Nelnet (NNI) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,655,134
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,668,460

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $110,093 and $131,827, respectively)	$ 13,867,557	$ 15,243,889
Cash and cash equivalents:
Cash and cash equivalents - not held at a related party	23,722	24,584
Cash and cash equivalents - held at a related party	163,968	93,562
Total cash and cash equivalents	187,690	118,146
Investments and notes receivable	1,945,688	2,111,917
Restricted cash	445,983	945,159
Restricted cash - due to customers	158,872	294,311
Accounts receivable (net of allowance for doubtful accounts of $3,989 and $3,079, respectively)	130,068	194,851
Goodwill	176,902	176,902
Intangible assets, net	51,910	63,501
Property and equipment, net	126,699	122,526
Other assets	131,313	102,842
Total assets	17,222,682	19,374,044
Liabilities:
Bonds and notes payable	12,448,109	14,637,195
Accrued interest payable	36,391	36,049
Bank deposits	718,053	691,322
Other liabilities	419,152	461,259
Due to customers	341,822	348,317
Total liabilities	13,963,527	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	14,165	1,109
Retained earnings	3,305,881	3,234,844
Accumulated other comprehensive loss, net	(25,439)	(37,366)
Total Nelnet, Inc. shareholders' equity	3,294,981	3,198,959
Noncontrolling interests	(35,826)	943
Total equity	3,259,155	3,199,902
Total liabilities and equity	17,222,682	19,374,044
Variable Interest Entity, Primary Beneficiary
Assets:
Loans and accrued interest receivable (net of allowance for loan losses of $110,093 and $131,827, respectively)	13,246,175	14,585,491
Cash and cash equivalents:
Restricted cash	410,520	867,961
Liabilities:
Bonds and notes payable	12,459,364	14,233,586
Common stock:
Accrued interest payable and other liabilities	(181,730)	(145,309)
Net assets of consolidated education and other lending variable interest entities	1,015,601	1,074,557
Class A, $0.01 par value. Authorized 600,000,000 shares; issued and outstanding 26,655,651 shares and 26,461,651 shares, respectively
Common stock:
Common stock	267	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	Sep. 30, 2023	Dec. 31, 2022
Allowance for loan losses	$ 110,093	$ 131,827
Allowance for doubtful accounts	$ 3,989	$ 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)	26,655,651	26,461,651
Common stock, outstanding (in shares)	26,655,651	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income:
Loan interest	$ 236,423	$ 176,244	$ 704,712	$ 422,327
Investment interest	48,128	26,889	129,835	57,589
Total interest income	284,551	203,133	834,547	479,916
Interest expense on bonds and notes payable and bank deposits	207,159	126,625	639,756	248,347
Net interest income	77,392	76,508	194,791	231,569
Less provision for loan losses	10,659	9,665	54,526	18,640
Net interest income after provision for loan losses	66,733	66,843	140,265	212,929
Other income (expense):
Other, net	(211)	2,225	(21,293)	24,750
Gain on sale of loans, net	5,362	2,627	32,685	5,616
Impairment and other expense, net	(4,974)	121	(4,974)	(6,163)
Derivative market value adjustments and derivative settlements, net	3,957	63,262	(8,047)	251,210
Total other income (expense), net	252,123	318,684	764,454	990,420
Total cost of services	51,477	48,644	157,008	115,041
Operating expenses:
Salaries and benefits	141,204	147,198	438,620	438,010
Depreciation and amortization	21,835	18,772	57,114	53,978
Other expenses	51,370	43,858	138,154	120,297
Total operating expenses	214,409	209,828	633,888	612,285
Income before income taxes	52,970	127,055	113,823	476,023
Income tax expense	10,734	26,586	29,475	107,765
Net income	42,236	100,469	84,348	368,258
Net loss attributable to noncontrolling interests	3,096	4,329	15,738	8,315
Net income attributable to Nelnet, Inc.	$ 45,332	$ 104,798	$ 100,086	$ 376,573
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Net income attributable to Nelnet, Inc. shareholders - diluted (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Weighted-average common shares outstanding - basic (in shares)	37,498,073	37,380,493	37,437,587	37,708,425
Weighted-average common shares outstanding - diluted (in shares)	37,498,073	37,380,493	37,437,587	37,708,425
Loan servicing and systems revenue
Other income (expense):
Revenue	$ 127,892	$ 134,197	$ 389,138	$ 395,438
Education technology, services, and payment processing revenue
Other income (expense):
Revenue	113,796	106,894	357,258	310,211
Total cost of services	43,694	42,676	131,804	109,073
Solar construction revenue
Other income (expense):
Revenue	6,301	9,358	19,687	9,358
Total cost of services	$ 7,783	$ 5,968	$ 25,204	$ 5,968

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 42,236	$ 100,469	$ 84,348	$ 368,258
Other comprehensive (loss) income:
Net changes related to foreign currency translation adjustments	(8)	18	(11)	19
Net changes related to available-for-sale debt securities:
Unrealized holding (losses) gains arising during period, net	(4,566)	4,790	12,734	(45,730)
Reclassification of (gains) losses recognized in net income, net	(1,064)	(578)	3,001	(4,220)
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity	66	0	136	0
Income tax effect	1,335	(1,011)	(3,810)	11,988
Unrealized gains (losses) during period after reclassifications and tax	(4,229)	3,201	12,061	(37,962)
Net changes related to equity method investee's other comprehensive income:
Gain (loss) on cash flow hedges	336	0	(163)	0
Income tax effect	(80)	0	40	0
Net changes related to equity method investee's other comprehensive, after income tax effect	256	0	(123)	0
Other comprehensive (loss) income	(3,981)	3,219	11,927	(37,943)
Comprehensive income	38,255	103,688	96,275	330,315
Comprehensive loss attributable to noncontrolling interests	3,096	4,329	15,738	8,315
Comprehensive income attributable to Nelnet, Inc.	$ 41,351	$ 108,017	$ 112,013	$ 338,630

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	25,297							25,297
Net income (loss)	368,258					376,573		(8,315)
Other comprehensive income (loss)	(37,943)						(37,943)
Distribution to noncontrolling interests	(32,869)							(32,869)
Cash dividend on Class A and Class B common stock	(26,960)					(26,960)
Issuance of common stock, net of forfeitures (in shares)			348,831
Issuance of common stock, net of forfeitures	6,978		$ 4		6,974
Compensation expense for stock based awards	9,659				9,659
Repurchase of common stock (in shares)			(1,108,170)
Repurchase of common stock	(93,224)		$ (11)		(16,796)	(76,417)
Conversion of common stock (in shares)			2,983	(2,983)
Conversion of common stock	0
Other	(5,675)					(5,675)
Ending balance (in shares) at Sep. 30, 2022		0	26,483,298	10,673,659
Ending balance at Sep. 30, 2022	3,166,359	$ 0	$ 265	$ 107	837	3,208,044	(28,639)	(14,255)
Beginning balance (in shares) at Jun. 30, 2022		0	26,613,733	10,674,892
Beginning balance at Jun. 30, 2022	3,091,145	$ 0	$ 266	$ 107	1,180	3,127,687	(31,858)	(6,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	14,018							14,018
Net income (loss)	100,469					104,798		(4,329)
Other comprehensive income (loss)	3,219						3,219
Distribution to noncontrolling interests	(17,707)							(17,707)
Cash dividend on Class A and Class B common stock	(8,925)					(8,925)
Issuance of common stock, net of forfeitures (in shares)			38,192
Issuance of common stock, net of forfeitures	477		$ 1		476
Compensation expense for stock based awards	3,631				3,631
Repurchase of common stock (in shares)			(169,860)
Repurchase of common stock	(14,293)		$ (2)		(4,450)	(9,841)
Conversion of common stock (in shares)			1,233	(1,233)
Conversion of common stock	0
Other	(5,675)					(5,675)
Ending balance (in shares) at Sep. 30, 2022		0	26,483,298	10,673,659
Ending balance at Sep. 30, 2022	3,166,359	$ 0	$ 265	$ 107	837	3,208,044	(28,639)	(14,255)
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	31,996							31,996
Net income (loss)	84,348					100,086		(15,738)
Other comprehensive income (loss)	11,927						11,927
Distribution to noncontrolling interests	(53,027)							(53,027)
Cash dividend on Class A and Class B common stock	(29,049)					(29,049)
Issuance of common stock, net of forfeitures (in shares)			241,195
Issuance of common stock, net of forfeitures	5,620		$ 2		5,618
Compensation expense for stock based awards	11,748				11,748
Repurchase of common stock (in shares)			(47,195)
Repurchase of common stock	(4,310)				(4,310)
Ending balance (in shares) at Sep. 30, 2023		0	26,655,651	10,668,460
Ending balance at Sep. 30, 2023	3,259,155	$ 0	$ 267	$ 107	14,165	3,305,881	(25,439)	(35,826)
Beginning balance (in shares) at Jun. 30, 2023		0	26,646,490	10,668,460
Beginning balance at Jun. 30, 2023	3,247,514	$ 0	$ 266	$ 107	10,114	3,270,250	(21,458)	(11,765)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of noncontrolling interests	19,092							19,092
Net income (loss)	42,236					45,332		(3,096)
Other comprehensive income (loss)	(3,981)						(3,981)
Distribution to noncontrolling interests	(40,057)							(40,057)
Cash dividend on Class A and Class B common stock	(9,701)					(9,701)
Issuance of common stock, net of forfeitures (in shares)			15,109
Issuance of common stock, net of forfeitures	500		$ 1		499
Compensation expense for stock based awards	4,095				4,095
Repurchase of common stock (in shares)			(5,948)
Repurchase of common stock	(543)				(543)
Ending balance (in shares) at Sep. 30, 2023		0	26,655,651	10,668,460
Ending balance at Sep. 30, 2023	$ 3,259,155	$ 0	$ 267	$ 107	$ 14,165	$ 3,305,881	$ (25,439)	$ (35,826)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Class A
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.78	$ 0.72
Common Class B
Cash dividend on common stock (in dollars per share)	$ 0.26	$ 0.24	$ 0.78	$ 0.72

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Net cash provided by operating activities:
Net income attributable to Nelnet, Inc.		$ 100,086	$ 376,573
Net loss attributable to noncontrolling interests		(15,738)	(8,315)
Net income		84,348	368,258
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		128,658	113,655
Loan discount accretion		(22,527)	(27,963)
Provision for loan losses		54,526	18,640
Derivative market value adjustments		32,266	(239,125)
Proceeds from termination of derivative instruments		164,079	91,786
(Payments to) proceeds from clearinghouse - initial and variation margin, net		(210,168)	227,448
Gain on sale of loans, net		(32,685)	(5,616)
Loss on investments, net		67,940	13,605
Proceeds from sale of equity securities, net		75	42,863
Deferred income tax (benefit) expense		(24,712)	57,633
Non-cash compensation expense		11,981	9,872
Impairment expense		2,588	6,163
Decrease (increase) in loan and investment accrued interest receivable		5,613	(16,206)
Decrease in accounts receivable		64,738	47,514
Decrease (increase) in other assets, net		7,069	(74,522)
Decrease in the carrying amount of ROU asset, net		3,859	4,476
Increase in accrued interest payable		342	17,230
Increase in other liabilities		19,132	5,388
Decrease in the carrying amount of lease liability		(3,908)	(4,227)
Net cash provided by operating activities		353,214	656,872
Cash flows from investing activities:
Purchases and originations of loans		(556,255)	(539,118)
Purchases of loans from a related party		(467,554)	(8,242)
Net proceeds from loan repayments, claims, and capitalized interest		1,910,379	2,955,097
Proceeds from sale of loans		341,760	38,559
Purchases of available-for-sale securities		(510,804)	(944,588)
Proceeds from sales of available-for-sale securities		776,096	450,457
Proceeds from beneficial interest in loan securitizations		23,753	17,754
Purchases of other investments and issuance of notes receivable		(179,632)	(192,773)
Proceeds from other investments		29,768	42,524
Purchases of held-to-maturity debt securities		(11,325)	0
Redemption of held-to-maturity debt securities		2,893	0
Purchases of property and equipment		(52,604)	(44,423)
Business acquisition, net of cash acquired		0	(35,973)
Net cash provided by investing activities		1,306,475	1,739,274
Cash flows from financing activities:
Payments on bonds and notes payable		(2,996,916)	(3,035,082)
Proceeds from issuance of bonds and notes payable		756,268	413,391
Payments of debt issuance costs		(2,233)	(1,160)
Increase in bank deposits, net		26,731	236,510
Decrease in due to customers		(6,422)	(59,467)
Dividends paid		(29,049)	(26,960)
Repurchases of common stock		(4,310)	(93,224)
Proceeds from issuance of common stock		1,315	1,206
Issuance of noncontrolling interests		32,581	19,380
Distribution to noncontrolling interests		(2,519)	(1,153)
Net cash used in financing activities		(2,224,554)	(2,546,559)
Effect of exchange rate changes on cash		(206)	(447)
Net decrease in cash, cash equivalents, and restricted cash		(565,071)	(150,860)
Cash, cash equivalents, and restricted cash, beginning of period		1,357,616	1,194,189
Cash, cash equivalents, and restricted cash, end of period		792,545	1,043,329
Supplemental disclosures of cash flow information:
Cash disbursements made for interest		585,482	196,278
Cash disbursements made for income taxes, net of refunds and credits received	[1]	45,444	37,467
Cash disbursements made for operating leases		5,029	5,221
Noncash operating, investing, and financing activity:
ROU assets obtained in exchange for lease obligations		18,860	5,981
Receipt of beneficial interest in consumer loan securitizations as consideration from sale of loans		63,878	8,336
Receipt of asset-backed investment securities as consideration from sale of loans		58,182	0
Distribution to noncontrolling interests		50,508	31,716
Issuance of noncontrolling interests		$ 585	$ 5,917
[1]The Company utilized $49.0 million and $9.4 million of federal and state tax credits related primarily to renewable energy during the nine months ended September 30, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Federal and state tax credit utilized	$ 49,000	$ 9,400
Cash and cash equivalents:
Total cash and cash equivalents	187,690	63,198
Restricted cash	445,983	799,212
Restricted cash - due to customers	158,872	180,919
Cash, cash equivalents, and restricted cash	$ 792,545	$ 1,043,329

Basis of Financial Reporting

Basis of Financial Reporting	9 Months Ended
	Sep. 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 September 30, 2023 and for the three and nine months ended September 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,104,569 3,389,178 Consolidation 9,194,415 10,177,295 Total 12,298,984 13,566,473 Private education loans 293,004 252,383 Consumer and other loans 143,633 350,915 Non-Nelnet Bank loans 12,735,621 14,169,771 Nelnet Bank: Federally insured loans 59,261 65,913 Private education loans 359,941 353,882 Consumer and other loans 49,611 — Nelnet Bank loans 468,813 419,795 Accrued interest receivable 806,854 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (33,638) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (72,043) (83,593) Private education loans (16,944) (15,411) Consumer and other loans (14,022) (30,263) Non-Nelnet Bank allowance for loan losses (103,009) (129,267) Nelnet Bank: Federally insured loans (148) (170) Private education loans (3,083) (2,390) Consumer and other loans (3,853) — Nelnet Bank allowance for loan losses (7,084) (2,560) $ 13,867,557 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 September 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.59 % 0.62 % Private education loans 5.78 % 6.11 % Consumer and other loans 9.76 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.86 % 0.68 % Consumer and other loans 7.77 % — (a) As of September 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 21.9% 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 nine months ended September 30, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Nine months ended September 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 August 3 61,807 5,362 Consumer 24.3 $ 481,985 32,685 Nine months ended September 30, 2022 January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — July 7 28,915 2,627 Consumer 7.6 $ 47,154 5,616 (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 September 30, 2023 Non-Nelnet Bank: Federally insured loans $ 74,061 1,641 (3,659) — — — 72,043 Private education loans 14,322 3,009 (571) 184 — — 16,944 Consumer and other loans 20,005 4,082 (4,115) 434 — (6,384) 14,022 Nelnet Bank: Federally insured loans 154 (2) (4) — — — 148 Private education loans 2,905 220 (42) — — — 3,083 Consumer and other loans 2,816 1,554 (517) — — — 3,853 $ 114,263 10,504 (8,908) 618 — (6,384) 110,093 Three months ended September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 92,593 888 (5,715) — 12 — 87,778 Private education loans 15,253 1,154 (1,066) 236 — — 15,577 Consumer and other loans 10,576 7,173 (1,021) 147 — (3,585) 13,290 Nelnet Bank: Federally insured loans 258 (94) — — — — 164 Private education loans 1,744 504 — — — — 2,248 $ 120,424 9,625 (7,802) 383 12 (3,585) 119,057 Nine months ended September 30, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 4,052 (15,608) — 6 — 72,043 Private education loans 15,411 3,249 (2,279) 563 — — 16,944 Consumer and other loans 30,263 41,388 (9,264) 1,096 — (49,461) 14,022 Nelnet Bank: Federally insured loans 170 (15) (7) — — — 148 Private education loans 2,390 1,350 (657) — — — 3,083 Consumer and other loans — 4,370 (517) — — — 3,853 $ 131,827 54,394 (28,332) 1,659 6 (49,461) 110,093 Nine months ended September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 505 (16,264) — 156 — 87,778 Private education loans 16,143 1,971 (3,072) 531 — 4 15,577 Consumer and other loans 6,481 14,702 (2,489) 465 — (5,869) 13,290 Nelnet Bank: Federally insured loans 268 (102) (2) — — — 164 Private education loans 840 1,499 (87) — — (4) 2,248 $ 127,113 18,575 (21,914) 996 156 (5,869) 119,057 The primary item impacting provision for loan losses was the establishment of an initial allowance for 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Non-Nelnet Bank: Federally insured loans 0.11 % 0.15 % 0.16 % 0.13 % Private education loans 0.61 % 1.23 % 0.94 % 1.22 % Consumer and other loans 9.57 % 1.96 % 4.59 % 2.54 % Nelnet Bank: Federally insured loans 0.03 % 0.00 % 0.01 % 0.00 % Private education loans 0.05 % 0.00 % 0.25 % 0.04 % Consumer and other loans 5.69 % — 3.00 % — Unfunded Loan Commitments As of September 30, 2023, Nelnet Bank has a liability of approximately $217,000 related to $13.1 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 nine months ended September 30, 2023 and 2022, Nelnet Bank recognized provision for loan losses of approximately $132,000 and approximately $65,000, 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, federally insured 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 of Education (the "Department"). Because federally insured 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 September 30, 2023 As of December 31, 2022 As of September 30, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 562,754 4.6 % $ 637,919 4.7 % $ 719,724 5.0 % Loans in forbearance 906,060 7.4 1,103,181 8.1 1,384,709 9.7 Loans in repayment status: Loans current 9,014,731 83.2 % 10,173,859 86.0 % 10,454,046 85.7 % Loans delinquent 31-60 days 441,016 4.1 415,305 3.5 431,471 3.6 Loans delinquent 61-90 days 301,028 2.8 253,565 2.2 261,616 2.1 Loans delinquent 91-120 days 213,245 2.0 180,029 1.5 185,753 1.5 Loans delinquent 121-270 days 648,924 6.0 534,410 4.5 540,555 4.4 Loans delinquent 271 days or greater 211,226 1.9 268,205 2.3 322,517 2.7 Total loans in repayment 10,830,170 88.0 100.0 % 11,825,373 87.2 100.0 % 12,195,958 85.3 100.0 % Total federally insured loans 12,298,984 100.0 % 13,566,473 100.0 % 14,300,391 100.0 % Accrued interest receivable 798,102 808,150 786,494 Loan discount, net of unamortized premiums and deferred origination costs (30,979) (35,468) (25,381) Allowance for loan losses (72,043) (83,593) (87,778) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 12,994,064 $ 14,255,562 $ 14,973,726 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 11,373 3.9 % $ 12,756 5.1 % $ 15,556 5.9 % Loans in forbearance 2,280 0.8 2,017 0.8 2,745 1.1 Loans in repayment status: Loans current 271,948 97.4 % 232,539 97.9 % 238,926 98.0 % Loans delinquent 31-60 days 3,485 1.2 2,410 1.0 2,014 0.8 Loans delinquent 61-90 days 1,424 0.5 767 0.3 992 0.4 Loans delinquent 91 days or greater 2,494 0.9 1,894 0.8 1,950 0.8 Total loans in repayment 279,351 95.3 100.0 % 237,610 94.1 100.0 % 243,882 93.0 100.0 % Total private education loans 293,004 100.0 % 252,383 100.0 % 262,183 100.0 % Accrued interest receivable 2,750 2,146 2,207 Loan discount, net of unamortized premiums (8,069) (38) (185) Allowance for loan losses (16,944) (15,411) (15,577) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,741 $ 239,080 $ 248,628 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 20 0.0 % $ 109 0.0 % $ 29 0.0 % Loans in repayment status: Loans current 137,744 95.9 % 346,812 98.9 % 228,827 98.9 % Loans delinquent 31-60 days 1,987 1.4 1,906 0.5 1,019 0.4 Loans delinquent 61-90 days 1,293 0.9 764 0.2 427 0.2 Loans delinquent 91 days or greater 2,589 1.8 1,324 0.4 1,139 0.5 Total loans in repayment 143,613 100.0 100.0 % 350,806 100.0 100.0 % 231,412 100.0 100.0 % Total consumer and other loans 143,633 100.0 % 350,915 100.0 % 231,441 100.0 % Accrued interest receivable 1,716 3,658 2,561 Loan discount, net of unamortized premiums (180) (588) (1,847) Allowance for loan losses (14,022) (30,263) (13,290) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 131,147 $ 323,722 $ 218,865 As of September 30, 2023 As of December 31, 2022 As of September 30, 2022 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 283 0.5 % $ 241 0.4 % $ 274 0.4 % Loans in forbearance 862 1.5 981 1.5 2,551 3.5 Loans in repayment status: Loans current 57,059 98.3 % 63,225 97.8 % 68,970 98.4 % Loans delinquent 30-59 days 333 0.6 436 0.7 353 0.5 Loans delinquent 60-89 days 81 0.1 466 0.7 130 0.2 Loans delinquent 90-119 days 12 0.0 222 0.3 5 0.0 Loans delinquent 120-270 days 428 0.7 183 0.3 508 0.7 Loans delinquent 271 days or greater 203 0.3 159 0.2 114 0.2 Total loans in repayment 58,116 98.0 100.0 % 64,691 98.1 100.0 % 70,080 96.1 100.0 % Total federally insured loans 59,261 100.0 % 65,913 100.0 % 72,905 100.0 % Accrued interest receivable 2,008 1,758 1,607 Loan premium 19 20 23 Allowance for loan losses (148) (170) (164) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 61,140 $ 67,521 $ 74,371 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 23,575 6.6 % $ 11,580 3.3 % $ 10,888 3.1 % Loans in forbearance 1,169 0.3 864 0.2 524 0.1 Loans in repayment status: Loans current 333,595 99.5 % 340,830 99.8 % 344,469 99.8 % Loans delinquent 30-59 days 679 0.2 167 0.1 197 0.1 Loans delinquent 60-89 days 412 0.1 32 0.0 79 0.0 Loans delinquent 90 days or greater 511 0.2 409 0.1 414 0.1 Total loans in repayment 335,197 93.1 100.0 % 341,438 96.5 100.0 % 345,159 96.8 100.0 % Total private education loans 359,941 100.0 % 353,882 100.0 % 356,571 100.0 % Accrued interest receivable 1,905 1,152 969 Deferred origination costs, net of unaccreted discount 5,578 5,360 5,369 Allowance for loan losses (3,083) (2,390) (2,248) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 364,341 $ 358,004 $ 360,661 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 95 0.2 % Loans in forbearance 32 0.1 Loans in repayment status: Loans current 48,358 97.7 % Loans delinquent 30-59 days 527 1.1 Loans delinquent 60-89 days 306 0.6 Loans delinquent 90 days or greater 293 0.6 Total loans in repayment 49,484 99.7 100.0 % Total consumer and other loans 49,611 100.0 % Accrued interest receivable 373 Loan discount (7) Allowance for loan losses (3,853) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 46,124 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation. FICO Scores - Nelnet Bank Private Education Loans An additional key credit quality indicator for Nelnet Bank private education loans is FICO scores at the time of origination. The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of September 30, 2023 Nine months ended September 30, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 2,681 5,726 4,860 339 13,606 705 - 734 6,970 22,441 9,395 502 39,308 735 - 764 6,505 33,692 15,233 1,378 56,808 765 - 794 4,797 53,433 28,066 1,400 87,696 Greater than 794 13,719 80,523 61,283 5,425 160,950 No FICO score available or required (a) 1,573 — — — 1,573 $ 36,245 195,815 118,837 9,044 359,941 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 (a) Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. 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 September 30, 2023 and December 31, 2022, was not material. Amortized Cost Basis by Origination Year The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 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. Nine months ended September 30, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,138 4,845 1,105 1,647 2,638 11,373 Loans in forbearance — 79 50 411 569 1,171 2,280 Loans in repayment status: Loans current 128 4,311 4,351 46,927 38,618 177,613 271,948 Loans delinquent 31-60 days — — 33 383 234 2,835 3,485 Loans delinquent 61-90 days — 4 31 145 42 1,202 1,424 Loans delinquent 91 days or greater — — — 189 — 2,305 2,494 Total loans in repayment 128 4,315 4,415 47,644 38,894 183,955 279,351 Total private education loans $ 128 5,532 9,310 49,160 41,110 187,764 293,004 Accrued interest receivable 2,750 Loan discount, net of unamortized premiums (8,069) Allowance for loan losses (16,944) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,741 Gross charge-offs - nine months ended September 30, 2023 $ — 35 10 105 548 1,581 2,279 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — — 18 — — 2 20 Loans in repayment status: Loans current 83,292 48,425 4,687 506 664 170 137,744 Loans delinquent 31-60 days 677 1,128 167 — 9 6 1,987 Loans delinquent 61-90 days 623 579 84 — 5 2 1,293 Loans delinquent 91 days or greater 392 1,402 241 27 199 328 2,589 Total loans in repayment 84,984 51,534 5,179 533 877 506 143,613 Total consumer and other loans $ 84,984 51,534 5,197 533 877 508 143,633 Accrued interest receivable 1,716 Loan discount, net of unamortized premiums (180) Allowance for loan losses (14,022) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 131,147 Gross charge-offs - nine months ended September 30, 2023 $ 2,866 5,580 583 27 80 128 9,264 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 9,028 12,210 1,218 1,119 — — 23,575 Loans in forbearance 147 683 339 — — — 1,169 Loans in repayment status: Loans current 26,709 182,313 116,684 7,889 — — 333,595 Loans delinquent 30-59 days 228 249 166 36 — — 679 Loans delinquent 60-89 days 4 165 243 — — — 412 Loans delinquent 90 days or greater 129 195 187 — — — 511 Total loans in repayment 27,070 182,922 117,280 7,925 — — 335,197 Total private education loans $ 36,245 195,815 118,837 9,044 — — 359,941 Accrued interest receivable 1,905 Deferred origination costs, net of unaccreted discount 5,578 Allowance for loan losses (3,083) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 364,341 Gross charge-offs - nine months ended September 30, 2023 $ 20 637 — — — — 657 Nine months ended September 30, 2023 2022 2021 2020 2019 Prior years Total Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 95 — — — — — 95 Loans in forbearance 32 — — — — — 32 Loans in repayment status: Loans current 47,813 490 55 — — — 48,358 Loans delinquent 30-59 days 527 — — — — — 527 Loans delinquent 60-89 days 306 — — — — — 306 Loans delinquent 90 days or greater 293 — — — — — 293 Total loans in repayment 48,939 490 55 — — — 49,484 Total consumer and other loans $ 49,066 490 55 — — — 49,611 Accrued interest receivable 373 Loan discount (7) Allowance for loan losses (3,853) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 46,124 Gross charge-offs - nine months ended September 30, 2023 $ 517 — — — — — 517 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable

Bonds and Notes Payable	9 Months Ended
	Sep. 30, 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 September 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 $ 10,028,276 5.27% - 7.43% 8/26/30 - 9/25/69 Bonds and notes based on auction 89,910 0.00% - 6.43% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 10,118,186 Fixed-rate bonds and notes issued in FFELP loan asset-backed 497,397 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,466,178 5.40% - 5.67% 11/22/24 / 4/2/25 Private education loan warehouse facility 38,183 5.63% 12/31/23 Consumer loan warehouse facility 49,937 5.68% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitization 15,579 6.90% 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 16,626 5.35% 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 63 6.06% 5/4/24 Repurchase agreement 336,523 6.26% - 6.72% 11/20/23 - 11/27/24 Other - due to related party 6,010 3.55% - 6.05% 3/1/24 - 11/15/30 12,544,682 Discount on bonds and notes payable and debt issuance costs (96,573) Total $ 12,448,109 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 September 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 1,067,533 182,467 11/22/2023 11/22/2024 note (b) $ 74,825 FFELP (c) 432,000 398,645 33,355 4/2/2024 4/2/2025 92 % 33,483 $ 1,682,000 1,466,178 215,822 $ 108,308 Private (d) 38,183 38,183 — 10/31/2023 12/31/2023 — 17,910 Consumer 250,000 49,937 200,063 11/14/2024 11/14/2025 70 % 21,328 (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, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. 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 September 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 September 30, 2023, $0.1 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 the remaining participation agreement. Repurchase Agreements On May 3, 2021, the Company entered into a repurchase agreement with a non-affiliated third party, the proceeds of which are collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The agreement has various maturity dates through November 27, 2024 or earlier if either party provides 180 days’ prior written notice, and 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. Included in “bonds and notes payable” in the consolidated balance sheets as of September 30, 2023 was $336.5 million subject to this agreement. On June 23, 2021, the Company entered into a separate repurchase agreement with a non-affiliated third party, which was collateralized by certain private education and FFELP loan asset-backed securities (bond investments). The outstanding balance of this facility was paid in full during the third quarter of 2023. 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 this repurchase agreement. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Purchase price $ (4,284) (13,563) (5,112) (67,081) Par value 5,033 13,903 5,941 69,133 Remaining unamortized cost of issuance (12) (180) (14) (821) Gain $ 737 160 815 1,231 The Company has repurchased certain of its own asset-backed securities (bonds and notes payable) in the secondary market. For accounting purposes, these notes are eliminated in consolidation and are not included in the Company's consolidated financial statements. However, these securities remain legally outstanding at the trust level and the Company could sell these notes to third parties or redeem the notes at par as cash is generated by the trust estate. Upon a sale of these notes to third parties, the Company would obtain cash proceeds equal to the market value of the notes on the date of such sale. As of September 30, 2023, the Company holds $257.3 million (par value) of its own FFELP loan asset-backed securities. As of September 30, 2023, $118.9 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 agreement (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	9 Months Ended
	Sep. 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 September 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 received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Maturity Notional amount As of As of September 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 September 30, 2023 was the term adjusted SOFR plus the tenor spread adjustment relating to LIBOR plus 10.1 basis points and as of December 31, 2022 was one-month LIBOR plus 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 September 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 SOFR that resets quarterly. For all other interest rate derivatives that were terminated, 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 September 30, 2023. As of September 30, 2023 Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 50,000 3.06 2032 (c) 25,000 4.03 $ 115,000 3.36 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027. 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 September 30, 2023, the gross fair value of Nelnet Bank's interest rate swap derivatives was $3.1 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Settlements: 1:3 basis swaps $ 386 (1,085) 1,180 242 Interest rate swaps - floor income hedges 235 11,356 22,760 11,843 Interest rate swaps - Nelnet Bank 196 — 279 — Total settlements - income 817 10,271 24,219 12,085 Change in fair value: 1:3 basis swaps (464) 189 (253) 929 Interest rate swaps - floor income hedges 1,656 52,802 (35,070) 238,196 Interest rate swaps - Nelnet Bank 1,948 — 3,057 — Total change in fair value - income (expense) 3,140 52,991 (32,266) 239,125 Derivative market value adjustments and derivative settlements, net - income (expense) $ 3,957 63,262 (8,047) 251,210

Investments and Notes Receivabl

Investments and Notes Receivable	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and Notes Receivable Investments and notes receivable consisted of the following: As of September 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) $ 295,986 5,930 (5,310) 296,606 463,861 3,498 (11,105) 456,254 Private education loan (b) 294,068 — (33,960) 260,108 335,903 — (29,438) 306,465 Other debt securities 65,923 2,082 (437) 67,568 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 655,977 8,012 (39,707) 624,282 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 318,919 3,329 (2,393) 319,855 349,855 955 (8,853) 341,957 Private education loan 1,609 — (83) 1,526 1,941 — (122) 1,819 Other debt securities 115,914 146 (2,426) 113,634 131,481 18 (3,907) 127,592 Total Nelnet Bank 436,442 3,475 (4,902) 435,015 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,092,419 11,487 (44,609) 1,059,297 1,441,630 4,622 (57,215) 1,389,037 Equity securities 46,634 39,082 Total investments at fair value 1,105,931 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) 158,125 — Other debt securities 241 220 Total Nelnet Bank 158,366 220 Total held to maturity investments 163,066 18,774 Venture capital and funds: Measurement alternative (e) 193,106 160,052 Equity method 99,640 89,332 Total venture capital and funds 292,746 249,384 Real estate: Equity method 97,053 80,364 Investment in ALLO: Voting interest/equity method (f) 26,294 67,538 Preferred membership interest and accrued and unpaid preferred return (g) 152,748 145,926 Total investment in ALLO 179,042 213,464 Beneficial interest in loan securitizations (h): Consumer loans and other 98,701 39,249 Private education loans 69,716 75,261 Federally insured student loans 22,735 24,228 Total beneficial interest in loan securitizations 191,152 138,738 Solar (i) (144,929) (55,448) Notes receivable 54,129 31,106 Tax liens, affordable housing, and other 7,498 7,416 Total investments (not measured at fair value) 839,757 683,798 Total investments and notes receivable $ 1,945,688 $ 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 September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 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 September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 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 September 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 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. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 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 $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 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 September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 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 $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 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 $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively. The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023: As of September 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 $ — 15,808 28,269 251,909 295,986 Private education loan — — — 294,068 294,068 Other debt securities — 99 9,199 56,625 65,923 Total Non-Nelnet Bank — 15,907 37,468 602,602 655,977 Fair value — 15,676 36,563 572,043 624,282 Nelnet Bank: FFELP loan 68,494 13,183 55,630 181,612 318,919 Private education loan — — — 1,609 1,609 Other debt securities 1,194 27,530 47,725 39,465 115,914 Total Nelnet Bank 69,688 40,713 103,355 222,686 436,442 Fair value 69,388 40,122 102,450 223,055 435,015 Total available-for-sale asset-backed securities at amortized cost $ 69,688 56,620 140,823 825,288 1,092,419 Total available-for-sale asset-backed securities at fair value $ 69,388 55,798 139,013 795,098 1,059,297 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 — 3,571 — 154,554 158,125 Other debt securities 241 — — — 241 Total Nelnet Bank 241 3,571 — 154,554 158,366 Fair value 241 3,641 — 155,786 159,668 Total held-to-maturity investments at amortized cost $ 4,941 3,571 — 154,554 163,066 Total held-to-maturity investments at fair value $ 4,941 3,641 — 155,786 164,368 The following table presents securities classified as available-for-sale that have gross unrealized losses at September 30, 2023 and the fair value of such securities as of September 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 September 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 $ (5,283) 181,168 (27) 716 (5,310) 181,884 Private education loan (6,138) 65,276 (27,822) 194,832 (33,960) 260,108 Other debt securities (437) 21,299 — — (437) 21,299 Total Non-Nelnet Bank (11,858) 267,743 (27,849) 195,548 (39,707) 463,291 Nelnet Bank: FFELP loan (1,328) 123,951 (1,065) 60,907 (2,393) 184,858 Private education loan — — (83) 1,526 (83) 1,526 Other debt securities (319) 25,045 (2,107) 42,333 (2,426) 67,378 Total Nelnet Bank (1,647) 148,996 (3,255) 104,766 (4,902) 253,762 Total available-for-sale asset-backed securities $ (13,505) 416,739 (31,104) 300,314 (44,609) 717,053 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 Nine months ended September 30, September 30, 2023 2022 2023 2022 Gross proceeds from sales $ 198,548 130,705 776,096 450,457 Gross realized gains $ 1,257 1,142 3,451 5,016 Gross realized losses (193) (564) (6,452) (796) Net gains (losses) $ 1,064 578 (3,001) 4,220

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 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 September 30, 2023 (months) As of As of September 30, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $45,217 and $55,116, respectively) 105 $ 45,490 51,738 Trade names (net of accumulated amortization of $5,177 and $617, respectively) 21 3,733 8,293 Computer software (net of accumulated amortization of $487 and $6,400, respectively) 43 1,233 1,520 Other (net of accumulated amortization of $986 and $490, respectively) 45 1,454 1,950 Total - amortizable intangible assets, net 96 $ 51,910 63,501 The Company recorded amortization expense on its intangible assets of $5.4 million and $3.3 million for the three months ended September 30, 2023 and 2022, respectively, and $11.6 million and $8.6 million during the nine months ended September 30, 2023 and 2022, respectively. The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows: 2023 (October 1 - December 31) $ 5,382 2024 8,775 2025 7,141 2026 6,294 2027 5,814 2028 and thereafter 18,504 $ 51,910

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill [Abstract]
Goodwill	Goodwill The following table presents the carrying amount of goodwill as of September 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

Impairment Expense

Impairment Expense	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment Expense	Impairment ExpenseThe Company continues to evaluate the use of office space as a large number of associates continue to work from home. As a result, the Company recorded impairment charges related to operating lease assets and associated leasehold improvements of $5.0 million during the third quarter of 2023, which included a $2.4 million lease termination fee paid to Union Bank, a related party. In 2022, the Company recorded non-cash impairment charges of $6.2 million, primarily related to one of its venture capital investments accounted for under the measurement alternative method. The Company’s impairment charges are included in “impairment and other expense, net” in the consolidated statements of income.

Bank Deposits

Bank Deposits	9 Months Ended
	Sep. 30, 2023
Deposits [Abstract]
Bank Deposits	Bank Deposits Deposits are interest-bearing deposits and primarily 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). As of September 30, 2023 and December 31, 2022, Nelnet Bank had intercompany deposits from Nelnet, Inc. and its subsidiaries totaling $229.3 million and $98.3 million, respectively, 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 September 30, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,470 254,817 Commercial 2,057 — Retail and other savings (529, STFIT, and HSA) 491,496 410,556 Retail and other CDs (commercial and institutional) 21,030 25,949 Total interest-bearing deposits $ 718,053 691,322 The following table presents certificates of deposit remaining maturities as of September 30, 2023: After two years to three years $ 149,855 After three years to four years 74,298 After four years to five years 347 Total $ 224,500 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 commercial deposit, 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 September 30, 2023 and December 31, 2022.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 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 September 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 44,367 965 45,332 102,763 2,035 104,798 Denominator: Weighted-average common shares outstanding - basic and diluted 36,699,510 798,563 37,498,073 36,654,781 725,712 37,380,493 Earnings per share - basic and diluted $ 1.21 1.21 1.21 2.80 2.80 2.80 Nine months ended September 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 97,982 2,104 100,086 369,479 7,094 376,573 Denominator: Weighted-average common shares outstanding - basic and diluted 36,650,653 786,934 37,437,587 36,998,100 710,325 37,708,425 Earnings per share - basic and diluted $ 2.67 2.67 2.67 9.99 9.99 9.99

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 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 September 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,098 8,934 248,878 15,171 16,253 (5,783) 284,551 Interest expense — — 197,393 9,456 6,093 (5,783) 207,159 Net interest income 1,098 8,934 51,485 5,715 10,160 — 77,392 Less provision for loan losses — — 8,732 1,927 — — 10,659 Net interest income after provision for loan losses 1,098 8,934 42,753 3,788 10,160 — 66,733 Other income (expense): Loan servicing and systems revenue 127,892 — — — — — 127,892 Intersegment revenue 6,944 77 — — — (7,021) — Education technology, services, and payment processing revenue — 113,796 — — — — 113,796 Solar construction revenue — — — — 6,301 — 6,301 Other, net 687 — 2,776 565 (4,238) — (211) Gain on sale of loans, net — — 5,362 — — — 5,362 Impairment and other expense, net (296) — — — (4,678) — (4,974) Derivative settlements, net — — 621 196 — — 817 Derivative market value adjustments, net — — 1,192 1,948 — — 3,140 Total other income (expense), net 135,227 113,873 9,951 2,709 (2,615) (7,021) 252,123 Cost of services: Cost to provide education technology, services, and payment processing services — 43,694 — — — — 43,694 Cost to provide solar construction services — — — — 7,783 — 7,783 Total cost of services — 43,694 — — 7,783 — 51,477 Operating expenses: Salaries and benefits 73,310 39,776 1,242 2,520 25,019 (663) 141,204 Depreciation and amortization 5,023 3,030 — 259 13,522 — 21,835 Other expenses 15,629 8,309 2,952 1,290 23,192 — 51,370 Intersegment expenses, net 17,894 5,875 7,948 129 (25,488) (6,358) — Total operating expenses 111,856 56,990 12,142 4,198 36,245 (7,021) 214,409 Income (loss) before income taxes 24,469 22,123 40,562 2,299 (36,483) — 52,970 Income tax (expense) benefit (5,872) (5,307) (9,735) (552) 10,732 — (10,734) Net income (loss) 18,597 16,816 30,827 1,747 (25,751) — 42,236 Net (income) loss attributable to noncontrolling interests — (6) — — 3,102 — 3,096 Net income (loss) attributable to Nelnet, Inc. $ 18,597 16,810 30,827 1,747 (22,649) — 45,332 Total assets as of September 30, 2023 $ 243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228) 17,222,682 Three months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 831 3,707 182,932 7,551 10,860 (2,748) 203,133 Interest expense — — 120,009 3,298 6,067 (2,748) 126,625 Net interest income 831 3,707 62,923 4,253 4,793 — 76,508 Less provision for loan losses — — 9,215 450 — — 9,665 Net interest income after provision for loan losses 831 3,707 53,708 3,803 4,793 — 66,843 Other income (expense): Loan servicing and systems revenue 134,197 — — — — — 134,197 Intersegment revenue 8,281 8 — — — (8,289) — Education technology, services, and payment processing revenue — 106,894 — — — — 106,894 Solar construction revenue — — — — 9,358 — 9,358 Other, net 596 — 4,627 566 (3,564) — 2,225 Gain on sale of loans, net — — 2,627 — — — 2,627 Impairment and other expense, net — — — — 121 — 121 Derivative settlements, net — — 10,271 — — — 10,271 Derivative market value adjustments, net — — 52,991 — — — 52,991 Total other income (expense), net 143,074 106,902 70,516 566 5,915 (8,289) 318,684 Cost of services: Cost to provide education technology, services, and payment processing services — 42,676 — — — — 42,676 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 42,676 — — 5,968 — 48,644 Operating expenses: Salaries and benefits 82,067 34,950 653 1,814 27,713 — 147,198 Depreciation and amortization 5,784 2,532 — 4 10,452 — 18,772 Other expenses 16,654 7,034 3,349 1,427 15,395 — 43,858 Intersegment expenses, net 17,486 4,762 8,350 69 (22,378) (8,289) — Total operating expenses 121,991 49,278 12,352 3,314 31,182 (8,289) 209,828 Income (loss) before income taxes 21,914 18,655 111,872 1,055 (26,442) — 127,055 Income tax (expense) benefit (5,259) (4,475) (26,849) (246) 10,244 — (26,586) Net income (loss) 16,655 14,180 85,023 809 (16,198) — 100,469 Net (income) loss attributable to noncontrolling interests — (61) — — 4,390 — 4,329 Net income (loss) attributable to Nelnet, Inc. $ 16,655 14,119 85,023 809 (11,808) — 104,798 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Nine months ended September 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 3,193 20,237 737,359 41,092 63,307 (30,643) 834,547 Interest expense — — 618,905 24,841 26,653 (30,643) 639,756 Net interest income 3,193 20,237 118,454 16,251 36,654 — 194,791 Less provision for loan losses — — 48,689 5,837 — — 54,526 Net interest income after provision for loan losses 3,193 20,237 69,765 10,414 36,654 — 140,265 Other income (expense): Loan servicing and systems revenue 389,138 — — — — — 389,138 Intersegment revenue 21,980 198 — — — (22,178) — Education technology, services, and payment processing revenue — 357,258 — — — — 357,258 Solar construction revenue — — — — 19,687 — 19,687 Other, net 1,900 — 6,939 1,395 (31,526) — (21,293) Gain on sale of loans, net — — 32,685 — — — 32,685 Impairment and other expense, net (296) — — — (4,678) — (4,974) Derivative settlements, net — — 23,940 279 — — 24,219 Derivative market value adjustments, net — — (35,323) 3,057 — — (32,266) Total other income (expense), net 412,722 357,456 28,241 4,731 (16,517) (22,178) 764,454 Cost of services: Cost to provide education technology, services, and payment processing services — 131,804 — — — — 131,804 Cost to provide solar construction services — — — — 25,204 — 25,204 Total cost of services — 131,804 — — 25,204 — 157,008 Operating expenses: Salaries and benefits 234,012 116,040 3,093 6,881 79,403 (808) 438,620 Depreciation and amortization 14,400 8,424 — 315 33,976 — 57,114 Other expenses 42,760 26,063 12,083 3,696 53,550 — 138,154 Intersegment expenses, net 58,030 17,559 24,789 302 (79,310) (21,370) — Total operating expenses 349,202 168,086 39,965 11,194 87,619 (22,178) 633,888 Income (loss) before income taxes 66,713 77,803 58,041 3,951 (92,686) — 113,823 Income tax (expense) benefit (16,011) (18,700) (13,930) (913) 20,080 — (29,475) Net income (loss) 50,702 59,103 44,111 3,038 (72,606) — 84,348 Net (income) loss attributable to noncontrolling interests — 113 — — 15,625 — 15,738 Net income (loss) attributable to Nelnet, Inc. $ 50,702 59,216 44,111 3,038 (56,981) — 100,086 Total assets as of September 30, 2023 $ 243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228) 17,222,682 Nine months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,144 4,920 441,926 15,792 21,087 (4,953) 479,916 Interest expense 44 — 235,720 5,792 11,745 (4,953) 248,347 Net interest income 1,100 4,920 206,206 10,000 9,342 — 231,569 Less provision for loan losses — — 17,178 1,462 — — 18,640 Net interest income after provision for loan losses 1,100 4,920 189,028 8,538 9,342 — 212,929 Other income (expense): Loan servicing and systems revenue 395,438 — — — — — 395,438 Intersegment revenue 25,142 16 — — — (25,158) — Education technology, services, and payment processing revenue — 310,211 — — — — 310,211 Solar construction revenue — — — — 9,358 — 9,358 Other, net 1,946 — 16,270 2,224 4,309 — 24,750 Gain on sale of loans, net — — 5,616 — — — 5,616 Impairment and other expense, net — — — — (6,163) — (6,163) Derivative settlements, net — — 12,085 — — — 12,085 Derivative market value adjustments, net — — 239,125 — — — 239,125 Total other income (expense), net 422,526 310,227 273,096 2,224 7,504 (25,158) 990,420 Cost of services: Cost to provide education technology, services, and payment processing services — 109,073 — — — — 109,073 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 109,073 — — 5,968 — 115,041 Operating expenses: Salaries and benefits 257,259 98,356 1,858 5,082 75,455 — 438,010 Depreciation and amortization 16,056 7,544 — 11 30,366 — 53,978 Other expenses 46,375 19,549 9,925 3,009 41,438 — 120,297 Intersegment expenses, net 56,442 14,171 25,694 171 (71,320) (25,158) — Total operating expenses 376,132 139,620 37,477 8,273 75,939 (25,158) 612,285 Income (loss) before income taxes 47,494 66,454 424,647 2,489 (65,061) — 476,023 Income tax (expense) benefit (11,399) (15,947) (101,915) (574) 22,070 — (107,765) Net income (loss) 36,095 50,507 322,732 1,915 (42,991) — 368,258 Net (income) loss attributable to noncontrolling interests — (8) — — 8,323 — 8,315 Net income (loss) attributable to Nelnet, Inc. $ 36,095 50,499 322,732 1,915 (34,668) — 376,573 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533

Disaggregated Revenue

Disaggregated Revenue	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Government loan servicing $ 100,154 104,428 304,769 312,368 Private education and consumer loan servicing 12,330 12,198 36,556 37,194 FFELP loan servicing 3,304 4,127 10,226 12,386 Software services 9,416 8,229 25,076 23,536 Outsourced services 2,688 5,215 12,511 9,954 Loan servicing and systems revenue $ 127,892 134,197 389,138 395,438 Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Tuition payment plan services $ 30,223 25,779 95,235 84,131 Payment processing 50,848 47,957 126,716 113,996 Education technology and services 31,793 32,548 132,796 110,755 Other 932 610 2,511 1,329 Education technology, services, and payment processing revenue $ 113,796 106,894 357,258 310,211 Solar Construction Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (a) Commercial revenue $ 4,101 7,856 12,339 7,856 Residential revenue 2,085 1,398 7,266 1,398 Other 115 104 82 104 Solar construction revenue $ 6,301 9,358 19,687 9,358 (a) GRNE Solar was acquired on July 1, 2022. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 ALLO preferred return $ 2,299 2,164 6,822 6,420 Borrower late fee income 2,220 2,824 6,635 7,693 Administration/sponsor fee income 1,712 1,920 5,180 6,055 Investment advisory services 1,633 1,612 4,884 4,375 Loss from ALLO voting membership interest investment (17,293) (17,562) (49,676) (47,633) Loss from solar investments (3,605) (4,216) (13,481) (7,100) Investment activity, net (1,016) 10,701 (8,169) 40,626 Other 13,839 4,782 26,512 14,314 Other, net $ (211) 2,225 (21,293) 24,750

Major Customer

Major Customer	9 Months Ended
	Sep. 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 five private sector entities that have student loan servicing contracts with the Department. Revenue earned by the Company related to these contracts was $100.2 million and $104.4 million for the three months ended September 30, 2023 and 2022, respectively, and $304.8 million and $312.4 million for the nine months ended September 30, 2023 and 2022, respectively. The Company also earned remote hosted servicing revenue by licensing its software to certain third-party 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. On October 11, 2023, the USDS contract awarded to NDS was novated to Nelnet Servicing. 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 Nelnet Servicing and four other third-party servicers that were awarded a USDS contract based on service and performance levels. Under the New Government Servicing Contract, Nelnet Servicing immediately began to make required servicing platform enhancements, for which it 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, which is anticipated to be during the second quarter of 2024, 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 currently has no remaining Department remote hosted servicing borrowers on its platform and software services revenue will be negatively impacted in future periods. However, the Company has executed an agreement with a third-party servicer awarded a USDS contract to license its servicing software to such entity and the Company anticipates earning remote hosted servicing revenue from this new customer when USDS goes live beginning in the second quarter of 2024. Department of Education Debt Relief

Fair Value

Fair Value	9 Months Ended
	Sep. 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 September 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 1,059,198 1,059,297 100 1,388,937 1,389,037 Equity securities 80 — 80 6,719 — 6,719 Equity securities measured at net asset value (a) 46,554 32,363 Total investments 179 1,059,198 1,105,931 6,819 1,388,937 1,428,119 Derivative instruments (b) — 3,056 3,056 — — — Total assets $ 179 1,062,254 1,108,987 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 September 30, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,462,084 13,060,703 — — 13,462,084 Accrued loan interest receivable 806,854 806,854 — 806,854 — Cash and cash equivalents 187,690 187,690 187,690 — — Investments (at fair value) 1,105,931 1,105,931 179 1,059,198 — Investments - held to maturity 164,368 163,066 — 164,368 — Notes receivable 54,129 54,129 — 54,129 — Beneficial interest in loan securitizations 239,890 191,152 — — 239,890 Restricted cash 445,983 445,983 445,983 — — Restricted cash – due to customers 158,872 158,872 158,872 — — Derivative instruments 3,056 3,056 — 3,056 — Financial liabilities: Bonds and notes payable 12,215,581 12,448,109 — 12,215,581 — Accrued interest payable 36,391 36,391 — 36,391 — Bank deposits 690,313 718,053 440,062 250,251 — Due to customers 341,822 341,822 341,822 — — 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Nelnet, Inc.	$ 45,332	$ 104,798	$ 100,086	$ 376,573

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Financial Reporting (P

Basis of Financial Reporting (Policies)	9 Months Ended
	Sep. 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 September 30, 2023 and for the three and nine months ended September 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 nine months ended September 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)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Loans Receivable and Accrued Interest Receivable	Loans and accrued interest receivable consisted of the following: As of As of September 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans: Stafford and other $ 3,104,569 3,389,178 Consolidation 9,194,415 10,177,295 Total 12,298,984 13,566,473 Private education loans 293,004 252,383 Consumer and other loans 143,633 350,915 Non-Nelnet Bank loans 12,735,621 14,169,771 Nelnet Bank: Federally insured loans 59,261 65,913 Private education loans 359,941 353,882 Consumer and other loans 49,611 — Nelnet Bank loans 468,813 419,795 Accrued interest receivable 806,854 816,864 Loan discount, net of unamortized loan premiums and deferred origination costs (33,638) (30,714) Allowance for loan losses: Non-Nelnet Bank: Federally insured loans (72,043) (83,593) Private education loans (16,944) (15,411) Consumer and other loans (14,022) (30,263) Non-Nelnet Bank allowance for loan losses (103,009) (129,267) Nelnet Bank: Federally insured loans (148) (170) Private education loans (3,083) (2,390) Consumer and other loans (3,853) — Nelnet Bank allowance for loan losses (7,084) (2,560) $ 13,867,557 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 September 30, 2023 December 31, 2022 Non-Nelnet Bank: Federally insured loans (a) 0.59 % 0.62 % Private education loans 5.78 % 6.11 % Consumer and other loans 9.76 % 8.62 % Nelnet Bank: Federally insured loans (a) 0.25 % 0.26 % Private education loans 0.86 % 0.68 % Consumer and other loans 7.77 % — (a) As of September 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 21.9% 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Non-Nelnet Bank: Federally insured loans 0.11 % 0.15 % 0.16 % 0.13 % Private education loans 0.61 % 1.23 % 0.94 % 1.22 % Consumer and other loans 9.57 % 1.96 % 4.59 % 2.54 % Nelnet Bank: Federally insured loans 0.03 % 0.00 % 0.01 % 0.00 % Private education loans 0.05 % 0.00 % 0.25 % 0.04 % Consumer and other loans 5.69 % — 3.00 % —
Financing Receivable, Loans Sold and Gains Recognized	The following table summarizes the loans sold and gains/losses recognized by the Company during the nine months ended September 30, 2023 and 2022. Loans sold Gain (loss) Loan type Residual interest received in securitization Nine months ended September 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 August 3 61,807 5,362 Consumer 24.3 $ 481,985 32,685 Nine months ended September 30, 2022 January 26 $ 18,125 2,989 Consumer 6.6 % June 30 114 — Home equity — July 7 28,915 2,627 Consumer 7.6 $ 47,154 5,616 (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 September 30, 2023 Non-Nelnet Bank: Federally insured loans $ 74,061 1,641 (3,659) — — — 72,043 Private education loans 14,322 3,009 (571) 184 — — 16,944 Consumer and other loans 20,005 4,082 (4,115) 434 — (6,384) 14,022 Nelnet Bank: Federally insured loans 154 (2) (4) — — — 148 Private education loans 2,905 220 (42) — — — 3,083 Consumer and other loans 2,816 1,554 (517) — — — 3,853 $ 114,263 10,504 (8,908) 618 — (6,384) 110,093 Three months ended September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 92,593 888 (5,715) — 12 — 87,778 Private education loans 15,253 1,154 (1,066) 236 — — 15,577 Consumer and other loans 10,576 7,173 (1,021) 147 — (3,585) 13,290 Nelnet Bank: Federally insured loans 258 (94) — — — — 164 Private education loans 1,744 504 — — — — 2,248 $ 120,424 9,625 (7,802) 383 12 (3,585) 119,057 Nine months ended September 30, 2023 Non-Nelnet Bank: Federally insured loans $ 83,593 4,052 (15,608) — 6 — 72,043 Private education loans 15,411 3,249 (2,279) 563 — — 16,944 Consumer and other loans 30,263 41,388 (9,264) 1,096 — (49,461) 14,022 Nelnet Bank: Federally insured loans 170 (15) (7) — — — 148 Private education loans 2,390 1,350 (657) — — — 3,083 Consumer and other loans — 4,370 (517) — — — 3,853 $ 131,827 54,394 (28,332) 1,659 6 (49,461) 110,093 Nine months ended September 30, 2022 Non-Nelnet Bank: Federally insured loans $ 103,381 505 (16,264) — 156 — 87,778 Private education loans 16,143 1,971 (3,072) 531 — 4 15,577 Consumer and other loans 6,481 14,702 (2,489) 465 — (5,869) 13,290 Nelnet Bank: Federally insured loans 268 (102) (2) — — — 164 Private education loans 840 1,499 (87) — — (4) 2,248 $ 127,113 18,575 (21,914) 996 156 (5,869) 119,057
Loan Status and Delinquencies	The following table presents the Company’s loan status and delinquency amounts. As of September 30, 2023 As of December 31, 2022 As of September 30, 2022 Federally insured loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 562,754 4.6 % $ 637,919 4.7 % $ 719,724 5.0 % Loans in forbearance 906,060 7.4 1,103,181 8.1 1,384,709 9.7 Loans in repayment status: Loans current 9,014,731 83.2 % 10,173,859 86.0 % 10,454,046 85.7 % Loans delinquent 31-60 days 441,016 4.1 415,305 3.5 431,471 3.6 Loans delinquent 61-90 days 301,028 2.8 253,565 2.2 261,616 2.1 Loans delinquent 91-120 days 213,245 2.0 180,029 1.5 185,753 1.5 Loans delinquent 121-270 days 648,924 6.0 534,410 4.5 540,555 4.4 Loans delinquent 271 days or greater 211,226 1.9 268,205 2.3 322,517 2.7 Total loans in repayment 10,830,170 88.0 100.0 % 11,825,373 87.2 100.0 % 12,195,958 85.3 100.0 % Total federally insured loans 12,298,984 100.0 % 13,566,473 100.0 % 14,300,391 100.0 % Accrued interest receivable 798,102 808,150 786,494 Loan discount, net of unamortized premiums and deferred origination costs (30,979) (35,468) (25,381) Allowance for loan losses (72,043) (83,593) (87,778) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 12,994,064 $ 14,255,562 $ 14,973,726 Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ 11,373 3.9 % $ 12,756 5.1 % $ 15,556 5.9 % Loans in forbearance 2,280 0.8 2,017 0.8 2,745 1.1 Loans in repayment status: Loans current 271,948 97.4 % 232,539 97.9 % 238,926 98.0 % Loans delinquent 31-60 days 3,485 1.2 2,410 1.0 2,014 0.8 Loans delinquent 61-90 days 1,424 0.5 767 0.3 992 0.4 Loans delinquent 91 days or greater 2,494 0.9 1,894 0.8 1,950 0.8 Total loans in repayment 279,351 95.3 100.0 % 237,610 94.1 100.0 % 243,882 93.0 100.0 % Total private education loans 293,004 100.0 % 252,383 100.0 % 262,183 100.0 % Accrued interest receivable 2,750 2,146 2,207 Loan discount, net of unamortized premiums (8,069) (38) (185) Allowance for loan losses (16,944) (15,411) (15,577) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,741 $ 239,080 $ 248,628 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ 20 0.0 % $ 109 0.0 % $ 29 0.0 % Loans in repayment status: Loans current 137,744 95.9 % 346,812 98.9 % 228,827 98.9 % Loans delinquent 31-60 days 1,987 1.4 1,906 0.5 1,019 0.4 Loans delinquent 61-90 days 1,293 0.9 764 0.2 427 0.2 Loans delinquent 91 days or greater 2,589 1.8 1,324 0.4 1,139 0.5 Total loans in repayment 143,613 100.0 100.0 % 350,806 100.0 100.0 % 231,412 100.0 100.0 % Total consumer and other loans 143,633 100.0 % 350,915 100.0 % 231,441 100.0 % Accrued interest receivable 1,716 3,658 2,561 Loan discount, net of unamortized premiums (180) (588) (1,847) Allowance for loan losses (14,022) (30,263) (13,290) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 131,147 $ 323,722 $ 218,865 As of September 30, 2023 As of December 31, 2022 As of September 30, 2022 Federally insured loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 283 0.5 % $ 241 0.4 % $ 274 0.4 % Loans in forbearance 862 1.5 981 1.5 2,551 3.5 Loans in repayment status: Loans current 57,059 98.3 % 63,225 97.8 % 68,970 98.4 % Loans delinquent 30-59 days 333 0.6 436 0.7 353 0.5 Loans delinquent 60-89 days 81 0.1 466 0.7 130 0.2 Loans delinquent 90-119 days 12 0.0 222 0.3 5 0.0 Loans delinquent 120-270 days 428 0.7 183 0.3 508 0.7 Loans delinquent 271 days or greater 203 0.3 159 0.2 114 0.2 Total loans in repayment 58,116 98.0 100.0 % 64,691 98.1 100.0 % 70,080 96.1 100.0 % Total federally insured loans 59,261 100.0 % 65,913 100.0 % 72,905 100.0 % Accrued interest receivable 2,008 1,758 1,607 Loan premium 19 20 23 Allowance for loan losses (148) (170) (164) Total federally insured loans and accrued interest receivable, net of allowance for loan losses $ 61,140 $ 67,521 $ 74,371 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 23,575 6.6 % $ 11,580 3.3 % $ 10,888 3.1 % Loans in forbearance 1,169 0.3 864 0.2 524 0.1 Loans in repayment status: Loans current 333,595 99.5 % 340,830 99.8 % 344,469 99.8 % Loans delinquent 30-59 days 679 0.2 167 0.1 197 0.1 Loans delinquent 60-89 days 412 0.1 32 0.0 79 0.0 Loans delinquent 90 days or greater 511 0.2 409 0.1 414 0.1 Total loans in repayment 335,197 93.1 100.0 % 341,438 96.5 100.0 % 345,159 96.8 100.0 % Total private education loans 359,941 100.0 % 353,882 100.0 % 356,571 100.0 % Accrued interest receivable 1,905 1,152 969 Deferred origination costs, net of unaccreted discount 5,578 5,360 5,369 Allowance for loan losses (3,083) (2,390) (2,248) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 364,341 $ 358,004 $ 360,661 Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 95 0.2 % Loans in forbearance 32 0.1 Loans in repayment status: Loans current 48,358 97.7 % Loans delinquent 30-59 days 527 1.1 Loans delinquent 60-89 days 306 0.6 Loans delinquent 90 days or greater 293 0.6 Total loans in repayment 49,484 99.7 100.0 % Total consumer and other loans 49,611 100.0 % Accrued interest receivable 373 Loan discount (7) Allowance for loan losses (3,853) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 46,124 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.
Loans Receivable Credit Quality Indicators	The following tables highlight the gross principal balance of Nelnet Bank's private education loan portfolio, by year of origination, stratified by FICO score at the time of origination. Loan balance as of September 30, 2023 Nine months ended September 30, 2023 2022 2021 2020 Total FICO at origination: Less than 705 $ 2,681 5,726 4,860 339 13,606 705 - 734 6,970 22,441 9,395 502 39,308 735 - 764 6,505 33,692 15,233 1,378 56,808 765 - 794 4,797 53,433 28,066 1,400 87,696 Greater than 794 13,719 80,523 61,283 5,425 160,950 No FICO score available or required (a) 1,573 — — — 1,573 $ 36,245 195,815 118,837 9,044 359,941 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 (a) Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of September 30, 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. Nine months ended September 30, 2023 2022 2021 2020 2019 Prior years Total Private education loans - Non-Nelnet Bank: Loans in-school/grace/deferment $ — 1,138 4,845 1,105 1,647 2,638 11,373 Loans in forbearance — 79 50 411 569 1,171 2,280 Loans in repayment status: Loans current 128 4,311 4,351 46,927 38,618 177,613 271,948 Loans delinquent 31-60 days — — 33 383 234 2,835 3,485 Loans delinquent 61-90 days — 4 31 145 42 1,202 1,424 Loans delinquent 91 days or greater — — — 189 — 2,305 2,494 Total loans in repayment 128 4,315 4,415 47,644 38,894 183,955 279,351 Total private education loans $ 128 5,532 9,310 49,160 41,110 187,764 293,004 Accrued interest receivable 2,750 Loan discount, net of unamortized premiums (8,069) Allowance for loan losses (16,944) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 270,741 Gross charge-offs - nine months ended September 30, 2023 $ — 35 10 105 548 1,581 2,279 Consumer and other loans - Non-Nelnet Bank: Loans in deferment $ — — 18 — — 2 20 Loans in repayment status: Loans current 83,292 48,425 4,687 506 664 170 137,744 Loans delinquent 31-60 days 677 1,128 167 — 9 6 1,987 Loans delinquent 61-90 days 623 579 84 — 5 2 1,293 Loans delinquent 91 days or greater 392 1,402 241 27 199 328 2,589 Total loans in repayment 84,984 51,534 5,179 533 877 506 143,613 Total consumer and other loans $ 84,984 51,534 5,197 533 877 508 143,633 Accrued interest receivable 1,716 Loan discount, net of unamortized premiums (180) Allowance for loan losses (14,022) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 131,147 Gross charge-offs - nine months ended September 30, 2023 $ 2,866 5,580 583 27 80 128 9,264 Private education loans - Nelnet Bank (a): Loans in-school/grace/deferment $ 9,028 12,210 1,218 1,119 — — 23,575 Loans in forbearance 147 683 339 — — — 1,169 Loans in repayment status: Loans current 26,709 182,313 116,684 7,889 — — 333,595 Loans delinquent 30-59 days 228 249 166 36 — — 679 Loans delinquent 60-89 days 4 165 243 — — — 412 Loans delinquent 90 days or greater 129 195 187 — — — 511 Total loans in repayment 27,070 182,922 117,280 7,925 — — 335,197 Total private education loans $ 36,245 195,815 118,837 9,044 — — 359,941 Accrued interest receivable 1,905 Deferred origination costs, net of unaccreted discount 5,578 Allowance for loan losses (3,083) Total private education loans and accrued interest receivable, net of allowance for loan losses $ 364,341 Gross charge-offs - nine months ended September 30, 2023 $ 20 637 — — — — 657 Nine months ended September 30, 2023 2022 2021 2020 2019 Prior years Total Consumer and other loans - Nelnet Bank (a): Loans in deferment $ 95 — — — — — 95 Loans in forbearance 32 — — — — — 32 Loans in repayment status: Loans current 47,813 490 55 — — — 48,358 Loans delinquent 30-59 days 527 — — — — — 527 Loans delinquent 60-89 days 306 — — — — — 306 Loans delinquent 90 days or greater 293 — — — — — 293 Total loans in repayment 48,939 490 55 — — — 49,484 Total consumer and other loans $ 49,066 490 55 — — — 49,611 Accrued interest receivable 373 Loan discount (7) Allowance for loan losses (3,853) Total consumer and other loans and accrued interest receivable, net of allowance for loan losses $ 46,124 Gross charge-offs - nine months ended September 30, 2023 $ 517 — — — — — 517 (a) For the periods presented for Nelnet Bank, the delinquency bucket periods conform with the delinquency bucket periods reflected in Nelnet Bank's Call Reports filed with the Federal Deposit Insurance Corporation.

Bonds and Notes Payable (Tables

Bonds and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Outstanding Debt Obligations	The following tables summarize the Company’s outstanding debt obligations by type of instrument: As of September 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 $ 10,028,276 5.27% - 7.43% 8/26/30 - 9/25/69 Bonds and notes based on auction 89,910 0.00% - 6.43% 3/22/32 - 11/26/46 Total FFELP variable-rate bonds and notes 10,118,186 Fixed-rate bonds and notes issued in FFELP loan asset-backed 497,397 1.42% - 3.45% 10/25/67 - 8/27/68 FFELP loan warehouse facilities 1,466,178 5.40% - 5.67% 11/22/24 / 4/2/25 Private education loan warehouse facility 38,183 5.63% 12/31/23 Consumer loan warehouse facility 49,937 5.68% 11/14/25 Variable-rate bonds and notes issued in private education loan asset-backed securitization 15,579 6.90% 6/25/49 Fixed-rate bonds and notes issued in private education loan asset-backed securitization 16,626 5.35% 12/28/43 Unsecured line of credit — — 9/22/26 Participation agreement 63 6.06% 5/4/24 Repurchase agreement 336,523 6.26% - 6.72% 11/20/23 - 11/27/24 Other - due to related party 6,010 3.55% - 6.05% 3/1/24 - 11/15/30 12,544,682 Discount on bonds and notes payable and debt issuance costs (96,573) Total $ 12,448,109 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 September 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 1,067,533 182,467 11/22/2023 11/22/2024 note (b) $ 74,825 FFELP (c) 432,000 398,645 33,355 4/2/2024 4/2/2025 92 % 33,483 $ 1,682,000 1,466,178 215,822 $ 108,308 Private (d) 38,183 38,183 — 10/31/2023 12/31/2023 — 17,910 Consumer 250,000 49,937 200,063 11/14/2024 11/14/2025 70 % 21,328 (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, August 31, 2023, and October 31, 2023, this facility was amended to extend the expiration of liquidity provisions to August 31, 2023, October 31, 2023, and December 31, 2023, respectively. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Purchase price $ (4,284) (13,563) (5,112) (67,081) Par value 5,033 13,903 5,941 69,133 Remaining unamortized cost of issuance (12) (180) (14) (821) Gain $ 737 160 815 1,231

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 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 received three-month LIBOR set discretely in advance and paid one-month LIBOR plus or minus a spread as defined in the agreements (the "1:3 Basis Swaps"). Subsequent to the discontinuation of LIBOR on June 30, 2023, the Company now receives and pays the term adjusted Secured Overnight Financing Rate (SOFR) plus the tenor spread adjustment to LIBOR. Maturity Notional amount As of As of September 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 September 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 SOFR that resets quarterly. For all other interest rate derivatives that were terminated, 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 September 30, 2023. As of September 30, 2023 Maturity Notional amount Weighted average fixed rate paid by the Company (a) 2028 $ 40,000 3.33 % 2030 (b) 50,000 3.06 2032 (c) 25,000 4.03 $ 115,000 3.36 % (a) For all interest rate derivatives, the Company receives payments based on SOFR that reset monthly or quarterly. (b) These $25 million notional amount derivatives have forward effective start dates in April 2026 and May 2026, respectively. (c) This $25 million notional amount derivative has a forward effective start date in February 2027.
Derivative Impact on Statement of Income	The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Settlements: 1:3 basis swaps $ 386 (1,085) 1,180 242 Interest rate swaps - floor income hedges 235 11,356 22,760 11,843 Interest rate swaps - Nelnet Bank 196 — 279 — Total settlements - income 817 10,271 24,219 12,085 Change in fair value: 1:3 basis swaps (464) 189 (253) 929 Interest rate swaps - floor income hedges 1,656 52,802 (35,070) 238,196 Interest rate swaps - Nelnet Bank 1,948 — 3,057 — Total change in fair value - income (expense) 3,140 52,991 (32,266) 239,125 Derivative market value adjustments and derivative settlements, net - income (expense) $ 3,957 63,262 (8,047) 251,210

Investments and Notes Receiva_2

Investments and Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Investments [Abstract]
Investments and Notes Receivable	Investments and notes receivable consisted of the following: As of September 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) $ 295,986 5,930 (5,310) 296,606 463,861 3,498 (11,105) 456,254 Private education loan (b) 294,068 — (33,960) 260,108 335,903 — (29,438) 306,465 Other debt securities 65,923 2,082 (437) 67,568 158,589 151 (3,790) 154,950 Total Non-Nelnet Bank 655,977 8,012 (39,707) 624,282 958,353 3,649 (44,333) 917,669 Nelnet Bank: FFELP loan (c) 318,919 3,329 (2,393) 319,855 349,855 955 (8,853) 341,957 Private education loan 1,609 — (83) 1,526 1,941 — (122) 1,819 Other debt securities 115,914 146 (2,426) 113,634 131,481 18 (3,907) 127,592 Total Nelnet Bank 436,442 3,475 (4,902) 435,015 483,277 973 (12,882) 471,368 Total available-for-sale asset-backed securities $ 1,092,419 11,487 (44,609) 1,059,297 1,441,630 4,622 (57,215) 1,389,037 Equity securities 46,634 39,082 Total investments at fair value 1,105,931 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) 158,125 — Other debt securities 241 220 Total Nelnet Bank 158,366 220 Total held to maturity investments 163,066 18,774 Venture capital and funds: Measurement alternative (e) 193,106 160,052 Equity method 99,640 89,332 Total venture capital and funds 292,746 249,384 Real estate: Equity method 97,053 80,364 Investment in ALLO: Voting interest/equity method (f) 26,294 67,538 Preferred membership interest and accrued and unpaid preferred return (g) 152,748 145,926 Total investment in ALLO 179,042 213,464 Beneficial interest in loan securitizations (h): Consumer loans and other 98,701 39,249 Private education loans 69,716 75,261 Federally insured student loans 22,735 24,228 Total beneficial interest in loan securitizations 191,152 138,738 Solar (i) (144,929) (55,448) Notes receivable 54,129 31,106 Tax liens, affordable housing, and other 7,498 7,416 Total investments (not measured at fair value) 839,757 683,798 Total investments and notes receivable $ 1,945,688 $ 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 September 30, 2023, the par value and fair value of these securities was $0.1 million and $0.1 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 September 30, 2023, the par value and fair value of these securities was $294.5 million and $260.1 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 September 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 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. The Company recognized losses under the HLBV method of accounting on its ALLO voting membership interests investment of $17.3 million and $17.6 million during the three months ended September 30, 2023 and 2022, respectively, and $49.7 million and $47.6 million during the nine months ended September 30, 2023 and 2022, respectively. Losses from the Company's investment in ALLO are included in "other, net" in "other income (expense)" on the consolidated statements of income. (g) As of September 30, 2023, the outstanding preferred membership interests and accrued and unpaid preferred return of ALLO held by the Company was $145.9 million and $6.8 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 $2.2 million during the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. This income is included in "other, net" in "other income (expense)" on the consolidated statements of income. (h) The Company has partial ownership in certain consumer, private education, and federally insured student loan securitizations. As of the latest remittance reports filed by the various trusts prior to or as of September 30, 2023, the Company's ownership correlates to approximately $660 million, $540 million, and $350 million of consumer, private education, and federally insured student loans, respectively, included in these securitizations. (i) As of September 30, 2023, the Company has funded a total of $332.0 million in solar investments, which includes $126.5 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 September 30, 2023 represents the sum of total tax credits earned on solar projects placed-in-service through September 30, 2023 and the calculated HLBV net losses being larger than the total investment contributions made by the Company on such projects. As of September 30, 2023, the Company is committed to fund an additional $265.9 million on tax equity investments, of which $128.7 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 $3.6 million and $4.2 million during the three months ended September 30, 2023 and 2022, respectively, and $13.5 million and $7.1 million during the nine months ended September 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 $1.8 million and $4.1 million for the three months ended September 30, 2023 and 2022, respectively, and $12.0 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively, and is reflected in “net loss attributable to noncontrolling interests” in the consolidated statements of income. Excluding losses attributed to noncontrolling interest investors, the Company recognized losses on its solar investments of $1.8 million and $0.1 million during the three months ended September 30, 2023 and 2022, respectively, and losses of $1.5 million and gains of $0.9 million during the nine months ended September 30, 2023 and 2022, respectively.
Investments Classified by Contractual Maturity Date	The following table presents, by remaining contractual maturity, the amortized cost and fair value of debt securities at September 30, 2023: As of September 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 $ — 15,808 28,269 251,909 295,986 Private education loan — — — 294,068 294,068 Other debt securities — 99 9,199 56,625 65,923 Total Non-Nelnet Bank — 15,907 37,468 602,602 655,977 Fair value — 15,676 36,563 572,043 624,282 Nelnet Bank: FFELP loan 68,494 13,183 55,630 181,612 318,919 Private education loan — — — 1,609 1,609 Other debt securities 1,194 27,530 47,725 39,465 115,914 Total Nelnet Bank 69,688 40,713 103,355 222,686 436,442 Fair value 69,388 40,122 102,450 223,055 435,015 Total available-for-sale asset-backed securities at amortized cost $ 69,688 56,620 140,823 825,288 1,092,419 Total available-for-sale asset-backed securities at fair value $ 69,388 55,798 139,013 795,098 1,059,297 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 — 3,571 — 154,554 158,125 Other debt securities 241 — — — 241 Total Nelnet Bank 241 3,571 — 154,554 158,366 Fair value 241 3,641 — 155,786 159,668 Total held-to-maturity investments at amortized cost $ 4,941 3,571 — 154,554 163,066 Total held-to-maturity investments at fair value $ 4,941 3,641 — 155,786 164,368
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	As of September 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 $ (5,283) 181,168 (27) 716 (5,310) 181,884 Private education loan (6,138) 65,276 (27,822) 194,832 (33,960) 260,108 Other debt securities (437) 21,299 — — (437) 21,299 Total Non-Nelnet Bank (11,858) 267,743 (27,849) 195,548 (39,707) 463,291 Nelnet Bank: FFELP loan (1,328) 123,951 (1,065) 60,907 (2,393) 184,858 Private education loan — — (83) 1,526 (83) 1,526 Other debt securities (319) 25,045 (2,107) 42,333 (2,426) 67,378 Total Nelnet Bank (1,647) 148,996 (3,255) 104,766 (4,902) 253,762 Total available-for-sale asset-backed securities $ (13,505) 416,739 (31,104) 300,314 (44,609) 717,053
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 Nine months ended September 30, September 30, 2023 2022 2023 2022 Gross proceeds from sales $ 198,548 130,705 776,096 450,457 Gross realized gains $ 1,257 1,142 3,451 5,016 Gross realized losses (193) (564) (6,452) (796) Net gains (losses) $ 1,064 578 (3,001) 4,220

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible assets consisted of the following: Weighted average remaining useful life as of September 30, 2023 (months) As of As of September 30, 2023 December 31, 2022 Amortizable intangible assets, net: Customer relationships (net of accumulated amortization of $45,217 and $55,116, respectively) 105 $ 45,490 51,738 Trade names (net of accumulated amortization of $5,177 and $617, respectively) 21 3,733 8,293 Computer software (net of accumulated amortization of $487 and $6,400, respectively) 43 1,233 1,520 Other (net of accumulated amortization of $986 and $490, respectively) 45 1,454 1,950 Total - amortizable intangible assets, net 96 $ 51,910 63,501
Future Amortization Expense	The Company will continue to amortize intangible assets over their remaining useful lives. As of September 30, 2023, the Company estimates it will record amortization expense as follows: 2023 (October 1 - December 31) $ 5,382 2024 8,775 2025 7,141 2026 6,294 2027 5,814 2028 and thereafter 18,504 $ 51,910

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill [Abstract]
Goodwill	The following table presents the carrying amount of goodwill as of September 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)	9 Months Ended
	Sep. 30, 2023
Deposits [Abstract]
Interest-Bearing Deposits	The following table summarizes Nelnet Bank’s interest-bearing deposits, excluding intercompany deposits: As of As of September 30, 2023 December 31, 2022 Brokered CDs, net of brokered deposit fees $ 203,470 254,817 Commercial 2,057 — Retail and other savings (529, STFIT, and HSA) 491,496 410,556 Retail and other CDs (commercial and institutional) 21,030 25,949 Total interest-bearing deposits $ 718,053 691,322
Certificates of Deposit Maturities	The following table presents certificates of deposit remaining maturities as of September 30, 2023: After two years to three years $ 149,855 After three years to four years 74,298 After four years to five years 347 Total $ 224,500

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 44,367 965 45,332 102,763 2,035 104,798 Denominator: Weighted-average common shares outstanding - basic and diluted 36,699,510 798,563 37,498,073 36,654,781 725,712 37,380,493 Earnings per share - basic and diluted $ 1.21 1.21 1.21 2.80 2.80 2.80 Nine months ended September 30, 2023 2022 Common shareholders Unvested restricted stock shareholders Total Common shareholders Unvested restricted stock shareholders Total Numerator: Net income attributable to Nelnet, Inc. $ 97,982 2,104 100,086 369,479 7,094 376,573 Denominator: Weighted-average common shares outstanding - basic and diluted 36,650,653 786,934 37,437,587 36,998,100 710,325 37,708,425 Earnings per share - basic and diluted $ 2.67 2.67 2.67 9.99 9.99 9.99

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,098 8,934 248,878 15,171 16,253 (5,783) 284,551 Interest expense — — 197,393 9,456 6,093 (5,783) 207,159 Net interest income 1,098 8,934 51,485 5,715 10,160 — 77,392 Less provision for loan losses — — 8,732 1,927 — — 10,659 Net interest income after provision for loan losses 1,098 8,934 42,753 3,788 10,160 — 66,733 Other income (expense): Loan servicing and systems revenue 127,892 — — — — — 127,892 Intersegment revenue 6,944 77 — — — (7,021) — Education technology, services, and payment processing revenue — 113,796 — — — — 113,796 Solar construction revenue — — — — 6,301 — 6,301 Other, net 687 — 2,776 565 (4,238) — (211) Gain on sale of loans, net — — 5,362 — — — 5,362 Impairment and other expense, net (296) — — — (4,678) — (4,974) Derivative settlements, net — — 621 196 — — 817 Derivative market value adjustments, net — — 1,192 1,948 — — 3,140 Total other income (expense), net 135,227 113,873 9,951 2,709 (2,615) (7,021) 252,123 Cost of services: Cost to provide education technology, services, and payment processing services — 43,694 — — — — 43,694 Cost to provide solar construction services — — — — 7,783 — 7,783 Total cost of services — 43,694 — — 7,783 — 51,477 Operating expenses: Salaries and benefits 73,310 39,776 1,242 2,520 25,019 (663) 141,204 Depreciation and amortization 5,023 3,030 — 259 13,522 — 21,835 Other expenses 15,629 8,309 2,952 1,290 23,192 — 51,370 Intersegment expenses, net 17,894 5,875 7,948 129 (25,488) (6,358) — Total operating expenses 111,856 56,990 12,142 4,198 36,245 (7,021) 214,409 Income (loss) before income taxes 24,469 22,123 40,562 2,299 (36,483) — 52,970 Income tax (expense) benefit (5,872) (5,307) (9,735) (552) 10,732 — (10,734) Net income (loss) 18,597 16,816 30,827 1,747 (25,751) — 42,236 Net (income) loss attributable to noncontrolling interests — (6) — — 3,102 — 3,096 Net income (loss) attributable to Nelnet, Inc. $ 18,597 16,810 30,827 1,747 (22,649) — 45,332 Total assets as of September 30, 2023 $ 243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228) 17,222,682 Three months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 831 3,707 182,932 7,551 10,860 (2,748) 203,133 Interest expense — — 120,009 3,298 6,067 (2,748) 126,625 Net interest income 831 3,707 62,923 4,253 4,793 — 76,508 Less provision for loan losses — — 9,215 450 — — 9,665 Net interest income after provision for loan losses 831 3,707 53,708 3,803 4,793 — 66,843 Other income (expense): Loan servicing and systems revenue 134,197 — — — — — 134,197 Intersegment revenue 8,281 8 — — — (8,289) — Education technology, services, and payment processing revenue — 106,894 — — — — 106,894 Solar construction revenue — — — — 9,358 — 9,358 Other, net 596 — 4,627 566 (3,564) — 2,225 Gain on sale of loans, net — — 2,627 — — — 2,627 Impairment and other expense, net — — — — 121 — 121 Derivative settlements, net — — 10,271 — — — 10,271 Derivative market value adjustments, net — — 52,991 — — — 52,991 Total other income (expense), net 143,074 106,902 70,516 566 5,915 (8,289) 318,684 Cost of services: Cost to provide education technology, services, and payment processing services — 42,676 — — — — 42,676 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 42,676 — — 5,968 — 48,644 Operating expenses: Salaries and benefits 82,067 34,950 653 1,814 27,713 — 147,198 Depreciation and amortization 5,784 2,532 — 4 10,452 — 18,772 Other expenses 16,654 7,034 3,349 1,427 15,395 — 43,858 Intersegment expenses, net 17,486 4,762 8,350 69 (22,378) (8,289) — Total operating expenses 121,991 49,278 12,352 3,314 31,182 (8,289) 209,828 Income (loss) before income taxes 21,914 18,655 111,872 1,055 (26,442) — 127,055 Income tax (expense) benefit (5,259) (4,475) (26,849) (246) 10,244 — (26,586) Net income (loss) 16,655 14,180 85,023 809 (16,198) — 100,469 Net (income) loss attributable to noncontrolling interests — (61) — — 4,390 — 4,329 Net income (loss) attributable to Nelnet, Inc. $ 16,655 14,119 85,023 809 (11,808) — 104,798 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533 Nine months ended September 30, 2023 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 3,193 20,237 737,359 41,092 63,307 (30,643) 834,547 Interest expense — — 618,905 24,841 26,653 (30,643) 639,756 Net interest income 3,193 20,237 118,454 16,251 36,654 — 194,791 Less provision for loan losses — — 48,689 5,837 — — 54,526 Net interest income after provision for loan losses 3,193 20,237 69,765 10,414 36,654 — 140,265 Other income (expense): Loan servicing and systems revenue 389,138 — — — — — 389,138 Intersegment revenue 21,980 198 — — — (22,178) — Education technology, services, and payment processing revenue — 357,258 — — — — 357,258 Solar construction revenue — — — — 19,687 — 19,687 Other, net 1,900 — 6,939 1,395 (31,526) — (21,293) Gain on sale of loans, net — — 32,685 — — — 32,685 Impairment and other expense, net (296) — — — (4,678) — (4,974) Derivative settlements, net — — 23,940 279 — — 24,219 Derivative market value adjustments, net — — (35,323) 3,057 — — (32,266) Total other income (expense), net 412,722 357,456 28,241 4,731 (16,517) (22,178) 764,454 Cost of services: Cost to provide education technology, services, and payment processing services — 131,804 — — — — 131,804 Cost to provide solar construction services — — — — 25,204 — 25,204 Total cost of services — 131,804 — — 25,204 — 157,008 Operating expenses: Salaries and benefits 234,012 116,040 3,093 6,881 79,403 (808) 438,620 Depreciation and amortization 14,400 8,424 — 315 33,976 — 57,114 Other expenses 42,760 26,063 12,083 3,696 53,550 — 138,154 Intersegment expenses, net 58,030 17,559 24,789 302 (79,310) (21,370) — Total operating expenses 349,202 168,086 39,965 11,194 87,619 (22,178) 633,888 Income (loss) before income taxes 66,713 77,803 58,041 3,951 (92,686) — 113,823 Income tax (expense) benefit (16,011) (18,700) (13,930) (913) 20,080 — (29,475) Net income (loss) 50,702 59,103 44,111 3,038 (72,606) — 84,348 Net (income) loss attributable to noncontrolling interests — 113 — — 15,625 — 15,738 Net income (loss) attributable to Nelnet, Inc. $ 50,702 59,216 44,111 3,038 (56,981) — 100,086 Total assets as of September 30, 2023 $ 243,697 444,631 14,111,517 1,089,565 2,052,500 (719,228) 17,222,682 Nine months ended September 30, 2022 Loan Servicing and Systems Education Technology, Services, and Payment Processing Asset Nelnet Bank Corporate and Other Activities Eliminations Total Total interest income $ 1,144 4,920 441,926 15,792 21,087 (4,953) 479,916 Interest expense 44 — 235,720 5,792 11,745 (4,953) 248,347 Net interest income 1,100 4,920 206,206 10,000 9,342 — 231,569 Less provision for loan losses — — 17,178 1,462 — — 18,640 Net interest income after provision for loan losses 1,100 4,920 189,028 8,538 9,342 — 212,929 Other income (expense): Loan servicing and systems revenue 395,438 — — — — — 395,438 Intersegment revenue 25,142 16 — — — (25,158) — Education technology, services, and payment processing revenue — 310,211 — — — — 310,211 Solar construction revenue — — — — 9,358 — 9,358 Other, net 1,946 — 16,270 2,224 4,309 — 24,750 Gain on sale of loans, net — — 5,616 — — — 5,616 Impairment and other expense, net — — — — (6,163) — (6,163) Derivative settlements, net — — 12,085 — — — 12,085 Derivative market value adjustments, net — — 239,125 — — — 239,125 Total other income (expense), net 422,526 310,227 273,096 2,224 7,504 (25,158) 990,420 Cost of services: Cost to provide education technology, services, and payment processing services — 109,073 — — — — 109,073 Cost to provide solar construction services — — — — 5,968 — 5,968 Total cost of services — 109,073 — — 5,968 — 115,041 Operating expenses: Salaries and benefits 257,259 98,356 1,858 5,082 75,455 — 438,010 Depreciation and amortization 16,056 7,544 — 11 30,366 — 53,978 Other expenses 46,375 19,549 9,925 3,009 41,438 — 120,297 Intersegment expenses, net 56,442 14,171 25,694 171 (71,320) (25,158) — Total operating expenses 376,132 139,620 37,477 8,273 75,939 (25,158) 612,285 Income (loss) before income taxes 47,494 66,454 424,647 2,489 (65,061) — 476,023 Income tax (expense) benefit (11,399) (15,947) (101,915) (574) 22,070 — (107,765) Net income (loss) 36,095 50,507 322,732 1,915 (42,991) — 368,258 Net (income) loss attributable to noncontrolling interests — (8) — — 8,323 — 8,315 Net income (loss) attributable to Nelnet, Inc. $ 36,095 50,499 322,732 1,915 (34,668) — 376,573 Total assets as of September 30, 2022 $ 235,858 440,859 16,374,493 884,089 2,360,882 (732,648) 19,563,533

Disaggregated Revenue (Tables)

Disaggregated Revenue (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Government loan servicing $ 100,154 104,428 304,769 312,368 Private education and consumer loan servicing 12,330 12,198 36,556 37,194 FFELP loan servicing 3,304 4,127 10,226 12,386 Software services 9,416 8,229 25,076 23,536 Outsourced services 2,688 5,215 12,511 9,954 Loan servicing and systems revenue $ 127,892 134,197 389,138 395,438 Education Technology, Services, and Payment Processing Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Tuition payment plan services $ 30,223 25,779 95,235 84,131 Payment processing 50,848 47,957 126,716 113,996 Education technology and services 31,793 32,548 132,796 110,755 Other 932 610 2,511 1,329 Education technology, services, and payment processing revenue $ 113,796 106,894 357,258 310,211 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (a) Commercial revenue $ 4,101 7,856 12,339 7,856 Residential revenue 2,085 1,398 7,266 1,398 Other 115 104 82 104 Solar construction revenue $ 6,301 9,358 19,687 9,358 (a) GRNE Solar was acquired on July 1, 2022.
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 ALLO preferred return $ 2,299 2,164 6,822 6,420 Borrower late fee income 2,220 2,824 6,635 7,693 Administration/sponsor fee income 1,712 1,920 5,180 6,055 Investment advisory services 1,633 1,612 4,884 4,375 Loss from ALLO voting membership interest investment (17,293) (17,562) (49,676) (47,633) Loss from solar investments (3,605) (4,216) (13,481) (7,100) Investment activity, net (1,016) 10,701 (8,169) 40,626 Other 13,839 4,782 26,512 14,314 Other, net $ (211) 2,225 (21,293) 24,750

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 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 1,059,198 1,059,297 100 1,388,937 1,389,037 Equity securities 80 — 80 6,719 — 6,719 Equity securities measured at net asset value (a) 46,554 32,363 Total investments 179 1,059,198 1,105,931 6,819 1,388,937 1,428,119 Derivative instruments (b) — 3,056 3,056 — — — Total assets $ 179 1,062,254 1,108,987 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 September 30, 2023 Fair value Carrying value Level 1 Level 2 Level 3 Financial assets: Loans receivable $ 13,462,084 13,060,703 — — 13,462,084 Accrued loan interest receivable 806,854 806,854 — 806,854 — Cash and cash equivalents 187,690 187,690 187,690 — — Investments (at fair value) 1,105,931 1,105,931 179 1,059,198 — Investments - held to maturity 164,368 163,066 — 164,368 — Notes receivable 54,129 54,129 — 54,129 — Beneficial interest in loan securitizations 239,890 191,152 — — 239,890 Restricted cash 445,983 445,983 445,983 — — Restricted cash – due to customers 158,872 158,872 158,872 — — Derivative instruments 3,056 3,056 — 3,056 — Financial liabilities: Bonds and notes payable 12,215,581 12,448,109 — 12,215,581 — Accrued interest payable 36,391 36,391 — 36,391 — Bank deposits 690,313 718,053 440,062 250,251 — Due to customers 341,822 341,822 341,822 — — 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	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 806,854		$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(33,638)		(30,714)
Allowance for loan losses	(110,093)	$ (114,263)	(131,827)	$ (119,057)	$ (120,424)	$ (127,113)
Financing receivable, after allowance for credit loss	13,867,557		15,243,889
Non-Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	12,735,621		14,169,771
Allowance for loan losses	(103,009)		(129,267)
Federally insured loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	12,298,984		13,566,473	14,300,391
Accrued interest receivable	798,102		808,150	786,494
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(30,979)		(35,468)	(25,381)
Allowance for loan losses	(72,043)	(74,061)	(83,593)	(87,778)	(92,593)	(103,381)
Financing receivable, after allowance for credit loss	12,994,064		14,255,562	14,973,726
Federally insured loans - Non-Nelnet Bank: | Stafford and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	3,104,569		3,389,178
Federally insured loans - Non-Nelnet Bank: | Consolidation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	9,194,415		10,177,295
Private education loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	293,004		252,383	262,183
Accrued interest receivable	2,750		2,146	2,207
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(8,069)		(38)	(185)
Allowance for loan losses	(16,944)	(14,322)	(15,411)	(15,577)	(15,253)	(16,143)
Financing receivable, after allowance for credit loss	270,741		239,080	248,628
Consumer and other loans - Non-Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	143,633		350,915	231,441
Accrued interest receivable	1,716		3,658	2,561
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(180)		(588)	(1,847)
Allowance for loan losses	(14,022)	(20,005)	(30,263)	(13,290)	(10,576)	(6,481)
Financing receivable, after allowance for credit loss	131,147		323,722	218,865
Nelnet Bank loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	468,813		419,795
Allowance for loan losses	(7,084)		(2,560)
Federally insured loans - Nelnet Bank:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	59,261		65,913	72,905
Accrued interest receivable	2,008		1,758	1,607
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	19		20	23
Allowance for loan losses	(148)	(154)	(170)	(164)	(258)	(268)
Financing receivable, after allowance for credit loss	61,140		67,521	74,371
Private education loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	359,941		353,882	356,571
Accrued interest receivable	1,905		1,152	969
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,578		5,360	5,369
Allowance for loan losses	(3,083)	(2,905)	(2,390)	(2,248)	$ (1,744)	$ (840)
Financing receivable, after allowance for credit loss	364,341		358,004	$ 360,661
Consumer and other loans - Nelnet Bank
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, gross	49,611		0
Accrued interest receivable	373
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(7)
Allowance for loan losses	(3,853)	$ (2,816)	$ 0
Financing receivable, after allowance for credit loss	$ 46,124

Loans and Accrued Interest Re_4

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Allowance for Loan Losses as a Percentage of the Ending Balance (Details)	Sep. 30, 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	0.59%	0.62%
Allowance for loan losses as a percentage of the risk sharing component, not covered by the federal guaranty	21.90%	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	5.78%	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	9.76%	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	0.86%	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	7.77%	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										9 Months Ended
	Aug. 03, 2023	May 02, 2023	Apr. 13, 2023	Apr. 04, 2023	Mar. 02, 2023	Jan. 31, 2023	Jul. 07, 2022	Jun. 30, 2022	Jan. 26, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans sold (par value)	$ 61,807	$ 127,663	$ 24,980	$ 5,633	$ 122,277		$ 28,915	$ 114	$ 18,125	$ 481,985	$ 47,154
Gain (loss)	$ 5,362	$ 11,729	$ 3,123	$ 659	$ 8,903		$ 2,627	$ 0	$ 2,989	32,685	5,616
Residual interest received in securitization	24.30%	26.50%	11.30%	0%	24.60%		7.60%	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 114,263	$ 120,424	$ 131,827	$ 127,113
Provision for loan losses	10,504	9,625	54,394	18,575
Charge-offs	(8,908)	(7,802)	(28,332)	(21,914)
Recoveries	618	383	1,659	996
Initial allowance on loans purchased with credit deterioration	0	12	6	156
Loan sales	(6,384)	(3,585)	(49,461)	(5,869)
Balance at end of period	110,093	119,057	110,093	119,057
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	74,061	92,593	83,593	103,381
Provision for loan losses	1,641	888	4,052	505
Charge-offs	(3,659)	(5,715)	(15,608)	(16,264)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	12	6	156
Loan sales	0	0	0	0
Balance at end of period	72,043	87,778	72,043	87,778
Private education loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	14,322	15,253	15,411	16,143
Provision for loan losses	3,009	1,154	3,249	1,971
Charge-offs	(571)	(1,066)	(2,279)	(3,072)
Recoveries	184	236	563	531
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	0	0	4
Balance at end of period	16,944	15,577	16,944	15,577
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	20,005	10,576	30,263	6,481
Provision for loan losses	4,082	7,173	41,388	14,702
Charge-offs	(4,115)	(1,021)	(9,264)	(2,489)
Recoveries	434	147	1,096	465
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	(6,384)	(3,585)	(49,461)	(5,869)
Balance at end of period	14,022	13,290	14,022	13,290
Federally insured loans - Nelnet Bank:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	154	258	170	268
Provision for loan losses	(2)	(94)	(15)	(102)
Charge-offs	(4)	0	(7)	(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	148	164	148	164
Private education loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,905	1,744	2,390	840
Provision for loan losses	220	504	1,350	1,499
Charge-offs	(42)	0	(657)	(87)
Recoveries	0	0	0	0
Initial allowance on loans purchased with credit deterioration	0	0	0	0
Loan sales	0	0	0	(4)
Balance at end of period	3,083	$ 2,248	3,083	$ 2,248
Consumer and other loans - Nelnet Bank
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	2,816		0
Provision for loan losses	1,554		4,370
Charge-offs	(517)		(517)
Recoveries	0		0
Initial allowance on loans purchased with credit deterioration	0		0
Loan sales	0		0
Balance at end of period	$ 3,853		$ 3,853

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.11%	0.15%	0.16%	0.13%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.61%	1.23%	0.94%	1.22%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	9.57%	1.96%	4.59%	2.54%
Federally insured loans - Nelnet Bank:
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.03%	0%	0.01%	0%
Private education loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	0.05%	0%	0.25%	0.04%
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Ratio [Line Items]
Net charge-offs as a percentage of average loans	5.69%	0%	3%	0%

Loans and Accrued Interest Re_8

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 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	$ 217
Unfunded education loan commitments	13,100
Provision for loan losses (negative provision for loan losses)	$ 132	$ 65

Loans and Accrued Interest Re_9

Loans and Accrued Interest Receivable and Allowance for Loan Losses - Loan Status and Delinquencies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Loans in repayment status:
Accrued interest receivable	$ 806,854		$ 816,864
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(33,638)		(30,714)
Allowance for loan losses	(110,093)	$ (114,263)	(131,827)	$ (119,057)	$ (120,424)	$ (127,113)
Financing receivable, after allowance for credit loss	13,867,557		15,243,889
Federally insured loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 562,754		$ 637,919	$ 719,724
Loans in-school/grace/deferment, percent	4.60%		4.70%	5%
Loans in forbearance	$ 906,060		$ 1,103,181	$ 1,384,709
Loans in forbearance, percent	7.40%		8.10%	9.70%
Loans in repayment status:
Loans receivable, gross	$ 12,298,984		$ 13,566,473	$ 14,300,391
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 10,830,170		$ 11,825,373	$ 12,195,958
Loans in repayment, percent	88%		87.20%	85.30%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 798,102		$ 808,150	$ 786,494
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(30,979)		(35,468)	(25,381)
Allowance for loan losses	(72,043)	(74,061)	(83,593)	(87,778)	(92,593)	(103,381)
Financing receivable, after allowance for credit loss	12,994,064		14,255,562	14,973,726
Federally insured loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 9,014,731		$ 10,173,859	$ 10,454,046
Loans current, percentage	83.20%		86%	85.70%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 441,016		$ 415,305	$ 431,471
Loans past due, percentage	4.10%		3.50%	3.60%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 301,028		$ 253,565	$ 261,616
Loans past due, percentage	2.80%		2.20%	2.10%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 91-120 days
Loans in repayment status:
Loans receivable, gross	$ 213,245		$ 180,029	$ 185,753
Loans past due, percentage	2%		1.50%	1.50%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 121-270 days
Loans in repayment status:
Loans receivable, gross	$ 648,924		$ 534,410	$ 540,555
Loans past due, percentage	6%		4.50%	4.40%
Federally insured loans - Non-Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 211,226		$ 268,205	$ 322,517
Loans past due, percentage	1.90%		2.30%	2.70%
Private education loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 11,373		$ 12,756	$ 15,556
Loans in-school/grace/deferment, percent	3.90%		5.10%	5.90%
Loans in forbearance	$ 2,280		$ 2,017	$ 2,745
Loans in forbearance, percent	0.80%		0.80%	1.10%
Loans in repayment status:
Loans receivable, gross	$ 293,004		$ 252,383	$ 262,183
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 279,351		$ 237,610	$ 243,882
Loans in repayment, percent	95.30%		94.10%	93%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,750		$ 2,146	$ 2,207
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(8,069)		(38)	(185)
Allowance for loan losses	(16,944)	(14,322)	(15,411)	(15,577)	(15,253)	(16,143)
Financing receivable, after allowance for credit loss	270,741		239,080	248,628
Private education loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 271,948		$ 232,539	$ 238,926
Loans current, percentage	97.40%		97.90%	98%
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 3,485		$ 2,410	$ 2,014
Loans past due, percentage	1.20%		1%	0.80%
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 1,424		$ 767	$ 992
Loans past due, percentage	0.50%		0.30%	0.40%
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 2,494		$ 1,894	$ 1,950
Loans past due, percentage	0.90%		0.80%	0.80%
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 20		$ 109	$ 29
Loans in-school/grace/deferment, percent	0%		0%	0%
Loans in repayment status:
Loans receivable, gross	$ 143,633		$ 350,915	$ 231,441
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 143,613		$ 350,806	$ 231,412
Loans in repayment, percent	100%		100%	100%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 1,716		$ 3,658	$ 2,561
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(180)		(588)	(1,847)
Allowance for loan losses	(14,022)	(20,005)	(30,263)	(13,290)	(10,576)	(6,481)
Financing receivable, after allowance for credit loss	131,147		323,722	218,865
Consumer and other loans - Non-Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 137,744		$ 346,812	$ 228,827
Loans current, percentage	95.90%		98.90%	98.90%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Loans in repayment status:
Loans receivable, gross	$ 1,987		$ 1,906	$ 1,019
Loans past due, percentage	1.40%		0.50%	0.40%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Loans in repayment status:
Loans receivable, gross	$ 1,293		$ 764	$ 427
Loans past due, percentage	0.90%		0.20%	0.20%
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Loans in repayment status:
Loans receivable, gross	$ 2,589		$ 1,324	$ 1,139
Loans past due, percentage	1.80%		0.40%	0.50%
Federally insured loans - Nelnet Bank:
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 283		$ 241	$ 274
Loans in-school/grace/deferment, percent	0.50%		0.40%	0.40%
Loans in forbearance	$ 862		$ 981	$ 2,551
Loans in forbearance, percent	1.50%		1.50%	3.50%
Loans in repayment status:
Loans receivable, gross	$ 59,261		$ 65,913	$ 72,905
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 58,116		$ 64,691	$ 70,080
Loans in repayment, percent	98%		98.10%	96.10%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 2,008		$ 1,758	$ 1,607
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	19		20	23
Allowance for loan losses	(148)	(154)	(170)	(164)	(258)	(268)
Financing receivable, after allowance for credit loss	61,140		67,521	74,371
Federally insured loans - Nelnet Bank: | Loans current
Loans in repayment status:
Loans receivable, gross	$ 57,059		$ 63,225	$ 68,970
Loans current, percentage	98.30%		97.80%	98.40%
Federally insured loans - Nelnet Bank: | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 333		$ 436	$ 353
Loans past due, percentage	0.60%		0.70%	0.50%
Federally insured loans - Nelnet Bank: | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 81		$ 466	$ 130
Loans past due, percentage	0.10%		0.70%	0.20%
Federally insured loans - Nelnet Bank: | Loans delinquent 90-119 days
Loans in repayment status:
Loans receivable, gross	$ 12		$ 222	$ 5
Loans past due, percentage	0%		0.30%	0%
Federally insured loans - Nelnet Bank: | Loans delinquent 120-270 days
Loans in repayment status:
Loans receivable, gross	$ 428		$ 183	$ 508
Loans past due, percentage	0.70%		0.30%	0.70%
Federally insured loans - Nelnet Bank: | Loans delinquent 271 days or greater
Loans in repayment status:
Loans receivable, gross	$ 203		$ 159	$ 114
Loans past due, percentage	0.30%		0.20%	0.20%
Private education loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 23,575		$ 11,580	$ 10,888
Loans in-school/grace/deferment, percent	6.60%		3.30%	3.10%
Loans in forbearance	$ 1,169		$ 864	$ 524
Loans in forbearance, percent	0.30%		0.20%	0.10%
Loans in repayment status:
Loans receivable, gross	$ 359,941		$ 353,882	$ 356,571
Total loans in repayment, percentage	100%		100%	100%
Total loans in repayment	$ 335,197		$ 341,438	$ 345,159
Loans in repayment, percent	93.10%		96.50%	96.80%
Total loans, percent	100%		100%	100%
Accrued interest receivable	$ 1,905		$ 1,152	$ 969
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	5,578		5,360	5,369
Allowance for loan losses	(3,083)	(2,905)	(2,390)	(2,248)	$ (1,744)	$ (840)
Financing receivable, after allowance for credit loss	364,341		358,004	360,661
Private education loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 333,595		$ 340,830	$ 344,469
Loans current, percentage	99.50%		99.80%	99.80%
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 679		$ 167	$ 197
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	$ 412		$ 32	$ 79
Loans past due, percentage	0.10%		0%	0%
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 511		$ 409	$ 414
Loans past due, percentage	0.20%		0.10%	0.10%
Consumer and other loans - Nelnet Bank
Financing Receivable, Recorded Investment [Line Items]
Loans in-school/grace/deferment	$ 95
Loans in-school/grace/deferment, percent	0.20%
Loans in forbearance	$ 32
Loans in forbearance, percent	0.10%
Loans in repayment status:
Loans receivable, gross	$ 49,611		$ 0
Total loans in repayment, percentage	100%
Total loans in repayment	$ 49,484
Loans in repayment, percent	99.70%
Total loans, percent	100%
Accrued interest receivable	$ 373
(Loan discount, net of unamortized premiums) Loan premium and deferred origination costs	(7)
Allowance for loan losses	(3,853)	$ (2,816)	$ 0
Financing receivable, after allowance for credit loss	46,124
Consumer and other loans - Nelnet Bank | Loans current
Loans in repayment status:
Loans receivable, gross	$ 48,358
Loans current, percentage	97.70%
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Loans in repayment status:
Loans receivable, gross	$ 527
Loans past due, percentage	1.10%
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Loans in repayment status:
Loans receivable, gross	$ 306
Loans past due, percentage	0.60%
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Loans in repayment status:
Loans receivable, gross	$ 293
Loans past due, percentage	0.60%

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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	$ 36,245	$ 209,846
Fiscal year before current fiscal year	195,815	133,788
Fiscal year two years before current fiscal year	118,837	10,248
Fiscal year three years before current fiscal year	9,044
Total loans	359,941	353,882	$ 356,571
Less than 705
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	2,681	5,898
Fiscal year before current fiscal year	5,726	5,389
Fiscal year two years before current fiscal year	4,860	348
Fiscal year three years before current fiscal year	339
Total loans	13,606	11,635
705 - 734
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,970	23,392
Fiscal year before current fiscal year	22,441	10,543
Fiscal year two years before current fiscal year	9,395	542
Fiscal year three years before current fiscal year	502
Total loans	39,308	34,477
735 - 764
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	6,505	35,456
Fiscal year before current fiscal year	33,692	16,686
Fiscal year two years before current fiscal year	15,233	1,473
Fiscal year three years before current fiscal year	1,378
Total loans	56,808	53,615
765 - 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	4,797	57,141
Fiscal year before current fiscal year	53,433	31,035
Fiscal year two years before current fiscal year	28,066	1,622
Fiscal year three years before current fiscal year	1,400
Total loans	87,696	89,798
Greater than 794
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	13,719	87,959
Fiscal year before current fiscal year	80,523	70,135
Fiscal year two years before current fiscal year	61,283	6,263
Fiscal year three years before current fiscal year	5,425
Total loans	160,950	$ 164,357
No FICO score available or required
Financing Receivable, Credit Quality Indicator [Line Items]
Current fiscal year	1,573
Fiscal year before current fiscal year	0
Fiscal year two years before current fiscal year	0
Fiscal year three years before current fiscal year	0
Total loans	$ 1,573

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	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Accrued interest receivable	$ 806,854		$ 816,864
Loan discount, net of unamortized premiums	(33,638)		(30,714)
Allowance for loan losses	(110,093)	$ (114,263)	(131,827)	$ (119,057)	$ (120,424)	$ (127,113)
Financing receivable, after allowance for credit loss	13,867,557		15,243,889
Private education loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	128
2022	5,532
2021	9,310
2020	49,160
2019	41,110
Prior years	187,764
Total loans	293,004		252,383	262,183
Accrued interest receivable	2,750		2,146	2,207
Loan discount, net of unamortized premiums	(8,069)		(38)	(185)
Allowance for loan losses	(16,944)	(14,322)	(15,411)	(15,577)	(15,253)	(16,143)
Financing receivable, after allowance for credit loss	270,741		239,080	248,628
Current period gross charge-offs, current fiscal year	0
Current period gross charge-offs, fiscal year before current fiscal year	35
Current period gross charge-offs, two years before current fiscal year	10
Current period gross charge-offs, three years before current fiscal year	105
Current period gross charge-offs, four years before current fiscal year	548
Current period gross charge-offs, more than five years before current fiscal year	1,581
Current period gross charge-offs, total	2,279
Private education loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	271,948		232,539	238,926
Private education loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	3,485		2,410	2,014
Private education loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,424		767	992
Private education loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,494		1,894	1,950
Private education loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	1,138
2021	4,845
2020	1,105
2019	1,647
Prior years	2,638
Total loans	11,373
Private education loans - Non-Nelnet Bank: | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	79
2021	50
2020	411
2019	569
Prior years	1,171
Total loans	2,280
Private education loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	128
2022	4,315
2021	4,415
2020	47,644
2019	38,894
Prior years	183,955
Total loans	279,351
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	128
2022	4,311
2021	4,351
2020	46,927
2019	38,618
Prior years	177,613
Total loans	271,948
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	0
2021	33
2020	383
2019	234
Prior years	2,835
Total loans	3,485
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	4
2021	31
2020	145
2019	42
Prior years	1,202
Total loans	1,424
Private education loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	0
2021	0
2020	189
2019	0
Prior years	2,305
Total loans	2,494
Consumer and other loans - Non-Nelnet Bank:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	84,984
2022	51,534
2021	5,197
2020	533
2019	877
Prior years	508
Total loans	143,633		350,915	231,441
Accrued interest receivable	1,716		3,658	2,561
Loan discount, net of unamortized premiums	(180)		(588)	(1,847)
Allowance for loan losses	(14,022)	(20,005)	(30,263)	(13,290)	(10,576)	(6,481)
Financing receivable, after allowance for credit loss	131,147		323,722	218,865
Current period gross charge-offs, current fiscal year	2,866
Current period gross charge-offs, fiscal year before current fiscal year	5,580
Current period gross charge-offs, two years before current fiscal year	583
Current period gross charge-offs, three years before current fiscal year	27
Current period gross charge-offs, four years before current fiscal year	80
Current period gross charge-offs, more than five years before current fiscal year	128
Current period gross charge-offs, total	9,264
Consumer and other loans - Non-Nelnet Bank: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	137,744		346,812	228,827
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,987		1,906	1,019
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,293		764	427
Consumer and other loans - Non-Nelnet Bank: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	2,589		1,324	1,139
Consumer and other loans - Non-Nelnet Bank: | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	0
2022	0
2021	18
2020	0
2019	0
Prior years	2
Total loans	20
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	84,984
2022	51,534
2021	5,179
2020	533
2019	877
Prior years	506
Total loans	143,613
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	83,292
2022	48,425
2021	4,687
2020	506
2019	664
Prior years	170
Total loans	137,744
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	677
2022	1,128
2021	167
2020	0
2019	9
Prior years	6
Total loans	1,987
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	623
2022	579
2021	84
2020	0
2019	5
Prior years	2
Total loans	1,293
Consumer and other loans - Non-Nelnet Bank: | Loans in repayment status: | Loans delinquent 91 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	392
2022	1,402
2021	241
2020	27
2019	199
Prior years	328
Total loans	2,589
Private education loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	36,245		209,846
2022	195,815		133,788
2021	118,837		10,248
2020	9,044
2019	0
Prior years	0
Total loans	359,941		353,882	356,571
Accrued interest receivable	1,905		1,152	969
Loan discount, net of unamortized premiums	5,578		5,360	5,369
Deferred origination costs, net of unaccreted discount	5,578
Allowance for loan losses	(3,083)	(2,905)	(2,390)	(2,248)	$ (1,744)	$ (840)
Financing receivable, after allowance for credit loss	364,341		358,004	360,661
Current period gross charge-offs, current fiscal year	20
Current period gross charge-offs, fiscal year before current fiscal year	637
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	657
Private education loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	333,595		340,830	344,469
Private education loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	679		167	197
Private education loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	412		32	79
Private education loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	511		409	$ 414
Private education loans - Nelnet Bank | Loans in-school/grace/deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	9,028
2022	12,210
2021	1,218
2020	1,119
2019	0
Prior years	0
Total loans	23,575
Private education loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	147
2022	683
2021	339
2020	0
2019	0
Prior years	0
Total loans	1,169
Private education loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	27,070
2022	182,922
2021	117,280
2020	7,925
2019	0
Prior years	0
Total loans	335,197
Private education loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	26,709
2022	182,313
2021	116,684
2020	7,889
2019	0
Prior years	0
Total loans	333,595
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	228
2022	249
2021	166
2020	36
2019	0
Prior years	0
Total loans	679
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	4
2022	165
2021	243
2020	0
2019	0
Prior years	0
Total loans	412
Private education loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	129
2022	195
2021	187
2020	0
2019	0
Prior years	0
Total loans	511
Consumer and other loans - Nelnet Bank
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	49,066
2022	490
2021	55
2020	0
2019	0
Prior years	0
Total loans	49,611		0
Accrued interest receivable	373
Loan discount, net of unamortized premiums	(7)
Allowance for loan losses	(3,853)	$ (2,816)	$ 0
Financing receivable, after allowance for credit loss	46,124
Current period gross charge-offs, current fiscal year	517
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	517
Consumer and other loans - Nelnet Bank | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	48,358
Consumer and other loans - Nelnet Bank | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	527
Consumer and other loans - Nelnet Bank | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	306
Consumer and other loans - Nelnet Bank | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	293
Consumer and other loans - Nelnet Bank | Loans in deferment
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	95
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	95
Consumer and other loans - Nelnet Bank | Loans in repayment status:
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	48,939
2022	490
2021	55
2020	0
2019	0
Prior years	0
Total loans	49,484
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans current
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	47,813
2022	490
2021	55
2020	0
2019	0
Prior years	0
Total loans	48,358
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 30-59 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	527
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	527
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 60-89 days
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	306
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	306
Consumer and other loans - Nelnet Bank | Loans in repayment status: | Loans delinquent 90 days or greater
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	293
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	293
Consumer and other loans - Nelnet Bank | Loans in forbearance
Financing Receivable, Credit Quality Indicator [Line Items]
Nine months ended September 30, 2023	32
2022	0
2021	0
2020	0
2019	0
Prior years	0
Total loans	$ 32

Bonds and Notes Payable - Outst

Bonds and Notes Payable - Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 12,544,682	$ 14,785,283
Discount on bonds and notes payable and debt issuance costs	(96,573)	(148,088)
Bonds and notes payable, net	12,448,109	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	$ 63	$ 395,432
Interest rate	6.06%	5.02%
Repurchase agreement
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 336,523	$ 567,254
Other - due to related party
Debt Instrument [Line Items]
Bonds and notes payable, gross	6,010	6,187
Federally insured | Bonds and notes based on indices
Debt Instrument [Line Items]
Bonds and notes payable, gross	10,028,276	11,868,190
Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Bonds and notes payable, gross	89,910	178,960
Federally insured | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	10,118,186	12,047,150
Federally insured | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	497,397	594,051
Federally insured | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	1,466,178	978,956
Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	15,579	19,865
Private education | Fixed rate bonds and notes
Debt Instrument [Line Items]
Bonds and notes payable, gross	16,626	23,032
Private education | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 38,183	$ 64,356
Interest rate	5.63%	4.72%
Consumer loans | Loan warehouse facility
Debt Instrument [Line Items]
Bonds and notes payable, gross	$ 49,937	$ 89,000
Interest rate	5.68%	4.73%
Minimum | Repurchase agreement
Debt Instrument [Line Items]
Interest rate	6.26%	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	5.27%	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	5.40%	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 agreement
Debt Instrument [Line Items]
Interest rate	6.72%	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	7.43%	6.39%
Maximum | Federally insured | Bonds and notes based on auction
Debt Instrument [Line Items]
Interest rate	6.43%	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	5.67%	4.71%
Maximum | Private education | Variable-rate bonds and notes
Debt Instrument [Line Items]
Interest rate	6.90%	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 ($)		9 Months Ended
	May 22, 2023	Sep. 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		1,466,178,000
Amount available		215,822,000
Advanced as equity support		108,308,000
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		1,067,533,000
Amount available		182,467,000
Advanced as equity support		74,825,000
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		398,645,000
Amount available		$ 33,355,000
Advance rate		92%
Advanced as equity support		$ 33,483,000
Private Loan Warehouse Facility
Line of Credit Facility [Line Items]
Maximum financing amount		38,183,000
Amount outstanding		38,183,000
Amount available		$ 0
Advance rate		0%
Advanced as equity support		$ 17,910,000
Consumer Loan Warehouse Facility
Line of Credit Facility [Line Items]
Maximum financing amount		250,000,000
Amount outstanding		49,937,000
Amount available		$ 200,063,000
Advance rate		70%
Advanced as equity support		$ 21,328,000

Bonds and Notes Payable - Narra

Bonds and Notes Payable - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Apr. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount of participation, student loan asset-backed securities at par value		$ 100,000
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		$ 336,500,000
Par value of asset-based securities		1,059,297,000	$ 1,389,037,000
Asset-backed securities
Debt Instrument [Line Items]
Par value of asset-based securities		257,300,000
Asset-based securities serving as collateral on secured debt repurchase agreements		118,900,000
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 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Purchase price	$ (4,284)	$ (13,563)	$ (5,112)	$ (67,081)
Par value	5,033	13,903	5,941	69,133
Remaining unamortized cost of issuance	(12)	(180)	(14)	(821)
Gain	$ 737	$ 160	$ 815	$ 1,231

Derivative Financial Instrume_3

Derivative Financial Instruments - Outstanding Basis Swap (Details) - 1:3 basis swaps - USD ($)	Sep. 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 ($)	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Gross fair value of derivatives	$ 3,056,000	$ 0
1:3 basis swaps
Derivative [Line Items]
Notional amount	$ 3,150,000,000	$ 3,900,000,000
1:3 basis swaps | Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Weighted average rate	0.101%
1:3 basis swaps | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Weighted average rate		0.097%
Interest rate swaps - Nelnet Bank | Variable Rate Deposits
Derivative [Line Items]
Gross fair value of derivatives	$ 3,100,000
Notional amount	$ 115,000,000

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	Sep. 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	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 115,000
Weighted average fixed rate paid by the Company	3.36%
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	$ 50,000
Weighted average fixed rate paid by the Company	3.06%
Variable Rate Deposits, April 2026 Effective Start Date
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 25,000
Variable Rate Deposits, May 2026 Effective Start Date
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	25,000
2032
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 25,000
Weighted average fixed rate paid by the Company	4.03%

Derivative Financial Instrume_7

Derivative Financial Instruments - Derivative Impact on Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	$ 817	$ 10,271	$ 24,219	$ 12,085
Change in fair value	3,140	52,991	$ (32,266)	239,125
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Derivative market value adjustments and derivative settlements, net
Derivative market value adjustments and derivative settlements, net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative settlements, net	817	10,271	$ 24,219	12,085
Derivative market value adjustments and derivative settlements, net - income (expense)	3,957	63,262	(8,047)	251,210
1:3 basis swaps
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	(464)	189	$ (253)	929
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			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	386	(1,085)	$ 1,180	242
Interest rate swaps - floor income hedge
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	1,656	52,802	$ (35,070)	238,196
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			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	235	11,356	$ 22,760	11,843
Interest rate swaps - Nelnet Bank
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value	1,948	0	$ 3,057	0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			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	$ 196	$ 0	$ 279	$ 0

Investments and Notes Receiva_3

Investments and Notes Receivable - Summary of Investments (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended	9 Months Ended
	Feb. 06, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments (at fair value):
Amortized cost		$ 1,092,419				$ 1,092,419		$ 1,441,630
Gross unrealized gains		11,487				11,487		4,622
Gross unrealized losses		(44,609)				(44,609)		(57,215)
Fair value		1,059,297				1,059,297		1,389,037
Equity securities		46,634				46,634		39,082
Total investments at fair value		1,105,931				1,105,931		1,428,119
Held to maturity investments
Fair value		163,066				163,066		18,774
Beneficial interest in securitizations		191,152				191,152		138,738
Notes receivable		54,129				54,129		31,106
Other investments		839,757				839,757		683,798
Total investments and notes receivable		1,945,688				1,945,688		2,111,917
Amount of participation, student loan asset-backed securities at par value		100				100
Private education loan asset-backed securities subject to repurchase agreements with third-parties, par value		294,500				294,500
Private education loan asset-backed securities subject to repurchase agreements with third-parties, fair value		260,100				260,100
Debt securities, held-to-maturity, transfer from available-for-sale			$ 149,200
Debt securities, held-to-maturity, transfer from available-for-sale, unrealized loss					$ 3,700
Equity securities, realized gain		2,299		$ 2,164		6,822	$ 6,420
Net loss attributable to noncontrolling interests		3,096		4,329		15,738	8,315
Net income (loss) excluding those attributed to noncontrolling interest investors		45,332		104,798		100,086	376,573
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		655,977				655,977		958,353
Gross unrealized gains		8,012				8,012		3,649
Gross unrealized losses		(39,707)				(39,707)		(44,333)
Fair value		624,282				624,282		917,669
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		295,986				295,986		463,861
Gross unrealized gains		5,930				5,930		3,498
Gross unrealized losses		(5,310)				(5,310)		(11,105)
Fair value		296,606				296,606		456,254
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		294,068				294,068		335,903
Gross unrealized gains		0				0		0
Gross unrealized losses		(33,960)				(33,960)		(29,438)
Fair value		260,108				260,108		306,465
Asset-Backed Securities, Available-For-Sale, Other, Non-Nelnet Bank
Investments (at fair value):
Amortized cost		65,923				65,923		158,589
Gross unrealized gains		2,082				2,082		151
Gross unrealized losses		(437)				(437)		(3,790)
Fair value		67,568				67,568		154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Investments (at fair value):
Amortized cost		436,442				436,442		483,277
Gross unrealized gains		3,475				3,475		973
Gross unrealized losses		(4,902)				(4,902)		(12,882)
Fair value		435,015				435,015		471,368
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		318,919				318,919		349,855
Gross unrealized gains		3,329				3,329		955
Gross unrealized losses		(2,393)				(2,393)		(8,853)
Fair value		319,855				319,855		341,957
Asset-Backed Securities, Available-For-Sale, Private Education Loans, Nelnet Bank
Investments (at fair value):
Amortized cost		1,609				1,609		1,941
Gross unrealized gains		0				0		0
Gross unrealized losses		(83)				(83)		(122)
Fair value		1,526				1,526		1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Investments (at fair value):
Amortized cost		115,914				115,914		131,481
Gross unrealized gains		146				146		18
Gross unrealized losses		(2,426)				(2,426)		(3,907)
Fair value		113,634				113,634		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		158,366				158,366		220
Asset-Backed Securities, Held-To-Maturity, Federal Family Education Loan Program (FFELP) Loans, Nelnet Bank
Held to maturity investments
Fair value		158,125				158,125		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		100				100
Venture capital funds
Held to maturity investments
Measurement alternative		193,106				193,106		160,052
Equity method		99,640				99,640		89,332
Other investments		292,746				292,746		249,384
Carrying amount of investment		193,106				193,106		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		97,053				97,053		80,364
Partnership Interest
Held to maturity investments
Equity method		26,294				26,294		67,538
Preferred membership interest and accrued and unpaid preferred return		152,748				152,748		145,926
Other investments		179,042				179,042		213,464
Additional equity investment			$ 8,400
Equity securities, realized loss		17,300		17,600		49,700	47,600
Preferred membership interest and accrued and unpaid preferred return		152,748				152,748		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		6,800				6,800
Beneficial interest in consumer loans and other
Held to maturity investments
Beneficial interest in securitizations		98,701				98,701		39,249
Beneficial interest in private education loan securitizations
Held to maturity investments
Beneficial interest in securitizations		69,716				69,716		75,261
Loans corresponding to beneficial interest		540,000				540,000
Beneficial interest in federally insured loan securitizations
Held to maturity investments
Beneficial interest in securitizations		22,735				22,735		24,228
Loans corresponding to beneficial interest		350,000				350,000
Solar
Held to maturity investments
Solar		(144,929)				(144,929)		(55,448)
Amount funded or committed to fund		332,000				332,000
Amount funded or committed to fund by partners		126,500				126,500
Equity method investment, amount committed to fund		265,900				265,900
Equity method investment, amount committed to fund by partners		128,700				128,700
Pre-tax loss from equity investment		3,600		4,200		13,500	7,100
Net loss attributable to noncontrolling interests		1,800		4,100		12,000	8,000
Net income (loss) excluding those attributed to noncontrolling interest investors		(1,800)		(100)		(1,500)	900
Tax liens, affordable housing, and other
Held to maturity investments
Other investments		7,498				7,498		$ 7,416
Consumer loans
Held to maturity investments
Loans corresponding to beneficial interest		$ 660,000				$ 660,000
Preferred Partnership Interest
Held to maturity investments
Equity method investment, preferred annual return		6.25%				6.25%
Equity securities, realized gain		$ 2,300		$ 2,200		$ 6,800	$ 6,400

Investments and Notes Receiva_4

Investments and Notes Receivable - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	$ 69,688
Amortized cost, after 1 year through 5 years	56,620
Amortized cost, after 5 years through 10 years	140,823
Amortized cost, after 10 years	825,288
Amortized cost	1,092,419	$ 1,441,630
Fair value
Fair value, 1 year or less	69,388
Fair value, after 1 year through 5 years	55,798
Fair value, after 5 years through 10 years	139,013
Fair value, after 10 years	795,098
Total	1,059,297	1,389,037
Held to maturity investments
Amortized cost, 1 year or less	4,941
Amortized cost, after 1 year through 5 years	3,571
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	154,554
Total	163,066	18,774
Fair value
Fair value, 1 year or less	4,941
Fair value, after 1 year through 5 years	3,641
Fair value, after 5 years through 10 years	0
Fair value, after 10 years	155,786
Total	164,368
Asset-Backed Securities, Available-For-Sale, Non-Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	0
Amortized cost, after 1 year through 5 years	15,907
Amortized cost, after 5 years through 10 years	37,468
Amortized cost, after 10 years	602,602
Amortized cost	655,977	958,353
Fair value
Fair value, 1 year or less	0
Fair value, after 1 year through 5 years	15,676
Fair value, after 5 years through 10 years	36,563
Fair value, after 10 years	572,043
Total	624,282	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	0
Amortized cost, after 1 year through 5 years	15,808
Amortized cost, after 5 years through 10 years	28,269
Amortized cost, after 10 years	251,909
Amortized cost	295,986	463,861
Fair value
Total	296,606	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	294,068
Amortized cost	294,068	335,903
Fair value
Total	260,108	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	9,199
Amortized cost, after 10 years	56,625
Amortized cost	65,923	158,589
Fair value
Total	67,568	154,950
Asset-Backed Securities, Available-For-Sale, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	69,688
Amortized cost, after 1 year through 5 years	40,713
Amortized cost, after 5 years through 10 years	103,355
Amortized cost, after 10 years	222,686
Amortized cost	436,442	483,277
Fair value
Fair value, 1 year or less	69,388
Fair value, after 1 year through 5 years	40,122
Fair value, after 5 years through 10 years	102,450
Fair value, after 10 years	223,055
Total	435,015	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	68,494
Amortized cost, after 1 year through 5 years	13,183
Amortized cost, after 5 years through 10 years	55,630
Amortized cost, after 10 years	181,612
Amortized cost	318,919	349,855
Fair value
Total	319,855	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	1,609
Amortized cost	1,609	1,941
Fair value
Total	1,526	1,819
Asset-Backed Securities, Available-For-Sale, Other, Nelnet Bank
Available-for-sale asset-backed securities
Amortized cost, 1 year or less	1,194
Amortized cost, after 1 year through 5 years	27,530
Amortized cost, after 5 years through 10 years	47,725
Amortized cost, after 10 years	39,465
Amortized cost	115,914	131,481
Fair value
Total	113,634	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	3,571
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	154,554
Total	158,366	220
Fair value
Fair value, 1 year or less	241
Fair value, after 1 year through 5 years	3,641
Fair value, after 5 years through 10 years	0
Fair value, after 10 years	155,786
Total	159,668
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	3,571
Amortized cost, after 5 years through 10 years	0
Amortized cost, after 10 years	154,554
Total	158,125	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)	Sep. 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	Sep. 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	$ (13,505)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	416,739
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(31,104)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	300,314
Total, unrealized loss	(44,609)
Total, fair value	717,053
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	(11,858)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	267,743
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(27,849)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	195,548
Total, unrealized loss	(39,707)
Total, fair value	463,291
Asset-Backed Securities, Available-For-Sale, Federal Family Education Loan Program (FFELP) Loans, Non-Nelnet Bank
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, unrealized loss	(5,283)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	181,168
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(27)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	716
Total, unrealized loss	(5,310)
Total, fair value	181,884
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	(6,138)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	65,276
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(27,822)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	194,832
Total, unrealized loss	(33,960)
Total, fair value	260,108
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	(437)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	21,299
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	(437)
Total, fair value	21,299
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	(1,647)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	148,996
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(3,255)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	104,766
Total, unrealized loss	(4,902)
Total, fair value	253,762
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	(1,328)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	123,951
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(1,065)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	60,907
Total, unrealized loss	(2,393)
Total, fair value	184,858
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	0
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	0
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(83)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	1,526
Total, unrealized loss	(83)
Total, fair value	1,526
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	(319)
Available-for-sale asset-backed securities, unrealized loss position less than 12 months, fair value	25,045
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, unrealized loss	(2,107)
Available-for-sale asset-backed securities, unrealized loss position 12 months or more, fair value	42,333
Total, unrealized loss	(2,426)
Total, fair value	$ 67,378

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments [Abstract]
Gross proceeds from sales	$ 198,548	$ 130,705	$ 776,096	$ 450,457
Gross realized gains	1,257	1,142	3,451	5,016
Gross realized losses	(193)	(564)	(6,452)	(796)
Net gains (losses)	$ 1,064	$ 578	$ (3,001)	$ 4,220

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining useful life	96 months
Amortizable intangible assets, net	$ 51,910	$ 63,501
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 45,217	55,116
Weighted average remaining useful life	105 months
Amortizable intangible assets, net	$ 45,490	51,738
Trade names
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 5,177	617
Weighted average remaining useful life	21 months
Amortizable intangible assets, net	$ 3,733	8,293
Computer software
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 487	6,400
Weighted average remaining useful life	43 months
Amortizable intangible assets, net	$ 1,233	1,520
Other
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization of intangible assets	$ 986	490
Weighted average remaining useful life	45 months
Amortizable intangible assets, net	$ 1,454	$ 1,950

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 5.4	$ 3.3	$ 11.6	$ 8.6

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023 (October 1 - December 31)	$ 5,382
2024	8,775
2025	7,141
2026	6,294
2027	5,814
2028 and thereafter	18,504
Amortizable intangible assets, net	$ 51,910	$ 63,501

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Sep. 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

Impairment Expense (Details)

Impairment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Impairment charges	$ 5,000
Impairment expense	4,974	$ (121)	$ 4,974	$ 6,163
Related Party
Related Party Transaction [Line Items]
Impairment charges	$ 2,400

Bank Deposits - Narrative (Deta

Bank Deposits - Narrative (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Intercompany deposits	$ 229,300,000	$ 98,300,000
Restricted cash	445,983,000	945,159,000	$ 799,212,000	$ 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	Sep. 30, 2023	Dec. 31, 2022
Deposits [Abstract]
Brokered CDs, net of brokered deposit fees	$ 203,470	$ 254,817
Commercial	2,057	0
Retail and other savings (529, STFIT, and HSA)	491,496	410,556
Retail and other CDs (commercial and institutional)	21,030	25,949
Total interest-bearing deposits	$ 718,053	$ 691,322

Bank Deposits - Certificates of

Bank Deposits - Certificates of Deposit Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Deposits [Abstract]
After two years to three years	$ 149,855
After three years to four years	74,298
After four years to five years	347
Total	$ 224,500

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 45,332	$ 104,798	$ 100,086	$ 376,573
Net income attributable to Nelnet, Inc., diluted	$ 45,332	$ 104,798	$ 100,086	$ 376,573
Weighted-average common shares outstanding - basic (in shares)	37,498,073	37,380,493	37,437,587	37,708,425
Weighted-average common shares outstanding - diluted (in shares)	37,498,073	37,380,493	37,437,587	37,708,425
Earnings per share - basic (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Earnings per share - diluted (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Common shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 44,367	$ 102,763	$ 97,982	$ 369,479
Net income attributable to Nelnet, Inc., diluted	$ 44,367	$ 102,763	$ 97,982	$ 369,479
Weighted-average common shares outstanding - basic (in shares)	36,699,510	36,654,781	36,650,653	36,998,100
Weighted-average common shares outstanding - diluted (in shares)	36,699,510	36,654,781	36,650,653	36,998,100
Earnings per share - basic (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Earnings per share - diluted (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Unvested restricted stock shareholders
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Nelnet, Inc., basic	$ 965	$ 2,035	$ 2,104	$ 7,094
Net income attributable to Nelnet, Inc., diluted	$ 965	$ 2,035	$ 2,104	$ 7,094
Weighted-average common shares outstanding - basic (in shares)	798,563	725,712	786,934	710,325
Weighted-average common shares outstanding - diluted (in shares)	798,563	725,712	786,934	710,325
Earnings per share - basic (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99
Earnings per share - diluted (in dollars per share)	$ 1.21	$ 2.80	$ 2.67	$ 9.99

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total interest income	$ 284,551	$ 203,133	$ 834,547	$ 479,916
Interest expense	207,159	126,625	639,756	248,347
Net interest income	77,392	76,508	194,791	231,569
Less provision for loan losses	10,659	9,665	54,526	18,640
Net interest income after provision for loan losses	66,733	66,843	140,265	212,929
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	(211)	2,225	(21,293)	24,750
Gain on sale of loans, net	5,362	2,627	32,685	5,616
Impairment and other expense, net	(4,974)	121	(4,974)	(6,163)
Derivative settlements, net	817	10,271	24,219	12,085
Derivative market value adjustments, net	3,140	52,991	(32,266)	239,125
Total other income (expense), net	252,123	318,684	764,454	990,420
Total cost of services	51,477	48,644	157,008	115,041
Operating expenses:
Salaries and benefits	141,204	147,198	438,620	438,010
Depreciation and amortization	21,835	18,772	57,114	53,978
Other expenses	51,370	43,858	138,154	120,297
Intersegment expenses, net	0	0	0	0
Total operating expenses	214,409	209,828	633,888	612,285
Income before income taxes	52,970	127,055	113,823	476,023
Income tax (expense) benefit	(10,734)	(26,586)	(29,475)	(107,765)
Net income	42,236	100,469	84,348	368,258
Net (income) loss attributable to noncontrolling interests	3,096	4,329	15,738	8,315
Net income attributable to Nelnet, Inc.	45,332	104,798	100,086	376,573
Total assets	17,222,682	19,563,533	17,222,682	19,563,533	$ 19,374,044
Operating Segments | Loan Servicing and Systems
Segment Reporting Information [Line Items]
Total interest income	1,098	831	3,193	1,144
Interest expense	0	0	0	44
Net interest income	1,098	831	3,193	1,100
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	1,098	831	3,193	1,100
Other income (expense):
Intersegment revenue	6,944	8,281	21,980	25,142
Other, net	687	596	1,900	1,946
Gain on sale of loans, net	0	0	0	0
Impairment and other expense, net	(296)	0	(296)	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	135,227	143,074	412,722	422,526
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	73,310	82,067	234,012	257,259
Depreciation and amortization	5,023	5,784	14,400	16,056
Other expenses	15,629	16,654	42,760	46,375
Intersegment expenses, net	17,894	17,486	58,030	56,442
Total operating expenses	111,856	121,991	349,202	376,132
Income before income taxes	24,469	21,914	66,713	47,494
Income tax (expense) benefit	(5,872)	(5,259)	(16,011)	(11,399)
Net income	18,597	16,655	50,702	36,095
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	18,597	16,655	50,702	36,095
Total assets	243,697	235,858	243,697	235,858
Operating Segments | Education Technology, Services, and Payment Processing
Segment Reporting Information [Line Items]
Total interest income	8,934	3,707	20,237	4,920
Interest expense	0	0	0	0
Net interest income	8,934	3,707	20,237	4,920
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	8,934	3,707	20,237	4,920
Other income (expense):
Intersegment revenue	77	8	198	16
Other, net	0	0	0	0
Gain on sale of loans, net	0	0	0	0
Impairment and other expense, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	113,873	106,902	357,456	310,227
Total cost of services	43,694	42,676	131,804	109,073
Operating expenses:
Salaries and benefits	39,776	34,950	116,040	98,356
Depreciation and amortization	3,030	2,532	8,424	7,544
Other expenses	8,309	7,034	26,063	19,549
Intersegment expenses, net	5,875	4,762	17,559	14,171
Total operating expenses	56,990	49,278	168,086	139,620
Income before income taxes	22,123	18,655	77,803	66,454
Income tax (expense) benefit	(5,307)	(4,475)	(18,700)	(15,947)
Net income	16,816	14,180	59,103	50,507
Net (income) loss attributable to noncontrolling interests	(6)	(61)	113	(8)
Net income attributable to Nelnet, Inc.	16,810	14,119	59,216	50,499
Total assets	444,631	440,859	444,631	440,859
Operating Segments | Asset Generation and Management
Segment Reporting Information [Line Items]
Total interest income	248,878	182,932	737,359	441,926
Interest expense	197,393	120,009	618,905	235,720
Net interest income	51,485	62,923	118,454	206,206
Less provision for loan losses	8,732	9,215	48,689	17,178
Net interest income after provision for loan losses	42,753	53,708	69,765	189,028
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	2,776	4,627	6,939	16,270
Gain on sale of loans, net	5,362	2,627	32,685	5,616
Impairment and other expense, net	0	0	0	0
Derivative settlements, net	621	10,271	23,940	12,085
Derivative market value adjustments, net	1,192	52,991	(35,323)	239,125
Total other income (expense), net	9,951	70,516	28,241	273,096
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	1,242	653	3,093	1,858
Depreciation and amortization	0	0	0	0
Other expenses	2,952	3,349	12,083	9,925
Intersegment expenses, net	7,948	8,350	24,789	25,694
Total operating expenses	12,142	12,352	39,965	37,477
Income before income taxes	40,562	111,872	58,041	424,647
Income tax (expense) benefit	(9,735)	(26,849)	(13,930)	(101,915)
Net income	30,827	85,023	44,111	322,732
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	30,827	85,023	44,111	322,732
Total assets	14,111,517	16,374,493	14,111,517	16,374,493
Operating Segments | Nelnet Bank
Segment Reporting Information [Line Items]
Total interest income	15,171	7,551	41,092	15,792
Interest expense	9,456	3,298	24,841	5,792
Net interest income	5,715	4,253	16,251	10,000
Less provision for loan losses	1,927	450	5,837	1,462
Net interest income after provision for loan losses	3,788	3,803	10,414	8,538
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	565	566	1,395	2,224
Gain on sale of loans, net	0	0	0	0
Impairment and other expense, net	0	0	0	0
Derivative settlements, net	196	0	279	0
Derivative market value adjustments, net	1,948	0	3,057	0
Total other income (expense), net	2,709	566	4,731	2,224
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	2,520	1,814	6,881	5,082
Depreciation and amortization	259	4	315	11
Other expenses	1,290	1,427	3,696	3,009
Intersegment expenses, net	129	69	302	171
Total operating expenses	4,198	3,314	11,194	8,273
Income before income taxes	2,299	1,055	3,951	2,489
Income tax (expense) benefit	(552)	(246)	(913)	(574)
Net income	1,747	809	3,038	1,915
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Nelnet, Inc.	1,747	809	3,038	1,915
Total assets	1,089,565	884,089	1,089,565	884,089
Corporate and Other Activities
Segment Reporting Information [Line Items]
Total interest income	16,253	10,860	63,307	21,087
Interest expense	6,093	6,067	26,653	11,745
Net interest income	10,160	4,793	36,654	9,342
Less provision for loan losses	0	0	0	0
Net interest income after provision for loan losses	10,160	4,793	36,654	9,342
Other income (expense):
Intersegment revenue	0	0	0	0
Other, net	(4,238)	(3,564)	(31,526)	4,309
Gain on sale of loans, net	0	0	0	0
Impairment and other expense, net	(4,678)	121	(4,678)	(6,163)
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	(2,615)	5,915	(16,517)	7,504
Total cost of services	7,783	5,968	25,204	5,968
Operating expenses:
Salaries and benefits	25,019	27,713	79,403	75,455
Depreciation and amortization	13,522	10,452	33,976	30,366
Other expenses	23,192	15,395	53,550	41,438
Intersegment expenses, net	(25,488)	(22,378)	(79,310)	(71,320)
Total operating expenses	36,245	31,182	87,619	75,939
Income before income taxes	(36,483)	(26,442)	(92,686)	(65,061)
Income tax (expense) benefit	10,732	10,244	20,080	22,070
Net income	(25,751)	(16,198)	(72,606)	(42,991)
Net (income) loss attributable to noncontrolling interests	3,102	4,390	15,625	8,323
Net income attributable to Nelnet, Inc.	(22,649)	(11,808)	(56,981)	(34,668)
Total assets	2,052,500	2,360,882	2,052,500	2,360,882
Eliminations
Segment Reporting Information [Line Items]
Total interest income	(5,783)	(2,748)	(30,643)	(4,953)
Interest expense	(5,783)	(2,748)	(30,643)	(4,953)
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	(7,021)	(8,289)	(22,178)	(25,158)
Other, net	0	0	0	0
Gain on sale of loans, net	0	0	0	0
Impairment and other expense, net	0	0	0	0
Derivative settlements, net	0	0	0	0
Derivative market value adjustments, net	0	0	0	0
Total other income (expense), net	(7,021)	(8,289)	(22,178)	(25,158)
Total cost of services	0	0	0	0
Operating expenses:
Salaries and benefits	(663)	0	(808)	0
Depreciation and amortization	0	0	0	0
Other expenses	0	0	0	0
Intersegment expenses, net	(6,358)	(8,289)	(21,370)	(25,158)
Total operating expenses	(7,021)	(8,289)	(22,178)	(25,158)
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	(719,228)	(732,648)	(719,228)	(732,648)
Loan servicing and systems revenue
Other income (expense):
Revenue	127,892	134,197	389,138	395,438
Loan servicing and systems revenue | Operating Segments | Loan Servicing and Systems
Other income (expense):
Revenue	127,892	134,197	389,138	395,438
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	113,796	106,894	357,258	310,211
Total cost of services	43,694	42,676	131,804	109,073
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	113,796	106,894	357,258	310,211
Total cost of services	43,694	42,676	131,804	109,073
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	6,301	9,358	19,687	9,358
Total cost of services	7,783	5,968	25,204	5,968
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	6,301	9,358	19,687	9,358
Total cost of services	7,783	5,968	25,204	5,968
Solar construction revenue | Eliminations
Other income (expense):
Revenue	0	0	0	0
Total cost of services	$ 0	$ 0	$ 0	$ 0

Disaggregated Revenue - Disaggr

Disaggregated Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Solar construction revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 6,301	$ 9,358	$ 19,687	$ 9,358
Commercial revenue
Disaggregation of Revenue [Line Items]
Revenue	4,101	7,856	12,339	7,856
Residential revenue
Disaggregation of Revenue [Line Items]
Revenue	2,085	1,398	7,266	1,398
Other
Disaggregation of Revenue [Line Items]
Revenue	115	104	82	104
Loan servicing and systems revenue
Disaggregation of Revenue [Line Items]
Revenue	127,892	134,197	389,138	395,438
Government loan servicing
Disaggregation of Revenue [Line Items]
Revenue	100,154	104,428	304,769	312,368
Private education and consumer loan servicing
Disaggregation of Revenue [Line Items]
Revenue	12,330	12,198	36,556	37,194
FFELP loan servicing
Disaggregation of Revenue [Line Items]
Revenue	3,304	4,127	10,226	12,386
Software services
Disaggregation of Revenue [Line Items]
Revenue	9,416	8,229	25,076	23,536
Outsourced services
Disaggregation of Revenue [Line Items]
Revenue	2,688	5,215	12,511	9,954
Education technology, services, and payment processing revenue
Disaggregation of Revenue [Line Items]
Revenue	113,796	106,894	357,258	310,211
Tuition payment plan services
Disaggregation of Revenue [Line Items]
Revenue	30,223	25,779	95,235	84,131
Payment processing
Disaggregation of Revenue [Line Items]
Revenue	50,848	47,957	126,716	113,996
Education technology and services
Disaggregation of Revenue [Line Items]
Revenue	31,793	32,548	132,796	110,755
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 932	$ 610	$ 2,511	$ 1,329

Disaggregated Revenue - Other I

Disaggregated Revenue - Other Income (Expense) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
ALLO preferred return	$ 2,299	$ 2,164	$ 6,822	$ 6,420
Borrower late fee income	2,220	2,824	$ 6,635	7,693
Late Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Administration/sponsor fee income	1,712	1,920	$ 5,180	6,055
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other, net
Investment activity, net	(1,016)	10,701	$ (8,169)	40,626
Other	13,839	4,782	26,512	14,314
Other, net	(211)	2,225	(21,293)	24,750
ALLO Voting Membership Interests Investment
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(17,293)	(17,562)	(49,676)	(47,633)
Solar
Disaggregation of Revenue [Line Items]
Gain (loss) on investments	(3,605)	(4,216)	(13,481)	(7,100)
Investment advisory services
Disaggregation of Revenue [Line Items]
Investment advisory services	$ 1,633	$ 1,612	$ 4,884	$ 4,375

Major Customer (Details)

Major Customer (Details) $ in Millions		3 Months Ended		9 Months Ended
	Apr. 24, 2023 borrower extension	Sep. 30, 2023 USD ($) borrower $ / borrowers	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) borrower $ / borrowers	Sep. 30, 2022 USD ($)	Jun. 30, 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	3,500,000		4,500,000
Number of borrowers serviced by remote hosted servicing customer using entity platform		0		0			1,400,000
Government Loan Servicing
Concentration Risk [Line Items]
Revenue | $		$ 100.2	$ 104.4	$ 304.8	$ 312.4
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	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,105,931	$ 1,428,119
Derivative instruments	3,056	0
Total assets	1,108,987	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	1,059,297	1,389,037
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	80	6,719
Equity securities measured at net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	46,554	32,363
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	179	6,819
Derivative instruments	0	0
Total assets	179	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	80	6,719
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,059,198	1,388,937
Derivative instruments	3,056	0
Total assets	1,062,254	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	1,059,198	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	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Loans receivable	$ 13,867,557	$ 15,243,889
Accrued loan interest receivable	806,854	816,864
Cash and cash equivalents	187,690	118,146	$ 63,198	$ 125,563
Investments - held to maturity	164,368
Restricted cash - due to customers	158,872	294,311	$ 180,919	$ 326,645
Financial liabilities:
Accrued interest payable	36,391	36,049
Bank deposits	718,053	691,322
Due to customers	341,822	348,317
Fair value
Financial assets:
Loans receivable	13,462,084	14,586,794
Accrued loan interest receivable	806,854	816,864
Cash and cash equivalents	187,690	118,146
Investments (at fair value)	1,105,931	1,428,119
Investments - held to maturity	164,368	18,996
Notes receivable	54,129	31,106
Beneficial interest in loan securitizations	239,890	162,360
Restricted cash	445,983	945,159
Restricted cash - due to customers	158,872	294,311
Fair value of derivative instruments	3,056
Financial liabilities:
Bonds and notes payable	12,215,581	14,088,666
Accrued interest payable	36,391	36,049
Bank deposits	690,313	664,573
Due to customers	341,822	348,317
Fair value | Level 1
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	0	0
Cash and cash equivalents	187,690	118,146
Investments (at fair value)	179	6,819
Investments - held to maturity	0	0
Notes receivable	0	0
Beneficial interest in loan securitizations	0	0
Restricted cash	445,983	945,159
Restricted cash - due to customers	158,872	294,311
Fair value of derivative instruments	0
Financial liabilities:
Bonds and notes payable	0	0
Accrued interest payable	0	0
Bank deposits	440,062	355,282
Due to customers	341,822	348,317
Fair value | Level 2
Financial assets:
Loans receivable	0	0
Accrued loan interest receivable	806,854	816,864
Cash and cash equivalents	0	0
Investments (at fair value)	1,059,198	1,388,937
Investments - held to maturity	164,368	18,996
Notes receivable	54,129	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	3,056
Financial liabilities:
Bonds and notes payable	12,215,581	14,088,666
Accrued interest payable	36,391	36,049
Bank deposits	250,251	309,291
Due to customers	0	0
Fair value | Level 3
Financial assets:
Loans receivable	13,462,084	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	239,890	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	13,060,703	14,427,025
Accrued loan interest receivable	806,854	816,864
Cash and cash equivalents	187,690	118,146
Investments (at fair value)	1,105,931	1,428,119
Investments - held to maturity	163,066	18,774
Notes receivable	54,129	31,106
Beneficial interest in loan securitizations	191,152	138,738
Restricted cash	445,983	945,159
Restricted cash - due to customers	158,872	294,311
Fair value of derivative instruments	3,056
Financial liabilities:
Bonds and notes payable	12,448,109	14,637,195
Accrued interest payable	36,391	36,049
Bank deposits	718,053	691,322
Due to customers	$ 341,822	$ 348,317