustments, net — — — (28,144) — — — (28,144) Total other income (expense) 497,502 282,589 78,204 (860) 48 289,441 (36,540) 1,110,384 Cost of services: Cost to provide education technology, services, and payment processing services — 82,206 — — — — — 82,206 Cost to provide communications services — — 22,812 — — — — 22,812 Cost to provide solar construction services — — — — — — — — Total cost of services — 82,206 22,812 — — — — 105,018 Operating expenses: Salaries and benefits 285,526 98,847 30,935 1,747 36 84,741 — 501,832 Depreciation and amortization 37,610 9,459 42,588 — — 29,043 — 118,699 Other expenses 57,420 14,566 13,327 15,806 135 59,320 — 160,574 Intersegment expenses, net 63,886 14,293 1,732 39,172 — (82,543) (36,540) — Total operating expenses 444,442 137,165 88,582 56,725 171 90,561 (36,540) 781,105 Income (loss) before income taxes 53,375 66,200 (33,188) 162,703 (80) 201,477 — 450,486 Income tax (expense) benefit (12,810) (15,888) 7,965 (39,049) 20 (41,098) — (100,860) Net income (loss) 40,565 50,312 (25,223) 123,654 (60) 160,379 — 349,626 Net (income) loss attributable to noncontrolling interests — — — — — 2,817 — 2,817 Net income (loss) attributable to Nelnet, Inc. $ 40,565 50,312 (25,223) 123,654 (60) 163,196 — 352,443 Total assets as of December 31, 2020 $ 190,297 436,702 — 20,773,968 216,937 1,225,790 (197,534) 22,646,160 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. Accordingly, the operating results for the Communications operating segment in the table above are for the period from January 1, 2020 through December 21, 2020. (b) Nelnet Bank launched operations on November 2, 2020. Accordingly, the operating results for the Nelnet Bank operating segment in the table above are for the period from November 2, 2020 through December 31, 2020.

Disaggregated Revenue and Defer

Disaggregated Revenue and Deferred Revenue	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue and Deferred Revenue	Disaggregated Revenue and Deferred Revenue The following provides additional revenue recognition information for the Company’s fee-based operating segments. Loan Servicing and Systems Revenue Loan servicing and systems revenue consists of the following items: • Loan servicing revenue - Loan servicing revenue consideration is determined from individual contracts with customers and is calculated monthly based on the dollar value of loans, number of loans, number of borrowers serviced for each customer, or number of transactions. Loan servicing requires a significant level of integration and the individual components are not considered distinct. The Company performs various services, including, but not limited to, (i) application processing, (ii) monthly servicing, (iii) conversion processing, and (iv) fulfillment services, during each distinct service period. Even though the mix and quantity of activities that the Company performs each period may differ, the nature of the activities are substantially the same. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. • Software services revenue - Software services revenue consideration is determined from individual contracts with customers and includes license and maintenance fees associated with loan software products, generally in a remote hosted environment, and computer and software consulting. Usage-based revenue, based on each loan or unique borrower, from remote hosted licenses is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. Revenue from any non-refundable up-front fee is recognized ratably over the contract period, as the fee relates to set-up activities that provide no incremental benefit to the customers. Computer and software consulting is also capable of being distinct and accounted for as a separate performance obligation. Revenue allocated to computer and software consulting is recognized as services are provided. • Outsourced services revenue - Outsourced services revenue consideration is determined from individual contracts with customers and is calculated monthly based on the volume of services. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. The following table provides disaggregated revenue by service offering: Year ended December 31, 2022 2021 2020 Government loan servicing $ 423,066 360,793 326,670 Private education and consumer loan servicing 49,210 47,302 32,492 FFELP loan servicing 16,016 18,281 20,183 Software services 33,409 34,600 41,999 Outsourced services 13,758 25,387 30,217 Loan servicing and systems revenue $ 535,459 486,363 451,561 Education Technology, Services, and Payment Processing Revenue Education technology, services, and payment processing revenue consists of the following items: • Tuition payment plan services - Tuition payment plan services consideration is determined from individual plan agreements, which are governed by plan service agreements, and includes access to a remote hosted environment and management of payment processing. The management of payment processing is considered a distinct performance obligation when sold with the remote hosted environment. Revenue for each performance obligation is allocated to the distinct service period, the academic school term, and recognized ratably over the service period as customers simultaneously receive and consume benefits. • Payment processing - Payment processing consideration is determined from individual contracts with customers and includes electronic transfer and credit card processing, reporting, virtual terminal solutions, and specialized integrations to business software for education and non-education markets. Volume-based revenue from payment processing is allocated and recognized to the distinct service period, based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits. The electronic transfer and credit card processing consideration is recognized as revenue on a gross basis as the Company is the principal in the delivery of the payment processing. The Company has concluded it is the principal as it controls the services before delivery to the educational institution or business, it is primarily responsible for the delivery of the services, and it has discretion in setting prices charged to its customers. In addition, the Company has the unilateral ability to accept or reject a transaction based on criteria established by the Company. The Company is liable for the costs of processing the transactions and records such costs within "cost to provide education technology, services, and payment processing services" in the consolidated statements of income. • Education technology and services - Education technology and services consideration is determined from individual contracts with customers and is based on the services selected by the customer. Services in K-12 private and faith-based markets primarily includes (i) assistance with financial needs assessment, (ii) school information system software that automates administrative processes such as admissions, enrollment, scheduling, cafeteria management, attendance, and grade book management, and (iii) professional development and educational instruction services. Revenue for these services is recognized for the consideration the Company has a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. Services provided to the higher education market include payment technology and processing that allow for electronic billing and payment of campus charges. These services are considered distinct performance obligations. Revenue for each performance obligation is allocated to the distinct service period, typically a month or based on when each transaction is completed, and recognized as control transfers as customers simultaneously receive and consume benefits. The following table provides disaggregated revenue by service offering: Year ended December 31, 2022 2021 2020 Tuition payment plan services $ 110,802 103,970 100,674 Payment processing 148,212 127,080 114,304 Education technology and services 146,679 105,975 66,716 Other 2,850 1,209 502 Education technology, services, and payment processing revenue $ 408,543 338,234 282,196 Cost to provide education technology, services, and payment processing services is primarily associated with providing professional development and educational instruction and payment processing services. Items included in the cost to provide professional development and educational instruction services include salaries and benefits and third-party professional services directly related to providing these services to teachers, school leaders, and students. For payment processing services, interchange and payment network fees are charged by the card associations or payment networks. Depending upon the transaction type, the fees are a percentage of the transaction’s dollar value, a fixed amount, or a combination of the two methods. Solar Construction Revenue Solar construction revenue is derived principally from individual contracts with customers for engineering, procurement, and construction (EPC) of solar facilities for both commercial and residential customers. Solar construction is a single performance obligation which requires a significant level of integration. The individual materials and installation (the inputs) are not considered distinct and are integrated into the solar facilities (the combined output). Revenue for this service is recognized based on the project progress to date. Progress towards completion of the contract is measured by the percentage of total costs incurred to date compared to the estimated total costs to complete the contract. GRNE Solar will recognize a contract asset or liability depending on the progression of the project to date compared to the amount billed to date. The following table provides disaggregated revenue by service offering and customer type. The amounts listed for 2022 reflect activity subsequent to GRNE Solar acquisition on July 1, 2022. Period from July 1, 2022 - December 31, 2022 Solar construction $ 24,386 Operations and maintenance 157 Solar construction revenue $ 24,543 Commercial revenue $ 16,891 Residential revenue 7,495 Other 157 Solar construction revenue $ 24,543 Cost to provide solar construction services include direct costs associated with completing a solar facility, including labor, third-party contractor fees, permitting, engineering fees, and construction material. Communications Revenue Communications revenue was derived principally from internet, television, and telephone services and is billed as a flat fee in advance of providing the service. Revenues for usage-based services, such as access charges billed to other telephone carriers for originating and terminating long-distance calls on ALLO’s network, were billed in arrears. These are each considered distinct performance obligations. Revenue was recognized monthly for the consideration the Company had a right to invoice, the amount of which corresponds directly with the value provided to the customer based on the performance completed. The Company recognized revenue from these services in the period the services were rendered rather than billed. Revenue received or receivable in advance of the delivery of services was included in deferred revenue. Earned but unbilled usage-based services were recorded in accounts receivable. The following table provides disaggregated revenue by service offering and customer type. The amounts listed for 2020 reflect activity prior to ALLO’s deconsolidation on December 21, 2020. Period from January 1 2020 - December 21, 2020 Internet $ 48,362 Television 17,091 Telephone 11,037 Other 153 Communications revenue $ 76,643 Residential revenue $ 58,029 Business revenue 18,038 Other 576 Communications revenue $ 76,643 Cost to provide communications services was primarily associated with television programming costs. ALLO had various contracts to obtain television programming from programming vendors whose compensation is typically based on a flat fee per customer. The cost of the right to exhibit network programming under such arrangements was recorded in the month the programming was available for exhibition. Programming costs were paid each month based on calculations performed by ALLO and are subject to periodic audits performed by the programmers. Other items in cost to provide communications services include connectivity, franchise, and other regulatory costs directly related to providing internet and telephone services. Other Income/Expense The following table provides the components of "other, net" in “other income (expense)” on the consolidated statements of income: Year ended December 31, 2022 2021 2020 Income/gains from investments, net $ 51,552 91,593 56,402 Borrower late fee income 10,809 3,444 5,194 ALLO preferred return 8,584 8,427 386 Administration/sponsor fee income 7,898 3,656 10 Investment advisory services 6,026 7,773 10,875 Management fee revenue 2,543 3,307 9,421 Loss from ALLO voting membership interest investment (67,966) (42,148) (3,565) Loss from solar investments (9,479) (10,132) (37,423) Other 15,519 12,761 16,261 Other, net $ 25,486 78,681 57,561 • Borrower late fee income - Late fee income is earned primarily by the education lending subsidiaries in the AGM operating segment. Revenue is allocated to the distinct service period, based on when each transaction is completed. • Administration/sponsor fee income - Administration and sponsor fee income is earned by the AGM operating segment as administrator and sponsor for certain securitizations. Revenue is allocated to the distinct service period, typically a month, and recognized as control transfers as customers simultaneously receive and consume benefits. • Investment advisory services - Investment advisory services are provided by WRCM, the Company's SEC-registered investment advisor subsidiary, under various arrangements. The Company earns monthly fees based on the monthly outstanding balance of investments and certain performance measures, which are recognized monthly as the uncertainty of the transaction price is resolved. • Management fee revenue - Management fee revenue is earned for providing administrative support and marketing services, which primarily was to Great Lakes' former parent company under a contract that expired in January 2021. Revenue is allocated to the distinct service period, based on when each transaction is completed. Deferred Revenue Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below: Loan Servicing and Systems Education, Technology, Services, and Payment Processing Communications Corporate and Other Activities Total Balance as of December 31, 2019 $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 2,490 90,183 43,596 3,209 139,478 Recognition of revenue (3,824) (90,409) (42,903) (3,286) (140,422) Deconsolidation of ALLO — — (3,925) — (3,925) Business acquisition — 1,419 — — 1,419 Balance as of December 31, 2020 1,378 33,267 — 1,551 36,196 Deferral of revenue 5,882 109,278 — 5,775 120,935 Recognition of revenue (4,844) (105,801) — (5,316) (115,961) Balance as of December 31, 2021 2,416 36,744 — 2,010 41,170 Deferral of revenue 2,607 138,086 — 13,963 154,656 Recognition of revenue (2,713) (129,433) — (12,940) (145,086) Business acquisition — 3,917 — 1,997 5,914 Balance as of December 31, 2022 $ 2,310 49,314 — 5,030 56,654

Major Customer

Major Customer	12 Months Ended
	Dec. 31, 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 in 2022, 2021, and 2020 was $423.1 million, $360.8 million, and $326.7 million, respectively. 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. If the Company’s servicing contracts are not extended beyond the current expiration date or the Company is not chosen as a subsequent servicer, the Company’s servicing revenue would decrease significantly. If the terms and requirements under a potential new contract with the Department are less favorable than under the Company’s current contracts, loan servicing revenue and/or operating margins could be adversely impacted. On August 24, 2022, the Department issued a bulletin which indicated 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. Decisions by the U.S. Courts of Appeals for the Eighth Circuit and Fifth Circuit in October 2022 and November 2022, respectively, in response to legal challenges that were initiated by certain parties (not the Company) have blocked implementation of the Department's broad based student debt relief plan. These cases have been appealed to the U.S. Supreme Court. As of the filing of this report, the Supreme Court has not ruled on, and the Company cannot predict the timing, nature, or ultimate outcome of, this case. As of December 31, 2022, the Company was servicing 15.8 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 Department’s 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The following table provides supplemental balance sheet information related to leases: As of December 31, 2022 2021 Operating lease ROU assets, which is included in " other assets consolidated balance sheets $ 14,852 14,314 Operating lease liabilities, which is included in " other liabilities consolidated balance sheets $ 16,414 15,899 The following table provides components of lease expense: Year ended December 31, 2022 2021 2020 Rental expense, which is included in "other, net" in "other income (expense)" on the consolidated statements of income (a) $ 6,841 9,386 11,885 Rental expense, which is included in "cost to provide communications — — 1,997 Total operating rental expense $ 6,841 9,386 13,882 (a) Includes short-term and variable lease costs, which are immaterial. Weighted average remaining lease term and discount rate are shown below: As of December 31, 2022 2021 Weighted average remaining lease term (years) 6.01 5.15 Weighted average discount rate 3.90 % 3.23 % Maturity of lease liabilities are shown below: 2023 $ 5,154 2024 2,808 2025 2,458 2026 2,096 2027 2,004 2028 and thereafter 4,200 Total lease payments 18,720 Imputed interest (2,306) Total $ 16,414

Defined Contribution Benefit Pl

Defined Contribution Benefit Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined Contribution Benefit Plan	Defined Contribution Benefit PlanThe Company has a 401(k) savings plan that covers substantially all of its employees. Employees may contribute up to 100% of their pre-tax salary, subject to IRS limitations. The Company matches up to 100% on the first 3% of contributions and 50% on the next 2%. The Company made contributions to the plan of $12.9 million, $11.2 million, and $11.7 million during the years ended December 31, 2022, 2021, and 2020, respectively.

Stock Based Compensation Plans

Stock Based Compensation Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation Plan	Stock Based Compensation Plans Restricted Stock Plan The following table summarizes restricted stock activity: Year ended December 31, 2022 2021 2020 Non-vested shares at beginning of year 660,166 552,456 549,845 Granted 272,212 249,096 151,639 Vested (136,076) (116,842) (114,282) Canceled (43,680) (24,544) (34,746) Non-vested shares at end of year 752,622 660,166 552,456 As of December 31, 2022, there was $29.5 million of unrecognized compensation cost included in equity on the consolidated balance sheets related to restricted stock, which is expected to be recognized as compensation expense in future periods as shown in the table below. 2023 $ 11,268 2024 7,056 2025 4,469 2026 2,706 2027 1,619 2028 and thereafter 2,400 $ 29,518 For the years ended December 31, 2022, 2021, and 2020, the Company recognized compensation expense of $13.9 million, $10.4 million, and $7.3 million, respectively, related to shares issued under the restricted stock plan, which is included in "salaries and benefits" on the consolidated statements of income. Employee Share Purchase Plan The Company has an employee share purchase plan pursuant to which employees are entitled to purchase Class A common stock from payroll deductions at a 15% discount from market value. During the years ended December 31, 2022, 2021, and 2020, the Company recognized compensation expense of $0.1 million, $0.2 million, and $0.4 million, respectively, in connection with issuing 26,011 shares, 24,205 shares, and 36,687 shares, respectively, under this plan, which is included in "salaries and benefits" on the consolidated statements of income. Directors Compensation Plan The Company has a compensation plan for directors pursuant to which directors can elect to receive their annual retainer fees in the form of cash or Class A common stock. If a director elects to receive Class A common stock, the number of shares of Class A common stock that are awarded is equal to the amount of the annual retainer fee otherwise payable in cash divided by 85% of the fair market value of a share of Class A common stock on the date the fee is payable. Directors who choose to receive Class A common stock may also elect to defer receipt of the Class A common stock until termination of their service on the board of directors. For the years ended December 31, 2022, 2021, and 2020, the Company recognized $1.7 million, $1.4 million, and $1.2 million, respectively, of expense related to this plan, which is included in "other, net" in "other income (expense)" on the consolidated statements of income. The following table provides the number of shares awarded under this plan for the years ended December 31, 2022, 2021, and 2020. Shares issued - Shares issued- Total Year ended December 31, 2022 11,861 12,937 24,798 Year ended December 31, 2021 9,958 12,072 22,030 Year ended December 31, 2020 12,740 16,513 29,253 As of December 31, 2022, a cumulative amount of 171,132 shares have been deferred by directors and will be issued upon the termination of their service on the board of directors. These shares are included in the Company's weighted average shares outstanding calculation.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Related Parties (dollar amounts in this note are not in thousands) Transactions with Union Bank and Trust Company Union Bank is controlled by Farmers & Merchants Investment Inc. (“F&M”), which owns a majority of Union Bank's common stock and a minority share of Union Bank's non-voting non-convertible preferred stock. Michael S. Dunlap, Executive Chairman and a member of the board of directors and a significant shareholder of the Company, along with his spouse and children, owns or controls a significant portion of the stock of F&M, and Mr. Dunlap's sister, Angela L. Muhleisen, along with her spouse and children, also owns or controls a significant portion of F&M stock. Mr. Dunlap serves as a Director and Chairman of F&M, and as a Director of Union Bank. Ms. Muhleisen serves as a Director and Chief Executive Officer of F&M and as a Director, Chairperson, President, and Chief Executive Officer of Union Bank. Union Bank is deemed to have beneficial ownership of a significant number of shares of the Company because it serves in a capacity of trustee or account manager for various trusts and accounts holding shares of the Company, and may share voting and/or investment power with respect to such shares. Mr. Dunlap and Ms. Muhleisen beneficially own a significant percent of the voting rights of the Company's outstanding common stock. The Company has entered into certain contractual arrangements with Union Bank. These transactions are summarized below. Loan Purchases The Company purchased $8.1 million (par value), $22.3 million (par value), and $144.9 million (par value) of private education loans from Union Bank in 2022, 2021, and 2020, respectively. The net premiums paid by the Company on these loan acquisitions was $0.2 million, $0.4 million, and $2.6 million in 2022, 2021, and 2020, respectively. The Company has an agreement with Union Bank in which the Company provides marketing, origination, and loan servicing services to Union Bank related to private education loans. Union Bank paid $0.1 million, $0.1 million, and $2.0 million in marketing fees to the Company in 2022, 2021, and 2020, respectively, under this agreement. Loan Servicing The Company serviced $203.4 million, $262.6 million, and $331.3 million of FFELP and private education loans for Union Bank as of December 31, 2022, 2021, and 2020, respectively. Servicing and origination fee revenue earned by the Company from servicing loans for Union Bank was $0.4 million, $0.5 million, and $0.7 million in 2022, 2021, and 2020, respectively. Funding - Participation Agreements The Company maintains an agreement with Union Bank, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in student loans (the “FFELP Participation Agreement”). The Company uses this facility as a source to fund FFELP student loans. As of December 31, 2022 and 2021, $734.7 million and $967.5 million, respectively, of loans 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 The Company maintains an agreement with Union Bank, 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 December 31, 2022 and 2021, $395.4 million and $254.0 million, respectively, of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The FFELP loan asset-backed securities under this agreement have been accounted for by the Company as a secured borrowing. See note 5 for additional information. Funding - Real Estate 401 Building, LLC (“401 Building”) is an entity that was established in 2015 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 50% of 401 Building. On May 1, 2018, Union Bank, as lender, received a $1.5 million promissory note from 401 Building. The promissory note carries an interest rate of 6.00% and has a maturity date of December 1, 2032. 330-333, LLC (“330-333”) is an entity that was established in 2016 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 50% of 330-333. On October 22, 2019, Union Bank, as lender, received a $162,000 promissory note from 330-333. The promissory note carries an interest rate of 6.00% and has a maturity date of December 1, 2032. 12100.5 West Center, LLC ("West Center") is an entity that was established in 2016 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Omaha, Nebraska. The Company owns 33.33% of West Center. On October 29, 2019, Union Bank, as lender, received a $2.9 million promissory note from West Center. The promissory note carries an interest rate of 3.85% and has a maturity date of October 30, 2024. TDP Phase III (“TDP”) is an entity that was established in 2015 for the sole purpose of acquiring, developing, and owning a commercial real estate property in Lincoln, Nebraska. The Company owns 25% of TDP. On December 30, 2022, Union Bank, as lender, received a $20.0 million promissory note from TDP. The promissory note carries an interest rate of 5.85% and has a maturity date of January 1, 2028. Operating Cash Accounts The majority of the Company's cash operating accounts are maintained at Union Bank. The Company also invests amounts in the Short term Federal Investment Trust (STFIT) of the Student Loan Trust Division of Union Bank, which are included in “cash and cash equivalents - held at a related party” and “restricted cash - due to customers” on the accompanying consolidated balance sheets. As of December 31, 2022 and 2021, the Company had $362.0 million and $380.2 million, respectively, invested in the STFIT or deposited at Union Bank in operating accounts, of which $268.4 million and $284.8 million as of December 31, 2022 and 2021, respectively, represented cash collected for customers. Interest income earned by the Company on the amounts invested in the STFIT and in cash operating accounts in 2022, 2021, and 2020, was $1.2 million, $0.2 million, and $0.5 million, respectively. Educational 529 College Savings Plan The Company provides certain Educational 529 College Savings Plan administration services to certain college savings plans (the “College Savings Plans”) through a contract with Union Bank, as the program manager. Union Bank is entitled to a fee as program manager pursuant to its program management agreement with the College Savings Plans. For the years ended December 31, 2022, 2021, and 2020, the Company has received fees of $2.1 million, $3.5 million, and $1.3 million, respectively, from Union Bank related to the administration services provided to the College Savings Plans. During 2021 and 2020, certain call center services were provided by the Company to Union Bank for College Savings Plan clients. For services provided in 2021, the Company received $0.4 million from Union Bank; fees received for services provided in 2020 were not significant. The Company did not provide these services to Union Bank in 2022. Additionally, Union Bank, as the program manager for the College Savings Plans, has agreed to allocate plan bank deposits to Nelnet Bank. As of December 31, 2022 and 2021, Nelnet Bank had $355.3 million and $184.9 million, respectively, in deposits from the funds offered under the College Savings Plans. Lease Arrangements Union Bank leases approximately 4,100 square feet in the Company's corporate headquarters building. Union Bank paid the Company approximately $82,000, $81,000, and $80,000 for commercial rent and storage income during 2022, 2021, and 2020, respectively. The lease agreement expires on June 30, 2023. Other Fees Paid to Union Bank During the years ended December 31, 2022, 2021, and 2020, the Company paid Union Bank approximately $177,000, $280,000, and $279,000, respectively, in cash and flexible spending accounts management, trustee and health savings account maintenance fees, including investment custodial and correspondent services for Nelnet Bank. Other Fees Received from Union Bank During the years ended December 31, 2022, 2021, and 2020, Union Bank paid the Company approximately $342,000, $342,000, and $317,000, respectively, under certain employee sharing arrangements. During the year ended December 31, 2020, Union Bank paid the Company approximately $273,000 for communications services. 401(k) Plan Administration Union Bank administers the Company's 401(k) defined contribution plan. Fees paid to Union Bank to administer the plan are paid by the plan participants and were approximately $793,000, $766,000, and $447,000 during the years ended December 31, 2022, 2021, and 2020, respectively. Investment Services Union Bank has established various trusts whereby Union Bank serves as trustee for the purpose of purchasing, holding, managing, and selling investments in student loan asset-backed securities. WRCM, an SEC-registered investment advisor and a subsidiary of the Company, has a management agreement with Union Bank under which WRCM performs various advisory and management services on behalf of Union Bank with respect to investments in securities by the trusts, including identifying securities for purchase or sale by the trusts. The agreement provides that Union Bank will pay to WRCM annual fees of 10 basis points to 25 basis points on the outstanding balance of the investments in the trusts. As of December 31, 2022, the outstanding balance of investments in the trusts was $2.6 billion. In addition, Union Bank will pay additional fees to WRCM which equal a share of the gains from the sale of securities from the trusts or securities being called prior to the full contractual maturity. For the years ended December 31, 2022, 2021, and 2020, the Company earned $4.9 million, $6.3 million, and $9.8 million, respectively, of fees under this agreement. WRCM also has management agreements with Union Bank under which it is designated to serve as investment advisor with respect to the assets (principally Nelnet stock) within several trusts established by Mr. Dunlap and his spouse, and Ms. Muhleisen and her spouse. Union Bank serves as trustee for the trusts. Per the terms of the agreements, Union Bank pays WRCM five basis points of the aggregate value of the assets of the trusts as of the last day of each calendar quarter. As of December 31, 2022, WRCM was the investment advisor with respect to a total 578,607 shares and 4.6 million shares of the Company's Class A and Class B common stock, respectively, held directly by these trusts. For the years ended December 31, 2022, 2021, and 2020, the Company earned approximately $216,000, $213,000, and $141,000, respectively, of fees under these agreements. WRCM has established private investment funds for the primary purpose of purchasing, selling, investing, and trading, directly or indirectly, in student loan asset-backed securities, and to engage in financial transactions related thereto. Mr. Dunlap, Jeffrey R. Noordhoek (an executive officer of the Company), Ms. Muhleisen and her spouse, and WRCM have invested in certain of these funds. Based upon the current level of holdings by non-affiliated limited partners, the management agreements provide non-affiliated limited partners the ability to remove WRCM as manager without cause. WRCM earns 50 basis points (annually) on the outstanding balance of the investments in these funds, of which WRCM pays approximately 50% of such amount to Union Bank as custodian. As of December 31, 2022, the outstanding balance of investments in these funds was $137.8 million. The Company paid Union Bank $0.3 million in each of 2022, 2021, and 2020, as custodian of the funds. Transactions with Agile Sports Technologies, Inc. (doing business as "Hudl") David Graff, who has served on the Company's Board of Directors since 2014, is CEO, co-founder, and a director of Hudl. On each of May 20, 2020 and May 27, 2021, the Company made additional equity investments in Hudl, as one of the participants in equity raises completed by Hudl. See note 7 for additional information on these transactions. As of December 31, 2022, the Company and Mr. Dunlap, along with his children, hold a combined direct and indirect equity ownership interests in Hudl of 19.3% and 3.8%, respectively, which did not materially change as a result of the May 2020 and May 2021 transactions. Subsequent to December 31, 2022, on February 6, 2023, the Company purchased stock from existing Hudl shareholders for total consideration of $31.5 million which increased Nelnet’s ownership percentage. This was not considered an observable market transaction, thus the Company was not required to adjust its carrying value of Hudl to the February 2023 transaction value. The Company's and Mr. Dunlap's direct and indirect equity ownership interests in Hudl consist of preferred stock with certain liquidation preferences that are considered substantive. Accordingly, for accounting purposes, the Company's and Mr. Dunlap's equity ownership interests are not considered in-substance common stock and the Company is accounting for its equity investment in Hudl using the measurement alternative method. The Company makes investments to further diversify the Company both within and outside of its historical core education-related businesses, including investments in real estate. Recent real estate investments have been focused on the development of commercial properties in the Midwest, and particularly in Lincoln, Nebraska, where the Company's headquarters are located. The Company owns 25% of TDP, which is the entity that developed and owns a building in Lincoln's Haymarket District that is the headquarters of Hudl, in which Hudl is the primary tenant and Nelnet is a tenant in this building. During 2022, the Company paid Hudl approximately $158,000 to provide lunches for Nelnet’s associates in Hudl’s employee cafeteria. Transactions with Assurity Life Insurance Company ("Assurity") Thomas Henning, who has served on the Company's Board of Directors since 2003, was President and Chief Executive Officer of Assurity until December 31, 2021, at which point he retired and then served as the Non-Executive Chairman of Assurity’s board of directors until his retirement from the Assurity board on December 31, 2022. During the years ended December 31, 2022, 2021, and 2020, Nelnet Business Services paid $2.0 million, $2.1 million, and $1.8 million, respectively, to Assurity for insurance premiums for insurance on certain tuition payment plans. As part of providing the tuition payment plan insurance to Nelnet Business Services, Assurity entered into a reinsurance agreement with the Company's insurance subsidiary, under which Assurity paid the Company's insurance subsidiary reinsurance premiums of $1.7 million, $1.8 million and $1.4 million in 2022, 2021 and 2020, respectively, and the Company's insurance subsidiary paid claims on such reinsurance to Assurity of $1.3 million, $1.5 million, and $1.0 million in 2022, 2021, and 2020, respectively. In addition, Assurity paid Nelnet Business Services a partial refund annually based on claim experience, which was approximately $51,000 $41,000 and $64,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Nelnet Renewable Energy Solar Tax Equity Investments The Company has co-invested in Company-managed limited liability companies with related parties that invest in renewable energy (solar) (as summarized below). As part of these transactions, the Company receives management and performance fees under a management agreement. Entity/Relationship Investment amount Revenue recognized by the Company from management and performance fees 2022 2021 2020 2022 2021 2020 F&M $ 3,487,000 7,913,000 4,600,000 123,077 29,491 46,154 Assurity (Board member Thomas Henning) 2,195,790 5,421,659 1,150,000 67,956 16,027 11,538 North Central Bancorp, Inc. (directly and indirectly owned by F&M, Mr. Dunlap, and Ms. Muhleisen) — 2,466,667 1,533,333 30,769 14,958 15,385 Infovisa, Inc. (directly and indirectly owned by F&M, 507,781 562,600 — 8,369 1,923 — Farm and Home Insurance Agency, Inc. (indirectly owned by Mr. Dunlap and Ms. Muhleisen) — 116,667 383,333 3,846 962 3,846 Funding - Solar Union Bank has provided funding for the following Nelnet Renewable Energy properties and solar fields. Building/solar field Original loan amount Loan amount outstanding as of December 31, 2022 Fixed interest rate Maturity date Office space - Palatine, Illinois $ 287,000 $ 284,661 6.05 % 12/30/2027 Warehouse - Elk Grove Village, Illinois 332,000 290,929 5.35 3/1/2024 Warehouse - Indianapolis, Illinois 168,000 161,075 3.55 10/14/2028 Solarfield - Round Lake, Illinois 900,000 899,909 5.00 11/5/2030 Solarfield - Round Lake, Illinois 1,700,000 1,746,000 5.00 11/15/2028 Solarfield - St. Charles, Illinois 2,300,000 600,000 5.00 11/15/2028 Solarfield - St. Charles, Illinois 600,000 2,204,809 5.00 11/15/2030

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the years ended December 31, 2022 and 2021. As of December 31, 2022 As of December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments (a): FFELP loan asset-backed debt securities - available-for-sale $ — 798,211 798,211 — 494,682 494,682 Private education loan asset-backed securities - available for sale — 308,284 308,284 — 412,552 412,552 Other debt securities - available for sale 100 282,442 282,542 100 22,335 22,435 Equity securities 6,719 — 6,719 63,154 — 63,154 Equity securities measured at net asset value (b) 32,363 8,832 Total investments 6,819 1,388,937 1,428,119 63,254 929,569 1,001,655 Total assets $ 6,819 1,388,937 1,428,119 63,254 929,569 1,001,655 (a) Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and as of December 31, 2022 and 2021, include investments traded on an active exchange and a single U.S. Treasury security. Level 2 investments include student loan asset-backed, mortgage-backed, collateralized loan obligation, and other consumer loan-backed securities. The fair value for the Level 2 securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of December 31, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 14,586,794 14,427,025 — — 14,586,794 Accrued loan interest receivable 816,864 816,864 — 816,864 — Cash and cash equivalents 118,146 118,146 118,146 — — Investments (at fair value) 1,428,119 1,428,119 6,819 1,388,937 — Notes receivable 31,106 31,106 — 31,106 — Beneficial interest in loan securitizations 162,360 138,738 — — 162,360 Restricted cash 945,159 945,159 945,159 — — Restricted cash – due to customers 294,311 294,311 294,311 — — Financial liabilities: Bonds and notes payable 14,088,666 14,637,195 — 14,088,666 — Accrued interest payable 36,049 36,049 — 36,049 — Bank deposits 664,573 691,322 355,282 309,291 — Due to customers 348,317 348,317 348,317 — — 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 that are measured at fair value on a recurring basis are previously discussed. The remaining financial assets and liabilities were estimated using the following methods and assumptions: Loans Receivable Fair values for loans receivable were determined by modeling loan cash flows using stated terms of the assets and internally-developed assumptions. The significant assumptions used to project cash flows are prepayment speeds, default rates, cost of funds, required return on equity, and future interest rate and index relationships. A number of significant inputs into the models are internally derived and not observable to market participants. Notes Receivable Fair values for notes receivable were determined by using model-derived valuations with observable inputs, including current market rates. Beneficial Interest in Loan Securitizations Fair values for beneficial interest in loan securitizations were determined by modeling securitization cash flows and internally-developed assumptions. The significant assumptions used to project cash flows are prepayment speeds, default rates, cost of funds, required return on equity, and future interest rate and index relationships. A number of significant inputs into the models are internally derived and not observable to market participants. Cash and Cash Equivalents, Restricted Cash, Restricted Cash – Due to Customers, Accrued Loan Interest Receivable, Accrued Interest Payable, and Due to Customers The carrying amount approximates fair value due to the variable rate of interest and/or the short maturities of these instruments. Bonds and Notes Payable The fair value of student loan asset-backed securitizations and warehouse facilities was determined from quotes from broker-dealers or through standard bond pricing models using the stated terms of the borrowings, observable yield curves, market credit spreads, and weighted average life of underlying collateral. For all other bonds and notes payable, the carrying amount approximates fair value due to the variable rate of interest and/or the short maturities of these instruments. Bank Deposits Some of the Company’s deposits are fixed-rate and the fair value for these deposits are estimated using discounted cash flows based on rates currently offered for deposits of similar maturities. These are level 2 valuations. The fair value of the remaining deposits equal the amounts payable on demand at the balance sheet date and are reported at their carrying value. These are level 1 valuations. Limitations The fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Therefore, the calculated fair value estimates in many instances cannot be substantiated by comparison to independent markets and, in many cases, may not be realizable in a current sale of the instrument. Changes in assumptions could significantly affect the estimates.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal ProceedingsThe Company is subject to various claims, lawsuits, and proceedings that arise in the normal course of business. These matters frequently involve claims by student loan borrowers disputing the manner in which their student loans have been serviced or the accuracy of reports to credit bureaus, claims by student loan borrowers or other consumers alleging that state or Federal privacy, cybersecurity, and other consumer protection laws have been violated in the process of servicing loans or conducting other business activities, and disputes with other business entities. In addition, from time to time, the Company receives information and document requests or demands from state or federal regulators concerning its business practices. The Company cooperates with these inquiries and responds to the requests or demands. While the Company cannot predict the ultimate outcome of any claim, regulatory examination, inquiry, or investigation, the Company believes its activities have materially complied with applicable law, including the Higher Education Act, the rules and regulations adopted by the Department thereunder, and the Department's guidance regarding those rules and regulations, and applicable consumer protection laws and regulations. On the basis of present information, anticipated insurance coverage, and advice received from counsel, it is the opinion of the Company's management that the disposition or ultimate determination of claims, lawsuits, and proceedings such as those discussed above will not have a material adverse effect on the Company's business, financial position, or results of operations.

Condensed Parent Company Financ

Condensed Parent Company Financial Statements	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Parent Company Financial Statements	Condensed Parent Company Financial Statements The following represents the condensed balance sheets as of December 31, 2022 and 2021 and condensed statements of income, comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2022 for Nelnet, Inc. The Company is limited in the amount of funds that can be transferred to it by its subsidiaries through intercompany loans, advances, or cash dividends. These limitations relate to the restrictions by trust indentures under the lending subsidiaries debt financing arrangements. Balance Sheets (Parent Company Only) As of December 31, 2022 and 2021 2022 2021 Assets: Cash and cash equivalents $ 27,201 47,434 Investments 1,464,583 1,236,933 Investment in subsidiary debt 410,191 374,087 Restricted cash 114,820 107,103 Investment in subsidiaries 2,200,344 1,986,136 Notes receivable from subsidiaries 67,012 314 Other assets 108,983 123,716 Total assets $ 4,393,134 3,875,723 Liabilities: Notes payable, net of debt issuance costs $ 960,358 734,881 Other liabilities 233,536 189,317 Total liabilities 1,193,894 924,198 Equity: Nelnet, Inc. shareholders' equity: Common stock 372 379 Additional paid-in capital 1,109 1,000 Retained earnings 3,234,844 2,940,523 Accumulated other comprehensive (loss) earnings, net (37,366) 9,304 Total Nelnet, Inc. shareholders' equity 3,198,959 2,951,206 Noncontrolling interest 281 319 Total equity 3,199,240 2,951,525 Total liabilities and shareholders' equity $ 4,393,134 3,875,723 Statements of Income (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Investment interest income $ 50,465 12,455 4,110 Interest expense on bonds and notes payable 21,489 3,515 3,179 Net interest income 28,976 8,940 931 Other income (expense): Other, net (43,949) 45,291 48,688 Gain (loss) from debt repurchases, net 1,324 (6,530) 1,962 Equity in subsidiaries income 228,169 313,451 132,101 Gain from deconsolidation of ALLO — — 258,588 Impairment expense (6,561) (4,637) (7,784) Derivative market value adjustments and derivative settlements, net 264,634 71,446 (24,465) Total other income (expense) 443,617 419,021 409,090 Operating expenses 14,552 7,632 14,006 Income before income taxes 458,041 420,329 396,015 Income tax expense 50,732 27,101 43,577 Net income 407,309 393,228 352,438 Net loss attributable to noncontrolling interest 38 58 5 Net income attributable to Nelnet, Inc. $ 407,347 393,286 352,443 Statements of Comprehensive Income (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Net income $ 407,309 393,228 352,438 Other comprehensive (loss) income: Net changes related to equity in subsidiaries other comprehensive income $ (11,713) 6,692 — Net changes related to available-for-sale securities: Unrealized holding (losses) gains arising during period, net (42,793) (4,220) 6,637 Reclassification of gains recognized in net income, net of losses (3,894) (372) (2,521) Income tax effect 11,205 (35,482) 1,102 (3,490) (986) 3,130 Net changes related to equity method investee's other comprehensive income: Gain on cash flow hedges 691 — — Income tax effect (166) 525 — — — — Other comprehensive (loss) income (46,670) 3,202 3,130 Comprehensive income 360,639 396,430 355,568 Comprehensive loss attributable to noncontrolling interests 38 58 5 Comprehensive income attributable to Nelnet, Inc. $ 360,677 396,488 355,573 Statements of Cash Flows (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Net income attributable to Nelnet, Inc. $ 407,347 393,286 352,443 Net loss attributable to noncontrolling interest (38) (58) (5) Net income 407,309 393,228 352,438 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 619 591 534 Derivative market value adjustments (231,691) (92,813) 28,144 Payments to terminate derivative instruments, net 91,786 — — Proceeds from (payments to) clearinghouse - initial and variation margin, net 148,691 91,294 (26,747) Equity in earnings of subsidiaries (228,169) (313,451) (132,101) Gain from deconsolidation of ALLO, including cash impact — — (287,579) (Gain) loss from repurchases of debt, net (1,324) 6,530 (1,962) Loss (gain) on investments, net 51,175 721 (46,019) Proceeds from sale (purchases) of equity securities, net 42,841 (42,916) — Deferred income tax expense 39,997 47,423 23,747 Non-cash compensation expense 14,176 10,673 16,739 Impairment expense 6,561 4,637 7,784 Other — — (329) Decrease (increase) in other assets 16,140 (9,108) (17,410) Increase in other liabilities 10,590 1,784 26,009 Net cash provided by (used in) operating activities 368,701 98,593 (56,752) Cash flows from investing activities: Purchases of available-for-sale securities (713,681) (640,644) (342,563) Proceeds from sales of available-for-sale securities 435,937 133,286 168,555 Proceeds from beneficial interest in consumer loan securitization 345 — — Capital distributions from subsidiaries, net 7,340 294,578 99,830 (Increase) decrease in notes receivable from subsidiaries (66,698) 20,895 21,343 Purchases of subsidiary debt, net (36,104) (335,184) (25,085) Purchases of other investments (122,236) (110,184) (54,637) Proceeds from other investments 20,358 129,899 8,564 Net cash used in investing activities (474,739) (507,354) (123,993) Cash flows from financing activities: Payments on notes payable (7,002) (126,530) (20,381) Proceeds from issuance of notes payable 233,194 619,259 190,520 Payments of debt issuance costs (10) (1,286) (49) Dividends paid (36,608) (34,457) (31,778) Repurchases of common stock (97,685) (58,111) (73,358) Proceeds from issuance of common stock 1,633 1,465 1,653 Acquisition of noncontrolling interest — — (600) Issuance of noncontrolling interest — — 194,985 Net cash provided by financing activities 93,522 400,340 260,992 Net (decrease) increase in cash, cash equivalents, and restricted cash (12,516) (8,421) 80,247 Cash, cash equivalents, and restricted cash, beginning of period 154,537 162,958 82,711 Cash, cash equivalents, and restricted cash, end of period $ 142,021 154,537 162,958 Cash disbursements made for: Interest $ 14,649 2,301 2,577 Income taxes, net of refunds and credits $ 57,705 18,659 29,685 Noncash investing activities: (Distribution from) contribution to subsidiary, net $ (6,068) (835) 49,066

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Practices (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of Nelnet, Inc. and its consolidated subsidiaries. In addition, the accounts of all variable interest entities (VIEs) of which the Company has determined that it is the primary beneficiary are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities The Company assesses its partnerships and joint ventures to determine if the entity meets the qualifications of a VIE. The Company performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. The Company examines specific criteria and uses judgment when determining whether an entity is a VIE and whether it is the primary beneficiary. The Company performs this review initially at the time it enters into a partnership or joint venture agreement and reassess upon reconsideration events. VIEs - Consolidated The Company is required to consolidate VIEs in which it has determined it is the primary beneficiary. The Company's education and other lending subsidiaries are engaged in the securitization of finance assets. These lending subsidiaries hold beneficial interests in eligible loans, subject to creditors with specific interests. The liabilities of the Company's lending subsidiaries are not the direct obligations of Nelnet, Inc. or any of its other subsidiaries. Each lending subsidiary is structured to be bankruptcy remote, meaning that it should not be consolidated in the event of bankruptcy of the parent company or any other subsidiary. The Company is generally the administrator and master servicer of the securitized assets held in its lending subsidiaries and owns the residual interest of the securitization trusts. For accounting purposes, the transfers of loans to the securitization trusts do not qualify as sales. Accordingly, all the financial activities and related assets and liabilities, including debt, of the securitizations are reflected in the Company's consolidated financial statements and are summarized as supplemental information on the balance sheet. VIEs - Not consolidated The Company is not required to consolidate VIEs in which it has determined it is not the primary beneficiary. As of December 31, 2022, the Company owned 45% of the economic rights of ALLO Communications LLC and has a disproportional 43% of the voting rights related to all operating decisions for ALLO's business. See note 1 for a description of ALLO, including the primary services offered. See note 2 for disclosure of ALLO’s recapitalization and the Company’s initial recognition of its voting interest/equity method and non-voting preferred membership investments. See note 7 for the Company’s carrying value of its voting interest/equity method and non-voting preferred membership investments, which is the Company’s maximum exposure to loss. The Company makes tax equity investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These investments are included in "investments and notes receivable" on the consolidated balance sheets and accounted for under the HLBV method of accounting. The carrying value of these investments are reduced by tax credits earned when the solar project is placed-in-service. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are included in “other liabilities” on the consolidated balance sheets. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment, unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The tax credit recapture period ratably decreases over five years from when the project is placed-in-service. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the energy-producing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
Reclassification	Reclassification of Prior Period Cash Flow Presentation In prior years, the line item in the Company's consolidated statements of cash flows for changes in amounts "due to customers" was presented in cash flows from operating activities. Beginning in 2022, the Company corrected this presentation for all periods presented 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 financial statements for 2021 and 2020.
Noncontrolling Interests	Noncontrolling Interests Amounts for noncontrolling interests reflect the share of membership interest (equity) and net income attributable to the holders of minority membership interests in the following entities: • Whitetail Rock Capital Management, LLC - WRCM is the Company’s SEC-registered investment advisor subsidiary. WRCM issued 10% minority membership interests on January 1, 2012. • NGWeb Solutions, LLC - The Company acquired a controlling interest of NGWeb Solutions, LLC on April 30, 2022. Minority membership interests of 20% was maintained by prior interest holders. See note 8 for a description of NGWeb Solutions, LLC, including the primary services offered. • GRNE-Nelnet, LLC and ENRG-Nelnet, LLC - The Company acquired a controlling interest in two subsidiaries of GRNE Solutions, LLC on July 1, 2022. Minority membership interests of 20% was maintained by prior interest holders. See note 8 for additional description of the acquisition, including the primary services offered.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, reported amounts of revenues and expenses, and other disclosures. Actual results may differ from those estimates.
Loans Receivable / Allowance for Loan Losses / Notes Receivables	Loans Receivable Loans consist of federally insured student, private education, consumer, and other loans. If the Company has the ability and intent to hold loans for the foreseeable future, such loans are held for investment and carried at amortized cost. Amortized cost includes the unamortized premium or discount and capitalized origination costs and fees, all of which are amortized to interest income. Loans which are held-for-investment also have an allowance for loan loss as needed. Any loans the Company has the ability and intent to sell are classified as held for sale and are carried at the lower of cost or fair value. Loans which are held for sale do not have the associated premium or discount and origination costs and fees amortized into interest income and there is also no related allowance for loan losses. There were no loans classified as held for sale as of December 31, 2022 and 2021. Federally insured loans were originated under the FFEL Program by certain eligible lenders as defined by the Higher Education Act of 1965, as amended (the “Higher Education Act”). These loans, including related accrued interest, are guaranteed at their maximum level permitted under the Higher Education Act by an authorized guaranty agency, which has a contract of reinsurance with the Department. The terms of the loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest. Generally, Stafford and PLUS loans have repayment periods between five twelve Substantially all FFELP loan principal and related accrued interest is guaranteed as provided by the Higher Education Act. These guarantees are subject to the performance of certain loan servicing due diligence procedures stipulated by applicable Department regulations. If these due diligence requirements are not met, affected student loans may not be covered by the guarantees in the event of borrower default. Such student loans are subject to “cure” procedures and reinstatement of the guarantee under certain circumstances. Loans also include private education, consumer, and other loans. Private education loans are loans to students or their families that are non-federal loans and loans not insured or guaranteed under the FFEL Program. These loans are used primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans, or borrowers' personal resources. The terms of the private education loans, which vary on an individual basis, generally provide for repayment in monthly installments of principal and interest over a period of up to thirty years. The private education loans are not covered by a guarantee or collateral in the event of borrower default. Consumer loans are unsecured loans to an individual for personal, family, or household purposes. The terms of the consumer loans, which vary on an individual basis, generally provide for repayment in weekly or monthly installments of principal and interest over a period of up to six years. Other loans consist of home equity lines of credit. These loans are made to an individual primarily for debt consolidation purposes using equity in the borrower’s home as security in the form of primarily second liens. These loans typically have a revolving draw period of five years and a repayment period at the end of the draw period of five Allowance for Loan Losses On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments , which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for financial assets measured at amortized cost at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company adopted Topic 326 using the modified retrospective method. Upon adoption, the Company recorded an increase to the allowance for loan losses of $91.0 million and decreased retained earnings, net of tax, by $18.9 million. Allowance for Loan Losses - Accounting Policies The allowance for loan losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset which includes consideration of prepayments. Loans are charged off when management determines the loan is uncollectible. Charge-offs are recognized as a reduction to the allowance for loan losses. Expected recoveries of amounts previously charged off, not to exceed the aggregate of the amount previously charged off, are included in the estimate of the allowance for loan losses at the balance sheet date. The Company determines its estimated credit losses for the following financial assets as follows: Loans receivable The Company aggregates loans with similar risk characteristics into pools to estimate its expected credit losses. The Company evaluates such pooling decisions each quarter and makes adjustments as risk characteristics change. Management has determined that the federally insured, private education, consumer, and other loan portfolios each meet the definition of a portfolio segment, which is defined as the level at which an entity develops and documents a systematic method for determining its allowance for loan losses. Accordingly, the portfolio segment disclosures are presented on this basis in note 4 for each of these portfolios. The Company does not disaggregate its portfolio segment loan portfolios into classes of financing receivables. The Company utilizes an undiscounted cash flow methodology in determining its lifetime expected credit losses on its federally insured and private education loan portfolios and a remaining life methodology for its consumer and other loan portfolios. For the undiscounted cash flow models, the expected credit losses are the product of multiplying the Company’s estimates of probability of default and loss given default and the exposure of default over the expected life of the loans. For the remaining life method, the expected credit losses are the product of multiplying the Company’s estimated net loss rate by the exposure at default over the expected life of the loans. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current economic conditions, and reasonable and supportable forecasts. The Company has determined that, for modeling current expected credit losses, the Company can reasonably estimate expected losses that incorporate current economic conditions and forecasted probability weighted economic scenarios up to a one-year period. Macroeconomic factors used in the models include such variables as unemployment rates, gross domestic product, and consumer price index. After the "reasonable and supportable" period, the Company reverts to its actual long-term historical loss experience in the historical observation period. The Company uses a straight line reversion method over two years. Historical credit loss experience provides the basis for the estimation of expected credit losses. A portion of the allowance is comprised of qualitative adjustments to historical loss experience. Qualitative adjustments consider the following factors, as applicable, for each of the Company’s loan portfolios: student loans in repayment versus those in nonpaying status; delinquency status; type of private education, consumer, or other loan program; trends in defaults in the portfolio based on Company and industry data; past experience; trends in federally insured student loan claims rejected for payment by guarantors; changes in federal student loan programs; and other relevant qualitative factors. The federal government guarantees 97% of the principal of and the interest on federally insured student loans disbursed on and after July 1, 2006 (and 98% for those loans disbursed on and after October 1, 1993 and prior to July 1, 2006), which limits the Company’s loss exposure on the outstanding balance of the Company’s federally insured portfolio. Federally insured student loans disbursed prior to October 1, 1993 are fully insured. Private education and consumer loans are unsecured, with neither a government nor a private insurance guarantee. Accordingly, the Company bears the full risk of loss on these loans if the borrower and co-borrower, if applicable, default. The Company places private education, consumer, and other loans on nonaccrual status when the collection of principal and interest is 90 days past due and charges off the loan when the collection of principal and interest is 120 days or 180 days past due, depending on type of loan program. Collections, if any, are reflected as a recovery through the allowance for loan losses. Purchased Loans Receivable with Credit Deterioration (PCD) The Company has purchased federally insured rehabilitation loans that have experienced more than insignificant credit deterioration since origination. Rehabilitation loans are loans that have previously defaulted, but for which the borrower has made a specified number of on-time payments. Although rehabilitation loans benefit from the same guarantees as other federally insured loans, rehabilitation loans have generally experienced redefault rates that are higher than default rates for federally insured loans that have not previously defaulted. These PCD loans are recorded at the amount paid. An allowance for loan losses is determined using the same methodology as for other loans held for investment. The sum of the loans’ purchase price and allowance for loan losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized or accreted into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Loan Accrued Interest Receivable Accrued interest receivable on loans is combined and presented with the loans receivable amortized cost balance on the Company’s consolidated balance sheets. For the Company’s federally insured loan portfolio, the Company records an allowance for credit losses for accrued interest receivables. For federally insured loans, accrued interest receivable is typically charged-off when the contractual payment of principal or interest has become greater than 270 days past due. Charge-offs of accrued interest receivable are recognized as a reduction to the allowance for loan losses. For the Company’s private education, consumer, and other loan portfolios, the Company does not measure an allowance for credit losses for accrued interest receivables. For private education, consumer, and other loans, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due. Charge-offs of accrued interest receivable are recognized by reversing interest income. The Company accounts for its investments in notes receivable as financing receivables under ASC Topic 310, Receivables.
Cash and Cash Equivalents and Statements of Cash Flow	Cash and Cash Equivalents and Statements of Cash Flows The Company considers all investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include amounts due to Nelnet Bank from the Federal Reserve Bank of $5.2 million and $18.7 million as of December 31, 2022 and 2021, respectively.
Investments	Investments The Company classifies its debt securities, primarily student loan and other asset-backed securities, as available-for-sale. These securities are carried at fair value, with the changes in fair value, net of taxes, carried as a separate component of shareholders’ equity. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. When an investment is sold, the cost basis is determined through specific identification of the security sold. For available-for-sale debt securities where fair value is less than amortized cost, credit-related impairment, if any, is recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The Company classifies its residual interest in federally insured, private education, consumer, and other loan securitizations as held-to-maturity beneficial interest investments. The Company measures accretable yield initially as the excess of all cash flows expected to be collected attributable to the beneficial interest estimated at the acquisition/transaction date over the initial investment and recognizes interest income over the life of the beneficial interest using the effective interest method. The Company continues to update, over the life of the beneficial interest, the expectation of cash flows to be collected. Beneficial interest investments are evaluated for impairment by comparing the present value of the remaining cash flows as expected to be collected at the initial transaction date (or the last date previously revised) to the present value of the cash flows expected to be collected at the current financial reporting date, both discounted using the same effective rate equal to the current yield used to accrete the beneficial interest. If the present value of remaining cash flows is less than the present value of cash flows expected to be collected and the Company determines a credit loss has occurred, the Company records an allowance for credit losses for the difference. Subsequent favorable changes, if any, decreases the allowance for credit losses. The Company reflects the changes in the allowance for credit losses in provision for beneficial interests on the consolidated statements of income. Equity investments with readily determinable fair values are measured at fair value, with changes in the fair value recognized through net income. For equity investments without readily determinable fair value, the Company uses the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company uses qualitative factors to identify impairment on these investments. The Company accounts for equity investments over which it has significant influence but not a controlling financial interest using the equity method of accounting. Equity method investments are recorded at cost and subsequently increased or decreased by the amount of the Company’s proportionate share of the net earnings or losses and other comprehensive income of the investee. Equity method investments are evaluated for other-than-temporary impairment using certain impairment indicators such as a series of operating losses of an investee or other factors. These factors may indicate that a decrease in value of the investment has occurred that is other-than-temporary and shall be recognized. The Company accounts for its solar investments, voting equity investment in ALLO, and certain real estate investments under the HLBV method of accounting. The HLBV method of accounting is used by the Company for equity method investments when the liquidation rights and priorities as defined by an equity investment agreement differ from what is reflected by the
Restricted Cash	Restricted Cash Restricted cash primarily includes amounts for student loan securitizations and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the student loans held as trust assets and when principal and interest is paid on the trust's asset-backed debt securities. Restricted cash also includes collateral deposits with derivative third-party clearinghouses.
Restricted Cash - Due to Customers	Restricted Cash - Due to Customers As a servicer of student loans, the Company collects student loan remittances and subsequently disburses these remittances to the appropriate lending entities. In addition, as part of the Company's Education Technology, Services, and Payment Processing operating segment, the Company collects tuition payments and subsequently remits these payments to the appropriate schools. Cash collected for customers and the related liability are included in the accompanying consolidated balance sheets.
Accounts Receivable	Accounts Receivable Accounts receivable are presented at their net realizable values, which include allowances for doubtful accounts. Allowance estimates are based upon expected loss considering individual customer experience, as well as the age of receivables and likelihood of collection.
Business Combinations	Business Combinations The Company uses the acquisition method in accounting for acquired businesses. Under the acquisition method, the financial statements reflect the operations of an acquired business starting from the completion of the acquisition. The assets acquired and liabilities assumed are recorded at their respective estimated fair values at the date of acquisition, with the exception of contract assets or liabilities generated from contracts with customers, which are measured as if the Company had originated the acquired contract. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. All contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the acquisition. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, and changes in fair value are recognized in earnings.
Goodwill and Intangible Assets	Goodwill The Company reviews goodwill for impairment annually (as of November 30) and whenever triggering events or changes in circumstances indicate its carrying value may not be recoverable. Goodwill is tested for impairment using a fair value approach at the reporting unit level. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. The Company tests goodwill for impairment in accordance with applicable accounting guidance. The guidance provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. For the 2022, 2021, and 2020 annual reviews of goodwill, the Company assessed qualitative factors and concluded it was not more likely than not that the fair value of its reporting units were less than their carrying amount. As such, the Company was not required to perform further impairment testing and concluded there was no impairment of goodwill. Intangible Assets The Company uses estimates to determine the fair value of acquired assets to allocate the purchase price to acquired intangible assets. Such estimates are generally based on estimated future cash flows or cost savings associated with particular assets and are discounted to present value using an appropriate discount rate. The estimates of future cash flows associated with intangible assets are generally prepared using a cost savings method, a lost income method, or an excess return method, as appropriate. In utilizing such methods, management must make certain assumptions about the amount and timing of estimated future cash flows and other economic benefits from the assets, the remaining economic useful life of the assets, and general economic factors concerning the selection of an appropriate discount rate. The Company may also use replacement cost or market comparison approaches to estimate fair value if such methods are determined to be more appropriate. Intangible assets with finite lives are amortized over their estimated lives. Such assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise used up. If that pattern cannot be reliably determined, the Company uses a straight-line amortization method. The Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization.
Property and Equipment	Property and Equipment Property and equipment are carried at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, and major improvements, including leasehold improvements, are capitalized. Gains and losses from the sale of property and equipment are included in determining net income. The Company uses the straight-line method for recording depreciation over the estimated useful life of the asset. Leasehold improvements are amortized straight-line over the shorter of the lease term or estimated useful life of the asset. The Company evaluates the estimated remaining useful lives of property and equipment and whether events or changes in circumstances warrant a revision to the remaining periods of depreciation.
Leases	Leases When the Company leases assets from others, it records right-of-use (ROU) assets and lease liabilities. The Company determines if the arrangement is, or contains, a lease at the inception of an arrangement and records the lease in the consolidated financial statements upon lease commencement, which is the date when the underlying asset is made available by the lessor. The Company primarily leases office and data center space. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expense for these leases is recognized on a straight-line basis over the lease term. All other ROU assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the commencement date. The Company classifies each lease as operating or financing, with the income statement reflecting lease expense for operating leases and amortization/interest expense for financing leases. When the discount rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate. The Company accounts for lease and non-lease components together as a single, combined lease component for its office and data center space. In addition, the Company identified itself as the lessor in its Communications operating segment for services provided to customers that include customer-premise equipment. The Company accounted for those services and associated leases as a single, combined component. The non-lease services are 'predominant' in those contracts. Therefore, the combined component is considered a single performance obligation under ASC Topic 606, Revenue from Contracts with Customers . Most leases include one or more options to renew, with renewal terms that can be extended. The exercise of lease renewal options for the majority of leases is at the Company's discretion. Renewal options that the Company is reasonably certain to exercise are included in the lease term. Certain leases include escalating rental payments or rental payments adjusted periodically for inflation. None of the lease agreements include any residual value guarantees, a transfer of title, or a purchase option that is reasonably certain to be exercised.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews its long-lived assets, such as property and equipment, purchased intangibles subject to amortization, and ROU assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assumptions and estimates about future cash flows generated by, remaining useful lives of, and fair values of the Company's intangible and other long-lived assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in the Company's business strategy and internal forecasts. Although the Company believes the historical assumptions and estimates used are reasonable and appropriate, different assumptions and estimates could materially impact the reported financial results.
Fair Value Measurements	Fair Value Measurements The Company uses estimates of fair value in applying various accounting standards for its financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, the Company's policy in estimating fair values is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value, such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates, and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity, credit, and bid/offer spreads. In some cases fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Transaction costs are not included in the determination of fair value. When possible, the Company seeks to validate the model's output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates of current or future values. The Company categorizes its fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring assets and liabilities at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels include: • Level 1: Quoted prices for identical instruments in active markets. The types of financial instruments included in Level 1 are highly liquid instruments with quoted prices. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose primary value drivers are observable. • Level 3: Instruments whose primary value drivers are unobservable . Inputs are developed based on the best information available; however, significant judgment is required by management in developing the inputs.
Revenue Recognition	Revenue Recognition The Company applies the provisions of ASC Topic 606 , Revenue from Contracts with Customers ("Topic 606") , to its fee-based operating segments. The majority of the Company’s revenue earned in its Asset Generation and Management and Nelnet Bank operating segments, including loan interest and derivative activity, is explicitly excluded from the scope of Topic 606. The Company recognizes revenue under the core principle of Topic 606 to depict the transfer of control of products and services to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Timing of revenue recognition may differ from the timing of invoicing to customers. The Company records deferred revenue when revenue is received or receivable in advance of the delivery of service. For multi-year contracts, the Company generally invoices customers annually at the beginning of each annual coverage period. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component. The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if it expects the benefit of those costs to be longer than one year. Total capitalized costs to obtain a contract were immaterial during the periods presented and are included in “other assets” on the consolidated balance sheets. Additional information related to revenue earned in its Asset Generation and Management and Nelnet Bank operating segments is provided below. See note 18 for additional information related to the Company's fee-based operating segments. Loan interest income - The Company recognizes loan interest income as earned, net of amortization of loan premiums and deferred origination costs and the accretion of loan discounts. Loan interest income is recognized based upon the expected yield of the loan after giving effect to interest rate reductions resulting from borrower utilization of incentives such as timely payments ("borrower benefits") and other yield adjustments. Loan premiums or discounts, deferred origination costs, and borrower benefits are amortized/accreted over the estimated life of the loans, which includes an estimate of forecasted payments in excess of contractually required payments (the constant prepayment rate). Loan interest on federally insured student loans is paid by the Department or the borrower, depending on the status of the loan at the time of the accrual. The Department makes quarterly interest subsidy payments on certain qualified FFELP loans until the student is required under the provisions of the Higher Education Act to begin repayment. Borrower repayment of FFELP loans normally begins within six months after completion of the borrower's course of study, leaving school, or ceasing to carry at least one-half the normal full-time academic load, as determined by the educational institution. Borrower repayment of PLUS and consolidation loans normally begins within 60 days from the date of loan disbursement. Borrower repayment of private education loans typically begins six months following the borrower's graduation from a qualified institution, and the interest is either paid by the borrower or capitalized annually or at repayment. Repayment of consumer and other loans typically starts upon origination of the loan. The Department provides a special allowance to lenders participating in the FFEL Program. The special allowance is accrued based upon the daily fiscal quarter average of the 13-week Treasury Bill auction rate (for loans originated prior to January 1, 2000), the daily fiscal quarter average of the three-month financial commercial paper rate (for loans originated on and after January 1, 2000), or the daily fiscal quarter average of the one-month LIBOR rate (for loans originated on and after January 1, 2000, and for lenders which elected to change the special allowance index to one-month LIBOR effective April 1, 2012) relative to the yield of the student loan. The constant prepayment rate currently used by the Company to amortize/accrete federally insured loan premiums/discounts is 6% for Stafford loans and 5% for consolidation loans. The Company periodically evaluates the assumptions used to estimate the life of the loans and prepayment rates. In instances where there are changes to the assumptions, amortization/accretion is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. During the fourth quarter of 2022, the Company changed its estimate of the constant prepayment rate on its Stafford loans from 5% to 6% and on its consolidation loans from 4% to 5%, which resulted in a $8.4 million decrease to the Company’s net loan discount balance and a corresponding increase to interest income. During the fourth quarter of 2021, the Company changed its estimate of the constant prepayment rate on its consolidation loans from 3% to 4%, which resulted in a $6.2 million increase to the Company’s net loan discount balance and a corresponding decrease to interest income. The Company also pays the Department an annual 105 basis point rebate fee on Consolidation loans. These rebate fees are netted against loan interest income.
Deposits and Interest Expense	Deposits and Interest Expense Deposits are interest-bearing deposits and consist of brokered certificates of deposit (CDs) and retail and other savings deposits and CDs. Retail and other deposits include savings deposits from Educational 529 College Savings and Health Savings plans and commercial and institutional CDs. Union Bank and Trust Company (“Union Bank”), a related party, is the program manager for the College Savings plans. CDs are accounts that have a stipulated maturity and interest rate. For savings accounts, the depositor may be required to give written notice of any intended withdrawal no less than seven days before the withdrawal is made. Generally, early withdrawal of brokered CDs is prohibited (except in the case of death or legal incapacity). Nelnet Bank has intercompany deposits from Nelnet, Inc. and its subsidiaries, including a $40.0 million pledged deposit from Nelnet, Inc. as required under a Capital and Liquidity Maintenance Agreement with the FDIC. All intercompany deposits held at Nelnet Bank are eliminated for consolidated financial reporting purposes. For bonds and notes payable, interest expense is based upon contractual interest rates, adjusted for the amortization of debt issuance costs and the accretion of discounts. The amortization of debt issuance costs and accretion of discounts are recognized using the effective interest method.
Transfer of Financial Assets and Extinguishment of Liabilities	Transfer of Financial Assets and Extinguishments of Liabilities The Company accounts for loan sales and debt repurchases in accordance with applicable accounting guidance. If a transfer of loans qualifies as a sale, the Company derecognizes the loan and recognizes a gain or loss as the difference between the carrying basis of the loan sold and the consideration received. The Company from time to time repurchases its outstanding debt and records a gain or loss on the early extinguishment of debt based upon the difference between the carrying amount of the debt and the amount paid to the third party.
Derivative Accounting	Derivative Accounting All over-the-counter derivative contracts executed by the Company are cleared post-execution at the Chicago Mercantile Exchange (CME), a regulated clearinghouse. Substantially all of the Company’s outstanding derivatives are over-the-counter contracts. Clearing is a process by which a third party, the clearinghouse, steps in between the original counterparties and guarantees the performance of both, by requiring that each post liquid collateral on an initial (initial margin) and mark-to-market (variation margin) basis to cover the clearinghouse’s potential future exposure in the event of default.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company uses the deferred method of accounting for its credits related to state tax incentives and investments that generate investment tax credits. The investment tax credits are recognized as a reduction to the related asset.
Compensation Expense for Stock Based Awards	Compensation Expense for Stock Based Awards The Company has a restricted stock plan that is intended to provide incentives to attract, retain, and motivate employees in order to achieve long term growth and profitability objectives. The restricted stock plan provides for the grant to eligible employees of awards of restricted shares of Class A common stock. The fair value of restricted stock awards is determined on the grant date based on the Company's stock price and is amortized to compensation cost over the related vesting periods, which range up to ten years. For those awards with only service conditions that have graded vesting schedules, the Company recognizes compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award, as if the award was, in substance, multiple awards. Holders of restricted stock are entitled to receive dividends from the date of grant whether or not vested. The Company accounts for forfeitures as they occur. The Company also has a directors stock compensation plan pursuant to which non-employee directors can elect to receive their annual retainer fees in the form of fully vested shares of Class A common stock, and also elect to defer receipt of such shares until the termination of their service on the board of directors. The fair value of grants under this plan is determined on the grant date based on the Company's stock price, and is expensed over the board member's annual service period.
Translation of Foreign Currencies	Translation of Foreign Currencies The Company’s foreign subsidiaries use the local currency of the countries in which they are located as their functional currency. Accordingly, assets and liabilities are translated into U.S. dollars (the Company’s reporting currency) using the exchange rates in effect on the consolidated balance sheet dates. Equity accounts are translated at historical rates, except for the change in retained earnings during the year, which is the result of the income statement translation process. Revenue and expense accounts are translated using the weighted average exchange rate during the period. The cumulative translation adjustments associated with the net assets of foreign subsidiaries are recorded in accumulated other comprehensive earnings in the accompanying consolidated statements of shareholders’ equity.

ALLO Recapitalization (Tables)

ALLO Recapitalization (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Summary of Gain as a Result of Deconsolidation	As a result of the deconsolidation of ALLO on December 21, 2020, the Company recognized a gain of $258.6 million as summarized below. As of Voting interest/equity method investment - recorded at fair value $ 132,960 Preferred membership interest investment - recorded at fair value 228,530 Less: ALLO assets deconsolidated: Cash and cash equivalents – not held at a related party (299) Cash and cash equivalents – held at a related party (28,692) Accounts receivable (4,138) Goodwill (21,112) Intangible assets (6,083) Property and equipment, net (245,295) Other assets (29,643) Other liabilities 24,185 Noncontrolling interests 208,175 Gain recognized upon deconsolidation of ALLO $ 258,588
Impact to Operating Results as a Result of Deconsolidation	The impact to the Company’s 2020 operating results as a result of the ALLO recapitalization is summarized below: Gain from deconsolidation $ 258,588 Compensation expense (note 1) (9,298) Obligation to SDC (note 2) (2,339) $ 246,951 Note 1: On October 1, 2020 (prior to the deconsolidation of ALLO), ALLO recognized compensation expense related to the modification of certain equity awards previously granted to members of ALLO’s management. Note 2: As part of the ALLO recapitalization transaction, the Company and SDC entered into an agreement, in which the Company has a contingent payment obligation to pay SDC a contingent payment amount of $25.0 million to $35.0 million in the event the Company disposes of its voting membership interests of ALLO that it holds and realizes from such disposition certain targeted return levels. The Company recognized the estimated fair value of the contingent payment as of December 31, 2020 to be $2.3 million. During 2022, the Company recognized an additional expense of $5.3 million associated with this obligation, and as of December 31, 2022 the estimated fair value of the contingent payment is $7.6 million, which is included in “other liabilities” on the consolidated balance sheet.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Practices (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Solar Investment VIEs Not Consolidated	The following table provides a summary of solar investment VIEs that the Company has not consolidated: As of December 31, 2022 2021 Investment carrying amount $ (36,863) (42,457) Tax credits subject to recapture 88,692 111,289 Unfunded capital and other commitments 33,456 4,350 Company’s maximum exposure to loss 85,285 73,182 Exposure syndicated to third-party investors 129,011 71,511 Maximum exposure to loss $ 214,296 144,693

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of December 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,389,178 3,904,000 Consolidation 10,177,295 13,187,047 Total 13,566,473 17,091,047 Private education loans 252,383 299,442 Consumer and other loans 350,915 51,301 Non-Nelnet Bank loans 14,169,771 17,441,790 Nelnet Bank: Federally insured loans 65,913 88,011 Private education loans 353,882 169,890 Nelnet Bank loans 419,795 257,901 Accrued interest receivable 816,864 788,552 Loan discount, net of unamortized loan premiums and deferred origination costs (30,714) (25,933) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (83,593) (103,381) Private education loans (15,411) (16,143) Consumer and other loans (30,263) (6,481) Non-Nelnet Bank allowance for loan losses (129,267) (126,005) Nelnet Bank: Federally insured loans (170) (268) Private education loans (2,390) (840) Nelnet Bank allowance for loan losses (2,560) (1,108) $ 15,243,889 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 December 31, 2022 December 31, 2021 Non-Nelnet Bank: Federally insured loans (a) 0.62 % 0.60 % Private education loans 6.11 % 5.39 % Consumer and other loans (b) 8.62 % 12.63 % Nelnet Bank: Federally insured loans (a) 0.26 % 0.30 % Private education loans 0.68 % 0.49 % (a) As of December 31, 2022 and 2021, the allowance for loan losses as a percent of the risk sharing component of federally insured loans not covered by the federal guaranty for non-Nelnet Bank was 22.4% and 22.2%, respectively, and for Nelnet Bank was 10.3% 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 December 31, 2022 compared with December 31, 2021.
Loans Sold and Gains Recognized	The following table provides a summary of the loans sold and gains/losses recognized by the Company during 2022, 2021, and 2020. Loans sold Gain (loss) Loan type Residual interest received in securitization 2022: January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — July 7 28,915 2,627 Consumer 7.6 October 27 28,498 2,901 Consumer 7.9 November 29 91,298 (5,614) Home equity 54.8 (a) $ 166,950 2,903 2021: May 14 $ 77,417 15,271 Consumer 24.5 % August 10 5,280 195 Private — September 29 18,390 3,249 Consumer 6.9 December 28 20 — Federally insured — $ 101,107 18,715 2020: January 30 $ 124,249 18,206 Consumer 31.4 % July 29 60,779 14,817 Consumer 25.4 $ 185,028 33,023 (a) In addition to receiving a residual interest in the securitization, the Company also received $13.8 million of asset-backed securities issued as part of the transaction. These debt securities are classified as held-to-maturity and included in “investments and notes receivable” on the Company’s consolidated balance sheet.
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Impact of Topic 326 adoption Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration (a) Loan sales Balance at end of period Year ended December 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 — 3,731 (24,181) — 662 — 83,593 Private education loans 16,143 — 2,487 (3,879) 656 — 4 15,411 Consumer and other loans 6,481 — 38,383 (3,725) 592 — (11,468) 30,263 Nelnet Bank: Federally insured loans 268 — (93) (5) — — — 170 Private education loans 840 — 1,860 (306) — — (4) 2,390 $ 127,113 — 46,368 (32,096) 1,248 662 (11,468) 131,827 Year ended December 31, 2021 Non-Nelnet Bank: Federally insured loans $ 128,590 — (7,343) (21,139) — 3,273 — 103,381 Private education loans 19,529 — (1,333) (2,476) 721 — (298) 16,143 Consumer and other loans 27,256 — (4,544) (5,123) 824 — (11,932) 6,481 Nelnet Bank: Federally insured loans — — 268 — — — — 268 Private education loans 323 — 526 (4) — — (5) 840 $ 175,698 — (12,426) (28,742) 1,545 3,273 (12,235) 127,113 Year ended December 31, 2020 Non-Nelnet Bank: Federally insured loans $ 36,763 72,291 18,691 (14,955) — 15,800 — 128,590 Private education loans 9,597 4,797 6,156 (1,652) 631 — — 19,529 Consumer and other loans 15,554 13,926 38,183 (12,115) 1,132 — (29,424) 27,256 Nelnet Bank: Private education loans — — 330 (7) — — — 323 $ 61,914 91,014 63,360 (28,729) 1,763 15,800 (29,424) 175,698 (a) During the years ended December 31, 2022, 2021, and 2020 the Company acquired $12.0 million (par value), $224.1 million (par value), and $835.0 million (par value), respectively, of federally insured rehabilitation loans that met the definition of PCD loans when they were purchased by the Company.
Net Charge-offs as a Percentage of Average Loans	The following table summarizes net charge-offs as a percentage of average loans for each of the Company's loan portfolios. Year ended December 31, 2022 2021 2020 Non-Nelnet Bank: Federally insured loans 0.15 % 0.11 % 0.08 % Private education loans 1.18 % 0.55 % 0.36 % Consumer and other loans 2.05 % 6.21 % 8.66 % Nelnet Bank: (a) Federally insured loans 0.01 % 0.00 % — Private education loans 0.10 % 0.00 % 0.14 % (a) The charge-offs as a percentage of average loans for Nelnet Bank in 2020 is for the period from November 2, 2020 (Nelnet Bank’s inception) through December 31, 2020.
Loan Status and Delinquencies	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 December 31, 2022 2021 2020 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment (a) $ 637,919 4.7 % $ 829,624 4.9 % $ 1,036,028 5.4 % Loans in forbearance (b) 1,103,181 8.1 1,118,667 6.5 1,973,175 10.3 Loans in repayment status: Loans current 10,173,859 86.0 % 12,847,685 84.9 % 13,683,054 84.9 % Loans delinquent 31-60 days (c) 415,305 3.5 895,656 5.9 633,411 3.9 Loans delinquent 61-90 days (c) 253,565 2.2 352,449 2.3 307,936 1.9 Loans delinquent 91-120 days (c) 180,029 1.5 251,075 1.7 800,257 5.0 Loans delinquent 121-270 days (c) 534,410 4.5 592,449 3.9 674,975 4.2 Loans delinquent 271 days or greater (c)(d) 268,205 2.3 203,442 1.3 20,337 0.1 Total loans in repayment 11,825,373 87.2 100.0 % 15,142,756 88.6 100.0 % 16,119,970 84.3 100.0 % Total federally insured loans 13,566,473 100.0 % 17,091,047 100.0 % 19,129,173 100.0 % Accrued interest receivable 808,150 784,716 791,453 Loan discount, net of unamortized premiums and deferred origination costs (35,468) (28,309) (14,505) Allowance for loan losses (83,593) (103,381) (128,590) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 14,255,562 $ 17,744,073 $ 19,777,531 As of December 31, 2022 2021 2020 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment (a) $ 12,756 5.1 % $ 9,661 3.2 % $ 5,049 1.6 % Loans in forbearance (b) 2,017 0.8 3,601 1.2 2,359 0.7 Loans in repayment status: Loans current 232,539 97.9 % 280,457 98.0 % 310,036 99.0 % Loans delinquent 31-60 days (c) 2,410 1.0 2,403 0.8 1,099 0.4 Loans delinquent 61-90 days (c) 767 0.3 976 0.3 675 0.2 Loans delinquent 91 days or greater (c) 1,894 0.8 2,344 0.9 1,371 0.4 Total loans in repayment 237,610 94.1 100.0 % 286,180 95.6 100.0 % 313,181 97.7 100.0 % Total private education loans 252,383 100.0 % 299,442 100.0 % 320,589 100.0 % Accrued interest receivable 2,146 1,960 2,131 Loan discount, net of unamortized premiums (38) (1,123) 2,691 Allowance for loan losses (15,411) (16,143) (19,529) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 239,080 $ 284,136 $ 305,882 Consumer and other loans - Non-Nelnet Bank: Loans in deferment (a) $ 109 0.0 % $ 43 0.1 % $ 829 0.8 % Loans in repayment status: Loans current 346,812 98.9 % 49,697 97.0 % 105,650 97.4 % Loans delinquent 31-60 days (c) 1,906 0.5 414 0.8 954 0.9 Loans delinquent 61-90 days (c) 764 0.2 322 0.6 804 0.7 Loans delinquent 91 days or greater (c) 1,324 0.4 825 1.6 1,109 1.0 Total loans in repayment 350,806 100.0 100.0 % 51,258 99.9 100.0 % 108,517 99.2 100.0 % Total consumer and other loans 350,915 100.0 % 51,301 100.0 % 109,346 100.0 % Accrued interest receivable 3,658 396 1,001 Loan discount, net of unamortized premiums (588) 913 1,640 Allowance for loan losses (30,263) (6,481) (27,256) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 323,722 $ 46,129 $ 84,731 Federally insured loans - Nelnet Bank (e): Loans in-school/grace/deferment (a) $ 241 0.4 % $ 330 0.4 % Loans in forbearance (b) 981 1.5 1,057 1.2 Loans in repayment status: Loans current 63,225 97.8 % 85,599 98.8 % Loans delinquent 30-59 days (c) 436 0.7 816 1.0 Loans delinquent 60-89 days (c) 466 0.7 — — Loans delinquent 90-119 days (c) 222 0.3 — — Loans delinquent 120-270 days (c) 183 0.3 209 0.2 Loans delinquent 271 days or greater (c) 159 0.2 — — Total loans in repayment 64,691 98.1 100.0 % 86,624 98.4 100.0 % Total federally insured loans 65,913 100.0 % 88,011 100.0 % Accrued interest receivable 1,758 1,216 Loan premium 20 26 Allowance for loan losses (170) (268) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 67,521 $ 88,985 As of December 31, 2022 2021 2020 Private education loans - Nelnet Bank (e): Loans in-school/grace/deferment (a) $ 11,580 3.3 % $ 150 0.1 % $ — — % Loans in forbearance (b) 864 0.2 460 0.3 29 0.2 Loans in repayment status: Loans current 340,830 99.8 % 169,157 99.9 % 17,514 100.0 % Loans delinquent 30-59 days (c) 167 0.1 51 0.0 — — Loans delinquent 60-89 days (c) 32 0.0 — — — — Loans delinquent 90 days or greater (c) 409 0.1 72 0.1 — — Total loans in repayment 341,438 96.5 100.0 % 169,280 99.6 100.0 % 17,514 99.8 100.0 % Total private education loans 353,882 100.0 % 169,890 100.0 % 17,543 100.0 % Accrued interest receivable 1,152 264 26 Deferred origination costs, net of unaccreted discount 5,360 2,560 266 Allowance for loan losses (2,390) (840) (323) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 358,004 $ 171,874 $ 17,512 (a) Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet required to make payments on the loans, e.g. , residency periods for medical students or a grace period for bar exam preparation for law students. (b) Loans for borrowers who have temporarily ceased making full payments due to hardship or other factors, according to a schedule approved by the servicer consistent with the established loan program servicing procedures and policies. (c) The period of delinquency is based on the number of days scheduled payments are contractually past due and relate to repayment loans, that is, receivables not charged off, and not in school, grace, deferment, or forbearance. (d) A portion of loans included in loans delinquent 271 days or greater includes loans in claim status, which are loans that have gone into default and have been submitted to the guaranty agency. (e) 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 December 31, 2022 2022 2021 2020 Total FICO at origination: Less than 705 $ 5,898 5,389 348 11,635 705 - 734 23,392 10,543 542 34,477 735 - 764 35,456 16,686 1,473 53,615 765 - 794 57,141 31,035 1,622 89,798 Greater than 794 87,959 70,135 6,263 164,357 $ 209,846 133,788 10,248 353,882 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 December 31, 2022 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. 2022 2021 2020 2019 2018 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 1,870 6,073 1,324 2,000 101 1,388 12,756 Loans in forbearance — 58 438 692 177 652 2,017 Loans in repayment status: Loans current 4,098 3,915 53,415 42,062 157 128,892 232,539 Loans delinquent 31-60 days 7 25 239 489 — 1,650 2,410 Loans delinquent 61-90 days — — — 114 — 653 767 Loans delinquent 91 days or greater — — 60 — — 1,834 1,894 Total loans in repayment 4,105 3,940 53,714 42,665 157 133,029 237,610 Total private education loans $ 5,975 10,071 55,476 45,357 435 135,069 252,383 Accrued interest receivable 2,146 Loan discount, net of unamortized premiums (38) Allowance for loan losses (15,411) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 239,080 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 46 52 — 11 — — 109 Loans in repayment status: Loans current 331,933 10,858 678 1,822 1,518 3 346,812 Loans delinquent 31-60 days 1,317 508 40 25 16 — 1,906 Loans delinquent 61-90 days 627 49 55 22 11 — 764 Loans delinquent 91 days or greater 419 337 6 192 370 — 1,324 Total loans in repayment 334,296 11,752 779 2,061 1,915 3 350,806 Total consumer and other loans $ 334,342 11,804 779 2,072 1,915 3 350,915 Accrued interest receivable 3,658 Loan discount, net of unamortized premiums (588) Allowance for loan losses (30,263) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 323,722 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 9,315 1,210 1,055 — — — 11,580 Loans in forbearance 747 117 — — — — 864 Loans in repayment status: Loans current 199,650 132,009 9,171 — — — 340,830 Loans delinquent 30-59 days 32 113 22 — — — 167 Loans delinquent 60-89 days 32 — — — — — 32 Loans delinquent 90 days or greater 70 339 — — — — 409 Total loans in repayment 199,784 132,461 9,193 — — — 341,438 Total private education loans $ 209,846 133,788 10,248 — — — 353,882 Accrued interest receivable 1,152 Deferred origination costs, net of unaccreted discount 5,360 Allowance for loan losses (2,390) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 358,004 (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)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of December 31, 2022 Carrying amount Interest rate range Final maturity Variable-rate bonds and notes issued in FFELP loan asset-backed securitizations: Bonds and notes based on indices $ 11,868,190 4.47% - 6.39% 8/26/30 - 9/25/69 Bonds and notes based on auction 178,960 0.00% - 4.02% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 12,047,150 Fixed-rate bonds and notes issued in FFELP loan asset-backed 594,051 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 978,956 4.69% / 4.71% 5/22/24 Private education loan warehouse facility 64,356 4.72% 12/31/23 Consumer loan warehouse facility 89,000 4.73% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 19,865 5.90% / 6.14% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 23,032 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 395,432 5.02% 5/4/23 Repurchase agreements 567,254 0.97% - 5.60% 1/04/23 - 11/27/24 Other - due to related party 6,187 3.55% - 6.05% 3/01/24 - 11/15/30 14,785,283 Discount on bonds and notes payable and debt issuance costs (148,088) Total $ 14,637,195 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 - 11/26/46 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
Asset Backed Securitization Transitions	The following table summarizes the asset-backed securitization transactions completed in 2021. There were no asset-backed securitization transactions completed during the year ended December 31, 2022. 2021-1 2021-2 Total Date securities issued 6/30/21 8/31/21 Total original principal amount $ 797,000 531,300 1,328,300 Class A senior notes: Total principal amount $ 781,000 520,600 1,301,600 Cost of funds 1-month LIBOR plus 0.50% 1-month LIBOR plus 0.50% Final maturity date 7/25/69 9/25/69 Class B subordinated notes: Total principal amount $ 16,000 10,700 26,700 Cost of funds 1-month LIBOR plus 1.25% 1-month LIBOR plus 1.20% Final maturity date 7/25/69 9/25/69
Long-term Debt Maturities	Bonds and notes outstanding as of December 31, 2022 are due in varying amounts as shown below. 2023 $ 885,772 2024 1,120,517 2025 89,000 2027 285 2028 and thereafter 12,689,709 $ 14,785,283
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, net” in "other income (expense)" on the Company’s consolidated statements of income. Year ended December 31, 2022 2021 2020 Purchase price $ (67,081) (407,487) (25,643) Par value 69,133 406,875 27,605 Remaining unamortized cost of issuance (821) (6,163) (38) Gain (loss) $ 1,231 (6,775) 1,924

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Basis Swap	The following table summarizes the Company’s 1:3 Basis Swaps outstanding: As of December 31, 2022 2021 Maturity Notional amount Notional amount 2022 $ — 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 $ 3,900,000 5,900,000
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 December 31, 2022 As of December 31, 2021 Maturity Notional amount Weighted average fixed rate paid by the Company (a) Notional amount Weighted average fixed rate paid by the Company (a) 2022 $ — — % $ 500,000 0.94 % 2023 — — 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 2032 (b) 200,000 2.92 — — $ 2,800,000 0.70 % $ 5,000,000 0.55 % (a) For the interest rate derivatives maturing in 2032, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For all other interest rate derivatives, the Company receives payments based on three-month LIBOR that resets quarterly. (b) These derivatives have forward effective start dates in November 2024.
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. Year ended December 31, 2022 2021 2020 Settlements: 1:3 basis swaps $ (206) (1,638) 10,378 Interest rate swaps - floor income hedges 33,149 (19,729) (6,699) Total settlements - income (expense) 32,943 (21,367) 3,679 Change in fair value: 1:3 basis swaps 2,262 5,027 (7,462) Interest rate swaps - floor income hedges 229,429 87,786 (20,682) Total change in fair value - income (expense) 231,691 92,813 (28,144) Derivative market value adjustments and derivative settlements, net - income (expense) $ 264,634 71,446 (24,465)

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Investments and Notes Receivable	A summary of the Company's investments and notes receivable follows: As of December 31, 2022 As of December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses (a) Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): FFELP loan asset-backed securities- available-for-sale (b) $ 813,716 4,453 (19,958) 798,211 480,691 14,710 (719) 494,682 Private education loan asset-backed securities - available-for-sale (c) 337,844 — (29,560) 308,284 414,286 507 (2,241) 412,552 Other debt securities - available-for-sale (d) 290,070 169 (7,697) 282,542 22,435 — — 22,435 Total available-for-sale debt securities $ 1,441,630 4,622 (57,215) 1,389,037 917,412 15,217 (2,960) 929,669 Equity securities 39,082 71,986 Total investments (at fair value) 1,428,119 1,001,655 Other Investments and Notes Receivable (not measured at fair value): Other debt securities - held-to-maturity (e) 18,774 8,200 Venture capital and funds: Measurement alternative (f)(g) 160,052 157,609 Equity method 89,332 67,840 Total venture capital and funds 249,384 225,449 Real estate: Equity method 80,364 47,226 Investment in ALLO: Voting interest/equity method (h) 67,538 87,247 Preferred membership interest and accrued and unpaid preferred return (i) 145,926 137,342 Total investment in ALLO 213,464 224,589 Beneficial interest in loan securitizations (j): Private education loans 75,261 66,008 Consumer loans and other 39,249 28,366 Federally insured student loans 24,228 25,768 Total beneficial interest in loan securitizations 138,738 120,142 Solar (k) (55,448) (42,457) Notes receivable 31,106 — Tax liens, affordable housing, and other 7,416 4,115 Total investments (not measured at fair value) 683,798 587,264 Total investments and notes receivable $ 2,111,917 $ 1,588,919 (a) As of December 31, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.2 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) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 5 under "Participation Agreement." As of December 31, 2022, the par value and fair value of these securities was $395.4 million and $370.7 million, respectively. The Company’s FFELP loan asset-backed securities classified as available-for-sale with a fair value of $105.5 million, $9.3 million, $77.0 million, and $606.4 million as of December 31, 2022 were scheduled to mature within the next one year, 1-5 years, 6-10 years, and greater than 10 years, respectively. (c) In December 2020, Wells Fargo announced the sale of its approximately $10.0 billion portfolio of private education loans. The Company entered into a joint venture with other investors to acquire the loans. Under the terms of the joint venture agreements, the Company serves as the sponsor and administrator for the loan securitizations completed by the joint venture to permanently finance the loans acquired. As sponsor of the loan securitizations, the Company is required to provide a certain level of risk retention, and has purchased bonds issued in such securitizations to satisfy this requirement. The bonds purchased to satisfy the risk retention requirement are included in “private education loan asset-backed securities – available for sale” in the above table and as of December 31, 2022, the par value and fair value of these bonds was $336.5 million and $306.5 million, respectively. These securities were subject to repurchase agreements with third parties, as discussed in note 5 under “Repurchase Agreements.” The Company must retain these investment securities until the latest of (i) two years from the closing date of the securitization, (ii) the date the aggregate outstanding principal balance of the loans in the securitization is 33% or less of the initial loan balance, and (iii) the date the aggregate outstanding principal balance of the bonds is 33% or less of the aggregate initial outstanding principal balance of the bonds, at which time the Company can sell its investment securities (bonds) to a third party. As of December 31, 2022, the stated maturities for all the Company’s private education loan asset-backed securities classified as available-for-sale were greater than 10 years. (d) Other debt securities include mortgage-backed and consumer-backed securities and collateralized loan obligations. These debt securities classified as available-for-sale with a fair value of $23.4 million, $186.0 million, and $73.1 million as of December 31, 2022 were scheduled to mature in 1-5 years, 6-10 years, and greater than 10 years, respectively. (e) As of December 31, 2022, securities classified as held-to-maturity of $1.5 million, $3.5 million and $13.8 million were scheduled to mature within one year, 1-5 years, and greater than 10 years, respectively. As of December 31, 2022, the fair value of these securities approximated their carrying value. (f) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. In May 2020, the Company made an additional equity investment of approximately $26 million in Hudl, as one of the participants in an equity raise completed by Hudl. Prior to the additional 2020 investment, the Company had direct and indirect equity ownership interests in Hudl of less than 20%, which did not materially change as a result of this transaction. The Company accounts for its investment in Hudl using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of Hudl’s equity raise, the Company recognized a $51.0 million gain during the second quarter of 2020 to adjust its carrying value to reflect the May 2020 transaction value. This gain is included in “other, net” in “other income (expense)” on the consolidated statements of income. In May 2021, the Company made an additional $5 million investment in Hudl. For accounting purposes, the May 2021 equity raise transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities and the price was contractually agreed to during Hudl's prior May 2020 equity raise. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the May 2021 transaction value. As of December 31, 2022, the carrying amount of the Company's investment in Hudl is $133.9 million. David S. Graff, who has served on the Company's Board of Directors since May 2014, is CEO, co-founder, and a director of Hudl. (g) In October 2021, CompanyCam Inc., an entity in which the Company has an equity investment, completed an additional equity raise. The Company accounts for its investment in this entity using the measurement alternative method, which requires it to adjust its carrying value of the investment for changes resulting from observable market transactions. As a result of this entity’s equity raise, the Company recognized a $10.3 million gain during the fourth quarter of 2021 to adjust its carrying value to reflect the October 2021 transaction value. As of December 31, 2022, the carrying amount of this investment is $11.5 million. (h) The Company accounts for its voting membership interests in ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO") under the HLBV method of accounting. During the years ended December 31, 2022, 2021, and 2020, the Company recognized losses of $68.0 million, $42.1 million, and $3.6 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. During 2022, the Company contributed $48.3 million of additional equity to ALLO. As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. Assuming ALLO continues its planned growth in existing and new communities, it will continue to invest substantial amounts in property and equipment to build the network and connect customers. The resulting recognition of depreciation and development costs could result in continuing net operating losses by ALLO under GAAP. Applying the HLBV method of accounting, the Company will continue to recognize a significant portion of ALLO’s anticipated losses over the next several years. (i) The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. During the years ended December 31, 2022, 2021, and 2020, the Company recognized income on its ALLO preferred membership interests of $8.6 million, $8.4 million, and $0.4 million, respectively, which are included in "other, net" in "other income (expense)" on the consolidated statements of income. Under October 2020 recapitalization agreements for ALLO, the parties have agreed to use commercially reasonable efforts (which expressly excludes requiring ALLO to raise any additional equity financing or sell any assets) to cause ALLO to redeem, on or before April 2024, the remaining preferred membership interests of ALLO held by the Company, plus the amount of accrued and unpaid preferred return on such interests. (j) The Company has partial ownership in certain federally insured student, private education, and consumer and other loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of December 31, 2022, the Company's ownership correlates to approximately $390 million, $620 million, and $310 million of federally insured student, private education, and consumer and other loans, respectively, included in these securitizations. (k) The Company makes investments in entities that promote renewable energy sources (solar). The Company’s investments in these entities generate a return primarily through the realization of federal income tax credits, operating cash flows, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods which range from 5 to 6 years. As of December 31, 2022, the Company has funded a total of $278.4 million in solar investments, which includes $102.8 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 December 31, 2022 represents the sum of total tax credits earned on solar projects placed-in-service through December 31, 2022 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of December 31, 2022, the Company is committed to fund an additional $30.3 million on these projects, of which $22.5 million will be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. During the years ended December 31, 2022, 2021, and 2020, the Company recognized losses on its solar investments of $9.5 million, $10.1 million, and $37.4 million, respectively. These losses, which include losses attributable to third-party noncontrolling interest investors (syndication partners), are included in “other, net” in "other income (expense)" on the consolidated statements of income. Solar losses attributed to noncontrolling interest investors was $10.9 million, $7.4 million, and $3.8 million, for the years ended December 31, 2022, 2021, and 2020, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. Cash and cash equivalents $ 7 Accounts receivable 5,711 Intangible assets 24,200 Excess cost over fair value of net assets acquired (goodwill) 6,292 Other liabilities (11,510) Net assets acquired $ 24,700 The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. 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 Restricted cash 2,200 Accounts receivable 3,983 Property and equipment 8,720 Other assets 2,296 Intangible assets 11,683 Excess cost over fair value of net assets acquired (goodwill) 13,873 Bonds and notes payable (750) Other liabilities (7,624) Net assets acquired 36,123 Minority interest (7,225) Total consideration paid by the Company $ 28,898

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consist of the following: Weighted average remaining useful life as of December 31, 2022 (months) As of December 31, 2022 2021 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $55,116 and $97,398, respectively) 112 $ 51,738 47,894 Trade names (net of accumulated amortization of $617) 114 8,293 — Computer software (net of accumulated amortization of $6,400 and $3,669, respectively) 52 1,520 4,135 Other (net of accumulated amortization of $490) 54 1,950 — Total - amortizable intangible assets, net 109 $ 63,501 52,029
Intangible Assets Future Amortization Expense	As of December 31, 2022, the Company estimates it will record amortization expense as follows: 2023 $ 10,344 2024 9,770 2025 8,044 2026 7,259 2027 6,761 2028 and thereafter 21,323 $ 63,501

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill [Abstract]
Schedule of Goodwill	The change in 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 (a) Nelnet Bank Corporate and Other Activities Total Balance as of December 31, 2020 and 2021 $ 23,639 76,570 41,883 — — 142,092 Goodwill acquired (NextGen) — 15,937 — — — 15,937 Goodwill acquired (GRNE Solar) — — — — 18,873 18,873 Balance as of December 31, 2022 $ 23,639 92,507 41,883 — 18,873 176,902 (a) As a result of the Reconciliation Act of 2010, the Company no longer originates new FFELP loans, and net interest income from the Company's existing FFELP loan portfolio will decline over time as the Company's portfolio pays down. As a result, as this revenue stream winds down, goodwill impairment will be triggered for the Asset Generation and Management reporting unit due to the passage of time and depletion of projected cash flows stemming from its FFELP student loan portfolio. Management believes the elimination of new FFELP loan originations will not have an adverse impact on the fair value of the Company's other reporting units.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: As of December 31, Useful life 2022 2021 Computer equipment and software 1-5 years $ 237,487 234,222 Building and building improvements 5-48 years 50,475 48,782 Office furniture and equipment 1-10 years 22,386 22,463 Leasehold improvements 1-15 years 10,410 10,537 Transportation equipment 5-10 years 6,207 4,857 Solar facilities 5-35 years 3,547 — Land — 3,181 3,266 Construction in progress — 22,987 2,392 356,680 326,519 Accumulated depreciation (234,154) (207,106) Total property and equipment, net $ 122,526 119,413

Impairment Expense and Provis_2

Impairment Expense and Provision for Beneficial Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Impairment Expense And Provision For Beneficial Interests [Abstract]
Impairment Charges by Asset and Segment	Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Total Year ended December 31, 2022 Investments - venture capital and funds (a) $ — — — — 6,561 6,561 Property and equipment - internally developed software 3,737 — — 214 — 3,951 Leases, buildings, and associated improvements (b) 1,774 — — — 998 2,772 Intangible asset - computer software — 2,239 — — — 2,239 $ 5,511 2,239 — 214 7,559 15,523 Year ended December 31, 2021 Investments - venture capital and funds (a) $ — — — — 4,637 4,637 Leases, buildings, and associated improvements (b) 13,243 — — — 916 14,159 Beneficial interest in loan securitizations (c) — — (2,436) — — (2,436) $ 13,243 — (2,436) — 5,553 16,360 Year ended December 31, 2020 Investments - venture capital and funds (a) $ — — — — 8,116 8,116 Beneficial interest in loan securitizations (c) — — 16,607 — — 16,607 $ — — 16,607 — 8,116 24,723

Bank Deposits (Tables)

Bank Deposits (Tables)	12 Months Ended
	Dec. 31, 2022
Deposits [Abstract]
Interest-Bearing Deposits	The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of December 31, 2022 2021 Brokered CDs, net of brokered deposit fees $ 254,817 84,209 Retail and other savings (529 and HSA) 410,556 243,759 Retail and other CDs (commercial and institutional) 25,949 16,347 Total interest-bearing deposits $ 691,322 344,315
Certificates of Deposit Maturities	Certificates of deposit remaining maturities as of December 31, 2022 are summarized as follows: One year or less $ 51,501 After one year to two years — After two years to three years 3,237 After three years to four years 150,318 After four years to five years 75,710 After five years — Total $ 280,766

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Stock Repurchases	Shares repurchased by the Company during 2022, 2021, and 2020 are shown in the table below. In accordance with the corporate laws of the state in which the Company is incorporated, all shares repurchased by the Company are legally retired upon acquisition by the Company. Total shares repurchased Purchase price Average price of shares repurchased (per share) Year ended December 31, 2022 1,162,533 $ 97,685 $ 84.03 Year ended December 31, 2021 713,274 58,111 81.47 Year ended December 31, 2020 1,594,394 73,358 46.01

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	Year ended December 31, 2022 2021 2020 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 399,564 7,783 407,347 386,865 6,421 393,286 347,451 4,992 352,443 Denominator: Weighted-average common shares outstanding - basic and diluted 36,884,548 718,485 37,603,033 37,943,032 629,769 38,572,801 38,506,351 553,237 39,059,588 Earnings per share - basic and diluted $ 10.83 10.83 10.83 10.20 10.20 10.20 9.02 9.02 9.02

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows: Year ended December 31, 2022 2021 Gross balance - beginning of year $ 19,678 20,318 Additions based on tax positions of prior years 2,269 271 Additions based on tax positions related to the current year 2,521 2,388 Settlements with taxing authorities (2,818) — Reductions for tax positions of prior years (2,580) (1,002) Reductions due to lapse of applicable statutes of limitations (2,235) (2,297) Gross balance - end of year $ 16,835 19,678
Provision for Income Tax Expense (Benefit)	The provision for income taxes consists of the following components: Year ended December 31, 2022 2021 2020 Current: Federal $ 67,649 55,239 82,832 State 10,984 4,792 9,815 Foreign (49) 169 239 Total current provision 78,584 60,200 92,886 Deferred: Federal 32,422 46,145 7,269 State 2,198 9,647 718 Foreign 20 (170) (13) Total deferred provision 34,640 55,622 7,974 Provision for income tax expense $ 113,224 115,822 100,860
Effective Income Tax Rate Reconciliation	The differences between the income tax provision computed at the statutory federal corporate tax rate and the financial statement provision for income taxes are shown below: Year ended December 31, 2022 2021 2020 Tax expense at federal rate 21.0 % 21.0 % 21.0 % Increase (decrease) resulting from: State tax, net of federal income tax benefit 2.8 3.0 2.8 Tax credits (0.6) (0.8) (1.1) Provision for uncertain federal and state tax matters — (0.1) (0.2) Basis difference (0.6) — — Change in valuation allowance (0.5) — — Other (0.3) (0.3) (0.2) Effective tax rate 21.8 % 22.8 % 22.3 %
Deferred Tax Assets and Liabilities	The tax effect of temporary differences that give rise to deferred tax assets and liabilities include the following: As of December 31, 2022 2021 Deferred tax assets: Deferred revenue $ 27,410 21,593 Student loans 20,569 19,776 Accrued expenses 10,824 10,712 State tax credit carryforwards 9,431 8,546 Stock compensation 5,345 4,027 Lease liability 3,432 3,685 Net operating losses 2,613 2,410 Debt and equity investments 1,430 — Total gross deferred tax assets 81,054 70,749 Less state tax valuation allowance (161) (2,084) Net deferred tax assets 80,893 68,665 Deferred tax liabilities: Partnership basis 99,184 100,428 Basis in certain derivative contracts 65,224 15,927 Depreciation 11,306 15,264 Loan origination services 3,264 4,930 Lease right of use asset 3,073 3,317 Intangible assets 1,474 4,772 Securitization 363 128 Debt and equity investments — 12,859 Other 2,679 1,665 Total gross deferred tax liabilities 186,567 159,290 Net deferred tax asset (liability) $ (105,674) (90,625)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Reportable Operating Segments Reconciled to Consolidated Financial Statements	The following tables include the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements. Year ended December 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 2,722 9,377 676,557 25,973 42,576 (14,399) 742,806 Interest expense 44 — 411,900 11,055 21,538 (14,399) 430,137 Net interest income 2,678 9,377 264,657 14,918 21,038 — 312,669 Less provision (negative provision) for loan losses — — 44,601 1,840 — — 46,441 Net interest income after provision for loan losses 2,678 9,377 220,056 13,078 21,038 — 266,228 Other income (expense): Loan servicing and systems revenue 535,459 — — — — — 535,459 Intersegment revenue 33,170 81 — — — (33,251) — Education technology, services, and payment processing revenue — 408,543 — — — — 408,543 Solar construction revenue — — — — 24,543 — 24,543 Other, net 2,543 — 21,170 2,625 (853) — 25,486 Gain on sale of loans, net — — 2,903 — — — 2,903 Gain from deconsolidation of ALLO — — — — — — — Impairment expense and provision for beneficial interests, net (5,511) (2,239) — (214) (7,559) — (15,523) Derivative settlements, net — — 32,943 — — — 32,943 Derivative market value adjustments, net — — 231,691 — — — 231,691 Total other income (expense) 565,661 406,385 288,707 2,411 16,131 (33,251) 1,246,045 Cost of services: Cost to provide education technology, services, and payment processing services — 148,403 — — — — 148,403 Cost to provide solar construction services — — — — 19,971 — 19,971 Total cost of services — 148,403 — — 19,971 — 168,374 Operating expenses: Salaries and benefits 344,809 133,428 2,524 6,948 101,870 — 589,579 Depreciation and amortization 24,255 10,184 — 15 39,623 — 74,077 Other expenses 59,674 30,104 16,835 3,925 60,240 — 170,778 Intersegment expenses, net 75,145 19,538 34,679 244 (96,355) (33,251) — Total operating expenses 503,883 193,254 54,038 11,132 105,378 (33,251) 834,434 Income (loss) before income taxes 64,456 74,105 454,725 4,357 (88,180) — 509,465 Income tax (expense) benefit (15,470) (17,785) (109,134) (1,013) 30,178 — (113,224) Net income (loss) 48,986 56,320 345,591 3,344 (58,002) — 396,241 Net (income) loss attributable to noncontrolling interests — (3) — — 11,109 — 11,106 Net income (loss) attributable to Nelnet, Inc. $ 48,986 56,317 345,591 3,344 (46,893) — 407,347 Total assets as of December 31, 2022 $ 273,072 484,976 15,945,762 918,716 2,406,965 (655,447) 19,374,044 Year ended December 31, 2021 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 137 1,075 506,901 7,721 9,801 (1,800) 523,835 Interest expense 94 — 172,918 1,507 3,515 (1,800) 176,233 Net interest income 43 1,075 333,983 6,214 6,286 — 347,602 Less provision (negative provision) for loan losses — — (13,220) 794 — — (12,426) Net interest income after provision for loan losses 43 1,075 347,203 5,420 6,286 — 360,028 Other income (expense): Loan servicing and systems revenue 486,363 — — — — — 486,363 Intersegment revenue 33,956 12 — — — (33,968) — Education technology, services, and payment processing revenue — 338,234 — — — — 338,234 Solar construction revenue — — — — — — — Other, net 3,307 — 34,306 713 40,356 — 78,681 Gain on sale of loans, net — — 18,715 — — — 18,715 Gain from deconsolidation of ALLO — — — — — — — Impairment expense and provision for beneficial interests, net (13,243) — 2,436 — (5,553) — (16,360) Derivative settlements, net — — (21,367) — — — (21,367) Derivative market value adjustments, net — — 92,813 — — — 92,813 Total other income (expense) 510,383 338,246 126,903 713 34,803 (33,968) 977,079 Cost of services: Cost to provide education technology, services, and payment processing services — 108,660 — — — — 108,660 Cost to provide solar construction services — — — — — — — Total cost of services — 108,660 — — — — 108,660 Operating expenses: Salaries and benefits 297,406 112,046 2,135 5,042 90,502 — 507,132 Depreciation and amortization 25,649 11,404 — — 36,682 — 73,741 Other expenses 52,720 19,318 13,487 1,776 58,173 — 145,469 Intersegment expenses, net 72,206 15,180 34,868 107 (88,393) (33,968) — Total operating expenses 447,981 157,948 50,490 6,925 96,964 (33,968) 726,342 Income (loss) before income taxes 62,445 72,713 423,616 (792) (55,875) — 502,105 Income tax (expense) benefit (14,987) (17,451) (101,668) 175 18,109 — (115,822) Net income (loss) 47,458 55,262 321,948 (617) (37,766) — 386,283 Net (income) loss attributable to noncontrolling interests — — — — 7,003 — 7,003 Net income (loss) attributable to Nelnet, Inc. $ 47,458 55,262 321,948 (617) (30,763) — 393,286 Total assets as of December 31, 2021 $ 296,618 443,788 18,965,371 535,948 1,963,032 (526,716) 21,678,041 Year ended December 31, 2020 Loan Servicing and Systems Education Technology, Services, and Payment Processing Communications (a) Asset Nelnet Bank (b) Corporate and Other Activities Eliminations Total Total interest income $ 436 3,036 2 611,474 414 5,775 (1,480) 619,656 Interest expense 121 54 — 328,157 41 3,178 (1,480) 330,071 Net interest income 315 2,982 2 283,317 373 2,597 — 289,585 Less provision (negative provision) for loan losses — — — 63,029 330 — — 63,360 Net interest income after provision for loan losses 315 2,982 2 220,288 43 2,597 — 226,225 Other income (expense): Loan servicing and systems revenue 451,561 — — — — — — 451,561 Intersegment revenue 36,520 20 — — — — (36,540) — Education technology, services, and payment processing revenue — 282,196 — — — — — 282,196 Communications revenue — — 76,643 — — — — 76,643 Solar construction revenue — — — — — — — — Other, net 9,421 373 1,561 7,189 48 38,969 — 57,561 Gain on sale of loans, net — — — 33,023 — — — 33,023 Gain from deconsolidation of ALLO — — — — — 258,588 — 258,588 Impairment expense and provision for beneficial interests, net — — — (16,607) — (8,116) — (24,723) Derivative settlements, net — — — 3,679 — — — 3,679 Derivative market value adjustments, net — — — (28,144) — — — (28,144) Total other income (expense) 497,502 282,589 78,204 (860) 48 289,441 (36,540) 1,110,384 Cost of services: Cost to provide education technology, services, and payment processing services — 82,206 — — — — — 82,206 Cost to provide communications services — — 22,812 — — — — 22,812 Cost to provide solar construction services — — — — — — — — Total cost of services — 82,206 22,812 — — — — 105,018 Operating expenses: Salaries and benefits 285,526 98,847 30,935 1,747 36 84,741 — 501,832 Depreciation and amortization 37,610 9,459 42,588 — — 29,043 — 118,699 Other expenses 57,420 14,566 13,327 15,806 135 59,320 — 160,574 Intersegment expenses, net 63,886 14,293 1,732 39,172 — (82,543) (36,540) — Total operating expenses 444,442 137,165 88,582 56,725 171 90,561 (36,540) 781,105 Income (loss) before income taxes 53,375 66,200 (33,188) 162,703 (80) 201,477 — 450,486 Income tax (expense) benefit (12,810) (15,888) 7,965 (39,049) 20 (41,098) — (100,860) Net income (loss) 40,565 50,312 (25,223) 123,654 (60) 160,379 — 349,626 Net (income) loss attributable to noncontrolling interests — — — — — 2,817 — 2,817 Net income (loss) attributable to Nelnet, Inc. $ 40,565 50,312 (25,223) 123,654 (60) 163,196 — 352,443 Total assets as of December 31, 2020 $ 190,297 436,702 — 20,773,968 216,937 1,225,790 (197,534) 22,646,160 (a) On December 21, 2020, the Company deconsolidated ALLO from the Company’s consolidated financial statements. Accordingly, the operating results for the Communications operating segment in the table above are for the period from January 1, 2020 through December 21, 2020. (b) Nelnet Bank launched operations on November 2, 2020. Accordingly, the operating results for the Nelnet Bank operating segment in the table above are for the period from November 2, 2020 through December 31, 2020.

Disaggregated Revenue and Def_2

Disaggregated Revenue and Deferred Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	The following table provides disaggregated revenue by service offering: Year ended December 31, 2022 2021 2020 Government loan servicing $ 423,066 360,793 326,670 Private education and consumer loan servicing 49,210 47,302 32,492 FFELP loan servicing 16,016 18,281 20,183 Software services 33,409 34,600 41,999 Outsourced services 13,758 25,387 30,217 Loan servicing and systems revenue $ 535,459 486,363 451,561 The following table provides disaggregated revenue by service offering: Year ended December 31, 2022 2021 2020 Tuition payment plan services $ 110,802 103,970 100,674 Payment processing 148,212 127,080 114,304 Education technology and services 146,679 105,975 66,716 Other 2,850 1,209 502 Education technology, services, and payment processing revenue $ 408,543 338,234 282,196 The following table provides disaggregated revenue by service offering and customer type. The amounts listed for 2022 reflect activity subsequent to GRNE Solar acquisition on July 1, 2022. Period from July 1, 2022 - December 31, 2022 Solar construction $ 24,386 Operations and maintenance 157 Solar construction revenue $ 24,543 Commercial revenue $ 16,891 Residential revenue 7,495 Other 157 Solar construction revenue $ 24,543 The following table provides disaggregated revenue by service offering and customer type. The amounts listed for 2020 reflect activity prior to ALLO’s deconsolidation on December 21, 2020. Period from January 1 2020 - December 21, 2020 Internet $ 48,362 Television 17,091 Telephone 11,037 Other 153 Communications revenue $ 76,643 Residential revenue $ 58,029 Business revenue 18,038 Other 576 Communications revenue $ 76,643
Components of Other Income	The following table provides the components of "other, net" in “other income (expense)” on the consolidated statements of income: Year ended December 31, 2022 2021 2020 Income/gains from investments, net $ 51,552 91,593 56,402 Borrower late fee income 10,809 3,444 5,194 ALLO preferred return 8,584 8,427 386 Administration/sponsor fee income 7,898 3,656 10 Investment advisory services 6,026 7,773 10,875 Management fee revenue 2,543 3,307 9,421 Loss from ALLO voting membership interest investment (67,966) (42,148) (3,565) Loss from solar investments (9,479) (10,132) (37,423) Other 15,519 12,761 16,261 Other, net $ 25,486 78,681 57,561
Deferred Revenue Reconciliation	Activity in the deferred revenue balance, which is included in "other liabilities" on the consolidated balance sheets, is shown below: Loan Servicing and Systems Education, Technology, Services, and Payment Processing Communications Corporate and Other Activities Total Balance as of December 31, 2019 $ 2,712 32,074 3,232 1,628 39,646 Deferral of revenue 2,490 90,183 43,596 3,209 139,478 Recognition of revenue (3,824) (90,409) (42,903) (3,286) (140,422) Deconsolidation of ALLO — — (3,925) — (3,925) Business acquisition — 1,419 — — 1,419 Balance as of December 31, 2020 1,378 33,267 — 1,551 36,196 Deferral of revenue 5,882 109,278 — 5,775 120,935 Recognition of revenue (4,844) (105,801) — (5,316) (115,961) Balance as of December 31, 2021 2,416 36,744 — 2,010 41,170 Deferral of revenue 2,607 138,086 — 13,963 154,656 Recognition of revenue (2,713) (129,433) — (12,940) (145,086) Business acquisition — 3,917 — 1,997 5,914 Balance as of December 31, 2022 $ 2,310 49,314 — 5,030 56,654

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Supplemental Balance Sheet Information	The following table provides supplemental balance sheet information related to leases: As of December 31, 2022 2021 Operating lease ROU assets, which is included in " other assets consolidated balance sheets $ 14,852 14,314 Operating lease liabilities, which is included in " other liabilities consolidated balance sheets $ 16,414 15,899
Lease Expense, Cash Flow Information, Weighted Average Remaining Lease Term, and Discount Rate	The following table provides components of lease expense: Year ended December 31, 2022 2021 2020 Rental expense, which is included in "other, net" in "other income (expense)" on the consolidated statements of income (a) $ 6,841 9,386 11,885 Rental expense, which is included in "cost to provide communications — — 1,997 Total operating rental expense $ 6,841 9,386 13,882 (a) Includes short-term and variable lease costs, which are immaterial. Weighted average remaining lease term and discount rate are shown below: As of December 31, 2022 2021 Weighted average remaining lease term (years) 6.01 5.15 Weighted average discount rate 3.90 % 3.23 %
Maturity of Lease Liabilities	Maturity of lease liabilities are shown below: 2023 $ 5,154 2024 2,808 2025 2,458 2026 2,096 2027 2,004 2028 and thereafter 4,200 Total lease payments 18,720 Imputed interest (2,306) Total $ 16,414

Stock Based Compensation Plans

Stock Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Restricted Stock Activity	The following table summarizes restricted stock activity: Year ended December 31, 2022 2021 2020 Non-vested shares at beginning of year 660,166 552,456 549,845 Granted 272,212 249,096 151,639 Vested (136,076) (116,842) (114,282) Canceled (43,680) (24,544) (34,746) Non-vested shares at end of year 752,622 660,166 552,456
Unrecognized Compensation Costs	As of December 31, 2022, there was $29.5 million of unrecognized compensation cost included in equity on the consolidated balance sheets related to restricted stock, which is expected to be recognized as compensation expense in future periods as shown in the table below. 2023 $ 11,268 2024 7,056 2025 4,469 2026 2,706 2027 1,619 2028 and thereafter 2,400 $ 29,518
Non-employee Directors Compensation Plan	The following table provides the number of shares awarded under this plan for the years ended December 31, 2022, 2021, and 2020. Shares issued - Shares issued- Total Year ended December 31, 2022 11,861 12,937 24,798 Year ended December 31, 2021 9,958 12,072 22,030 Year ended December 31, 2020 12,740 16,513 29,253

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The Company has co-invested in Company-managed limited liability companies with related parties that invest in renewable energy (solar) (as summarized below). As part of these transactions, the Company receives management and performance fees under a management agreement. Entity/Relationship Investment amount Revenue recognized by the Company from management and performance fees 2022 2021 2020 2022 2021 2020 F&M $ 3,487,000 7,913,000 4,600,000 123,077 29,491 46,154 Assurity (Board member Thomas Henning) 2,195,790 5,421,659 1,150,000 67,956 16,027 11,538 North Central Bancorp, Inc. (directly and indirectly owned by F&M, Mr. Dunlap, and Ms. Muhleisen) — 2,466,667 1,533,333 30,769 14,958 15,385 Infovisa, Inc. (directly and indirectly owned by F&M, 507,781 562,600 — 8,369 1,923 — Farm and Home Insurance Agency, Inc. (indirectly owned by Mr. Dunlap and Ms. Muhleisen) — 116,667 383,333 3,846 962 3,846 Union Bank has provided funding for the following Nelnet Renewable Energy properties and solar fields. Building/solar field Original loan amount Loan amount outstanding as of December 31, 2022 Fixed interest rate Maturity date Office space - Palatine, Illinois $ 287,000 $ 284,661 6.05 % 12/30/2027 Warehouse - Elk Grove Village, Illinois 332,000 290,929 5.35 3/1/2024 Warehouse - Indianapolis, Illinois 168,000 161,075 3.55 10/14/2028 Solarfield - Round Lake, Illinois 900,000 899,909 5.00 11/5/2030 Solarfield - Round Lake, Illinois 1,700,000 1,746,000 5.00 11/15/2028 Solarfield - St. Charles, Illinois 2,300,000 600,000 5.00 11/15/2028 Solarfield - St. Charles, Illinois 600,000 2,204,809 5.00 11/15/2030

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. There were no transfers into or out of level 1, level 2, or level 3 for the years ended December 31, 2022 and 2021. As of December 31, 2022 As of December 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments (a): FFELP loan asset-backed debt securities - available-for-sale $ — 798,211 798,211 — 494,682 494,682 Private education loan asset-backed securities - available for sale — 308,284 308,284 — 412,552 412,552 Other debt securities - available for sale 100 282,442 282,542 100 22,335 22,435 Equity securities 6,719 — 6,719 63,154 — 63,154 Equity securities measured at net asset value (b) 32,363 8,832 Total investments 6,819 1,388,937 1,428,119 63,254 929,569 1,001,655 Total assets $ 6,819 1,388,937 1,428,119 63,254 929,569 1,001,655 (a) Investments represent investments recorded at fair value on a recurring basis. Level 1 investments are measured based upon quoted prices and as of December 31, 2022 and 2021, include investments traded on an active exchange and a single U.S. Treasury security. Level 2 investments include student loan asset-backed, mortgage-backed, collateralized loan obligation, and other consumer loan-backed securities. The fair value for the Level 2 securities is determined using indicative quotes from broker-dealers or an income approach valuation technique (present value using the discount rate adjustment technique) that considers, among other things, rates currently observed in publicly traded debt markets for debt of similar terms issued by companies with comparable credit risk. (b) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value, by Balance Sheet Grouping	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of December 31, 2022 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 14,586,794 14,427,025 — — 14,586,794 Accrued loan interest receivable 816,864 816,864 — 816,864 — Cash and cash equivalents 118,146 118,146 118,146 — — Investments (at fair value) 1,428,119 1,428,119 6,819 1,388,937 — Notes receivable 31,106 31,106 — 31,106 — Beneficial interest in loan securitizations 162,360 138,738 — — 162,360 Restricted cash 945,159 945,159 945,159 — — Restricted cash – due to customers 294,311 294,311 294,311 — — Financial liabilities: Bonds and notes payable 14,088,666 14,637,195 — 14,088,666 — Accrued interest payable 36,049 36,049 — 36,049 — Bank deposits 664,573 691,322 355,282 309,291 — Due to customers 348,317 348,317 348,317 — — 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 — —

Condensed Parent Company Fina_2

Condensed Parent Company Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Condensed Parent Balance Sheets	Balance Sheets (Parent Company Only) As of December 31, 2022 and 2021 2022 2021 Assets: Cash and cash equivalents $ 27,201 47,434 Investments 1,464,583 1,236,933 Investment in subsidiary debt 410,191 374,087 Restricted cash 114,820 107,103 Investment in subsidiaries 2,200,344 1,986,136 Notes receivable from subsidiaries 67,012 314 Other assets 108,983 123,716 Total assets $ 4,393,134 3,875,723 Liabilities: Notes payable, net of debt issuance costs $ 960,358 734,881 Other liabilities 233,536 189,317 Total liabilities 1,193,894 924,198 Equity: Nelnet, Inc. shareholders' equity: Common stock 372 379 Additional paid-in capital 1,109 1,000 Retained earnings 3,234,844 2,940,523 Accumulated other comprehensive (loss) earnings, net (37,366) 9,304 Total Nelnet, Inc. shareholders' equity 3,198,959 2,951,206 Noncontrolling interest 281 319 Total equity 3,199,240 2,951,525 Total liabilities and shareholders' equity $ 4,393,134 3,875,723
Condensed Parent Statements of Income	Statements of Income (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Investment interest income $ 50,465 12,455 4,110 Interest expense on bonds and notes payable 21,489 3,515 3,179 Net interest income 28,976 8,940 931 Other income (expense): Other, net (43,949) 45,291 48,688 Gain (loss) from debt repurchases, net 1,324 (6,530) 1,962 Equity in subsidiaries income 228,169 313,451 132,101 Gain from deconsolidation of ALLO — — 258,588 Impairment expense (6,561) (4,637) (7,784) Derivative market value adjustments and derivative settlements, net 264,634 71,446 (24,465) Total other income (expense) 443,617 419,021 409,090 Operating expenses 14,552 7,632 14,006 Income before income taxes 458,041 420,329 396,015 Income tax expense 50,732 27,101 43,577 Net income 407,309 393,228 352,438 Net loss attributable to noncontrolling interest 38 58 5 Net income attributable to Nelnet, Inc. $ 407,347 393,286 352,443
Condensed Parent Statement of Comprehensive Income	Statements of Comprehensive Income (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Net income $ 407,309 393,228 352,438 Other comprehensive (loss) income: Net changes related to equity in subsidiaries other comprehensive income $ (11,713) 6,692 — Net changes related to available-for-sale securities: Unrealized holding (losses) gains arising during period, net (42,793) (4,220) 6,637 Reclassification of gains recognized in net income, net of losses (3,894) (372) (2,521) Income tax effect 11,205 (35,482) 1,102 (3,490) (986) 3,130 Net changes related to equity method investee's other comprehensive income: Gain on cash flow hedges 691 — — Income tax effect (166) 525 — — — — Other comprehensive (loss) income (46,670) 3,202 3,130 Comprehensive income 360,639 396,430 355,568 Comprehensive loss attributable to noncontrolling interests 38 58 5 Comprehensive income attributable to Nelnet, Inc. $ 360,677 396,488 355,573
Condensed Parent Statements of Cash Flows	Statements of Cash Flows (Parent Company Only) Years ended December 31, 2022, 2021, and 2020 2022 2021 2020 Net income attributable to Nelnet, Inc. $ 407,347 393,286 352,443 Net loss attributable to noncontrolling interest (38) (58) (5) Net income 407,309 393,228 352,438 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 619 591 534 Derivative market value adjustments (231,691) (92,813) 28,144 Payments to terminate derivative instruments, net 91,786 — — Proceeds from (payments to) clearinghouse - initial and variation margin, net 148,691 91,294 (26,747) Equity in earnings of subsidiaries (228,169) (313,451) (132,101) Gain from deconsolidation of ALLO, including cash impact — — (287,579) (Gain) loss from repurchases of debt, net (1,324) 6,530 (1,962) Loss (gain) on investments, net 51,175 721 (46,019) Proceeds from sale (purchases) of equity securities, net 42,841 (42,916) — Deferred income tax expense 39,997 47,423 23,747 Non-cash compensation expense 14,176 10,673 16,739 Impairment expense 6,561 4,637 7,784 Other — — (329) Decrease (increase) in other assets 16,140 (9,108) (17,410) Increase in other liabilities 10,590 1,784 26,009 Net cash provided by (used in) operating activities 368,701 98,593 (56,752) Cash flows from investing activities: Purchases of available-for-sale securities (713,681) (640,644) (342,563) Proceeds from sales of available-for-sale securities 435,937 133,286 168,555 Proceeds from beneficial interest in consumer loan securitization 345 — — Capital distributions from subsidiaries, net 7,340 294,578 99,830 (Increase) decrease in notes receivable from subsidiaries (66,698) 20,895 21,343 Purchases of subsidiary debt, net (36,104) (335,184) (25,085) Purchases of other investments (122,236) (110,184) (54,637) Proceeds from other investments 20,358 129,899 8,564 Net cash used in investing activities (474,739) (507,354) (123,993) Cash flows from financing activities: Payments on notes payable (7,002) (126,530) (20,381) Proceeds from issuance of notes payable 233,194 619,259 190,520 Payments of debt issuance costs (10) (1,286) (49) Dividends paid (36,608) (34,457) (31,778) Repurchases of common stock (97,685) (58,111) (73,358) Proceeds from issuance of common stock 1,633 1,465 1,653 Acquisition of noncontrolling interest — — (600) Issuance of noncontrolling interest — — 194,985 Net cash provided by financing activities 93,522 400,340 260,992 Net (decrease) increase in cash, cash equivalents, and restricted cash (12,516) (8,421) 80,247 Cash, cash equivalents, and restricted cash, beginning of period 154,537 162,958 82,711 Cash, cash equivalents, and restricted cash, end of period $ 142,021 154,537 162,958 Cash disbursements made for: Interest $ 14,649 2,301 2,577 Income taxes, net of refunds and credits $ 57,705 18,659 29,685 Noncash investing activities: (Distribution from) contribution to subsidiary, net $ (6,068) (835) 49,066

Description of Business (Detail

Description of Business (Details)	Jul. 01, 2022
GRNE Solar
Business Acquisition [Line Items]
Percentage of voting interests acquired	80%

ALLO Recapitalization - Narrati

ALLO Recapitalization - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 21, 2020	Oct. 15, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Issuance of noncontrolling interests			$ 55,777	$ 50,716	$ 205,768
Other Investments | Preferred Partnership Interest
Restructuring Cost and Reserve [Line Items]
Equity method investment, preferred annual return			6.25%
Equity method investment, preferred annual return when interests are not redeemed by specified date			10%
ALLO
Restructuring Cost and Reserve [Line Items]
Issuance of noncontrolling interests		$ 160,000
Sale of stock, percentage ownership after transaction	45%
ALLO
Restructuring Cost and Reserve [Line Items]
Sale of stock, consideration received on transaction		$ 197,000
SDC ALLO Holdings, LLC | ALLO
Restructuring Cost and Reserve [Line Items]
Sale of stock, percentage ownership after transaction	48%
Members Of ALLO Management | ALLO
Restructuring Cost and Reserve [Line Items]
Sale of stock, percentage ownership after transaction	7%

ALLO Recapitalization - Summary

ALLO Recapitalization - Summary of Gain as a Result of Deconsolidation (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 21, 2020	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Gain from deconsolidation of ALLO		$ 258,600	$ 0	$ 0	$ 258,588
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations | ALLO
Restructuring Cost and Reserve [Line Items]
Voting interest/equity method investment - recorded at fair value	$ 132,960
Preferred membership interest investment - recorded at fair value	228,530
Cash and cash equivalents – not held at a related party	(299)
Cash and cash equivalents – held at a related party	(28,692)
Accounts receivable	(4,138)
Goodwill	(21,112)
Intangible assets	(6,083)
Property and equipment, net	(245,295)
Other assets	(29,643)
Other liabilities	24,185
Noncontrolling interests	208,175
Gain from deconsolidation of ALLO	$ 258,588

ALLO Recapitalization - Impact

ALLO Recapitalization - Impact to Operating Results as a Result of Recapitalization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Gain from deconsolidation	$ 258,600	$ 0	$ 0	$ 258,588
Compensation expense				(9,298)
Obligation to SDC				(2,339)
Total impact to operating results, deconsolidation				246,951
Contingent consideration, liability, lower estimate				25,000
Contingent consideration, liability, higher estimate				35,000
Fair value of contingent payment	$ 2,300	7,600		$ 2,300
Change in amount of contingent consideration liability		$ 5,300

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Practices - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 01, 2022	Apr. 30, 2022	Sep. 30, 2021	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2012
Variable Interest Entity [Line Items]
Loans and accrued interest receivable	$ 15,243,889,000	$ 18,335,197,000	$ 15,243,889,000	$ 18,335,197,000
Allowance for loan losses	(131,827,000)	(127,113,000)	(131,827,000)	(127,113,000)	$ (175,698,000)					$ (61,914,000)
Retained earnings	3,234,844,000	2,940,523,000	$ 3,234,844,000	2,940,523,000
Straight line reversion method period			2 years
Due from federal reserve bank	5,200,000	18,700,000	$ 5,200,000	18,700,000
Purchased accrued interest	33,100,000	48,300,000	33,100,000	48,300,000	92,300,000
Cash collected for customers and held	55,000,000	40,000,000	55,000,000	40,000,000
Goodwill impairment			0	0	0
Pre tax increase (decrease) to interest income			$ 742,806,000	523,835,000	619,656,000
Rebate fee on consolidation loans			1.05%
Restricted cash	945,159,000	$ 741,981,000	$ 945,159,000	$ 741,981,000	$ 553,175,000					650,939,000
Nelnet Bank | Asset Pledged as Collateral
Variable Interest Entity [Line Items]
Restricted cash	$ 40,000,000		$ 40,000,000
Cumulative Effect, Period of Adoption, Adjustment
Variable Interest Entity [Line Items]
Allowance for loan losses										$ (91,014,000)
Retained earnings									$ (18,900,000)
Cumulative Effect, Period of Adoption, Adjustment | Retained earnings
Variable Interest Entity [Line Items]
Allowance for loan losses									$ (91,000,000)
Restricted Stock
Variable Interest Entity [Line Items]
Vesting period (up to)			10 years
Minimum
Variable Interest Entity [Line Items]
Revenue, payment period			30 days
Maximum
Variable Interest Entity [Line Items]
Revenue, payment period			60 days
Stafford Loan
Variable Interest Entity [Line Items]
Federally insured loans repayment period			5 years
Stafford Loan | Federally insured loans
Variable Interest Entity [Line Items]
Constant prepayment rate	6%	5%	6%	5%
Student Loans, PLUS
Variable Interest Entity [Line Items]
Federally insured loans repayment period			10 years
Federal Family Education Loan Program (FFELP) Guaranteed Loans | Minimum
Variable Interest Entity [Line Items]
Federally insured loans repayment period			12 years
Federal Family Education Loan Program (FFELP) Guaranteed Loans | Maximum
Variable Interest Entity [Line Items]
Federally insured loans repayment period			30 years
Private Education Loans
Variable Interest Entity [Line Items]
Uninsured loans, repayment period			30 years
Consumer Loans
Variable Interest Entity [Line Items]
Uninsured loans, repayment period			6 years
Other Loans, Non-Nelnet Bank
Variable Interest Entity [Line Items]
Financing receivable, revolving, draw period			5 years
Other Loans, Non-Nelnet Bank | Minimum
Variable Interest Entity [Line Items]
Financing receivable, repayment period			5 years
Other Loans, Non-Nelnet Bank | Maximum
Variable Interest Entity [Line Items]
Financing receivable, repayment period			10 years
Consolidation loans | Federally insured loans
Variable Interest Entity [Line Items]
Constant prepayment rate	5%	4%	5%	4%				3%
Increase (decrease) to net loan discount	$ (8,400,000)	$ 6,200,000
Pre tax increase (decrease) to interest income	8,400,000	(6,200,000)
Held for sale
Variable Interest Entity [Line Items]
Loans classified as held for sale	0	0	$ 0	$ 0
Whitetail Rock
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage											10%
NGWeb Solutions, LLC
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage							20%
GRNE Solutions, LLC
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage						20%
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans and accrued interest receivable	14,585,491,000	17,981,414,000	14,585,491,000	17,981,414,000
Restricted cash	$ 867,961,000	$ 674,073,000	$ 867,961,000	$ 674,073,000
Variable Interest Entity, Primary Beneficiary | ALLO Communications
Variable Interest Entity [Line Items]
Ownership percentage by parent	45%		45%
Percent of operating decision voting power			43%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Practices - Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Exposure syndicated to third-party investors	$ 129,011	$ 71,511
Maximum exposure to loss	214,296	144,693
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Investment carrying amount	(36,863)	(42,457)
Tax credits subject to recapture	88,692	111,289
Unfunded capital and other commitments	33,456	4,350
Company’s maximum exposure to loss	$ 85,285	$ 73,182
ALLO Communications | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by parent	45%
Percent of operating decision voting power	43%

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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 816,864	$ 788,552
Loan discount, net of unamortized premiums and deferred origination costs	(30,714)	(25,933)
Allowance for loan losses	(131,827)	(127,113)	$ (175,698)	$ (61,914)
Financing receivable, after allowance for credit loss	$ 15,243,889	18,335,197
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	true
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	$ 14,169,771	17,441,790
Allowance for loan losses	(129,267)	(126,005)
Federally insured loans - Non-Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	13,566,473	17,091,047	19,129,173
Accrued interest receivable	808,150	784,716	791,453
Loan discount, net of unamortized premiums and deferred origination costs	(35,468)	(28,309)	(14,505)
Allowance for loan losses	(83,593)	(103,381)	(128,590)	(36,763)
Financing receivable, after allowance for credit loss	14,255,562	17,744,073	19,777,531
Federally insured loans - Non-Nelnet Bank | Stafford and other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,389,178	3,904,000
Federally insured loans - Non-Nelnet Bank | Consolidation loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	10,177,295	13,187,047
Private education loans - Non-Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	252,383	299,442	320,589
Accrued interest receivable	2,146	1,960	2,131
Loan discount, net of unamortized premiums and deferred origination costs	(38)	(1,123)	2,691
Allowance for loan losses	(15,411)	(16,143)	(19,529)	(9,597)
Financing receivable, after allowance for credit loss	239,080	284,136	305,882
Consumer loans and other loans - Non-Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	350,915	51,301	109,346
Accrued interest receivable	3,658	396	1,001
Loan discount, net of unamortized premiums and deferred origination costs	(588)	913	1,640
Allowance for loan losses	(30,263)	(6,481)	(27,256)	(15,554)
Financing receivable, after allowance for credit loss	323,722	46,129	84,731
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	419,795	257,901
Allowance for loan losses	(2,560)	(1,108)
Federally insured loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	65,913	88,011
Accrued interest receivable	1,758	1,216
Loan discount, net of unamortized premiums and deferred origination costs	20	26
Allowance for loan losses	(170)	(268)	0
Financing receivable, after allowance for credit loss	67,521	88,985
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	353,882	169,890	17,543
Accrued interest receivable	1,152	264	26
Loan discount, net of unamortized premiums and deferred origination costs	5,360	2,560	266
Allowance for loan losses	(2,390)	(840)	(323)	$ 0
Financing receivable, after allowance for credit loss	$ 358,004	$ 171,874	$ 17,512

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)	Dec. 31, 2022	Dec. 31, 2021
Federally insured loans - Non-Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.62%	0.60%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	22.40%	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	6.11%	5.39%
Consumer loans and other loans - Non-Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	8.62%	12.63%
Federally insured loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.26%	0.30%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	10.30%	12.10%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.68%	0.49%

Loans and Accrued Interest Re_5

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Sold and Gains Recognized (Details) - USD ($) $ in Thousands												5 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 29, 2022	Oct. 27, 2022	Jul. 07, 2022	Jun. 30, 2022	Jan. 26, 2022	Dec. 28, 2021	Sep. 29, 2021	Aug. 10, 2021	May 14, 2021	Jul. 29, 2020	Jan. 30, 2020	Sep. 29, 2021	Jul. 29, 2020	Oct. 27, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Loans sold (par value)	$ 91,298	$ 28,498	$ 28,915	$ 114	$ 18,125	$ 20	$ 18,390	$ 5,280	$ 77,417	$ 60,779	$ 124,249	$ 101,107	$ 185,028	$ 166,950
Gain (loss)	$ (5,614)	$ 2,901	$ 2,627	$ 0	$ 2,989	$ 0	$ 3,249	$ 195	$ 15,271	$ 14,817	$ 18,206	$ 18,715	$ 33,023	$ 2,903	$ 2,903	$ 18,715	$ 33,023
Residual interest received in securitization	54.80%	7.90%	7.60%	0%	6.60%	0%	6.90%	0%	24.50%	25.40%	31.40%
Receipt of held-to-maturity debt securities as consideration from sale of loans															$ 13,806	$ 0	$ 0

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 127,113	$ 175,698	$ 61,914
Provision (negative provision) for loan losses	46,368	(12,426)	63,360
Charge-offs	(32,096)	(28,742)	(28,729)
Recoveries	1,248	1,545	1,763
Initial allowance on loans purchased with credit deterioration	662	3,273	15,800
Loan sales	(11,468)	(12,235)	(29,424)
Balance at end of period	131,827	127,113	175,698
Par value of loans purchased with deteriorated credit quality	12,000	224,100	835,000
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			91,014
Federally insured loans - Non-Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	103,381	128,590	36,763
Provision (negative provision) for loan losses	3,731	(7,343)	18,691
Charge-offs	(24,181)	(21,139)	(14,955)
Recoveries	0	0	0
Initial allowance on loans purchased with credit deterioration	662	3,273	15,800
Loan sales	0	0	0
Balance at end of period	83,593	103,381	128,590
Federally insured loans - Non-Nelnet Bank | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			72,291
Private education loans - Non-Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	16,143	19,529	9,597
Provision (negative provision) for loan losses	2,487	(1,333)	6,156
Charge-offs	(3,879)	(2,476)	(1,652)
Recoveries	656	721	631
Initial allowance on loans purchased with credit deterioration	0	0	0
Loan sales	4	(298)	0
Balance at end of period	15,411	16,143	19,529
Private education loans - Non-Nelnet Bank | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			4,797
Consumer loans and other loans - Non-Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	6,481	27,256	15,554
Provision (negative provision) for loan losses	38,383	(4,544)	38,183
Charge-offs	(3,725)	(5,123)	(12,115)
Recoveries	592	824	1,132
Initial allowance on loans purchased with credit deterioration	0	0	0
Loan sales	(11,468)	(11,932)	(29,424)
Balance at end of period	30,263	6,481	27,256
Consumer loans and other loans - Non-Nelnet Bank | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period			13,926
Federally insured loans - Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	268	0
Provision (negative provision) for loan losses	(93)	268
Charge-offs	(5)	0
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	0	0
Balance at end of period	170	268	0
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	840	323	0
Provision (negative provision) for loan losses	1,860	526	330
Charge-offs	(306)	(4)	(7)
Recoveries	0	0	0
Initial allowance on loans purchased with credit deterioration	0	0	0
Loan sales	(4)	(5)	0
Balance at end of period	$ 2,390	$ 840	$ 323

Loans and Accrued Interest Re_7

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Net Charge-offs as a Percentage of Average Loans (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federally insured loans - Non-Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.15%	0.11%	0.08%
Private education loans - Non-Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	1.18%	0.55%	0.36%
Consumer loans and other loans - Non-Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	2.05%	6.21%	8.66%
Federally insured loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.01%	0%	0%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.10%	0%	0.14%

Loans and Accrued Interest Re_8

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - Consumer Portfolio Segment, Private Education Loans $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liability related to unfunded private education loan commitments	$ 84
Unfunded private education loan commitments	5,000
Provision for loan losses	$ 73

Loans and Accrued Interest Re_9

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans in repayment status:
Accrued interest receivable	$ 816,864	$ 788,552
Loan premium (discount)	(30,714)	(25,933)
Allowance for loan losses	(131,827)	(127,113)	$ (175,698)	$ (61,914)
Financing receivable, after allowance for credit loss	15,243,889	18,335,197
Federally insured loans - Non-Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 637,919	$ 829,624	$ 1,036,028
Loans in grace and deferment, percent	4.70%	4.90%	5.40%
Loans in forbearance	$ 1,103,181	$ 1,118,667	$ 1,973,175
Loans in forbearance, percent	8.10%	6.50%	10.30%
Loans in repayment status:
Loans receivable, gross	$ 13,566,473	$ 17,091,047	$ 19,129,173
Total loans in repayment	$ 11,825,373	$ 15,142,756	$ 16,119,970
Loans in repayment, percent	87.20%	88.60%	84.30%
Total loans in repayment, percentage	100%	100%	100%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 808,150	$ 784,716	$ 791,453
Loan premium (discount)	(35,468)	(28,309)	(14,505)
Allowance for loan losses	(83,593)	(103,381)	(128,590)	(36,763)
Financing receivable, after allowance for credit loss	14,255,562	17,744,073	19,777,531
Federally insured loans - Non-Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 10,173,859	$ 12,847,685	$ 13,683,054
Loans current, percentage	86%	84.90%	84.90%
Federally insured loans - Non-Nelnet Bank | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 415,305	$ 895,656	$ 633,411
Loans past due, percentage	3.50%	5.90%	3.90%
Federally insured loans - Non-Nelnet Bank | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 253,565	$ 352,449	$ 307,936
Loans past due, percentage	2.20%	2.30%	1.90%
Federally insured loans - Non-Nelnet Bank | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 180,029	$ 251,075	$ 800,257
Loans past due, percentage	1.50%	1.70%	5%
Federally insured loans - Non-Nelnet Bank | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 534,410	$ 592,449	$ 674,975
Loans past due, percentage	4.50%	3.90%	4.20%
Federally insured loans - Non-Nelnet Bank | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 268,205	$ 203,442	$ 20,337
Loans past due, percentage	2.30%	1.30%	0.10%
Private education loans - Non-Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 12,756	$ 9,661	$ 5,049
Loans in grace and deferment, percent	5.10%	3.20%	1.60%
Loans in forbearance	$ 2,017	$ 3,601	$ 2,359
Loans in forbearance, percent	0.80%	1.20%	0.70%
Loans in repayment status:
Loans receivable, gross	$ 252,383	$ 299,442	$ 320,589
Total loans in repayment	$ 237,610	$ 286,180	$ 313,181
Loans in repayment, percent	94.10%	95.60%	97.70%
Total loans in repayment, percentage	100%	100%	100%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 2,146	$ 1,960	$ 2,131
Loan premium (discount)	(38)	(1,123)	2,691
Allowance for loan losses	(15,411)	(16,143)	(19,529)	(9,597)
Financing receivable, after allowance for credit loss	239,080	284,136	305,882
Private education loans - Non-Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 232,539	$ 280,457	$ 310,036
Loans current, percentage	97.90%	98%	99%
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 2,410	$ 2,403	$ 1,099
Loans past due, percentage	1%	0.80%	0.40%
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 767	$ 976	$ 675
Loans past due, percentage	0.30%	0.30%	0.20%
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 1,894	$ 2,344	$ 1,371
Loans past due, percentage	0.80%	0.90%	0.40%
Consumer loans and other loans - Non-Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 109	$ 43	$ 829
Loans in grace and deferment, percent	0%	0.10%	0.80%
Loans in repayment status:
Loans receivable, gross	$ 350,915	$ 51,301	$ 109,346
Total loans in repayment	$ 350,806	$ 51,258	$ 108,517
Loans in repayment, percent	100%	99.90%	99.20%
Total loans in repayment, percentage	100%	100%	100%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 3,658	$ 396	$ 1,001
Loan premium (discount)	(588)	913	1,640
Allowance for loan losses	(30,263)	(6,481)	(27,256)	(15,554)
Financing receivable, after allowance for credit loss	323,722	46,129	84,731
Consumer loans and other loans - Non-Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 346,812	$ 49,697	$ 105,650
Loans current, percentage	98.90%	97%	97.40%
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 1,906	$ 414	$ 954
Loans past due, percentage	0.50%	0.80%	0.90%
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 764	$ 322	$ 804
Loans past due, percentage	0.20%	0.60%	0.70%
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 1,324	$ 825	$ 1,109
Loans past due, percentage	0.40%	1.60%	1%
Federally insured loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 241	$ 330
Loans in grace and deferment, percent	0.40%	0.40%
Loans in forbearance	$ 981	$ 1,057
Loans in forbearance, percent	1.50%	1.20%
Loans in repayment status:
Loans receivable, gross	$ 65,913	$ 88,011
Total loans in repayment	$ 64,691	$ 86,624
Loans in repayment, percent	98.10%	98.40%
Total loans in repayment, percentage	100%	100%
Total loans, percent	100%	100%
Accrued interest receivable	$ 1,758	$ 1,216
Loan premium (discount)	20	26
Allowance for loan losses	(170)	(268)	$ 0
Financing receivable, after allowance for credit loss	67,521	88,985
Federally insured loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 63,225	$ 85,599
Loans current, percentage	97.80%	98.80%
Federally insured loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 436	$ 816
Loans past due, percentage	0.70%	1%
Federally insured loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 466	$ 0
Loans past due, percentage	0.70%	0%
Federally insured loans - Nelnet Bank | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 222	$ 0
Loans past due, percentage	0.30%	0%
Federally insured loans - Nelnet Bank | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 183	$ 209
Loans past due, percentage	0.30%	0.20%
Federally insured loans - Nelnet Bank | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 159	$ 0
Loans past due, percentage	0.20%	0%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 11,580	$ 150	$ 0
Loans in grace and deferment, percent	3.30%	0.10%	0%
Loans in forbearance	$ 864	$ 460	$ 29
Loans in forbearance, percent	0.20%	0.30%	0.20%
Loans in repayment status:
Loans receivable, gross	$ 353,882	$ 169,890	$ 17,543
Total loans in repayment	$ 341,438	$ 169,280	$ 17,514
Loans in repayment, percent	96.50%	99.60%	99.80%
Total loans in repayment, percentage	100%	100%	100%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 1,152	$ 264	$ 26
Loan premium (discount)	5,360	2,560	266
Allowance for loan losses	(2,390)	(840)	(323)	$ 0
Financing receivable, after allowance for credit loss	358,004	171,874	17,512
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 340,830	$ 169,157	$ 17,514
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	$ 167	$ 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	$ 32	$ 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	$ 409	$ 72	$ 0
Loans past due, percentage	0.10%	0.10%	0%

Loans and Accrued Interest R_10

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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 209,846	$ 159,204
Fiscal year before current fiscal year	133,788	10,686
Fiscal year two years before current fiscal year	10,248
Total loans	353,882	169,890	$ 17,543
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,898	6,481
Fiscal year before current fiscal year	5,389	100
Fiscal year two years before current fiscal year	348
Total loans	11,635	6,581
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	23,392	11,697
Fiscal year before current fiscal year	10,543	276
Fiscal year two years before current fiscal year	542
Total loans	34,477	11,973
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	35,456	18,611
Fiscal year before current fiscal year	16,686	1,072
Fiscal year two years before current fiscal year	1,473
Total loans	53,615	19,683
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	57,141	36,274
Fiscal year before current fiscal year	31,035	1,467
Fiscal year two years before current fiscal year	1,622
Total loans	89,798	37,741
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	87,959	86,141
Fiscal year before current fiscal year	70,135	7,771
Fiscal year two years before current fiscal year	6,263
Total loans	$ 164,357	$ 93,912

Loans and Accrued Interest R_11

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans by Year of Origination (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 816,864	$ 788,552
Loan premium (discount)	(30,714)	(25,933)
Allowance for loan losses	(131,827)	(127,113)	$ (175,698)	$ (61,914)
Financing receivable, after allowance for credit loss	15,243,889	18,335,197
Private education loans - Non-Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
2022	5,975
2021	10,071
2020	55,476
2019	45,357
2018	435
Prior years	135,069
Total loans	252,383	299,442	320,589
Accrued interest receivable	2,146	1,960	2,131
Loan premium (discount)	(38)	(1,123)	2,691
Allowance for loan losses	(15,411)	(16,143)	(19,529)	(9,597)
Financing receivable, after allowance for credit loss	239,080	284,136	305,882
Private education loans - Non-Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	232,539	280,457	310,036
Private education loans - Non-Nelnet Bank | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,410	2,403	1,099
Private education loans - Non-Nelnet Bank | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	767	976	675
Private education loans - Non-Nelnet Bank | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,894	2,344	1,371
Private education loans - Non-Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,870
2021	6,073
2020	1,324
2019	2,000
2018	101
Prior years	1,388
Total loans	12,756
Private education loans - Non-Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	58
2020	438
2019	692
2018	177
Prior years	652
Total loans	2,017
Private education loans - Non-Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
2022	4,105
2021	3,940
2020	53,714
2019	42,665
2018	157
Prior years	133,029
Total loans	237,610
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
2022	4,098
2021	3,915
2020	53,415
2019	42,062
2018	157
Prior years	128,892
Total loans	232,539
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	7
2021	25
2020	239
2019	489
2018	0
Prior years	1,650
Total loans	2,410
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	0
2020	0
2019	114
2018	0
Prior years	653
Total loans	767
Private education loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	0
2020	60
2019	0
2018	0
Prior years	1,834
Total loans	1,894
Consumer loans and other loans - Non-Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
2022	334,342
2021	11,804
2020	779
2019	2,072
2018	1,915
Prior years	3
Total loans	350,915	51,301	109,346
Accrued interest receivable	3,658	396	1,001
Loan premium (discount)	(588)	913	1,640
Allowance for loan losses	(30,263)	(6,481)	(27,256)	(15,554)
Financing receivable, after allowance for credit loss	323,722	46,129	84,731
Consumer loans and other loans - Non-Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	346,812	49,697	105,650
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,906	414	954
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	764	322	804
Consumer loans and other loans - Non-Nelnet Bank | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,324	825	1,109
Consumer loans and other loans - Non-Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
2022	46
2021	52
2020	0
2019	11
2018	0
Prior years	0
Total loans	109
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
2022	334,296
2021	11,752
2020	779
2019	2,061
2018	1,915
Prior years	3
Total loans	350,806
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
2022	331,933
2021	10,858
2020	678
2019	1,822
2018	1,518
Prior years	3
Total loans	346,812
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	1,317
2021	508
2020	40
2019	25
2018	16
Prior years	0
Total loans	1,906
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	627
2021	49
2020	55
2019	22
2018	11
Prior years	0
Total loans	764
Consumer loans and other loans - Non-Nelnet Bank | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
2022	419
2021	337
2020	6
2019	192
2018	370
Prior years	0
Total loans	1,324
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
2022	209,846	159,204
2021	133,788	10,686
2020	10,248
2019	0
2018	0
Prior years	0
Total loans	353,882	169,890	17,543
Accrued interest receivable	1,152	264	26
Loan premium (discount)	5,360	2,560	266
Deferred origination costs, net of unaccreted discount	5,360
Allowance for loan losses	(2,390)	(840)	(323)	$ 0
Financing receivable, after allowance for credit loss	358,004	171,874	17,512
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	340,830	169,157	17,514
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	167	51	0
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	32	0	0
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	409	$ 72	$ 0
Private education loans - Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
2022	9,315
2021	1,210
2020	1,055
2019	0
2018	0
Prior years	0
Total loans	11,580
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
2022	747
2021	117
2020	0
2019	0
2018	0
Prior years	0
Total loans	864
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
2022	199,784
2021	132,461
2020	9,193
2019	0
2018	0
Prior years	0
Total loans	341,438
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
2022	199,650
2021	132,009
2020	9,171
2019	0
2018	0
Prior years	0
Total loans	340,830
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	32
2021	113
2020	22
2019	0
2018	0
Prior years	0
Total loans	167
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
2022	32
2021	0
2020	0
2019	0
2018	0
Prior years	0
Total loans	32
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
2022	70
2021	339
2020	0
2019	0
2018	0
Prior years	0
Total loans	$ 409

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 14,785,283	$ 17,824,087
Discount on bonds and notes payable and debt issuance costs	(148,088)	(192,998)
Total	14,637,195	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	$ 395,432	$ 253,969
Interest rate	5.02%	0.78%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 567,254	$ 483,848
Secured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross		$ 5,000
Interest rate		1.91%
Other - due to related party
Debt Instrument [Line Items]
Bonds and notes payable, gross	6,187
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	11,868,190	$ 15,887,295
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	178,960	248,550
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	12,047,150	16,135,845
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	594,051	772,935
Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	978,956	5,048
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	19,865	31,818
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	23,032	28,613
Private education | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 64,356	$ 107,011
Interest rate	4.72%	0.24%
Consumer loans | Warehouse facilities
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 89,000
Interest rate	4.73%
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	4.47%	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 | Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Interest rate	4.69%	0.21%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.90%	1.65%
Minimum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.60%	3.60%
Maximum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	5.60%	1.46%
Maximum | Other - due to related party
Debt Instrument [Line Items]
Interest rate	6.05%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	6.39%	2.10%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	4.02%	1.09%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum | Federally insured | Warehouse facilities
Debt Instrument [Line Items]
Interest rate	4.71%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	6.14%	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 ($)		12 Months Ended
	Nov. 14, 2022	Dec. 31, 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		$ 299,800,000
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities		267,500,000
Amount drawn on federal funds lines of credit		0
Decrease in interest on bonds, notes payable, and bank deposits			$ 23,800,000
Par value of asset-based securities		1,389,037,000	929,669,000
Asset-backed Securities, Securitized Loans and Receivables
Debt Instrument [Line Items]
Par value of asset-based securities		417,200,000
Asset-based securities serving as collateral on secured debt repurchase agreements		331,600,000
Union Bank and Trust Company
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities		395,400,000	$ 254,000,000
Warehouse facilities | Federally insured student loans | NFSLW-I Warehouse
Debt Instrument [Line Items]
Maximum financing amount		1,200,000,000
Amount outstanding		979,000,000
Amount available		221,000,000
Advanced as equity support		$ 67,000,000
Warehouse facilities | Minimum | Federally insured student loans
Debt Instrument [Line Items]
Interest rate		4.69%	0.21%
Warehouse facilities | Maximum | Federally insured student loans
Debt Instrument [Line Items]
Interest rate		4.71%
Private Loan Warehouse Facility | Warehouse facilities
Debt Instrument [Line Items]
Maximum financing amount		$ 64,400,000
Amount outstanding		64,400,000
Amount available		$ 0
Advance rate		75%
Advanced as equity support		$ 22,400,000
Consumer Loan Warehouse Facility | Line of Credit | Secured line of credit
Debt Instrument [Line Items]
Maximum financing amount	$ 250,000,000
Amount outstanding		89,000,000
Amount available		161,000,000
Advance rate	70%
Advanced as equity support		$ 36,600,000
Unsecured Line of Credit
Debt Instrument [Line Items]
Interest rate		1.50%
Unsecured Line of Credit | Line of Credit
Debt Instrument [Line Items]
Amount outstanding		$ 0
Amount available		$ 495,000,000
Unsecured Line of Credit | Minimum
Debt Instrument [Line Items]
Cost of funds		1%
Unsecured Line of Credit | Maximum
Debt Instrument [Line Items]
Cost of funds		1.75%
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
Federal Funds Lines Of Credit With Correspondent Banks | Line of Credit | Federal Funds Purchased
Debt Instrument [Line Items]
Maximum financing amount		$ 30,000,000

Bonds and Notes Payable - Asset

Bonds and Notes Payable - Asset-Backed Securitizations Transactions (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Secured line of credit | 2021-1
Debt Instrument [Line Items]
Total principal amount	$ 797,000,000
Secured line of credit | 2021-2
Debt Instrument [Line Items]
Total principal amount	531,300,000
Secured line of credit | 2021 Notes
Debt Instrument [Line Items]
Total principal amount	1,328,300,000
Senior notes | Class A Senior Notes 2021-1
Debt Instrument [Line Items]
Total principal amount	$ 781,000,000
Senior notes | Class A Senior Notes 2021-1 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.50%
Senior notes | Class A Senior Notes 2021-2
Debt Instrument [Line Items]
Total principal amount	$ 520,600,000
Senior notes | Class A Senior Notes 2021-2 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	0.50%
Senior notes | Class A Senior Notes 2021
Debt Instrument [Line Items]
Total principal amount	$ 1,301,600,000
Subordinated notes | Class B Subordinated Notes 2021-1
Debt Instrument [Line Items]
Total principal amount	$ 16,000,000
Subordinated notes | Class B Subordinated Notes 2021-1 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.25%
Subordinated notes | Class B Subordinated Notes 2021-2
Debt Instrument [Line Items]
Total principal amount	$ 10,700,000
Subordinated notes | Class B Subordinated Notes 2021-2 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Cost of funds	1.20%
Subordinated notes | Class B Subordinated Notes 2021
Debt Instrument [Line Items]
Total principal amount	$ 26,700,000

Bonds and Notes Payable - Long-

Bonds and Notes Payable - Long-term Debt Maturities (Details) - Debt and Capital Lease Obligations, Gross $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 885,772
2024	1,120,517
2025	89,000
2027	285
2028 and thereafter	12,689,709
Bonds and notes payable	$ 14,785,283

Bonds and Notes Payable - Debt

Bonds and Notes Payable - Debt Repurchased (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Purchase price	$ (67,081)	$ (407,487)	$ (25,643)
Par value	69,133	406,875	27,605
Remaining unamortized cost of issuance	(821)	(6,163)	(38)
Gain (loss)	$ 1,231	$ (6,775)	$ 1,924

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended
	Aug. 26, 2022	Apr. 29, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loans and accrued interest receivable				$ 15,243,889	$ 18,335,197
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable interest rate spread				0.097%	0.091%
Interest Rate Swap | Interest rate swaps - floor income hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Student loan assets, fixed floor income				$ 900,000	$ 7,200,000
Derivative, notional amount, terminated	$ 500,000	$ 1,250,000	$ 650,000
Net payment for settlement of terminated derivatives			100
Proceeds for settlement of terminated derivatives	23,800	68,100
Interest Rate Swap | Interest rate swaps - floor income hedges | 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, terminated			500,000
Interest Rate Swap | Interest rate swaps - floor income hedges | 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, terminated	250,000	500,000	$ 150,000
Interest Rate Swap | Interest rate swaps - floor income hedges | 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, terminated	$ 250,000	250,000
Interest Rate Swap | Interest rate swaps - floor income hedges | 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount, terminated		$ 500,000
One-month LIBOR, Daily reset | 1:3 basis swaps | Asset Generation and Management
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loans and accrued interest receivable				12,700,000
Three-month commercial paper rate | 1:3 basis swaps | Asset Generation and Management
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loans and accrued interest receivable				500,000
Three-month treasury bill, Daily reset | 1:3 basis swaps | Asset Generation and Management
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loans and accrued interest receivable				400,000
Three-month LIBOR, Quarterly reset | 1:3 basis swaps | Asset Generation and Management
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Bonds and notes payable				3,800,000
One-month LIBOR, Monthly reset | 1:3 basis swaps | Asset Generation and Management
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Bonds and notes payable				$ 8,100,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 3,900,000,000	$ 5,900,000,000
2022
Derivative [Line Items]
Notional amount	0	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_5

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedges - Interest Rate Swap - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 2,800,000,000	$ 5,000,000,000
Weighted average fixed rate paid by the Company	0.70%	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%
2032
Derivative [Line Items]
Notional amount	$ 200,000,000	$ 0
Weighted average fixed rate paid by the Company	2.92%	0%

Derivative Financial Instrume_6

Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 32,943	$ (21,367)	$ 3,679
Change in fair value	$ 231,691	92,813	(28,144)
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 Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 32,943	(21,367)	3,679
Derivative market value adjustments and derivative settlements, net - income (expense)	264,634	71,446	(24,465)
1:3 basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	2,262	5,027	(7,462)
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	(206)	(1,638)	10,378
Interest rate swaps - floor income hedges
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	229,429	87,786	(20,682)
Interest rate swaps - floor income hedges | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 33,149	$ (19,729)	$ (6,699)

Investments and Notes Receiva_3

Investments and Notes Receivable (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	May 31, 2021 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2020
Investments (at fair value):
Amortized cost			$ 917,412,000		$ 1,441,630,000	$ 917,412,000
Gross unrealized gains			15,217,000		4,622,000	15,217,000
Gross unrealized losses (a)			(2,960,000)		(57,215,000)	(2,960,000)
Fair value			929,669,000		1,389,037,000	929,669,000
Equity securities
Fair value			71,986,000		39,082,000	71,986,000
Total investments (at fair value)
Fair value			1,001,655,000		1,428,119,000	1,001,655,000
Other Investments and Notes Receivable (not measured at fair value):
Other debt securities - held-to-maturity			8,200,000		18,774,000	8,200,000
Notes receivable			0		31,106,000	0
Total investments (not measured at fair value)			587,264,000		683,798,000	587,264,000
Total investments			1,588,919,000		2,111,917,000	1,588,919,000
Asset -backed securities unrealized loss position					1,200,000,000
Asset -backed securities unrealized loss position not due to credit loss					0
Debt securities, available-for-sale, maturing in greater than 10 years					73,100,000
Private education loan asset-backed securities subject to repurchase agreements with third-parties					336,500,000
Bonds issued to cover risk retention policy on loans with beneficial securitization					$ 306,500,000
Retention period after investment securitization					2 years
Debt covenant, percent of principle balance debt issue required before liquidation					0.33
Debt securities, held-to-maturity, maturing in the next year					$ 1,500,000
Debt securities, held-to-maturity, maturing in one to five years					3,500,000
Debt securities, held-to-maturity, maturing greater than 10 years					13,800,000
Equity securities, realized gain					8,584,000	8,427,000	$ 386,000
Net loss attributable to noncontrolling interests					11,106,000	7,003,000	2,817,000
Loans and accrued interest receivable			18,335,197,000		15,243,889,000	18,335,197,000
Private education loans - Non-Nelnet Bank
Other Investments and Notes Receivable (not measured at fair value):
Loans and accrued interest receivable			284,136,000		239,080,000	284,136,000	305,882,000
Private education loans - Non-Nelnet Bank | Non-federally insured student loans | Wells Fargo
Other Investments and Notes Receivable (not measured at fair value):
Loans and accrued interest receivable							10,000,000,000
FFELP loan asset-backed debt securities - available-for-sale
Investments (at fair value):
Amortized cost			480,691,000		813,716,000	480,691,000
Gross unrealized gains			14,710,000		4,453,000	14,710,000
Gross unrealized losses (a)			(719,000)		(19,958,000)	(719,000)
Fair value			494,682,000		798,211,000	494,682,000
Other Investments and Notes Receivable (not measured at fair value):
Debt securities, available-for-sale, maturing in the next year					105,500,000
Debt securities, available-for-sale, maturing in one to five years					9,300,000
Debt securities, available-for-sale, maturing in six to ten years					77,000,000
Debt securities, available-for-sale, maturing in greater than 10 years					606,400,000
Asset-Backed Securities Subject To Participation Interests
Investments (at fair value):
Fair value					370,700,000
Private education loan asset-backed securities - available for sale
Investments (at fair value):
Amortized cost			414,286,000		337,844,000	414,286,000
Gross unrealized gains			507,000		0	507,000
Gross unrealized losses (a)			(2,241,000)		(29,560,000)	(2,241,000)
Fair value			412,552,000		$ 308,284,000	412,552,000
Other Investments and Notes Receivable (not measured at fair value):
Debt securities, available-for-sale, stated maturity period (greater than)					10 years
Other debt securities - available for sale
Investments (at fair value):
Amortized cost			22,435,000		$ 290,070,000	22,435,000
Gross unrealized gains			0		169,000	0
Gross unrealized losses (a)			0		(7,697,000)	0
Fair value			22,435,000		282,542,000	22,435,000
Other Investments and Notes Receivable (not measured at fair value):
Debt securities, available-for-sale, maturing in the next year					23,400,000
Debt securities, available-for-sale, maturing in six to ten years					186,000,000
Hudl
Other Investments and Notes Receivable (not measured at fair value):
Additional equity investment	$ 5,000,000	$ 26,000,000
Ownership percentage								20%
Union Bank and Trust Company
Other Investments and Notes Receivable (not measured at fair value):
Amount of participation, student loan asset-backed securities			254,000,000		395,400,000	254,000,000
Loans and accrued interest receivable			262,600,000		203,400,000	262,600,000	331,300,000
Minimum
Other Investments and Notes Receivable (not measured at fair value):
Gain on equity investment			10,300,000
Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations			120,142,000		138,738,000	120,142,000
Venture capital funds | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative			157,609,000		160,052,000	157,609,000
Equity method			67,840,000		89,332,000	67,840,000
Total investments (not measured at fair value)			225,449,000		249,384,000	225,449,000
Venture capital funds | Other Investments | Hudl
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative					133,900,000
Gain (loss) on equity security				$ 51,000,000
Venture capital funds | Other Investments | CompanyCam Inc.
Other Investments and Notes Receivable (not measured at fair value):
Measurement alternative					11,500,000
Real estate | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity method			47,226,000		80,364,000	47,226,000
Partnership Interest | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity method			87,247,000		67,538,000	87,247,000
Preferred membership interest and accrued and unpaid preferred return			137,342,000		145,926,000	137,342,000
Total investments (not measured at fair value)			224,589,000		213,464,000	224,589,000
Additional equity investment					48,300,000
Equity securities, realized loss					68,000,000	42,100,000	3,600,000
Solar
Other Investments and Notes Receivable (not measured at fair value):
Amount funded or committed to fund					278,400,000
Amount funded or committed to fund by partners					102,800,000
Equity method investment, amount committed to fund					30,300,000
Equity method investment, amount committed to fund by partners					22,500,000
Pre-tax loss from equity investment					(9,500,000)	(10,100,000)	(37,400,000)
Net loss attributable to noncontrolling interests					$ (10,900,000)	(7,400,000)	(3,800,000)
Solar | Minimum
Other Investments and Notes Receivable (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period					5 years
Solar | Maximum
Other Investments and Notes Receivable (not measured at fair value):
Unrecognized tax benefits, resulting from prior period tax positions, period					6 years
Solar | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)			(42,457,000)		$ (55,448,000)	(42,457,000)
Beneficial interest in private education loan securitizations | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations			66,008,000		75,261,000	66,008,000
Loans corresponding to beneficial interest					620,000,000
Beneficial interest in consumer loans and other loan securitizations | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations			28,366,000		39,249,000	28,366,000
Beneficial interest in federally insured loan securitizations | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Beneficial interest in securitizations			25,768,000		24,228,000	25,768,000
Loans corresponding to beneficial interest					390,000,000
Tax liens and affordable housing | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Total investments (not measured at fair value)			$ 4,115,000		$ 7,416,000	4,115,000
Preferred Partnership Interest | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Equity method investment, preferred annual return					6.25%
Equity securities, realized gain					$ 8,600,000	$ 8,400,000	$ 400,000
Consumer loans | Other Investments
Other Investments and Notes Receivable (not measured at fair value):
Loans corresponding to beneficial interest					$ 310,000,000

Business Combination - Narrativ

Business Combination - Narrative (Details) $ in Thousands				12 Months Ended
	Jul. 01, 2022 USD ($) subsidiary	Apr. 30, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Jul. 02, 2022 USD ($)	Apr. 29, 2022	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 142,092	$ 176,902			$ 142,092
Intangible asset useful life				109 months
HigherSchool Publishing Company
Business Acquisition [Line Items]
Percentage of voting interests acquired			100%
Payment to acquire business			$ 24,700
Intangible assets			24,200
Goodwill			6,292
NGWeb Solutions, LLC
Business Acquisition [Line Items]
Percentage of voting interests acquired		30%
Payment to acquire business		$ 9,205
Intangible assets		$ 15,250
Acquired intangible asset useful life		14 years
Goodwill		$ 15,937
Equity interest previously held						50%
Revaluation gain		15,200
GRNE Solar
Business Acquisition [Line Items]
Percentage of voting interests acquired	80%
Payment to acquire business	$ 28,898
Intangible assets	$ 11,683
Acquired intangible asset useful life	8 years
Goodwill	$ 13,873				$ 18,900
Number of subsidiaries voting interest acquired | subsidiary	2
Contingent consideration, liability	$ 5,000			$ 5,000
Goodwill, purchase accounting adjustments				$ 5,000
Customer Relationships
Business Acquisition [Line Items]
Intangible asset useful life				112 months
Customer Relationships | HigherSchool Publishing Company
Business Acquisition [Line Items]
Intangible assets			$ 24,200
Acquired intangible asset useful life			10 years
Customer Relationships | NGWeb Solutions, LLC
Business Acquisition [Line Items]
Intangible assets		$ 12,800
Intangible asset useful life		15 years
Customer Relationships | GRNE Solar
Business Acquisition [Line Items]
Intangible assets	$ 1,100
Intangible asset useful life	3 years
Computer Software
Business Acquisition [Line Items]
Intangible asset useful life				52 months
Computer Software | NGWeb Solutions, LLC
Business Acquisition [Line Items]
Intangible assets		$ 1,700
Intangible asset useful life		5 years
Trade Names
Business Acquisition [Line Items]
Intangible asset useful life				114 months
Trade Names | NGWeb Solutions, LLC
Business Acquisition [Line Items]
Intangible assets		$ 800
Intangible asset useful life		10 years
Trade Names | GRNE Solar
Business Acquisition [Line Items]
Intangible assets	$ 8,100
Intangible asset useful life	10 years
Other Intangible Assets
Business Acquisition [Line Items]
Intangible asset useful life				54 months
Other Intangible Assets | GRNE Solar
Business Acquisition [Line Items]
Intangible assets	$ 2,400
Intangible asset 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	Dec. 31, 2020	Dec. 31, 2022	Jul. 02, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Excess cost over fair value of net assets acquired (goodwill)			$ 142,092	$ 176,902		$ 142,092
HigherSchool Publishing Company
Business Acquisition [Line Items]
Cash and cash equivalents			7
Accounts receivable			5,711
Intangible assets			24,200
Excess cost over fair value of net assets acquired (goodwill)			6,292
Other liabilities			(11,510)
Net assets acquired			24,700
Total consideration paid by the Company			$ 24,700
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
Restricted cash	2,200
Accounts receivable	3,983
Property and equipment	8,720
Other assets	2,296
Intangible assets	11,683
Excess cost over fair value of net assets acquired (goodwill)	13,873				$ 18,900
Bonds and notes payable	(750)
Other liabilities	(7,624)
Net assets acquired	36,123
Minority interest	(7,225)
Total consideration paid by the Company	$ 28,898

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	109 months
Finite lived intangible assets	$ 63,501	$ 52,029
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	112 months
Finite lived intangible assets	$ 51,738	47,894
Accumulated amortization	$ 55,116	97,398
Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	114 months
Finite lived intangible assets	$ 8,293	0
Accumulated amortization	$ 617
Computer Software
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	52 months
Finite lived intangible assets	$ 1,520	4,135
Accumulated amortization	$ 6,400	3,669
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Intangible asset useful life	54 months
Finite lived intangible assets	$ 1,950	$ 0
Accumulated amortization	$ 490

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 15	$ 23	$ 30.8

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023	$ 10,344
2024	9,770
2025	8,044
2026	7,259
2027	6,761
2028 and thereafter	21,323
Finite lived intangible assets, net	$ 63,501	$ 52,029

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 142,092
Goodwill, ending balance	176,902
NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	15,937
GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	18,873
Corporate and Other Activities
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Goodwill, ending balance	18,873
Corporate and Other Activities | NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	0
Corporate and Other Activities | GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	18,873
Loan Servicing and Systems | Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	23,639
Goodwill, ending balance	23,639
Loan Servicing and Systems | Operating Segments | NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	0
Loan Servicing and Systems | Operating Segments | GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	0
Education Technology, Services, and Payment Processing | Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	76,570
Goodwill, ending balance	92,507
Education Technology, Services, and Payment Processing | Operating Segments | NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	15,937
Education Technology, Services, and Payment Processing | Operating Segments | GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	0
Asset Generation and Management | Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	41,883
Goodwill, ending balance	41,883
Asset Generation and Management | Operating Segments | NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	0
Asset Generation and Management | Operating Segments | GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	0
Nelnet Bank | Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Goodwill, ending balance	0
Nelnet Bank | Operating Segments | NGWeb Solutions, LLC
Goodwill [Roll Forward]
Goodwill acquired	0
Nelnet Bank | Operating Segments | GRNE Solar
Goodwill [Roll Forward]
Goodwill acquired	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 356,680	$ 326,519
Accumulated depreciation	(234,154)	(207,106)
Property and equipment, net	122,526	119,413
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 237,487	234,222
Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building and building improvements
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 50,475	48,782
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	48 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 22,386	22,463
Office furniture and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Office furniture and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 10,410	10,537
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life	1 year
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 6,207	4,857
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Solar facilities
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 3,547	0
Solar facilities | Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Solar facilities | Maximum
Property, Plant and Equipment [Line Items]
Useful life	35 years
Land
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 3,181	3,266
Construction in progress
Property, Plant and Equipment [Line Items]
Property and plant gross	$ 22,987	$ 2,392

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 59.1	$ 50.7	$ 87.9

Impairment Expense and Provis_3

Impairment Expense and Provision for Beneficial Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Investments - venture capital and funds	$ 6,561,000	$ 4,637,000	$ 8,116,000
Beneficial interest in loan securitizations		(2,436,000)	16,607,000
Impairment expense and provision for beneficial interests, net	15,523,000	16,360,000	24,723,000
Beneficial interest in investments, allowance for credit losses	0	0
Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	2,239,000
Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	3,951,000
Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	2,772,000	14,159,000
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Investments - venture capital and funds	0	0	0
Beneficial interest in loan securitizations		0	0
Impairment expense and provision for beneficial interests, net	5,511,000	13,243,000	0
Operating Segments | Loan Servicing and Systems | Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	0
Operating Segments | Loan Servicing and Systems | Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	3,737,000
Operating Segments | Loan Servicing and Systems | Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	1,774,000	13,243,000
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Investments - venture capital and funds	0	0	0
Beneficial interest in loan securitizations		0	0
Impairment expense and provision for beneficial interests, net	2,239,000	0	0
Operating Segments | Education Technology, Services, and Payment Processing | Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	2,239,000
Operating Segments | Education Technology, Services, and Payment Processing | Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0
Operating Segments | Education Technology, Services, and Payment Processing | Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0	0
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Investments - venture capital and funds	0	0	0
Beneficial interest in loan securitizations		(2,436,000)	16,607,000
Impairment expense and provision for beneficial interests, net	0	(2,436,000)	16,607,000
Operating Segments | Asset Generation and Management | Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	0
Operating Segments | Asset Generation and Management | Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0
Operating Segments | Asset Generation and Management | Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0	0
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Investments - venture capital and funds	0	0	0
Beneficial interest in loan securitizations		0	0
Impairment expense and provision for beneficial interests, net	214,000	0	0
Operating Segments | Nelnet Bank | Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	0
Operating Segments | Nelnet Bank | Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	214,000
Operating Segments | Nelnet Bank | Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0	0
Corporate and Other Activities
Segment Reporting Information [Line Items]
Investments - venture capital and funds	6,561,000	4,637,000	8,116,000
Beneficial interest in loan securitizations		0	0
Impairment expense and provision for beneficial interests, net	7,559,000	5,553,000	$ 8,116,000
Corporate and Other Activities | Intangible asset - computer software
Segment Reporting Information [Line Items]
Intangible asset - computer software	0
Corporate and Other Activities | Property and equipment - internally developed software
Segment Reporting Information [Line Items]
Impairment, long-lived asset	0
Corporate and Other Activities | Leases, buildings, and associated improvements
Segment Reporting Information [Line Items]
Impairment, long-lived asset	$ 998,000	$ 916,000

Bank Deposits - Interest-Bearin

Bank Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deposits [Abstract]
Brokered CDs, net of brokered deposit fees	$ 254,817	$ 84,209
Retail and other savings (529 and HSA)	410,556	243,759
Retail and other CDs (commercial and institutional)	25,949	16,347
Total interest-bearing deposits	$ 691,322	$ 344,315

Bank Deposits - Narrative (Deta

Bank Deposits - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deposits [Abstract]
Brokered deposit fee expense	$ 300,000	$ 100,000	$ 0
Fees paid to third-party brokers related to certificates of deposits	600,000	400,000	$ 0
Deposits exceeding the FDIC insurance limits	0	0
Accrued interest on deposits	$ 700,000	$ 100,000

Bank Deposits - Certificates of

Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Deposits [Abstract]
One year or less	$ 51,501
After one year to two years	0
After two years to three years	3,237
After three years to four years	150,318
After four years to five years	75,710
After five years	0
Total	$ 280,766

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 vote shares
Class of Stock [Line Items]
Repurchase shares authorized (in shares) | shares	5,000,000
Remaining number of shares authorized to be repurchased (in shares) | shares	4,500,000
Class B
Class of Stock [Line Items]
Votes per common share (in votes) | vote	10
Common stock, convertible, conversion ratio	1
Class A
Class of Stock [Line Items]
Votes per common share (in votes) | vote	1

Shareholders' Equity - Stock Re

Shareholders' Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Total shares repurchased (in shares)	1,162,533	713,274	1,594,394
Purchase price	$ 97,685	$ 58,111	$ 73,358
Average price of shares repurchased (in dollars per share)	$ 84.03	$ 81.47	$ 46.01

Earnings per Common Share - Bas

Earnings per Common Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 407,347	$ 393,286	$ 352,443
Net income attributable to Nelnet, Inc., diluted	$ 407,347	$ 393,286	$ 352,443
Weighted-average common shares outstanding - basic (in shares)	37,603,033	38,572,801	39,059,588
Weighted-average common shares outstanding - diluted (in shares)	37,603,033	38,572,801	39,059,588
Earnings per share - basic (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Earnings per share - diluted (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 399,564	$ 386,865	$ 347,451
Net income attributable to Nelnet, Inc., diluted	$ 399,564	$ 386,865	$ 347,451
Weighted-average common shares outstanding - basic (in shares)	36,884,548	37,943,032	38,506,351
Weighted-average common shares outstanding - diluted (in shares)	36,884,548	37,943,032	38,506,351
Earnings per share - basic (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Earnings per share - diluted (in dollars per share)	$ 10.83	$ 10.20
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 7,783	$ 6,421	$ 4,992
Net income attributable to Nelnet, Inc., diluted	$ 7,783	$ 6,421	$ 4,992
Weighted-average common shares outstanding - basic (in shares)	718,485	629,769	553,237
Weighted-average common shares outstanding - diluted (in shares)	718,485	629,769	553,237
Earnings per share - basic (in dollars per share)	$ 10.83	$ 10.20	$ 9.02
Earnings per share - diluted (in dollars per share)	$ 10.83	$ 10.20

Earnings per Common Share - Nar

Earnings per Common Share - Narrative (Details)	Dec. 31, 2022 shares
Shares Issued - Deferred
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Director stock, cumulative deferred shares (in shares)	171,132

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 16,835	$ 19,678	$ 20,318
Tax benefits which would favorable affect effective tax rate	13,300
Anticipated uncertain tax position adjustment	2,300
Income tax penalties and interest accrued	4,000	5,100
Interest benefit related to uncertain tax positions	1,100	300
Interest expense related to uncertain tax positions			$ 400
Current income tax payable	5,200
Income taxes receivable		8,100
Other Assets
Income Tax Contingency [Line Items]
Net deferred tax assets	34,400	27,300
Other Liabilities
Income Tax Contingency [Line Items]
Net deferred tax liabilities	140,100	$ 117,900
Favorably affect the effective tax rate
Income Tax Contingency [Line Items]
Anticipated uncertain tax position adjustment	$ 1,800

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross balance - beginning of year	$ 19,678	$ 20,318
Additions based on tax positions of prior years	2,269	271
Additions based on tax positions related to the current year	2,521	2,388
Settlements with taxing authorities	(2,818)	0
Reductions for tax positions of prior years	(2,580)	(1,002)
Reductions due to lapse of applicable statutes of limitations	(2,235)	(2,297)
Gross balance - end of year	$ 16,835	$ 19,678

Income Taxes - Provision for In

Income Taxes - Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 67,649	$ 55,239	$ 82,832
State	10,984	4,792	9,815
Foreign	(49)	169	239
Total current provision	78,584	60,200	92,886
Deferred:
Federal	32,422	46,145	7,269
State	2,198	9,647	718
Foreign	20	(170)	(13)
Total deferred provision	34,640	55,622	7,974
Provision for income tax expense	$ 113,224	$ 115,822	$ 100,860

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax expense at federal rate	21%	21%	21%
Increase (decrease) resulting from:
State tax, net of federal income tax benefit	2.80%	3%	2.80%
Tax credits	(0.60%)	(0.80%)	(1.10%)
Provision for uncertain federal and state tax matters	0%	(0.10%)	(0.20%)
Basis difference	(0.60%)	0%	0%
Change in valuation allowance	(0.50%)	0%	0%
Other	(0.30%)	(0.30%)	(0.20%)
Effective tax rate	21.80%	22.80%	22.30%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Deferred revenue	$ 27,410	$ 21,593
Student loans	20,569	19,776
Accrued expenses	10,824	10,712
State tax credit carryforwards	9,431	8,546
Stock compensation	5,345	4,027
Lease liability	3,432	3,685
Net operating losses	2,613	2,410
Debt and equity investments	1,430	0
Total gross deferred tax assets	81,054	70,749
Less state tax valuation allowance	(161)	(2,084)
Net deferred tax assets	80,893	68,665
Deferred tax liabilities:
Partnership basis	99,184	100,428
Basis in certain derivative contracts	65,224	15,927
Depreciation	11,306	15,264
Loan origination services	3,264	4,930
Lease right of use asset	3,073	3,317
Intangible assets	1,474	4,772
Securitization	363	128
Debt and equity investments	0	12,859
Other	2,679	1,665
Total gross deferred tax liabilities	186,567	159,290
Net deferred tax asset (liability)	$ (105,674)	$ (90,625)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Income tax allocation to segments, percent	24%

Segment Reporting - Reportable

Segment Reporting - Reportable Operating Segments Reconciled to Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total interest income			$ 742,806	$ 523,835	$ 619,656
Interest expense			430,137	176,233	330,071
Net interest income			312,669	347,602	289,585
Less provision (negative provision) for loan losses			46,441	(12,426)	63,360
Net interest income after provision for loan losses			266,228	360,028	226,225
Other income (expense):
Intersegment revenue			0	0	0
Other, net			25,486	78,681	57,561
Gain on sale of loans, net			2,903	18,715	33,023
Gain from deconsolidation of ALLO	$ 258,600		0	0	258,588
Impairment expense and provision for beneficial interests, net			(15,523)	(16,360)	(24,723)
Derivative settlements, net			32,943	(21,367)	3,679
Derivative market value adjustments, net			231,691	92,813	(28,144)
Total other income (expense)			1,246,045	977,079	1,110,384
Cost of services:
Cost of services			168,374	108,660	105,018
Operating expenses:
Salaries and benefits			589,579	507,132	501,832
Depreciation and amortization			74,077	73,741	118,699
Other expenses			170,778	145,469	160,574
Intersegment expenses, net			0	0	0
Total operating expenses			834,434	726,342	781,105
Income before income taxes			509,465	502,105	450,486
Income Tax Expense (Benefit)			(113,224)	(115,822)	(100,860)
Net income			396,241	386,283	349,626
Net loss attributable to noncontrolling interests			11,106	7,003	2,817
Net income attributable to Nelnet, Inc.			407,347	393,286	352,443
Total assets	22,646,160	$ 19,374,044	19,374,044	21,678,041	22,646,160
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income			2,722	137	436
Interest expense			44	94	121
Net interest income			2,678	43	315
Less provision (negative provision) for loan losses			0	0	0
Net interest income after provision for loan losses			2,678	43	315
Other income (expense):
Intersegment revenue			33,170	33,956	36,520
Other, net			2,543	3,307	9,421
Gain on sale of loans, net			0	0	0
Gain from deconsolidation of ALLO			0	0	0
Impairment expense and provision for beneficial interests, net			(5,511)	(13,243)	0
Derivative settlements, net			0	0	0
Derivative market value adjustments, net			0	0	0
Total other income (expense)			565,661	510,383	497,502
Cost of services:
Cost of services			0	0	0
Operating expenses:
Salaries and benefits			344,809	297,406	285,526
Depreciation and amortization			24,255	25,649	37,610
Other expenses			59,674	52,720	57,420
Intersegment expenses, net			75,145	72,206	63,886
Total operating expenses			503,883	447,981	444,442
Income before income taxes			64,456	62,445	53,375
Income Tax Expense (Benefit)			(15,470)	(14,987)	(12,810)
Net income			48,986	47,458	40,565
Net loss attributable to noncontrolling interests			0	0	0
Net income attributable to Nelnet, Inc.			48,986	47,458	40,565
Total assets	190,297	273,072	273,072	296,618	190,297
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income			9,377	1,075	3,036
Interest expense			0	0	54
Net interest income			9,377	1,075	2,982
Less provision (negative provision) for loan losses			0	0	0
Net interest income after provision for loan losses			9,377	1,075	2,982
Other income (expense):
Intersegment revenue			81	12	20
Other, net			0	0	373
Gain on sale of loans, net			0	0	0
Gain from deconsolidation of ALLO			0	0	0
Impairment expense and provision for beneficial interests, net			(2,239)	0	0
Derivative settlements, net			0	0	0
Derivative market value adjustments, net			0	0	0
Total other income (expense)			406,385	338,246	282,589
Cost of services:
Cost of services			148,403	108,660	82,206
Operating expenses:
Salaries and benefits			133,428	112,046	98,847
Depreciation and amortization			10,184	11,404	9,459
Other expenses			30,104	19,318	14,566
Intersegment expenses, net			19,538	15,180	14,293
Total operating expenses			193,254	157,948	137,165
Income before income taxes			74,105	72,713	66,200
Income Tax Expense (Benefit)			(17,785)	(17,451)	(15,888)
Net income			56,320	55,262	50,312
Net loss attributable to noncontrolling interests			(3)	0	0
Net income attributable to Nelnet, Inc.			56,317	55,262	50,312
Total assets	436,702	484,976	484,976	443,788	436,702
Operating Segments | Communications
Segment Reporting Information [Line Items]
Total interest income					2
Interest expense					0
Net interest income					2
Less provision (negative provision) for loan losses					0
Net interest income after provision for loan losses					2
Other income (expense):
Intersegment revenue					0
Other, net					1,561
Gain on sale of loans, net					0
Gain from deconsolidation of ALLO					0
Impairment expense and provision for beneficial interests, net					0
Derivative settlements, net					0
Derivative market value adjustments, net					0
Total other income (expense)					78,204
Cost of services:
Cost of services					22,812
Operating expenses:
Salaries and benefits					30,935
Depreciation and amortization					42,588
Other expenses					13,327
Intersegment expenses, net					1,732
Total operating expenses					88,582
Income before income taxes					(33,188)
Income Tax Expense (Benefit)					7,965
Net income					(25,223)
Net loss attributable to noncontrolling interests					0
Net income attributable to Nelnet, Inc.					(25,223)
Total assets	0				0
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income			676,557	506,901	611,474
Interest expense			411,900	172,918	328,157
Net interest income			264,657	333,983	283,317
Less provision (negative provision) for loan losses			44,601	(13,220)	63,029
Net interest income after provision for loan losses			220,056	347,203	220,288
Other income (expense):
Intersegment revenue			0	0	0
Other, net			21,170	34,306	7,189
Gain on sale of loans, net			2,903	18,715	33,023
Gain from deconsolidation of ALLO			0	0	0
Impairment expense and provision for beneficial interests, net			0	2,436	(16,607)
Derivative settlements, net			32,943	(21,367)	3,679
Derivative market value adjustments, net			231,691	92,813	(28,144)
Total other income (expense)			288,707	126,903	(860)
Cost of services:
Cost of services			0	0	0
Operating expenses:
Salaries and benefits			2,524	2,135	1,747
Depreciation and amortization			0	0	0
Other expenses			16,835	13,487	15,806
Intersegment expenses, net			34,679	34,868	39,172
Total operating expenses			54,038	50,490	56,725
Income before income taxes			454,725	423,616	162,703
Income Tax Expense (Benefit)			(109,134)	(101,668)	(39,049)
Net income			345,591	321,948	123,654
Net loss attributable to noncontrolling interests			0	0	0
Net income attributable to Nelnet, Inc.			345,591	321,948	123,654
Total assets	20,773,968	15,945,762	15,945,762	18,965,371	20,773,968
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income			25,973	7,721	414
Interest expense			11,055	1,507	41
Net interest income			14,918	6,214	373
Less provision (negative provision) for loan losses			1,840	794	330
Net interest income after provision for loan losses			13,078	5,420	43
Other income (expense):
Intersegment revenue			0	0	0
Other, net			2,625	713	48
Gain on sale of loans, net			0	0	0
Gain from deconsolidation of ALLO			0	0	0
Impairment expense and provision for beneficial interests, net			(214)	0	0
Derivative settlements, net			0	0	0
Derivative market value adjustments, net			0	0	0
Total other income (expense)			2,411	713	48
Cost of services:
Cost of services			0	0	0
Operating expenses:
Salaries and benefits			6,948	5,042	36
Depreciation and amortization			15	0	0
Other expenses			3,925	1,776	135
Intersegment expenses, net			244	107	0
Total operating expenses			11,132	6,925	171
Income before income taxes			4,357	(792)	(80)
Income Tax Expense (Benefit)			(1,013)	175	20
Net income			3,344	(617)	(60)
Net loss attributable to noncontrolling interests			0	0	0
Net income attributable to Nelnet, Inc.			3,344	(617)	(60)
Total assets	216,937	918,716	918,716	535,948	216,937
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income			42,576	9,801	5,775
Interest expense			21,538	3,515	3,178
Net interest income			21,038	6,286	2,597
Less provision (negative provision) for loan losses			0	0	0
Net interest income after provision for loan losses			21,038	6,286	2,597
Other income (expense):
Intersegment revenue			0	0	0
Other, net			(853)	40,356	38,969
Gain on sale of loans, net			0	0	0
Gain from deconsolidation of ALLO			0	0	258,588
Impairment expense and provision for beneficial interests, net			(7,559)	(5,553)	(8,116)
Derivative settlements, net			0	0	0
Derivative market value adjustments, net			0	0	0
Total other income (expense)			16,131	34,803	289,441
Cost of services:
Cost of services			19,971	0	0
Operating expenses:
Salaries and benefits			101,870	90,502	84,741
Depreciation and amortization			39,623	36,682	29,043
Other expenses			60,240	58,173	59,320
Intersegment expenses, net			(96,355)	(88,393)	(82,543)
Total operating expenses			105,378	96,964	90,561
Income before income taxes			(88,180)	(55,875)	201,477
Income Tax Expense (Benefit)			30,178	18,109	(41,098)
Net income			(58,002)	(37,766)	160,379
Net loss attributable to noncontrolling interests			11,109	7,003	2,817
Net income attributable to Nelnet, Inc.			(46,893)	(30,763)	163,196
Total assets	1,225,790	2,406,965	2,406,965	1,963,032	1,225,790
Eliminations
Segment Reporting Information [Line Items]
Total interest income			(14,399)	(1,800)	(1,480)
Interest expense			(14,399)	(1,800)	(1,480)
Net interest income			0	0	0
Less provision (negative provision) for loan losses			0	0	0
Net interest income after provision for loan losses			0	0	0
Other income (expense):
Intersegment revenue			(33,251)	(33,968)	(36,540)
Other, net			0	0	0
Gain on sale of loans, net			0	0	0
Gain from deconsolidation of ALLO			0	0	0
Impairment expense and provision for beneficial interests, net			0	0	0
Derivative settlements, net			0	0	0
Derivative market value adjustments, net			0	0	0
Total other income (expense)			(33,251)	(33,968)	(36,540)
Cost of services:
Cost of services			0	0	0
Operating expenses:
Salaries and benefits			0	0	0
Depreciation and amortization			0	0	0
Other expenses			0	0	0
Intersegment expenses, net			(33,251)	(33,968)	(36,540)
Total operating expenses			(33,251)	(33,968)	(36,540)
Income before income taxes			0	0	0
Income Tax Expense (Benefit)			0	0	0
Net income			0	0	0
Net loss attributable to noncontrolling interests			0	0	0
Net income attributable to Nelnet, Inc.			0	0	0
Total assets	$ (197,534)	(655,447)	(655,447)	(526,716)	(197,534)
Loan servicing and systems
Other income (expense):
Revenue			535,459	486,363	451,561
Loan servicing and systems | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue			535,459	486,363	451,561
Loan servicing and systems | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue			0	0	0
Loan servicing and systems | Operating Segments | Communications
Other income (expense):
Revenue					0
Loan servicing and systems | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue			0	0	0
Loan servicing and systems | Operating Segments | Nelnet Bank
Other income (expense):
Revenue			0	0	0
Loan servicing and systems | Corporate and Other Activities
Other income (expense):
Revenue			0	0	0
Loan servicing and systems | Eliminations
Other income (expense):
Revenue			0	0	0
Education technology, services, and payment processing
Other income (expense):
Revenue			408,543	338,234	282,196
Cost of services:
Cost of services			148,403	108,660	82,206
Education technology, services, and payment processing | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Education technology, services, and payment processing | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue			408,543	338,234	282,196
Cost of services:
Cost of services			148,403	108,660	82,206
Education technology, services, and payment processing | Operating Segments | Communications
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Education technology, services, and payment processing | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Education technology, services, and payment processing | Operating Segments | Nelnet Bank
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Education technology, services, and payment processing | Corporate and Other Activities
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Education technology, services, and payment processing | Eliminations
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Communications
Other income (expense):
Revenue			0	0	76,643
Cost of services:
Cost of services			0	0	22,812
Communications | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Communications | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Communications | Operating Segments | Communications
Other income (expense):
Revenue					76,643
Cost of services:
Cost of services					22,812
Communications | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Communications | Operating Segments | Nelnet Bank
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Communications | Corporate and Other Activities
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Communications | Eliminations
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Solar construction
Other income (expense):
Revenue		$ 24,543	24,543	0	0
Cost of services:
Cost of services			19,971	0	0
Solar construction | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Solar construction | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Solar construction | Operating Segments | Communications
Other income (expense):
Revenue					0
Cost of services:
Cost of services					0
Solar construction | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Solar construction | Operating Segments | Nelnet Bank
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			0	0	0
Solar construction | Corporate and Other Activities
Other income (expense):
Revenue			24,543	0	0
Cost of services:
Cost of services			19,971	0	0
Solar construction | Eliminations
Other income (expense):
Revenue			0	0	0
Cost of services:
Cost of services			$ 0	$ 0	$ 0

Disaggregated Revenue and Def_3

Disaggregated Revenue and Deferred Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue				$ 76,643
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue				58,029
Business revenue
Disaggregation of Revenue [Line Items]
Revenue				18,038
Other
Disaggregation of Revenue [Line Items]
Revenue				576
Solar construction revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 24,543
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenue	16,891
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	7,495
Other
Disaggregation of Revenue [Line Items]
Revenue	157
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue		$ 535,459	$ 486,363	451,561
Government loan servicing
Disaggregation of Revenue [Line Items]
Revenue		423,066	360,793	326,670
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue		49,210	47,302	32,492
FFELP loan servicing
Disaggregation of Revenue [Line Items]
Revenue		16,016	18,281	20,183
Software services
Disaggregation of Revenue [Line Items]
Revenue		33,409	34,600	41,999
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue		13,758	25,387	30,217
Education technology, services, and payment processing
Disaggregation of Revenue [Line Items]
Revenue		408,543	338,234	282,196
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue		110,802	103,970	100,674
Payment processing
Disaggregation of Revenue [Line Items]
Revenue		148,212	127,080	114,304
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue		146,679	105,975	66,716
Other
Disaggregation of Revenue [Line Items]
Revenue		2,850	1,209	502
Communications revenue
Disaggregation of Revenue [Line Items]
Revenue				76,643
Internet
Disaggregation of Revenue [Line Items]
Revenue				48,362
Television
Disaggregation of Revenue [Line Items]
Revenue				17,091
Telephone
Disaggregation of Revenue [Line Items]
Revenue				11,037
Other
Disaggregation of Revenue [Line Items]
Revenue				153
Solar construction revenue
Disaggregation of Revenue [Line Items]
Revenue	24,543	$ 24,543	$ 0	$ 0
Solar construction
Disaggregation of Revenue [Line Items]
Revenue	24,386
Operations and maintenance
Disaggregation of Revenue [Line Items]
Revenue	$ 157

Disaggregated Revenue and Def_4

Disaggregated Revenue and Deferred Revenue - Components of Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Income/gains from investments, net	$ 51,552	$ 91,593	$ 56,402
Borrower late fee income	$ 10,809	3,444	5,194
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other, net
ALLO preferred return	$ 8,584	8,427	386
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other, net
Administration/sponsor fee income	$ 7,898	3,656	10
Loss from solar investments	1,231	(6,775)	1,924
Other	15,519	12,761	16,261
Other, net	25,486	78,681	57,561
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(67,966)	(42,148)	(3,565)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(9,479)	(10,132)	(37,423)
Investment advisory services
Disaggregation of Revenue [Line Items]
Investment advisory services / Management fee revenue	6,026	7,773	10,875
Management fee revenue
Disaggregation of Revenue [Line Items]
Investment advisory services / Management fee revenue	$ 2,543	$ 3,307	$ 9,421

Disaggregated Revenue and Def_5

Disaggregated Revenue and Deferred Revenue - Deferred Revenue Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 41,170	$ 36,196	$ 39,646
Deferral of revenue	154,656	120,935	139,478
Recognition of revenue	(145,086)	(115,961)	(140,422)
Deconsolidation of ALLO			(3,925)
Business acquisition	5,914		1,419
Ending balance	56,654	41,170	36,196
Corporate and Other Activities
Contract With Customer, Liability [Roll Forward]
Beginning balance	2,010	1,551	1,628
Deferral of revenue	13,963	5,775	3,209
Recognition of revenue	(12,940)	(5,316)	(3,286)
Deconsolidation of ALLO			0
Business acquisition	1,997		0
Ending balance	5,030	2,010	1,551
Loan Servicing and Systems | Operating Segments
Contract With Customer, Liability [Roll Forward]
Beginning balance	2,416	1,378	2,712
Deferral of revenue	2,607	5,882	2,490
Recognition of revenue	(2,713)	(4,844)	(3,824)
Deconsolidation of ALLO			0
Business acquisition	0		0
Ending balance	2,310	2,416	1,378
Education Technology, Services, and Payment Processing | Operating Segments
Contract With Customer, Liability [Roll Forward]
Beginning balance	36,744	33,267	32,074
Deferral of revenue	138,086	109,278	90,183
Recognition of revenue	(129,433)	(105,801)	(90,409)
Deconsolidation of ALLO			0
Business acquisition	3,917		1,419
Ending balance	49,314	36,744	33,267
Communications | Operating Segments
Contract With Customer, Liability [Roll Forward]
Beginning balance	0	0	3,232
Deferral of revenue	0	0	43,596
Recognition of revenue	0	0	(42,903)
Deconsolidation of ALLO			(3,925)
Business acquisition	0		0
Ending balance	$ 0	$ 0	$ 0

Major Customer (Details)

Major Customer (Details) $ in Thousands, borrower in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) borrower	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Government loan servicing
Concentration Risk [Line Items]
Revenue | $	$ 423,066	$ 360,793	$ 326,670
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark
Concentration Risk [Line Items]
Number of borrowers | borrower	15.8

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease ROU assets, which is included in "other assets" on the consolidated balance sheets	$ 14,852	$ 14,314
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating lease liabilities, which is included in "other liabilities" on the consolidated balance sheets	$ 16,414	$ 15,899
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

Leases - Lease Expense, Cash Fl

Leases - Lease Expense, Cash Flow Information, Weighted Average Remaining Lease Term, and Discount Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 6,841	$ 9,386	$ 13,882
Weighted average remaining lease term	6 years 3 days	5 years 1 month 24 days
Weighted average discount rate	3.90%	3.23%
Other Income (Expense), Other, Net
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 6,841	$ 9,386	11,885
Communications services
Lessee, Lease, Description [Line Items]
Total operating rental expense	$ 0	$ 0	$ 1,997

Leases - Lease Liability Maturi

Leases - Lease Liability Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 5,154
2024	2,808
2025	2,458
2026	2,096
2027	2,004
2028 and thereafter	4,200
Total lease payments	18,720
Imputed interest	(2,306)
Total	$ 16,414	$ 15,899

Defined Contribution Benefit _2

Defined Contribution Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Benefit Plan [Line Items]
Maximum annual employee contribution percentage	100%
Defined contribution plan cost	$ 12.9	$ 11.2	$ 11.7
Employer Match on Employee Contributions up to Three Percent of Employee Salary
Defined Contribution Benefit Plan [Line Items]
Employer match percentage	100%
Employer Match on Employee Contributions Between Three and Five Percent of Employee Salary
Defined Contribution Benefit Plan [Line Items]
Employer match percentage	50%
Maximum Employee Contribution Percentage Eligible for 100 Percent Employer Match
Defined Contribution Benefit Plan [Line Items]
Maximum annual employee contribution percentage	3%
Maximum Employee Contribution Percentage Eligible for 50 Percent Employer Match After 100 Percent Employer Match
Defined Contribution Benefit Plan [Line Items]
Maximum annual employee contribution percentage	2%

Stock Based Compensation Plan_2

Stock Based Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Activity
Non-vested shares at beginning of year (in shares)	660,166	552,456	549,845
Granted (in shares)	272,212	249,096	151,639
Vested (in shares)	(136,076)	(116,842)	(114,282)
Canceled (in shares)	(43,680)	(24,544)	(34,746)
Non-vested shares at end of year (in shares)	752,622	660,166	552,456

Stock Based Compensation Plan_3

Stock Based Compensation Plans - Unrecognized Compensation Costs (Details) - Restricted Stock $ in Thousands	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 29,518
2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	11,268
2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	7,056
2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	4,469
2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	2,706
2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	1,619
2028 and thereafter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,400

Stock Based Compensation Plan_4

Stock Based Compensation Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price as of purchase date	15%
Director stock at lower cost	85%
Expense related to directors compensation plan	$ 1.7	$ 1.4	$ 1.2
Shares Issued - Deferred
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director stock, cumulative deferred shares (in shares)	171,132
Restricted Stock | Salaries and Benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 13.9	10.4	7.3
Employee Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.1	$ 0.2	$ 0.4
Shares issued (in shares)	26,011	24,205	36,687

Stock Based Compensation Plan_5

Stock Based Compensation Plans - Non-employee Directors Compensation Plan (Details) - Nonemployee - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Goods and Nonemployee Services Transaction [Line Items]
Shares issued under non-employee director plan (in shares)	24,798	22,030	29,253
Shares issued - not deferred
Share-based Goods and Nonemployee Services Transaction [Line Items]
Shares issued under non-employee director plan (in shares)	11,861	9,958	12,740
Shares issued- deferred
Share-based Goods and Nonemployee Services Transaction [Line Items]
Shares issued under non-employee director plan (in shares)	12,937	12,072	16,513

Related Parties - Narrative (De

Related Parties - Narrative (Details)		12 Months Ended
	Feb. 06, 2023 USD ($)	Dec. 31, 2022 USD ($) ft² shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2019 USD ($)	Oct. 29, 2019 USD ($)	May 01, 2018 USD ($)
Related Party Transaction [Line Items]
Loans purchased, net premium paid			$ 400,000	$ 2,600,000
Loans and accrued interest receivable		$ 15,243,889,000	18,335,197,000
Promissory note		14,785,283,000	17,824,087,000
Restricted cash - due to customers		294,311,000	326,645,000	283,971,000		$ 437,756,000
Total interest income		742,806,000	523,835,000	619,656,000
Bank deposits		$ 691,322,000	344,315,000
Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag		commercial rent and storage income
Subsidiaries
Related Party Transaction [Line Items]
Payment for insurance claims		$ 1,300,000	1,500,000	1,000,000
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, Union Bank established trusts
Related Party Transaction [Line Items]
Amount invested in funds		2,600,000,000
Revenue from related party		$ 4,900,000	6,300,000	9,800,000
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, Union Bank established trusts | Minimum
Related Party Transaction [Line Items]
Basis points earned		0.10%
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, Union Bank established trusts | Maximum
Related Party Transaction [Line Items]
Basis points earned		0.25%
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, other related party established trusts
Related Party Transaction [Line Items]
Basis points earned		0.05%
Revenue from related party		$ 216,000	213,000	141,000
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, other related party established trusts | Class A
Related Party Transaction [Line Items]
Number of shares for which related party is investment advisor | shares		578,607
Union Bank and Whitetail Rock Capital Management (WRCM) - management agreement, other related party established trusts | Class B
Related Party Transaction [Line Items]
Number of shares for which related party is investment advisor | shares		4,600,000
SLABS Fund-I, SLABS Fund-II, SLABS Fund-III, SLABS Fund-IV, and SLABS Fund-V
Related Party Transaction [Line Items]
Basis points earned		0.50%
Amount invested in funds		$ 137,800,000
TDP Phase III | Notes Payable to Banks | Promissory Note
Related Party Transaction [Line Items]
Promissory note					$ 20,000,000
Interest rate					5.85%
Union Bank and Trust Company | SLABS Fund-I, SLABS Fund-II, SLABS Fund-III, SLABS Fund-IV, and SLABS Fund-V
Related Party Transaction [Line Items]
Percentage of basis points paid		50%
Fees paid		$ 300,000	300,000	300,000
401 Building | Union Bank and Trust Company
Related Party Transaction [Line Items]
Notes receivable								$ 1,500,000
Related party note receivable, interest rate								6%
330-333 | Union Bank and Trust Company
Related Party Transaction [Line Items]
Notes receivable							$ 162,000
Related party note receivable, interest rate							6%
West Center | Union Bank and Trust Company
Related Party Transaction [Line Items]
Notes receivable							$ 2,900,000
Related party note receivable, interest rate							3.85%
401 Building
Related Party Transaction [Line Items]
Ownership percentage		50%
330-333
Related Party Transaction [Line Items]
Ownership percentage		50%
West Center
Related Party Transaction [Line Items]
Ownership percentage		33.33%
TDP Phase III
Related Party Transaction [Line Items]
Ownership percentage		25%
Loan servicing and systems
Related Party Transaction [Line Items]
Revenue		$ 535,459,000	486,363,000	451,561,000
Communications
Related Party Transaction [Line Items]
Revenue		0	0	76,643,000
Union Bank and Trust Company
Related Party Transaction [Line Items]
Loans purchased, net premium paid		200,000
Loans and accrued interest receivable		203,400,000	262,600,000	331,300,000
Amount of participation, FFELP student loans		734,700,000	967,500,000
Maximum participation to Union Bank FFELP loans		900,000,000
Amount of participation, student loan asset-backed securities		395,400,000	254,000,000
Cash and cash equivalents - held at a related party		362,000,000	380,200,000
Restricted cash - due to customers		268,400,000	284,800,000
Total interest income		$ 1,200,000	200,000	500,000
Square footage leased to related party (in square feet) | ft²		4,100
Bank deposits		$ 355,300,000	184,900,000
Lease income		82,000	81,000	80,000
Union Bank and Trust Company | Cash Management | Paid to Union Bank
Related Party Transaction [Line Items]
Related party selling, general and administrative expense		177,000	280,000	279,000
Union Bank and Trust Company | 401K Plan Administrative Fees | Paid to Union Bank
Related Party Transaction [Line Items]
Related party selling, general and administrative expense		793,000	766,000	447,000
Union Bank and Trust Company | Loan servicing and systems
Related Party Transaction [Line Items]
Revenue		400,000	500,000	700,000
Union Bank and Trust Company | Administration service fees
Related Party Transaction [Line Items]
Revenue		2,100,000	3,500,000	1,300,000
Union Bank and Trust Company | Communications | Received from Union Bank
Related Party Transaction [Line Items]
Revenue				273,000
Union Bank and Trust Company | Employee Sharing Arrangement | Received from Union Bank
Related Party Transaction [Line Items]
Other revenue from related party		342,000	342,000	317,000
Affiliated Entity | Loan Origination Purchase Agreement
Related Party Transaction [Line Items]
Marketing, origination and servicing fees		$ 100,000	100,000	2,000,000
Affiliated Entity | FFELP Participation Agreement, Termination Notice Period | Union Bank and Trust Company
Related Party Transaction [Line Items]
Related party transaction period		5 days
Affiliated Entity | Call Center Services Provided
Related Party Transaction [Line Items]
Related party transaction		$ 0	400,000	0
Affiliated Entity | Ownership Interest After Purchase Of Stock From Related Party Stockholders | Subsequent Event
Related Party Transaction [Line Items]
Related party transaction	$ 31,500,000
Affiliated Entity | Payment For Use Of Cafeteria
Related Party Transaction [Line Items]
Related party transaction		$ 158,000
Agile Sports Technologies, Inc.
Related Party Transaction [Line Items]
Ownership percentage, cost method investment		19.30%
Agile Sports Technologies, Inc. | Mr. Dunlap
Related Party Transaction [Line Items]
Ownership percentage, related party		3.80%
Assurity Life Insurance Company | Payment For Insurance Premiums
Related Party Transaction [Line Items]
Related party transaction		$ 2,000,000	2,100,000	1,800,000
Assurity Life Insurance Company | Reinsurance Premiums Paid For By Related Party
Related Party Transaction [Line Items]
Related party transaction		1,700,000	1,800,000	1,400,000
Assurity Life Insurance Company | Annual Insurance Claim Refund
Related Party Transaction [Line Items]
Related party transaction		51,000	41,000	64,000
Private Education Loans | Union Bank and Trust Company
Related Party Transaction [Line Items]
Loans purchased		$ 8,100,000	$ 22,300,000	$ 144,900,000

Related Parties - Management an

Related Parties - Management and Performance Fees under a Management Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Affiliated Entity | Investment in Limited Liability Companies Investing in Renewable Energy | Farmers & Merchants Investment Inc.
Related Party Transaction [Line Items]
Investment amount	$ 3,487,000	$ 7,913,000	$ 4,600,000
Affiliated Entity | Investment in Limited Liability Companies Investing in Renewable Energy | North Central Bancorp, Inc.
Related Party Transaction [Line Items]
Investment amount	0	2,466,667	1,533,333
Affiliated Entity | Investment in Limited Liability Companies Investing in Renewable Energy | Infovisa, Inc.
Related Party Transaction [Line Items]
Investment amount	507,781	562,600	0
Affiliated Entity | Investment in Limited Liability Companies Investing in Renewable Energy | Farm and Home Insurance Agency Inc.
Related Party Transaction [Line Items]
Investment amount	0	116,667	383,333
Affiliated Entity | Earned Management and Performance Fees | Farmers & Merchants Investment Inc.
Related Party Transaction [Line Items]
Related party transaction	123,077	29,491	46,154
Affiliated Entity | Earned Management and Performance Fees | North Central Bancorp, Inc.
Related Party Transaction [Line Items]
Related party transaction	30,769	14,958	15,385
Affiliated Entity | Earned Management and Performance Fees | Infovisa, Inc.
Related Party Transaction [Line Items]
Related party transaction	8,369	1,923	0
Affiliated Entity | Earned Management and Performance Fees | Farm and Home Insurance Agency Inc.
Related Party Transaction [Line Items]
Related party transaction	3,846	962	3,846
Director | Investment in Limited Liability Companies Investing in Renewable Energy | Assurity Life Insurance Company
Related Party Transaction [Line Items]
Investment amount	2,195,790	5,421,659	1,150,000
Director | Earned Management and Performance Fees | Assurity Life Insurance Company
Related Party Transaction [Line Items]
Related party transaction	$ 67,956	$ 16,027	$ 11,538

Related Parties - Solar Funding

Related Parties - Solar Funding (Details) - Affiliated Entity	12 Months Ended
	Dec. 31, 2022 USD ($)
Office space - Palatine, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 287,000
Loan amount outstanding as of December 31, 2022	$ 284,661
Fixed interest rate	6.05%
Warehouse - Elk Grove Village, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 332,000
Loan amount outstanding as of December 31, 2022	$ 290,929
Fixed interest rate	5.35%
Warehouse - Indianapolis, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 168,000
Loan amount outstanding as of December 31, 2022	$ 161,075
Fixed interest rate	3.55%
Solarfield - Round Lake, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 900,000
Loan amount outstanding as of December 31, 2022	$ 899,909
Fixed interest rate	5%
Solarfield - Round Lake, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 1,700,000
Loan amount outstanding as of December 31, 2022	$ 1,746,000
Fixed interest rate	5%
Solarfield - St. Charles, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 2,300,000
Loan amount outstanding as of December 31, 2022	$ 600,000
Fixed interest rate	5%
Solarfield - St. Charles, Illinois
Related Party Transaction [Line Items]
Original loan amount	$ 600,000
Loan amount outstanding as of December 31, 2022	$ 2,204,809
Fixed interest rate	5%

Fair Value - Fair Value, Assets

Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Fair value	$ 1,428,119	$ 1,001,655
Total assets	1,428,119	1,001,655
FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	798,211	494,682
Private education loan asset-backed securities - available for sale
Financial assets:
Fair value	308,284	412,552
Other debt securities - available for sale
Financial assets:
Fair value	282,542	22,435
Equity securities
Financial assets:
Fair value	6,719	63,154
Equity securities measured at net asset value
Financial assets:
Fair value	32,363	8,832
Level 1
Financial assets:
Fair value	6,819	63,254
Total assets	6,819	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 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	6,719	63,154
Level 2
Financial assets:
Fair value	1,388,937	929,569
Total assets	1,388,937	929,569
Level 2 | FFELP loan asset-backed debt securities - available-for-sale
Financial assets:
Fair value	798,211	494,682
Level 2 | Private education loan asset-backed securities - available for sale
Financial assets:
Fair value	308,284	412,552
Level 2 | Other debt securities - available for sale
Financial assets:
Fair value	282,442	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	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Loans receivable	$ 15,243,889	$ 18,335,197
Accrued loan interest receivable	816,864	788,552
Cash and cash equivalents	118,146	125,563	$ 121,249	$ 133,906
Notes receivable	31,106	0
Restricted cash - due to customers	294,311	326,645	$ 283,971	$ 437,756
Financial liabilities:
Accrued interest payable	36,049	4,566
Bank deposits	691,322	344,315
Due to customers	348,317	366,002
Fair value
Financial assets:
Loans receivable	14,586,794	18,576,272
Accrued loan interest receivable	816,864	788,552
Cash and cash equivalents	118,146	125,563
Notes receivable	31,106
Investments (at fair value)	1,428,119	1,001,655
Beneficial interest in loan securitizations	162,360	142,391
Restricted cash	945,159	741,981
Restricted cash - due to customers	294,311	326,645
Financial liabilities:
Bonds and notes payable	14,088,666	17,819,902
Accrued interest payable	36,049	4,566
Bank deposits	664,573	342,463
Due to customers	348,317	366,002
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	118,146	125,563
Notes receivable	0
Investments (at fair value)	6,819	63,254
Beneficial interest in loan securitizations	0	0
Restricted cash	945,159	741,981
Restricted cash - due to customers	294,311	326,645
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	355,282	184,897
Due to customers	348,317	366,002
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	816,864	788,552
Cash and cash equivalents	0	0
Notes receivable	31,106
Investments (at fair value)	1,388,937	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	14,088,666	17,819,902
Accrued interest payable	36,049	4,566
Bank deposits	309,291	157,566
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	14,586,794	18,576,272
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Notes receivable	0
Investments (at fair value)	0	0
Beneficial interest in loan securitizations	162,360	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	14,427,025	17,546,645
Accrued loan interest receivable	816,864	788,552
Cash and cash equivalents	118,146	125,563
Notes receivable	31,106
Investments (at fair value)	1,428,119	1,001,655
Beneficial interest in loan securitizations	138,738	120,142
Restricted cash	945,159	741,981
Restricted cash - due to customers	294,311	326,645
Financial liabilities:
Bonds and notes payable	14,637,195	17,631,089
Accrued interest payable	36,049	4,566
Bank deposits	691,322	344,315
Due to customers	$ 348,317	$ 366,002

Condensed Parent Company Fina_3

Condensed Parent Company Financial Statements - Condensed Parent Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Total cash and cash equivalents	$ 118,146	$ 125,563	$ 121,249	$ 133,906
Restricted cash	945,159	741,981	553,175	650,939
Other assets	102,842	82,887
Total assets	19,374,044	21,678,041	22,646,160
Liabilities:
Other liabilities	461,259	379,231
Total liabilities	16,174,142	18,725,203
Nelnet, Inc. shareholders' equity:
Additional paid-in capital	1,109	1,000
Retained earnings	3,234,844	2,940,523
Accumulated other comprehensive (loss) earnings, net	(37,366)	9,304
Total Nelnet, Inc. shareholders' equity	3,198,959	2,951,206
Noncontrolling interests	943	1,632
Total equity	3,199,902	2,952,838	$ 2,628,349	$ 2,391,094
Total liabilities and equity	19,374,044	21,678,041
Parent Company
Assets:
Total cash and cash equivalents	27,201	47,434
Investments and notes receivable	1,464,583	1,236,933
Investment in subsidiary debt	410,191	374,087
Restricted cash	114,820	107,103
Investment in subsidiaries	2,200,344	1,986,136
Notes receivable from subsidiaries	67,012	314
Other assets	108,983	123,716
Total assets	4,393,134	3,875,723
Liabilities:
Notes payable, net of debt issuance costs	960,358	734,881
Other liabilities	233,536	189,317
Total liabilities	1,193,894	924,198
Nelnet, Inc. shareholders' equity:
Common stock	372	379
Additional paid-in capital	1,109	1,000
Retained earnings	3,234,844	2,940,523
Accumulated other comprehensive (loss) earnings, net	(37,366)	9,304
Total Nelnet, Inc. shareholders' equity	3,198,959	2,951,206
Noncontrolling interests	281	319
Total equity	3,199,240	2,951,525
Total liabilities and equity	$ 4,393,134	$ 3,875,723

Condensed Parent Company Fina_4

Condensed Parent Company Financial Statements - Condensed Parent Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment interest		$ 91,601	$ 41,498	$ 24,543
Interest expense on bonds and notes payable and bank deposits		430,137	176,233	330,071
Net interest income		312,669	347,602	289,585
Other income (expense):
Other, net		25,486	78,681	57,561
Gain (loss) from debt repurchases, net		2,903	18,715	33,023
Gain from deconsolidation of ALLO	$ 258,600	0	0	258,588
Derivative market value adjustments and derivative settlements, net		264,634	71,446	(24,465)
Total other income (expense)		1,246,045	977,079	1,110,384
Operating expenses		834,434	726,342	781,105
Income before income taxes		509,465	502,105	450,486
Income tax expense		113,224	115,822	100,860
Net income		396,241	386,283	349,626
Net (loss) income attributable to noncontrolling interests		11,106	7,003	2,817
Net income attributable to Nelnet, Inc.		407,347	393,286	352,443
Parent Company
Investment interest		50,465	12,455	4,110
Interest expense on bonds and notes payable and bank deposits		21,489	3,515	3,179
Net interest income		28,976	8,940	931
Other income (expense):
Other, net		(43,949)	45,291	48,688
Gain (loss) from debt repurchases, net		1,324	(6,530)	1,962
Equity in subsidiaries income		228,169	313,451	132,101
Gain from deconsolidation of ALLO		0	0	258,588
Impairment expense		(6,561)	(4,637)	(7,784)
Derivative market value adjustments and derivative settlements, net		264,634	71,446	(24,465)
Total other income (expense)		443,617	419,021	409,090
Operating expenses		14,552	7,632	14,006
Income before income taxes		458,041	420,329	396,015
Income tax expense		50,732	27,101	43,577
Net income		407,309	393,228	352,438
Net (loss) income attributable to noncontrolling interests		38	58	5
Net income attributable to Nelnet, Inc.		$ 407,347	$ 393,286	$ 352,443

Condensed Parent Company Fina_5

Condensed Parent Company Financial Statements - Condensed Parent Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 396,241	$ 386,283	$ 349,626
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(58,946)	6,921	6,637
Reclassification of gains recognized in net income, net of losses	(5,902)	(2,695)	(2,521)
Income tax effect	15,564	(1,014)	(986)
Unrealized gains (losses) during period after reclassifications and tax	(49,284)	3,212	3,130
Net changes related to equity method investee's other comprehensive income:
Gain on cash flow hedges	3,452	0	0
Income tax effect	(829)	0	0
Net changes related to equity method investee's other comprehensive, after income tax effect	2,623	0	0
Other comprehensive (loss) income	(46,670)	3,202	3,130
Comprehensive income	349,571	389,485	352,756
Comprehensive loss attributable to noncontrolling interests	11,106	7,003	2,817
Comprehensive income attributable to Nelnet, Inc.	360,677	396,488	355,573
Parent Company
Net income	407,309	393,228	352,438
Net changes related to equity in subsidiaries other comprehensive income	(11,713)	6,692	0
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(42,793)	(4,220)	6,637
Reclassification of gains recognized in net income, net of losses	(3,894)	(372)	(2,521)
Income tax effect	11,205	1,102	(986)
Unrealized gains (losses) during period after reclassifications and tax	(35,482)	(3,490)	3,130
Net changes related to equity method investee's other comprehensive income:
Gain on cash flow hedges	691	0	0
Income tax effect	(166)	0	0
Net changes related to equity method investee's other comprehensive, after income tax effect	525	0	0
Other comprehensive (loss) income	(46,670)	3,202	3,130
Comprehensive income	360,639	396,430	355,568
Comprehensive loss attributable to noncontrolling interests	38	58	5
Comprehensive income attributable to Nelnet, Inc.	$ 360,677	$ 396,488	$ 355,573

Condensed Parent Company Fina_6

Condensed Parent Company Financial Statements - Condensed Parent Statements of Cash Flows (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income attributable to Nelnet, Inc.		$ 407,347	$ 393,286	$ 352,443
Net loss attributable to noncontrolling interest		(11,106)	(7,003)	(2,817)
Net income		396,241	386,283	349,626
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		176,248	132,325	198,473
Derivative market value adjustments		231,691	92,813	(28,144)
Payments to terminate derivative instruments, net		91,786	0	0
Proceeds from (payments to) clearinghouse - initial and variation margin, net		148,691	91,294	(26,747)
Gain from deconsolidation of ALLO, including cash impact		0	0	(287,579)
(Gain) loss from repurchases of debt, net		(1,231)	6,775	(1,924)
Loss (gain) on investments, net		24,643	(3,811)	(14,055)
Proceeds from sale (purchases) of equity securities, net		42,841	(42,916)	0
Deferred income tax expense		34,640	55,622	7,974
Non-cash compensation expense		14,176	10,673	16,739
Other, net		723	0	186
Decrease (increase) in other assets		(11,275)	39,439	59,182
Increase in other liabilities		40,001	29,775	35,907
Net cash provided by operating activities		684,059	480,328	349,100
Cash flows from investing activities, net of business acquisitions:
Purchases of available-for-sale securities		(1,029,438)	(734,817)	(471,510)
Proceeds from sales of available-for-sale securities		511,124	160,976	173,784
Proceeds from other investments		65,369	191,821	13,011
Net cash provided by investing activities		2,272,027	1,185,935	621,219
Cash flows from financing activities, net of business acquisitions:
Payments on notes payable		(4,339,164)	(3,683,770)	(3,129,485)
Proceeds from issuance of notes payable		1,301,554	1,947,559	1,884,689
Payments of debt issuance costs		(3,795)	(7,093)	(8,674)
Dividends paid		(36,608)	(34,457)	(31,778)
Repurchases of common stock		(97,685)	(58,111)	(73,358)
Proceeds from issuance of common stock		1,633	1,465	1,653
Acquisition of noncontrolling interest		0	0	(600)
Issuance of noncontrolling interests		55,777	50,716	205,768
Net cash used in financing activities		(2,792,499)	(1,430,348)	(1,234,525)
Net increase (decrease) in cash, cash equivalents, and restricted cash		163,427	235,794	(264,206)
Cash, cash equivalents, and restricted cash, beginning of period		1,194,189	958,395	1,222,601
Cash, cash equivalents, and restricted cash, end of period		1,357,616	1,194,189	958,395
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		350,662	152,173	301,570
Cash disbursements made for income taxes, net of refunds and credits received	[1]	57,705	18,659	29,685
Parent Company
Net income attributable to Nelnet, Inc.		407,347	393,286	352,443
Net loss attributable to noncontrolling interest		(38)	(58)	(5)
Net income		407,309	393,228	352,438
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		619	591	534
Derivative market value adjustments		(231,691)	(92,813)	28,144
Payments to terminate derivative instruments, net		91,786	0	0
Proceeds from (payments to) clearinghouse - initial and variation margin, net		148,691	91,294	(26,747)
Equity in earnings of subsidiaries		(228,169)	(313,451)	(132,101)
Gain from deconsolidation of ALLO, including cash impact		0	0	(287,579)
(Gain) loss from repurchases of debt, net		(1,324)	6,530	(1,962)
Loss (gain) on investments, net		51,175	721	(46,019)
Proceeds from sale (purchases) of equity securities, net		42,841	(42,916)	0
Deferred income tax expense		39,997	47,423	23,747
Non-cash compensation expense		14,176	10,673	16,739
Impairment expense		6,561	4,637	7,784
Other, net		0	0	(329)
Decrease (increase) in other assets		16,140	(9,108)	(17,410)
Increase in other liabilities		10,590	1,784	26,009
Net cash provided by operating activities		368,701	98,593	(56,752)
Cash flows from investing activities, net of business acquisitions:
Purchases of available-for-sale securities		(713,681)	(640,644)	(342,563)
Proceeds from sales of available-for-sale securities		435,937	133,286	168,555
Proceeds from beneficial interest in consumer loan securitization		345	0	0
Capital distributions from subsidiaries, net		7,340	294,578	99,830
(Increase) decrease in notes receivable from subsidiaries		(66,698)	20,895	21,343
Purchases of subsidiary debt, net		(36,104)	(335,184)	(25,085)
Purchases of other investments		(122,236)	(110,184)	(54,637)
Proceeds from other investments		20,358	129,899	8,564
Net cash provided by investing activities		(474,739)	(507,354)	(123,993)
Cash flows from financing activities, net of business acquisitions:
Payments on notes payable		(7,002)	(126,530)	(20,381)
Proceeds from issuance of notes payable		233,194	619,259	190,520
Payments of debt issuance costs		(10)	(1,286)	(49)
Dividends paid		(36,608)	(34,457)	(31,778)
Repurchases of common stock		(97,685)	(58,111)	(73,358)
Proceeds from issuance of common stock		1,633	1,465	1,653
Acquisition of noncontrolling interest		0	0	(600)
Issuance of noncontrolling interests		0	0	194,985
Net cash used in financing activities		93,522	400,340	260,992
Net increase (decrease) in cash, cash equivalents, and restricted cash		(12,516)	(8,421)	80,247
Cash, cash equivalents, and restricted cash, beginning of period		154,537	162,958	82,711
Cash, cash equivalents, and restricted cash, end of period		142,021	154,537	162,958
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		14,649	2,301	2,577
Cash disbursements made for income taxes, net of refunds and credits received		57,705	18,659	29,685
Noncash operating, investing, and financing activity:
Contributions of investments to subsidiaries, net		$ (6,068)	$ (835)	$ 49,066
[1]For 2022, 2021, and 2020 the Company utilized $11.2 million, $34.1 million, and $53.9 million of federal and state tax credits, respectively, related primarily to renewable energy.

Uncategorized Items - nni-20221

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]
Operating Segments [Member] | Loan Servicing And Systems Segment [Member]
Goodwill	us-gaap_Goodwill	$ 23,639,000
Operating Segments [Member] | Nelnet Bank [Member]
Goodwill	us-gaap_Goodwill	0
Operating Segments [Member] | Education Technology Services And Payment Processing Services Segment [Member]
Goodwill	us-gaap_Goodwill	76,570,000
Operating Segments [Member] | Asset Generation And Management Segment [Member]
Goodwill	us-gaap_Goodwill	41,883,000
Corporate, Non-Segment [Member]
Goodwill	us-gaap_Goodwill	$ 0