Nelnet, Inc. (NNI): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le paysage dynamique des finances et de la technologie de l'éducation, Nelnet, Inc. (NNI) émerge comme une centrale à multiples facettes, tissant stratégiquement des solutions innovantes à travers le service de prêt étudiant, les technologies de paiement et les télécommunications. Cette toile complète du modèle commercial révèle comment Nelnet transforme les défis financiers complexes en expériences rationalisées et centrées sur le client, tirant parti de la technologie de pointe et des partenariats stratégiques pour offrir une valeur inégalée dans divers segments de marché. Plongez dans le plan complexe qui propulse le succès de cette entreprise et découvrez le génie stratégique derrière son approche commerciale robuste et diversifiée.

Nelnet, Inc. (NNI) - Modèle commercial: partenariats clés

Partenariats stratégiques avec les établissements d'enseignement et les agents de prêt

Nelnet maintient des partenariats critiques avec plusieurs agents de prêt éducatif, notamment:

Type de partenaire	Détails du partenariat	Volume annuel
Services de prêts fédéraux	Contrat du ministère américain de l'Éducation	Portfolio de service de 1,2 milliard de dollars
Réseaux universitaires privés	Accords de traitement des prêts directs	287 partenariats institutionnels

Collaboration avec les entreprises de technologie financière

Les partenariats technologiques financières de Nelnet comprennent:

• Plateformes de traitement des paiements
• Fournisseurs de technologies de prêt numérique
• Développeurs de logiciels de gestion financière des étudiants

Relations avec les agences gouvernementales dans le financement de l'éducation

Partenariats clés de l'agence gouvernementale:

Agence	Focus de la collaboration	Valeur du contrat
Aide fédérale aux étudiants	Infrastructure de service de prêt	Contrat annuel de 385 millions de dollars
Départements de l'éducation de l'État	Gestion des prêts étudiants	42 partenariats au niveau de l'État

Partenariats avec les plateformes de gestion des prêts étudiants

Nelnet collabore avec:

• Plates-formes de consolidation de prêts numériques
• Réseaux de refinancement de la dette étudiante
• Fournisseurs de technologies de conseil financier

Écosystème de partenariat total: 523 Partenariats institutionnels et technologiques actifs à partir de 2024.

Nelnet, Inc. (NNI) - Modèle d'entreprise: Activités clés

Service et traitement des prêts étudiants

Nelnet services 502,7 milliards de dollars d'actifs de prêt étudiant à partir de 2022. La société traite environ 29,1 millions de comptes de prêts étudiants à l'échelle nationale.

Métrique	Valeur
Total des actifs de prêt étudiant desservis	502,7 milliards de dollars
Nombre de comptes de prêts étudiants	29,1 millions

Solutions de technologie de paiement

Nelnet traite plus de 12,3 milliards de dollars de transactions de paiement annuelles via ses plateformes technologiques.

• Traitement des paiements pour les établissements d'enseignement
• Services d'intégration de paiement numérique
• Gestion des transactions sécurisée

Développement de logiciels pour le financement de l'éducation

Nelnet investit 47,2 millions de dollars par an en recherche et développement pour les solutions technologiques de l'éducation.

Catégorie de R&D	Investissement
Développement de logiciels technologiques de l'éducation	47,2 millions de dollars

Gestion des actifs et services d'investissement

Nelnet gère 1,8 milliard de dollars d'actifs d'investissement dans divers portefeuilles financiers.

• Gestion du portefeuille de prêts à formation privée
• Stratégies d'investissement diversifiées
• Solutions d'investissement alternatives

Opérations de télécommunications et de fibres

Nelnet exploite des infrastructures de télécommunications couvrant 3 200 miles de réseau de fibres.

Métrique du réseau	Valeur
Miles de réseau de fibres totales	3 200 miles
Revenus de télécommunications annuelles	89,6 millions de dollars

Nelnet, Inc. (NNI) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie avancée

En 2024, Nelnet maintient une infrastructure technologique robuste d'une valeur de 127,3 millions de dollars en actifs informatiques. La société opère avec:

• 12 centres de données primaires
• Plus de 250 serveurs de qualité d'entreprise
• Infrastructure de cybersécurité protégeant 8,2 milliards de dollars de portefeuilles de prêts gérés

Catégorie d'actifs technologiques	Investissement total	Coût de maintenance annuel
Infrastructure réseau	43,6 millions de dollars	5,2 millions de dollars
Systèmes de cloud computing	37,9 millions de dollars	4,7 millions de dollars
Systèmes de cybersécurité	22,4 millions de dollars	3,1 millions de dollars

Base de données approfondie des informations sur les prêts étudiants

Nelnet gère une base de données complète des prêts étudiants contenant:

• 3,2 millions de comptes de prêts étudiants actifs
• 22,6 milliards de dollars de volume de service de prêt total
• Données historiques s'étendant sur 25 ans

Travaillerie qualifiée en technologie financière

Composition de la main-d'œuvre en 2024:

• Total des employés: 4 987
• Professionnels de la technologie: 1 642 (32,9% de la main-d'œuvre)
• Salaire technique moyen des employés: 98 300 $

Plates-formes logicielles propriétaires

Investissements de développement logiciel:

Plate-forme	Coût de développement	Maintenance annuelle
Plateforme de service de prêt	18,7 millions de dollars	3,2 millions de dollars
Système de traitement des paiements	12,3 millions de dollars	2,1 millions de dollars

Portfolio financier financier financier et d'investissement

Ressources financières au quatrième trimestre 2023:

• Actif total: 7,4 milliards de dollars
• Equivalents en espèces et en espèces: 612,3 millions de dollars
• Valeur du portefeuille d'investissement: 1,9 milliard de dollars
• Présentation des actionnaires: 2,3 milliards de dollars

Nelnet, Inc. (NNI) - Modèle d'entreprise: propositions de valeur

Solutions complètes de gestion des prêts étudiants

Nelnet gère 33,5 milliards de dollars d'actifs de prêt étudiant au T3 2023. La société dessert environ 6,2 millions de comptes de prêts étudiants à l'échelle nationale.

Métriques du service de prêt étudiant	Données quantitatives
Actif total des prêts	33,5 milliards de dollars
Comptes des services totaux	6,2 millions
Volume annuel de création de prêt	2,1 milliards de dollars

Services de technologie financière innovante

Nelnet génère 214,7 millions de dollars de revenus annuels de la technologie de paiement et des solutions logicielles.

• Plateforme de traitement des paiements desservant 2 300+ établissements d'enseignement
• Volume de transaction dépassant 12,3 milliards de dollars par an
• Solutions logicielles basées sur le cloud pour la gestion financière

Plate-formes de traitement des paiements efficaces

Le segment de la technologie de paiement de Nelnet traite 12,3 milliards de dollars de transactions annuelles sur plusieurs secteurs.

Métriques de traitement des paiements	Données quantitatives
Volume de transaction annuel	12,3 milliards de dollars
Clients institutionnels	2,300+
Revenus des services de paiement	214,7 millions de dollars

Support de financement de l'éducation personnalisée

Nelnet fournit des solutions de financement personnalisées avec 5,6 milliards de dollars de soutien au financement scolaire total.

• Volume de création de prêt étudiant privé de 687 millions de dollars
• Plans de remboursement personnalisés pour 3,4 millions d'emprunteurs
• Montant de refinancement de prêt moyen: 42 500 $

Sources de revenus diversifiés

Le chiffre d'affaires total de Nelnet pour 2022 était de 1,2 milliard de dollars, avec une diversification sur plusieurs segments d'entreprise.

Segment des revenus	Revenus annuels
Service de prêt	456,3 millions de dollars
Technologie de paiement	214,7 millions de dollars
Financement de l'éducation	329,6 millions de dollars
Autres segments	199,4 millions de dollars

Nelnet, Inc. (NNI) - Modèle d'entreprise: relations avec les clients

Portails numériques en libre-service pour la gestion des prêts

Nelnet fournit des plateformes de gestion de prêts en ligne avec les caractéristiques clés suivantes:

Caractéristique du portail	Fonctionnalité
Accès au compte	Gestion de compte en ligne 24/7
Options de paiement	Plusieurs méthodes de paiement numérique
Suivi du solde de prêt	Solde et historique de paiement en temps réel

Canaux de support client dédiés

Nelnet offre plusieurs options de support client:

• Prise en charge du téléphone: 1-888-486-3638
• Assistance par e-mail: clientService@nelnet.net
• Chat en direct sur le site officiel
• Canaux de service à la clientèle sur les réseaux sociaux

Guide financière personnalisée

Services de personnalisation:

Type de service	Description
Conseil de prêt	Consultation de stratégie de remboursement individualisée
Planification financière	Recommandations de gestion de la dette personnalisées

Ressources éducatives en ligne

Les plateformes d'apprentissage numérique comprennent:

• Guides de remboursement des prêts complets
• Webinaires sur la littératie financière
• Outils de planification financière interactifs

Stratégies de communication proactives

Canaux de communication:

Méthode de communication	Fréquence
Notifications par e-mail	Mises à jour du compte mensuel
Alertes SMS	Rappels de paiement
Notifications d'applications mobiles	État du compte en temps réel

Nelnet, Inc. (NNI) - Modèle d'entreprise: canaux

Plateformes Web en ligne

Nelnet exploite plusieurs plateformes en ligne avec la portée numérique suivante:

Plate-forme	Utilisateurs actifs mensuels	Trafic annuel
Portail de prêt étudiant Nelnet	1,2 million	14,4 millions de visites
Systèmes de paiement Nelnet	850,000	10,2 millions de transactions

Interfaces d'application mobile

Statistiques des canaux mobiles:

• Téléchargements d'applications mobiles: 675 000
• Volume de transaction mobile: 387 millions de dollars par an
• Taux d'engagement des utilisateurs mobiles: 62%

Équipes de vente directes

La structure des ventes directes de Nelnet:

Catégorie de vente	Taille de l'équipe	Les revenus annuels générés
Ventes de financement de l'éducation	423 représentants	612 millions de dollars
Ventes de solutions de paiement	276 représentants	405 millions de dollars

Partenariats des établissements d'enseignement

Détails du réseau de partenariat:

• Total des partenaires institutionnels: 1 247
• Institutions d'enseignement supérieur: 892
• Collèges communautaires: 355
• Revenus de partenariat annuel: 276 millions de dollars

Réseaux de conseillers financiers

Métriques des canaux de conseiller financier:

Type de réseau	Nombre de conseillers	Volume de référence annuel
Conseillers financiers indépendants	3,214	48 600 références
Conseillers financiers institutionnels	1,876	29 400 références

Nelnet, Inc. (NNI) - Modèle d'entreprise: segments de clientèle

Emprunteurs de prêts étudiants

Nelnet dessert environ 5,5 millions d'emprunteurs de prêts étudiants en 2023. La société gère un portefeuille total de prêts étudiants de 31,2 milliards de dollars de soldes de prêt en cours.

Segment de clientèle	Total des emprunteurs	Valeur du portefeuille de prêts
Emprunteurs de prêts étudiants	5,500,000	31,2 milliards de dollars

Établissements d'enseignement

Nelnet fournit des services à plus de 2 300 établissements d'enseignement à l'échelle nationale. Le segment des services d'éducation de l'entreprise génère un chiffre d'affaires annuel de 386,7 millions de dollars.

• Total des établissements d'enseignement servis: 2 300
• Revenus de services d'éducation annuels: 386,7 millions de dollars

Consommateurs de services financiers

Nelnet offre des services financiers à environ 250 000 clients de la banque de consommation. Le segment des services financiers de la société génère 78,5 millions de dollars de revenus annuels.

Métrique des services financiers	Valeur
Clients de la banque grand public	250,000
Revenus de services financiers annuels	78,5 millions de dollars

Clients des services technologiques

Le segment des services technologiques de Nelnet prend en charge plus de 1 500 clients d'entreprise. La division des services technologiques génère 215,4 millions de dollars de revenus annuels.

• Clients de la technologie d'entreprise: 1 500
• Revenus de services technologiques annuels: 215,4 millions de dollars

Utilisateurs de services de télécommunications

Nelnet fournit des services de télécommunications à environ 75 000 clients sur les marchés ruraux et suburbains. Le segment des télécommunications génère 42,6 millions de dollars de revenus annuels.

Métrique des télécommunications	Valeur
Clients de télécommunications	75,000
Revenus de télécommunications annuelles	42,6 millions de dollars

Nelnet, Inc. (NNI) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2022, Nelnet a déclaré des frais de technologie et de communication de 85,3 millions de dollars. Les dépenses en capital de la société pour les infrastructures technologiques étaient de 42,1 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant (2022)
Coûts d'infrastructure technologique	85,3 millions de dollars
Dépenses en capital	42,1 millions de dollars

Compensation des employés

Les dépenses totales de rémunération et de prestations des employés de Nelnet pour 2022 étaient de 271,4 millions de dollars.

Répartition de la compensation	Montant (2022)
Compensation totale des employés	271,4 millions de dollars
Salaire moyen des employés	$87,500

Investissements de recherche et développement

Nelnet a alloué 37,6 millions de dollars aux frais de recherche et de développement en 2022.

• Investissement en R&D: 37,6 millions de dollars
• Pourcentage de revenus: 2,8%

Frais de marketing et d'acquisition des clients

Les coûts de marketing et d'acquisition des clients pour Nelnet en 2022 ont totalisé 24,7 millions de dollars.

Catégorie de dépenses de marketing	Montant (2022)
Total des dépenses de marketing	24,7 millions de dollars
Coût d'acquisition des clients	215 $ par client

Coûts de conformité réglementaire

Nelnet a dépensé environ 18,9 millions de dollars pour la conformité réglementaire et les dépenses juridiques en 2022.

• Dépenses de conformité réglementaire: 18,9 millions de dollars
• Personnel juridique et de conformité: 42 employés

Structure totale des coûts pour 2022: 437,8 millions de dollars

Nelnet, Inc. (NNI) - Modèle d'entreprise: Strots de revenus

Frais de service de prêt étudiant

À partir du rapport annuel de Nelnet en 2022, les frais de service de prêt étudiant ont généré 287,4 millions de dollars de revenus.

Catégorie de service	Revenus annuels
Prêts étudiants fédéraux	203,6 millions de dollars
Prêts étudiants privés	83,8 millions de dollars

Revenus de traitement des paiements

Le segment de traitement des paiements a généré 152,3 millions de dollars en 2022.

• Volume de traitement des transactions: 1,3 milliard de transactions par an
• Frais de transaction moyenne: 0,12 $ par transaction

Licence de logiciel

Les revenus de licences logicielles de Nelnet ont totalisé 45,7 millions de dollars en 2022.

Produit logiciel	Revenus de licence
Logiciel de gestion de l'éducation	28,5 millions de dollars
Licence de plateforme de paiement	17,2 millions de dollars

Revenus de placement

Le revenu de placement pour Nelnet en 2022 était de 76,9 millions de dollars.

• Titres à revenu fixe: 42,3 millions de dollars
• Investissements en actions: 34,6 millions de dollars

Frais de service de télécommunications

Le segment des télécommunications a généré 63,5 millions de dollars de revenus pour 2022.

Type de service	Revenus annuels
Services à large bande	47,2 millions de dollars
Services vocaux	16,3 millions de dollars

Nelnet, Inc. (NNI) - Canvas Business Model: Value Propositions

You're looking at the core value Nelnet, Inc. (NNI) delivers across its diverse operations as of late 2025. It's not just one thing; it's a collection of essential services built on massive scale.

Reliable, compliant servicing for massive government and private loan portfolios

Nelnet, Inc. (NNI) manages an enormous volume of debt obligations. This scale is a value proposition in itself, showing operational capacity and regulatory comfort.

• Servicing volume as of September 30, 2025: $508.7 billion in government-owned, FFELP, private education, and consumer loans.
• Total borrowers under management: 14.2 million as of September 30, 2025.
• Q3 2025 non-recurring revenue from government servicing contract modification: $32.9 million.

The Loan Servicing and Systems segment reported revenue of $151.1 million for the third quarter of 2025. That's a big number built on handling compliance for millions of borrowers.

Integrated payment and commerce solutions for educational institutions

For schools, Nelnet, Inc. (NNI) offers the tech backbone to handle student finances smoothly. This segment keeps the gears turning for educational operations.

Metric	Value (Q3 2025)
Education Technology Services and Payments Revenue	$129.3 million
Revenue Less Direct Costs (EdTech/Payments)	$79.0 million

Access to private education loans and consumer lending through Nelnet Bank

Nelnet Bank provides direct access to capital markets for consumers needing private education refinancing or general unsecured consumer loans. The bank's balance sheet supports this lending activity.

• Nelnet Bank total assets as of September 30, 2025: $2.00 billion.
• Nelnet Bank loan and investment portfolio (combined) as of September 30, 2025: approximately $1.99 billion.
• Loan and investment net interest income for Q3 2025: $15.4 million.

The bank's total deposits, including intercompany deposits, stood at $1.73 billion on September 30, 2025.

High-speed fiber internet services via the ALLO Communications investment

Through its equity stake in ALLO Communications LLC, Nelnet, Inc. (NNI) participates in the high-speed fiber infrastructure space. This diversifies the revenue base away from pure finance.

• Nelnet, Inc. (NNI) voting membership interest in ALLO: 45 percent.
• ALLO Communications serves over 1.4 Million in population across 53 cities in Nebraska, Colorado, Arizona, and Missouri.

Honestly, that fiber network reach is a solid, tangible asset.

Financial stability and a diversified revenue base for shareholders

The consolidated results show a company generating significant profit from its varied segments. Investors see stability here, reflected in the valuation metrics.

Financial Measure	Amount / Ratio (Q3 2025)
GAAP Net Income	$106.7 million
Consolidated Revenue	$427.7 million
Price-to-Earnings Multiple	11 times
Total Consolidated Assets	$13.87 billion

The P/E of 11x suggests the market values the profit engine at a modest multiple against its current earnings.

Finance: draft the Q4 2025 cash flow projection by next Tuesday.

Nelnet, Inc. (NNI) - Canvas Business Model: Customer Relationships

You're looking at how Nelnet, Inc. manages its vast network of customers, which spans from federal agencies to individual borrowers and institutional partners. It's a multi-faceted approach, balancing high-volume automation with dedicated service tiers.

Contractual, long-term relationships with government agencies (Department of Education)

The relationship with the Department of Education forms the bedrock of the servicing business. This is a long-term, contractual commitment, recently transitioned to the new framework. Nelnet began earning revenue under its Unified Servicing and Data Solution (USDS) contract with the Department of Education starting April 1, 2024. To give you a sense of the scale managed under this relationship, as of September 30, 2025, Nelnet, Inc. was servicing a total of $508.7 billion in loans, which includes government-owned, FFELP, private education, and consumer loans, for 14.2 million borrowers. For context on recent financial recognition from this relationship, the third quarter of 2025 included $32.9 million in non-recurring revenue stemming from a contract modification related to services previously performed under the government servicing agreement.

Dedicated account management for large institutional clients (universities, K-12)

For institutional clients, the relationship shifts to dedicated management and specialized technology services. Nelnet Campus Commerce, for instance, is a key touchpoint for educational institutions regarding payments and financial services. For example, as recently as November 13, 2025, news highlighted that Nelnet Campus Commerce processed over $602 million in Title IV Refunds, showing the transactional volume managed for these clients. On the K-12 front, Nelnet is the leading provider of tuition management and financial needs assessment services for the private and faith-based market in the United States. Internationally, the Nelnet International brand serves approximately 675 schools across 69 countries.

Here's a snapshot of the scale of the servicing relationships as of late 2025:

Metric	Value (As of September 30, 2025)	Source Segment
Total Servicing Volume	$508.7 billion	Loan Servicing and Systems
Total Borrowers Serviced	14.2 million	Loan Servicing and Systems
Nelnet Bank Total Deposits	$1.73 billion	Nelnet Bank
Nelnet International Schools Served	675	Education Technology Services and Payments

Self-service digital portals and customer support for loan borrowers

For the millions of individual borrowers, the relationship is heavily mediated through digital channels, designed for efficiency and self-service. Borrowers with federal loans serviced by Nelnet access their accounts primarily through Nelnet.studentaid.gov. The company is committed to helping borrowers find repayment options, and they offer tools like the Loan Simulator. The sheer volume of users necessitates robust digital infrastructure. If you're struggling with payments, the portal guides you to explore different repayment plans.

The digital focus is clear in the servicing segment's operations.

• Borrowers with federal loans have accounts beginning with 'E'.
• The company provides customer service for Federal Direct Loan Program and FFEL Program loans.
• Borrowers can upload documents without logging in via a dedicated form.
• The company is focused on providing excellent service to both institutions and consumers.

Transactional and automated for payment processing services

The payment processing side, often under the Nelnet Business Services (NBS) umbrella, is highly transactional. This involves services like tuition management and integrated commerce payment platforms for institutions. The automation here is key to handling the high frequency of smaller transactions efficiently. The company continues to achieve efficiencies through technology and automation in its servicing segment, which helps manage costs.

Direct, relationship-based banking for Nelnet Bank customers

Nelnet Bank represents a more traditional, relationship-based banking interaction, focused on generating net interest income from its loan and investment portfolio. As of September 30, 2025, Nelnet Bank's total deposits, including intercompany deposits, stood at $1.73 billion. The bank's loan and investment portfolio totaled $974.9 million and $1.01 billion, respectively, at that same date. The bank's net income after tax for the third quarter of 2025 was positive, showing the stability of this direct customer funding base.

The bank's financial footing in late 2025 looked like this:

• Loan and Investment Portfolio (as of Sep 30, 2025): $974.9 million (loans) and $1.01 billion (investments).
• Total Deposits (as of Sep 30, 2025): $1.73 billion.
• Q3 2025 Loan and Investment Net Interest Income: $15.4 million.

Finance: draft 13-week cash view by Friday.

Nelnet, Inc. (NNI) - Canvas Business Model: Channels

You're looking at how Nelnet, Inc. (NNI) gets its services and products in front of customers across its diverse business lines. It's not just one pipeline; it's a network of direct relationships, digital platforms, and specialized sales efforts.

The primary channel for the massive student loan servicing operation is direct contractual relationships. Nelnet Servicing, LLC is one of the five private sector entities currently holding student loan servicing contracts directly with the U.S. Department of Education (ED). This channel also includes servicing private education and consumer loans for third parties, including portfolio conversions from entities like Discover Financial Services and SoFi Lending Corp..

For borrowers, the access point is segmented based on the loan type:

• Nelnet.StudentAid.Gov: Directs borrowers with Federal Direct Loan Program and ED-owned FFEL Program loans (accounts beginning with E).
• SloanServicing.com: Serves commercially held FFEL Program loans (accounts beginning with D or J).

The scale of this servicing channel is substantial, as of September 30, 2025, Nelnet was servicing $508.7 billion across government-owned, FFELP, private education, and consumer loans for 14.2 million borrowers.

Nelnet Bank utilizes a standard banking channel approach, focusing on online presence supported by its balance sheet strength. As of the end of the third quarter of 2025, Nelnet Bank reported total assets of $2.00 billion. This asset base supports its lending and investment activities, which generated loan and investment net interest income of $15.4 million in Q3 2025.

The Education Technology Services and Payments segment, which includes FACTS and Campus Commerce, relies on direct engagement with educational institutions. This channel targets both K-12 and Higher Education. Nelnet Campus Commerce delivers payment opportunities for nearly 1,000 colleges and universities and serves over 8 million students. For K-12, Nelnet Business Services serves 12,000 schools worldwide. A concrete example of this channel's activity in 2025 is the processing of over 230,000 ACH refunds totaling more than $602 million.

Here is a snapshot of the scale across the primary service channels as of late 2025 data:

Channel Component	Metric	Latest Reported Value (2025)
Loan Servicing (Total Volume)	Servicing Volume	$508.7 billion (as of 9/30/2025)
Loan Servicing (Borrowers)	Borrowers Serviced	14.2 million (as of 9/30/2025)
Nelnet Bank	Total Assets	$2.00 billion (as of 9/30/2025)
Nelnet Campus Commerce	Higher Education Institutions Served	Nearly 1,000
Nelnet Campus Commerce	Title IV ACH Refunds Processed (2025 YTD)	Over 230,000
ALLO Communications	Cities Served	53

ALLO Communications, which provides fiber network infrastructure for communications services, operates through a geographically focused direct-to-consumer and business model. Nelnet, Inc. maintains a 27% ownership interest in ALLO. ALLO provides communications services across 53 cities in Nebraska, Colorado, Arizona, and Missouri, serving a population base of over 1.4 Million.

The digital channel for loan management is critical, directing borrowers to the correct servicing website based on their loan identifiers, ensuring they reach either Nelnet.StudentAid.Gov or SloanServicing.com. Finance: draft 13-week cash view by Friday.

Nelnet, Inc. (NNI) - Canvas Business Model: Customer Segments

You're looking at the core groups Nelnet, Inc. (NNI) serves as of late 2025. It's a complex mix, spanning from government contracts to individual student borrowers and institutional investors. Honestly, the sheer scale of the servicing portfolio shows you where the real operational focus is.

U.S. Department of Education and other government entities

The relationship with the U.S. Department of Education (ED) is foundational, primarily through fee-based servicing contracts. As of the third quarter of 2025, Nelnet, Inc. recognized non-recurring revenue of $32.9 million ($25.0 million after tax) related to a contract modification for services previously performed under its government servicing contract. This segment relies on Nelnet Diversified Services (NDS) to manage massive federal loan volumes.

The overall federally managed portfolio, which Nelnet services a portion of, stood at over $1.58 trillion across more than 40.3 million recipient accounts as of June 2025.

Private education and consumer loan originators (e.g., SoFi, Discover)

This group represents key partners whose loan assets Nelnet, Inc. services for a fee. The growth in this area is quite visible in the segment results. You saw an increase in private education loan servicing volume following the conversion of loan portfolios from Discover Financial Services and SoFi Lending Corp. during the fourth quarter of 2024 and the first quarter of 2025. These originators rely on Nelnet's scale for ongoing servicing operations.

Educational Institutions (K-12 schools and colleges/universities)

Nelnet Business Services (NBS) targets this segment with education technology and payment solutions. For instance, Nelnet Campus Commerce processed over $602 million in Title IV Refunds, which directly impacts how institutions manage federal student aid funds. This shows a direct financial interaction with thousands of schools.

Student loan borrowers (federal, FFELP, and private)

This is the largest group by sheer count, though the composition is shifting. As of September 30, 2025, Nelnet, Inc. was servicing a combined portfolio of $508.7 billion across government-owned, FFELP, private education, and consumer loans for 14.2 million borrowers. That's a lot of monthly payment processing.

The total servicing volume across all types has fluctuated:

• As of March 31, 2025: $542.3 billion for 15.6 million borrowers.
• As of June 30, 2025: $516.1 billion for 14.5 million borrowers.

For the federal side, borrowers in Income-Driven Repayment (IDR) plans totaled approximately 39% of the ED-serviced repayment universe as of June 2025.

Here's a snapshot of the servicing scale as of late 2025:

Portfolio Type/Metric	Value as of Q3 2025 (Sep 30)	Value as of Q2 2025 (Jun 30)
Total Serviced Portfolio Balance	$508.7 billion	$516.1 billion
Total Borrowers Serviced	14.2 million	14.5 million
Loan Servicing Net Income (After Tax, 3 Months)	$35.2 million	$15.2 million

Investors in asset-backed securities (ABS) and corporate equity

This segment funds Nelnet, Inc.'s Asset Generation and Management (AGM) activities. The company regularly securitizes private student loans to access capital markets. For example, the Nelnet Student Loan Trust 2025-B issued notes totaling $1,545,215,000 on August 15, 2025. Another recent deal, the 2025-A Trust, involved an issue amount of $1,030,000,000 in March 2025. Furthermore, the 2025-D Trust is preparing to issue $745.1 million. These notes are sold to institutional investors, including those buying fixed-rate and floating-rate tranches pegged to SOFR.

For corporate equity investors, as of January 31, 2025, there were 25,634,449 shares of Class A Common Stock and 10,658,604 shares of Class B Common Stock outstanding. The Board declared a fourth-quarter cash dividend of $0.33 per share, payable in December 2025.

You can see the capital markets activity in the ABS issuance:

• Nelnet Student Loan Trust 2025-B Issue Amount: $1,545,215,000.
• Nelnet Student Loan Trust 2025-A Issue Amount: $1.03 billion.
• Upcoming NSLT 2025-D Issue Size: $745.1 million.

Finance: draft 13-week cash view by Friday.

Nelnet, Inc. (NNI) - Canvas Business Model: Cost Structure

The Cost Structure for Nelnet, Inc. is heavily influenced by funding costs for its loan assets and the operational scale required for its servicing platforms.

Significant interest expense on debt used to fund the AGM loan portfolio is a primary cost driver, though the specific interest expense for Q3 2025 isn't isolated. The Asset Generation and Management (AGM) segment held an average loan balance of $8.8 billion for the third quarter of 2025, which necessitates substantial debt financing, leading to significant interest costs.

Servicing costs are substantial, driven by the sheer volume of accounts. As of September 30, 2025, Nelnet was servicing loans for 14.2 million borrowers.

The provision for loan losses is a variable, but material, cost component across the lending businesses:

• Nelnet Bank recognized a provision for loan losses of $3.8 million in Q3 2025.
• AGM recognized a negative provision for loan losses (a benefit) of $7.4 million in Q3 2025, related to a loan sale.

The Education Technology Services and Payments segment incurs costs related to growth investments, which compressed margins in 2025 compared to 2024. Here is a look at the Q3 2025 revenue and associated direct costs for that segment:

Metric	Amount (Q3 2025)
Revenue	$129.3 million
Revenue less direct costs to provide services	$79.0 million

The difference between the revenue and revenue less direct costs represents the gross cost of services before considering operating expenses like technology development and personnel costs associated with growth investments. For context, the segment's net income after tax for the quarter was $19.0 million.

Capital expenditures related to the fiber network expansion through ALLO are managed through investment activities. While specific 2025 capital expenditures for ALLO are not detailed, Nelnet received cash proceeds of $411 million in June 2025 from a redemption of its membership interests in ALLO, which reduced its ownership from 45% to 27%.

Personnel and technology costs are embedded within the operating expenses of the segments. The Loan Servicing and Systems segment noted that its 2025 net income benefited from efficiencies achieved with technology and automation, suggesting ongoing investment in these areas as a cost management strategy.

Finance: draft 13-week cash view by Friday.

Nelnet, Inc. (NNI) - Canvas Business Model: Revenue Streams

You're looking at how Nelnet, Inc. actually brings in the cash, which is key for understanding its stability. The revenue streams are quite diversified, leaning heavily on servicing fees and net interest income from its various loan books. Honestly, looking at the late 2025 numbers, you see a mix of steady operational income and some significant one-time boosts.

The core of the fee-based side comes from the Loan Servicing and Systems segment. For the third quarter of 2025, this stream brought in $151.1 million in revenue. This was up from $108.2 million in the same quarter last year, partly due to the private education loan portfolio conversions from Discover Financial Services and SoFi Lending Corp. that wrapped up in Q1 2025.

The interest income side is split between two main lending operations. The Asset Generation and Management (AGM) segment, which manages a portfolio of loans, generated net interest income of $52.9 million during the first quarter of 2025. This was a solid start to the year, even with the expected runoff of the Federal Family Education Loan Program (FFELP) portfolio.

Here's a quick look at how the key income drivers stacked up in the most recent reported quarters:

Revenue Stream	Period	Amount (Millions USD)
Fee-based revenue from Loan Servicing and Systems	Q3 2025	151.1
Fee revenue from Education Technology Services and Payments	Q3 2025	129.3
Net interest income from AGM loan portfolio	Q1 2025	52.9
Non-recurring revenue from government contract modification	Q3 2025	32.9
Net interest income from Nelnet Bank's portfolio	Q3 2025	15.4

The Education Technology Services and Payments segment, which serves K-12 and higher education, also delivered substantial fee revenue. For the third quarter of 2025, this segment pulled in $129.3 million. That's a nice step up from the $118.2 million seen in Q3 2024.

Nelnet Bank's contribution, focused on its loan and investment portfolio, added net interest income of $15.4 million in Q3 2025. This was an improvement over the $10.6 million reported in the third quarter of 2024, driven by a larger portfolio, though the net interest margin saw a slight dip.

It's important to note the impact of non-recurring items, as these can skew the picture of core operational strength. In Q3 2025, Nelnet recognized $32.9 million in non-recurring revenue related to a modification of its government servicing contract, which is a definite tailwind for that quarter's top line.

The revenue mix shows a few key areas of focus:

• Loan Servicing & Tech: High fee revenue from managing existing loans and providing payment/tech solutions.
• Interest Income: Earnings from the Asset Generation and Management and Nelnet Bank loan portfolios.
• Portfolio Growth: AGM acquired $832.6 million of loans, including $702.8 million of FFELP loans, in Q1 2025 to bolster its interest earnings power.
• One-Time Events: The government contract modification revenue of $32.9 million in Q3 2025.

Finance: draft Q3 2025 segment revenue breakdown by end of next week.