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0 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 FORM 10 - K ( Mark One ) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _to_ . COMMISSION FILE NUMBER 001-31924 NELNET , INC . ( Exact name of registrant as specified in its charter ) Nebraska ( State or other jurisdiction of incorporation or organization ) 121 South 13th Street , Suite 100 Lincoln , Nebraska ( Address of principal executive offices ) Title of each class Class A Common Stock , Par Value $ 0.01 per Share 84-0748903 ( I.R.S. Employer Identification No. ) Registrant's telephone number , including area code : ( 402 ) 458-2370 SECURITIES REGISTERED PURSUANT TO SECTION 12 ( b ) OF THE ACT : Trading Symbol NNI 68508 ( Zip Code ) Accelerated filer Smaller reporting company 0 Name of each exchange on which registered New York Stock Exchange SECURITIES REGISTERED PURSUANT TO SECTION 12 ( g ) OF THE ACT : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes > No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes No Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes > No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( §232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes > No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , ” “ smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer > Non - accelerated filer Emerging growth company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . □ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes No The aggregate market value of the registrant’s voting common stock held by non - affiliates of the registrant on June 30 , 2020 ( the last business day of the registrant's most recently completed second fiscal quarter ) , based upon the closing sale price of the registrant's Class A Common Stock on that date of $ 47.74 per share , was $ 918,743,888 . The registrant's Class B Common Stock is not listed for public trading on any exchange or market system , but shares of Class B Common Stock are convertible into shares of Class A Common Stock at any time on a share - for - share basis . For purposes of this calculation , shares of common stock beneficially owned by any director or executive officer of the registrant or by any person who beneficially owns greater than 10 percent of the Class A Common Stock or who is otherwise believed by the registrant to be in a control position have been excluded , since such persons may be deemed to be affiliates of the registrant . This determination of affiliate status is not conclusive for other purposes . As of January 31 , 2021 , there were 27,195,862 and 11,155,571 shares of Class A Common Stock and Class B Common Stock , par value $ 0.01 per share , outstanding , respectively ( excluding 11,305,731 shares of Class A Common Stock held by wholly owned subsidiaries ) . DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement to be filed for its 2021 Annual Meeting of Shareholders , scheduled to be held May 20 , 2021 , are incorporated by reference into Part III of this Form 10 - K .