# NELNET INC

Summary updated: 2026-10-02T13:30:34.301112Z
Canonical: https://finbar.com/research/companies/nelnet-inc

## Overview

Nelnet, Inc. is a diversified financial services and technology company whose operations are strongly linked to education. Its principal businesses include student-loan servicing and related technology, education and payment services for schools and businesses, management of education-related loan assets, and private education and consumer lending through Nelnet Bank. These activities are organized into four reporting segments: Loan Servicing and Systems; Education Technology Services and Payments; Asset Generation and Management; and Nelnet Bank. [1](https://app.finbar.com/go?id=P47510267)[2](https://app.finbar.com/go?id=P105166095)[3](https://app.finbar.com/go?id=P8565467)[4](https://app.finbar.com/go?id=P47863949)[5](https://app.finbar.com/go?id=P90760486)

The company is headquartered in Lincoln, Nebraska, and operates primarily in the United States, with some education technology and payment services reaching international customers. Nelnet traces its origins to 1978, when it was formed to service federal student loans. Its stated purpose is “We live to serve others.” [6](https://app.finbar.com/go?id=P120307891)[7](https://app.finbar.com/go?id=P82750277)[8](https://nelnet.com/locations/)[9](https://nelnet.com/nelnet-story/)

Nelnet’s FY2025 annual report is its latest annual report identified as of October 2, 2026. The company describes its workforce as approximately 6,500 people; this is a company-reported scale indicator, not a dated year-end headcount. [10](https://www.nelnetinvestors.com/financial-information/annual-reports/default.aspx)[11](https://nelnet.com/blog/)
[1](https://app.finbar.com/go?id=P47510267)[2](https://app.finbar.com/go?id=P105166095)[3](https://app.finbar.com/go?id=P8565467)[4](https://app.finbar.com/go?id=P47863949)[5](https://app.finbar.com/go?id=P90760486)[6](https://app.finbar.com/go?id=P120307891)[7](https://app.finbar.com/go?id=P82750277)[8](https://nelnet.com/locations/)[9](https://nelnet.com/nelnet-story/)[10](https://www.nelnetinvestors.com/financial-information/annual-reports/default.aspx)[11](https://nelnet.com/blog/)

## Products & services

Nelnet’s student-loan servicing and technology offerings include servicing for U.S. Department of Education, Canadian government, private education and consumer, and third-party FFELP loans. Related services include remote-hosted loan-servicing software, contact-center and back-office outsourcing, and other technology services. For the six months ended June 30, 2026, these services generated $260.1 million in LSS revenue; the Department of Education servicing, private education and consumer servicing, Canadian servicing, software, FFELP servicing, and outsourced-services components represented approximately 58.0%, 19.9%, 11.2%, 8.9%, 1.6%, and 0.4%, respectively, of that service revenue. [12](https://app.finbar.com/go?id=P150212300)[13](https://app.finbar.com/go?id=T17192444)[14](https://nelnet.com/capabilities/federal-student-loan-services/)

Nelnet’s education and payment products include tuition payment plans, payment processing, and education technology for K–12 and higher-education institutions. Education technology offerings include financial-aid management, student-information systems, admissions and enrollment, professional development, and instructional services. The FACTS platform provides school-management tools, while Nelnet Campus Commerce provides payment technology. For the six months ended June 30, 2026, ETSP revenue was $273.3 million; tuition plans, payment processing, education technology, and other offerings accounted for approximately 28.9%, 34.9%, 36.0%, and 0.3%, respectively, of that segment’s service-offering revenue. [15](https://app.finbar.com/go?id=P150212301)[16](https://app.finbar.com/go?id=T17192446)[17](https://nelnet.com/businesses/facts/)[18](https://nelnet.com/businesses/nelnet-campus-commerce/)

Nelnet also holds loan assets through Asset Generation and Management, whose portfolio consists primarily of FFELP loans, and originates private education and unsecured consumer loans through Nelnet Bank, an internet industrial bank. [19](https://app.finbar.com/go?id=P150212303)[20](https://nelnet.com/businesses/nelnet-bank/) The percentages above are shares within the respective LSS and ETSP service-revenue totals, not shares of consolidated company revenue.
[12](https://app.finbar.com/go?id=P150212300)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[13](https://app.finbar.com/go?id=T17192444)[15](https://app.finbar.com/go?id=P150212301)[16](https://app.finbar.com/go?id=T17192446)[16](https://app.finbar.com/go?id=T17192446)[16](https://app.finbar.com/go?id=T17192446)[16](https://app.finbar.com/go?id=T17192446)[19](https://app.finbar.com/go?id=P150212303)[14](https://nelnet.com/capabilities/federal-student-loan-services/)[17](https://nelnet.com/businesses/facts/)[18](https://nelnet.com/businesses/nelnet-campus-commerce/)[20](https://nelnet.com/businesses/nelnet-bank/)

## Geographic presence

Nelnet is headquartered in Lincoln, Nebraska, and its office facilities are primarily in Nebraska, Wisconsin, and Colorado. Its listed offices are in Lincoln, Madison, Wisconsin, and Centennial, Colorado, in the Denver area. [21](https://app.finbar.com/go?id=P21907812)[8](https://nelnet.com/locations/)

Substantially all of Nelnet’s FY2025 revenue from external customers and long-lived assets were in the United States; the company does not disclose revenue percentages by country or regional employee counts. [22](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000014/nni-20251231.htm) After year-end, Nelnet completed an acquisition of a Canadian student-loan servicing business on February 2, 2026; the Canadian operation serves borrowers across all 10 provinces, so this is a subsequent geographic expansion rather than evidence of FY2025 Canadian revenue. [23](https://app.finbar.com/go?id=P61107682)[24](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000006/nni-20260202.htm)[25](https://nelnet.com/businesses/nelnet-canada/)
[21](https://app.finbar.com/go?id=P21907812)[8](https://nelnet.com/locations/)[22](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000014/nni-20251231.htm)[23](https://app.finbar.com/go?id=P61107682)[24](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000006/nni-20260202.htm)[25](https://nelnet.com/businesses/nelnet-canada/)[8](https://nelnet.com/locations/)[22](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000014/nni-20251231.htm)[24](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000006/nni-20260202.htm)[25](https://nelnet.com/businesses/nelnet-canada/)

## Business segments

Nelnet reports four business segments: Loan Servicing and Systems (LSS), Education Technology Services and Payments (ETSP), Asset Generation and Management (AGM), and Nelnet Bank. The segment structure is consistent in its 2025 annual and second-quarter 2026 reporting. LSS provides student-loan servicing, servicing software, and outsourced contact-center and back-office services. ETSP provides tuition payment plans, payment processing, and education technology services. [26](https://app.finbar.com/go?id=T4318656)[27](https://app.finbar.com/go?id=T17192427)

AGM manages education and consumer loan assets, with segment results primarily reflecting net interest income after provisions; Nelnet Bank reports banking and loan activity, also primarily through net interest income after provisions. For 2025, LSS and ETSP reported revenues of approximately $509 million and $507 million, respectively; AGM reported about $174 million in net interest income after provisions and other income, and Nelnet Bank about $41 million on the same basis. [26](https://app.finbar.com/go?id=T4318656) As a rough scale comparison, these figures equate to approximately 41% LSS, 41% ETSP, 14% AGM, and 3% Nelnet Bank. These are not company-reported revenue shares: the service segments’ revenue is compared with interest-based measures for AGM and Nelnet Bank. [26](https://app.finbar.com/go?id=T4318656)
[26](https://app.finbar.com/go?id=T4318656)[27](https://app.finbar.com/go?id=T17192427)

## Company history

Founded in 1996 by Mike Dunlap and Steve Butterfield, Nelnet grew from its student-loan roots through acquisitions and consolidation, including NEBHELP assets in 1998 and a merger with UNIPAC in 2000. The company went public in 2003. [28](https://nelnet.com/leadership/)[29](https://nelnet.com/timeline/nelnet-acquires-assets-from-nebhelp/)[30](https://nelnet.com/timeline/unipac-merges-with-nelnet/)[31](https://www.sec.gov/Archives/edgar/data/1258602/000119380504000669/e400412_def14a-nelnet.htm)

Between 2004 and 2006, acquisitions including FACTS and infiNET helped establish Nelnet Business Solutions, extending its business into education-related services. It later added federal student-loan servicing and acquired school-management software provider RenWeb in 2014. [32](https://www.nelnetinvestors.com/news/press-release-details/2006/Nelnet-Completes-Acquisitions-of-FACTS-and-infiNET/default.aspx)[33](https://nelnet.com/timeline/nelnet-business-solutions-is-formed/)[34](https://nelnet.com/timeline/nelnet-to-service-federal-student-loans-on-behalf-of-ed-2008/)[35](https://nelnet.com/timeline/nelnet-acquires-renweb-2014/)

Nelnet broadened beyond education and loan servicing with the acquisition of telecommunications provider ALLO in 2015 and student-loan servicer Great Lakes, acquired in 2017 and completed in 2018. It established Nelnet Bank in 2020 and expanded into renewable energy through a controlling interest in GRNE Solar in 2022, later rebranded as Nelnet Renewable Energy. [36](https://nelnet.com/timeline/nelnet-acquires-allo/)[37](https://nelnet.com/timeline/nelnet-acquires-great-lakes-2017/)[38](https://nelnet.com/timeline/the-acquisition-of-great-lakes-closes/)[39](https://nelnet.com/timeline/nelnet-bank-approved-2020/)[40](https://nelnet.com/timeline/nelnet-renewable-energy-acquires-controlling-interest-of-grne-solar/)[41](https://nelnet.com/press-releases/grne-solar-rebrands-as-nelnet-renewable-energy/)

More recent milestones include the 2025 acquisition of Next Gen Web Solutions, which expanded its higher-education technology business, and acquisitions of Australia-based Invision Digital and the Passtab platform in 2026. [42](https://nelnet.com/press-releases/nelnet-expands-higher-education-footprint-with-acquisition-of-next-gen-web-solutions/)[43](https://nelnet.com/press-releases/nelnet-acquires-australia-based-invision-digital/)[44](https://nelnet.com/press-releases/nelnet-business-services-acquires-passtab-safety-and-compliance-platform/)
[28](https://nelnet.com/leadership/)[29](https://nelnet.com/timeline/nelnet-acquires-assets-from-nebhelp/)[30](https://nelnet.com/timeline/unipac-merges-with-nelnet/)[31](https://www.sec.gov/Archives/edgar/data/1258602/000119380504000669/e400412_def14a-nelnet.htm)[32](https://www.nelnetinvestors.com/news/press-release-details/2006/Nelnet-Completes-Acquisitions-of-FACTS-and-infiNET/default.aspx)[33](https://nelnet.com/timeline/nelnet-business-solutions-is-formed/)[34](https://nelnet.com/timeline/nelnet-to-service-federal-student-loans-on-behalf-of-ed-2008/)[35](https://nelnet.com/timeline/nelnet-acquires-renweb-2014/)[36](https://nelnet.com/timeline/nelnet-acquires-allo/)[37](https://nelnet.com/timeline/nelnet-acquires-great-lakes-2017/)[38](https://nelnet.com/timeline/the-acquisition-of-great-lakes-closes/)[39](https://nelnet.com/timeline/nelnet-bank-approved-2020/)[40](https://nelnet.com/timeline/nelnet-renewable-energy-acquires-controlling-interest-of-grne-solar/)[41](https://nelnet.com/press-releases/grne-solar-rebrands-as-nelnet-renewable-energy/)[42](https://nelnet.com/press-releases/nelnet-expands-higher-education-footprint-with-acquisition-of-next-gen-web-solutions/)[43](https://nelnet.com/press-releases/nelnet-acquires-australia-based-invision-digital/)[44](https://nelnet.com/press-releases/nelnet-business-services-acquires-passtab-safety-and-compliance-platform/)

## Sources

1. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P47510267)
2. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P105166095)
3. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P8565467)
4. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P47863949)
5. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P90760486)
6. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P120307891)
7. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P82750277)
8. [nelnet.com](https://nelnet.com/locations/)
9. [nelnet.com](https://nelnet.com/nelnet-story/)
10. [www.nelnetinvestors.com](https://www.nelnetinvestors.com/financial-information/annual-reports/default.aspx)
11. [nelnet.com](https://nelnet.com/blog/)
12. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P150212300)
13. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17192444)
14. [nelnet.com](https://nelnet.com/capabilities/federal-student-loan-services/)
15. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P150212301)
16. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17192446)
17. [nelnet.com](https://nelnet.com/businesses/facts/)
18. [nelnet.com](https://nelnet.com/businesses/nelnet-campus-commerce/)
19. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P150212303)
20. [nelnet.com](https://nelnet.com/businesses/nelnet-bank/)
21. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P21907812)
22. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000014/nni-20251231.htm)
23. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P61107682)
24. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1258602/000125860226000006/nni-20260202.htm)
25. [nelnet.com](https://nelnet.com/businesses/nelnet-canada/)
26. [NELNET INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T4318656)
27. [NELNET INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17192427)
28. [nelnet.com](https://nelnet.com/leadership/)
29. [nelnet.com](https://nelnet.com/timeline/nelnet-acquires-assets-from-nebhelp/)
30. [nelnet.com](https://nelnet.com/timeline/unipac-merges-with-nelnet/)
31. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1258602/000119380504000669/e400412_def14a-nelnet.htm)
32. [www.nelnetinvestors.com](https://www.nelnetinvestors.com/news/press-release-details/2006/Nelnet-Completes-Acquisitions-of-FACTS-and-infiNET/default.aspx)
33. [nelnet.com](https://nelnet.com/timeline/nelnet-business-solutions-is-formed/)
34. [nelnet.com](https://nelnet.com/timeline/nelnet-to-service-federal-student-loans-on-behalf-of-ed-2008/)
35. [nelnet.com](https://nelnet.com/timeline/nelnet-acquires-renweb-2014/)
36. [nelnet.com](https://nelnet.com/timeline/nelnet-acquires-allo/)
37. [nelnet.com](https://nelnet.com/timeline/nelnet-acquires-great-lakes-2017/)
38. [nelnet.com](https://nelnet.com/timeline/the-acquisition-of-great-lakes-closes/)
39. [nelnet.com](https://nelnet.com/timeline/nelnet-bank-approved-2020/)
40. [nelnet.com](https://nelnet.com/timeline/nelnet-renewable-energy-acquires-controlling-interest-of-grne-solar/)
41. [nelnet.com](https://nelnet.com/press-releases/grne-solar-rebrands-as-nelnet-renewable-energy/)
42. [nelnet.com](https://nelnet.com/press-releases/nelnet-expands-higher-education-footprint-with-acquisition-of-next-gen-web-solutions/)
43. [nelnet.com](https://nelnet.com/press-releases/nelnet-acquires-australia-based-invision-digital/)
44. [nelnet.com](https://nelnet.com/press-releases/nelnet-business-services-acquires-passtab-safety-and-compliance-platform/)

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