Moody's notes that Nelnet faces negative governance risks due to the transition of its business model and the shorter track record of some of its businesses and investments. As a result, Nelnet's governance issuer profile score is G-3, implying moderate credit exposure to governance risk. Coupled with a social IPS score of S-5 due to higher risks from demographic and societal trends related to the student lending/servicing business, Nelnet has a credit impact score of CIS-4. This implies that ESG factors have a discernable negative impact on its credit ratings.