Nelnet (NNI) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,650,991
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,668,460

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $114,263 and $131,827, respectively)	$ 14,360,612	$ 15,243,889
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	24,834	24,584
Cash and cash equivalents - held at a related party	96,935	93,562
Total cash and cash equivalents	121,769	118,146
Investments and notes receivable	2,006,306	2,111,917
Restricted cash	484,223	945,159
Restricted cash - due to customers	208,033	294,311
Accounts receivable (net of allowance for doubtful accounts of $4,855 and $3,079, respectively)	135,690	194,851
Goodwill	176,902	176,902
Intangible assets, net	57,293	63,501
Property and equipment, net	130,451	122,526
Other assets	126,353	102,842
Total assets	17,807,632	19,374,044
Liabilities:
Bonds and notes payable	13,070,140	14,637,195
Accrued interest payable	35,926	36,049
Bank deposits	731,046	691,322
Other liabilities	423,454	461,259
Due to customers	299,552	348,317
Total liabilities	14,560,118	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	10,114	1,109
Retained earnings	3,270,250	3,234,844
Accumulated other comprehensive loss, net	(21,458)	(37,366)
Total Nelnet, Inc. shareholders' equity	3,259,279	3,198,959
Noncontrolling interests	(11,765)	943
Total equity	3,247,514	3,199,902
Total liabilities and equity	17,807,632	19,374,044
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $114,263 and $131,827, respectively)	13,756,107	14,585,491
Cash and cash equivalents:
Restricted cash	451,792	867,961
Liabilities:
Bonds and notes payable	12,999,867	14,233,586
Common stock:
Accrued interest payable and other liabilities	(192,978)	(145,309)
Net assets of consolidated education and other lending variable interest entities	1,015,054	1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,646,490 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	Jun. 30, 2023	Dec. 31, 2022
Allowance for loan losses	$ 114,263	$ 131,827
Allowance for doubtful accounts	$ 4,855	$ 3,079
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Class A
Par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	26,646,490	26,461,651
Common stock, outstanding (in shares)	26,646,490	26,461,651
Common Class B
Par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, issued (in shares)	10,668,460	10,668,460
Common stock, outstanding (in shares)	10,668,460	10,668,460

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income:
Loan interest	$ 243,045	$ 134,706	$ 468,288	$ 246,083
Investment interest	40,982	16,881	81,707	30,700
Total interest income	284,027	151,587	549,995	276,783
Interest expense on bonds and notes payable and bank deposits	233,148	73,642	432,597	121,721
Net interest income	50,879	77,945	117,398	155,062
Less provision for loan losses	9,592	9,409	43,867	8,974
Net interest income after provision for loan losses	41,287	68,536	73,531	146,088
Other income (expense):
Other, net	(7,011)	12,647	(21,083)	22,524
Gain on sale of loans, net	15,511	0	27,323	2,989
Impairment expense	0	(6,284)	0	(6,284)
Derivative market value adjustments and derivative settlements, net	2,070	45,024	(12,005)	187,949
Total other income (expense), net	247,183	267,291	512,330	671,736
Total cost of services	49,529	30,852	105,532	66,397
Operating expenses:
Salaries and benefits	144,706	141,398	297,416	290,813
Depreciation and amortization	18,652	18,250	35,279	35,206
Other expenses	45,997	36,940	86,781	76,439
Total operating expenses	209,355	196,588	419,476	402,458
Income before income taxes	29,586	108,387	60,853	348,969
Income tax expense	10,491	25,483	18,741	81,180
Net income	19,095	82,904	42,112	267,789
Net loss attributable to noncontrolling interests	9,172	2,225	12,642	3,987
Net income attributable to Nelnet, Inc.	$ 28,267	$ 85,129	$ 54,754	$ 271,776
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Weighted-average common shares outstanding - basic (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Weighted-average common shares outstanding - diluted (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Loan servicing and systems revenue
Other income (expense):
Revenue	$ 122,020	$ 124,873	$ 261,247	$ 261,241
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	109,858	91,031	243,462	203,317
Total cost of services	40,407	30,852	88,110	66,397
Solar construction revenue
Other income (expense):
Revenue	4,735	0	13,386	0
Total cost of services	$ 9,122	$ 0	$ 17,422	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 19,095	$ 82,904	$ 42,112	$ 267,789
Other comprehensive income (loss):
Net changes related to foreign currency translation adjustments	0	(8)	(3)	1
Net changes related to available-for-sale debt securities:
Unrealized holding gains (losses) arising during period, net	8,649	(33,822)	17,300	(50,520)
Reclassification of (gains) losses recognized in net income, net	(918)	(849)	4,064	(3,642)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	70	0	70	0
Income tax effect	(1,872)	8,321	(5,144)	12,999
Unrealized gains (losses) during period after reclassifications and tax	5,929	(26,350)	16,290	(41,163)
Net changes related to equity method investee's other comprehensive income:
Loss on cash flow hedges	(501)	0	(499)	0
Income tax effect	120	0	120	0
Net changes related to equity method investee's other comprehensive, after income tax effect	(381)	0	(379)	0
Other comprehensive income (loss)	5,548	(26,358)	15,908	(41,162)
Comprehensive income	24,643	56,546	58,020	226,627
Comprehensive loss attributable to noncontrolling interests	9,172	2,225	12,642	3,987
Comprehensive income attributable to Nelnet, Inc.	$ 33,815	$ 58,771	$ 70,662	$ 230,614

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	11,279							11,279
Net income (loss)	267,789					271,776		(3,987)
Other comprehensive income (loss)	(41,162)						(41,162)
Distribution to noncontrolling interests	(15,161)							(15,161)
Cash dividend on Class A and Class B common stock	(18,035)					(18,035)
Issuance of common stock, net of forfeitures (in shares)			310,639
Issuance of common stock, net of forfeitures	6,501		$ 3		6,498
Compensation expense for stock based awards	6,027				6,027
Repurchase of common stock (in shares)			(938,310)
Repurchase of common stock	(78,931)		$ (9)		(12,345)	(66,577)
Conversion of common stock (in shares)			1,750	(1,750)
Conversion of common stock	0
Ending balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Ending balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
Beginning balance (in shares) at Mar. 31, 2022		0	27,151,270	10,674,892
Beginning balance at Mar. 31, 2022	3,085,063	$ 0	$ 272	$ 107	1,208	3,092,226	(5,500)	(3,250)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	9,275							9,275
Net income (loss)	82,904					85,129		(2,225)
Other comprehensive income (loss)	(26,358)						(26,358)
Distribution to noncontrolling interests	(10,037)							(10,037)
Cash dividend on Class A and Class B common stock	(8,973)					(8,973)
Issuance of common stock, net of forfeitures (in shares)			20,720
Issuance of common stock, net of forfeitures	2,116				2,116
Compensation expense for stock based awards	3,187				3,187
Repurchase of common stock (in shares)			(558,257)
Repurchase of common stock	(46,032)		$ (6)		(5,331)	(40,695)
Ending balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Ending balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
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	12,904							12,904
Net income (loss)	42,112					54,754		(12,642)
Other comprehensive income (loss)	15,908						15,908
Distribution to noncontrolling interests	(12,970)							(12,970)
Cash dividend on Class A and Class B common stock	(19,348)					(19,348)
Issuance of common stock, net of forfeitures (in shares)			226,086
Issuance of common stock, net of forfeitures	5,120		$ 1		5,119
Compensation expense for stock based awards	7,653				7,653
Repurchase of common stock (in shares)			(41,247)
Repurchase of common stock	(3,767)				(3,767)
Ending balance (in shares) at Jun. 30, 2023		0	26,646,490	10,668,460
Ending balance at Jun. 30, 2023	3,247,514	$ 0	$ 266	$ 107	10,114	3,270,250	(21,458)	(11,765)
Beginning balance (in shares) at Mar. 31, 2023		0	26,623,662	10,668,460
Beginning balance at Mar. 31, 2023	3,223,329	$ 0	$ 266	$ 107	4,639	3,251,677	(27,006)	(6,354)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	11,703							11,703
Net income (loss)	19,095					28,267		(9,172)
Other comprehensive income (loss)	5,548						5,548
Distribution to noncontrolling interests	(7,942)							(7,942)
Cash dividend on Class A and Class B common stock	(9,694)					(9,694)
Issuance of common stock, net of forfeitures (in shares)			27,562
Issuance of common stock, net of forfeitures	2,056				2,056
Compensation expense for stock based awards	3,884				3,884
Repurchase of common stock (in shares)			(4,734)
Repurchase of common stock	(465)				(465)
Ending balance (in shares) at Jun. 30, 2023		0	26,646,490	10,668,460
Ending balance at Jun. 30, 2023	$ 3,247,514	$ 0	$ 266	$ 107	$ 10,114	$ 3,270,250	$ (21,458)	$ (11,765)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 54,754	$ 271,776
Net loss attributable to noncontrolling interests		(12,642)	(3,987)
Net income		42,112	267,789
Adjustments to reconcile net income to net cash provided by operating activities, net of business acquisition:
Depreciation and amortization, including debt discounts and loan premiums and deferred origination costs		93,573	74,080
Loan discount accretion		(15,412)	(19,554)
Provision for loan losses		43,867	8,974
Derivative market value adjustments		35,407	(186,135)
Proceeds from termination of derivative instruments		164,079	68,021
(Payments to) proceeds from clearinghouse - initial and variation margin, net		(209,886)	133,622
Gain on sale of loans, net		(27,323)	(2,989)
Loss on investments, net		47,260	3,207
Proceeds from sale of equity securities, net		75	42,398
Deferred income tax (benefit) expense		(16,144)	49,890
Non-cash compensation expense		7,810	6,171
Impairment expense		0	6,284
(Increase) decrease in loan and investment accrued interest receivable		(4,884)	184
Decrease in accounts receivable		59,142	44,786
Increase in other assets, net		(11,480)	(9,086)
Decrease in the carrying amount of ROU asset, net		2,390	2,735
(Decrease) increase in accrued interest payable		(123)	8,397
Decrease in other liabilities		(8,916)	(12,200)
Decrease in the carrying amount of lease liability		(2,568)	(2,860)
Net cash provided by operating activities		198,979	483,714
Cash flows from investing activities:
Purchases and originations of loans		(411,868)	(396,486)
Purchases of loans from a related party		(467,519)	(7,675)
Net proceeds from loan repayments, claims, and capitalized interest		1,348,827	1,792,930
Proceeds from sale of loans		290,957	15,278
Purchases of available-for-sale securities		(296,468)	(735,140)
Proceeds from sales of available-for-sale securities		577,548	319,752
Proceeds from beneficial interest in loan securitizations		13,237	13,212
Purchases of other investments and issuance of notes receivable		(140,129)	(147,400)
Proceeds from other investments		14,403	23,955
Purchases of held-to-maturity debt securities		(2,889)	0
Redemption of held-to-maturity debt securities		1,487	0
Purchases of property and equipment		(37,253)	(34,152)
Business acquisition, net of cash acquired		0	(7,320)
Net cash provided by investing activities		890,333	836,954
Cash flows from financing activities:
Payments on bonds and notes payable		(2,417,622)	(1,695,697)
Proceeds from issuance of bonds and notes payable		806,148	159,931
Payments of debt issuance costs		(2,214)	(851)
Increase in bank deposits, net		39,724	244,159
(Decrease) increase in due to customers		(48,728)	43,544
Dividends paid		(19,348)	(18,035)
Repurchases of common stock		(3,767)	(78,931)
Proceeds from issuance of common stock		890	801
Issuance of noncontrolling interests		14,018	5,142
Distribution to noncontrolling interests		(1,920)	(699)
Net cash used in financing activities		(1,632,819)	(1,340,636)
Effect of exchange rate changes on cash		(84)	(179)
Net decrease in cash, cash equivalents, and restricted cash		(543,591)	(20,147)
Cash, cash equivalents, and restricted cash, beginning of period		1,357,616	1,194,189
Cash, cash equivalents, and restricted cash, end of period		814,025	1,174,042
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		386,686	89,281
Cash disbursements made for income taxes, net of refunds and credits received	[1]	43,510	21,137
Cash disbursements made for operating leases		3,476	3,538
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		18,485	746
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans		53,896	3,660
Receipt of asset-backed investment securities as consideration from sale of loans		58,182	0
Distribution to noncontrolling interests		11,050	14,462
Issuance of noncontrolling interests		$ 1,114	$ 6,137
[1]The Company utilized $13.9 million and $4.1 million of federal and state tax credits related primarily to renewable energy during the six months ended June 30, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 13,900	$ 4,100
Cash and cash equivalents:
Total cash and cash equivalents	121,769	128,499
Restricted cash	484,223	754,693
Restricted cash - due to customers	208,033	290,850
Cash, cash equivalents, and restricted cash	$ 814,025	$ 1,174,042

Basis of Financial Reporting

Basis of Financial Reporting	6 Months Ended
	Jun. 30, 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 June 30, 2023 and for the three and six months ended June 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,245,540 3,389,178 Consolidation 9,574,202 10,177,295 Total 12,819,742 13,566,473 Private education loans 230,056 252,383 Consumer and other loans 189,327 350,915 Non-Nelnet Bank loans 13,239,125 14,169,771 Nelnet Bank: Federally insured loans 61,501 65,913 Private education loans 352,319 353,882 Consumer and other loans 30,668 — Nelnet Bank loans 444,488 419,795 Accrued interest receivable 818,709 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (27,447) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (74,061) (83,593) Private education loans (14,322) (15,411) Consumer and other loans (20,005) (30,263) Non-Nelnet Bank allowance for loan losses (108,388) (129,267) Nelnet Bank: Federally insured loans (154) (170) Private education loans (2,905) (2,390) Consumer and other loans (2,816) — Nelnet Bank allowance for loan losses (5,875) (2,560) $ 14,360,612 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 June 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.58 % 0.62 % Private education loans 6.23 % 6.11 % Consumer and other loans 10.57 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.82 % 0.68 % Consumer and other loans 9.18 % — (a) As of June 30, 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 21.7% and 22.4%, respectively, and for Nelnet Bank was 10.0% 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 six months ended June 30, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Six months ended June 30, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,277 8,903 Consumer 24.6 (a) April 4 5,633 659 Consumer — April 13 24,980 3,123 Consumer 11.3 May 2 127,663 11,729 Consumer 26.5 $ 420,178 27,323 Six months ended June 30, 2022 January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — $ 18,239 2,989 (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, 2023 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 June 30, 2023 Non-Nelnet Bank: Federally insured loans $ 79,331 — (5,270) — — — 74,061 Private education loans 15,175 — (1,069) 216 — — 14,322 Consumer and other loans 35,317 8,099 (2,881) 441 — (20,971) 20,005 Nelnet Bank: Federally insured loans 160 (4) (2) — — — 154 Private education loans 2,894 517 (506) — — — 2,905 Consumer and other loans 1,827 989 — — — — 2,816 $ 134,704 9,601 (9,728) 657 — (20,971) 114,263 Three months ended June 30, 2022 Non-Nelnet Bank: Federally insured loans $ 95,995 2,365 (5,788) — 21 — 92,593 Private education loans 14,622 1,217 (707) 118 — 3 15,253 Consumer and other loans 5,710 5,245 (531) 152 — — 10,576 Nelnet Bank: Federally insured loans 247 13 (2) — — — 258 Private education loans 1,251 569 (73) — — (3) 1,744 $ 117,825 9,409 (7,101) 270 21 — 120,424 Six months ended June 30, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (11,949) — 6 — 74,061 Private education loans 15,411 240 (1,709) 380 — — 14,322 Consumer and other loans 30,263 37,306 (5,148) 661 — (43,077) 20,005 Nelnet Bank: Federally insured loans 170 (12) (4) — — — 154 Private education loans 2,390 1,129 (614) — — — 2,905 Consumer and other loans — 2,816 — — — — 2,816 $ 131,827 43,890 (19,424) 1,041 6 (43,077) 114,263 Six months ended June 30, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (383) (10,549) — 144 — 92,593 Private education loans 16,143 817 (2,006) 295 — 4 15,253 Consumer and other loans 6,481 7,529 (1,469) 319 — (2,284) 10,576 Nelnet Bank: Federally insured loans 268 (8) (2) — — — 258 Private education loans 840 995 (87) — — (4) 1,744 $ 127,113 8,950 (14,113) 614 144 (2,284) 120,424 The primary item impacting provision for loan losses was the establishment of an initial allowance for consumer loans originated and acquired during the periods presented above. 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Non-Nelnet Bank: Federally insured loans 0.16 % 0.14 % 0.18 % 0.13 % Private education loans 1.45 % 0.85 % 1.11 % 1.22 % Consumer and other loans 4.07 % 1.51 % 3.22 % 3.24 % Nelnet Bank: Federally insured loans 0.01 % 0.01 % 0.01 % 0.00 % Private education loans 0.57 % 0.09 % 0.35 % 0.06 % Consumer and other loans — — — — Unfunded Loan Commitments As of June 30, 2023, Nelnet Bank has a liability of approximately $62,000 related to $4.1 million of unfunded private education and consumer loan commitments. The liability for unfunded loan commitments is included in "other liabilities" on the consolidated balance sheets. During the six months ended June 30, 2023 and 2022, Nelnet Bank recognized negative provision for loan losses of approximately $23,000 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 June 30, 2023 As of December 31, 2022 As of June 30, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 612,357 4.8 % $ 637,919 4.7 % $ 763,957 4.9 % Loans in forbearance 930,629 7.3 1,103,181 8.1 1,246,882 8.1 Loans in repayment status: Loans current 9,609,634 85.2 % 10,173,859 86.0 % 11,551,817 86.1 % Loans delinquent 31-60 days 496,953 4.4 415,305 3.5 464,234 3.5 Loans delinquent 61-90 days 360,728 3.2 253,565 2.2 309,252 2.3 Loans delinquent 91-120 days 157,685 1.4 180,029 1.5 187,452 1.4 Loans delinquent 121-270 days 457,100 4.1 534,410 4.5 638,189 4.7 Loans delinquent 271 days or greater 194,656 1.7 268,205 2.3 267,828 2.0 Total loans in repayment 11,276,756 87.9 100.0 % 11,825,373 87.2 100.0 % 13,418,772 87.0 100.0 % Total federally insured loans 12,819,742 100.0 % 13,566,473 100.0 % 15,429,611 100.0 % Accrued interest receivable 810,489 808,150 775,337 Loan discount, net of unamortized premiums and deferred origination costs (33,764) (35,468) (26,674) Allowance for loan losses (74,061) (83,593) (92,593) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 13,522,406 $ 14,255,562 $ 16,085,681 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,440 4.6 % $ 12,756 5.1 % $ 15,403 5.6 % Loans in forbearance 1,874 0.8 2,017 0.8 2,447 0.9 Loans in repayment status: Loans current 212,522 97.6 % 232,539 97.9 % 250,268 98.1 % Loans delinquent 31-60 days 1,643 0.7 2,410 1.0 1,980 0.8 Loans delinquent 61-90 days 1,253 0.6 767 0.3 782 0.3 Loans delinquent 91 days or greater 2,324 1.1 1,894 0.8 2,063 0.8 Total loans in repayment 217,742 94.6 100.0 % 237,610 94.1 100.0 % 255,093 93.5 100.0 % Total private education loans 230,056 100.0 % 252,383 100.0 % 272,943 100.0 % Accrued interest receivable 2,196 2,146 2,058 Loan premium, net of unaccreted discount 183 (38) 94 Allowance for loan losses (14,322) (15,411) (15,253) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 218,113 $ 239,080 $ 259,842 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 102 0.1 % $ 109 0.0 % $ 64 0.0 % Loans in repayment status: Loans current 181,864 96.1 % 346,812 98.9 % 150,812 98.9 % Loans delinquent 31-60 days 2,794 1.5 1,906 0.5 515 0.3 Loans delinquent 61-90 days 2,533 1.3 764 0.2 435 0.3 Loans delinquent 91 days or greater 2,034 1.1 1,324 0.4 757 0.5 Total loans in repayment 189,225 99.9 100.0 % 350,806 100.0 100.0 % 152,519 100.0 100.0 % Total consumer and other loans 189,327 100.0 % 350,915 100.0 % 152,583 100.0 % Accrued interest receivable 2,246 3,658 1,376 Loan premium, net of unaccreted discount 750 (588) (1,965) Allowance for loan losses (20,005) (30,263) (10,576) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 172,318 $ 323,722 $ 141,418 As of June 30, 2023 As of December 31, 2022 As of June 30, 2022 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 239 0.4 % $ 241 0.4 % $ 283 0.4 % Loans in forbearance 665 1.1 981 1.5 1,029 1.3 Loans in repayment status: Loans current 59,041 97.5 % 63,225 97.8 % 74,883 98.4 % Loans delinquent 30-59 days 320 0.5 436 0.7 587 0.8 Loans delinquent 60-89 days 301 0.5 466 0.7 165 0.2 Loans delinquent 90-119 days 372 0.6 222 0.3 245 0.3 Loans delinquent 120-270 days 448 0.7 183 0.3 236 0.3 Loans delinquent 271 days or greater 115 0.2 159 0.2 — — Total loans in repayment 60,597 98.5 100.0 % 64,691 98.1 100.0 % 76,116 98.3 100.0 % Total federally insured loans 61,501 100.0 % 65,913 100.0 % 77,428 100.0 % Accrued interest receivable 1,973 1,758 1,381 Loan premium 18 20 23 Allowance for loan losses (154) (170) (258) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 63,338 $ 67,521 $ 78,574 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 16,996 4.8 % $ 11,580 3.3 % $ 1,160 0.3 % Loans in forbearance 1,797 0.5 864 0.2 1,236 0.4 Loans in repayment status: Loans current 332,205 99.6 % 340,830 99.8 % 343,148 99.8 % Loans delinquent 30-59 days 691 0.2 167 0.1 169 0.1 Loans delinquent 60-89 days 241 0.1 32 0.0 412 0.1 Loans delinquent 90 days or greater 389 0.1 409 0.1 — — Total loans in repayment 333,526 94.7 100.0 % 341,438 96.5 100.0 % 343,729 99.3 100.0 % Total private education loans 352,319 100.0 % 353,882 100.0 % 346,125 100.0 % Accrued interest receivable 1,591 1,152 539 Deferred origination costs, net of unaccreted discount 5,366 5,360 5,909 Allowance for loan losses (2,905) (2,390) (1,744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 356,371 $ 358,004 $ 350,829 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 6 — % Loans in repayment status: Loans current 30,120 98.2 % Loans delinquent 30-59 days 277 0.9 Loans delinquent 60-89 days 205 0.7 Loans delinquent 90 days or greater 60 0.2 Total loans in repayment 30,662 100.0 100.0 % Total consumer and other loans 30,668 100.0 % Accrued interest receivable 214 Loan premium — Allowance for loan losses (2,816) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 28,066 (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 June 30, 2023 Six months ended June 30, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 1,731 5,869 5,100 342 13,042 705 - 734 3,936 22,881 9,776 506 37,099 735 - 764 4,109 34,497 15,794 1,401 55,801 765 - 794 1,938 54,989 29,021 1,531 87,479 Greater than 794 5,896 82,963 64,415 5,624 158,898 $ 17,610 201,199 124,106 9,404 352,319 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 June 30, 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 June 30, 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. Six months ended June 30, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,390 4,831 1,122 1,907 1,190 10,440 Loans in forbearance — — 62 311 451 1,050 1,874 Loans in repayment status: Loans current 115 4,270 4,610 49,726 39,948 113,853 212,522 Loans delinquent 31-60 days — 12 3 221 95 1,312 1,643 Loans delinquent 61-90 days — — — 311 71 871 1,253 Loans delinquent 91 days or greater — 29 5 100 110 2,080 2,324 Total loans in repayment 115 4,311 4,618 50,358 40,224 118,116 217,742 Total private education loans $ 115 5,701 9,511 51,791 42,582 120,356 230,056 Accrued interest receivable 2,196 Loan premium, net of unaccreted discount 183 Allowance for loan losses (14,322) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 218,113 Gross charge-offs - six months ended June 30, 2023 $ — — 5 2 381 1,321 1,709 Six months ended June 30, 2023 2022 2021 2020 2019 Prior years Total Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 43 40 19 — — — 102 Loans in repayment status: Loans current 120,588 53,714 5,662 457 956 487 181,864 Loans delinquent 31-60 days 1,040 1,565 153 24 8 4 2,794 Loans delinquent 61-90 days 1,458 770 227 20 50 8 2,533 Loans delinquent 91 days or greater 337 970 131 61 199 336 2,034 Total loans in repayment 123,423 57,019 6,173 562 1,213 835 189,225 Total consumer and other loans $ 123,466 57,059 6,192 562 1,213 835 189,327 Accrued interest receivable 2,246 Loan premium, net of unaccreted discount 750 Allowance for loan losses (20,005) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 172,318 Gross charge-offs - six months ended June 30, 2023 $ 265 4,272 439 27 55 90 5,148 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 2,787 11,980 1,168 1,061 — — 16,996 Loans in forbearance — 969 828 — — — 1,797 Loans in repayment status: Loans current 14,772 187,799 121,291 8,343 — — 332,205 Loans delinquent 30-59 days — 391 300 — — — 691 Loans delinquent 60-89 days 31 48 162 — — — 241 Loans delinquent 90 days or greater 20 12 357 — — — 389 Total loans in repayment 14,823 188,250 122,110 8,343 — — 333,526 Total private education loans $ 17,610 201,199 124,106 9,404 — — 352,319 Accrued interest receivable 1,591 Deferred origination costs, net of unaccreted discount 5,366 Allowance for loan losses (2,905) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 356,371 Gross charge-offs - six months ended June 30, 2023 $ — 614 — — — — 614 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 6 — — — — — 6 Loans in repayment status: Loans current 29,547 518 55 — — — 30,120 Loans delinquent 30-59 days 277 — — — — — 277 Loans delinquent 60-89 days 205 — — — — — 205 Loans delinquent 90 days or greater 60 — — — — — 60 Total loans in repayment 30,089 518 55 — — — 30,662 Total consumer and other loans $ 30,095 518 55 — — — 30,668 Accrued interest receivable 214 Loan premium — Allowance for loan losses (2,816) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 28,066 Gross charge-offs - six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 10,494,458 5.37% - 7.15% 8/26/30 - 9/25/69 Bonds and notes based on auction 91,335 0.00% - 6.18% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 10,585,793 Fixed-rate bonds and notes issued in FFELP loan asset-backed 519,156 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,530,429 5.15% - 5.42% 11/22/24 / 4/2/25 Private education loan warehouse facility 42,200 5.37% 12/31/23 Consumer loan warehouse facility 32,324 5.44% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 16,628 6.65% 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 19,606 5.35% 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 6,781 5.84% 5/4/24 Repurchase agreements 415,514 5.81% - 6.47% 7/26/23 - 11/27/24 Other - due to related party 6,174 3.55% - 6.05% 3/1/24 - 11/15/30 13,174,605 Discount on bonds and notes payable and debt issuance costs (104,465) Total $ 13,070,140 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. The following table summarizes the Company's warehouse facilities as of June 30, 2023. Type of loans Maximum financing amount Amount outstanding Amount available Expiration of liquidity provisions Final maturity date Advance rate Advanced as equity support FFELP (a) $ 1,250,000 1,119,030 130,970 11/22/2023 11/22/2024 note (b) $ 99,220 FFELP (c) 432,000 411,399 20,601 4/2/2024 4/2/2025 92 % 34,497 $ 1,682,000 1,530,429 151,571 $ 133,717 Private (d) 42,200 42,200 — 8/31/2023 12/31/2023 — 18,720 Consumer 250,000 32,324 217,676 11/14/2024 11/14/2025 70 % 13,901 (a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively. (b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility. (c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million. (d) On June 30, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023. No additional amounts can be borrowed under this facility. 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 June 30, 2023, no amount was outstanding on the line of credit and $495.0 million was available for future use. 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 June 30, 2023, $6.8 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 maturity date of the second agreement (as of June 30, 2023) was July 26, 2023. Subsequent to June 30, 2023, the remaining outstanding balance of this facility was paid in full. 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 was subject to margin deficit payment requirements if the fair value of the securities subject to the agreement was less than the original purchase price of such securities and the counter-party provided notice requiring such payment. Included in “bonds and notes payable” in the consolidated balance sheets as of June 30, 2023 was $347.6 million subject to the first agreement and $67.9 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 unsecured Federal Funds lines of credit with correspondent banks totaling $30.0 million at a stated interest rate at the time of borrowing. Nelnet Bank has also established an account at the Federal Reserve Bank (FRB), the Federal Home Loan Bank (FHLB), and an additional $10.0 million Federal Funds line of credit with a correspondent bank which must be fully collateralized. The FRB, FHLB, and secured Federal Funds line of credit accepts pledges of eligible securities. In addition, FFELP and private education loans are accepted as collateral for FRB borrowings. As of June 30, 2023 and December 31, 2022, Nelnet Bank had no amounts drawn on their Federal Funds, FRB, or FHLB lines of credit. As of June 30, 2023, the Bank has $20.0 million of collateral pledged with the FRB that it may borrow against. 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Purchase price $ — (35,643) (828) (54,096) Par value — 36,700 908 55,229 Remaining unamortized cost of issuance — (17) (2) (62) Gain $ — 1,040 78 1,071 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 June 30, 2023, the Company holds $253.7 million (par value) of its own FFELP loan asset-backed securities. As of June 30, 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). In April 2023, the Company redeemed $188.6 million of FFELP loan asset-backed debt securities (bonds and notes payable) prior to their maturity, of which the Company owned $140.5 million of the bonds that were redeemed. The remaining unamortized debt discount associated with these bonds at the time of redemption was written-off, resulting in a $25.9 million non-cash expense recognized in April 2023. This expense is included in "interest expense on bonds and notes payable and bank deposits" on the consolidated statements of income.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments primarily to manage interest rate risk. 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 June 30, 2023 and December 31, 2022 is presented below. Non-Nelnet Bank Derivatives Basis Swaps The following table summarizes the Company’s outstanding basis swaps, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 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 June 30, 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 June 30, 2023 As of December 31, 2022 (a) Maturity Notional amount Weighted average fixed rate paid by the Company (b) Notional amount Weighted average fixed rate paid by the Company (b) 2024 $ — — % $ 2,000,000 0.35 % 2026 — — 500,000 1.02 2030 (c) 50,000 3.44 — — 2031 — — 100,000 1.53 2032 — — 200,000 2.92 $ 50,000 3.44 % $ 2,800,000 0.70 % (a) On March 15, 2023, 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). 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 $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. (b) For the interest rate derivative maturing in 2030, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For the interest rate derivative maturing in 2032, the Company was to receive payments based on SOFR that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly. (c) The Company entered into this derivative in June 2023. Nelnet Bank Derivatives Interest Rate Swaps Derivative instruments are used by Nelnet Bank to hedge the exposure to variability in cash flows of variable rate intercompany deposits primarily to minimize the exposure to volatility in cash flows from future changes in interest rates. Nelnet Bank has structured these derivatives so that each is economically effective; however, because these derivatives are hedging intercompany deposits, the derivative instruments are not eligible for hedge accounting in the consolidated financial statements. As a result, the change in market value of these derivative instruments is reported in current period earnings and presented in "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of June 30, 2023. As of June 30, 2023 Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 25,000 2.97 $ 65,000 3.19 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset quarterly. (b) This derivative with a $25 million notional amount has a forward effective start date in April 2026. Unlike the Company's Non-Nelnet Bank derivatives, Nelnet Bank's derivatives are not cleared post-execution at a regulated clearinghouse. As such, the Company records these derivative instruments in the consolidated balance sheets on a gross basis as either an asset or liability measured at fair value. As of June 30, 2023, the gross fair value of Nelnet Bank's interest rate swap derivatives was $1.1 million (an asset) that is included in "other assets" on the consolidated balance sheet. Consolidated Financial Statement Impact Related to Derivatives The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Settlements: 1:3 basis swaps $ (65) 931 794 1,327 Interest rate swaps - floor income hedges 47 3,692 22,525 487 Interest rate swaps - Nelnet Bank 83 — 83 — Total settlements - income 65 4,623 23,402 1,814 Change in fair value: 1:3 basis swaps 235 (148) 211 741 Interest rate swaps - floor income hedges 662 40,549 (36,726) 185,394 Interest rate swaps - Nelnet Bank 1,108 — 1,108 — Total change in fair value - income (expense) 2,005 40,401 (35,407) 186,135 Derivative market value adjustments and derivative settlements, net - income (expense) $ 2,070 45,024 (12,005) 187,949

Investments and Notes Receivabl

Investments and Notes Receivable	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable Investments and notes receivable consisted of the following: As of June 30, 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) $ 329,256 5,064 (6,372) 327,948 463,861 3,498 (11,105) 456,254 Private education loan (b) 307,084 — (25,238) 281,846 335,903 — (29,438) 306,465 Other debt securities 59,631 3,050 (670) 62,011 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 695,971 8,114 (32,280) 671,805 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 257,418 1,378 (2,430) 256,366 349,855 955 (8,853) 341,957 Private education loan 1,707 — (92) 1,615 1,941 — (122) 1,819 Other debt securities 120,471 161 (2,344) 118,288 131,481 18 (3,907) 127,592 Total Nelnet Bank 379,596 1,539 (4,866) 376,269 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,075,567 9,653 (37,146) 1,048,074 1,441,630 4,622 (57,215) 1,389,037 Equity securities 39,576 39,082 Total investments at fair value 1,087,650 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) 150,840 — Other debt securities 241 220 Total Nelnet Bank 151,081 220 Total held to maturity investments 155,781 18,774 Venture capital and funds: Measurement alternative (e) (f) 193,001 160,052 Equity method 109,988 89,332 Total venture capital and funds 302,989 249,384 Real estate: Equity method 85,284 80,364 Investment in ALLO: Voting interest/equity method (g) 43,588 67,538 Preferred membership interest and accrued and unpaid preferred return (h) 150,449 145,926 Total investment in ALLO 194,037 213,464 Beneficial interest in loan securitizations (i): Consumer loans and other 96,635 39,249 Private education loans 71,322 75,261 Federally insured student loans 23,017 24,228 Total beneficial interest in loan securitizations 190,974 138,738 Solar (j) (72,455) (55,448) Notes receivable 54,931 31,106 Tax liens, affordable housing, and other 7,115 7,416 Total investments (not measured at fair value) 918,656 683,798 Total investments and notes receivable $ 2,006,306 $ 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 June 30, 2023, the par value and fair value of these securities was $6.8 million and $6.3 million, respectively. (b) A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of June 30, 2023, the par value and fair value of these securities was $307.6 million and $281.8 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 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being 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 June 30, 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 second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense" on the consolidated statements of income. (g) 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 June 30, 2023 and 2022, the Company recognized losses of $12.2 million and $16.9 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the six months ended June 30, 2023 and 2022, the Company recognized losses of $32.4 million and $30.1 million, respectively. 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. (h) As of June 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $4.5 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 $2.3 million and $2.1 million during the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $4.3 million during the six months ended June 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (i) 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 June 30, 2023, the Company's ownership correlates to approximately $680 million, $560 million, and $360 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (j) As of June 30, 2023, the Company has funded a total of $312.9 million in solar investments, which includes $120.0 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 June 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through June 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of June 30, 2023, the Company is committed to fund an additional $319.2 million on tax equity investments, of which $120.5 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 $7.9 million and $1.9 million during the three months ended June 30, 2023 and 2022, respectively, and $9.9 million and $2.9 million during the six months ended June 30, 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 $7.4 million and $2.0 million for the three months ended June 30, 2023 and 2022, respectively, and $10.1 million and $3.9 million during the six months ended June 30, 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 June 30, 2023: As of June 30, 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 $ 24,742 11,841 48,079 244,594 329,256 Private education loan — — — 307,084 307,084 Other debt securities — 99 — 59,532 59,631 Total Non-Nelnet Bank 24,742 11,940 48,079 611,210 695,971 Fair value 24,735 11,915 46,921 588,234 671,805 Nelnet Bank: FFELP loan 37,270 — 44,458 175,690 257,418 Private education loan — — — 1,707 1,707 Other debt securities 2,112 19,490 50,919 47,950 120,471 Total Nelnet Bank 39,382 19,490 95,377 225,347 379,596 Fair value 38,911 19,370 93,795 224,193 376,269 Total available-for-sale asset-backed securities at amortized cost $ 64,124 31,430 143,456 836,557 1,075,567 Total available-for-sale asset-backed securities at fair value $ 63,646 31,285 140,716 812,427 1,048,074 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 — 3,678 — 147,162 150,840 Other debt securities 241 — — — 241 Total Nelnet Bank 241 3,678 — 147,162 151,081 Fair value 241 3,743 — 147,853 151,837 Total held-to-maturity investments at amortized cost $ 4,941 3,678 — 147,162 155,781 Total held-to-maturity investments at fair value $ 4,941 3,743 — 147,853 156,537 The following table presents securities classified as available-for-sale that have gross unrealized losses at June 30, 2023 and the fair value of such securities as of June 30, 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 June 30, 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 $ (6,349) 208,144 (23) 532 (6,372) 208,676 Private education loan (4,304) 71,534 (20,934) 210,312 (25,238) 281,846 Other debt securities (670) 24,304 — — (670) 24,304 Total Non-Nelnet Bank (11,323) 303,982 (20,957) 210,844 (32,280) 514,826 Nelnet Bank: FFELP loan (827) 89,190 (1,603) 88,972 (2,430) 178,162 Private education loan (92) 1,616 — — (92) 1,616 Other debt securities (293) 30,671 (2,051) 57,692 (2,344) 88,363 Total Nelnet Bank (1,212) 121,477 (3,654) 146,664 (4,866) 268,141 Total available-for-sale asset-backed securities $ (12,535) 425,459 (24,611) 357,508 (37,146) 782,967 The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities. Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Gross proceeds from sales $ 85,375 205,772 577,548 319,752 Gross realized gains $ 920 909 2,194 3,874 Gross realized losses (2) (60) (6,258) (232) Net gains (losses) $ 918 849 (4,064) 3,642

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following: Weighted average remaining useful life as of June 30, 2023 (months) As of As of June 30, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $43,178 and $55,116, respectively) 107 $ 47,529 51,738 Trade names (net of accumulated amortization of $2,085 and $617, respectively) 16 6,825 8,293 Computer software (net of accumulated amortization of $400 and $6,400, respectively) 46 1,320 1,520 Other (net of accumulated amortization of $821 and $490, respectively) 48 1,619 1,950 Total - amortizable intangible assets, net 93 $ 57,293 63,501 The Company recorded amortization expense on its intangible assets of $3.5 million and $2.9 million for the three months ended June 30, 2023 and 2022, respectively, and $6.2 million and $5.3 million during the six months ended June 30, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2023, the Company estimates it will record amortization expense as follows: 2023 (July 1 - December 31) $ 10,765 2024 8,775 2025 7,141 2026 6,294 2027 5,814 2028 and thereafter 18,504 $ 57,293

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2023
Goodwill [Abstract]
Goodwill	Goodwill The following table presents the carrying amount of goodwill as of June 30, 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	6 Months Ended
	Jun. 30, 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, 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 totaling $140.4 million, 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 June 30, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,418 254,817 Retail and other savings (529, STFIT, and HSA) 504,858 410,556 Retail and other CDs (commercial and institutional) 22,770 25,949 Total interest-bearing deposits $ 731,046 691,322 The following table presents certificates of deposit remaining maturities as of June 30, 2023: After two years to three years $ 151,559 After three years to four years 74,282 After four years to five years 347 Total $ 226,188 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 June 30, 2023 and December 31, 2022.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 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 June 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 27,665 602 28,267 83,485 1,644 85,129 Denominator: Weighted-average common shares outstanding - basic and diluted 36,670,933 797,464 37,468,397 36,981,990 728,224 37,710,214 Earnings per share - basic and diluted $ 0.75 0.75 0.75 2.26 2.26 2.26 Six months ended June 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 53,611 1,143 54,754 266,735 5,041 271,776 Denominator: Weighted-average common shares outstanding - basic and diluted 36,625,819 781,024 37,406,843 37,172,606 702,502 37,875,108 Earnings per share - basic and diluted $ 1.46 1.46 1.46 7.18 7.18 7.18

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 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 June 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,058 5,268 253,763 13,661 25,855 (15,578) 284,027 Interest expense — — 232,313 8,171 8,242 (15,578) 233,148 Net interest income 1,058 5,268 21,450 5,490 17,613 — 50,879 Less provision for loan losses — — 8,099 1,493 — — 9,592 Net interest income after provision for loan losses 1,058 5,268 13,351 3,997 17,613 — 41,287 Other income (expense): Loan servicing and systems revenue 122,020 — — — — — 122,020 Intersegment revenue 7,246 65 — — — (7,311) — Education technology, services, and payment processing revenue — 109,858 — — — — 109,858 Solar construction revenue — — — — 4,735 — 4,735 Other, net 605 — 1,319 620 (9,553) — (7,011) Gain on sale of loans, net — — 15,511 — — — 15,511 Impairment expense — — — — — — — Derivative settlements, net — — (18) 83 — — 65 Derivative market value adjustments, net — — 897 1,108 — — 2,005 Total other income (expense), net 129,871 109,923 17,709 1,811 (4,818) (7,311) 247,183 Cost of services: Cost to provide education technology, services, and payment processing services — 40,407 — — — — 40,407 Cost to provide solar construction services — — — — 9,122 — 9,122 Total cost of services — 40,407 — — 9,122 — 49,529 Operating expenses: Salaries and benefits 76,141 38,351 1,096 2,297 26,965 (145) 144,706 Depreciation and amortization 4,863 2,815 — 51 10,923 — 18,652 Other expenses 13,818 9,692 4,115 1,624 16,747 — 45,997 Intersegment expenses, net 19,079 5,884 8,145 92 (26,034) (7,166) — Total operating expenses 113,901 56,742 13,356 4,064 28,601 (7,311) 209,355 Income (loss) before income taxes 17,028 18,042 17,704 1,744 (24,928) — 29,586 Income tax (expense) benefit (4,086) (4,327) (4,249) (396) 2,567 — (10,491) Net income (loss) 12,942 13,715 13,455 1,348 (22,361) — 19,095 Net (income) loss attributable to noncontrolling interests — (19) — — 9,191 — 9,172 Net income (loss) attributable to Nelnet, Inc. $ 12,942 13,696 13,455 1,348 (13,170) — 28,267 Total assets as of June 30, 2023 $ 173,926 482,922 14,667,357 1,005,043 2,091,500 (613,116) 17,807,632 Three months ended June 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 246 874 140,396 5,212 6,235 (1,376) 151,587 Interest expense 20 — 69,708 1,639 3,652 (1,376) 73,642 Net interest income 226 874 70,688 3,573 2,583 — 77,945 Less provision for loan losses — — 8,827 582 — — 9,409 Net interest income after provision for loan losses 226 874 61,861 2,991 2,583 — 68,536 Other income (expense): Loan servicing and systems revenue 124,873 — — — — — 124,873 Intersegment revenue 8,381 7 — — — (8,388) — Education technology, services, and payment processing revenue — 91,031 — — — — 91,031 Solar construction revenue — — — — — — — Other, net 611 — 5,133 157 6,747 — 12,647 Gain on sale of loans, net — — — — — — — Impairment expense — — — — (6,284) — (6,284) Derivative settlements, net — — 4,623 — — — 4,623 Derivative market value adjustments, net — — 40,401 — — — 40,401 Total other income (expense), net 133,865 91,038 50,157 157 463 (8,388) 267,291 Cost of services: Cost to provide education technology, services, and payment processing services — 30,852 — — — — 30,852 Cost to provide solar construction services — — — — — — — Total cost of services — 30,852 — — — — 30,852 Operating expenses: Salaries and benefits 83,220 32,120 614 1,714 23,729 — 141,398 Depreciation and amortization 5,318 2,698 — 4 10,230 — 18,250 Other expenses 13,507 6,750 3,543 899 12,241 — 36,940 Intersegment expenses, net 18,558 4,805 8,513 57 (23,545) (8,388) — Total operating expenses 120,603 46,373 12,670 2,674 22,655 (8,388) 196,588 Income (loss) before income taxes 13,488 14,687 99,348 474 (19,609) — 108,387 Income tax (expense) benefit (3,237) (3,525) (23,844) (106) 5,228 — (25,483) Net income (loss) 10,251 11,162 75,504 368 (14,381) — 82,904 Net (income) loss attributable to noncontrolling interests — 53 — — 2,172 — 2,225 Net income (loss) attributable to Nelnet, Inc. $ 10,251 11,215 75,504 368 (12,209) — 85,129 Total assets as of June 30, 2022 $ 240,437 546,235 17,388,228 864,659 2,273,216 (688,762) 20,624,013 Six months ended June 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 2,095 11,304 488,482 25,920 47,054 (24,860) 549,995 Interest expense — — 421,511 15,385 20,560 (24,860) 432,597 Net interest income 2,095 11,304 66,971 10,535 26,494 — 117,398 Less provision for loan losses — — 39,957 3,910 — — 43,867 Net interest income after provision for loan losses 2,095 11,304 27,014 6,625 26,494 — 73,531 Other income (expense): Loan servicing and systems revenue 261,247 — — — — — 261,247 Intersegment revenue 15,036 121 — — — (15,157) — Education technology, services, and payment processing revenue — 243,462 — — — — 243,462 Solar construction revenue — — — — 13,386 — 13,386 Other, net 1,213 — 4,164 830 (27,287) — (21,083) Gain on sale of loans, net — — 27,323 — — — 27,323 Impairment expense — — — — — — — Derivative settlements, net — — 23,319 83 — — 23,402 Derivative market value adjustments, net — — (36,515) 1,108 — — (35,407) Total other income (expense), net 277,496 243,583 18,291 2,021 (13,901) (15,157) 512,330 Cost of services: Cost to provide education technology, services, and payment processing services — 88,110 — — — — 88,110 Cost to provide solar construction services — — — — 17,422 — 17,422 Total cost of services — 88,110 — — 17,422 — 105,532 Operating expenses: Salaries and benefits 160,701 76,264 1,851 4,361 54,384 (145) 297,416 Depreciation and amortization 9,377 5,393 — 56 20,454 — 35,279 Other expenses 27,131 17,755 9,131 2,406 30,358 — 86,781 Intersegment expenses, net 40,136 11,684 16,841 173 (53,822) (15,012) — Total operating expenses 237,345 111,096 27,823 6,996 51,374 (15,157) 419,476 Income (loss) before income taxes 42,246 55,681 17,482 1,650 (56,203) — 60,853 Income tax (expense) benefit (10,139) (13,393) (4,196) (362) 9,348 — (18,741) Net income (loss) 32,107 42,288 13,286 1,288 (46,855) — 42,112 Net (income) loss attributable to noncontrolling interests — 119 — — 12,523 — 12,642 Net income (loss) attributable to Nelnet, Inc. $ 32,107 42,407 13,286 1,288 (34,332) — 54,754 Total assets as of June 30, 2023 $ 173,926 482,922 14,667,357 1,005,043 2,091,500 (613,116) 17,807,632 Six months ended June 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 313 1,213 258,994 8,241 10,227 (2,205) 276,783 Interest expense 44 — 115,711 2,494 5,678 (2,205) 121,721 Net interest income 269 1,213 143,283 5,747 4,549 — 155,062 Less provision for loan losses — — 7,963 1,011 — — 8,974 Net interest income after provision for loan losses 269 1,213 135,320 4,736 4,549 — 146,088 Other income (expense): Loan servicing and systems revenue 261,241 — — — — — 261,241 Intersegment revenue 16,860 10 — — — (16,870) — Education technology, services, and payment processing revenue — 203,317 — — — — 203,317 Solar construction revenue — — — — — — — Other, net 1,350 — 11,644 1,659 7,872 — 22,524 Gain on sale of loans, net — — 2,989 — — — 2,989 Impairment expense — — — — (6,284) — (6,284) Derivative settlements, net — — 1,814 — — — 1,814 Derivative market value adjustments, net — — 186,135 — — — 186,135 Total other income (expense), net 279,451 203,327 202,582 1,659 1,588 (16,870) 671,736 Cost of services: Cost to provide education technology, services, and payment processing services — 66,397 — — — — 66,397 Cost to provide solar construction services — — — — — — — Total cost of services — 66,397 — — — — 66,397 Operating expenses: Salaries and benefits 175,192 63,406 1,205 3,268 47,742 — 290,813 Depreciation and amortization 10,272 5,013 — 7 19,914 — 35,206 Other expenses 29,721 12,514 6,576 1,584 26,045 — 76,439 Intersegment expenses, net 38,955 9,410 17,344 102 (48,941) (16,870) — Total operating expenses 254,140 90,343 25,125 4,961 44,760 (16,870) 402,458 Income (loss) before income taxes 25,580 47,800 312,777 1,434 (38,623) — 348,969 Income tax (expense) benefit (6,139) (11,472) (75,066) (328) 11,826 — (81,180) Net income (loss) 19,441 36,328 237,711 1,106 (26,797) — 267,789 Net (income) loss attributable to noncontrolling interests — 53 — — 3,934 — 3,987 Net income (loss) attributable to Nelnet, Inc. $ 19,441 36,381 237,711 1,106 (22,863) — 271,776 Total assets as of June 30, 2022 $ 240,437 546,235 17,388,228 864,659 2,273,216 (688,762) 20,624,013

Disaggregated Revenue

Disaggregated Revenue	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Government loan servicing $ 95,736 98,815 204,618 207,940 Private education and consumer loan servicing 12,063 12,122 24,225 24,995 FFELP loan servicing 3,554 4,011 6,921 8,259 Software services 5,962 7,907 15,660 15,308 Outsourced services 4,705 2,018 9,823 4,739 Loan servicing and systems revenue $ 122,020 124,873 261,247 261,241 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Tuition payment plan services $ 30,825 27,637 65,012 58,352 Payment processing 31,827 27,968 75,868 66,039 Education technology and services 46,216 34,956 101,004 78,207 Other 990 470 1,578 719 Education technology, services, and payment processing revenue $ 109,858 91,031 243,462 203,317 Solar Construction GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three and six months ended June 30, 2022. Three months ended June 30, 2023 Six months ended June 30, 2023 Commercial revenue $ 2,004 8,238 Residential revenue 2,406 5,181 Other 325 (33) Solar construction revenue $ 4,735 13,386 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 June 30, Six months ended June 30, 2023 2022 2023 2022 ALLO preferred return $ 2,274 2,140 4,523 4,257 Borrower late fee income 2,168 2,436 4,414 4,867 Administration/sponsor fee income 1,697 2,012 3,468 4,134 Investment advisory services 1,639 1,482 3,251 2,764 Loss from ALLO voting membership interest investment (12,169) (16,941) (32,382) (30,071) Loss from solar investments (7,929) (1,854) (9,876) (2,884) Investment activity, net (3,574) 18,091 (7,154) 29,924 Other 8,883 5,281 12,673 9,533 Other, net $ (7,011) 12,647 (21,083) 22,524

Major Customer

Major Customer	6 Months Ended
	Jun. 30, 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 $95.7 million and $98.8 million for the three months ended June 30, 2023 and 2022, respectively, and $204.6 million and $207.9 million for the six months ended June 30, 2023 and 2022, respectively. The Company also licensed its hosted servicing software to two of the six servicers for the Department. Contract Modifications and Award Effective April 1, 2023, the Department modified the student loan servicing contracts between the Department and each of Nelnet Servicing and Great Lakes (the “servicing contracts”) to reduce the monthly fee under the servicing contracts by $0.19 per borrower on certain borrower statuses. The Company's current student loan servicing contracts with the Department were scheduled to expire on December 14, 2023. In April 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 student aid recipients under a new Unified Servicing and Data Solution (USDS) contract (the "New Government Servicing Contract") which will replace the existing legacy Department student loan servicing contracts. 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 third-party servicers that were awarded a USDS contract 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 April 2023, the Department indicated that servicing under the USDS contracts will go live in 2024 and it will extend the current legacy servicing contracts 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 new 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 the second quarter of 2023, the Company completed the transfer of 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 - Full Service Borrowers In February 2023, the Department notified the Company of its intention to transfer up to one million of the Company’s existing Department servicing borrowers to another third-party servicer. This transfer decision was not based on the Company's performance. These transfers began in the second quarter of 2023 and were completed in July 2023. In addition, the Company completed the transfer of active borrowers of Great Lakes direct loan servicing volume to the Nelnet servicing platform (the GreatNet Federal servicing platform) during the second quarter of 2023. The Company anticipates the 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. Loan Volume Transfers - Remote Hosted Servicing Borrowers Edfinancial Services, LLC ("Edfinancial"), a current servicer for the Department, utilized Nelnet Servicing's platform to service their loans for the Department (remote hosted servicing customer). 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 third-party servicing platform. As of December 31, 2022, Edfinancial was servicing 4.5 million borrowers for the Department on the Company’s platform. The Company began transferring Edfinancial's servicing volume to another servicing platform in the first quarter of 2023 which reduced the number of Edfinancial's borrowers serviced on the Company's platform to 3.5 million borrowers as of March 31, 2023 and 579,000 borrowers as of June 30, 2023. Edfinancial's remaining borrowers were transferred off of the Company's platform in July 2023. In February 2023, the Company’s other remote hosted servicing customer notified the Company the Department intended to move that customer’s servicing borrowers to a different third-party servicing platform. This transfer decision was the result of this customer not being one of the servicers awarded a USDS contract. As of March 31, 2023, this remote hosted servicing customer was servicing 1.4 million borrowers for the Department on the Company's platform. The majority of this volume was transferred to another third-party servicing platform during the second quarter of 2023, and the remaining borrowers were transferred off of the Company's platform in July 2023. As a result of the transfers discussed above, the Company has no remaining Department remote hosted servicing borrowers on its platform and software services revenue will be negatively impacted in future periods. Department of Education Debt Relief

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 June 30, 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 1,047,975 1,048,074 100 1,388,937 1,389,037 Equity securities 105 — 105 6,719 — 6,719 Equity securities measured at net asset value (a) 39,471 32,363 Total investments 204 1,047,975 1,087,650 6,819 1,388,937 1,428,119 Derivative instruments (b) — 1,108 1,108 — — — Total assets $ 204 1,049,083 1,088,758 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. (b) Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty. The following table summarizes the fair values of all of the Company’s financial instruments on the consolidated balance sheets: As of June 30, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,809,016 13,541,903 — — 13,809,016 Accrued loan interest receivable 818,709 818,709 — 818,709 — Cash and cash equivalents 121,769 121,769 121,769 — — Investments (at fair value) 1,087,650 1,087,650 204 1,047,975 — Investments - held to maturity 156,537 155,781 — 156,537 — Notes receivable 54,931 54,931 — 54,931 — Beneficial interest in loan securitizations 228,603 190,974 — — 228,603 Restricted cash 484,223 484,223 484,223 — — Restricted cash – due to customers 208,033 208,033 208,033 — — Derivative instruments 1,108 1,108 — 1,108 — Financial liabilities: Bonds and notes payable 12,724,618 13,070,140 — 12,724,618 — Accrued interest payable 35,926 35,926 — 35,926 — Bank deposits 704,116 731,046 449,297 254,819 — Due to customers 299,552 299,552 299,552 — — 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Nelnet, Inc.	$ 28,267	$ 85,129	$ 54,754	$ 271,776

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans The following table describes contracts, instructions, or written plans for the purchase or sale of the Company's securities adopted by the Company's directors or executive officers during the second quarter of 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans. Name and Title Date of Adoption of Rule 10b5-1 Trading Plan Scheduled Expiration Date of Rule 10b5-1 Trading Plan (a) Aggregate Number of Securities to Be Purchased or Sold Jona M. Van Deun Director 5/16/2023 9/15/2023 Sale of 785 shares of Class A common stock William J. Munn Corporate Secretary / Chief Governance Officer / General Counsel 6/1/2023 6/1/2024 Sale of 2,500 shares of Class A common stock Michael S. Dunlap Executive Chairman 6/7/2023 7/7/2024 Gift transfer of 40,000 shares of Class A common stock Kathleen A. Farrell Director 6/16/2023 6/15/2024 Sale of 1,000 shares of Class A common stock (a) In each case, a trading plan may also expire on such earlier date as all transactions under the trading plan are completed.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jona M. Van Deun [Member]
Trading Arrangements, by Individual
Name	Jona M. Van Deun
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/16/2023
Arrangement Duration	122 days
Aggregate Available	785	785
Kathleen A. Farrell [Member]
Trading Arrangements, by Individual
Name	Kathleen A. Farrell
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/16/2023
Arrangement Duration	365 days
Aggregate Available	1,000	1,000
Michael S. Dunlap [Member]
Trading Arrangements, by Individual
Name	Michael S. Dunlap
Title	Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/7/2023
Arrangement Duration	396 days
Aggregate Available	40,000	40,000
William J. Munn [Member]
Trading Arrangements, by Individual
Name	William J. Munn
Title	Corporate Secretary / Chief Governance Officer / General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/1/2023
Arrangement Duration	366 days
Aggregate Available	2,500	2,500

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and for the three and six months ended June 30, 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 and six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of June 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,245,540 3,389,178 Consolidation 9,574,202 10,177,295 Total 12,819,742 13,566,473 Private education loans 230,056 252,383 Consumer and other loans 189,327 350,915 Non-Nelnet Bank loans 13,239,125 14,169,771 Nelnet Bank: Federally insured loans 61,501 65,913 Private education loans 352,319 353,882 Consumer and other loans 30,668 — Nelnet Bank loans 444,488 419,795 Accrued interest receivable 818,709 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (27,447) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (74,061) (83,593) Private education loans (14,322) (15,411) Consumer and other loans (20,005) (30,263) Non-Nelnet Bank allowance for loan losses (108,388) (129,267) Nelnet Bank: Federally insured loans (154) (170) Private education loans (2,905) (2,390) Consumer and other loans (2,816) — Nelnet Bank allowance for loan losses (5,875) (2,560) $ 14,360,612 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 June 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.58 % 0.62 % Private education loans 6.23 % 6.11 % Consumer and other loans 10.57 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.82 % 0.68 % Consumer and other loans 9.18 % — (a) As of June 30, 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 21.7% and 22.4%, respectively, and for Nelnet Bank was 10.0% 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Non-Nelnet Bank: Federally insured loans 0.16 % 0.14 % 0.18 % 0.13 % Private education loans 1.45 % 0.85 % 1.11 % 1.22 % Consumer and other loans 4.07 % 1.51 % 3.22 % 3.24 % Nelnet Bank: Federally insured loans 0.01 % 0.01 % 0.01 % 0.00 % Private education loans 0.57 % 0.09 % 0.35 % 0.06 % 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 six months ended June 30, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Six months ended June 30, 2023 January 31 $ 97,350 (1,441) Home equity 64.8 % (a) January 31 42,275 4,350 Consumer 13.3 March 2 122,277 8,903 Consumer 24.6 (a) April 4 5,633 659 Consumer — April 13 24,980 3,123 Consumer 11.3 May 2 127,663 11,729 Consumer 26.5 $ 420,178 27,323 Six months ended June 30, 2022 January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — $ 18,239 2,989 (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, 2023 transactions, respectively, that are included in "investments and notes receivable" on the Company's consolidated balance sheet.
Allowance for Loan Losses	The following table presents the activity in the allowance for loan losses by portfolio segment. Balance at beginning of period 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 June 30, 2023 Non-Nelnet Bank: Federally insured loans $ 79,331 — (5,270) — — — 74,061 Private education loans 15,175 — (1,069) 216 — — 14,322 Consumer and other loans 35,317 8,099 (2,881) 441 — (20,971) 20,005 Nelnet Bank: Federally insured loans 160 (4) (2) — — — 154 Private education loans 2,894 517 (506) — — — 2,905 Consumer and other loans 1,827 989 — — — — 2,816 $ 134,704 9,601 (9,728) 657 — (20,971) 114,263 Three months ended June 30, 2022 Non-Nelnet Bank: Federally insured loans $ 95,995 2,365 (5,788) — 21 — 92,593 Private education loans 14,622 1,217 (707) 118 — 3 15,253 Consumer and other loans 5,710 5,245 (531) 152 — — 10,576 Nelnet Bank: Federally insured loans 247 13 (2) — — — 258 Private education loans 1,251 569 (73) — — (3) 1,744 $ 117,825 9,409 (7,101) 270 21 — 120,424 Six months ended June 30, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 2,411 (11,949) — 6 — 74,061 Private education loans 15,411 240 (1,709) 380 — — 14,322 Consumer and other loans 30,263 37,306 (5,148) 661 — (43,077) 20,005 Nelnet Bank: Federally insured loans 170 (12) (4) — — — 154 Private education loans 2,390 1,129 (614) — — — 2,905 Consumer and other loans — 2,816 — — — — 2,816 $ 131,827 43,890 (19,424) 1,041 6 (43,077) 114,263 Six months ended June 30, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 (383) (10,549) — 144 — 92,593 Private education loans 16,143 817 (2,006) 295 — 4 15,253 Consumer and other loans 6,481 7,529 (1,469) 319 — (2,284) 10,576 Nelnet Bank: Federally insured loans 268 (8) (2) — — — 258 Private education loans 840 995 (87) — — (4) 1,744 $ 127,113 8,950 (14,113) 614 144 (2,284) 120,424
Loan Status and Delinquencies	The following table presents the Company’s loan status and delinquency amounts. As of June 30, 2023 As of December 31, 2022 As of June 30, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 612,357 4.8 % $ 637,919 4.7 % $ 763,957 4.9 % Loans in forbearance 930,629 7.3 1,103,181 8.1 1,246,882 8.1 Loans in repayment status: Loans current 9,609,634 85.2 % 10,173,859 86.0 % 11,551,817 86.1 % Loans delinquent 31-60 days 496,953 4.4 415,305 3.5 464,234 3.5 Loans delinquent 61-90 days 360,728 3.2 253,565 2.2 309,252 2.3 Loans delinquent 91-120 days 157,685 1.4 180,029 1.5 187,452 1.4 Loans delinquent 121-270 days 457,100 4.1 534,410 4.5 638,189 4.7 Loans delinquent 271 days or greater 194,656 1.7 268,205 2.3 267,828 2.0 Total loans in repayment 11,276,756 87.9 100.0 % 11,825,373 87.2 100.0 % 13,418,772 87.0 100.0 % Total federally insured loans 12,819,742 100.0 % 13,566,473 100.0 % 15,429,611 100.0 % Accrued interest receivable 810,489 808,150 775,337 Loan discount, net of unamortized premiums and deferred origination costs (33,764) (35,468) (26,674) Allowance for loan losses (74,061) (83,593) (92,593) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 13,522,406 $ 14,255,562 $ 16,085,681 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 10,440 4.6 % $ 12,756 5.1 % $ 15,403 5.6 % Loans in forbearance 1,874 0.8 2,017 0.8 2,447 0.9 Loans in repayment status: Loans current 212,522 97.6 % 232,539 97.9 % 250,268 98.1 % Loans delinquent 31-60 days 1,643 0.7 2,410 1.0 1,980 0.8 Loans delinquent 61-90 days 1,253 0.6 767 0.3 782 0.3 Loans delinquent 91 days or greater 2,324 1.1 1,894 0.8 2,063 0.8 Total loans in repayment 217,742 94.6 100.0 % 237,610 94.1 100.0 % 255,093 93.5 100.0 % Total private education loans 230,056 100.0 % 252,383 100.0 % 272,943 100.0 % Accrued interest receivable 2,196 2,146 2,058 Loan premium, net of unaccreted discount 183 (38) 94 Allowance for loan losses (14,322) (15,411) (15,253) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 218,113 $ 239,080 $ 259,842 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 102 0.1 % $ 109 0.0 % $ 64 0.0 % Loans in repayment status: Loans current 181,864 96.1 % 346,812 98.9 % 150,812 98.9 % Loans delinquent 31-60 days 2,794 1.5 1,906 0.5 515 0.3 Loans delinquent 61-90 days 2,533 1.3 764 0.2 435 0.3 Loans delinquent 91 days or greater 2,034 1.1 1,324 0.4 757 0.5 Total loans in repayment 189,225 99.9 100.0 % 350,806 100.0 100.0 % 152,519 100.0 100.0 % Total consumer and other loans 189,327 100.0 % 350,915 100.0 % 152,583 100.0 % Accrued interest receivable 2,246 3,658 1,376 Loan premium, net of unaccreted discount 750 (588) (1,965) Allowance for loan losses (20,005) (30,263) (10,576) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 172,318 $ 323,722 $ 141,418 As of June 30, 2023 As of December 31, 2022 As of June 30, 2022 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 239 0.4 % $ 241 0.4 % $ 283 0.4 % Loans in forbearance 665 1.1 981 1.5 1,029 1.3 Loans in repayment status: Loans current 59,041 97.5 % 63,225 97.8 % 74,883 98.4 % Loans delinquent 30-59 days 320 0.5 436 0.7 587 0.8 Loans delinquent 60-89 days 301 0.5 466 0.7 165 0.2 Loans delinquent 90-119 days 372 0.6 222 0.3 245 0.3 Loans delinquent 120-270 days 448 0.7 183 0.3 236 0.3 Loans delinquent 271 days or greater 115 0.2 159 0.2 — — Total loans in repayment 60,597 98.5 100.0 % 64,691 98.1 100.0 % 76,116 98.3 100.0 % Total federally insured loans 61,501 100.0 % 65,913 100.0 % 77,428 100.0 % Accrued interest receivable 1,973 1,758 1,381 Loan premium 18 20 23 Allowance for loan losses (154) (170) (258) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 63,338 $ 67,521 $ 78,574 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 16,996 4.8 % $ 11,580 3.3 % $ 1,160 0.3 % Loans in forbearance 1,797 0.5 864 0.2 1,236 0.4 Loans in repayment status: Loans current 332,205 99.6 % 340,830 99.8 % 343,148 99.8 % Loans delinquent 30-59 days 691 0.2 167 0.1 169 0.1 Loans delinquent 60-89 days 241 0.1 32 0.0 412 0.1 Loans delinquent 90 days or greater 389 0.1 409 0.1 — — Total loans in repayment 333,526 94.7 100.0 % 341,438 96.5 100.0 % 343,729 99.3 100.0 % Total private education loans 352,319 100.0 % 353,882 100.0 % 346,125 100.0 % Accrued interest receivable 1,591 1,152 539 Deferred origination costs, net of unaccreted discount 5,366 5,360 5,909 Allowance for loan losses (2,905) (2,390) (1,744) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 356,371 $ 358,004 $ 350,829 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 6 — % Loans in repayment status: Loans current 30,120 98.2 % Loans delinquent 30-59 days 277 0.9 Loans delinquent 60-89 days 205 0.7 Loans delinquent 90 days or greater 60 0.2 Total loans in repayment 30,662 100.0 100.0 % Total consumer and other loans 30,668 100.0 % Accrued interest receivable 214 Loan premium — Allowance for loan losses (2,816) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 28,066 (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 June 30, 2023 Six months ended June 30, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 1,731 5,869 5,100 342 13,042 705 - 734 3,936 22,881 9,776 506 37,099 735 - 764 4,109 34,497 15,794 1,401 55,801 765 - 794 1,938 54,989 29,021 1,531 87,479 Greater than 794 5,896 82,963 64,415 5,624 158,898 $ 17,610 201,199 124,106 9,404 352,319 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 June 30, 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. Six months ended June 30, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,390 4,831 1,122 1,907 1,190 10,440 Loans in forbearance — — 62 311 451 1,050 1,874 Loans in repayment status: Loans current 115 4,270 4,610 49,726 39,948 113,853 212,522 Loans delinquent 31-60 days — 12 3 221 95 1,312 1,643 Loans delinquent 61-90 days — — — 311 71 871 1,253 Loans delinquent 91 days or greater — 29 5 100 110 2,080 2,324 Total loans in repayment 115 4,311 4,618 50,358 40,224 118,116 217,742 Total private education loans $ 115 5,701 9,511 51,791 42,582 120,356 230,056 Accrued interest receivable 2,196 Loan premium, net of unaccreted discount 183 Allowance for loan losses (14,322) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 218,113 Gross charge-offs - six months ended June 30, 2023 $ — — 5 2 381 1,321 1,709 Six months ended June 30, 2023 2022 2021 2020 2019 Prior years Total Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 43 40 19 — — — 102 Loans in repayment status: Loans current 120,588 53,714 5,662 457 956 487 181,864 Loans delinquent 31-60 days 1,040 1,565 153 24 8 4 2,794 Loans delinquent 61-90 days 1,458 770 227 20 50 8 2,533 Loans delinquent 91 days or greater 337 970 131 61 199 336 2,034 Total loans in repayment 123,423 57,019 6,173 562 1,213 835 189,225 Total consumer and other loans $ 123,466 57,059 6,192 562 1,213 835 189,327 Accrued interest receivable 2,246 Loan premium, net of unaccreted discount 750 Allowance for loan losses (20,005) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 172,318 Gross charge-offs - six months ended June 30, 2023 $ 265 4,272 439 27 55 90 5,148 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 2,787 11,980 1,168 1,061 — — 16,996 Loans in forbearance — 969 828 — — — 1,797 Loans in repayment status: Loans current 14,772 187,799 121,291 8,343 — — 332,205 Loans delinquent 30-59 days — 391 300 — — — 691 Loans delinquent 60-89 days 31 48 162 — — — 241 Loans delinquent 90 days or greater 20 12 357 — — — 389 Total loans in repayment 14,823 188,250 122,110 8,343 — — 333,526 Total private education loans $ 17,610 201,199 124,106 9,404 — — 352,319 Accrued interest receivable 1,591 Deferred origination costs, net of unaccreted discount 5,366 Allowance for loan losses (2,905) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 356,371 Gross charge-offs - six months ended June 30, 2023 $ — 614 — — — — 614 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 6 — — — — — 6 Loans in repayment status: Loans current 29,547 518 55 — — — 30,120 Loans delinquent 30-59 days 277 — — — — — 277 Loans delinquent 60-89 days 205 — — — — — 205 Loans delinquent 90 days or greater 60 — — — — — 60 Total loans in repayment 30,089 518 55 — — — 30,662 Total consumer and other loans $ 30,095 518 55 — — — 30,668 Accrued interest receivable 214 Loan premium — Allowance for loan losses (2,816) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 28,066 Gross charge-offs - six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of June 30, 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 $ 10,494,458 5.37% - 7.15% 8/26/30 - 9/25/69 Bonds and notes based on auction 91,335 0.00% - 6.18% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 10,585,793 Fixed-rate bonds and notes issued in FFELP loan asset-backed 519,156 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,530,429 5.15% - 5.42% 11/22/24 / 4/2/25 Private education loan warehouse facility 42,200 5.37% 12/31/23 Consumer loan warehouse facility 32,324 5.44% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitizations 16,628 6.65% 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 19,606 5.35% 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 6,781 5.84% 5/4/24 Repurchase agreements 415,514 5.81% - 6.47% 7/26/23 - 11/27/24 Other - due to related party 6,174 3.55% - 6.05% 3/1/24 - 11/15/30 13,174,605 Discount on bonds and notes payable and debt issuance costs (104,465) Total $ 13,070,140 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
Outstanding Line of Credit Facilities	The following table summarizes the Company's warehouse facilities as of June 30, 2023. Type of loans Maximum financing amount Amount outstanding Amount available Expiration of liquidity provisions Final maturity date Advance rate Advanced as equity support FFELP (a) $ 1,250,000 1,119,030 130,970 11/22/2023 11/22/2024 note (b) $ 99,220 FFELP (c) 432,000 411,399 20,601 4/2/2024 4/2/2025 92 % 34,497 $ 1,682,000 1,530,429 151,571 $ 133,717 Private (d) 42,200 42,200 — 8/31/2023 12/31/2023 — 18,720 Consumer 250,000 32,324 217,676 11/14/2024 11/14/2025 70 % 13,901 (a) On March 31, 2023, this facility was amended to increase the aggregate maximum financing amount available from $1.20 billion to $1.25 billion. On May 22, 2023, this facility was amended to extend the expiration of liquidity provisions and final maturity date to November 22, 2023 and November 22, 2024, respectively. (b) This facility has a static advance rate until the expiration date of the liquidity provisions. The maximum advance rates for this facility are 90% to 96%, and the minimum advance rates are 84% to 90%. In the event the liquidity provisions are not extended, the valuation agent has the right to perform a one-time mark to market on the underlying loans funded in this facility, subject to a floor. The loans would then be funded at this new advance rate until the final maturity date of the facility. (c) On April 3, 2023, the Company closed on this $250.0 million FFELP facility. On May 25, 2023, this facility was amended to increase the maximum financing amount from $250.0 million to $432.0 million. (d) On June 30, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023. No additional amounts can be borrowed under this facility.
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Purchase price $ — (35,643) (828) (54,096) Par value — 36,700 908 55,229 Remaining unamortized cost of issuance — (17) (2) (62) Gain $ — 1,040 78 1,071

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding Basis Swap	The following table summarizes the Company’s outstanding basis swaps, in which the Company receives three-month LIBOR set discretely in advance and pays one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Maturity Notional amount As of As of June 30, 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 June 30, 2023 As of December 31, 2022 (a) Maturity Notional amount Weighted average fixed rate paid by the Company (b) Notional amount Weighted average fixed rate paid by the Company (b) 2024 $ — — % $ 2,000,000 0.35 % 2026 — — 500,000 1.02 2030 (c) 50,000 3.44 — — 2031 — — 100,000 1.53 2032 — — 200,000 2.92 $ 50,000 3.44 % $ 2,800,000 0.70 % (a) On March 15, 2023, 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). 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 $2.8 billion notional amount of fixed rate floor derivatives as of March 15, 2023 of $183.2 million, which included $19.1 million related to current period settlements. (b) For the interest rate derivative maturing in 2030, the Company receives payments based on Secured Overnight Financing Rate (SOFR) that resets quarterly. For the interest rate derivative maturing in 2032, the Company was to receive payments based on SOFR that reset quarterly. For all other interest rate derivatives, the Company received payments based on three-month LIBOR that reset quarterly. (c) The Company entered into this derivative in June 2023.
Interest Rate Derivatives	The following table summarizes the outstanding derivative instruments used by Nelnet Bank to hedge exposure to variability in cash flows related to variable rate intercompany deposits as of June 30, 2023. As of June 30, 2023 Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 25,000 2.97 $ 65,000 3.19 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset quarterly. (b) This derivative with a $25 million notional amount has a forward effective start date in April 2026.
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Settlements: 1:3 basis swaps $ (65) 931 794 1,327 Interest rate swaps - floor income hedges 47 3,692 22,525 487 Interest rate swaps - Nelnet Bank 83 — 83 — Total settlements - income 65 4,623 23,402 1,814 Change in fair value: 1:3 basis swaps 235 (148) 211 741 Interest rate swaps - floor income hedges 662 40,549 (36,726) 185,394 Interest rate swaps - Nelnet Bank 1,108 — 1,108 — Total change in fair value - income (expense) 2,005 40,401 (35,407) 186,135 Derivative market value adjustments and derivative settlements, net - income (expense) $ 2,070 45,024 (12,005) 187,949

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and notes receivable consisted of the following: As of June 30, 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) $ 329,256 5,064 (6,372) 327,948 463,861 3,498 (11,105) 456,254 Private education loan (b) 307,084 — (25,238) 281,846 335,903 — (29,438) 306,465 Other debt securities 59,631 3,050 (670) 62,011 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 695,971 8,114 (32,280) 671,805 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 257,418 1,378 (2,430) 256,366 349,855 955 (8,853) 341,957 Private education loan 1,707 — (92) 1,615 1,941 — (122) 1,819 Other debt securities 120,471 161 (2,344) 118,288 131,481 18 (3,907) 127,592 Total Nelnet Bank 379,596 1,539 (4,866) 376,269 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,075,567 9,653 (37,146) 1,048,074 1,441,630 4,622 (57,215) 1,389,037 Equity securities 39,576 39,082 Total investments at fair value 1,087,650 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) 150,840 — Other debt securities 241 220 Total Nelnet Bank 151,081 220 Total held to maturity investments 155,781 18,774 Venture capital and funds: Measurement alternative (e) (f) 193,001 160,052 Equity method 109,988 89,332 Total venture capital and funds 302,989 249,384 Real estate: Equity method 85,284 80,364 Investment in ALLO: Voting interest/equity method (g) 43,588 67,538 Preferred membership interest and accrued and unpaid preferred return (h) 150,449 145,926 Total investment in ALLO 194,037 213,464 Beneficial interest in loan securitizations (i): Consumer loans and other 96,635 39,249 Private education loans 71,322 75,261 Federally insured student loans 23,017 24,228 Total beneficial interest in loan securitizations 190,974 138,738 Solar (j) (72,455) (55,448) Notes receivable 54,931 31,106 Tax liens, affordable housing, and other 7,115 7,416 Total investments (not measured at fair value) 918,656 683,798 Total investments and notes receivable $ 2,006,306 $ 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 June 30, 2023, the par value and fair value of these securities was $6.8 million and $6.3 million, respectively. (b) A portion of private education loan asset-backed securities were subject to a repurchase agreement with a third party, as discussed in note 3 under "Repurchase Agreements." As of June 30, 2023, the par value and fair value of these securities was $307.6 million and $281.8 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 included pre-tax unrealized losses of $3.7 million related to the transfer. These unrealized losses are being 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 June 30, 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 second quarter of 2022, the Company recorded an impairment charge of $5.4 million related primarily to one of its venture capital investments accounted for under the measurement alternative method. The impairment expense is included in "impairment expense" on the consolidated statements of income. (g) 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 June 30, 2023 and 2022, the Company recognized losses of $12.2 million and $16.9 million, respectively, under the HLBV method of accounting on its ALLO voting membership interests investment, and during the six months ended June 30, 2023 and 2022, the Company recognized losses of $32.4 million and $30.1 million, respectively. 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. (h) As of June 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $4.5 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 $2.3 million and $2.1 million during the three months ended June 30, 2023 and 2022, respectively, and $4.5 million and $4.3 million during the six months ended June 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (i) 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 June 30, 2023, the Company's ownership correlates to approximately $680 million, $560 million, and $360 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (j) As of June 30, 2023, the Company has funded a total of $312.9 million in solar investments, which includes $120.0 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 June 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through June 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of June 30, 2023, the Company is committed to fund an additional $319.2 million on tax equity investments, of which $120.5 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 $7.9 million and $1.9 million during the three months ended June 30, 2023 and 2022, respectively, and $9.9 million and $2.9 million during the six months ended June 30, 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 $7.4 million and $2.0 million for the three months ended June 30, 2023 and 2022, respectively, and $10.1 million and $3.9 million during the six months ended June 30, 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 June 30, 2023: As of June 30, 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 $ 24,742 11,841 48,079 244,594 329,256 Private education loan — — — 307,084 307,084 Other debt securities — 99 — 59,532 59,631 Total Non-Nelnet Bank 24,742 11,940 48,079 611,210 695,971 Fair value 24,735 11,915 46,921 588,234 671,805 Nelnet Bank: FFELP loan 37,270 — 44,458 175,690 257,418 Private education loan — — — 1,707 1,707 Other debt securities 2,112 19,490 50,919 47,950 120,471 Total Nelnet Bank 39,382 19,490 95,377 225,347 379,596 Fair value 38,911 19,370 93,795 224,193 376,269 Total available-for-sale asset-backed securities at amortized cost $ 64,124 31,430 143,456 836,557 1,075,567 Total available-for-sale asset-backed securities at fair value $ 63,646 31,285 140,716 812,427 1,048,074 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 — 3,678 — 147,162 150,840 Other debt securities 241 — — — 241 Total Nelnet Bank 241 3,678 — 147,162 151,081 Fair value 241 3,743 — 147,853 151,837 Total held-to-maturity investments at amortized cost $ 4,941 3,678 — 147,162 155,781 Total held-to-maturity investments at fair value $ 4,941 3,743 — 147,853 156,537
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	As of June 30, 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 $ (6,349) 208,144 (23) 532 (6,372) 208,676 Private education loan (4,304) 71,534 (20,934) 210,312 (25,238) 281,846 Other debt securities (670) 24,304 — — (670) 24,304 Total Non-Nelnet Bank (11,323) 303,982 (20,957) 210,844 (32,280) 514,826 Nelnet Bank: FFELP loan (827) 89,190 (1,603) 88,972 (2,430) 178,162 Private education loan (92) 1,616 — — (92) 1,616 Other debt securities (293) 30,671 (2,051) 57,692 (2,344) 88,363 Total Nelnet Bank (1,212) 121,477 (3,654) 146,664 (4,866) 268,141 Total available-for-sale asset-backed securities $ (12,535) 425,459 (24,611) 357,508 (37,146) 782,967
Gross Proceeds Received and Gross Realized Gains and Losses for Sales of Available-for-Sale Asset-Backed Securities	The following table summarizes the gross proceeds received and gross realized gains and losses related to sales of available-for-sale asset-backed securities. Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Gross proceeds from sales $ 85,375 205,772 577,548 319,752 Gross realized gains $ 920 909 2,194 3,874 Gross realized losses (2) (60) (6,258) (232) Net gains (losses) $ 918 849 (4,064) 3,642

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of June 30, 2023 (months) As of As of June 30, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $43,178 and $55,116, respectively) 107 $ 47,529 51,738 Trade names (net of accumulated amortization of $2,085 and $617, respectively) 16 6,825 8,293 Computer software (net of accumulated amortization of $400 and $6,400, respectively) 46 1,320 1,520 Other (net of accumulated amortization of $821 and $490, respectively) 48 1,619 1,950 Total - amortizable intangible assets, net 93 $ 57,293 63,501
Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of June 30, 2023, the Company estimates it will record amortization expense as follows: 2023 (July 1 - December 31) $ 10,765 2024 8,775 2025 7,141 2026 6,294 2027 5,814 2028 and thereafter 18,504 $ 57,293

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill [Abstract]
Goodwill	The following table presents the carrying amount of goodwill as of June 30, 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)	6 Months Ended
	Jun. 30, 2023
Deposits [Abstract]
Interest-Bearing Deposits	The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of June 30, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,418 254,817 Retail and other savings (529, STFIT, and HSA) 504,858 410,556 Retail and other CDs (commercial and institutional) 22,770 25,949 Total interest-bearing deposits $ 731,046 691,322
Certificates of Deposit Maturities	The following table presents certificates of deposit remaining maturities as of June 30, 2023: After two years to three years $ 151,559 After three years to four years 74,282 After four years to five years 347 Total $ 226,188

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
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 June 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 27,665 602 28,267 83,485 1,644 85,129 Denominator: Weighted-average common shares outstanding - basic and diluted 36,670,933 797,464 37,468,397 36,981,990 728,224 37,710,214 Earnings per share - basic and diluted $ 0.75 0.75 0.75 2.26 2.26 2.26 Six months ended June 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 53,611 1,143 54,754 266,735 5,041 271,776 Denominator: Weighted-average common shares outstanding - basic and diluted 36,625,819 781,024 37,406,843 37,172,606 702,502 37,875,108 Earnings per share - basic and diluted $ 1.46 1.46 1.46 7.18 7.18 7.18

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,058 5,268 253,763 13,661 25,855 (15,578) 284,027 Interest expense — — 232,313 8,171 8,242 (15,578) 233,148 Net interest income 1,058 5,268 21,450 5,490 17,613 — 50,879 Less provision for loan losses — — 8,099 1,493 — — 9,592 Net interest income after provision for loan losses 1,058 5,268 13,351 3,997 17,613 — 41,287 Other income (expense): Loan servicing and systems revenue 122,020 — — — — — 122,020 Intersegment revenue 7,246 65 — — — (7,311) — Education technology, services, and payment processing revenue — 109,858 — — — — 109,858 Solar construction revenue — — — — 4,735 — 4,735 Other, net 605 — 1,319 620 (9,553) — (7,011) Gain on sale of loans, net — — 15,511 — — — 15,511 Impairment expense — — — — — — — Derivative settlements, net — — (18) 83 — — 65 Derivative market value adjustments, net — — 897 1,108 — — 2,005 Total other income (expense), net 129,871 109,923 17,709 1,811 (4,818) (7,311) 247,183 Cost of services: Cost to provide education technology, services, and payment processing services — 40,407 — — — — 40,407 Cost to provide solar construction services — — — — 9,122 — 9,122 Total cost of services — 40,407 — — 9,122 — 49,529 Operating expenses: Salaries and benefits 76,141 38,351 1,096 2,297 26,965 (145) 144,706 Depreciation and amortization 4,863 2,815 — 51 10,923 — 18,652 Other expenses 13,818 9,692 4,115 1,624 16,747 — 45,997 Intersegment expenses, net 19,079 5,884 8,145 92 (26,034) (7,166) — Total operating expenses 113,901 56,742 13,356 4,064 28,601 (7,311) 209,355 Income (loss) before income taxes 17,028 18,042 17,704 1,744 (24,928) — 29,586 Income tax (expense) benefit (4,086) (4,327) (4,249) (396) 2,567 — (10,491) Net income (loss) 12,942 13,715 13,455 1,348 (22,361) — 19,095 Net (income) loss attributable to noncontrolling interests — (19) — — 9,191 — 9,172 Net income (loss) attributable to Nelnet, Inc. $ 12,942 13,696 13,455 1,348 (13,170) — 28,267 Total assets as of June 30, 2023 $ 173,926 482,922 14,667,357 1,005,043 2,091,500 (613,116) 17,807,632 Three months ended June 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 246 874 140,396 5,212 6,235 (1,376) 151,587 Interest expense 20 — 69,708 1,639 3,652 (1,376) 73,642 Net interest income 226 874 70,688 3,573 2,583 — 77,945 Less provision for loan losses — — 8,827 582 — — 9,409 Net interest income after provision for loan losses 226 874 61,861 2,991 2,583 — 68,536 Other income (expense): Loan servicing and systems revenue 124,873 — — — — — 124,873 Intersegment revenue 8,381 7 — — — (8,388) — Education technology, services, and payment processing revenue — 91,031 — — — — 91,031 Solar construction revenue — — — — — — — Other, net 611 — 5,133 157 6,747 — 12,647 Gain on sale of loans, net — — — — — — — Impairment expense — — — — (6,284) — (6,284) Derivative settlements, net — — 4,623 — — — 4,623 Derivative market value adjustments, net — — 40,401 — — — 40,401 Total other income (expense), net 133,865 91,038 50,157 157 463 (8,388) 267,291 Cost of services: Cost to provide education technology, services, and payment processing services — 30,852 — — — — 30,852 Cost to provide solar construction services — — — — — — — Total cost of services — 30,852 — — — — 30,852 Operating expenses: Salaries and benefits 83,220 32,120 614 1,714 23,729 — 141,398 Depreciation and amortization 5,318 2,698 — 4 10,230 — 18,250 Other expenses 13,507 6,750 3,543 899 12,241 — 36,940 Intersegment expenses, net 18,558 4,805 8,513 57 (23,545) (8,388) — Total operating expenses 120,603 46,373 12,670 2,674 22,655 (8,388) 196,588 Income (loss) before income taxes 13,488 14,687 99,348 474 (19,609) — 108,387 Income tax (expense) benefit (3,237) (3,525) (23,844) (106) 5,228 — (25,483) Net income (loss) 10,251 11,162 75,504 368 (14,381) — 82,904 Net (income) loss attributable to noncontrolling interests — 53 — — 2,172 — 2,225 Net income (loss) attributable to Nelnet, Inc. $ 10,251 11,215 75,504 368 (12,209) — 85,129 Total assets as of June 30, 2022 $ 240,437 546,235 17,388,228 864,659 2,273,216 (688,762) 20,624,013 Six months ended June 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 2,095 11,304 488,482 25,920 47,054 (24,860) 549,995 Interest expense — — 421,511 15,385 20,560 (24,860) 432,597 Net interest income 2,095 11,304 66,971 10,535 26,494 — 117,398 Less provision for loan losses — — 39,957 3,910 — — 43,867 Net interest income after provision for loan losses 2,095 11,304 27,014 6,625 26,494 — 73,531 Other income (expense): Loan servicing and systems revenue 261,247 — — — — — 261,247 Intersegment revenue 15,036 121 — — — (15,157) — Education technology, services, and payment processing revenue — 243,462 — — — — 243,462 Solar construction revenue — — — — 13,386 — 13,386 Other, net 1,213 — 4,164 830 (27,287) — (21,083) Gain on sale of loans, net — — 27,323 — — — 27,323 Impairment expense — — — — — — — Derivative settlements, net — — 23,319 83 — — 23,402 Derivative market value adjustments, net — — (36,515) 1,108 — — (35,407) Total other income (expense), net 277,496 243,583 18,291 2,021 (13,901) (15,157) 512,330 Cost of services: Cost to provide education technology, services, and payment processing services — 88,110 — — — — 88,110 Cost to provide solar construction services — — — — 17,422 — 17,422 Total cost of services — 88,110 — — 17,422 — 105,532 Operating expenses: Salaries and benefits 160,701 76,264 1,851 4,361 54,384 (145) 297,416 Depreciation and amortization 9,377 5,393 — 56 20,454 — 35,279 Other expenses 27,131 17,755 9,131 2,406 30,358 — 86,781 Intersegment expenses, net 40,136 11,684 16,841 173 (53,822) (15,012) — Total operating expenses 237,345 111,096 27,823 6,996 51,374 (15,157) 419,476 Income (loss) before income taxes 42,246 55,681 17,482 1,650 (56,203) — 60,853 Income tax (expense) benefit (10,139) (13,393) (4,196) (362) 9,348 — (18,741) Net income (loss) 32,107 42,288 13,286 1,288 (46,855) — 42,112 Net (income) loss attributable to noncontrolling interests — 119 — — 12,523 — 12,642 Net income (loss) attributable to Nelnet, Inc. $ 32,107 42,407 13,286 1,288 (34,332) — 54,754 Total assets as of June 30, 2023 $ 173,926 482,922 14,667,357 1,005,043 2,091,500 (613,116) 17,807,632 Six months ended June 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 313 1,213 258,994 8,241 10,227 (2,205) 276,783 Interest expense 44 — 115,711 2,494 5,678 (2,205) 121,721 Net interest income 269 1,213 143,283 5,747 4,549 — 155,062 Less provision for loan losses — — 7,963 1,011 — — 8,974 Net interest income after provision for loan losses 269 1,213 135,320 4,736 4,549 — 146,088 Other income (expense): Loan servicing and systems revenue 261,241 — — — — — 261,241 Intersegment revenue 16,860 10 — — — (16,870) — Education technology, services, and payment processing revenue — 203,317 — — — — 203,317 Solar construction revenue — — — — — — — Other, net 1,350 — 11,644 1,659 7,872 — 22,524 Gain on sale of loans, net — — 2,989 — — — 2,989 Impairment expense — — — — (6,284) — (6,284) Derivative settlements, net — — 1,814 — — — 1,814 Derivative market value adjustments, net — — 186,135 — — — 186,135 Total other income (expense), net 279,451 203,327 202,582 1,659 1,588 (16,870) 671,736 Cost of services: Cost to provide education technology, services, and payment processing services — 66,397 — — — — 66,397 Cost to provide solar construction services — — — — — — — Total cost of services — 66,397 — — — — 66,397 Operating expenses: Salaries and benefits 175,192 63,406 1,205 3,268 47,742 — 290,813 Depreciation and amortization 10,272 5,013 — 7 19,914 — 35,206 Other expenses 29,721 12,514 6,576 1,584 26,045 — 76,439 Intersegment expenses, net 38,955 9,410 17,344 102 (48,941) (16,870) — Total operating expenses 254,140 90,343 25,125 4,961 44,760 (16,870) 402,458 Income (loss) before income taxes 25,580 47,800 312,777 1,434 (38,623) — 348,969 Income tax (expense) benefit (6,139) (11,472) (75,066) (328) 11,826 — (81,180) Net income (loss) 19,441 36,328 237,711 1,106 (26,797) — 267,789 Net (income) loss attributable to noncontrolling interests — 53 — — 3,934 — 3,987 Net income (loss) attributable to Nelnet, Inc. $ 19,441 36,381 237,711 1,106 (22,863) — 271,776 Total assets as of June 30, 2022 $ 240,437 546,235 17,388,228 864,659 2,273,216 (688,762) 20,624,013

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Government loan servicing $ 95,736 98,815 204,618 207,940 Private education and consumer loan servicing 12,063 12,122 24,225 24,995 FFELP loan servicing 3,554 4,011 6,921 8,259 Software services 5,962 7,907 15,660 15,308 Outsourced services 4,705 2,018 9,823 4,739 Loan servicing and systems revenue $ 122,020 124,873 261,247 261,241 Education Technology, Services, and Payment Processing Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Tuition payment plan services $ 30,825 27,637 65,012 58,352 Payment processing 31,827 27,968 75,868 66,039 Education technology and services 46,216 34,956 101,004 78,207 Other 990 470 1,578 719 Education technology, services, and payment processing revenue $ 109,858 91,031 243,462 203,317 GRNE Solar was acquired on July 1, 2022; accordingly, there are no results for the three and six months ended June 30, 2022. Three months ended June 30, 2023 Six months ended June 30, 2023 Commercial revenue $ 2,004 8,238 Residential revenue 2,406 5,181 Other 325 (33) Solar construction revenue $ 4,735 13,386
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 June 30, Six months ended June 30, 2023 2022 2023 2022 ALLO preferred return $ 2,274 2,140 4,523 4,257 Borrower late fee income 2,168 2,436 4,414 4,867 Administration/sponsor fee income 1,697 2,012 3,468 4,134 Investment advisory services 1,639 1,482 3,251 2,764 Loss from ALLO voting membership interest investment (12,169) (16,941) (32,382) (30,071) Loss from solar investments (7,929) (1,854) (9,876) (2,884) Investment activity, net (3,574) 18,091 (7,154) 29,924 Other 8,883 5,281 12,673 9,533 Other, net $ (7,011) 12,647 (21,083) 22,524

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 1,047,975 1,048,074 100 1,388,937 1,389,037 Equity securities 105 — 105 6,719 — 6,719 Equity securities measured at net asset value (a) 39,471 32,363 Total investments 204 1,047,975 1,087,650 6,819 1,388,937 1,428,119 Derivative instruments (b) — 1,108 1,108 — — — Total assets $ 204 1,049,083 1,088,758 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. (b) Nelnet Bank derivatives are accounted for at fair value on a recurring basis. The fair value of derivative financial instruments is determined using a market approach in which derivative pricing models use the stated terms of the contracts and observable yield curves and volatilities from active markets. When determining the fair value of derivatives, Nelnet Bank takes into account counterparty credit risk for positions where it is exposed to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty.
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 June 30, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,809,016 13,541,903 — — 13,809,016 Accrued loan interest receivable 818,709 818,709 — 818,709 — Cash and cash equivalents 121,769 121,769 121,769 — — Investments (at fair value) 1,087,650 1,087,650 204 1,047,975 — Investments - held to maturity 156,537 155,781 — 156,537 — Notes receivable 54,931 54,931 — 54,931 — Beneficial interest in loan securitizations 228,603 190,974 — — 228,603 Restricted cash 484,223 484,223 484,223 — — Restricted cash – due to customers 208,033 208,033 208,033 — — Derivative instruments 1,108 1,108 — 1,108 — Financial liabilities: Bonds and notes payable 12,724,618 13,070,140 — 12,724,618 — Accrued interest payable 35,926 35,926 — 35,926 — Bank deposits 704,116 731,046 449,297 254,819 — Due to customers 299,552 299,552 299,552 — — 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	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 818,709		$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(27,447)		(30,714)
Allowance for loan losses	(114,263)	$ (134,704)	(131,827)	$ (120,424)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,360,612		15,243,889
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	13,239,125		14,169,771
Allowance for loan losses	(108,388)		(129,267)
Federally insured loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	12,819,742		13,566,473	15,429,611
Accrued interest receivable	810,489		808,150	775,337
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(33,764)		(35,468)	(26,674)
Allowance for loan losses	(74,061)	(79,331)	(83,593)	(92,593)	(95,995)	(103,381)
Financing receivable, after allowance for credit loss	13,522,406		14,255,562	16,085,681
Federally insured loans - Non-Nelnet Bank: | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,245,540		3,389,178
Federally insured loans - Non-Nelnet Bank: | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	9,574,202		10,177,295
Private education loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	230,056		252,383	272,943
Accrued interest receivable	2,196		2,146	2,058
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	183		(38)	94
Allowance for loan losses	(14,322)	(15,175)	(15,411)	(15,253)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	218,113		239,080	259,842
Consumer and other loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	189,327		350,915	152,583
Accrued interest receivable	2,246		3,658	1,376
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	750		(588)	(1,965)
Allowance for loan losses	(20,005)	(35,317)	(30,263)	(10,576)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	172,318		323,722	141,418
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	444,488		419,795
Allowance for loan losses	(5,875)		(2,560)
Federally insured loans - Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	61,501		65,913	77,428
Accrued interest receivable	1,973		1,758	1,381
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	18		20	23
Allowance for loan losses	(154)	(160)	(170)	(258)	(247)	(268)
Financing receivable, after allowance for credit loss	63,338		67,521	78,574
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	352,319		353,882	346,125
Accrued interest receivable	1,591		1,152	539
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,366		5,360	5,909
Allowance for loan losses	(2,905)	(2,894)	(2,390)	(1,744)	$ (1,251)	$ (840)
Financing receivable, after allowance for credit loss	356,371		358,004	$ 350,829
Consumer and other loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	30,668		0
Accrued interest receivable	214
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	0
Allowance for loan losses	(2,816)	$ (1,827)	$ 0
Financing receivable, after allowance for credit loss	$ 28,066

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)	Jun. 30, 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	0.58%	0.62%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	21.70%	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	6.23%	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	10.57%	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%	10.30%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Allowance for loan losses as a percentage of the ending balance	0.82%	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								6 Months Ended
	May 02, 2023	Apr. 13, 2023	Apr. 04, 2023	Mar. 02, 2023	Jan. 31, 2023	Jun. 30, 2022	Jan. 26, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)	$ 127,663	$ 24,980	$ 5,633	$ 122,277		$ 114	$ 18,125	$ 420,178	$ 18,239
Gain (loss)	$ 11,729	$ 3,123	$ 659	$ 8,903		$ 0	$ 2,989	27,323	2,989
Residual interest received in securitization	26.50%	11.30%	0%	24.60%		0%	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
Gain (loss)					$ (1,441)
Residual interest received in securitization					64.80%
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)					$ 42,275
Gain (loss)					$ 4,350
Residual interest received in securitization					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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 134,704	$ 117,825	$ 131,827	$ 127,113
Provision for loan losses	9,601	9,409	43,890	8,950
Charge-offs	(9,728)	(7,101)	(19,424)	(14,113)
Recoveries	657	270	1,041	614
Initial allowance on loans purchased with credit deterioration	0	21	6	144
Loan sales	(20,971)	0	(43,077)	(2,284)
Balance at end of period	114,263	120,424	114,263	120,424
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	79,331	95,995	83,593	103,381
Provision for loan losses	0	2,365	2,411	(383)
Charge-offs	(5,270)	(5,788)	(11,949)	(10,549)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	21	6	144
Loan sales	0	0	0	0
Balance at end of period	74,061	92,593	74,061	92,593
Private education loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	15,175	14,622	15,411	16,143
Provision for loan losses	0	1,217	240	817
Charge-offs	(1,069)	(707)	(1,709)	(2,006)
Recoveries	216	118	380	295
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	3	0	4
Balance at end of period	14,322	15,253	14,322	15,253
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	35,317	5,710	30,263	6,481
Provision for loan losses	8,099	5,245	37,306	7,529
Charge-offs	(2,881)	(531)	(5,148)	(1,469)
Recoveries	441	152	661	319
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	(20,971)	0	(43,077)	(2,284)
Balance at end of period	20,005	10,576	20,005	10,576
Federally insured loans - Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	160	247	170	268
Provision for loan losses	(4)	13	(12)	(8)
Charge-offs	(2)	(2)	(4)	(2)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	0	0	0
Balance at end of period	154	258	154	258
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,894	1,251	2,390	840
Provision for loan losses	517	569	1,129	995
Charge-offs	(506)	(73)	(614)	(87)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	(3)	0	(4)
Balance at end of period	2,905	$ 1,744	2,905	$ 1,744
Consumer and other loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	1,827		0
Provision for loan losses	989		2,816
Charge-offs	0		0
Recoveries	0		0
Initial allowance on loans purchased with credit deterioration	0		0
Loan sales	0		0
Balance at end of period	$ 2,816		$ 2,816

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.16%	0.14%	0.18%	0.13%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	1.45%	0.85%	1.11%	1.22%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	4.07%	1.51%	3.22%	3.24%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.01%	0.01%	0.01%	0%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.57%	0.09%	0.35%	0.06%
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0%	0%	0%	0%

Loans and Accrued Interest Re_8

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
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	$ 62
Unfunded education loan commitments	4,100
Provision for loan losses (negative provision for loan losses)	$ (23)	$ 24

Loans and Accrued Interest Re_9

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans in repayment status:
Accrued interest receivable	$ 818,709		$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(27,447)		(30,714)
Allowance for loan losses	(114,263)	$ (134,704)	(131,827)	$ (120,424)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,360,612		15,243,889
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 612,357		$ 637,919	$ 763,957
Loans in-school/grace/deferment, percent	4.80%		4.70%	4.90%
Loans in forbearance	$ 930,629		$ 1,103,181	$ 1,246,882
Loans in forbearance, percent	7.30%		8.10%	8.10%
Loans in repayment status:
Loans receivable, gross	$ 12,819,742		$ 13,566,473	$ 15,429,611
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 11,276,756		$ 11,825,373	$ 13,418,772
Loans in repayment, percent	87.90%		87.20%	87%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 810,489		$ 808,150	$ 775,337
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(33,764)		(35,468)	(26,674)
Allowance for loan losses	(74,061)	(79,331)	(83,593)	(92,593)	(95,995)	(103,381)
Financing receivable, after allowance for credit loss	13,522,406		14,255,562	16,085,681
Federally insured loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 9,609,634		$ 10,173,859	$ 11,551,817
Loans current, percentage	85.20%		86%	86.10%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 496,953		$ 415,305	$ 464,234
Loans past due, percentage	4.40%		3.50%	3.50%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 360,728		$ 253,565	$ 309,252
Loans past due, percentage	3.20%		2.20%	2.30%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 157,685		$ 180,029	$ 187,452
Loans past due, percentage	1.40%		1.50%	1.40%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 457,100		$ 534,410	$ 638,189
Loans past due, percentage	4.10%		4.50%	4.70%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 194,656		$ 268,205	$ 267,828
Loans past due, percentage	1.70%		2.30%	2%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 10,440		$ 12,756	$ 15,403
Loans in-school/grace/deferment, percent	4.60%		5.10%	5.60%
Loans in forbearance	$ 1,874		$ 2,017	$ 2,447
Loans in forbearance, percent	0.80%		0.80%	0.90%
Loans in repayment status:
Loans receivable, gross	$ 230,056		$ 252,383	$ 272,943
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 217,742		$ 237,610	$ 255,093
Loans in repayment, percent	94.60%		94.10%	93.50%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,196		$ 2,146	$ 2,058
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	183		(38)	94
Allowance for loan losses	(14,322)	(15,175)	(15,411)	(15,253)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	218,113		239,080	259,842
Private education loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 212,522		$ 232,539	$ 250,268
Loans current, percentage	97.60%		97.90%	98.10%
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 1,643		$ 2,410	$ 1,980
Loans past due, percentage	0.70%		1%	0.80%
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 1,253		$ 767	$ 782
Loans past due, percentage	0.60%		0.30%	0.30%
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 2,324		$ 1,894	$ 2,063
Loans past due, percentage	1.10%		0.80%	0.80%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 102		$ 109	$ 64
Loans in-school/grace/deferment, percent	0.10%		0%	0%
Loans in repayment status:
Loans receivable, gross	$ 189,327		$ 350,915	$ 152,583
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 189,225		$ 350,806	$ 152,519
Loans in repayment, percent	99.90%		100%	100%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,246		$ 3,658	$ 1,376
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	750		(588)	(1,965)
Allowance for loan losses	(20,005)	(35,317)	(30,263)	(10,576)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	172,318		323,722	141,418
Consumer and other loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 181,864		$ 346,812	$ 150,812
Loans current, percentage	96.10%		98.90%	98.90%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 2,794		$ 1,906	$ 515
Loans past due, percentage	1.50%		0.50%	0.30%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 2,533		$ 764	$ 435
Loans past due, percentage	1.30%		0.20%	0.30%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 2,034		$ 1,324	$ 757
Loans past due, percentage	1.10%		0.40%	0.50%
Federally insured loans - Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 239		$ 241	$ 283
Loans in-school/grace/deferment, percent	0.40%		0.40%	0.40%
Loans in forbearance	$ 665		$ 981	$ 1,029
Loans in forbearance, percent	1.10%		1.50%	1.30%
Loans in repayment status:
Loans receivable, gross	$ 61,501		$ 65,913	$ 77,428
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 60,597		$ 64,691	$ 76,116
Loans in repayment, percent	98.50%		98.10%	98.30%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 1,973		$ 1,758	$ 1,381
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	18		20	23
Allowance for loan losses	(154)	(160)	(170)	(258)	(247)	(268)
Financing receivable, after allowance for credit loss	63,338		67,521	78,574
Federally insured loans - Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 59,041		$ 63,225	$ 74,883
Loans current, percentage	97.50%		97.80%	98.40%
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 320		$ 436	$ 587
Loans past due, percentage	0.50%		0.70%	0.80%
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 301		$ 466	$ 165
Loans past due, percentage	0.50%		0.70%	0.20%
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 372		$ 222	$ 245
Loans past due, percentage	0.60%		0.30%	0.30%
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 448		$ 183	$ 236
Loans past due, percentage	0.70%		0.30%	0.30%
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 115		$ 159	$ 0
Loans past due, percentage	0.20%		0.20%	0%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 16,996		$ 11,580	$ 1,160
Loans in-school/grace/deferment, percent	4.80%		3.30%	0.30%
Loans in forbearance	$ 1,797		$ 864	$ 1,236
Loans in forbearance, percent	0.50%		0.20%	0.40%
Loans in repayment status:
Loans receivable, gross	$ 352,319		$ 353,882	$ 346,125
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 333,526		$ 341,438	$ 343,729
Loans in repayment, percent	94.70%		96.50%	99.30%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 1,591		$ 1,152	$ 539
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,366		5,360	5,909
Allowance for loan losses	(2,905)	(2,894)	(2,390)	(1,744)	$ (1,251)	$ (840)
Financing receivable, after allowance for credit loss	356,371		358,004	350,829
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 332,205		$ 340,830	$ 343,148
Loans current, percentage	99.60%		99.80%	99.80%
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 691		$ 167	$ 169
Loans past due, percentage	0.20%		0.10%	0.10%
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 241		$ 32	$ 412
Loans past due, percentage	0.10%		0%	0.10%
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 389		$ 409	$ 0
Loans past due, percentage	0.10%		0.10%	0%
Consumer and other loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 6
Loans in-school/grace/deferment, percent	0%
Loans in repayment status:
Loans receivable, gross	$ 30,668		$ 0
Total loans in repayment, percentage	100%
Total loans in repayment	$ 30,662
Loans in repayment, percent	100%
Total loans, percent	100%
Accrued interest receivable	$ 214
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	0
Allowance for loan losses	(2,816)	$ (1,827)	$ 0
Financing receivable, after allowance for credit loss	28,066
Consumer and other loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 30,120
Loans current, percentage	98.20%
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 277
Loans past due, percentage	0.90%
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 205
Loans past due, percentage	0.70%
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 60
Loans past due, percentage	0.20%

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	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 17,610	$ 209,846
Fiscal year before current fiscal year	201,199	133,788
Fiscal year two years before current fiscal year	124,106	10,248
Fiscal year three years before current fiscal year	9,404
Total loans	352,319	353,882	$ 346,125
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,731	5,898
Fiscal year before current fiscal year	5,869	5,389
Fiscal year two years before current fiscal year	5,100	348
Fiscal year three years before current fiscal year	342
Total loans	13,042	11,635
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	3,936	23,392
Fiscal year before current fiscal year	22,881	10,543
Fiscal year two years before current fiscal year	9,776	542
Fiscal year three years before current fiscal year	506
Total loans	37,099	34,477
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	4,109	35,456
Fiscal year before current fiscal year	34,497	16,686
Fiscal year two years before current fiscal year	15,794	1,473
Fiscal year three years before current fiscal year	1,401
Total loans	55,801	53,615
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,938	57,141
Fiscal year before current fiscal year	54,989	31,035
Fiscal year two years before current fiscal year	29,021	1,622
Fiscal year three years before current fiscal year	1,531
Total loans	87,479	89,798
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	5,896	87,959
Fiscal year before current fiscal year	82,963	70,135
Fiscal year two years before current fiscal year	64,415	6,263
Fiscal year three years before current fiscal year	5,624
Total loans	$ 158,898	$ 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	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 818,709		$ 816,864
Loan premium, net of unaccreted discount	(27,447)		(30,714)
Allowance for loan losses	(114,263)	$ (134,704)	(131,827)	$ (120,424)	$ (117,825)	$ (127,113)
Financing receivable, after allowance for credit loss	14,360,612		15,243,889
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	115
2022	5,701
2021	9,511
2020	51,791
2019	42,582
Prior years	120,356
Total loans	230,056		252,383	272,943
Accrued interest receivable	2,196		2,146	2,058
Loan premium, net of unaccreted discount	183		(38)	94
Allowance for loan losses	(14,322)	(15,175)	(15,411)	(15,253)	(14,622)	(16,143)
Financing receivable, after allowance for credit loss	218,113		239,080	259,842
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	5
Current period gross charge-offs, three years before current fiscal year	2
Current period gross charge-offs, four years before current fiscal year	381
Current period gross charge-offs, more than five years before current fiscal year	1,321
Current period gross charge-offs, total	1,709
Private education loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	212,522		232,539	250,268
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,643		2,410	1,980
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,253		767	782
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,324		1,894	2,063
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	1,390
2021	4,831
2020	1,122
2019	1,907
Prior years	1,190
Total loans	10,440
Private education loans - Non-Nelnet Bank: | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	0
2021	62
2020	311
2019	451
Prior years	1,050
Total loans	1,874
Private education loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	115
2022	4,311
2021	4,618
2020	50,358
2019	40,224
Prior years	118,116
Total loans	217,742
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	115
2022	4,270
2021	4,610
2020	49,726
2019	39,948
Prior years	113,853
Total loans	212,522
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	12
2021	3
2020	221
2019	95
Prior years	1,312
Total loans	1,643
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	0
2021	0
2020	311
2019	71
Prior years	871
Total loans	1,253
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	29
2021	5
2020	100
2019	110
Prior years	2,080
Total loans	2,324
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	123,466
2022	57,059
2021	6,192
2020	562
2019	1,213
Prior years	835
Total loans	189,327		350,915	152,583
Accrued interest receivable	2,246		3,658	1,376
Loan premium, net of unaccreted discount	750		(588)	(1,965)
Allowance for loan losses	(20,005)	(35,317)	(30,263)	(10,576)	(5,710)	(6,481)
Financing receivable, after allowance for credit loss	172,318		323,722	141,418
Current period gross charge-offs, current fiscal year	265
Current period gross charge-offs, fiscal year before current fiscal year	4,272
Current period gross charge-offs, two years before current fiscal year	439
Current period gross charge-offs, three years before current fiscal year	27
Current period gross charge-offs, four years before current fiscal year	55
Current period gross charge-offs, more than five years before current fiscal year	90
Current period gross charge-offs, total	5,148
Consumer and other loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	181,864		346,812	150,812
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,794		1,906	515
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,533		764	435
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,034		1,324	757
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	43
2022	40
2021	19
2020	0
2019	0
Prior years	0
Total loans	102
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	123,423
2022	57,019
2021	6,173
2020	562
2019	1,213
Prior years	835
Total loans	189,225
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	120,588
2022	53,714
2021	5,662
2020	457
2019	956
Prior years	487
Total loans	181,864
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	1,040
2022	1,565
2021	153
2020	24
2019	8
Prior years	4
Total loans	2,794
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	1,458
2022	770
2021	227
2020	20
2019	50
Prior years	8
Total loans	2,533
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	337
2022	970
2021	131
2020	61
2019	199
Prior years	336
Total loans	2,034
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	17,610		209,846
2022	201,199		133,788
2021	124,106		10,248
2020	9,404
2019	0
Prior years	0
Total loans	352,319		353,882	346,125
Accrued interest receivable	1,591		1,152	539
Loan premium, net of unaccreted discount	5,366		5,360	5,909
Deferred origination costs, net of unaccreted discount	5,366
Allowance for loan losses	(2,905)	(2,894)	(2,390)	(1,744)	$ (1,251)	$ (840)
Financing receivable, after allowance for credit loss	356,371		358,004	350,829
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	614
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	614
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	332,205		340,830	343,148
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	691		167	169
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	241		32	412
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	389		409	$ 0
Private education loans - Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	2,787
2022	11,980
2021	1,168
2020	1,061
2019	0
Prior years	0
Total loans	16,996
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	969
2021	828
2020	0
2019	0
Prior years	0
Total loans	1,797
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	14,823
2022	188,250
2021	122,110
2020	8,343
2019	0
Prior years	0
Total loans	333,526
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	14,772
2022	187,799
2021	121,291
2020	8,343
2019	0
Prior years	0
Total loans	332,205
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	0
2022	391
2021	300
2020	0
2019	0
Prior years	0
Total loans	691
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	31
2022	48
2021	162
2020	0
2019	0
Prior years	0
Total loans	241
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	20
2022	12
2021	357
2020	0
2019	0
Prior years	0
Total loans	389
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	30,095
2022	518
2021	55
2020	0
2019	0
Prior years	0
Total loans	30,668		0
Accrued interest receivable	214
Loan premium, net of unaccreted discount	0
Allowance for loan losses	(2,816)	$ (1,827)	$ 0
Financing receivable, after allowance for credit loss	28,066
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	30,120
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	277
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	205
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	60
Consumer and other loans - Nelnet Bank | Loans in deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	6
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	6
Consumer and other loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	30,089
2022	518
2021	55
2020	0
2019	0
Prior years	0
Total loans	30,662
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	29,547
2022	518
2021	55
2020	0
2019	0
Prior years	0
Total loans	30,120
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	277
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	277
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	205
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	205
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Six months ended June 30, 2023	60
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	$ 60

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 13,174,605	$ 14,785,283
Discount on bonds and notes payable and debt issuance costs	(104,465)	(148,088)
Bonds and notes payable, net	13,070,140	14,637,195
Unsecured line of credit
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 0	$ 0
Interest rate	0%	0%
Participation agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 6,781	$ 395,432
Interest rate	5.84%	5.02%
Repurchase agreements
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 415,514	$ 567,254
Other - due to related party
Debt Instrument [Line Items]
Bonds and notes payable, gross	6,174	6,187
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	10,494,458	11,868,190
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	91,335	178,960
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	10,585,793	12,047,150
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	519,156	594,051
Federally insured | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	1,530,429	978,956
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	16,628	19,865
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	19,606	23,032
Private education | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 42,200	$ 64,356
Interest rate	5.37%	4.72%
Consumer loans | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 32,324	$ 89,000
Interest rate	5.44%	4.73%
Minimum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	5.81%	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	5.37%	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 | Loan warehouse facility
Debt Instrument [Line Items]
Interest rate	5.15%	4.69%
Minimum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate		5.90%
Minimum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate		3.60%
Maximum | Repurchase agreements
Debt Instrument [Line Items]
Interest rate	6.47%	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	7.15%	6.39%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	6.18%	4.02%
Maximum | Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	3.45%	3.45%
Maximum | Federally insured | Loan warehouse facility
Debt Instrument [Line Items]
Interest rate	5.42%	4.71%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	6.65%	6.14%
Maximum | Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Interest rate	5.35%	5.35%

Bonds and Notes Payable - Out_2

Bonds and Notes Payable - Outstanding Lines of Credit (Details) - Secured Debt - Warehouse Agreement Borrowings - USD ($)		6 Months Ended
	May 22, 2023	Jun. 30, 2023	May 25, 2023	Apr. 03, 2023	Mar. 31, 2023	Mar. 30, 2023
FFELP Warehouse Facilities
Line of Credit Facility [Line Items]
Maximum financing amount		$ 1,682,000,000
Amount outstanding		1,530,429,000
Amount available		151,571,000
Advanced as equity support		133,717,000
FFELP Warehouse Facility Due November 2024
Line of Credit Facility [Line Items]
Maximum financing amount		1,250,000,000			$ 1,250,000,000	$ 1,200,000,000
Amount outstanding		1,119,030,000
Amount available		130,970,000
Advanced as equity support		99,220,000
Advance rate, maximum, lower range	90%
Advance rate, maximum, higher range	96%
Advance rate, minimum, lower range	84%
Advance rate, minimum, higher range	90%
FFELP Warehouse Facility Due April 2025
Line of Credit Facility [Line Items]
Maximum financing amount		432,000,000	$ 432,000,000	$ 250,000,000
Amount outstanding		411,399,000
Amount available		$ 20,601,000
Advance rate		92%
Advanced as equity support		$ 34,497,000
Private Loan Warehouse Facility
Line of Credit Facility [Line Items]
Maximum financing amount		42,200,000
Amount outstanding		42,200,000
Amount available		$ 0
Advance rate		0%
Advanced as equity support		$ 18,720,000
Consumer Loan Warehouse Facility
Line of Credit Facility [Line Items]
Maximum financing amount		250,000,000
Amount outstanding		32,324,000
Amount available		$ 217,676,000
Advance rate		70%
Advanced as equity support		$ 13,901,000

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities at par value		$ 6,800,000
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		$ 347,600,000
Additional repurchase agreement, amount collateralized by private education loan asset-backed securities		67,900,000
Federal funds purchased		0	$ 0
Par value of asset-based securities		1,048,074,000	$ 1,389,037,000
Asset-backed securities
Debt Instrument [Line Items]
Par value of asset-based securities		253,700,000
Asset-based securities serving as collateral on secured debt repurchase agreements		197,500,000
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
Federal Funds Lines Of Credit With Correspondent Banks | Line of Credit | Federal Funds Purchased
Debt Instrument [Line Items]
Maximum financing amount		30,000,000
Federal Funds Lines Of Credit With Correspondent Banks | Secured Debt | Federal Funds Purchased
Debt Instrument [Line Items]
Maximum financing amount		10,000,000
Federal Funds Lines Of Credit With Federal Reserve Bank | Secured Debt | Federal Funds Purchased
Debt Instrument [Line Items]
Debt instrument, collateral amount		$ 20,000,000
Federal Family Education Loan Program (FFELP) Loan Asset-Backed Securities | Secured Debt
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Purchase price	$ 0	$ (35,643)	$ (828)	$ (54,096)
Par value	0	36,700	908	55,229
Remaining unamortized cost of issuance	0	(17)	(2)	(62)
Gain	$ 0	$ 1,040	$ 78	$ 1,071

Derivative Financial Instrume_3

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Jun. 30, 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 Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Gross fair value of derivatives	$ 1,108	$ 0
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate	0.101%	0.097%
Interest rate swaps - Nelnet Bank | Variable Rate Deposits
Derivative [Line Items]
Gross fair value of derivatives	$ 1,100

Derivative Financial Instrume_5

Derivative Financial Instruments - Interest Rate Swaps, Floor Income Hedge (Details) - Interest rate swaps - floor income hedge - Interest rate swaps - Nelnet Bank - USD ($)	Mar. 15, 2023	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional amount		$ 50,000,000	$ 2,800,000,000
Weighted average fixed rate paid by the Company		3.44%	0.70%
Derivative, notional amount, terminated	$ 2,800,000,000
Cash received or receivable from derivative	183,200,000
Proceeds for settlement of terminated derivatives	$ 19,100,000
2024
Derivative [Line Items]
Notional amount		$ 0	$ 2,000,000,000
Weighted average fixed rate paid by the Company		0%	0.35%
2026
Derivative [Line Items]
Notional amount		$ 0	$ 500,000,000
Weighted average fixed rate paid by the Company		0%	1.02%
2030
Derivative [Line Items]
Notional amount		$ 50,000,000	$ 0
Weighted average fixed rate paid by the Company		3.44%	0%
2031
Derivative [Line Items]
Notional amount		$ 0	$ 100,000,000
Weighted average fixed rate paid by the Company		0%	1.53%
2032
Derivative [Line Items]
Notional amount		$ 0	$ 200,000,000
Weighted average fixed rate paid by the Company		0%	2.92%

Derivative Financial Instrume_6

Derivative Financial Instruments - Interest Rate Swaps, Variable Rate Deposits (Details) - Variable Rate Deposits - Interest rate swaps - Nelnet Bank $ in Thousands	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 65,000
Weighted average fixed rate paid by the Company	3.19%
2028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 40,000
Weighted average fixed rate paid by the Company	3.33%
2030
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 25,000
Weighted average fixed rate paid by the Company	2.97%

Derivative Financial Instrume_7

Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 65	$ 4,623	$ 23,402	$ 1,814
Change in fair value	2,005	40,401	$ (35,407)	$ 186,135
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	65	4,623	$ 23,402	$ 1,814
Derivative market value adjustments and derivative settlements, net - income (expense)	2,070	45,024	(12,005)	187,949
1:3 basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	235	(148)	$ 211	$ 741
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	(65)	931	$ 794	$ 1,327
Interest rate swaps - floor income hedge
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	662	40,549	$ (36,726)	$ 185,394
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	47	3,692	$ 22,525	$ 487
Interest rate swaps - Nelnet Bank
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	1,108	0	$ 1,108	$ 0
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 - Nelnet Bank | Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 83	$ 0	$ 83	$ 0

Investments and Notes Receiva_3

Investments and Notes Receivable - Summary of Investments (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Feb. 06, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investments (at fair value):
Amortized cost		$ 1,075,567			$ 1,075,567		$ 1,441,630
Gross unrealized gains		9,653			9,653		4,622
Gross unrealized losses		(37,146)			(37,146)		(57,215)
Fair value		1,048,074			1,048,074		1,389,037
Equity securities		39,576			39,576		39,082
Total investments at fair value		1,087,650			1,087,650		1,428,119
Held to maturity investments
Fair value		155,781			155,781		18,774
Beneficial interest in securitizations		190,974			190,974		138,738
Notes receivable		54,931			54,931		31,106
Other investments		918,656			918,656		683,798
Total investments and notes receivable		2,006,306			2,006,306		2,111,917
Amount of participation, student loan asset-backed securities at par value		6,800			6,800
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value		307,600			307,600
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value		281,800			281,800
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
Impairment charge				$ 5,400
Equity securities, realized gain		2,274		2,140	4,523	$ 4,257
Net loss attributable to noncontrolling interests		9,172		2,225	12,642	3,987
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		695,971			695,971		958,353
Gross unrealized gains		8,114			8,114		3,649
Gross unrealized losses		(32,280)			(32,280)		(44,333)
Fair value		671,805			671,805		917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		329,256			329,256		463,861
Gross unrealized gains		5,064			5,064		3,498
Gross unrealized losses		(6,372)			(6,372)		(11,105)
Fair value		327,948			327,948		456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		307,084			307,084		335,903
Gross unrealized gains		0			0		0
Gross unrealized losses		(25,238)			(25,238)		(29,438)
Fair value		281,846			281,846		306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		59,631			59,631		158,589
Gross unrealized gains		3,050			3,050		151
Gross unrealized losses		(670)			(670)		(3,790)
Fair value		62,011			62,011		154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Investments (at fair value):
Amortized cost		379,596			379,596		483,277
Gross unrealized gains		1,539			1,539		973
Gross unrealized losses		(4,866)			(4,866)		(12,882)
Fair value		376,269			376,269		471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		257,418			257,418		349,855
Gross unrealized gains		1,378			1,378		955
Gross unrealized losses		(2,430)			(2,430)		(8,853)
Fair value		256,366			256,366		341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		1,707			1,707		1,941
Gross unrealized gains		0			0		0
Gross unrealized losses		(92)			(92)		(122)
Fair value		1,615			1,615		1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Investments (at fair value):
Amortized cost		120,471			120,471		131,481
Gross unrealized gains		161			161		18
Gross unrealized losses		(2,344)			(2,344)		(3,907)
Fair value		118,288			118,288		127,592
Debt Securities, Held-To-Maturity, Non-Nelnet Bank
Held to maturity investments
Fair value		4,700			4,700		18,554
Held-To-Maturity Investments, Nelnet Bank
Held to maturity investments
Fair value		151,081			151,081		220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Held to maturity investments
Fair value		150,840			150,840		0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank
Held to maturity investments
Fair value		241			241		220
Asset-Backed Securities Subject To Participation Interests
Investments (at fair value):
Fair value		6,300			6,300
Venture capital funds
Held to maturity investments
Measurement alternative		193,001			193,001		160,052
Equity method		109,988			109,988		89,332
Other investments		302,989			302,989		249,384
Carrying amount of investment		193,001			193,001		160,052
Venture capital funds | Hudl
Held to maturity investments
Measurement alternative		165,500			165,500
Payment to acquire additional ownership interests in investment	$ 31,500
Carrying amount of investment		165,500			165,500
Real estate
Held to maturity investments
Equity method		85,284			85,284		80,364
Partnership Interest
Held to maturity investments
Equity method		43,588			43,588		67,538
Preferred membership interest and accrued and unpaid preferred return		150,449			150,449		145,926
Other investments		194,037			194,037		213,464
Additional equity investment			$ 8,400
Equity securities, realized loss		12,200		16,900	32,400	30,100
Preferred membership interest and accrued and unpaid preferred return		150,449			150,449		145,926
Partnership Interest | ALLO
Held to maturity investments
Preferred membership interest and accrued and unpaid preferred return		145,900			145,900
Preferred membership interest and accrued and unpaid preferred return		145,900			145,900
Equity method investment, accrued and unpaid preferred return		4,500			4,500
Beneficial interest in consumer loans and other
Held to maturity investments
Beneficial interest in securitizations		96,635			96,635		39,249
Beneficial interest in private education loan securitizations
Held to maturity investments
Beneficial interest in securitizations		71,322			71,322		75,261
Loans corresponding to beneficial interest		560,000			560,000
Beneficial interest in federally insured loan securitizations
Held to maturity investments
Beneficial interest in securitizations		23,017			23,017		24,228
Loans corresponding to beneficial interest		360,000			360,000
Solar
Held to maturity investments
Solar		(72,455)			(72,455)		(55,448)
Amount funded or committed to fund		312,900			312,900
Amount funded or committed to fund by partners		120,000			120,000
Equity method investment, amount committed to fund		319,200			319,200
Equity method investment, amount committed to fund by partners		120,500			120,500
Pre-tax loss from equity investment		7,900		1,900	9,900	2,900
Net loss attributable to noncontrolling interests		7,400		2,000	10,100	3,900
Tax liens, affordable housing, and other
Held to maturity investments
Other investments		7,115			7,115		$ 7,416
Consumer loans
Held to maturity investments
Loans corresponding to beneficial interest		$ 680,000			$ 680,000
Preferred Partnership Interest
Held to maturity investments
Equity method investment, preferred annual return		6.25%			6.25%
Equity securities, realized gain		$ 2,300		$ 2,100	$ 4,500	$ 4,300

Investments and Notes Receiva_4

Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	$ 64,124
Amortized cost, after 1 year through 5 years	31,430
Amortized cost, after 5 years through 10 years	143,456
Amortized cost, after 10 years	836,557
Amortized cost	1,075,567	$ 1,441,630
Fair value
Fair value, 1 year or less	63,646
Fair value, after 1 year through 5 years	31,285
Fair value, after 5 years through 10 years	140,716
Fair value, after 10 years	812,427
Total	1,048,074	1,389,037
Held to maturity investments
Amortized cost, 1 year or less	4,941
Amortized cost, after 1 year through 5 years	3,678
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	147,162
Total	155,781	18,774
Fair value
Fair value, 1 year or less	4,941
Fair value, after 1 year through 5 years	3,743
Fair value, after 5 years through 10 years	0
Fair value, after 10 years	147,853
Total	156,537
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	24,742
Amortized cost, after 1 year through 5 years	11,940
Amortized cost, after 5 years through 10 years	48,079
Amortized cost, after 10 years	611,210
Amortized cost	695,971	958,353
Fair value
Fair value, 1 year or less	24,735
Fair value, after 1 year through 5 years	11,915
Fair value, after 5 years through 10 years	46,921
Fair value, after 10 years	588,234
Total	671,805	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	24,742
Amortized cost, after 1 year through 5 years	11,841
Amortized cost, after 5 years through 10 years	48,079
Amortized cost, after 10 years	244,594
Amortized cost	329,256	463,861
Fair value
Total	327,948	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	307,084
Amortized cost	307,084	335,903
Fair value
Total	281,846	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	59,532
Amortized cost	59,631	158,589
Fair value
Total	62,011	154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	39,382
Amortized cost, after 1 year through 5 years	19,490
Amortized cost, after 5 years through 10 years	95,377
Amortized cost, after 10 years	225,347
Amortized cost	379,596	483,277
Fair value
Fair value, 1 year or less	38,911
Fair value, after 1 year through 5 years	19,370
Fair value, after 5 years through 10 years	93,795
Fair value, after 10 years	224,193
Total	376,269	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	37,270
Amortized cost, after 1 year through 5 years	0
Amortized cost, after 5 years through 10 years	44,458
Amortized cost, after 10 years	175,690
Amortized cost	257,418	349,855
Fair value
Total	256,366	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	1,707
Amortized cost	1,707	1,941
Fair value
Total	1,615	1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	2,112
Amortized cost, after 1 year through 5 years	19,490
Amortized cost, after 5 years through 10 years	50,919
Amortized cost, after 10 years	47,950
Amortized cost	120,471	131,481
Fair value
Total	118,288	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	18,554
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
Held-To-Maturity Investments, Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	241
Amortized cost, after 1 year through 5 years	3,678
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	147,162
Total	151,081	220
Fair value
Fair value, 1 year or less	241
Fair value, after 1 year through 5 years	3,743
Fair value, after 5 years through 10 years	0
Fair value, after 10 years	147,853
Total	151,837
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	3,678
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	147,162
Total	150,840	0
Debt Securities, Held-To-Maturity, Other, Nelnet Bank
Held to maturity investments
Amortized cost, 1 year or less	241
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	$ 241	$ 220

Investments and Notes Receiva_5

Investments and Notes Receivable - Narrative (Details)	Jun. 30, 2023 USD ($)
Investments [Abstract]
Asset -backed securities unrealized loss position not due to credit loss	$ 0

Investments and Notes Receiva_6

Investments and Notes Receivable - Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) $ in Thousands	Jun. 30, 2023 USD ($)
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	$ (12,535)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	425,459
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(24,611)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	357,508
Total, unrealized loss	(37,146)
Total, fair value	782,967
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	(11,323)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	303,982
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(20,957)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	210,844
Total, unrealized loss	(32,280)
Total, fair value	514,826
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	(6,349)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	208,144
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(23)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	532
Total, unrealized loss	(6,372)
Total, fair value	208,676
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	(4,304)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	71,534
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(20,934)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	210,312
Total, unrealized loss	(25,238)
Total, fair value	281,846
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	(670)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	24,304
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	(670)
Total, fair value	24,304
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	(1,212)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	121,477
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(3,654)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	146,664
Total, unrealized loss	(4,866)
Total, fair value	268,141
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	(827)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	89,190
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(1,603)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	88,972
Total, unrealized loss	(2,430)
Total, fair value	178,162
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	(92)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	1,616
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	(92)
Total, fair value	1,616
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	(293)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	30,671
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(2,051)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	57,692
Total, unrealized loss	(2,344)
Total, fair value	$ 88,363

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments [Abstract]
Gross proceeds from sales	$ 85,375	$ 205,772	$ 577,548	$ 319,752
Gross realized gains	920	909	2,194	3,874
Debt Securities, Available-for-Sale, Realized Loss	(2)	(60)	(6,258)	(232)
Net gains (losses)	$ 918	$ 849	$ (4,064)	$ 3,642

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	93 months
Amortizable intangible assets, net	$ 57,293	$ 63,501
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 43,178	55,116
Weighted average remaining useful life	107 months
Amortizable intangible assets, net	$ 47,529	51,738
Trade names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 2,085	617
Weighted average remaining useful life	16 months
Amortizable intangible assets, net	$ 6,825	8,293
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 400	6,400
Weighted average remaining useful life	46 months
Amortizable intangible assets, net	$ 1,320	1,520
Other
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 821	490
Weighted average remaining useful life	48 months
Amortizable intangible assets, net	$ 1,619	$ 1,950

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 3.5	$ 2.9	$ 6.2	$ 5.3

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023 (July 1 - December 31)	$ 10,765
2024	8,775
2025	7,141
2026	6,294
2027	5,814
2028 and thereafter	18,504
Amortizable intangible assets, net	$ 57,293	$ 63,501

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 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 ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Intercompany deposits	$ 140,400,000
Restricted cash	484,223,000	$ 945,159,000	$ 754,693,000	$ 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	Jun. 30, 2023	Dec. 31, 2022
Deposits [Abstract]
Brokered CDs, net of brokered deposit fees	$ 203,418	$ 254,817
Retail and other savings (529, STFIT, and HSA)	504,858	410,556
Retail and other CDs (commercial and institutional)	22,770	25,949
Total interest-bearing deposits	$ 731,046	$ 691,322

Bank Deposits - Certificates of

Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Deposits [Abstract]
After two years to three years	$ 151,559
After three years to four years	74,282
After four years to five years	347
Total	$ 226,188

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 28,267	$ 85,129	$ 54,754	$ 271,776
Net income attributable to Nelnet, Inc., diluted	$ 28,267	$ 85,129	$ 54,754	$ 271,776
Weighted-average common shares outstanding - basic (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Weighted-average common shares outstanding - diluted (in shares)	37,468,397	37,710,214	37,406,843	37,875,108
Earnings per share - basic (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Earnings per share - diluted (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 27,665	$ 83,485	$ 53,611	$ 266,735
Net income attributable to Nelnet, Inc., diluted	$ 27,665	$ 83,485	$ 53,611	$ 266,735
Weighted-average common shares outstanding - basic (in shares)	36,670,933	36,981,990	36,625,819	37,172,606
Weighted-average common shares outstanding - diluted (in shares)	36,670,933	36,981,990	36,625,819	37,172,606
Earnings per share - basic (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Earnings per share - diluted (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 602	$ 1,644	$ 1,143	$ 5,041
Net income attributable to Nelnet, Inc., diluted	$ 602	$ 1,644	$ 1,143	$ 5,041
Weighted-average common shares outstanding - basic (in shares)	797,464	728,224	781,024	702,502
Weighted-average common shares outstanding - diluted (in shares)	797,464	728,224	781,024	702,502
Earnings per share - basic (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18
Earnings per share - diluted (in dollars per share)	$ 0.75	$ 2.26	$ 1.46	$ 7.18

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total interest income	$ 284,027	$ 151,587	$ 549,995	$ 276,783
Interest expense	233,148	73,642	432,597	121,721
Net interest income	50,879	77,945	117,398	155,062
Less provision for loan losses	9,592	9,409	43,867	8,974
Net interest income after provision for loan losses	41,287	68,536	73,531	146,088
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	(7,011)	12,647	(21,083)	22,524
Gain on sale of loans, net	15,511	0	27,323	2,989
Impairment expense	0	(6,284)	0	(6,284)
Derivative settlements, net	65	4,623	23,402	1,814
Derivative market value adjustments, net	2,005	40,401	(35,407)	186,135
Total other income (expense), net	247,183	267,291	512,330	671,736
Total cost of services	49,529	30,852	105,532	66,397
Operating expenses:
Salaries and benefits	144,706	141,398	297,416	290,813
Depreciation and amortization	18,652	18,250	35,279	35,206
Other expenses	45,997	36,940	86,781	76,439
Intersegment expenses, net	0	0	0	0
Total operating expenses	209,355	196,588	419,476	402,458
Income before income taxes	29,586	108,387	60,853	348,969
Income tax (expense) benefit	(10,491)	(25,483)	(18,741)	(81,180)
Net income	19,095	82,904	42,112	267,789
Net (income) loss attributable to noncontrolling interests	9,172	2,225	12,642	3,987
Net income attributable to Nelnet, Inc.	28,267	85,129	54,754	271,776
Total assets	17,807,632	20,624,013	17,807,632	20,624,013	$ 19,374,044
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	1,058	246	2,095	313
Interest expense	0	20	0	44
Net interest income	1,058	226	2,095	269
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	1,058	226	2,095	269
Other income (expense):
Intersegment revenue	7,246	8,381	15,036	16,860
Other, net	605	611	1,213	1,350
Gain on sale of loans, net	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	129,871	133,865	277,496	279,451
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	76,141	83,220	160,701	175,192
Depreciation and amortization	4,863	5,318	9,377	10,272
Other expenses	13,818	13,507	27,131	29,721
Intersegment expenses, net	19,079	18,558	40,136	38,955
Total operating expenses	113,901	120,603	237,345	254,140
Income before income taxes	17,028	13,488	42,246	25,580
Income tax (expense) benefit	(4,086)	(3,237)	(10,139)	(6,139)
Net income	12,942	10,251	32,107	19,441
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	12,942	10,251	32,107	19,441
Total assets	173,926	240,437	173,926	240,437
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	5,268	874	11,304	1,213
Interest expense	0	0	0	0
Net interest income	5,268	874	11,304	1,213
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	5,268	874	11,304	1,213
Other income (expense):
Intersegment revenue	65	7	121	10
Other, net	0	0	0	0
Gain on sale of loans, net	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	109,923	91,038	243,583	203,327
Total cost of services	40,407	30,852	88,110	66,397
Operating expenses:
Salaries and benefits	38,351	32,120	76,264	63,406
Depreciation and amortization	2,815	2,698	5,393	5,013
Other expenses	9,692	6,750	17,755	12,514
Intersegment expenses, net	5,884	4,805	11,684	9,410
Total operating expenses	56,742	46,373	111,096	90,343
Income before income taxes	18,042	14,687	55,681	47,800
Income tax (expense) benefit	(4,327)	(3,525)	(13,393)	(11,472)
Net income	13,715	11,162	42,288	36,328
Net (income) loss attributable to noncontrolling interests	(19)	53	119	53
Net income attributable to Nelnet, Inc.	13,696	11,215	42,407	36,381
Total assets	482,922	546,235	482,922	546,235
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	253,763	140,396	488,482	258,994
Interest expense	232,313	69,708	421,511	115,711
Net interest income	21,450	70,688	66,971	143,283
Less provision for loan losses	8,099	8,827	39,957	7,963
Net interest income after provision for loan losses	13,351	61,861	27,014	135,320
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	1,319	5,133	4,164	11,644
Gain on sale of loans, net	15,511	0	27,323	2,989
Impairment expense	0	0	0	0
Derivative settlements, net	(18)	4,623	23,319	1,814
Derivative market value adjustments, net	897	40,401	(36,515)	186,135
Total other income (expense), net	17,709	50,157	18,291	202,582
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	1,096	614	1,851	1,205
Depreciation and amortization	0	0	0	0
Other expenses	4,115	3,543	9,131	6,576
Intersegment expenses, net	8,145	8,513	16,841	17,344
Total operating expenses	13,356	12,670	27,823	25,125
Income before income taxes	17,704	99,348	17,482	312,777
Income tax (expense) benefit	(4,249)	(23,844)	(4,196)	(75,066)
Net income	13,455	75,504	13,286	237,711
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	13,455	75,504	13,286	237,711
Total assets	14,667,357	17,388,228	14,667,357	17,388,228
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	13,661	5,212	25,920	8,241
Interest expense	8,171	1,639	15,385	2,494
Net interest income	5,490	3,573	10,535	5,747
Less provision for loan losses	1,493	582	3,910	1,011
Net interest income after provision for loan losses	3,997	2,991	6,625	4,736
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	620	157	830	1,659
Gain on sale of loans, net	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	83	0	83	0
Derivative market value adjustments, net	1,108	0	1,108	0
Total other income (expense), net	1,811	157	2,021	1,659
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	2,297	1,714	4,361	3,268
Depreciation and amortization	51	4	56	7
Other expenses	1,624	899	2,406	1,584
Intersegment expenses, net	92	57	173	102
Total operating expenses	4,064	2,674	6,996	4,961
Income before income taxes	1,744	474	1,650	1,434
Income tax (expense) benefit	(396)	(106)	(362)	(328)
Net income	1,348	368	1,288	1,106
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	1,348	368	1,288	1,106
Total assets	1,005,043	864,659	1,005,043	864,659
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	25,855	6,235	47,054	10,227
Interest expense	8,242	3,652	20,560	5,678
Net interest income	17,613	2,583	26,494	4,549
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	17,613	2,583	26,494	4,549
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	(9,553)	6,747	(27,287)	7,872
Gain on sale of loans, net	0	0	0	0
Impairment expense	0	(6,284)	0	(6,284)
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	(4,818)	463	(13,901)	1,588
Total cost of services	9,122	0	17,422	0
Operating expenses:
Salaries and benefits	26,965	23,729	54,384	47,742
Depreciation and amortization	10,923	10,230	20,454	19,914
Other expenses	16,747	12,241	30,358	26,045
Intersegment expenses, net	(26,034)	(23,545)	(53,822)	(48,941)
Total operating expenses	28,601	22,655	51,374	44,760
Income before income taxes	(24,928)	(19,609)	(56,203)	(38,623)
Income tax (expense) benefit	2,567	5,228	9,348	11,826
Net income	(22,361)	(14,381)	(46,855)	(26,797)
Net (income) loss attributable to noncontrolling interests	9,191	2,172	12,523	3,934
Net income attributable to Nelnet, Inc.	(13,170)	(12,209)	(34,332)	(22,863)
Total assets	2,091,500	2,273,216	2,091,500	2,273,216
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(15,578)	(1,376)	(24,860)	(2,205)
Interest expense	(15,578)	(1,376)	(24,860)	(2,205)
Net interest income	0	0	0	0
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	0	0	0	0
Other income (expense):
Intersegment revenue	(7,311)	(8,388)	(15,157)	(16,870)
Other, net	0	0	0	0
Gain on sale of loans, net	0	0	0	0
Impairment expense	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	(7,311)	(8,388)	(15,157)	(16,870)
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	(145)	0	(145)	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(7,166)	(8,388)	(15,012)	(16,870)
Total operating expenses	(7,311)	(8,388)	(15,157)	(16,870)
Income before income taxes	0	0	0	0
Income tax (expense) benefit	0	0	0	0
Net income	0	0	0	0
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	0	0	0	0
Total assets	(613,116)	(688,762)	(613,116)	(688,762)
Loan servicing and systems revenue
Other income (expense):
Revenue	122,020	124,873	261,247	261,241
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	122,020	124,873	261,247	261,241
Loan servicing and systems revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0	0	0
Loan servicing and systems revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0	0	0
Loan servicing and systems revenue | Corporate and Other Activities
Other income (expense):
Revenue	0	0	0	0
Loan servicing and systems revenue | Eliminations
Other income (expense):
Revenue	0	0	0	0
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	109,858	91,031	243,462	203,317
Total cost of services	40,407	30,852	88,110	66,397
Education technology, services, and payment processing revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	109,858	91,031	243,462	203,317
Total cost of services	40,407	30,852	88,110	66,397
Education technology, services, and payment processing revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Corporate and Other Activities
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Education technology, services, and payment processing revenue | Eliminations
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue
Other income (expense):
Revenue	4,735	0	13,386	0
Total cost of services	9,122	0	17,422	0
Solar construction revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Education Technology, Services, and Payment Processing
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Asset Generation and Management
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Operating Segments | Nelnet Bank
Other income (expense):
Revenue	0	0	0	0
Total cost of services	0	0	0	0
Solar construction revenue | Corporate and Other Activities
Other income (expense):
Revenue	4,735	0	13,386	0
Total cost of services	9,122	0	17,422	0
Solar construction revenue | Eliminations
Other income (expense):
Revenue	0	0	0	0
Total cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue - Disaggr

Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Solar construction revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 4,735		$ 13,386
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenue	2,004		8,238
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	2,406		5,181
Other
Disaggregation of Revenue [Line Items]
Revenue	325		(33)
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	122,020	$ 124,873	261,247	$ 261,241
Government loan servicing
Disaggregation of Revenue [Line Items]
Revenue	95,736	98,815	204,618	207,940
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,063	12,122	24,225	24,995
FFELP loan servicing
Disaggregation of Revenue [Line Items]
Revenue	3,554	4,011	6,921	8,259
Software services
Disaggregation of Revenue [Line Items]
Revenue	5,962	7,907	15,660	15,308
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue	4,705	2,018	9,823	4,739
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	109,858	91,031	243,462	203,317
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	30,825	27,637	65,012	58,352
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	31,827	27,968	75,868	66,039
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	46,216	34,956	101,004	78,207
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 990	$ 470	$ 1,578	$ 719

Disaggregated Revenue - Other I

Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
ALLO preferred return	$ 2,274	$ 2,140	$ 4,523	$ 4,257
Borrower late fee income	2,168	2,436	$ 4,414	4,867
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Administration/sponsor fee income	1,697	2,012	$ 3,468	4,134
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Investment activity, net	(3,574)	18,091	$ (7,154)	29,924
Other	8,883	5,281	12,673	9,533
Other, net	(7,011)	12,647	(21,083)	22,524
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(12,169)	(16,941)	(32,382)	(30,071)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(7,929)	(1,854)	(9,876)	(2,884)
Investment advisory services
Disaggregation of Revenue [Line Items]
Investment advisory services	$ 1,639	$ 1,482	$ 3,251	$ 2,764

Major Customer (Details)

Major Customer (Details) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 24, 2023 borrower extension	Jun. 30, 2023 USD ($) borrower $ / borrowers	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) borrower provider $ / borrowers	Jun. 30, 2022 USD ($)	Jul. 31, 2023 borrower	Mar. 31, 2023 borrower	Feb. 28, 2023 borrower	Dec. 31, 2022 borrower
Concentration Risk [Line Items]
Number borrowers serviced by other provider using entity platform		579,000		579,000			3,500,000		4,500,000
Number of borrowers serviced by remote hosted servicing customer using entity platform							1,400,000
Subsequent Event
Concentration Risk [Line Items]
Number of borrowers serviced by remote hosted servicing customer using entity platform						0
Government Loan Servicing
Concentration Risk [Line Items]
Revenue | $		$ 95.7	$ 98.8	$ 204.6	$ 207.9
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		0.19
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
Number of borrowers to be transferred to other provider, maximum								1,000,000,000,000
Customer Concentration Risk | Government Servicing Contract Borrowers | Revenue Benchmark
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	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,087,650	$ 1,428,119
Derivative instruments	1,108	0
Total assets	1,088,758	1,428,119
Asset-backed debt securities - available-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,048,074	1,389,037
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	105	6,719
Equity securities measured at net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	39,471	32,363
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	204	6,819
Derivative instruments	0	0
Total assets	204	6,819
Level 1 | Asset-backed debt securities - available-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	99	100
Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	105	6,719
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,047,975	1,388,937
Derivative instruments	1,108	0
Total assets	1,049,083	1,388,937
Level 2 | Asset-backed debt securities - available-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,047,975	1,388,937
Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 0	$ 0

Fair Value - Fair Value of Fina

Fair Value - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial assets:
Loans receivable	$ 14,360,612	$ 15,243,889
Accrued loan interest receivable	818,709	816,864
Cash and cash equivalents	121,769	118,146	$ 128,499	$ 125,563
Investments - held to maturity	156,537
Restricted cash - due to customers	208,033	294,311	$ 290,850	$ 326,645
Financial liabilities:
Accrued interest payable	35,926	36,049
Bank deposits	731,046	691,322
Due to customers	299,552	348,317
Fair value
Financial assets:
Loans receivable	13,809,016	14,586,794
Accrued loan interest receivable	818,709	816,864
Cash and cash equivalents	121,769	118,146
Investments (at fair value)	1,087,650	1,428,119
Investments - held to maturity	156,537	18,996
Notes receivable	54,931	31,106
Beneficial interest in loan securitizations	228,603	162,360
Restricted cash	484,223	945,159
Restricted cash - due to customers	208,033	294,311
Fair value of derivative instruments	1,108
Financial liabilities:
Bonds and notes payable	12,724,618	14,088,666
Accrued interest payable	35,926	36,049
Bank deposits	704,116	664,573
Due to customers	299,552	348,317
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	121,769	118,146
Investments (at fair value)	204	6,819
Investments - held to maturity	0	0
Notes receivable	0	0
Beneficial interest in loan securitizations	0	0
Restricted cash	484,223	945,159
Restricted cash - due to customers	208,033	294,311
Fair value of derivative instruments	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	449,297	355,282
Due to customers	299,552	348,317
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	818,709	816,864
Cash and cash equivalents	0	0
Investments (at fair value)	1,047,975	1,388,937
Investments - held to maturity	156,537	18,996
Notes receivable	54,931	31,106
Beneficial interest in loan securitizations	0	0
Restricted cash	0	0
Restricted cash - due to customers	0	0
Fair value of derivative instruments	1,108
Financial liabilities:
Bonds and notes payable	12,724,618	14,088,666
Accrued interest payable	35,926	36,049
Bank deposits	254,819	309,291
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	13,809,016	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	228,603	162,360
Restricted cash	0	0
Restricted cash - due to customers	0	0
Fair value of derivative instruments	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	13,541,903	14,427,025
Accrued loan interest receivable	818,709	816,864
Cash and cash equivalents	121,769	118,146
Investments (at fair value)	1,087,650	1,428,119
Investments - held to maturity	155,781	18,774
Notes receivable	54,931	31,106
Beneficial interest in loan securitizations	190,974	138,738
Restricted cash	484,223	945,159
Restricted cash - due to customers	208,033	294,311
Fair value of derivative instruments	1,108
Financial liabilities:
Bonds and notes payable	13,070,140	14,637,195
Accrued interest payable	35,926	36,049
Bank deposits	731,046	691,322
Due to customers	$ 299,552	$ 348,317