v3.26.1
Loans and Accrued Interest Receivable and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Loans Receivable and Accrued Interest Receivable
Loans and accrued interest receivable consisted of the following:
As ofAs of
June 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a):
Stafford and other$1,744,658 1,772,172 
Consolidation4,748,739 5,665,071 
Total6,493,397 7,437,243 
Private education loans122,818 139,209 
Consumer loans and other financing receivables (b)1,213,556 1,122,717 
Non-Nelnet Bank loans7,829,771 8,699,169 
Nelnet Bank:
Federally insured loans (a):
Stafford and other53,525 23,960 
Consolidation799,816 148,360 
Total853,341 172,320 
Private education loans521,159 518,634 
Consumer and other loans264,597 266,608 
Nelnet Bank loans1,639,097 957,562 
Accrued interest receivable542,799 528,936 
Loan discount and deferred lender fees, net of unamortized loan premiums and deferred origination costs(44,387)(46,894)
Allowance for loan losses:
Non-Nelnet Bank:
Federally insured loans(38,173)(42,080)
Private education loans(6,239)(6,894)
Consumer loans and other financing receivables(92,215)(57,360)
Non-Nelnet Bank allowance for loan losses(136,627)(106,334)
Nelnet Bank:
Federally insured loans(3,016)(676)
Private education loans(12,609)(12,932)
Consumer and other loans(12,813)(12,136)
Nelnet Bank allowance for loan losses(28,438)(25,744)
$9,802,215 10,006,695 
(a)    During 2026, the Company's Asset Generation and Management operating segment (non-Nelnet Bank) contributed certain student loan securitization trusts to Nelnet Bank that included $716.3 million in federally insured loans.
(b)    Included in "consumer loans and other financing receivables" in the above table are Pay Later receivables that the Company began to purchase in the third quarter of 2025. As of June 30, 2026 and December 31, 2025, the balance of Pay Later receivables was $699.8 million and $744.2 million, respectively.
Schedule of Net Charge-offs as a Percentage of Average Loans
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 ofAs of
June 30, 2026December 31, 2025
Non-Nelnet Bank:
Federally insured loans (a)0.59 %0.57 %
Private education loans5.08 %4.95 %
Consumer loans and other financing receivables (b)7.60 %5.11 %
Nelnet Bank:
Federally insured loans (a)0.35 %0.39 %
Private education loans2.42 %2.49 %
Consumer and other loans4.84 %4.55 %
(a)    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 20.1% and 19.3%, and for Nelnet Bank was 17.1% and 17.3%, as of June 30, 2026 and December 31, 2025, respectively.
(b)    The increase in allowance for loan losses as a percentage of the ending loan balance for consumer loans and other financing receivables was driven by (1) a shift in loan mix, reflecting growth in certain consumer loans (non-Pay Later receivables) that carry a higher expected loss rate than the overall portfolio; and (2) the seasoning of Pay Later receivables, which the Company began acquiring in the third quarter of 2025. This increase was not due to a deterioration in credit quality, and delinquency and net charge-off rates remained consistent with management's expectations during the period.
The following table summarizes annualized net charge-offs as a percentage of average loans for each of the Company's loan portfolios:
Three months ended June 30,Six months ended June 30,
2026202520262025
Non-Nelnet Bank:
Federally insured loans0.16 %0.16 %0.16 %0.14 %
Private education loans0.46 %0.55 %0.54 %1.02 %
Consumer loans and other financing receivables8.78 %7.62 %8.86 %6.58 %
Nelnet Bank:
Federally insured loans0.07 %0.06 %0.07 %0.06 %
Private education loans0.87 %1.10 %1.00 %1.08 %
Consumer and other loans1.10 %1.71 %1.50 %1.49 %
Schedule of Allowance for Loan Losses
The following table presents the activity in the allowance for loan losses by portfolio segment:
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Three months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans$40,043 2,387 (2,687)— — (1,570)38,173 
Private education loans6,385 — (392)246 — — 6,239 
Consumer loans and other financing receivables79,593 38,939 (29,396)3,079 — — 92,215 
Nelnet Bank:
Federally insured loans1,725 (158)(121)— — 1,570 3,016 
Private education loans13,182 572 (1,498)353 — — 12,609 
Consumer and other loans14,263 (717)(829)96 — — 12,813 
$155,191 41,023 (34,923)3,774 — — 165,065 
Three months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$48,906 2,112 (3,391)— — — 47,627 
Private education loans10,394 (2,760)(523)295 — — 7,406 
Consumer loans and other financing receivables43,904 11,781 (7,967)310 — — 48,028 
Nelnet Bank:
Federally insured loans362 9 (16)— — — 355 
Private education loans9,893 2,839 (1,739)307 1,060 — 12,360 
Consumer and other loans6,617 3,731 (878)103 — — 9,573 
$120,076 17,712 (14,514)1,015 1,060 — 125,349 
Balance at beginning of periodProvision (negative provision) for loan lossesCharge-offsRecoveriesInitial allowance on loans purchased with credit deteriorationLoan sales/contributionsBalance at end of period
Six months ended June 30, 2026
Non-Nelnet Bank:
Federally insured loans$42,080 4,459 (5,655)— — (2,711)38,173 
Private education loans6,894 (306)(777)428 — — 6,239 
Consumer loans and other financing receivables57,360 85,639 (55,529)4,745 — — 92,215 
Nelnet Bank:
Federally insured loans676 (191)(180)— — 2,711 3,016 
Private education loans12,932 2,337 (3,291)631 — — 12,609 
Consumer and other loans12,136 2,657 (2,178)198 — — 12,813 
$132,078 94,595 (67,610)6,002 — — 165,065 
Six months ended June 30, 2025
Non-Nelnet Bank:
Federally insured loans$49,091 4,746 (6,210)— — — 47,627 
Private education loans11,130 (2,760)(1,457)493 — — 7,406 
Consumer loans and other financing receivables38,468 22,158 (13,143)545 — — 48,028 
Nelnet Bank:
Federally insured loans— 374 (19)— — — 355 
Private education loans10,086 3,925 (3,134)423 1,060 — 12,360 
Consumer and other loans6,115 4,734 (1,447)171 — — 9,573 
$114,890 33,177 (25,410)1,632 1,060 — 125,349 
Below is a reconciliation of the provision for loan losses reported in the consolidated statements of income:
Three months endedSix months ended
June 30,June 30,
2026202520262025
Provision for loan losses from allowance activity table above$41,023 17,712 94,595 33,177 
Provision expense (negative provision) for unfunded loan commitments, net54 218 (274)90 
Provision for loan losses reported in consolidated statements of income$41,077 17,930 94,321 33,267 
Schedule of Loan Status and Delinquencies The following table presents the Company’s loan status and delinquency amounts:
As of June 30, 2026As of December 31, 2025As of June 30, 2025
Federally insured loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $304,960 4.7 %$336,749 4.5 %$393,460 4.7 %
Loans in forbearance 504,082 7.8 493,277 6.6 555,469 6.6 
Loans in repayment status:
Loans current5,013,702 88.2 %5,701,660 86.3 %6,378,571 86.0 %
Loans delinquent 31-60 days184,769 3.2 234,259 3.5 261,809 3.5 
Loans delinquent 61-90 days126,576 2.2 147,645 2.2 175,562 2.4 
Loans delinquent 91-120 days71,368 1.3 94,765 1.4 111,678 1.5 
Loans delinquent 121-270 days190,828 3.4 280,899 4.3 360,754 4.9 
Loans delinquent 271 days or greater97,112 1.7 147,989 2.3 129,782 1.7 
Total loans in repayment5,684,355 87.5 100.0 %6,607,217 88.9 100.0 %7,418,156 88.7 100.0 %
Total federally insured loans6,493,397 100.0 %7,437,243 100.0 %8,367,085 100.0 %
Accrued interest receivable482,085 506,943 545,288 
Loan discount, net of unamortized premiums and deferred origination costs(26,000)(23,513)(26,523)
Allowance for loan losses(38,173)(42,080)(47,627)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$6,911,309 $7,878,593 $8,838,223 
As of June 30, 2026As of December 31, 2025As of June 30, 2025
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment $2,852 2.3 %$3,094 2.2 %$4,433 2.8 %
Loans in forbearance 2,679 2.2 3,049 2.2 1,530 1.0 
Loans in repayment status:
Loans current114,669 97.8 %130,018 97.7 %147,690 98.0 %
Loans delinquent 31-60 days858 0.7 1,253 0.9 1,246 0.8 
Loans delinquent 61-90 days854 0.7 515 0.4 564 0.4 
Loans delinquent 91 days or greater906 0.8 1,280 1.0 1,151 0.8 
Total loans in repayment117,287 95.5 100.0 %133,066 95.6 100.0 %150,651 96.2 100.0 %
Total private education loans122,818 100.0 %139,209 100.0 %156,614 100.0 %
Accrued interest receivable1,062 1,120 1,299 
Loan discount, net of unamortized premiums(3,474)(4,317)(5,162)
Allowance for loan losses(6,239)(6,894)(7,406)
Total private education loans and accrued interest receivable, net of allowance for loan losses$114,167 $129,118 $145,345 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$1,489 0.1 %$1,698 0.2 %$1,355 0.3 %
Loans in repayment status:
Loans current1,173,003 96.8 %1,085,883 96.9 %399,263 97.3 %
Loans delinquent 31-60 days15,436 1.3 13,723 1.2 3,731 0.9 
Loans delinquent 61-90 days11,384 0.9 10,797 1.0 3,096 0.8 
Loans delinquent 91 days or greater12,244 1.0 10,616 0.9 4,025 1.0 
Total loans in repayment1,212,067 99.9 100.0 %1,121,019 99.8 100.0 %410,115 99.7 100.0 %
Total consumer loans and other financing receivables1,213,556 100.0 %1,122,717 100.0 %411,470 100.0 %
Accrued interest receivable2,238 1,497 2,260 
Loan discount and deferred lender fees, net of unamortized premiums(20,524)(17,845)(6,296)
Allowance for loan losses(92,215)(57,360)(48,028)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,103,055 $1,049,009 $359,406 
Federally insured loans - Nelnet Bank (a):
Loans in-school/grace/deferment$29,991 3.5 %$6,162 3.6 %$2,665 2.5 %
Loans in forbearance43,723 5.1 8,787 5.1 5,550 5.2 
Loans in repayment status:
Loans current713,274 91.5 %141,357 89.9 %88,408 89.9 %
Loans delinquent 30-59 days19,771 2.5 5,686 3.6 2,806 2.9 
Loans delinquent 60-89 days13,982 1.8 2,703 1.7 2,001 2.0 
Loans delinquent 90-119 days6,700 0.9 980 0.6 1,683 1.7 
Loans delinquent 120-270 days18,696 2.4 4,844 3.1 2,495 2.5 
Loans delinquent 271 days or greater7,204 0.9 1,801 1.1 947 1.0 
Total loans in repayment779,627 91.4 100.0 %157,371 91.3 100.0 %98,340 92.3 100.0 %
Total federally insured loans853,341 100.0 %172,320 100.0 %106,555 100.0 %
Accrued interest receivable46,323 10,939 5,194 
Loan premium and deferred origination costs, net of unaccreted discount6,174 910 1,221 
Allowance for loan losses(3,016)(676)(355)
Total federally insured loans and accrued interest receivable, net of allowance for loan losses$902,822 $183,493 $112,615 
As of June 30, 2026As of December 31, 2025As of June 30, 2025
Private education loans - Nelnet Bank (a):
Loans in-school/grace/deferment$69,136 13.3 %$56,667 10.9 %$45,107 8.7 %
Loans in forbearance1,342 0.3 1,684 0.3 1,926 0.4 
Loans in repayment status:
Loans current443,365 98.3 %451,221 98.0 %460,426 98.0 %
Loans delinquent 30-59 days2,639 0.6 4,001 0.9 3,102 0.7 
Loans delinquent 60-89 days2,091 0.5 2,327 0.5 2,710 0.6 
Loans delinquent 90 days or greater2,586 0.6 2,734 0.6 3,392 0.7 
Total loans in repayment450,681 86.4 100.0 %460,283 88.8 100.0 %469,630 90.9 100.0 %
Total private education loans521,159 100.0 %518,634 100.0 %516,663 100.0 %
Accrued interest receivable8,726 6,599 5,540 
Loan discount, net of unamortized premiums and deferred origination costs(3,567)(5,686)(8,589)
Allowance for loan losses(12,609)(12,932)(12,360)
Total private education loans and accrued interest receivable, net of allowance for loan losses$513,709 $506,615 $501,254 
Consumer and other loans - Nelnet Bank (a):
Loans in deferment$9,911 3.7 %$10,006 3.8 %$8,538 4.2 %
Loans in repayment status:
Loans current252,216 99.0 %254,448 99.2 %194,507 99.3 %
Loans delinquent 30-59 days985 0.4 1,225 0.5 1,001 0.5 
Loans delinquent 60-89 days935 0.4 560 0.2 193 0.1 
Loans delinquent 90 days or greater550 0.2 369 0.1 184 0.1 
Total loans in repayment254,686 96.3 100.0 %256,602 96.2 100.0 %195,885 95.8 100.0 %
Total consumer and other loans264,597 100.0 %266,608 100.0 %204,423 100.0 %
Accrued interest receivable2,365 1,838 1,346 
Loan premium, net of unaccreted discount3,004 3,557 2,444 
Allowance for loan losses(12,813)(12,136)(9,573)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$257,153 $259,867 $198,640 
(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.
Schedule of Loans Receivable Credit Quality Indicators The following tables highlight the gross principal balance of Nelnet Bank's portfolios, by year of origination, stratified by FICO score at the time of origination or purchase:
Nelnet Bank Private Education Loans
Loan balance as of June 30, 2026
Six months ended June 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$1,959 6,907 2,641 2,550 3,621 19,626 37,304 7.2 %
705 - 7342,379 12,104 4,444 6,651 15,689 19,047 60,314 11.6 
735 - 7642,948 16,514 5,118 6,536 24,589 29,207 84,912 16.3 
765 - 7944,502 22,812 6,183 4,600 38,357 41,690 118,144 22.7 
Greater than 7949,618 32,452 12,988 10,312 52,963 96,730 215,063 41.2 
No FICO score available or required (a)— — 1,858 3,564 — — 5,422 1.0 
$21,406 90,789 33,232 34,213 135,219 206,300 521,159 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination or purchase:
Less than 705$5,540 2,788 2,909 4,061 3,519 18,772 37,589 7.2 %
705 - 7349,056 4,795 7,480 17,048 6,565 14,410 59,354 11.4 
735 - 76412,256 5,534 7,073 26,369 11,066 21,511 83,809 16.2 
765 - 79416,293 6,471 5,035 40,851 20,858 26,025 115,533 22.3 
Greater than 79423,370 14,017 11,819 57,404 40,529 68,618 215,757 41.6 
No FICO score available or required (a)— 2,275 4,317 — — — 6,592 1.3 
$66,515 35,880 38,633 145,733 82,537 149,336 518,634 100.0 %
Nelnet Bank Consumer and Other Loans
Loan balance as of June 30, 2026
Six months ended June 30, 20262025202420232022Prior yearsTotalPercent of total
FICO at origination:
Less than 720$413 12,537 15,245 1,600 — 1,220 31,015 11.7 %
720 - 7692,099 22,707 32,934 3,485 13 10,749 71,987 27.2 
Greater than 7698,285 47,706 43,070 5,371 56 7,421 111,909 42.3 
No FICO score available or required (a)3,108 34,946 10,879 428 272 53 49,686 18.8 
$13,905 117,896 102,128 10,884 341 19,443 264,597 100.0 %
Loan balance as of December 31, 2025
20252024202320222021Prior yearsTotalPercent of total
FICO at origination:
Less than 720$13,054 16,301 1,618 — 275 1,210 32,458 12.2 %
720 - 76924,995 36,292 3,621 15 5,231 6,686 76,840 28.8 
Greater than 76954,681 47,537 5,819 90 5,084 3,161 116,372 43.6 
No FICO score available or required (a)30,719 9,473 431 259 53 3 40,938 15.4 
$123,449 109,603 11,489 364 10,643 11,060 266,608 100.0 %
(a)    Loans with no FICO score available or required refers to loans issued to borrowers for which the Company cannot obtain a FICO score or are not required to under a special purpose credit program. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk.
The following table presents the amortized cost of the Company's private education, consumer, and other loans by loan status and delinquency amount as of June 30, 2026 based on year of origination. Effective July 1, 2010, no new loan originations can be made under the Federal Family Education Loan Program (the "FFEL Program" or FFELP) and all new federal loan originations must be made under the Federal Direct Loan Program. As such, all the Company’s federally insured loans were originated prior to July 1, 2010.
Six months ended June 30, 20262025202420232022Prior yearsTotal
Private education loans - Non-Nelnet Bank:
Loans in-school/grace/deferment$— — — — 226 2,626 2,852 
Loans in forbearance— — — — 68 2,611 2,679 
Loans in repayment status:
Loans current— — — 157 3,203 111,309 114,669 
Loans delinquent 31-60 days— — — — 17 841 858 
Loans delinquent 61-90 days— — — — — 854 854 
Loans delinquent 91 days or greater— — — — 7 899 906 
Total loans in repayment— — — 157 3,227 113,903 117,287 
Total private education loans$— — — 157 3,521 119,140 122,818 
Accrued interest receivable1,062 
Loan discount, net of unamortized premiums(3,474)
Allowance for loan losses(6,239)
Total private education loans and accrued interest receivable, net of allowance for loan losses$114,167 
Gross charge-offs - six months ended June 30, 2026$— — — — 20 757 777 
Consumer loans and other financing receivables - Non-Nelnet Bank:
Loans in forbearance$62 171 441 815 — — 1,489 
Loans in repayment status:
Loans current970,862 173,954 15,398 11,232 1,181 376 1,173,003 
Loans delinquent 31-60 days12,195 1,915 730 525 57 14 15,436 
Loans delinquent 61-90 days8,994 1,442 622 312 12 2 11,384 
Loans delinquent 91 days or greater7,409 2,936 995 808 72 24 12,244 
Total loans in repayment999,460 180,247 17,745 12,877 1,322 416 1,212,067 
Total consumer loans and other financing receivables$999,522 180,418 18,186 13,692 1,322 416 1,213,556 
Accrued interest receivable2,238 
Loan discount and deferred lender fees, net of unamortized premiums(20,524)
Allowance for loan losses(92,215)
Total consumer loans and other financing receivables and accrued interest receivable, net of allowance for loan losses$1,103,055 
Gross charge-offs - six months ended June 30, 2026$5,794 36,101 9,724 2,949 927 34 55,529 
Private education loans - Nelnet Bank:
Loans in-school/grace/deferment$8,027 34,463 13,978 6,579 3,701 2,388 69,136 
Loans in forbearance— 33 — 84 517 708 1,342 
Loans in repayment status:
Loans current13,280 55,638 18,831 26,815 130,182 198,619 443,365 
Loans delinquent 30-59 days67 222 173 105 467 1,605 2,639 
Loans delinquent 60-89 days15 208 106 422 221 1,119 2,091 
Loans delinquent 90 days or greater17 225 144 208 131 1,861 2,586 
Total loans in repayment13,379 56,293 19,254 27,550 131,001 203,204 450,681 
Total private education loans$21,406 90,789 33,232 34,213 135,219 206,300 521,159 
Accrued interest receivable8,726 
Loan discount, net of unamortized premiums and deferred origination costs(3,567)
Allowance for loan losses(12,609)
Total private education loans and accrued interest receivable, net of allowance for loan losses$513,709 
Gross charge-offs - six months ended June 30, 2026$20 240 325 559 494 1,653 3,291 
Six months ended June 30, 20262025202420232022Prior yearsTotal
Consumer and other loans - Nelnet Bank:
Loans in deferment$5,687 4,107 117 — — — 9,911 
Loans in repayment status:
Loans current8,218 112,636 101,003 10,659 341 19,359 252,216 
Loans delinquent 30-59 days— 274 600 107 — 4 985 
Loans delinquent 60-89 days— 696 162 — — 77 935 
Loans delinquent 90 days or greater— 183 246 118 — 3 550 
Total loans in repayment8,218 113,789 102,011 10,884 341 19,443 254,686 
Total consumer and other loans$13,905 117,896 102,128 10,884 341 19,443 264,597 
Accrued interest receivable2,365 
Loan premium, net of unaccreted discount3,004 
Allowance for loan losses(12,813)
Total consumer and other loans and accrued interest receivable, net of allowance for loan losses$257,153 
Gross charge-offs - six months ended June 30, 2026$— 518 1,360 71 — 229 2,178