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Specialty Finance

Nelnet Executive Compensation (FY25)

NNI · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jeffrey Noordhoek
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 15, 2026Latest filing (8-K): May 18, 2026
15 filings cited on this page
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208 figures on this page: 197 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Nelnet

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Noordhoek: $1,555,613 → $2,243,420 (44.2% higher)
CEO pay ratio: 27:1 → 36:1 (33.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Nelnet's chief executive and what were they paid?
Total compensation for Jeffrey Noordhoek, Chief Executive Officer, came to $2,243,420 in fiscal 2025. Noordhoek's total was 44.2% higher than the $1,555,613 reported for fiscal 2024.
What was Nelnet's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 99.8% of votes cast including abstentions in favor at the meeting held May 14, 2026.
What is Nelnet's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 36:1, against median employee compensation of $62,738.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Kruger
Chief Financial Officer
◇◇◇———◇◇
Terry Heimes
Chief Operating Officer
◇◇◇———◇◇
Jeffrey Noordhoek
Chief Executive Officer
◇◇◇———◇◇
Timothy Tewes
President
◇◇◇———◇◇
Michael Dunlap
Executive Chairman
◇◇————◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Terry Heimes
Chief Operating Officer
◇◇◇———◇◇
Timothy Tewes
President
◇◇◇———◇◇
James Kruger
Chief Financial Officer
◇◇◇———◇◇
Jeffrey Noordhoek
Chief Executive Officer
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Timothy Tewes
President
◇◇————◇◇
James Kruger
Chief Financial Officer
◇◇————◇◇
Terry Heimes
Chief Operating Officer
◇◇————◇◇
Jeffrey Noordhoek
Chief Executive Officer
◇◇————◇◇
DeeAnn Wenger
President, Nelnet Business Services
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James Kruger
Chief Financial Officer
◇◇◇———◇◇
Timothy Tewes
President
◇◇◇———◇◇
Terry Heimes
Chief Operating Officer
◇◇◇———◇◇
Jeffrey Noordhoek
Chief Executive Officer
◇◇◇———◇◇
DeeAnn Wenger
President, Nelnet Business Services
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
DeeAnn K. WengerRSU◇——◇——◇
James D. KrugerRSU◇——◇——◇
Jeffrey R. NoordhoekRSU◇——◇——◇
Terry J. HeimesRSU◇——◇——◇
Timothy A. TewesRSU◇——◇——◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
James KrugerRSU◇◇——
Jeffrey NoordhoekRSU◇◇——
Terry HeimesRSU◇◇——
DeeAnn WengerRSU◇◇——
Timothy TewesRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
DeeAnn Wenger
President, Nelnet Business Services · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
James Kruger
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
Jeffrey Noordhoek
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
Terry Heimes
Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇
Timothy Tewes
President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control trigger◇
Equity acceleration on change in control◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas E. Henning
Lead independent director
◇◇———◇◇
Preeta D. Bansal
◇◇———◇◇
Adam K. Peterson
◇◇———◇◇
Jona M. Van Deun
◇◇———◇◇
Kathleen A. Farrell
◇◇————◇
David S. Graff
◇◇————◇
Kimberly K. Rath
◇◇————◇
Matthew W. Dunlap
◇—————◇
Michael S. Dunlap served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 19, 2022=◇◇◇
2020May 20, 2021=◇◇◇
2019May 22, 2020=◇◇◇
2018May 23, 2019=◇◇◇
2017May 24, 2018=◇◇◇
2016May 25, 2017=◇◇◇
2015May 26, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Noordhoek (Chief Executive Officer), FY2025 total compensation $2,243,420 (base salary $906,921) [exec_comp, SEC accession 0001258602-26-000024, filed 2026-04-02]

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What this page does not include

Everything above is a fact Nelnet disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
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Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
208 figures on this page: 197 cited to the filing that reported them, 11 calculated from figures it prints.
197 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001258602-26-000035
    Proposal 4: Advisory vote on executive compensation.
  2. 0001258602-26-000024
    CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation Overview · Director Compensation Table for Fiscal Year 2025 · and 3 more sections
  3. 0001258602-25-000039
    Proposal 3: Advisory vote on executive compensation.
  4. 0001258602-25-000019
    Summary Compensation Table for Fiscal Years 2024, 2023, and 2022
  5. 0001258602-24-000041
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001258602-24-000028
    Summary Compensation Table for Fiscal Years 2023, 2022, and 2021
  7. 0001258602-23-000052
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001258602-23-000036
    Summary Compensation Table for Fiscal Years 2022, 2021, and 2020
  9. 0001258602-22-000044
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001258602-21-000049
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001258602-20-000050
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001258602-19-000051
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001258602-18-000039
  14. 0001258602-17-000034
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001258602-16-000079
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Velarion, “Nelnet executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NNI (accessed 2026).
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The paid brief for Nelnet

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
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15 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Specialty Finance rankings

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Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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