Nelnet (NNI) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-31924
Entity Registrant Name	NELNET, INC.
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	84-0748903
Entity Address, Address Line One	121 South 13th Street, Suite 100
Entity Address, City or Town	Lincoln,
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68508
City Area Code	402
Local Phone Number	458-2370
Title of 12(b) Security	Class A Common Stock, Par Value $0.01 per Share
Trading Symbol	NNI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001258602
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,620,622
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,668,460

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $134,704 and $131,827, respectively)	$ 14,561,108	$ 15,243,889
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	26,539	24,584
Cash and cash equivalents - held at a related party	161,035	93,562
Total cash and cash equivalents	187,574	118,146
Investments and notes receivable	1,987,570	2,111,917
Restricted cash	576,267	945,159
Restricted cash - due to customers	134,202	294,311
Accounts receivable (net of allowance for doubtful accounts of $3,841 and $3,079, respectively)	151,172	194,851
Goodwill	176,902	176,902
Intangible assets, net	60,788	63,501
Property and equipment, net	132,628	122,526
Other assets	114,398	102,842
Total assets	18,082,609	19,374,044
Liabilities:
Bonds and notes payable	13,438,416	14,637,195
Accrued interest payable	34,374	36,049
Bank deposits	675,767	691,322
Other liabilities	430,099	461,259
Due to customers	280,624	348,317
Total liabilities	14,859,280	16,174,142
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	4,639	1,109
Retained earnings	3,251,677	3,234,844
Accumulated other comprehensive loss, net	(27,006)	(37,366)
Total Nelnet, Inc. shareholders' equity	3,229,683	3,198,959
Noncontrolling interests	(6,354)	943
Total equity	3,223,329	3,199,902
Total liabilities and equity	18,082,609	19,374,044
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $134,704 and $131,827, respectively)	13,911,681	14,585,491
Cash and cash equivalents:
Restricted cash	540,675	867,961
Liabilities:
Bonds and notes payable	13,222,429	14,233,586
Common stock:
Accrued interest payable and other liabilities	(140,221)	(145,309)
Net assets of consolidated education and other lending variable interest entities	1,089,706	1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,623,662 shares and 26,461,651 shares, respectively
Common stock:
Common stock	266	265
Class B, convertible, $0.01 par value. Authorized 60,000,000 shares; issued and outstanding 10,668,460 shares
Common stock:
Common stock	$ 107	$ 107

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for loan losses	$ 134,704	$ 131,827
Allowance for doubtful accounts	$ 3,841	$ 3,079
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	50,000,000	50,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, outstanding shares (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	600,000,000	600,000,000
Shares issued (in shares)	26,623,662	26,461,651
Shares outstanding (in shares)	26,623,662	26,461,651
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	60,000,000	60,000,000
Shares issued (in shares)	10,668,460	10,668,460
Shares outstanding (in shares)	10,668,460	10,668,460

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Loan interest	$ 225,243	$ 111,377
Investment interest	40,725	13,819
Total interest income	265,968	125,196
Interest expense on bonds and notes payable and bank deposits	199,449	48,079
Net interest income	66,519	77,117
Less provision (negative provision) for loan losses	34,275	(435)
Net interest income after provision for loan losses	32,244	77,552
Other income (expense):
Other, net	(14,071)	9,877
Gain on sale of loans, net	11,812	2,989
Derivative market value adjustments and derivative settlements, net	(14,074)	142,925
Total other income (expense)	265,148	404,445
Total cost of services	56,003	35,545
Operating expenses:
Salaries and benefits	152,710	149,414
Depreciation and amortization	16,627	16,956
Other expenses	40,785	39,499
Total operating expenses	210,122	205,869
Income before income taxes	31,267	240,583
Income tax expense	8,250	55,697
Net income	23,017	184,886
Net loss attributable to noncontrolling interests	3,470	1,761
Net income attributable to Nelnet, Inc.	$ 26,487	$ 186,647
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 0.71	$ 4.91
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 0.71	$ 4.91
Weighted-average common shares outstanding - basic (in shares)	37,344,604	38,041,834
Weighted-average common shares outstanding - diluted (in shares)	37,344,604	38,041,834
Loan servicing and systems revenue
Other income (expense):
Revenue	$ 139,227	$ 136,368
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	133,603	112,286
Total cost of services	47,704	35,545
Solar construction revenue
Other income (expense):
Revenue	8,651	0
Total cost of services	$ 8,299	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 23,017	$ 184,886
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	(3)	9
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net	8,651	(16,698)
Reclassification of losses (gains) recognized in net income, net	4,982	(2,793)
Income tax effect	(3,272)	4,678
Unrealized gains (losses) during period after reclassifications and tax	10,361	(14,813)
Net changes related to equity method investee's other comprehensive income:
Gain on cash flow hedges	2	0
Income tax effect	0	0
Net changes related to equity method investee's other comprehensive, after income tax effect	2	0
Other comprehensive income (loss)	10,360	(14,804)
Comprehensive income	33,377	170,082
Comprehensive loss attributable to noncontrolling interests	3,470	1,761
Comprehensive income attributable to Nelnet, Inc.	$ 36,847	$ 171,843

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred stock	Common stock Common Class A	Common stock Common Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2021		0	27,239,654	10,676,642
Beginning balance at Dec. 31, 2021	$ 2,952,838	$ 0	$ 272	$ 107	$ 1,000	$ 2,940,523	$ 9,304	$ 1,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	2,004							2,004
Net income (loss)	184,886					186,647		(1,761)
Other comprehensive income (loss)	(14,804)						(14,804)
Distribution to noncontrolling interests	(5,125)							(5,125)
Cash dividend on Class A and Class B common stock	(9,063)					(9,063)
Issuance of common stock, net of forfeitures (in shares)			289,919
Issuance of common stock, net of forfeitures	4,385		$ 3		4,382
Compensation expense for stock based awards	2,841				2,841
Repurchase of common stock (in shares)			(380,053)
Repurchase of common stock	(32,899)		$ (3)		(7,015)	(25,881)
Conversion of common stock (in shares)			1,750	(1,750)
Conversion of common stock	0
Ending balance (in shares) at Mar. 31, 2022		0	27,151,270	10,674,892
Ending balance at Mar. 31, 2022	3,085,063	$ 0	$ 272	$ 107	1,208	3,092,226	(5,500)	(3,250)
Beginning balance (in shares) at Dec. 31, 2022		0	26,461,651	10,668,460
Beginning balance at Dec. 31, 2022	3,199,902	$ 0	$ 265	$ 107	1,109	3,234,844	(37,366)	943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	1,201							1,201
Net income (loss)	23,017					26,487		(3,470)
Other comprehensive income (loss)	10,360						10,360
Distribution to noncontrolling interests	(5,028)							(5,028)
Cash dividend on Class A and Class B common stock	(9,654)					(9,654)
Issuance of common stock, net of forfeitures (in shares)			198,524
Issuance of common stock, net of forfeitures	3,064		$ 1		3,063
Compensation expense for stock based awards	3,769				3,769
Repurchase of common stock (in shares)			(36,513)
Repurchase of common stock	(3,302)				(3,302)
Ending balance (in shares) at Mar. 31, 2023		0	26,623,662	10,668,460
Ending balance at Mar. 31, 2023	$ 3,223,329	$ 0	$ 266	$ 107	$ 4,639	$ 3,251,677	$ (27,006)	$ (6,354)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 26,487	$ 186,647
Net loss attributable to noncontrolling interests		(3,470)	(1,761)
Net income		23,017	184,886
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		34,211	36,335
Loan discount accretion		(7,676)	(9,927)
Provision (negative provision) for loan losses		34,275	(435)
Derivative market value adjustments		37,411	(145,734)
Proceeds from termination of derivative instruments		164,079	0
(Payments to) proceeds from clearinghouse - initial and variation margin, net		(210,284)	149,649
Gain on sale of loans, net		(11,812)	(2,989)
Loss on investments, net		24,344	2,801
Proceeds from sale of equity securities, net		75	572
Deferred income tax (benefit) expense		(13,750)	39,443
Non-cash compensation expense		3,838	2,920
Decrease in loan and investment accrued interest receivable		16,630	10,694
Decrease in accounts receivable		43,675	18,442
Increase in other assets, net		(9,760)	(2,073)
Decrease in the carrying amount of ROU asset, net		1,251	1,439
(Decrease) increase in accrued interest payable		(1,675)	2,650
Decrease in other liabilities		(3,729)	(11,824)
Decrease in the carrying amount of lease liability		(1,275)	(1,500)
Net cash provided by operating activities		122,845	275,349
Cash flows from investing activities:
Purchases and originations of loans		(289,177)	(161,334)
Purchases of loans from a related party		0	(1,049)
Net proceeds from loan repayments, claims, and capitalized interest		684,962	848,188
Proceeds from sale of loans		157,444	15,170
Purchases of available-for-sale securities		(242,370)	(139,195)
Proceeds from sales of available-for-sale securities		492,173	113,980
Proceeds from beneficial interest in loan securitizations		4,725	7,271
Purchases of other investments and issuance of notes receivable		(70,509)	(73,944)
Proceeds from other investments		11,114	9,776
Purchases of property and equipment		(24,430)	(15,794)
Net cash provided by investing activities		723,932	603,069
Cash flows from financing activities:
Payments on bonds and notes payable		(1,415,424)	(918,270)
Proceeds from issuance of bonds and notes payable		204,884	13,512
Payments of debt issuance costs		(169)	(312)
(Decrease) increase in bank deposits, net		(15,555)	139,732
Decrease in due to customers		(67,642)	(89,884)
Dividends paid		(9,654)	(9,063)
Repurchases of common stock		(3,302)	(32,899)
Proceeds from issuance of common stock		395	435
Issuance of noncontrolling interests		1,201	2,004
Distribution to noncontrolling interests		(993)	(365)
Net cash used in financing activities		(1,306,259)	(895,110)
Effect of exchange rate changes on cash		(91)	169
Net decrease in cash, cash equivalents, and restricted cash		(459,573)	(16,523)
Cash, cash equivalents, and restricted cash, beginning of period		1,357,616	1,194,189
Cash, cash equivalents, and restricted cash, end of period		898,043	1,177,666
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		189,795	33,895
Cash disbursements made for income taxes, net of refunds and credits received	[1]	961	466
Cash disbursements made for operating leases		1,705	1,887
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		15,545	746
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans		34,540	3,660
Receipt of asset-backed investment securities as consideration from sale of loans		58,182	0
Distribution to noncontrolling interests		$ 4,035	$ 4,760
[1]The Company utilized $5.7 million and $1.1 million of federal and state tax credits related primarily to renewable energy during the three months ended March 31, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 5,700	$ 1,100
Cash and cash equivalents:
Total cash and cash equivalents	187,574	162,785
Restricted cash	576,267	757,954
Restricted cash - due to customers	134,202	256,927
Cash, cash equivalents, and restricted cash	$ 898,043	$ 1,177,666

Basis of Financial Reporting

Basis of Financial Reporting	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	Basis of Financial ReportingThe accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report").

Loans and Accrued Interest Rece

Loans and Accrued Interest Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans and Accrued Interest Receivable and Allowance for Loan Losses	Loans and Accrued Interest Receivable and Allowance for Loan Losses Loans and accrued interest receivable consisted of the following: As of As of March 31, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,229,778 3,389,178 Consolidation 9,701,781 10,177,295 Total 12,931,559 13,566,473 Private education loans 241,515 252,383 Consumer and other loans 309,546 350,915 Non-Nelnet Bank loans 13,482,620 14,169,771 Nelnet Bank: Federally insured loans 63,399 65,913 Private education loans 355,705 353,882 Consumer and other loans 19,903 — Nelnet Bank loans 439,007 419,795 Accrued interest receivable 800,400 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (26,215) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (79,331) (83,593) Private education loans (15,175) (15,411) Consumer and other loans (35,317) (30,263) Non-Nelnet Bank allowance for loan losses (129,823) (129,267) Nelnet Bank: Federally insured loans (160) (170) Private education loans (2,894) (2,390) Consumer and other loans (1,827) — Nelnet Bank allowance for loan losses (4,881) (2,560) $ 14,561,108 15,243,889 The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios. As of As of March 31, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.61 % 0.62 % Private education loans 6.28 % 6.11 % Consumer and other loans 11.41 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.81 % 0.68 % Consumer and other loans 9.18 % — (a) As of March 31, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 22.3% and 22.4%, respectively, and for Nelnet Bank was 10.1% and 10.3%, respectively. 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 summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Three months ended March 31, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,132 8,966 Consumer 24.6 (a) March 22 145 (63) Home equity — $ 261,902 11,812 Three months ended March 31, 2022 January 26 $ 18,125 2,989 Consumer 6.6 % (a) In addition to receiving a residual interest in the securitizations, the Company also received $14.5 million and $43.7 million of asset-backed investment securities as part of the January 31 and March 2 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet. Activity in the Allowance for Loan Losses The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration Loan sales Balance at end of period Three months ended March 31, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (6,679) — 6 — 79,331 Private education loans 15,411 240 (640) 164 — — 15,175 Consumer and other loans 30,263 29,207 (2,267) 220 — (22,106) 35,317 Nelnet Bank: Federally insured loans 170 (9) (1) — — — 160 Private education loans 2,390 614 (110) — — — 2,894 Consumer and other loans — 1,827 — — — — 1,827 $ 131,827 34,290 (9,697) 384 6 (22,106) 134,704 Three months ended March 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (2,748) (4,761) — 123 — 95,995 Private education loans 16,143 (400) (1,299) 176 — 2 14,622 Consumer and other loans 6,481 2,284 (937) 166 — (2,284) 5,710 Nelnet Bank: Federally insured loans 268 (21) — — — — 247 Private education loans 840 426 (13) — — (2) 1,251 $ 127,113 (459) (7,010) 342 123 (2,284) 117,825 The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios. Three months ended March 31, 2023 2022 Non-Nelnet Bank: Federally insured loans 0.20 % 0.11 % Private education loans 0.78 % 1.58 % Consumer and other loans 2.59 % 7.40 % Nelnet Bank: Federally insured loans 0.01 % 0.00 % Private education loans 0.13 % 0.02 % Consumer and other loans — — The Company recorded a provision for loan losses for the three months ended March 31, 2023 due to (i) management's estimate of declining economic conditions as of March 31, 2023 in comparison to management's estimate of economic conditions used to determine the allowance for loan losses as of December 31, 2022; 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. The Company recorded a negative provision for loan losses for its federally insured loan portfolio for the three months ended March 31, 2022 due to the amortization of the portfolio and an increase in expected prepayments as a result of an initiative offered by the Department of Education (the “Department”) for Federal Family Education Loan Program (the "FFEL Program" or FFELP) borrowers to consolidate their loans into Federal Direct Loan Program loans with the Department by October 31, 2022 to qualify for loan forgiveness under the Public Service Loan Forgiveness program. The Company recorded a provision for loan losses on its consumer loan portfolio during the three months ended March 31, 2022 as a result of loans acquired during the period. Unfunded Loan Commitments As of March 31, 2023, Nelnet Bank has a liability of approximately $71,000 related to $2.5 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 three months ended March 31, 2023 and 2022, Nelnet Bank recognized negative provision for loan losses of approximately $15,000 and provision for loan losses of approximately $24,000, respectively, related to unfunded loan commitments. Loan Modifications to Borrowers Experiencing Financial Difficulty On January 1, 2023, the Company adopted ASU No. 2022-02, Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the troubled debt restructurings recognition and measurement guidance and instead requires an entity to evaluate whether the modification represents a new loan or a continuation of an existing loan. The guidance also enhances the disclosure requirements for certain modifications of receivables made to borrowers experiencing financial difficulty and vintage disclosures reflecting gross charge-offs by year of origination. Under the Higher Education Act, FFELP loan borrowers may be granted a deferment or forbearance for a period of time based on need. In addition, eligible borrowers may qualify for income-driven repayment plans offered by the Department. Because FFELP loan modifications are driven by the Higher Education Act, the Company does not consider these events as part of its loan modification programs. Administrative forbearances (e.g. bankruptcy, military service, death and disability, and disaster forbearance) are required by law and therefore are also not considered as part of the Company's loan modification programs. The Company does offer payment delays in the form of deferments or forbearances on certain private education and consumer loan programs for short-term periods. The Company generally considers payment delays to be insignificant when the delay is 3 months or less. The amortized cost of the Company’s private education and consumer loans in which the borrower is experiencing financial difficulty and the financial effect of such loan modifications is not material. 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 following table presents the Company’s loan status and delinquency amounts. As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 641,914 5.0 % $ 637,919 4.7 % $ 839,566 5.2 % Loans in forbearance 984,738 7.6 1,103,181 8.1 1,160,048 7.1 Loans in repayment status: Loans current 9,859,751 87.2 % 10,173,859 86.0 % 12,352,543 86.4 % Loans delinquent 31-60 days 346,665 3.1 415,305 3.5 462,750 3.2 Loans delinquent 61-90 days 254,353 2.2 253,565 2.2 282,810 2.0 Loans delinquent 91-120 days 178,078 1.6 180,029 1.5 202,371 1.4 Loans delinquent 121-270 days 440,695 3.9 534,410 4.5 712,753 5.0 Loans delinquent 271 days or greater 225,365 2.0 268,205 2.3 282,536 2.0 Total loans in repayment 11,304,907 87.4 100.0 % 11,825,373 87.2 100.0 % 14,295,763 87.7 100.0 % Total federally insured loans 12,931,559 100.0 % 13,566,473 100.0 % 16,295,377 100.0 % Accrued interest receivable 791,476 808,150 770,853 Loan discount, net of unamortized premiums and deferred origination costs (32,626) (35,468) (27,317) Allowance for loan losses (79,331) (83,593) (95,995) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 13,611,078 $ 14,255,562 $ 16,942,918 As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 12,218 5.1 % $ 12,756 5.1 % $ 10,226 3.7 % Loans in forbearance 2,698 1.1 2,017 0.8 2,838 1.0 Loans in repayment status: Loans current 220,921 97.5 % 232,539 97.9 % 260,911 98.3 % Loans delinquent 31-60 days 2,014 0.9 2,410 1.0 1,699 0.6 Loans delinquent 61-90 days 931 0.4 767 0.3 1,040 0.4 Loans delinquent 91 days or greater 2,733 1.2 1,894 0.8 1,823 0.7 Total loans in repayment 226,599 93.8 100.0 % 237,610 94.1 100.0 % 265,473 95.3 100.0 % Total private education loans 241,515 100.0 % 252,383 100.0 % 278,537 100.0 % Accrued interest receivable 2,277 2,146 1,898 Loan premium, net of unaccreted discount 79 (38) (598) Allowance for loan losses (15,175) (15,411) (14,622) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 228,696 $ 239,080 $ 265,215 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 40 0.0 % $ 109 0.0 % $ 72 0.2 % Loans in repayment status: Loans current 304,414 98.3 % 346,812 98.9 % 43,424 97.3 % Loans delinquent 31-60 days 2,037 0.7 1,906 0.5 255 0.5 Loans delinquent 61-90 days 1,236 0.4 764 0.2 304 0.7 Loans delinquent 91 days or greater 1,819 0.6 1,324 0.4 658 1.5 Total loans in repayment 309,506 100.0 100.0 % 350,806 100.0 100.0 % 44,641 99.8 100.0 % Total consumer and other loans 309,546 100.0 % 350,915 100.0 % 44,713 100.0 % Accrued interest receivable 3,288 3,658 374 Loan premium, net of unaccreted discount 913 (588) 1,040 Allowance for loan losses (35,317) (30,263) (5,710) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 278,430 $ 323,722 $ 40,417 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 151 0.3 % $ 241 0.4 % $ 286 0.3 % Loans in forbearance 1,046 1.6 981 1.5 948 1.2 Loans in repayment status: Loans current 60,895 97.9 % 63,225 97.8 % 80,421 98.6 % Loans delinquent 30-59 days 514 0.8 436 0.7 402 0.5 Loans delinquent 60-89 days 120 0.2 466 0.7 427 0.5 Loans delinquent 90-119 days 255 0.4 222 0.3 90 0.1 Loans delinquent 120-270 days 319 0.5 183 0.3 157 0.2 Loans delinquent 271 days or greater 99 0.2 159 0.2 58 0.1 Total loans in repayment 62,202 98.1 100.0 % 64,691 98.1 100.0 % 81,555 98.5 100.0 % Total federally insured loans 63,399 100.0 % 65,913 100.0 % 82,789 100.0 % Accrued interest receivable 1,857 1,758 1,231 Loan premium 18 20 25 Allowance for loan losses (160) (170) (247) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 65,114 $ 67,521 $ 83,798 As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 17,021 4.8 % $ 11,580 3.3 % $ 497 0.2 % Loans in forbearance 681 0.2 864 0.2 317 0.1 Loans in repayment status: Loans current 336,967 99.7 % 340,830 99.8 % 284,081 99.8 % Loans delinquent 30-59 days 388 0.1 167 0.1 422 0.2 Loans delinquent 60-89 days 536 0.2 32 0.0 78 0.0 Loans delinquent 90 days or greater 112 — 409 0.1 73 0.0 Total loans in repayment 338,003 95.0 100.0 % 341,438 96.5 100.0 % 284,654 99.7 100.0 % Total private education loans 355,705 100.0 % 353,882 100.0 % 285,468 100.0 % Accrued interest receivable 1,385 1,152 418 Deferred origination costs, net of unaccreted discount 5,400 5,360 4,593 Allowance for loan losses (2,894) (2,390) (1,251) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 359,596 $ 358,004 $ 289,228 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ — — % Loans in repayment status: Loans current 19,903 100.0 % Loans delinquent 30-59 days — — Loans delinquent 60-89 days — — Loans delinquent 90 days or greater — — Total loans in repayment 19,903 100.0 100.0 % Total consumer and other loans 19,903 100.0 % Accrued interest receivable 117 Loan premium 1 Allowance for loan losses (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 18,194 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation. FICO Scores - Nelnet Bank Private Education Loans An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of March 31, 2023 Three months ended March 31, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 836 5,956 5,258 344 12,394 705 - 734 2,657 23,313 9,979 536 36,485 735 - 764 2,874 35,250 16,284 1,419 55,827 765 - 794 1,413 56,325 29,900 1,579 89,217 Greater than 794 3,006 86,055 66,882 5,839 161,782 $ 10,786 206,899 128,303 9,717 355,705 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 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 and March 31, 2023, 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 March 31, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Three months ended March 31, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,780 5,581 1,284 2,080 1,493 12,218 Loans in forbearance — — 79 804 808 1,007 2,698 Loans in repayment status: Loans current 116 4,009 4,057 51,441 40,385 120,913 220,921 Loans delinquent 31-60 days — 14 19 103 252 1,626 2,014 Loans delinquent 61-90 days — — — — 71 860 931 Loans delinquent 91 days or greater — — 5 35 441 2,252 2,733 Total loans in repayment 116 4,023 4,081 51,579 41,149 125,651 226,599 Total private education loans $ 116 5,803 9,741 53,667 44,037 128,151 241,515 Accrued interest receivable 2,277 Loan premium, net of unaccreted discount 79 Allowance for loan losses (15,175) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 228,696 Gross charge-offs - three months ended March 31, 2023 $ — — — — 171 469 640 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — — 24 — 16 — 40 Loans in repayment status: Loans current 185,920 109,009 6,692 498 1,354 941 304,414 Loans delinquent 31-60 days 89 1,593 337 — 10 8 2,037 Loans delinquent 61-90 days — 1,085 84 38 26 3 1,236 Loans delinquent 91 days or greater — 1,112 141 55 186 325 1,819 Total loans in repayment 186,009 112,799 7,254 591 1,576 1,277 309,506 Total consumer and other loans $ 186,009 112,799 7,278 591 1,592 1,277 309,546 Accrued interest receivable 3,288 Loan premium, net of unaccreted discount 913 Allowance for loan losses (35,317) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 278,430 Gross charge-offs - three months ended March 31, 2023 $ — 1,868 245 27 46 81 2,267 Three months ended March 31, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 1,863 12,915 1,117 1,126 — — 17,021 Loans in forbearance — 485 196 — — — 681 Loans in repayment status: Loans current 8,913 192,723 126,740 8,591 — — 336,967 Loans delinquent 30-59 days 10 247 131 — — — 388 Loans delinquent 60-89 days — 481 55 — — — 536 Loans delinquent 90 days or greater — 48 64 — — — 112 Total loans in repayment 8,923 193,499 126,990 8,591 — — 338,003 Total private education loans $ 10,786 206,899 128,303 9,717 — — 355,705 Accrued interest receivable 1,385 Deferred origination costs, net of unaccreted discount 5,400 Allowance for loan losses (2,894) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 359,596 Gross charge-offs - three months ended March 31, 2023 $ — 110 — — — — 110 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ — — — — — — — Loans in repayment status: Loans current 19,259 589 55 — — — 19,903 Loans delinquent 30-59 days — — — — — — — Loans delinquent 60-89 days — — — — — — — Loans delinquent 90 days or greater — — — — — — — Total loans in repayment 19,259 589 55 — — — 19,903 Total consumer and other loans $ 19,259 589 55 — — — 19,903 Accrued interest receivable 117 Loan premium 1 Allowance for loan losses (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 18,194 Gross charge-offs - three months ended March 31, 2023 $ — — — — — — — (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable

Bonds and Notes Payable	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Bonds and Notes Payable	Bonds and Notes Payable The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2023 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 $ 11,043,945 4.93% - 6.85% 8/26/30 - 9/25/69 Bonds and notes based on auction 142,385 0.00% - 5.43% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 11,186,330 Fixed-rate bonds and notes issued in FFELP loan asset-backed 548,642 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 919,337 5.12% / 5.15% 5/22/24 Private education loan warehouse facility 47,937 5.18% 12/31/23 Consumer loan warehouse facility 82,405 5.15% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 17,808 6.40% / 6.60% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 22,145 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 311,771 5.48% 5/4/23 Repurchase agreements 432,984 5.38% - 5.85% 4/6/23 - 11/27/24 Other - due to related party 6,181 3.55% - 6.05% 3/1/24 - 11/15/30 13,575,540 Discount on bonds and notes payable and debt issuance costs (137,124) Total $ 13,438,416 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 securitizations 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% 1/4/23 - 11/27/24 Other - due to related party 6,187 3.55% - 6.05% 3/1/24 - 11/15/30 14,785,283 Discount on bonds and notes payable and debt issuance costs (148,088) Total $ 14,637,195 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 facilities On March 31, 2023, the Company’s FFELP warehouse facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. The liquidity provisions and final maturity remain through May 22, 2023 and May 22, 2024, respectively. As of March 31, 2023, $919.3 million was outstanding under this facility, $330.7 million was available for future funding, and the Company had $62.8 million advanced as equity support. Subsequent to the end of the first quarter, the Company closed on a $250.0 million FFELP warehouse facility on April 3, 2023, with liquidity provisions expiring on April 2, 2024 and a final maturity date of April 2, 2025. Private education loan warehouse facility As of March 31, 2023, the Company's private education warehouse facility had an outstanding balance of $47.9 million, liquidity provisions through June 30, 2023, a final maturity of December 31, 2023, and $19.4 million was advanced as equity support. No additional amounts can be borrowed under this facility. Consumer loan warehouse facility As of March 31, 2023, the Company's consumer loan warehouse facility 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 March 31, 2023, $82.4 million was outstanding under this facility, $167.6 million was available for future funding, and the Company had $35.2 million advanced as equity support. Unsecured Line of Credit The Company has a $495.0 million unsecured line of credit that has a maturity date of September 22, 2026. As of March 31, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use subject to certain financial covenants, including limitations on recourse indebtedness to adjusted EBITDA (over the last four rolling quarters). Of the $495.0 million availability, approximately $260 million was available for purposes other than reducing existing recourse debt due to the limitations on recourse indebtedness to adjusted EBITDA financial covenant. Participation Agreement The Company has an agreement with Union Bank and Trust Company ("Union Bank"), a related party, as trustee for various grantor trusts, under which Union Bank has agreed to purchase from the Company participation interests in FFELP loan asset-backed securities (bond investments). As of March 31, 2023, $311.8 million (par value) of FFELP loan asset-backed securities were subject to outstanding participation interests held by Union Bank, as trustee, under this agreement. The agreement automatically renews annually and is terminable by either party upon five See note 5 for additional information about the FFELP loan asset-backed securities investments serving as collateral under this participation agreement. Repurchase Agreements On May 3, 2021 and June 23, 2021, the Company entered into repurchase agreements with non-affiliated third parties, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities (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 March 31, 2023) from April 6, 2023 through November 27, 2024. Subsequent to March 31, 2023, the maturities on this agreement were extended, and as of May 8, 2023, the maturity dates vary from May 26, 2023 through November 27, 2024. 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 March 31, 2023 was $291.9 million subject to the first agreement and $141.1 million subject to the second agreement. See note 5 and below under "Debt Repurchases" for additional information about the private education and FFELP loan asset-backed securities investments, respectively, serving as collateral for these repurchase agreements. 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 March 31, 2023, no amounts were drawn on these lines of credit. 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. Three months ended March 31, 2023 2022 Purchase price $ (828) (18,454) Par value 908 18,530 Remaining unamortized cost of issuance (2) (45) Gain $ 78 31 The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of March 31, 2023, the Company holds $397.8 million (par value) of its own FFELP loan asset-backed securities. As of March 31, 2023, $197.5 million (par value) of the Company's repurchased FFELP loan asset-backed securities were serving as collateral on amounts outstanding under the Company's repurchase agreements (as discussed above). Subsequent Event

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsThe Company uses derivative financial instruments primarily to manage interest rate risk. Derivative instruments used as part of the Company's interest rate risk management strategy are further described in note 6 of the notes to consolidated financial statements included in the 2022 Annual Report. A tabular presentation of such derivatives outstanding as of March 31, 2023 and December 31, 2022 is presented below. Basis Swaps The following table summarizes the Company’s outstanding basis swaps as of March 31, 2023 and December 31, 2022, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of March 31, 2023 December 31, 2022 2023 $ — 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 3,150,000 3,900,000 The weighted average rate paid by the Company on the 1:3 Basis Swaps as of March 31, 2023 and December 31, 2022 was one-month LIBOR plus 10.1 basis points and 9.7 basis points, respectively. Interest Rate Swaps – Floor Income Hedges The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of December 31, 2022. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2024 $ 2,000,000 0.35 % 2026 500,000 1.02 2031 100,000 1.53 2032 (b) 200,000 2.92 $ 2,800,000 0.70 % (a) For the interest rate derivatives maturing in 2032, the Company was to receive payments based on Secured Overnight Financing Rate (SOFR) that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly. (b) These derivatives had forward effective start dates in November 2024. All over-the-counter derivative contracts executed by the Company are cleared post-execution at a regulated clearinghouse. 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. Through March 15, 2023, the Company had received cash or had a receivable from the clearinghouse related to variation margin equal to the fair value of the fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. To minimize the Company's exposure to market volatility, the Company terminated its entire derivative portfolio hedging loans earning fixed rate floor income ($2.8 billion in notional amount of derivatives). Consolidated Financial Statement Impact Related to Derivatives - Statements of Income The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended March 31, 2023 2022 Settlements: 1:3 basis swaps $ 859 396 Interest rate swaps - floor income hedges (a) 22,478 (3,205) Total settlements - income (expense) 23,337 (2,809) Change in fair value: 1:3 basis swaps (23) 889 Interest rate swaps - floor income hedges (a) (37,388) 144,845 Total change in fair value - (expense) income (37,411) 145,734 Derivative market value adjustments and derivative settlements, net - (expense) income $ (14,074) 142,925

Investments and Notes Receivabl

Investments and Notes Receivable	3 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable Investments and notes receivable consisted of the following: As of March 31, 2023 As of December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Available-for-sale asset-backed securities Non-Nelnet Bank: FFELP loan (a) $ 336,327 4,175 (7,926) 332,576 463,861 3,498 (11,105) 456,254 Private education loan (b) 321,120 — (26,531) 294,589 335,903 — (29,438) 306,465 Other debt securities 53,743 2,365 (803) 55,305 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 711,190 6,540 (35,260) 682,470 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 240,348 754 (3,622) 237,480 349,855 955 (8,853) 341,957 Private education loan 1,818 — (101) 1,717 1,941 — (122) 1,819 Other debt securities 152,571 14 (3,549) 149,036 131,481 18 (3,907) 127,592 Total Nelnet Bank 394,737 768 (7,272) 388,233 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,105,927 7,308 (42,532) 1,070,703 1,441,630 4,622 (57,215) 1,389,037 Equity securities 35,663 39,082 Total investments at fair value 1,106,366 1,428,119 Other Investments and Notes Receivable (not measured at fair value): Held to maturity investments Non-Nelnet Bank: Debt securities (d) 4,700 18,554 Nelnet Bank: FFELP loan asset-backed securities (c) 149,179 — Other debt securities 240 220 Total Nelnet Bank 149,419 220 Total held to maturity investments 154,119 18,774 Venture capital and funds: Measurement alternative (e) 191,731 160,052 Equity method 98,217 89,332 Total venture capital and funds 289,948 249,384 Real estate: Equity method 84,526 80,364 Investment in ALLO: Voting interest/equity method (f) 55,756 67,538 Preferred membership interest and accrued and unpaid preferred return (g) 148,175 145,926 Total investment in ALLO 203,931 213,464 Beneficial interest in loan securitizations (h): Consumer loans and other 81,399 39,249 Private education loans 72,898 75,261 Federally insured student loans 23,591 24,228 Total beneficial interest in loan securitizations 177,888 138,738 Solar (i) (66,353) (55,448) Notes receivable 30,246 31,106 Tax liens, affordable housing, and other 6,899 7,416 Total investments (not measured at fair value) 881,204 683,798 Total investments and notes receivable $ 1,987,570 $ 2,111,917 (a) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of March 31, 2023, the par value and fair value of these securities was $311.8 million and $289.1 million, respectively. (b) A portion of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under "Repurchase Agreements." As of March 31, 2023, the par value and fair value of these securities was $321.6 million and $294.6 million, respectively. (c) On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available for sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 includes pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses will be amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield. (d) On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available for sale. (e) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. 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. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of March 31, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. 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. (f) During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. During the three months ended March 31, 2023 and 2022, the Company recognized losses of $20.2 million and $13.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Income and losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of March 31, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $2.2 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.2 million and $2.1 million during the three months ended March 31, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2023, the Company's ownership correlates to approximately $585 million, $590 million, and $370 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of March 31, 2023, the Company has funded a total of $294.4 million in solar investments, which includes $115.9 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 as of March 31, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of March 31, 2023, the Company is committed to fund an additional $220.3 million on tax equity investments, of which $141.4 million is expected to be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $1.9 million and $1.0 million during the three months ended March 31, 2023 and 2022, 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 $2.7 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at March 31, 2023: As of March 31, 2023 1 year or less After 1 year through 5 years After 5 years through 10 years After 10 years Total Available-for-sale asset-backed securities Non-Nelnet Bank: FFELP loan $ 26,196 12,274 50,051 247,806 336,327 Private education loan — — — 321,120 321,120 Other debt securities — 99 — 53,644 53,743 Total Non-Nelnet Bank 26,196 12,373 50,051 622,570 711,190 Fair value 25,997 12,308 48,679 595,486 682,470 Nelnet Bank: FFELP loan 39,728 6,933 34,659 159,028 240,348 Private education loan — — — 1,818 1,818 Other debt securities — 23,084 92,316 37,171 152,571 Total Nelnet Bank 39,728 30,017 126,975 198,017 394,737 Fair value 39,139 29,704 124,228 195,162 388,233 Total available-for-sale asset-backed securities at amortized cost $ 65,924 42,390 177,026 820,587 1,105,927 Total available-for-sale asset-backed securities at fair value $ 65,136 42,012 172,907 790,648 1,070,703 Held to maturity investments Non-Nelnet Bank: Debt securities $ 4,700 — — — 4,700 Fair value 4,700 — — — 4,700 Nelnet Bank: FFELP loan asset-backed securities — — 3,797 145,382 149,179 Other debt securities 240 — — — 240 Total Nelnet Bank 240 — 3,797 145,382 149,419 Fair value 240 — 3,797 145,382 149,419 Total held-to-maturity investments at amortized cost $ 4,940 — 3,797 145,382 154,119 Total held-to-maturity investments at fair value $ 4,940 — 3,797 145,382 154,119 The following table presents the gross unrealized losses and fair value of securities classified as available for sale at March 31, 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities in the table below have been evaluated to determine if a credit loss exists. As part of that assessment, the Company concluded it currently has the intent and ability to retain these investments, and none of the unrealized losses were due to credit losses. As of March 31, 2023 Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total Available-for-sale asset-backed securities Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Non-Nelnet Bank: FFELP loan $ (5,324) 182,059 (2,602) 44,238 (7,926) 226,297 Private education loan — — (26,531) 294,590 (26,531) 294,590 Other debt securities (803) 21,462 — — (803) 21,462 Total Non-Nelnet Bank (6,127) 203,521 (29,133) 338,828 (35,260) 542,349 Nelnet Bank: FFELP loan (2,891) 155,672 (731) 37,285 (3,622) 192,957 Private education loan (101) 1,717 — — (101) 1,717 Other debt securities (3,492) 111,638 (57) 3,940 (3,549) 115,578 Total Nelnet Bank (6,484) 269,027 (788) 41,225 (7,272) 310,252 Total available-for-sale asset-backed securities $ (12,611) 472,548 (29,921) 380,053 (42,532) 852,601 As of December 31, 2022, the aggregate fair value of available-for-sale debt securities with unrealized losses was $1.2 billion. The following table summarizes the gross proceeds and gross realized gains and losses of available-for-sale asset-backed securities. Gross realized gains Gross realized losses Gross proceeds from sales Three months ended March 31, 2023 $ 1,274 (6,256) 492,173 Three months ended March 31, 2022 2,965 (172) 113,980

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2023 (months) As of As of March 31, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $57,285 and $55,116, respectively) 110 $ 49,569 51,738 Trade names (net of accumulated amortization of $882 and $617, respectively) 111 8,028 8,293 Computer software (net of accumulated amortization of $6,514 and $6,400, respectively) 49 1,406 1,520 Other (net of accumulated amortization of $655 and $490, respectively) 51 1,785 1,950 Total - amortizable intangible assets, net 107 $ 60,788 63,501 The Company recorded amortization expense on its intangible assets of $2.7 million and $2.5 million for the three months ended March 31, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2023, the Company estimates it will record amortization expense as follows: 2023 (April 1 - December 31) $ 7,648 2024 9,773 2025 8,145 2026 7,262 2027 6,736 2028 and thereafter 21,224 $ 60,788

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2023
Goodwill [Abstract]
Goodwill	Goodwill The following table presents the carrying amount of goodwill as of March 31, 2023 and December 31, 2022 by reportable operating segment: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 92,507 41,883 — 18,873 176,902

Bank Deposits

Bank Deposits	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
Bank Deposits	Bank Deposits 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, Short Term Federal Investment Trusts (STFIT), and commercial and institutional CDs. Union Bank and Trust Company (“Union Bank”), a related party, is the program manager for the College Savings plans and trustee for the STFIT Trust. 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. The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of March 31, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,714 254,817 Retail and other savings (529, STFIT, and HSA) 447,792 410,556 Retail and other CDs (commercial and institutional) 24,261 25,949 Total interest-bearing deposits $ 675,767 691,322 The following table presents certificates of deposit remaining maturities as of March 31, 2023: After two years to three years $ 65,513 After three years to four years 162,115 After four years to five years 347 Total $ 227,975 The Educational 529 College Savings, STFIT, 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 March 31, 2023 and December 31, 2022.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share The following table presents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 25,945 542 26,487 183,328 3,319 186,647 Denominator: Weighted-average common shares outstanding - basic and diluted 36,580,204 764,400 37,344,604 37,365,339 676,495 38,041,834 Earnings per share - basic and diluted $ 0.71 0.71 0.71 4.91 4.91 4.91

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting See note 17 of the notes to consolidated financial statements included in the 2022 Annual Report for a description of the Company's operating segments. The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,037 6,036 234,719 12,259 21,199 (9,282) 265,968 Interest expense — — 189,198 7,214 12,318 (9,282) 199,449 Net interest income 1,037 6,036 45,521 5,045 8,881 — 66,519 Less provision (negative provision) for loan losses — — 31,858 2,417 — — 34,275 Net interest income after provision for loan losses 1,037 6,036 13,663 2,628 8,881 — 32,244 Other income (expense): Loan servicing and systems revenue 139,227 — — — — — 139,227 Intersegment revenue 7,790 56 — — — (7,846) — Education technology, services, and payment processing revenue — 133,603 — — — — 133,603 Solar construction revenue — — — — 8,651 — 8,651 Other, net 608 — 2,845 210 (17,734) — (14,071) Gain on sale of loans, net — — 11,812 — — — 11,812 Derivative settlements, net — — 23,337 — — — 23,337 Derivative market value adjustments, net — — (37,411) — — — (37,411) Total other income (expense) 147,625 133,659 583 210 (9,083) (7,846) 265,148 Cost of services: Cost to provide education technology, services, and payment processing services — 47,704 — — — — 47,704 Cost to provide solar construction services — — — — 8,299 — 8,299 Total cost of services — 47,704 — — 8,299 — 56,003 Operating expenses: Salaries and benefits 84,560 37,913 755 2,064 27,419 — 152,710 Depreciation and amortization 4,513 2,578 — 5 9,531 — 16,627 Other expenses 13,313 8,063 5,016 782 13,611 — 40,785 Intersegment expenses, net 21,057 5,800 8,696 80 (27,787) (7,846) — Total operating expenses 123,443 54,354 14,467 2,931 22,774 (7,846) 210,122 Income (loss) before income taxes 25,219 37,637 (221) (93) (31,275) — 31,267 Income tax (expense) benefit (6,053) (9,066) 53 35 6,781 — (8,250) Net income (loss) 19,166 28,571 (168) (58) (24,494) — 23,017 Net loss attributable to noncontrolling interests — 138 — — 3,332 — 3,470 Net income (loss) attributable to Nelnet, Inc. $ 19,166 28,709 (168) (58) (21,162) — 26,487 Total assets as of March 31, 2023 $ 232,667 424,742 14,939,324 1,000,659 2,207,722 (722,505) 18,082,609 Three months ended March 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 67 339 118,598 3,030 3,992 (828) 125,196 Interest expense 24 — 46,003 856 2,026 (828) 48,079 Net interest income 43 339 72,595 2,174 1,966 — 77,117 Less provision (negative provision) for loan losses — — (864) 429 — — (435) Net interest income after provision for loan losses 43 339 73,459 1,745 1,966 — 77,552 Other income (expense): Loan servicing and systems revenue 136,368 — — — — — 136,368 Intersegment revenue 8,480 3 — — — (8,483) — Education technology, services, and payment processing revenue — 112,286 — — — — 112,286 Solar construction revenue — — — — — — — Other, net 740 — 6,511 1,500 1,125 — 9,877 Gain on sale of loans, net — — 2,989 — — — 2,989 Derivative settlements, net — — (2,809) — — — (2,809) Derivative market value adjustments, net — — 145,734 — — — 145,734 Total other income (expense) 145,588 112,289 152,425 1,500 1,125 (8,483) 404,445 Cost of services: Cost to provide education technology, services, and payment processing services — 35,545 — — — — 35,545 Cost to provide solar construction services — — — — — — — Total cost of services — 35,545 — — — — 35,545 Operating expenses: Salaries and benefits 91,972 31,286 591 1,554 24,012 — 149,414 Depreciation and amortization 4,954 2,315 — 3 9,684 — 16,956 Other expenses 16,213 5,764 3,033 682 13,804 — 39,499 Intersegment expenses, net 20,398 4,605 8,831 45 (25,396) (8,483) — Total operating expenses 133,537 43,970 12,455 2,284 22,104 (8,483) 205,869 Income (loss) before income taxes 12,094 33,113 213,429 961 (19,013) — 240,583 Income tax (expense) benefit (2,903) (7,947) (51,223) (223) 6,598 — (55,697) Net income (loss) 9,191 25,166 162,206 738 (12,415) — 184,886 Net loss attributable to noncontrolling interests — — — — 1,761 — 1,761 Net income (loss) attributable to Nelnet, Inc. $ 9,191 25,166 162,206 738 (10,654) — 186,647 Total assets as of March 31, 2022 $ 259,712 376,794 18,158,972 656,242 2,066,417 (528,396) 20,989,741

Disaggregated Revenue

Disaggregated Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	Disaggregated Revenue The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems Three months ended March 31, 2023 2022 Government loan servicing $ 108,880 109,125 Private education and consumer loan servicing 12,164 12,873 FFELP loan servicing 3,368 4,248 Software services 9,697 7,400 Outsourced services 5,118 2,722 Loan servicing and systems revenue $ 139,227 136,368 Education Technology, Services, and Payment Processing Three months ended March 31, 2023 2022 Tuition payment plan services $ 34,187 30,716 Payment processing 44,041 38,071 Education technology and services 54,787 43,251 Other 588 248 Education technology, services, and payment processing revenue $ 133,603 112,286 Solar Construction GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three months ended March 31, 2022. Three months ended March 31, 2023 Commercial revenue $ 6,234 Residential revenue 2,775 Other (358) Solar construction revenue $ 8,651 Other Income (Expense) The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income: Three months ended March 31, 2023 2022 ALLO preferred return $ 2,249 2,117 Borrower late fee income 2,247 2,431 Administration/sponsor fee income 1,772 2,123 Investment advisory services 1,612 1,282 Loss from ALLO voting membership interest investment (20,213) (13,130) Investment activity, net (3,577) 11,856 Loss from solar investments (1,947) (1,030) Other 3,786 4,228 Other, net $ (14,071) 9,877

Major Customer

Major Customer	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Major Customer	Major Customer Government Loan Servicing Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes Educational Loan Services, Inc. (Great Lakes), both subsidiaries of the Company, are two of the current six private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $108.9 million and $109.1 million for the three months ended March 31, 2023 and 2022, respectively. The Company currently licenses its hosted servicing software two of the six servicers for the Department. Contract Modifications and Award On March 22, 2023, each of Nelnet Servicing and Great Lakes received modifications of contract with an effective date of April 1, 2023 (collectively the “modifications”) from the Department. Such modifications outline the Department's amendment to the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the current prices earned by Nelnet Servicing and Great Lakes under the servicing contracts. Under the servicing contracts, Nelnet Servicing and Great Lakes earn a monthly fee from the Department for each unique borrower they service on behalf of the Department. The modifications reduce the monthly fee by $0.19 per borrower on certain borrower statuses. The Company's current 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. 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. On April 24, 2023, Nelnet Diversified Solutions, LLC (NDS), a subsidiary of the Company, received a contract award from the Department, pursuant to which NDS was selected to provide continued servicing capabilities for the Department's Office of Federal Student Aid's student aid recipients under a new USDS contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts that are currently scheduled to expire December 14, 2023. The New Government Servicing Contract is effective April 24, 2023 and has a five year base period, with 2 two-year and 1 one-year possible extensions. The Department's total loan servicing volume of more than 37 million existing borrowers will be allocated by the Department to NDS and four other servicers that were awarded a USDS contract. New Department borrowers will be allocated to the USDS servicers based on service and performance levels. Under the New Government Servicing Contract, NDS will begin immediately to make required servicing platform enhancements, for which NDS will be compensated from the Department on certain of these investments. In a press release issued on April 24, 2023 by the Department's Office of Federal Student Aid (FSA), FSA indicated that servicing under the USDS contracts will go live in 2024 and to maintain stability as the new loan servicing environment gets underway, FSA will extend the current legacy servicing contracts with the Department from December 14, 2023 to December 2024. Until servicing under the USDS contracts goes live, the Company will continue to earn revenue for servicing borrowers under its current legacy servicing contracts with the Department. The fee structure included in the new Department servicing contracts under USDS are structurally different than the current legacy servicing contracts with the Department. The USDS servicing contracts have multiple revenue components with tiered pricing based on borrower volume, while revenue earned under the legacy servicing contracts is primarily based on borrower status. Assuming borrower volume remains consistent under the USDS servicing contract, the Company expects revenue earned on a per borrower blended basis will decrease under the USDS contract versus the current legacy contracts. However, consistent with the current legacy contracts, the Company expects to earn additional revenue from the Department under the USDS servicing contract for change requests, consolidations, and other support services. As discussed below, during 2023, the Company will continue to transfer the Great Lakes direct loan servicing volume to the Nelnet servicing platform. The associated cost savings with moving government borrowers to one servicing platform will be partially offset under the USDS contract as the Company will incur additional costs for cybersecurity and other system specifications as required under the new contract. Loan Volume Transfers Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilizes Nelnet Servicing's platform to service their loans for the Department. In the fourth quarter of 2022, Nelnet Servicing and Edfinancial reached an agreement on a decommission schedule transferring Edfinancial’s direct loan servicing volume to another servicing platform. As of March 31, 2023, Edfinancial was servicing 3.5 million borrowers for the Department on the Company’s platform. In February 2023, the Department notified the Company of its intention to transfer up to one million borrowers of the Company’s existing Department servicing borrowers to another servicer, and one of the Company’s remote hosted servicing customers notified the Company the Department intends to move that customer’s servicing borrowers to a different servicing platform. As of March 31, 2023, the remote hosted servicing customer was servicing approximately 1.4 million borrowers for the Department on the Company's platform. Neither transfer decision was based on the Company’s performance. The 2023 transfers discussed above began in the first quarter of 2023 and the Company expects the transfers to be completed by the end of the second quarter of 2023. As a result of the transfers, software services revenue for remote hosted customers and government servicing revenue will decrease in future periods as borrowers are transferred off of the Company’s platform. In addition, once all remote hosted servicing transfers are complete, there will be no active Department remote hosted servicing customers using the Company’s platform. In addition, the Company continues to transfer the Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform). The Company anticipates the transfer of active borrowers to be completed by the end of the second quarter of 2023 and decommissioning of the Great Lakes' platform to be completed by the end of 2023. Therefore, potential associated cost savings as a result of transferring direct loan servicing volume to one platform will not be recognized in operating results until 2024. Department of Education Debt Relief In August 2022, the Department announced a broad based student debt relief plan that would 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 other 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. The Company cannot estimate how many borrowers meet the eligibility requirements and other terms and conditions for one-time debt relief under the Department's announcement. If there was a broad $10,000 or $20,000 per borrower forgiveness on all government owned loans, the Company estimates it would decrease the number of borrowers serviced (based on the borrower loan information as of March 31, 2023) by approximately 4.5 million borrowers and 7.7 million borrowers, respectively. The actual impact to the number of borrowers serviced may be less than these amounts due to annual income ceilings for borrowers to qualify for forgiveness and the impact of whether a Pell Grant was received on the amount of forgiveness for a borrower. Revenue earned under the current Department servicing contracts will decrease in future periods if the Department's student debt relief plan or other broad based loan forgiveness is implemented.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2023 As of December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Asset-backed debt securities - available-for-sale $ 99 1,070,604 1,070,703 100 1,388,937 1,389,037 Equity securities 91 — 91 6,719 — 6,719 Equity securities measured at net asset value (a) 35,572 32,363 Total investments 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 Total assets $ 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,919,785 13,760,708 — — 13,919,785 Accrued loan interest receivable 800,400 800,400 — 800,400 — Cash and cash equivalents 187,574 187,574 187,574 — — Investments (at fair value) 1,106,366 1,106,366 190 1,070,604 — Investments - held to maturity 154,119 154,119 — 154,119 — Notes receivable 30,246 30,246 — 30,246 — Beneficial interest in loan securitizations 201,216 177,888 — — 201,216 Restricted cash 576,267 576,267 576,267 — — Restricted cash – due to customers 134,202 134,202 134,202 — — Financial liabilities: Bonds and notes payable 12,933,378 13,438,416 — 12,933,378 — Accrued interest payable 34,374 34,374 — 34,374 — Bank deposits 647,708 675,767 391,379 256,329 — Due to customers 280,624 280,624 280,624 — — 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 — Investments - held to maturity 18,996 18,774 — 18,996 — 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 — — The methodologies for estimating the fair value of financial assets and liabilities are described in note 24 of the notes to consolidated financial statements included in the 2022 Annual Report.

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Reporting	The accompanying unaudited consolidated financial statements of Nelnet, Inc. and subsidiaries (the “Company”) as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared on the same basis as the audited consolidated financial statements for the year ended December 31, 2022 and, in the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of results of operations for the interim periods presented. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. The unaudited consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report").

Loans and Accrued Interest Re_2

Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of March 31, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,229,778 3,389,178 Consolidation 9,701,781 10,177,295 Total 12,931,559 13,566,473 Private education loans 241,515 252,383 Consumer and other loans 309,546 350,915 Non-Nelnet Bank loans 13,482,620 14,169,771 Nelnet Bank: Federally insured loans 63,399 65,913 Private education loans 355,705 353,882 Consumer and other loans 19,903 — Nelnet Bank loans 439,007 419,795 Accrued interest receivable 800,400 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (26,215) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (79,331) (83,593) Private education loans (15,175) (15,411) Consumer and other loans (35,317) (30,263) Non-Nelnet Bank allowance for loan losses (129,823) (129,267) Nelnet Bank: Federally insured loans (160) (170) Private education loans (2,894) (2,390) Consumer and other loans (1,827) — Nelnet Bank allowance for loan losses (4,881) (2,560) $ 14,561,108 15,243,889
Allowance for Loan Losses as a Percentage of the Ending Balance	The following table summarizes the allowance for loan losses as a percentage of the ending loan balance for each of the Company's loan portfolios. As of As of March 31, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.61 % 0.62 % Private education loans 6.28 % 6.11 % Consumer and other loans 11.41 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.81 % 0.68 % Consumer and other loans 9.18 % — (a) As of March 31, 2023 and December 31, 2022, the allowance for loan losses as a percent of the risk sharing component of federally insured student loans not covered by the federal guaranty for non-Nelnet Bank was 22.3% and 22.4%, respectively, and for Nelnet Bank was 10.1% and 10.3%, respectively. The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios. Three months ended March 31, 2023 2022 Non-Nelnet Bank: Federally insured loans 0.20 % 0.11 % Private education loans 0.78 % 1.58 % Consumer and other loans 2.59 % 7.40 % Nelnet Bank: Federally insured loans 0.01 % 0.00 % Private education loans 0.13 % 0.02 % Consumer and other loans — —
Financing Receivable, Loans Sold and Gains Recognized	The following table summarizes the loans sold and gains/losses recognized by the Company during the three months ended March 31, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Three months ended March 31, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,132 8,966 Consumer 24.6 (a) March 22 145 (63) Home equity — $ 261,902 11,812 Three months ended March 31, 2022 January 26 $ 18,125 2,989 Consumer 6.6 %
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period Provision (negative provision) for loan losses Charge-offs Recoveries Initial allowance on loans purchased with credit deterioration Loan sales Balance at end of period Three months ended March 31, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (6,679) — 6 — 79,331 Private education loans 15,411 240 (640) 164 — — 15,175 Consumer and other loans 30,263 29,207 (2,267) 220 — (22,106) 35,317 Nelnet Bank: Federally insured loans 170 (9) (1) — — — 160 Private education loans 2,390 614 (110) — — — 2,894 Consumer and other loans — 1,827 — — — — 1,827 $ 131,827 34,290 (9,697) 384 6 (22,106) 134,704 Three months ended March 31, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (2,748) (4,761) — 123 — 95,995 Private education loans 16,143 (400) (1,299) 176 — 2 14,622 Consumer and other loans 6,481 2,284 (937) 166 — (2,284) 5,710 Nelnet Bank: Federally insured loans 268 (21) — — — — 247 Private education loans 840 426 (13) — — (2) 1,251 $ 127,113 (459) (7,010) 342 123 (2,284) 117,825
Loan Status and Delinquencies	The following table presents the Company’s loan status and delinquency amounts. As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 641,914 5.0 % $ 637,919 4.7 % $ 839,566 5.2 % Loans in forbearance 984,738 7.6 1,103,181 8.1 1,160,048 7.1 Loans in repayment status: Loans current 9,859,751 87.2 % 10,173,859 86.0 % 12,352,543 86.4 % Loans delinquent 31-60 days 346,665 3.1 415,305 3.5 462,750 3.2 Loans delinquent 61-90 days 254,353 2.2 253,565 2.2 282,810 2.0 Loans delinquent 91-120 days 178,078 1.6 180,029 1.5 202,371 1.4 Loans delinquent 121-270 days 440,695 3.9 534,410 4.5 712,753 5.0 Loans delinquent 271 days or greater 225,365 2.0 268,205 2.3 282,536 2.0 Total loans in repayment 11,304,907 87.4 100.0 % 11,825,373 87.2 100.0 % 14,295,763 87.7 100.0 % Total federally insured loans 12,931,559 100.0 % 13,566,473 100.0 % 16,295,377 100.0 % Accrued interest receivable 791,476 808,150 770,853 Loan discount, net of unamortized premiums and deferred origination costs (32,626) (35,468) (27,317) Allowance for loan losses (79,331) (83,593) (95,995) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 13,611,078 $ 14,255,562 $ 16,942,918 As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 12,218 5.1 % $ 12,756 5.1 % $ 10,226 3.7 % Loans in forbearance 2,698 1.1 2,017 0.8 2,838 1.0 Loans in repayment status: Loans current 220,921 97.5 % 232,539 97.9 % 260,911 98.3 % Loans delinquent 31-60 days 2,014 0.9 2,410 1.0 1,699 0.6 Loans delinquent 61-90 days 931 0.4 767 0.3 1,040 0.4 Loans delinquent 91 days or greater 2,733 1.2 1,894 0.8 1,823 0.7 Total loans in repayment 226,599 93.8 100.0 % 237,610 94.1 100.0 % 265,473 95.3 100.0 % Total private education loans 241,515 100.0 % 252,383 100.0 % 278,537 100.0 % Accrued interest receivable 2,277 2,146 1,898 Loan premium, net of unaccreted discount 79 (38) (598) Allowance for loan losses (15,175) (15,411) (14,622) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 228,696 $ 239,080 $ 265,215 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 40 0.0 % $ 109 0.0 % $ 72 0.2 % Loans in repayment status: Loans current 304,414 98.3 % 346,812 98.9 % 43,424 97.3 % Loans delinquent 31-60 days 2,037 0.7 1,906 0.5 255 0.5 Loans delinquent 61-90 days 1,236 0.4 764 0.2 304 0.7 Loans delinquent 91 days or greater 1,819 0.6 1,324 0.4 658 1.5 Total loans in repayment 309,506 100.0 100.0 % 350,806 100.0 100.0 % 44,641 99.8 100.0 % Total consumer and other loans 309,546 100.0 % 350,915 100.0 % 44,713 100.0 % Accrued interest receivable 3,288 3,658 374 Loan premium, net of unaccreted discount 913 (588) 1,040 Allowance for loan losses (35,317) (30,263) (5,710) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 278,430 $ 323,722 $ 40,417 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 151 0.3 % $ 241 0.4 % $ 286 0.3 % Loans in forbearance 1,046 1.6 981 1.5 948 1.2 Loans in repayment status: Loans current 60,895 97.9 % 63,225 97.8 % 80,421 98.6 % Loans delinquent 30-59 days 514 0.8 436 0.7 402 0.5 Loans delinquent 60-89 days 120 0.2 466 0.7 427 0.5 Loans delinquent 90-119 days 255 0.4 222 0.3 90 0.1 Loans delinquent 120-270 days 319 0.5 183 0.3 157 0.2 Loans delinquent 271 days or greater 99 0.2 159 0.2 58 0.1 Total loans in repayment 62,202 98.1 100.0 % 64,691 98.1 100.0 % 81,555 98.5 100.0 % Total federally insured loans 63,399 100.0 % 65,913 100.0 % 82,789 100.0 % Accrued interest receivable 1,857 1,758 1,231 Loan premium 18 20 25 Allowance for loan losses (160) (170) (247) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 65,114 $ 67,521 $ 83,798 As of March 31, 2023 As of December 31, 2022 As of March 31, 2022 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 17,021 4.8 % $ 11,580 3.3 % $ 497 0.2 % Loans in forbearance 681 0.2 864 0.2 317 0.1 Loans in repayment status: Loans current 336,967 99.7 % 340,830 99.8 % 284,081 99.8 % Loans delinquent 30-59 days 388 0.1 167 0.1 422 0.2 Loans delinquent 60-89 days 536 0.2 32 0.0 78 0.0 Loans delinquent 90 days or greater 112 — 409 0.1 73 0.0 Total loans in repayment 338,003 95.0 100.0 % 341,438 96.5 100.0 % 284,654 99.7 100.0 % Total private education loans 355,705 100.0 % 353,882 100.0 % 285,468 100.0 % Accrued interest receivable 1,385 1,152 418 Deferred origination costs, net of unaccreted discount 5,400 5,360 4,593 Allowance for loan losses (2,894) (2,390) (1,251) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 359,596 $ 358,004 $ 289,228 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ — — % Loans in repayment status: Loans current 19,903 100.0 % Loans delinquent 30-59 days — — Loans delinquent 60-89 days — — Loans delinquent 90 days or greater — — Total loans in repayment 19,903 100.0 100.0 % Total consumer and other loans 19,903 100.0 % Accrued interest receivable 117 Loan premium 1 Allowance for loan losses (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 18,194 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators	The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of March 31, 2023 Three months ended March 31, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 836 5,956 5,258 344 12,394 705 - 734 2,657 23,313 9,979 536 36,485 735 - 764 2,874 35,250 16,284 1,419 55,827 765 - 794 1,413 56,325 29,900 1,579 89,217 Greater than 794 3,006 86,055 66,882 5,839 161,782 $ 10,786 206,899 128,303 9,717 355,705 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 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 March 31, 2023 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the FFEL Program and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010. Three months ended March 31, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,780 5,581 1,284 2,080 1,493 12,218 Loans in forbearance — — 79 804 808 1,007 2,698 Loans in repayment status: Loans current 116 4,009 4,057 51,441 40,385 120,913 220,921 Loans delinquent 31-60 days — 14 19 103 252 1,626 2,014 Loans delinquent 61-90 days — — — — 71 860 931 Loans delinquent 91 days or greater — — 5 35 441 2,252 2,733 Total loans in repayment 116 4,023 4,081 51,579 41,149 125,651 226,599 Total private education loans $ 116 5,803 9,741 53,667 44,037 128,151 241,515 Accrued interest receivable 2,277 Loan premium, net of unaccreted discount 79 Allowance for loan losses (15,175) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 228,696 Gross charge-offs - three months ended March 31, 2023 $ — — — — 171 469 640 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — — 24 — 16 — 40 Loans in repayment status: Loans current 185,920 109,009 6,692 498 1,354 941 304,414 Loans delinquent 31-60 days 89 1,593 337 — 10 8 2,037 Loans delinquent 61-90 days — 1,085 84 38 26 3 1,236 Loans delinquent 91 days or greater — 1,112 141 55 186 325 1,819 Total loans in repayment 186,009 112,799 7,254 591 1,576 1,277 309,506 Total consumer and other loans $ 186,009 112,799 7,278 591 1,592 1,277 309,546 Accrued interest receivable 3,288 Loan premium, net of unaccreted discount 913 Allowance for loan losses (35,317) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 278,430 Gross charge-offs - three months ended March 31, 2023 $ — 1,868 245 27 46 81 2,267 Three months ended March 31, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 1,863 12,915 1,117 1,126 — — 17,021 Loans in forbearance — 485 196 — — — 681 Loans in repayment status: Loans current 8,913 192,723 126,740 8,591 — — 336,967 Loans delinquent 30-59 days 10 247 131 — — — 388 Loans delinquent 60-89 days — 481 55 — — — 536 Loans delinquent 90 days or greater — 48 64 — — — 112 Total loans in repayment 8,923 193,499 126,990 8,591 — — 338,003 Total private education loans $ 10,786 206,899 128,303 9,717 — — 355,705 Accrued interest receivable 1,385 Deferred origination costs, net of unaccreted discount 5,400 Allowance for loan losses (2,894) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 359,596 Gross charge-offs - three months ended March 31, 2023 $ — 110 — — — — 110 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ — — — — — — — Loans in repayment status: Loans current 19,259 589 55 — — — 19,903 Loans delinquent 30-59 days — — — — — — — Loans delinquent 60-89 days — — — — — — — Loans delinquent 90 days or greater — — — — — — — Total loans in repayment 19,259 589 55 — — — 19,903 Total consumer and other loans $ 19,259 589 55 — — — 19,903 Accrued interest receivable 117 Loan premium 1 Allowance for loan losses (1,827) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 18,194 Gross charge-offs - three months ended March 31, 2023 $ — — — — — — — (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of March 31, 2023 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 $ 11,043,945 4.93% - 6.85% 8/26/30 - 9/25/69 Bonds and notes based on auction 142,385 0.00% - 5.43% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 11,186,330 Fixed-rate bonds and notes issued in FFELP loan asset-backed 548,642 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facility 919,337 5.12% / 5.15% 5/22/24 Private education loan warehouse facility 47,937 5.18% 12/31/23 Consumer loan warehouse facility 82,405 5.15% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 17,808 6.40% / 6.60% 12/26/40 / 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 22,145 3.60% / 5.35% 12/26/40 / 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 311,771 5.48% 5/4/23 Repurchase agreements 432,984 5.38% - 5.85% 4/6/23 - 11/27/24 Other - due to related party 6,181 3.55% - 6.05% 3/1/24 - 11/15/30 13,575,540 Discount on bonds and notes payable and debt issuance costs (137,124) Total $ 13,438,416 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 securitizations 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% 1/4/23 - 11/27/24 Other - due to related party 6,187 3.55% - 6.05% 3/1/24 - 11/15/30 14,785,283 Discount on bonds and notes payable and debt issuance costs (148,088) Total $ 14,637,195
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. Three months ended March 31, 2023 2022 Purchase price $ (828) (18,454) Par value 908 18,530 Remaining unamortized cost of issuance (2) (45) Gain $ 78 31

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Basis Swap	The following table summarizes the Company’s outstanding basis swaps as of March 31, 2023 and December 31, 2022, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of March 31, 2023 December 31, 2022 2023 $ — 750,000 2024 1,750,000 1,750,000 2026 1,150,000 1,150,000 2027 250,000 250,000 $ 3,150,000 3,900,000
Interest Rate Swaps, Floor Income Hedge	The following table summarizes the outstanding derivative instruments used by the Company to economically hedge loans earning fixed rate floor income as of December 31, 2022. Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2024 $ 2,000,000 0.35 % 2026 500,000 1.02 2031 100,000 1.53 2032 (b) 200,000 2.92 $ 2,800,000 0.70 % (a) For the interest rate derivatives maturing in 2032, the Company was to receive payments based on Secured Overnight Financing Rate (SOFR) that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly. (b) These derivatives had 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. Three months ended March 31, 2023 2022 Settlements: 1:3 basis swaps $ 859 396 Interest rate swaps - floor income hedges (a) 22,478 (3,205) Total settlements - income (expense) 23,337 (2,809) Change in fair value: 1:3 basis swaps (23) 889 Interest rate swaps - floor income hedges (a) (37,388) 144,845 Total change in fair value - (expense) income (37,411) 145,734 Derivative market value adjustments and derivative settlements, net - (expense) income $ (14,074) 142,925

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and notes receivable consisted of the following: As of March 31, 2023 As of December 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Investments (at fair value): Available-for-sale asset-backed securities Non-Nelnet Bank: FFELP loan (a) $ 336,327 4,175 (7,926) 332,576 463,861 3,498 (11,105) 456,254 Private education loan (b) 321,120 — (26,531) 294,589 335,903 — (29,438) 306,465 Other debt securities 53,743 2,365 (803) 55,305 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 711,190 6,540 (35,260) 682,470 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 240,348 754 (3,622) 237,480 349,855 955 (8,853) 341,957 Private education loan 1,818 — (101) 1,717 1,941 — (122) 1,819 Other debt securities 152,571 14 (3,549) 149,036 131,481 18 (3,907) 127,592 Total Nelnet Bank 394,737 768 (7,272) 388,233 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,105,927 7,308 (42,532) 1,070,703 1,441,630 4,622 (57,215) 1,389,037 Equity securities 35,663 39,082 Total investments at fair value 1,106,366 1,428,119 Other Investments and Notes Receivable (not measured at fair value): Held to maturity investments Non-Nelnet Bank: Debt securities (d) 4,700 18,554 Nelnet Bank: FFELP loan asset-backed securities (c) 149,179 — Other debt securities 240 220 Total Nelnet Bank 149,419 220 Total held to maturity investments 154,119 18,774 Venture capital and funds: Measurement alternative (e) 191,731 160,052 Equity method 98,217 89,332 Total venture capital and funds 289,948 249,384 Real estate: Equity method 84,526 80,364 Investment in ALLO: Voting interest/equity method (f) 55,756 67,538 Preferred membership interest and accrued and unpaid preferred return (g) 148,175 145,926 Total investment in ALLO 203,931 213,464 Beneficial interest in loan securitizations (h): Consumer loans and other 81,399 39,249 Private education loans 72,898 75,261 Federally insured student loans 23,591 24,228 Total beneficial interest in loan securitizations 177,888 138,738 Solar (i) (66,353) (55,448) Notes receivable 30,246 31,106 Tax liens, affordable housing, and other 6,899 7,416 Total investments (not measured at fair value) 881,204 683,798 Total investments and notes receivable $ 1,987,570 $ 2,111,917 (a) A portion of FFELP loan asset-backed securities were subject to participation interests held by Union Bank, as discussed in note 3 under "Participation Agreement." As of March 31, 2023, the par value and fair value of these securities was $311.8 million and $289.1 million, respectively. (b) A portion of private education loan asset-backed securities were subject to repurchase agreements with third parties, as discussed in note 3 under "Repurchase Agreements." As of March 31, 2023, the par value and fair value of these securities was $321.6 million and $294.6 million, respectively. (c) On March 31, 2023, securities at Nelnet Bank with a fair value of $149.2 million were transferred from available for sale to held to maturity. The securities were reclassified at fair value at the time of the transfer, and such transfer represented a non-cash transaction. Accumulated other comprehensive income as of March 31, 2023 includes pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses will be amortized, consistent with the amortization of any discounts on such securities, over the remaining lives of the respective securities as an adjustment of yield. (d) On March 31, 2023, certain Non-Nelnet Bank debt securities were transferred from held to maturity to available for sale. (e) The Company has an investment in Agile Sports Technologies, Inc. (doing business as “Hudl”) that is included in “venture capital and funds” in the above table. On February 6, 2023, the Company acquired additional ownership interests in Hudl for $31.5 million. Such ownership interests were purchased by the Company from certain existing Hudl investors. 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. The February 6, 2023 transaction was not considered an observable market transaction (not orderly) because it was not subject to customary marketing activities, and the price was privately negotiated between the Company and the selling parties. Accordingly, the Company did not adjust its carrying value of its Hudl investment to the February 2023 transaction value. As of March 31, 2023, the carrying amount of the Company's investment in Hudl is $165.5 million, and the Company's equity ownership interests did not materially change as a result of the February 6, 2023 transaction. 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. (f) During the first quarter of 2023, the Company contributed $8.4 million of additional equity to ALLO Holdings LLC, a holding company for ALLO Communications LLC (collectively referred to as "ALLO"). As a result of this equity contribution, the Company's voting membership interests percentage in ALLO did not materially change. The Company accounts for its voting membership interests in ALLO under the Hypothetical Liquidation at Book Value (HLBV) method of accounting. During the three months ended March 31, 2023 and 2022, the Company recognized losses of $20.2 million and $13.1 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment. Income and losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of March 31, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $2.2 million, respectively. The preferred membership interests of ALLO held by the Company earn a preferred annual return of 6.25%. The Company recognized income on its ALLO preferred membership interests of $2.2 million and $2.1 million during the three months ended March 31, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of March 31, 2023, the Company's ownership correlates to approximately $585 million, $590 million, and $370 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of March 31, 2023, the Company has funded a total of $294.4 million in solar investments, which includes $115.9 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 as of March 31, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through March 31, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of March 31, 2023, the Company is committed to fund an additional $220.3 million on tax equity investments, of which $141.4 million is expected to be provided by syndication partners. The Company accounts for its solar investments using the HLBV method of accounting. For the majority of the Company’s solar investments, the HLBV method of accounting results in accelerated losses in the initial years of investment. The Company recognized losses on its solar investments of $1.9 million and $1.0 million during the three months ended March 31, 2023 and 2022, 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 $2.7 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income.
Investments Classified by Contractual Maturity Date	The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at March 31, 2023: As of March 31, 2023 1 year or less After 1 year through 5 years After 5 years through 10 years After 10 years Total Available-for-sale asset-backed securities Non-Nelnet Bank: FFELP loan $ 26,196 12,274 50,051 247,806 336,327 Private education loan — — — 321,120 321,120 Other debt securities — 99 — 53,644 53,743 Total Non-Nelnet Bank 26,196 12,373 50,051 622,570 711,190 Fair value 25,997 12,308 48,679 595,486 682,470 Nelnet Bank: FFELP loan 39,728 6,933 34,659 159,028 240,348 Private education loan — — — 1,818 1,818 Other debt securities — 23,084 92,316 37,171 152,571 Total Nelnet Bank 39,728 30,017 126,975 198,017 394,737 Fair value 39,139 29,704 124,228 195,162 388,233 Total available-for-sale asset-backed securities at amortized cost $ 65,924 42,390 177,026 820,587 1,105,927 Total available-for-sale asset-backed securities at fair value $ 65,136 42,012 172,907 790,648 1,070,703 Held to maturity investments Non-Nelnet Bank: Debt securities $ 4,700 — — — 4,700 Fair value 4,700 — — — 4,700 Nelnet Bank: FFELP loan asset-backed securities — — 3,797 145,382 149,179 Other debt securities 240 — — — 240 Total Nelnet Bank 240 — 3,797 145,382 149,419 Fair value 240 — 3,797 145,382 149,419 Total held-to-maturity investments at amortized cost $ 4,940 — 3,797 145,382 154,119 Total held-to-maturity investments at fair value $ 4,940 — 3,797 145,382 154,119
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	As of March 31, 2023 Unrealized loss position less than 12 months Unrealized loss position 12 months or more Total Available-for-sale asset-backed securities Unrealized loss Fair value Unrealized loss Fair value Unrealized loss Fair value Non-Nelnet Bank: FFELP loan $ (5,324) 182,059 (2,602) 44,238 (7,926) 226,297 Private education loan — — (26,531) 294,590 (26,531) 294,590 Other debt securities (803) 21,462 — — (803) 21,462 Total Non-Nelnet Bank (6,127) 203,521 (29,133) 338,828 (35,260) 542,349 Nelnet Bank: FFELP loan (2,891) 155,672 (731) 37,285 (3,622) 192,957 Private education loan (101) 1,717 — — (101) 1,717 Other debt securities (3,492) 111,638 (57) 3,940 (3,549) 115,578 Total Nelnet Bank (6,484) 269,027 (788) 41,225 (7,272) 310,252 Total available-for-sale asset-backed securities $ (12,611) 472,548 (29,921) 380,053 (42,532) 852,601
Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities	The following table summarizes the gross proceeds and gross realized gains and losses of available-for-sale asset-backed securities. Gross realized gains Gross realized losses Gross proceeds from sales Three months ended March 31, 2023 $ 1,274 (6,256) 492,173 Three months ended March 31, 2022 2,965 (172) 113,980

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of March 31, 2023 (months) As of As of March 31, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $57,285 and $55,116, respectively) 110 $ 49,569 51,738 Trade names (net of accumulated amortization of $882 and $617, respectively) 111 8,028 8,293 Computer software (net of accumulated amortization of $6,514 and $6,400, respectively) 49 1,406 1,520 Other (net of accumulated amortization of $655 and $490, respectively) 51 1,785 1,950 Total - amortizable intangible assets, net 107 $ 60,788 63,501
Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of March 31, 2023, the Company estimates it will record amortization expense as follows: 2023 (April 1 - December 31) $ 7,648 2024 9,773 2025 8,145 2026 7,262 2027 6,736 2028 and thereafter 21,224 $ 60,788

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill [Abstract]
Goodwill	The following table presents the carrying amount of goodwill as of March 31, 2023 and December 31, 2022 by reportable operating segment: Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Generation and Management Nelnet Bank Corporate and Other Activities Total Goodwill balance $ 23,639 92,507 41,883 — 18,873 176,902

Bank Deposits (Tables)

Bank Deposits (Tables)	3 Months Ended
	Mar. 31, 2023
Deposits [Abstract]
Interest-Bearing Deposits	The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of March 31, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,714 254,817 Retail and other savings (529, STFIT, and HSA) 447,792 410,556 Retail and other CDs (commercial and institutional) 24,261 25,949 Total interest-bearing deposits $ 675,767 691,322
Certificates of Deposit Maturities	The following table presents certificates of deposit remaining maturities as of March 31, 2023: After two years to three years $ 65,513 After three years to four years 162,115 After four years to five years 347 Total $ 227,975

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	resents the components used to calculate basic and diluted earnings per share. The Company applies the two-class method in computing both basic and diluted earnings per share, which requires the calculation of separate earnings per share amounts for common stock and unvested share-based awards. Unvested share-based awards that contain nonforfeitable rights to dividends are considered securities which participate in undistributed earnings with common stock. Three months ended March 31, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 25,945 542 26,487 183,328 3,319 186,647 Denominator: Weighted-average common shares outstanding - basic and diluted 36,580,204 764,400 37,344,604 37,365,339 676,495 38,041,834 Earnings per share - basic and diluted $ 0.71 0.71 0.71 4.91 4.91 4.91

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Operating Segments Reconciliation to Consolidated Financial Statements	The following tables present the results of each of the Company's reportable operating segments reconciled to the consolidated financial statements. Three months ended March 31, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,037 6,036 234,719 12,259 21,199 (9,282) 265,968 Interest expense — — 189,198 7,214 12,318 (9,282) 199,449 Net interest income 1,037 6,036 45,521 5,045 8,881 — 66,519 Less provision (negative provision) for loan losses — — 31,858 2,417 — — 34,275 Net interest income after provision for loan losses 1,037 6,036 13,663 2,628 8,881 — 32,244 Other income (expense): Loan servicing and systems revenue 139,227 — — — — — 139,227 Intersegment revenue 7,790 56 — — — (7,846) — Education technology, services, and payment processing revenue — 133,603 — — — — 133,603 Solar construction revenue — — — — 8,651 — 8,651 Other, net 608 — 2,845 210 (17,734) — (14,071) Gain on sale of loans, net — — 11,812 — — — 11,812 Derivative settlements, net — — 23,337 — — — 23,337 Derivative market value adjustments, net — — (37,411) — — — (37,411) Total other income (expense) 147,625 133,659 583 210 (9,083) (7,846) 265,148 Cost of services: Cost to provide education technology, services, and payment processing services — 47,704 — — — — 47,704 Cost to provide solar construction services — — — — 8,299 — 8,299 Total cost of services — 47,704 — — 8,299 — 56,003 Operating expenses: Salaries and benefits 84,560 37,913 755 2,064 27,419 — 152,710 Depreciation and amortization 4,513 2,578 — 5 9,531 — 16,627 Other expenses 13,313 8,063 5,016 782 13,611 — 40,785 Intersegment expenses, net 21,057 5,800 8,696 80 (27,787) (7,846) — Total operating expenses 123,443 54,354 14,467 2,931 22,774 (7,846) 210,122 Income (loss) before income taxes 25,219 37,637 (221) (93) (31,275) — 31,267 Income tax (expense) benefit (6,053) (9,066) 53 35 6,781 — (8,250) Net income (loss) 19,166 28,571 (168) (58) (24,494) — 23,017 Net loss attributable to noncontrolling interests — 138 — — 3,332 — 3,470 Net income (loss) attributable to Nelnet, Inc. $ 19,166 28,709 (168) (58) (21,162) — 26,487 Total assets as of March 31, 2023 $ 232,667 424,742 14,939,324 1,000,659 2,207,722 (722,505) 18,082,609 Three months ended March 31, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 67 339 118,598 3,030 3,992 (828) 125,196 Interest expense 24 — 46,003 856 2,026 (828) 48,079 Net interest income 43 339 72,595 2,174 1,966 — 77,117 Less provision (negative provision) for loan losses — — (864) 429 — — (435) Net interest income after provision for loan losses 43 339 73,459 1,745 1,966 — 77,552 Other income (expense): Loan servicing and systems revenue 136,368 — — — — — 136,368 Intersegment revenue 8,480 3 — — — (8,483) — Education technology, services, and payment processing revenue — 112,286 — — — — 112,286 Solar construction revenue — — — — — — — Other, net 740 — 6,511 1,500 1,125 — 9,877 Gain on sale of loans, net — — 2,989 — — — 2,989 Derivative settlements, net — — (2,809) — — — (2,809) Derivative market value adjustments, net — — 145,734 — — — 145,734 Total other income (expense) 145,588 112,289 152,425 1,500 1,125 (8,483) 404,445 Cost of services: Cost to provide education technology, services, and payment processing services — 35,545 — — — — 35,545 Cost to provide solar construction services — — — — — — — Total cost of services — 35,545 — — — — 35,545 Operating expenses: Salaries and benefits 91,972 31,286 591 1,554 24,012 — 149,414 Depreciation and amortization 4,954 2,315 — 3 9,684 — 16,956 Other expenses 16,213 5,764 3,033 682 13,804 — 39,499 Intersegment expenses, net 20,398 4,605 8,831 45 (25,396) (8,483) — Total operating expenses 133,537 43,970 12,455 2,284 22,104 (8,483) 205,869 Income (loss) before income taxes 12,094 33,113 213,429 961 (19,013) — 240,583 Income tax (expense) benefit (2,903) (7,947) (51,223) (223) 6,598 — (55,697) Net income (loss) 9,191 25,166 162,206 738 (12,415) — 184,886 Net loss attributable to noncontrolling interests — — — — 1,761 — 1,761 Net income (loss) attributable to Nelnet, Inc. $ 9,191 25,166 162,206 738 (10,654) — 186,647 Total assets as of March 31, 2022 $ 259,712 376,794 18,158,972 656,242 2,066,417 (528,396) 20,989,741

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present disaggregated revenue by service offering or customer type for the Company's fee-based operating segments. Loan Servicing and Systems Three months ended March 31, 2023 2022 Government loan servicing $ 108,880 109,125 Private education and consumer loan servicing 12,164 12,873 FFELP loan servicing 3,368 4,248 Software services 9,697 7,400 Outsourced services 5,118 2,722 Loan servicing and systems revenue $ 139,227 136,368 Education Technology, Services, and Payment Processing Three months ended March 31, 2023 2022 Tuition payment plan services $ 34,187 30,716 Payment processing 44,041 38,071 Education technology and services 54,787 43,251 Other 588 248 Education technology, services, and payment processing revenue $ 133,603 112,286 GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three months ended March 31, 2022. Three months ended March 31, 2023 Commercial revenue $ 6,234 Residential revenue 2,775 Other (358) Solar construction revenue $ 8,651
Schedule of Other Income, by Component	The following table presents the components of "other, net" in "other income (expense)" on the consolidated statements of income: Three months ended March 31, 2023 2022 ALLO preferred return $ 2,249 2,117 Borrower late fee income 2,247 2,431 Administration/sponsor fee income 1,772 2,123 Investment advisory services 1,612 1,282 Loss from ALLO voting membership interest investment (20,213) (13,130) Investment activity, net (3,577) 11,856 Loss from solar investments (1,947) (1,030) Other 3,786 4,228 Other, net $ (14,071) 9,877

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s financial assets and liabilities that are measured at fair value on a recurring basis. As of March 31, 2023 As of December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Assets: Investments: Asset-backed debt securities - available-for-sale $ 99 1,070,604 1,070,703 100 1,388,937 1,389,037 Equity securities 91 — 91 6,719 — 6,719 Equity securities measured at net asset value (a) 35,572 32,363 Total investments 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 Total assets $ 190 1,070,604 1,106,366 6,819 1,388,937 1,428,119 (a) In accordance with the Fair Value Measurements Topic of the FASB Accounting Standards Codification, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Fair Value of Financial Instruments	The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of March 31, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,919,785 13,760,708 — — 13,919,785 Accrued loan interest receivable 800,400 800,400 — 800,400 — Cash and cash equivalents 187,574 187,574 187,574 — — Investments (at fair value) 1,106,366 1,106,366 190 1,070,604 — Investments - held to maturity 154,119 154,119 — 154,119 — Notes receivable 30,246 30,246 — 30,246 — Beneficial interest in loan securitizations 201,216 177,888 — — 201,216 Restricted cash 576,267 576,267 576,267 — — Restricted cash – due to customers 134,202 134,202 134,202 — — Financial liabilities: Bonds and notes payable 12,933,378 13,438,416 — 12,933,378 — Accrued interest payable 34,374 34,374 — 34,374 — Bank deposits 647,708 675,767 391,379 256,329 — Due to customers 280,624 280,624 280,624 — — 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 — Investments - held to maturity 18,996 18,774 — 18,996 — 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 — —

Loans and Accrued Interest Re_3

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loans Receivable and Accrued Interest Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 800,400	$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(26,215)	(30,714)
Allowance for loan losses	(134,704)	(131,827)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,561,108	15,243,889
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	13,482,620	14,169,771
Allowance for loan losses	(129,823)	(129,267)
Federally insured loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	12,931,559	13,566,473	16,295,377
Accrued interest receivable	791,476	808,150	770,853
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(32,626)	(35,468)	(27,317)
Allowance for loan losses	(79,331)	(83,593)	(95,995)	(103,381)
Financing receivable, after allowance for credit loss	13,611,078	14,255,562	16,942,918
Federally insured loans - Non-Nelnet Bank: | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,229,778	3,389,178
Federally insured loans - Non-Nelnet Bank: | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	9,701,781	10,177,295
Private education loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	241,515	252,383	278,537
Accrued interest receivable	2,277	2,146	1,898
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	79	(38)	(598)
Allowance for loan losses	(15,175)	(15,411)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	228,696	239,080	265,215
Consumer and other loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	309,546	350,915	44,713
Accrued interest receivable	3,288	3,658	374
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	913	(588)	1,040
Allowance for loan losses	(35,317)	(30,263)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	278,430	323,722	40,417
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	439,007	419,795
Allowance for loan losses	(4,881)	(2,560)
Federally insured loans - Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	63,399	65,913	82,789
Accrued interest receivable	1,857	1,758	1,231
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	18	20	25
Allowance for loan losses	(160)	(170)	(247)	(268)
Financing receivable, after allowance for credit loss	65,114	67,521	83,798
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	355,705	353,882	285,468
Accrued interest receivable	1,385	1,152	418
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,400	5,360	4,593
Allowance for loan losses	(2,894)	(2,390)	(1,251)	$ (840)
Financing receivable, after allowance for credit loss	359,596	358,004	$ 289,228
Consumer and other loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	19,903	0
Accrued interest receivable	117
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	1
Allowance for loan losses	(1,827)	$ 0
Financing receivable, after allowance for credit loss	$ 18,194

Loans and Accrued Interest Re_4

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)	Mar. 31, 2023	Dec. 31, 2022
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.61%	0.62%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	22.30%	22.40%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	6.28%	6.11%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	11.41%	8.62%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.25%	0.26%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	10.10%	10.30%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.81%	0.68%
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	9.18%	0%

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					3 Months Ended
	Mar. 22, 2023	Mar. 02, 2023	Jan. 31, 2023	Jan. 26, 2022	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)	$ 145	$ 122,132		$ 18,125	$ 261,902
Loans sold, gain (loss)	$ (63)	$ 8,966		$ 2,989	11,812
Residual interest received on sale of financing receivable	0%	24.60%		6.60%
Receipt of asset-backed investment securities as consideration from sale of loans		$ 43,700	$ 14,500		$ 58,182	$ 0
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)			97,350
Loans sold, gain (loss)			$ (1,441)
Residual interest received on sale of financing receivable			64.80%
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)			$ 42,275
Loans sold, gain (loss)			$ 4,350
Residual interest received on sale of financing receivable			13.30%

Loans and Accrued Interest Re_6

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 131,827	$ 127,113
Provision (negative provision) for loan losses	34,290	(459)
Charge-offs	(9,697)	(7,010)
Recoveries	384	342
Initial allowance on loans purchased with credit deterioration	6	123
Loan sales	(22,106)	(2,284)
Balance at end of period	134,704	117,825
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	83,593	103,381
Provision (negative provision) for loan losses	2,411	(2,748)
Charge-offs	(6,679)	(4,761)
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	6	123
Loan sales	0	0
Balance at end of period	79,331	95,995
Private education loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	15,411	16,143
Provision (negative provision) for loan losses	240	(400)
Charge-offs	(640)	(1,299)
Recoveries	164	176
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	0	2
Balance at end of period	15,175	14,622
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	30,263	6,481
Provision (negative provision) for loan losses	29,207	2,284
Charge-offs	(2,267)	(937)
Recoveries	220	166
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	(22,106)	(2,284)
Balance at end of period	35,317	5,710
Federally insured loans - Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	170	268
Provision (negative provision) for loan losses	(9)	(21)
Charge-offs	(1)	0
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	0	0
Balance at end of period	160	247
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,390	840
Provision (negative provision) for loan losses	614	426
Charge-offs	(110)	(13)
Recoveries	0	0
Initial allowance on loans purchased with credit deterioration	0	0
Loan sales	0	(2)
Balance at end of period	2,894	$ 1,251
Consumer and other loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	0
Provision (negative provision) for loan losses	1,827
Charge-offs	0
Recoveries	0
Initial allowance on loans purchased with credit deterioration	0
Loan sales	0
Balance at end of period	$ 1,827

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)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.20%	0.11%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.78%	1.58%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	2.59%	7.40%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.01%	0%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.13%	0.02%
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0%	0%

Loans and Accrued Interest Re_8

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for loan losses (negative provision for loan losses)	$ (15)	$ 24
Financing receivable, payment delays not significant, period (or less)	3 months
Consumer Portfolio Segment, Unfunded Private Education Loan Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Liability related to unfunded education loan commitments	$ 71
Unfunded education loan commitments	$ 2,500

Loans and Accrued Interest Re_9

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans in repayment status:
Accrued interest receivable	$ 800,400	$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(26,215)	(30,714)
Allowance for loan losses	(134,704)	(131,827)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,561,108	15,243,889
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 641,914	$ 637,919	$ 839,566
Loans in-school/grace/deferment, percent	5%	4.70%	5.20%
Loans in forbearance	$ 984,738	$ 1,103,181	$ 1,160,048
Loans in forbearance, percent	7.60%	8.10%	7.10%
Loans in repayment status:
Loans receivable, gross	$ 12,931,559	$ 13,566,473	$ 16,295,377
Total loans in repayment, percentage	100%	100%	100%
Total loans in repayment	$ 11,304,907	$ 11,825,373	$ 14,295,763
Loans in repayment, percent	87.40%	87.20%	87.70%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 791,476	$ 808,150	$ 770,853
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(32,626)	(35,468)	(27,317)
Allowance for loan losses	(79,331)	(83,593)	(95,995)	(103,381)
Financing receivable, after allowance for credit loss	13,611,078	14,255,562	16,942,918
Federally insured loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 9,859,751	$ 10,173,859	$ 12,352,543
Loans current, percentage	87.20%	86%	86.40%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 346,665	$ 415,305	$ 462,750
Loans past due, percentage	3.10%	3.50%	3.20%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 254,353	$ 253,565	$ 282,810
Loans past due, percentage	2.20%	2.20%	2%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 178,078	$ 180,029	$ 202,371
Loans past due, percentage	1.60%	1.50%	1.40%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 440,695	$ 534,410	$ 712,753
Loans past due, percentage	3.90%	4.50%	5%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 225,365	$ 268,205	$ 282,536
Loans past due, percentage	2%	2.30%	2%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 12,218	$ 12,756	$ 10,226
Loans in-school/grace/deferment, percent	5.10%	5.10%	3.70%
Loans in forbearance	$ 2,698	$ 2,017	$ 2,838
Loans in forbearance, percent	1.10%	0.80%	1%
Loans in repayment status:
Loans receivable, gross	$ 241,515	$ 252,383	$ 278,537
Total loans in repayment, percentage	100%	100%	100%
Total loans in repayment	$ 226,599	$ 237,610	$ 265,473
Loans in repayment, percent	93.80%	94.10%	95.30%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 2,277	$ 2,146	$ 1,898
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	79	(38)	(598)
Allowance for loan losses	(15,175)	(15,411)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	228,696	239,080	265,215
Private education loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 220,921	$ 232,539	$ 260,911
Loans current, percentage	97.50%	97.90%	98.30%
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 2,014	$ 2,410	$ 1,699
Loans past due, percentage	0.90%	1%	0.60%
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 931	$ 767	$ 1,040
Loans past due, percentage	0.40%	0.30%	0.40%
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 2,733	$ 1,894	$ 1,823
Loans past due, percentage	1.20%	0.80%	0.70%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 40	$ 109	$ 72
Loans in-school/grace/deferment, percent	0%	0%	0.20%
Loans in repayment status:
Loans receivable, gross	$ 309,546	$ 350,915	$ 44,713
Total loans in repayment, percentage	100%	100%	100%
Total loans in repayment	$ 309,506	$ 350,806	$ 44,641
Loans in repayment, percent	100%	100%	99.80%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 3,288	$ 3,658	$ 374
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	913	(588)	1,040
Allowance for loan losses	(35,317)	(30,263)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	278,430	323,722	40,417
Consumer and other loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 304,414	$ 346,812	$ 43,424
Loans current, percentage	98.30%	98.90%	97.30%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 2,037	$ 1,906	$ 255
Loans past due, percentage	0.70%	0.50%	0.50%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 1,236	$ 764	$ 304
Loans past due, percentage	0.40%	0.20%	0.70%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 1,819	$ 1,324	$ 658
Loans past due, percentage	0.60%	0.40%	1.50%
Federally insured loans - Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 151	$ 241	$ 286
Loans in-school/grace/deferment, percent	0.30%	0.40%	0.30%
Loans in forbearance	$ 1,046	$ 981	$ 948
Loans in forbearance, percent	1.60%	1.50%	1.20%
Loans in repayment status:
Loans receivable, gross	$ 63,399	$ 65,913	$ 82,789
Total loans in repayment, percentage	100%	100%	100%
Total loans in repayment	$ 62,202	$ 64,691	$ 81,555
Loans in repayment, percent	98.10%	98.10%	98.50%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 1,857	$ 1,758	$ 1,231
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	18	20	25
Allowance for loan losses	(160)	(170)	(247)	(268)
Financing receivable, after allowance for credit loss	65,114	67,521	83,798
Federally insured loans - Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 60,895	$ 63,225	$ 80,421
Loans current, percentage	97.90%	97.80%	98.60%
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 514	$ 436	$ 402
Loans past due, percentage	0.80%	0.70%	0.50%
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 120	$ 466	$ 427
Loans past due, percentage	0.20%	0.70%	0.50%
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 255	$ 222	$ 90
Loans past due, percentage	0.40%	0.30%	0.10%
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 319	$ 183	$ 157
Loans past due, percentage	0.50%	0.30%	0.20%
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 99	$ 159	$ 58
Loans past due, percentage	0.20%	0.20%	0.10%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 17,021	$ 11,580	$ 497
Loans in-school/grace/deferment, percent	4.80%	3.30%	0.20%
Loans in forbearance	$ 681	$ 864	$ 317
Loans in forbearance, percent	0.20%	0.20%	0.10%
Loans in repayment status:
Loans receivable, gross	$ 355,705	$ 353,882	$ 285,468
Total loans in repayment, percentage	100%	100%	100%
Total loans in repayment	$ 338,003	$ 341,438	$ 284,654
Loans in repayment, percent	95%	96.50%	99.70%
Total loans, percent	100%	100%	100%
Accrued interest receivable	$ 1,385	$ 1,152	$ 418
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,400	5,360	4,593
Allowance for loan losses	(2,894)	(2,390)	(1,251)	$ (840)
Financing receivable, after allowance for credit loss	359,596	358,004	289,228
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 336,967	$ 340,830	$ 284,081
Loans current, percentage	99.70%	99.80%	99.80%
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 388	$ 167	$ 422
Loans past due, percentage	0.10%	0.10%	0.20%
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 536	$ 32	$ 78
Loans past due, percentage	0.20%	0%	0%
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 112	$ 409	$ 73
Loans past due, percentage	0%	0.10%	0%
Consumer and other loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 0
Loans in-school/grace/deferment, percent	0%
Loans in repayment status:
Loans receivable, gross	$ 19,903	$ 0
Total loans in repayment, percentage	100%
Total loans in repayment	$ 19,903
Loans in repayment, percent	100%
Total loans, percent	100%
Accrued interest receivable	$ 117
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	1
Allowance for loan losses	(1,827)	$ 0
Financing receivable, after allowance for credit loss	18,194
Consumer and other loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 19,903
Loans current, percentage	100%
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 0
Loans past due, percentage	0%
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 0
Loans past due, percentage	0%
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 0
Loans past due, percentage	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	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 10,786	$ 209,846
Fiscal year before current fiscal year	206,899	133,788
Fiscal year two years before current fiscal year	128,303	10,248
Fiscal year three years before current fiscal year	9,717
Total loans	355,705	353,882	$ 285,468
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	836	5,898
Fiscal year before current fiscal year	5,956	5,389
Fiscal year two years before current fiscal year	5,258	348
Fiscal year three years before current fiscal year	344
Total loans	12,394	11,635
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	2,657	23,392
Fiscal year before current fiscal year	23,313	10,543
Fiscal year two years before current fiscal year	9,979	542
Fiscal year three years before current fiscal year	536
Total loans	36,485	34,477
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	2,874	35,456
Fiscal year before current fiscal year	35,250	16,686
Fiscal year two years before current fiscal year	16,284	1,473
Fiscal year three years before current fiscal year	1,419
Total loans	55,827	53,615
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,413	57,141
Fiscal year before current fiscal year	56,325	31,035
Fiscal year two years before current fiscal year	29,900	1,622
Fiscal year three years before current fiscal year	1,579
Total loans	89,217	89,798
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	3,006	87,959
Fiscal year before current fiscal year	86,055	70,135
Fiscal year two years before current fiscal year	66,882	6,263
Fiscal year three years before current fiscal year	5,839
Total loans	$ 161,782	$ 164,357

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	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 800,400	$ 816,864
Loan premium, net of unaccreted discount	(26,215)	(30,714)
Allowance for loan losses	(134,704)	(131,827)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,561,108	15,243,889
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	116
2022	5,803
2021	9,741
2020	53,667
2019	44,037
Prior years	128,151
Total loans	241,515	252,383	278,537
Accrued interest receivable	2,277	2,146	1,898
Loan premium, net of unaccreted discount	79	(38)	(598)
Allowance for loan losses	(15,175)	(15,411)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	228,696	239,080	265,215
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	0
Current period gross charge-offs, two years before current fiscal year	0
Current period gross charge-offs, three years before current fiscal year	0
Current period gross charge-offs, four years before current fiscal year	171
Current period gross charge-offs, more than five years before current fiscal year	469
Current period gross charge-offs, total	640
Private education loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	220,921	232,539	260,911
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,014	2,410	1,699
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	931	767	1,040
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,733	1,894	1,823
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	1,780
2021	5,581
2020	1,284
2019	2,080
Prior years	1,493
Total loans	12,218
Private education loans - Non-Nelnet Bank: | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	79
2020	804
2019	808
Prior years	1,007
Total loans	2,698
Private education loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	116
2022	4,023
2021	4,081
2020	51,579
2019	41,149
Prior years	125,651
Total loans	226,599
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	116
2022	4,009
2021	4,057
2020	51,441
2019	40,385
Prior years	120,913
Total loans	220,921
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	14
2021	19
2020	103
2019	252
Prior years	1,626
Total loans	2,014
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	0
2020	0
2019	71
Prior years	860
Total loans	931
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	5
2020	35
2019	441
Prior years	2,252
Total loans	2,733
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	186,009
2022	112,799
2021	7,278
2020	591
2019	1,592
Prior years	1,277
Total loans	309,546	350,915	44,713
Accrued interest receivable	3,288	3,658	374
Loan premium, net of unaccreted discount	913	(588)	1,040
Allowance for loan losses	(35,317)	(30,263)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	278,430	323,722	40,417
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	1,868
Current period gross charge-offs, two years before current fiscal year	245
Current period gross charge-offs, three years before current fiscal year	27
Current period gross charge-offs, four years before current fiscal year	46
Current period gross charge-offs, more than five years before current fiscal year	81
Current period gross charge-offs, total	2,267
Consumer and other loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	304,414	346,812	43,424
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,037	1,906	255
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,236	764	304
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,819	1,324	658
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	24
2020	0
2019	16
Prior years	0
Total loans	40
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	186,009
2022	112,799
2021	7,254
2020	591
2019	1,576
Prior years	1,277
Total loans	309,506
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	185,920
2022	109,009
2021	6,692
2020	498
2019	1,354
Prior years	941
Total loans	304,414
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	89
2022	1,593
2021	337
2020	0
2019	10
Prior years	8
Total loans	2,037
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	1,085
2021	84
2020	38
2019	26
Prior years	3
Total loans	1,236
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	1,112
2021	141
2020	55
2019	186
Prior years	325
Total loans	1,819
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	10,786	209,846
2022	206,899	133,788
2021	128,303	10,248
2020	9,717
2019	0
Prior years	0
Total loans	355,705	353,882	285,468
Accrued interest receivable	1,385	1,152	418
Loan premium, net of unaccreted discount	5,400	5,360	4,593
Deferred origination costs, net of unaccreted discount	5,400
Allowance for loan losses	(2,894)	(2,390)	(1,251)	$ (840)
Financing receivable, after allowance for credit loss	359,596	358,004	289,228
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	110
Current period gross charge-offs, two years before current fiscal year	0
Current period gross charge-offs, three years before current fiscal year	0
Current period gross charge-offs, four years before current fiscal year	0
Current period gross charge-offs, more than five years before current fiscal year	0
Current period gross charge-offs, total	110
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	336,967	340,830	284,081
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	388	167	422
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	536	32	78
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	112	409	$ 73
Private education loans - Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	1,863
2022	12,915
2021	1,117
2020	1,126
2019	0
Prior years	0
Total loans	17,021
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	485
2021	196
2020	0
2019	0
Prior years	0
Total loans	681
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	8,923
2022	193,499
2021	126,990
2020	8,591
2019	0
Prior years	0
Total loans	338,003
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	8,913
2022	192,723
2021	126,740
2020	8,591
2019	0
Prior years	0
Total loans	336,967
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	10
2022	247
2021	131
2020	0
2019	0
Prior years	0
Total loans	388
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	481
2021	55
2020	0
2019	0
Prior years	0
Total loans	536
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	48
2021	64
2020	0
2019	0
Prior years	0
Total loans	112
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	19,259
2022	589
2021	55
2020	0
2019	0
Prior years	0
Total loans	19,903	0
Accrued interest receivable	117
Loan premium, net of unaccreted discount	1
Allowance for loan losses	(1,827)	$ 0
Financing receivable, after allowance for credit loss	18,194
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	0
Current period gross charge-offs, two years before current fiscal year	0
Current period gross charge-offs, three years before current fiscal year	0
Current period gross charge-offs, four years before current fiscal year	0
Current period gross charge-offs, more than five years before current fiscal year	0
Current period gross charge-offs, total	0
Consumer and other loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	19,903
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	0
Consumer and other loans - Nelnet Bank | Loans in deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	0
Consumer and other loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	19,259
2022	589
2021	55
2020	0
2019	0
Prior years	0
Total loans	19,903
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	19,259
2022	589
2021	55
2020	0
2019	0
Prior years	0
Total loans	19,903
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	0
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	0
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Three months ended March 31, 2023	0
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	$ 0

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 13,575,540	$ 14,785,283
Discount on bonds and notes payable and debt issuance costs	(137,124)	(148,088)
Bonds and notes payable, net	13,438,416	14,637,195
Unsecured Debt
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	$ 311,771	$ 395,432
Interest rate	5.48%	5.02%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 432,984	$ 567,254
Other - due to related party
Debt Instrument [Line Items]
Bonds and notes payable, gross	6,181	6,187
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	11,043,945	11,868,190
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	142,385	178,960
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	11,186,330	12,047,150
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	548,642	594,051
Federally insured | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	919,337	978,956
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	17,808	19,865
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	22,145	23,032
Private education | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 47,937	$ 64,356
Interest rate	5.18%	4.72%
Consumer loans | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 82,405	$ 89,000
Interest rate	5.15%	4.73%
Minimum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	5.38%	0.97%
Minimum | Other - due to related party
Debt Instrument [Line Items]
Interest rate	3.55%	3.55%
Minimum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	4.93%	4.47%
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 Agreement Borrowings
Debt Instrument [Line Items]
Interest rate	5.12%	4.69%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	6.40%	5.90%
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	5.85%	5.60%
Maximum | Other - due to related party
Debt Instrument [Line Items]
Interest rate	6.05%	6.05%
Maximum | Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Interest rate	6.85%	6.39%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	5.43%	4.02%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum | Federally insured | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Interest rate	5.15%	4.71%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	6.60%	6.14%
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 ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Apr. 03, 2023	Mar. 30, 2023	Dec. 31, 2022
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		$ 291,900,000
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities		141,100,000
Federal funds purchased		0
Par value of asset-based securities		1,070,703,000			$ 1,389,037,000
Asset-backed securities
Debt Instrument [Line Items]
Par value of asset-based securities		397,800,000
Asset-based securities serving as collateral on secured debt repurchase agreements		197,500,000
Union Bank and Trust Company
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities at par value		311,800,000
Warehouse Agreement Borrowings | Federally insured student loans | NFSLW-I
Debt Instrument [Line Items]
Maximum financing amount		1,250,000,000		$ 1,200,000,000
Amount outstanding		919,300,000
Amount available		330,700,000
Advanced as equity support		62,800,000
Private Loan Warehouse Facility | Warehouse Agreement Borrowings
Debt Instrument [Line Items]
Maximum financing amount		47,900,000
Advanced as equity support		19,400,000
Unsecured Line of Credit | Line of Credit
Debt Instrument [Line Items]
Amount outstanding		0
Amount available		495,000,000
Unsecured Line of Credit | Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Maximum financing amount		495,000,000
Amount available for specific purpose other than reducing recourse debt		260,000,000
Federal Funds Lines Of Credit With Correspondent Banks | Line of Credit | Federal Funds Purchased
Debt Instrument [Line Items]
Maximum financing amount		30,000,000
Consumer Loan Warehouse Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Maximum financing amount		250,000,000
Amount outstanding		82,400,000
Amount available		167,600,000
Advanced as equity support		$ 35,200,000
Advance rate		70%
FFELP Warehouse Facility Due April 2025 | Line of Credit | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Amount outstanding			$ 250,000,000
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Payments to extinguish debt	$ 188,600,000
Payments to extinguish debt, bonds owned by entity	140,500,000
Write off of unamortized debt discount	$ 25,900,000

Bonds and Notes Payable - Debt

Bonds and Notes Payable - Debt Repurchased (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Purchase price	$ (828)	$ (18,454)
Par value	908	18,530
Remaining unamortized cost of issuance	(2)	(45)
Gain	$ 78	$ 31

Derivative Financial Instrume_3

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount	$ 3,150,000,000	$ 3,900,000,000
2023
Derivative [Line Items]
Notional amount	0	750,000,000
2024
Derivative [Line Items]
Notional amount	1,750,000,000	1,750,000,000
2026
Derivative [Line Items]
Notional amount	1,150,000,000	1,150,000,000
2027
Derivative [Line Items]
Notional amount	$ 250,000,000	$ 250,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 15, 2023	Dec. 31, 2022
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate	0.101%		0.097%
Interest Rate Swap | Interest rate swaps - floor income hedge
Derivative [Line Items]
Cash received or receivable from derivative		$ 183.2
Proceeds for settlement of terminated derivatives	$ 19.1
Derivative, notional amount, terminated	$ 2,800

Derivative Financial Instrume_5

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedge - Interest Rate Swap	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Notional amount	$ 2,800,000,000
Weighted average fixed rate paid by the Company	0.70%
2024
Derivative [Line Items]
Notional amount	$ 2,000,000,000
Weighted average fixed rate paid by the Company	0.35%
2026
Derivative [Line Items]
Notional amount	$ 500,000,000
Weighted average fixed rate paid by the Company	1.02%
2031
Derivative [Line Items]
Notional amount	$ 100,000,000
Weighted average fixed rate paid by the Company	1.53%
2032
Derivative [Line Items]
Notional amount	$ 200,000,000
Weighted average fixed rate paid by the Company	2.92%

Derivative Financial Instrume_6

Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 23,337	$ (2,809)
Change in fair value	$ (37,411)	$ 145,734
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Derivative market value adjustments and derivative settlements, net	Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 23,337	$ (2,809)
Derivative market value adjustments and derivative settlements, net - (expense) income	(14,074)	142,925
1:3 basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ (23)	$ 889
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
1:3 basis swaps | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 859	$ 396
Interest rate swaps - floor income hedge
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	$ (37,388)	$ 144,845
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
Interest rate swaps - floor income hedge | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 22,478	$ (3,205)

Investments and Notes Receiva_3

Investments and Notes Receivable - Summary of Investments (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments (at fair value):
Amortized cost		$ 1,105,927		$ 1,441,630
Gross unrealized gains		7,308		4,622
Gross unrealized losses		(42,532)		(57,215)
Fair value		1,070,703		1,389,037
Equity securities		35,663		39,082
Total investments at fair value		1,106,366		1,428,119
Held to maturity investments
Fair value		154,119		18,774
Notes receivable		30,246		31,106
Other investments		881,204		683,798
Total investments and notes receivable		1,987,570		2,111,917
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value		321,600
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value		294,600
Debt securities, held-to-maturity, transfer from available-for-sale			$ 149,200
Debt securities, held-to-maturity, transfer from available-for-sale, unrealized loss		3,700
Equity securities, realized gain		2,249	2,117
Net loss attributable to noncontrolling interests		3,470	1,761
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		711,190		958,353
Gross unrealized gains		6,540		3,649
Gross unrealized losses		(35,260)		(44,333)
Fair value		682,470		917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		336,327		463,861
Gross unrealized gains		4,175		3,498
Gross unrealized losses		(7,926)		(11,105)
Fair value		332,576		456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		321,120		335,903
Gross unrealized gains		0		0
Gross unrealized losses		(26,531)		(29,438)
Fair value		294,589		306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		53,743		158,589
Gross unrealized gains		2,365		151
Gross unrealized losses		(803)		(3,790)
Fair value		55,305		154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Investments (at fair value):
Amortized cost		394,737		483,277
Gross unrealized gains		768		973
Gross unrealized losses		(7,272)		(12,882)
Fair value		388,233		471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		240,348		349,855
Gross unrealized gains		754		955
Gross unrealized losses		(3,622)		(8,853)
Fair value		237,480		341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		1,818		1,941
Gross unrealized gains		0		0
Gross unrealized losses		(101)		(122)
Fair value		1,717		1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Investments (at fair value):
Amortized cost		152,571		131,481
Gross unrealized gains		14		18
Gross unrealized losses		(3,549)		(3,907)
Fair value		149,036		127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank
Held to maturity investments
Fair value		4,700		18,554
Held-To-Maturity Investments, Nelnet Bank
Held to maturity investments
Fair value		149,419		220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Held to maturity investments
Fair value		149,179		0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank
Held to maturity investments
Fair value		240		220
Asset-Backed Securities Subject To Participation Interests
Investments (at fair value):
Fair value		289,100
Union Bank and Trust Company
Held to maturity investments
Amount of participation, student loan asset-backed securities at par value		311,800
Miscellaneous Investments
Held to maturity investments
Beneficial interest in securitizations		177,888		138,738
Venture capital funds | Hudl
Held to maturity investments
Payment to acquire additional ownership interests in investment	$ 31,500
Venture capital funds | Miscellaneous Investments
Held to maturity investments
Measurement alternative		191,731		160,052
Equity method		98,217		89,332
Other investments		289,948		249,384
Carrying amount of investment		191,731		160,052
Venture capital funds | Miscellaneous Investments | Hudl
Held to maturity investments
Measurement alternative		165,500
Carrying amount of investment		165,500
Real estate | Miscellaneous Investments
Held to maturity investments
Equity method		84,526		80,364
Partnership Interest | Miscellaneous Investments
Held to maturity investments
Equity method		55,756		67,538
Preferred membership interest and accrued and unpaid preferred return		148,175		145,926
Other investments		203,931		213,464
Additional equity investment		8,400
Equity securities, realized loss		20,200	13,100
Preferred membership interest and accrued and unpaid preferred return		148,175		145,926
Partnership Interest | Miscellaneous Investments | ALLO
Held to maturity investments
Preferred membership interest and accrued and unpaid preferred return		145,900
Preferred membership interest and accrued and unpaid preferred return		145,900
Equity method investment, accrued and unpaid preferred return		2,200
Beneficial interest in consumer loans and other | Miscellaneous Investments
Held to maturity investments
Beneficial interest in securitizations		81,399		39,249
Beneficial interest in private education loan securitizations | Miscellaneous Investments
Held to maturity investments
Beneficial interest in securitizations		72,898		75,261
Loans corresponding to beneficial interest		590,000
Beneficial interest in federally insured loan securitizations | Miscellaneous Investments
Held to maturity investments
Beneficial interest in securitizations		23,591		24,228
Loans corresponding to beneficial interest		370,000
Solar
Held to maturity investments
Amount funded or committed to fund		294,400
Amount funded or committed to fund by partners		115,900
Equity method investment, amount committed to fund		220,300
Equity method investment, amount committed to fund by partners		141,400
Pre-tax loss from equity investment		1,900	1,000
Net loss attributable to noncontrolling interests		2,700	1,800
Solar | Miscellaneous Investments
Held to maturity investments
Other investments		(66,353)		(55,448)
Tax liens, affordable housing, and other | Miscellaneous Investments
Held to maturity investments
Other investments		6,899		$ 7,416
Consumer loans | Miscellaneous Investments
Held to maturity investments
Loans corresponding to beneficial interest		$ 585,000
Preferred Partnership Interest | Miscellaneous Investments
Held to maturity investments
Equity method investment, preferred annual return		6.25%
Equity securities, realized gain		$ 2,200	$ 2,100

Investments and Notes Receiva_4

Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	$ 65,924
Amortized cost, after 1 year through 5 years	42,390
Amortized cost, after 5 years through 10 years	177,026
Amortized cost, after 10 years	820,587
Amortized cost	1,105,927	$ 1,441,630
Fair value
Fair value, 1 year or less	65,136
Fair value, after 1 year through 5 years	42,012
Fair value, after 5 years through 10 years	172,907
Fair value, after 10 years	790,648
Total	1,070,703	1,389,037
Held to maturity investments
Amortized cost, 1 year or less	4,940
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	3,797
Amortized cost, after 10 years	145,382
Total	154,119
Fair value
Fair value, 1 year or less	4,940
Fair value, after 1 year through 5 years	0
Fair value, after 5 years through 10 years	3,797
Fair value, after 10 years	145,382
Total	154,119	18,774
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	26,196
Amortized cost, after 1 year through 5 years	12,373
Amortized cost, after 5 years through 10 years	50,051
Amortized cost, after 10 years	622,570
Amortized cost	711,190	958,353
Fair value
Fair value, 1 year or less	25,997
Fair value, after 1 year through 5 years	12,308
Fair value, after 5 years through 10 years	48,679
Fair value, after 10 years	595,486
Total	682,470	917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	26,196
Amortized cost, after 1 year through 5 years	12,274
Amortized cost, after 5 years through 10 years	50,051
Amortized cost, after 10 years	247,806
Amortized cost	336,327	463,861
Fair value
Total	332,576	456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	321,120
Amortized cost	321,120	335,903
Fair value
Total	294,589	306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	99
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	53,644
Amortized cost	53,743	158,589
Fair value
Total	55,305	154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	39,728
Amortized cost, after 1 year through 5 years	30,017
Amortized cost, after 5 years through 10 years	126,975
Amortized cost, after 10 years	198,017
Amortized cost	394,737	483,277
Fair value
Fair value, 1 year or less	39,139
Fair value, after 1 year through 5 years	29,704
Fair value, after 5 years through 10 years	124,228
Fair value, after 10 years	195,162
Total	388,233	471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	39,728
Amortized cost, after 1 year through 5 years	6,933
Amortized cost, after 5 years through 10 years	34,659
Amortized cost, after 10 years	159,028
Amortized cost	240,348	349,855
Fair value
Total	237,480	341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	1,818
Amortized cost	1,818	1,941
Fair value
Total	1,717	1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	23,084
Amortized cost, after 5 years through 10 years	92,316
Amortized cost, after 10 years	37,171
Amortized cost	152,571	131,481
Fair value
Total	149,036	127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	4,700
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	0
Total	4,700
Fair value
Fair value, 1 year or less	4,700
Fair value, after 1 year through 5 years	0
Fair value, after 5 years through 10 years	0
Fair value, after 10 years	0
Total	4,700	18,554
Held-To-Maturity Investments, Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	240
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	3,797
Amortized cost, after 10 years	145,382
Total	149,419
Fair value
Fair value, 1 year or less	240
Fair value, after 1 year through 5 years	0
Fair value, after 5 years through 10 years	3,797
Fair value, after 10 years	145,382
Total	149,419	220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	3,797
Amortized cost, after 10 years	145,382
Total	149,179
Fair value
Total	149,179	0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	240
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	0
Total	240
Fair value
Total	$ 240	$ 220

Investments and Notes Receiva_5

Investments and Notes Receivable - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Asset -backed securities unrealized loss position not due to credit loss	$ 0
Aggregate fair value of available-for-sale debt securities with unrealized losses	$ 852,601,000	$ 1,200,000,000

Investments and Notes Receiva_6

Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	$ (12,611)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	472,548
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(29,921)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	380,053
Total, unrealized loss	(42,532)
Total, fair value	852,601	$ 1,200,000
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(6,127)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	203,521
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(29,133)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	338,828
Total, unrealized loss	(35,260)
Total, fair value	542,349
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(5,324)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	182,059
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(2,602)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	44,238
Total, unrealized loss	(7,926)
Total, fair value	226,297
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	0
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(26,531)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	294,590
Total, unrealized loss	(26,531)
Total, fair value	294,590
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(803)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	21,462
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	0
Total, unrealized loss	(803)
Total, fair value	21,462
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(6,484)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	269,027
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(788)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	41,225
Total, unrealized loss	(7,272)
Total, fair value	310,252
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(2,891)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	155,672
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(731)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	37,285
Total, unrealized loss	(3,622)
Total, fair value	192,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(101)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	1,717
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	0
Total, unrealized loss	(101)
Total, fair value	1,717
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(3,492)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	111,638
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(57)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	3,940
Total, unrealized loss	(3,549)
Total, fair value	$ 115,578

Investments and Notes Receiva_7

Investments and Notes Receivable - Gross Proceeds and Gross Realized Gains and Losses of Available-for-Sale Asset-Backed Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments [Abstract]
Gross realized gains	$ 1,274	$ 2,965
Gross realized losses	(6,256)	(172)
Gross proceeds from sales	$ 492,173	$ 113,980

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	107 months
Amortizable intangible assets, net	$ 60,788	$ 63,501
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 57,285	55,116
Weighted average remaining useful life	110 months
Amortizable intangible assets, net	$ 49,569	51,738
Trade names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 882	617
Weighted average remaining useful life	111 months
Amortizable intangible assets, net	$ 8,028	8,293
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 6,514	6,400
Weighted average remaining useful life	49 months
Amortizable intangible assets, net	$ 1,406	1,520
Other
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 655	490
Weighted average remaining useful life	51 months
Amortizable intangible assets, net	$ 1,785	$ 1,950

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 2.7	$ 2.5

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023 (April 1 - December 31)	$ 7,648
2024	9,773
2025	8,145
2026	7,262
2027	6,736
2028 and thereafter	21,224
Amortizable intangible assets, net	$ 60,788	$ 63,501

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 176,902	$ 176,902
Corporate and Other Activities
Goodwill [Line Items]
Goodwill	18,873	18,873
Loan Servicing and Systems | Operating Segments
Goodwill [Line Items]
Goodwill	23,639	23,639
Education Technology, Services, and Payment Processing | Operating Segments
Goodwill [Line Items]
Goodwill	92,507	92,507
Asset Generation and Management | Operating Segments
Goodwill [Line Items]
Goodwill	41,883	41,883
Nelnet Bank | Operating Segments
Goodwill [Line Items]
Goodwill	$ 0	$ 0

Bank Deposits - Narrative (Deta

Bank Deposits - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 576,267,000	$ 945,159,000	$ 757,954,000	$ 741,981,000
Deposits exceeding the FDIC insurance limits	0	$ 0
Nelnet Bank | Pledged deposit
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 40,000,000

Bank Deposits - Interest-Bearin

Bank Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Brokered CDs, net of brokered deposit fees	$ 203,714	$ 254,817
Retail and other savings (529, STFIT, and HSA)	447,792	410,556
Retail and other CDs (commercial and institutional)	24,261	25,949
Total interest-bearing deposits	$ 675,767	$ 691,322

Bank Deposits - Certificates of

Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Deposits [Abstract]
After two years to three years	$ 65,513
After three years to four years	162,115
After four years to five years	347
Total	$ 227,975

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 26,487	$ 186,647
Net income attributable to Nelnet, Inc., diluted	$ 26,487	$ 186,647
Weighted-average common shares outstanding - basic (in shares)	37,344,604	38,041,834
Weighted-average common shares outstanding - diluted (in shares)	37,344,604	38,041,834
Earnings per share - basic (in dollars per share)	$ 0.71	$ 4.91
Earnings per share - diluted (in dollars per share)	$ 0.71	$ 4.91
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 25,945	$ 183,328
Net income attributable to Nelnet, Inc., diluted	$ 25,945	$ 183,328
Weighted-average common shares outstanding - basic (in shares)	36,580,204	37,365,339
Weighted-average common shares outstanding - diluted (in shares)	36,580,204	37,365,339
Earnings per share - basic (in dollars per share)	$ 0.71	$ 4.91
Earnings per share - diluted (in dollars per share)	$ 0.71	$ 4.91
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 542	$ 3,319
Net income attributable to Nelnet, Inc., diluted	$ 542	$ 3,319
Weighted-average common shares outstanding - basic (in shares)	764,400	676,495
Weighted-average common shares outstanding - diluted (in shares)	764,400	676,495
Earnings per share - basic (in dollars per share)	$ 0.71	$ 4.91
Earnings per share - diluted (in dollars per share)	$ 0.71	$ 4.91

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total interest income	$ 265,968	$ 125,196
Interest expense	199,449	48,079
Net interest income	66,519	77,117
Provision (negative provision) for loan losses	34,275	(435)
Net interest income after provision for loan losses	32,244	77,552
Other income (expense):
Intersegment revenue	0	0
Other, net	(14,071)	9,877
Gain on sale of loans, net	11,812	2,989
Derivative settlements, net	23,337	(2,809)
Derivative market value adjustments, net	(37,411)	145,734
Total other income (expense)	265,148	404,445
Total cost of services	56,003	35,545
Operating expenses:
Salaries and benefits	152,710	149,414
Depreciation and amortization	16,627	16,956
Other expenses	40,785	39,499
Intersegment expenses, net	0	0
Total operating expenses	210,122	205,869
Income before income taxes	31,267	240,583
Income tax (expense) benefit	(8,250)	(55,697)
Net income	23,017	184,886
Net loss attributable to noncontrolling interests	3,470	1,761
Net income attributable to Nelnet, Inc.	26,487	186,647
Total assets	18,082,609	20,989,741	$ 19,374,044
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	1,037	67
Interest expense	0	24
Net interest income	1,037	43
Provision (negative provision) for loan losses	0	0
Net interest income after provision for loan losses	1,037	43
Other income (expense):
Intersegment revenue	7,790	8,480
Other, net	608	740
Gain on sale of loans, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income (expense)	147,625	145,588
Total cost of services	0	0
Operating expenses:
Salaries and benefits	84,560	91,972
Depreciation and amortization	4,513	4,954
Other expenses	13,313	16,213
Intersegment expenses, net	21,057	20,398
Total operating expenses	123,443	133,537
Income before income taxes	25,219	12,094
Income tax (expense) benefit	(6,053)	(2,903)
Net income	19,166	9,191
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	19,166	9,191
Total assets	232,667	259,712
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	6,036	339
Interest expense	0	0
Net interest income	6,036	339
Provision (negative provision) for loan losses	0	0
Net interest income after provision for loan losses	6,036	339
Other income (expense):
Intersegment revenue	56	3
Other, net	0	0
Gain on sale of loans, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income (expense)	133,659	112,289
Total cost of services	47,704	35,545
Operating expenses:
Salaries and benefits	37,913	31,286
Depreciation and amortization	2,578	2,315
Other expenses	8,063	5,764
Intersegment expenses, net	5,800	4,605
Total operating expenses	54,354	43,970
Income before income taxes	37,637	33,113
Income tax (expense) benefit	(9,066)	(7,947)
Net income	28,571	25,166
Net loss attributable to noncontrolling interests	138	0
Net income attributable to Nelnet, Inc.	28,709	25,166
Total assets	424,742	376,794
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	234,719	118,598
Interest expense	189,198	46,003
Net interest income	45,521	72,595
Provision (negative provision) for loan losses	31,858	(864)
Net interest income after provision for loan losses	13,663	73,459
Other income (expense):
Intersegment revenue	0	0
Other, net	2,845	6,511
Gain on sale of loans, net	11,812	2,989
Derivative settlements, net	23,337	(2,809)
Derivative market value adjustments, net	(37,411)	145,734
Total other income (expense)	583	152,425
Total cost of services	0	0
Operating expenses:
Salaries and benefits	755	591
Depreciation and amortization	0	0
Other expenses	5,016	3,033
Intersegment expenses, net	8,696	8,831
Total operating expenses	14,467	12,455
Income before income taxes	(221)	213,429
Income tax (expense) benefit	53	(51,223)
Net income	(168)	162,206
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	(168)	162,206
Total assets	14,939,324	18,158,972
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	12,259	3,030
Interest expense	7,214	856
Net interest income	5,045	2,174
Provision (negative provision) for loan losses	2,417	429
Net interest income after provision for loan losses	2,628	1,745
Other income (expense):
Intersegment revenue	0	0
Other, net	210	1,500
Gain on sale of loans, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income (expense)	210	1,500
Total cost of services	0	0
Operating expenses:
Salaries and benefits	2,064	1,554
Depreciation and amortization	5	3
Other expenses	782	682
Intersegment expenses, net	80	45
Total operating expenses	2,931	2,284
Income before income taxes	(93)	961
Income tax (expense) benefit	35	(223)
Net income	(58)	738
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	(58)	738
Total assets	1,000,659	656,242
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	21,199	3,992
Interest expense	12,318	2,026
Net interest income	8,881	1,966
Provision (negative provision) for loan losses	0	0
Net interest income after provision for loan losses	8,881	1,966
Other income (expense):
Intersegment revenue	0	0
Other, net	(17,734)	1,125
Gain on sale of loans, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income (expense)	(9,083)	1,125
Total cost of services	8,299	0
Operating expenses:
Salaries and benefits	27,419	24,012
Depreciation and amortization	9,531	9,684
Other expenses	13,611	13,804
Intersegment expenses, net	(27,787)	(25,396)
Total operating expenses	22,774	22,104
Income before income taxes	(31,275)	(19,013)
Income tax (expense) benefit	6,781	6,598
Net income	(24,494)	(12,415)
Net loss attributable to noncontrolling interests	3,332	1,761
Net income attributable to Nelnet, Inc.	(21,162)	(10,654)
Total assets	2,207,722	2,066,417
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(9,282)	(828)
Interest expense	(9,282)	(828)
Net interest income	0	0
Provision (negative provision) for loan losses	0	0
Net interest income after provision for loan losses	0	0
Other income (expense):
Intersegment revenue	(7,846)	(8,483)
Other, net	0	0
Gain on sale of loans, net	0	0
Derivative settlements, net	0	0
Derivative market value adjustments, net	0	0
Total other income (expense)	(7,846)	(8,483)
Total cost of services	0	0
Operating expenses:
Salaries and benefits	0	0
Depreciation and amortization	0	0
Other expenses	0	0
Intersegment expenses, net	(7,846)	(8,483)
Total operating expenses	(7,846)	(8,483)
Income before income taxes	0	0
Income tax (expense) benefit	0	0
Net income	0	0
Net loss attributable to noncontrolling interests	0	0
Net income attributable to Nelnet, Inc.	0	0
Total assets	(722,505)	(528,396)
Loan servicing and systems revenue
Other income (expense):
Revenue	139,227	136,368
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	139,227	136,368
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	0	0
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0
Loan servicing and systems revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0
Loan servicing and systems revenue | Corporate and Other Activities
Other income (expense):
Revenue	0	0
Loan servicing and systems revenue | Eliminations
Other income (expense):
Revenue	0	0
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	133,603	112,286
Total cost of services	47,704	35,545
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	133,603	112,286
Total cost of services	47,704	35,545
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Education technology, services, and payment processing revenue | Corporate and Other Activities
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Education technology, services, and payment processing revenue | Eliminations
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Solar construction revenue
Other income (expense):
Revenue	8,651	0
Total cost of services	8,299	0
Solar construction revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Solar construction revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Solar construction revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0
Total cost of services	0	0
Solar construction revenue | Corporate and Other Activities
Other income (expense):
Revenue	8,651	0
Total cost of services	8,299	0
Solar construction revenue | Eliminations
Other income (expense):
Revenue	0	0
Total cost of services	$ 0	$ 0

Disaggregated Revenue - Disaggr

Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Solar construction revenue
Disaggregation of Revenue [Line Items]
Revenue			$ 8,651
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenue			6,234
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue			2,775
Other
Disaggregation of Revenue [Line Items]
Revenue			$ (358)
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 139,227	$ 136,368
Government loan servicing
Disaggregation of Revenue [Line Items]
Revenue	108,880	109,125
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,164	12,873
FFELP loan servicing
Disaggregation of Revenue [Line Items]
Revenue	3,368	4,248
Software services
Disaggregation of Revenue [Line Items]
Revenue	9,697	7,400
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue	5,118	2,722
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	133,603	112,286
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	34,187	30,716
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	44,041	38,071
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	54,787	43,251
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 588	$ 248

Disaggregated Revenue - Other I

Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
ALLO preferred return	$ 2,249	$ 2,117
Borrower late fee income	$ 2,247	2,431
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total other
Administration/sponsor fee income	$ 1,772	2,123
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total other
Investment activity, net	$ (3,577)	11,856
Other	3,786	4,228
Total other	(14,071)	9,877
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(20,213)	(13,130)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(1,947)	(1,030)
Investment advisory services
Disaggregation of Revenue [Line Items]
Investment advisory services	$ 1,612	$ 1,282

Major Customer (Details)

Major Customer (Details) $ in Millions		3 Months Ended
	Apr. 24, 2023 extension borrower	Mar. 31, 2023 USD ($) borrower provider $ / borrowers	Mar. 31, 2022 USD ($)	Feb. 28, 2023 borrower
Concentration Risk [Line Items]
Number borrowers serviced by other provider using entity platform		3,500,000
Number of borrowers serviced by remote hosted servicing customer using entity platform		1,400,000
Government Loan Servicing
Concentration Risk [Line Items]
Revenue | $		$ 108.9	$ 109.1
Number of providers servicing department of education in which entity licenses hosted servicing software | provider		2
Reduction in fee earned (in dollars per borrower) | $ / borrowers		0.19
Number of borrowers to be transfers to other provider, maximum				1,000,000,000,000
Government Loan Servicing | Subsequent Event
Concentration Risk [Line Items]
Contract with customer, contract term	5 years
Contract with customer, option to extend, option one, number of extensions | extension	2
Contract with customer, option to extend, option one, extension period	2 years
Contract with customer, option to extend, option two, number of extensions | extension	1
Contract with customer, option to extend, option two, extension period	1 year
Customer Concentration Risk | Government Servicing Contract Borrowers, Eligible For $10,000 Debt Relief | Revenue Benchmark
Concentration Risk [Line Items]
Number of estimated decreased borrowers serviced		4,500,000
Customer Concentration Risk | Government Servicing Contract Borrowers, Eligible For $20,000 Debt Relief | Revenue Benchmark
Concentration Risk [Line Items]
Number of estimated decreased borrowers serviced		7,700,000
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark | Subsequent Event
Concentration Risk [Line Items]
Number of borrowers, including those serviced by other providers	37,000,000

Fair Value - Fair Value, Assets

Fair Value - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Fair value	$ 1,106,366	$ 1,428,119
Total assets	1,106,366	1,428,119
Asset-backed debt securities - available-for-sale
Financial assets:
Fair value	1,070,703	1,389,037
Equity securities
Financial assets:
Fair value	91	6,719
Equity securities measured at net asset value
Financial assets:
Fair value	35,572	32,363
Level 1
Financial assets:
Fair value	190	6,819
Total assets	190	6,819
Level 1 | Asset-backed debt securities - available-for-sale
Financial assets:
Fair value	99	100
Level 1 | Equity securities
Financial assets:
Fair value	91	6,719
Level 1 | Equity securities measured at net asset value
Financial assets:
Fair value
Level 2
Financial assets:
Fair value	1,070,604	1,388,937
Total assets	1,070,604	1,388,937
Level 2 | Asset-backed debt securities - available-for-sale
Financial assets:
Fair value	1,070,604	1,388,937
Level 2 | Equity securities
Financial assets:
Fair value	0	0
Level 2 | Equity securities measured at net asset value
Financial assets:
Fair value

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Loans receivable	$ 14,561,108	$ 15,243,889
Accrued loan interest receivable	800,400	816,864
Cash and cash equivalents	187,574	118,146	$ 162,785	$ 125,563
Investments - held to maturity	154,119	18,774
Restricted cash - due to customers	134,202	294,311	$ 256,927	$ 326,645
Financial liabilities:
Accrued interest payable	34,374	36,049
Bank deposits	675,767	691,322
Due to customers	280,624	348,317
Fair value
Financial assets:
Loans receivable	13,919,785	14,586,794
Accrued loan interest receivable	800,400	816,864
Cash and cash equivalents	187,574	118,146
Investments (at fair value)	1,106,366	1,428,119
Investments - held to maturity	154,119	18,996
Notes receivable	30,246	31,106
Beneficial interest in loan securitizations	201,216	162,360
Restricted cash	576,267	945,159
Restricted cash - due to customers	134,202	294,311
Financial liabilities:
Bonds and notes payable	12,933,378	14,088,666
Accrued interest payable	34,374	36,049
Bank deposits	647,708	664,573
Due to customers	280,624	348,317
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	187,574	118,146
Investments (at fair value)	190	6,819
Investments - held to maturity	0	0
Notes receivable	0	0
Beneficial interest in loan securitizations	0	0
Restricted cash	576,267	945,159
Restricted cash - due to customers	134,202	294,311
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	391,379	355,282
Due to customers	280,624	348,317
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	800,400	816,864
Cash and cash equivalents	0	0
Investments (at fair value)	1,070,604	1,388,937
Investments - held to maturity	154,119	18,996
Notes receivable	30,246	31,106
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Financial liabilities:
Bonds and notes payable	12,933,378	14,088,666
Accrued interest payable	34,374	36,049
Bank deposits	256,329	309,291
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	13,919,785	14,586,794
Accrued loan interest receivable	0	0
Cash and cash equivalents	0	0
Investments (at fair value)	0	0
Investments - held to maturity	0	0
Notes receivable	0	0
Beneficial interest in loan securitizations	201,216	162,360
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	13,760,708	14,427,025
Accrued loan interest receivable	800,400	816,864
Cash and cash equivalents	187,574	118,146
Investments (at fair value)	1,106,366	1,428,119
Investments - held to maturity	154,119	18,774
Notes receivable	30,246	31,106
Beneficial interest in loan securitizations	177,888	138,738
Restricted cash	576,267	945,159
Restricted cash - due to customers	134,202	294,311
Financial liabilities:
Bonds and notes payable	13,438,416	14,637,195
Accrued interest payable	34,374	36,049
Bank deposits	675,767	691,322
Due to customers	$ 280,624	$ 348,317