Nelnet is an operating holding company that provides consumer lending, loan servicing, payments, and technology-enabled services primarily in the education sector, generating substantially all revenue from U.S. customers. The company's core operations span student and consumer loan servicing (managing hundreds of billions in loans for millions of borrowers), education technology and payment solutions (serving K-12 schools and higher education institutions through brands like FACTS and Campus Commerce), a consumer loan portfolio generating net interest income, and a bank offering education refinance and consumer loans. Nelnet generates revenue through loan servicing fees, net interest income on loan portfolios, education technology and tuition management fees, and investment-related income from reinsurance, real estate, and venture capital activities, with significant diversification beyond its education-focused core.