Nelnet is a holding company with two core operating businesses: federal student loan servicing and education technology and payments. The loan servicing segment, Nelnet Diversified Services, services $486B in student loans for 13.2 million borrowers, primarily under a contract with the U.S. Department of Education called the Unified Servicing and Data Solution. Servicers like Nelnet handle payment processing, borrower communications, compliance, and collections on behalf of the loan owner, earning monthly per-borrower fees that scale with borrower volume. The education technology segment, Nelnet Business Services, provides tuition payment plans, financial aid management, student information systems, and campus payment platforms to nearly 12,000 K-12 schools under the FACTS brand and over 1,200 colleges and universities under the Nelnet Campus Commerce brand, earning subscription and transaction-based fees. Nelnet also holds a legacy portfolio of FFELP student loans ($7.6B) that generates net interest income as the portfolio runs off — a structurally declining income stream Nelnet is partially offsetting by expanding into consumer loans. Nelnet Bank, an industrial bank in Utah, originates private education and consumer loans funded by deposits. Beyond these businesses, Nelnet operates a reinsurance business, an investment advisor managing $3.3B in AUM, a solar tax equity investment platform, commercial real estate equity interests, a 27% stake in ALLO Communications (a fiber telecom provider), and a venture capital portfolio of roughly 110 operating companies, with its largest position being Hudl, a sports performance analytics software company.