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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts on Outstanding Derivatives
The following table summarizes the Company’s 1:3 Basis Swaps outstanding:
As of December 31,
20242023
MaturityNotional amountNotional amount
2024$— 1,750,000 
20261,150,000 1,150,000 
2027250,000 250,000 
$1,400,000 3,150,000 
The following table summarizes the outstanding derivative instruments used by the Company as of December 31, 2024 and 2023 to economically hedge loans earning fixed rate floor income.
MaturityNotional amountWeighted average fixed rate paid by the Company (a)
2026$200,000 3.92 %
202850,000 3.56 
2029 (b)50,000 3.17 
2030 (c)100,000 3.63 
 $400,000 3.71 %
 
(a)    For all interest rate derivatives, the Company receives payments based on SOFR, the majority of which reset quarterly.
(b)    This $50 million notional amount derivative has a forward effective start date in January 2026.
(c)    A $50 million notional amount derivative maturing in 2030 has a forward effective start date in November 2025.
During the first quarter of 2023, the Company received cash proceeds of $183.2 million, which included $19.1 million related to 2023 settlements, to terminate $2.8 billion in notional amount of floor income interest rate swaps prior to their final maturity.
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 December 31, 2024As of December 31, 2023
MaturityNotional amountWeighted average fixed rate paid by the Company (a)Notional amountWeighted average fixed rate paid by the Company (a)
2028$40,000 3.33 %$40,000 3.33 %
202925,000 3.37 — — 
2030 (b)50,000 3.06 50,000 3.06 
2032 (c)25,000 4.03 25,000 4.03 
2033 (d)25,000 3.90 25,000 3.90 
 $165,000 3.44 %$140,000 3.46 %
(a)    For all interest rate derivatives, the Company receives monthly or quarterly payments based on SOFR that resets daily.
(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.
(d)    This $25 million notional amount derivative has a forward effective start date in November 2025.
Schedule of Fair Value of Asset Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
As of December 31,
2024202320242023
Fair value of asset derivativesFair value of liability derivatives
Interest rate swaps - Nelnet Bank$3,232 452 53 1,976 
Schedule of Fair Value of Liabilities Derivatives The following table summarizes the fair value of the Company's Nelnet Bank derivatives as reflected in the consolidated balance sheets.
As of December 31,
2024202320242023
Fair value of asset derivativesFair value of liability derivatives
Interest rate swaps - Nelnet Bank$3,232 452 53 1,976 
Derivative Impact on Statement of Income
The following table summarizes the components of "derivative market value adjustments and derivative settlements, net" included in the consolidated statements of income.
Year ended December 31,
202420232022
Settlements:  
1:3 basis swaps$929 1,544 (206)
Interest rate swaps - floor income hedges4,288 23,044 33,149 
Interest rate swaps - Nelnet Bank917 484 — 
Total settlements - income6,134 25,072 32,943 
Change in fair value:   
1:3 basis swaps(860)(567)2,262 
Interest rate swaps - floor income hedges6,282 (39,683)229,429 
Interest rate swaps - Nelnet Bank4,702 (1,523)— 
Total change in fair value - income (expense)10,124 (41,773)231,691 
Derivative market value adjustments and derivative settlements, net - income (expense)$16,258 (16,701)264,634