Nelnet, Inc., was formed in 1978. The Company is an education services company and provided fee-based processing services and education-related products and services in four core areas asset management and finance, loan servicing, payment processing, and enrollment services (education planning). These products and services help students and families plan, prepare, and pay for their education and make the administrative and financial processes more efficient for schools and financial organizations. The Company operates in four distinct operating segments; Student Loan and Guaranty Servicing; Tuition Payment Processing and Campus Commerce; Enrollment Services; Asset Generation and Management. The Student Loan and Guaranty Servicing operating segment provides for the servicing of the Company's student loan portfolios and the portfolios of third parties. The loan servicing activities include loan origination activities, loan conversion activities, application processing, borrower updates, payment processing, due diligence procedures, funds management reconciliations, and claim processing. It includes brands like Nelnet Loan Servicing, Firstmark Services, Nelnet Guarantor Solutions, 5280 Solutions, Responsible Repay, CampusGuard, and Proxi. The Company's Tuition Payment Processing and Campus Commerce operating segment provides products and services to help students and families manage the payment of education costs at all levels (K-12 and higher education). It also provides education-focused technologies, services, and support solutions to help schools with the everyday challenges of collecting and processing commerce data. It includes the brand FACTS Management. The Enrollment Services operating segment offers products and services that are focused on helping colleges recruit and retain students and helping students plan and prepare for life after high school and/or military service. It includes the brands CUnet, Peterson's, EssayEdge, and Sparkroom. The Company's Asset Generation and Management operating segment includes the acquisition, management, and ownership of the Company's student loan assets, which has historically been the Company's largest product and service offering. Student loan assets included in this segment are loans originated under the FFEL Program, including the Stafford Loan Program, the PLUS Loan program, and loans that consolidate certain borrower obligations ('Consolidation'). The Company faces competition from financial institutions, tuition management providers, financial needs assessment providers, accounting firms, and a myriad of software companies. The Company is subject to federal and state income tax laws and regulations. Income tax regulations are often complex and require interpretation.