Start smart. Learn big.

SMPowering
Confidence
Environmental, Social,and Governance Report
April 2023

SocialPowering
Confidence

Governance

To power
confidence as
students begin
their unique
journey.

Environmental

Sallie Mae | 3

AB O U T

Sallie Mae | 5

AB O U T

10 About this report
11 Sallie Mae at a glance12

Our approachto ESG
12	Our business strategy and our ESG
strategy are deeply integrated
13	Identifying and assessing
emerging ESG topics
14 Stakeholder engagement on ESG
15 ESG oversight and accountability

17

17 Our approach
17 GHG footprint
20 Renewable energy procurement
20 Energy usage and reduction
21 Waste minimization

26 Our approach
27	Powering confidence to, through, andimmediately after college
28 Our social content
28 Our social impact
29	Promoting and advancing diversity
through higher education
32 Community reinvestment act
34 Powering purposeful partnerships
35 Financial literacy
37 Supporting customer success
38 Supporting military families

51

Powering responsible andethical governance
51 Our approach to governance
52 Board composition
54 Approach to risk management

39 Cultivating a diverse, inclusive,and engaged workforce

55	Safeguarding our customer dataand privacy

39 Our approach

58 Code of business conduct

40 Our workforce
42 Hybrid work model
44 Diversity = Excellence programs
46 Investing in our people
48 Tuition reimbursement
49 Family scholarship program

Environmental, Social, and Governance Report | APRIL 2023

Environmental

8 About Sallie Mae®

Reducing ourenvironmental footprint26 Increasing access, affordability,
and completion

Social

6 Message from the CEO

Powering confidence for ourcustomers and our people

60 Appendix
60 SASB Index
62 GRI Index
69 Contributing to the UN SDGs

Governance

25

Table of contents

AB O U T

Sallie Mae | 7

Message from the CEO

I am encouraged and energized about ourpath ahead, and I’m confident our missionaligned ESG focus will contribute to a moresustainable future.

We’re charting an ambitious course as the market leader for
private student lending, but the mission and purpose of Sallie
Mae is much greater. We provide education solutions thatpower confidence in students and families as they navigate
to, through, and immediately after college.
It’s that focus on being champions for students and families, and challenging ourselves

In 2022, we also made significant strategic philanthropic investments through ourand the status quo, that defines who we are as a company, that drives our mission, andcharitable arm, The Sallie Mae Fund, including $385,000 to advance social justice andit’s where we can make the greatest impact. It’s also at the heart of our ESG strategy.

support Historically Black Colleges and Universities (HBCUs). In addition, we provided

obstacles to higher education access and completion. We’re exploring new andinnovative ways to reach students – particularly first-generation students and those from$1 million in scholarships through our Bridging the Dream Scholarship Program, inpartnership with Thurgood Marshall College Fund, as part of our three-year $3 million
commitment to assist students from underserved and underrepresented communities.

underserved or underrepresented communities – who need the most support. Our

Sallie Mae Bank also provided $71 million in new investments to support low- andacquisition of Nitro College in 2022 and our newly formed Education Services line of-moderate income housing in Utah and an additional $371,000 in scholarships andbusiness have supercharged these efforts, enhancing our free tools like our scholarshipgrants to Utah students through the Community Reinvestment Act.

search and our planning resources to help more students and families make informed
decisions about their higher education.

Our ESG focus and efforts also support and foster a diverse, equitable, and inclusive
workplace where our people can develop and grow professionally. We introduced newSocialThrough our research and work with various stakeholders, we continue to identify

Environmental

Jon Witter,
Chief Executive Officer

diversity focused programs, a hybrid working model to allow for flexibility, connection,and growth, and continued to provide competitive benefits to our more than 1,700
team members.
We also completed our first comprehensive greenhouse gas (GHG) emissions inventory
on these initiatives, including our commitments to risk management and governance,
are included in this Environmental, Social, and Governance (ESG) Report.
I am proud of the steps we’re taking to support our customers, communities, our people,
and the environment. I am encouraged and energized about our path ahead, and I’m
confident our mission-aligned ESG focus will contribute to a more sustainable future.
All best,

Jon Witter
Chief Executive Officer

Environmental, Social, and Governance Report | APRIL 2023

Governanceand are considering actions to further reduce our carbon footprint. Details and progress

AB O U T

Sallie Mae | 9

SLM Corporation, more commonly known as Sallie Mae isthe leader in private education lending, providing financing
and expertise to support college access and completion.

Save for Collegewith SmartyPig
and our deposit
products

Track College
Funds

Interpret Offer
Letters with
College Cost
Calculator

Search for
Scholarships

More broadly, as an education solutions company, we aspire
to power confidence as students begin their unique higher
education journeys.

Our responsible lending philosophy

Sallie Mae is in the business of fair and responsible lending.
Helping students and families unlock the power of higher education begins with making

Our mission and purpose:
Our mission is our north star and a reminder to be champions for students and families.

Fill Out the FAFSA®
with A Step-ByStep Guide

Environmental

About Sallie Mae

Our higher education tools and resources

it easier to understand the full range of financing options available before they apply forloans. While we know each family’s strategy to plan and pay for college is different, werecommend families follow a three-step approach to financing their education:

positioned to be an education solutions company, helping students and families
navigate to, through, and immediately after college.
Our private student loan products help students bridge gaps in financing their higher
education, but we also help families make informed decisions about planning andpaying for college. We support students from all backgrounds by providing free,
and accessible tools and resources, and scholarships to promote higher education
access and support college completion. We’re committed to helping students from all
backgrounds understand their options, borrow responsibly, and set themselves up for
success now and in the future.

1

2

3

Start with money
you don’t haveto pay back first—
like scholarships
and grants.

Explore federal
financial aid bycompleting theFree Application
for Federal Student
Aid (FAFSA®).1

If there’s aremaining financial
gap, consider a
responsible private
student loan.

Social

We aspire to be more than the leader in private student lending. We’re uniquely

1 FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid.

responsible basis and complies with all applicable fair lending laws. Fair lending is
not only a basic responsibility for all team members, but also good business. Our Fair
Lending Program provides supporting guidance and sets expectations on the controls,
standards, and practices outlined in our Fair Lending philosophy. The best interests ofour customers are front and center and integral to our responsible lending philosophy,
and we reward financial responsibility, emphasize building good credit, and provide
flexible repayment options to help customers manage debt.

Environmental, Social, and Governance Report | APRIL 2023

Governance

Sallie Mae makes credit products available to consumers on a fair, consistent, andAB O U T

Sallie Mae | 11

About this report
This Environmental, Social, and Governance (ESG) report describes the ESG factors
relevant to our mission, our business, and our various stakeholders, and charts ourprogress on key ESG performance indicators. This report has been prepared withreference to the principles and disclosures of the Global Reporting Initiative (GRI)
Standards: Core Option and covers topics for all entities included in our financial
statements.
The recommended disclosures in the Sustainability Accounting Standards Board (SASB)

Environmental

Consumer Finance Standard were also considered when determining the contents ofthis report. The highlights and metrics shared represent calendar year 2022, but, whenpossible, multi-year trend data is included. All financial information is presented in U.S.
dollars and on a GAAP basis.
If you have questions or feedback, please contact us at ESG@SallieMae.com. For more

Socialinformation about Sallie Mae, please visit www.salliemae.com.

Sallie Mae at a glance• helped more than 369,000 students and families
finance higher education;• provided $6.0 billion in private education loans;• attained 58% private student loan market share;• on average approximately 2% of our loans in
repayment default annually; and• scored 1 in ISS QualityScore for ESG.

We generated economic value for our teammembers, shareholders, and local communities,
including:• $1.78 million GAAP net income attributable tocommon stock;• $1.76 GAAP diluted earnings per common share;• $71 million in new investments to support low- and-moderate income housing and affordable housing
projects in Utah;• $1.2 million in scholarships to help underserved
and underrepresented students access andcomplete higher education; and• $385,000 in grants to advance and promotesocial justice, including $100,000 to support
2022 National HBCU week.

Environmental, Social, and Governance Report | APRIL 2023

GovernanceIn 2022, with the support of our 1,711 teammembers in six locations, we:AB O U T

Sallie Mae | 13

Our approach to ESG

Identifying and assessing emerging ESG topics
We focus our strategy on ESG topics that are most alignedwith our mission and strategic priorities. Our ESG priorities
are based on stakeholder feedback and interest, emerging
standards and regulations, and general market trends

deeply integrated
Our mission to power confidence as students and families
pursue their unique journeys to, through, and immediately
after higher education uniquely positions us to integrate ourbusiness with social impact. At its core, our ESG strategy
is the focus and innovation we bring to higher education
access, affordability, and completion.

and developments.
In 2022, we conducted a perception study with investors, customers, employees, and arange of stakeholders to better understand their views on our current ESG approach. We
conducted interviews with our community and education partners to better understandthe importance of ESG to their organizations and how Sallie Mae could make meaningful
contributions to their programs. Our stakeholders confirmed our focus and where
we can continue to make the most impact: expanding higher education access,Environmental

Our business strategy and our ESG strategy are

advocating for affordability, and helping students complete their education.
For a full list of our priority ESG topics, please see our GRI Content Index.

This integration comes to life through our responsible financing products, ourand scholarship programs:
We equitably offer free tools and resources to all students and families – including
those from underserved communities – to help them effectively make informed

Socialvarious planning-for-college tools and resources, our industry-leading research,decisions about planning and paying for college. Our goal is to do our part in
helping remove barriers to higher education, particularly for those who need themost support.
Through Nitro College, our Education Services business, and industry-leading
and innovative ways to close them.
Through our strategic partnerships, philanthropic investments, employee giving, andscholarship programs via our charitable arm, The Sallie Mae Fund, we reach more
students and advance social justice initiatives.
Our ESG approach also extends to how we support our people and our communities,
and our stewardship of the environment. We continue to support and foster a diverse,
equitable, and inclusive workplace where our people can develop and grow a career.
Having completed our firstl greenhouse gas emissions audit, we are evaluating ournext steps to further reduce emissions, waste, and energy utilization.
We continue to implement and enhance our risk management practices andcorporate governance across our entire enterprise, including practices to better
protect the privacy of our customers. These are important expectations of Sallie Mae
as a good corporate citizen.
Delivering against these objectives, actions, and key performance indicators will guideour activities, investments, and disclosures over the next several years.

Environmental, Social, and Governance Report | APRIL 2023

Governanceresearch, we identify access and completion gaps and explore and develop new

AB O U T

Sallie Mae | 15

Stakeholder engagement on ESG

ESG oversight and accountability

We regularly review stakeholder partnerships across a

We hold ourselves to high standards for corporate

range of functions, including Customer Relations, Investor

governance, ethical conduct, and ESG performance.

Corporate Governance, and Government Relations.
The table below includes examples of ongoing stakeholder engagement efforts:

Our Board of Directors has responsibility for ESG oversight, with delegation to theNominations and Governance Committee. Guidance for our ESG program is provided
by our executive leadership team who is fully engaged to review the program’s
direction, address potential barriers, and identify ESG risks and opportunities
throughout the year.

Shareholders

Customers

Proactively hold discussions with

Use a combination of formal customer satisfaction surveys andinstitutional investors and financial

channels like our chat, mobile app, social media, and website, toanalysts who are increasingly interested

gather feedback.

in our ESG performance, as well as ourOur ESG strategy is operationalized by a cross-functional team that includes members
from finance, investor relations, legal, human resources, communications, and operations.

Environmental

Relations, Corporate Social Responsibility, Human Resources,financial results.

Solicit team member perspectives
through surveys, performance
review process, and quarterly
Town Hall meetings.

Government and Regulators
Engage in regular interactions with members of Congress aswell as the representatives of the Federal Deposit Insurance
Corporation (FDIC), the Utah Department of Financial Institutions(UDFI), and the Consumer Financial Protection Bureau (CFPB).
Such interactions involve matters of compliance, policy, orSocialTeam Members

operational expertise and guidance.

Engage with non-governmentorganizations and community partners to
identify and address the greatest needs in

Academic Institutions
Collaborate with academic institutions to increase financial
literacy as well as develop and distribute valuable tools thatempower students and their families to navigate and plan forhigher education.

the communities where we operate andencourage our team members to engage
in community service.

Industry Peers andTrade Groups
Engage with industry partners on key
business issues, such as cybersecurity,
data privacy, and fair and responsible
lending.

Suppliers/Vendors
Execute best practices for third-party oversight and managementthat support development and inclusion of diverse suppliers.
Utilizing diverse suppliers is beneficial both to the communities
we serve and our company’s growth. Our comprehensive thirdparty management program provides the framework to ensure
integrity and soundness of third parties providing products andservices to Sallie Mae by exercising appropriate due diligence
prior to entering third-party relationships and ongoing monitoring
after the relationship has been established.

Environmental, Social, and Governance Report | APRIL 2023

GovernanceCommunity and
Non-Government
Organizations

E N V I RO N M E N TA L

Sallie Mae | 17

Our approach
Our team of facility experts actively monitors and manages ourenvironmental impact. We continue to assess opportunities
to reduce our energy use and our emissions, to design andretrofit our office spaces with more sustainable materials, andEnvironmental

Reducing ourenvironmental footprint

to minimize the amount of waste generated in our offices.
Highlights from 2022 include completing our first comprehensive greenhouse gas
management and recycling provider.

Social(GHG) emissions inventory and signing a zero-waste agreement with our waste

GHG footprint
As a financial services company, Sallie Mae has a relatively
small environmental footprint.

increasing interest from stakeholders to transparently share this information.
In 2022, we engaged a third-party consultancy to calculate our greenhouse gas (GHG)
emissions inventory for fiscal year 2021. Through a comprehensive review of Sallie Mae’s
assets and operations, we established a GHG emissions inventory.
The results of this project provide us with a fulsome understanding of ourbaseline footprint.

Environmental, Social, and Governance Report | APRIL 2023

GovernanceIn 2021, we committed to enhancing our carbon emissions disclosures in response toE N V I RO N M E N TA L

Sallie Mae | 19

Type of Emissions Source
DirectSources that are owned orcontrolled by Sallie Mae

Indirect

Owned or controlled by a third
party, but influenced by Sallie Mae

We will continue to explore opportunities to reduce emissions including:

Scope

Included in Scope

Scope 1

Includes stationary and mobile combustion,and refrigerants under Sallie Mae’s control

Scope 2

Includes purchased or acquired energy inbuildings (electricity, cooling, and heat)• Exploring emissions reduction initiatives for buildings and equipment owned by Sallie
Mae, as feasible.

• Expanding our renewable energy procurement efforts through the continued
purchase of energy attribute certificates for our sites.

• Improving the quality and accuracy of our data by collecting more primary data fromGHG Emissions Summary Table (2022)

Scope 1

298

Stationary Combustion–Natural Gas

60

Owned Vehicles–Petro

0.06

Fugitive Emissions–Refrigerants

238

Scope 2 (Market Based)*

3,230

Purchased Electricity

3,230

Stationary Combustion –Natural Gas - 2%

• Updating our GHG emissions inventory annually and sharing our progress as we work
Refrigerants – 7%

to reduce our carbon footprint.
We remain committed to building out future ESG disclosures in line withrecommendations from the Task Force on Climate Related Disclosures (TCFD) and*Emissions shown are market based in tCO2e

Total
Scope 1 & 2
Emission by
SourcePurchased Electricity - 91%

developing legal requirements, and are preparing to pursue independent, third-party
assurance of our GHG inventory data to position us for future disclosure regulations.

Environmental

Emissions (tCO2e)

Increasing EV Charging Stations

We installed four additional EV charging stations at our offices
in 2022, bringing our total to six stations, to actively encourage

SocialEmission Source

our offices, and improving how we track emissions associated with our business travel.

environmentally-friendly behaviors among employees and reduce

Governancethe GHG generated through their commutes.

Environmental, Social, and Governance Report | APRIL 2023

E N V I RO N M E N TA L

Sallie Mae | 21

Renewable energy procurement

Waste minimization

In 2022, we continued to offset our Scope 2 GHG emissions through the purchaseIn 2020, we set a corporate objective to send zero waste toof WindPower Renewable Energy Certificates (RECs) from WGL Energy. The RECs

landfills. In 2022, we continued to make progress toward this

explore Virtual Purchase Power Agreements (VPPAs) by engaging with possible vendors

customer transitions to electronic statements, and by

to determine cost and the process required for implementation.

following environmentally focused design principles in our
office locations.

Energy usage and reduction
Our total electricity use in 2022 was 7,710 MWh. Our increase in total electricity use

Customers by statement delivery typewas driven by our staff returning to the office through our hybrid work model in 2022.
Since 2019, we have installed LED lighting and energy efficient heating, ventilation,

2.5M

and air conditioning (HVAC) systems to reduce the energy footprint in all our newly
constructed facilities. We also recently completed a two-year effort to upgrade all air

2M

2,118,809

2,139,137

2,183,360

774,106

807,206

841,596

1,004,054

1,092,785

1,119,204

1,158,561

265,443

251,918

212,727

183,203

2019

2020

2021

2022

1,951,730

handling units with bipolar ionization systems. These systems help maintain standard
outside air intake percentages and contribute to better energy efficiency while
maintaining healthy indoor air quality levels.
We assess the air quality monthly, through monitors at our larger facilities, and conduct
wide-range indoor air quality (IAQ) testing at our three largest facilities, both Delaware
sites, and our site in Indiana.

1.5M

682,233

1M
500 K
0

Paper Statements

91.6%

7,710 MWhOur total electricity use in 2022.

Environmental, Social, and Governance Report | APRIL 2023

Environmental

goal through our waste reduction programs, by supporting

Electronic Customer Statementsof customers opted toreceive their statements
electronically in 2022 .

Socialheadquarters and facility at Christiana Road, both located in Delaware. We continued toElectronic Co-Signer Statements

Governancepurchased in 2022 match our electricity use at our two largest locations, ourE N V I RO N M E N TA L

Sallie Mae | 232022 Waste and Recycling Summary: Delaware Locations*
These recycling efforts conserved the following resources:0

We havesaved:

34.8%

Paper

7.0

5 tonsGlass

2.4

Aluminum

Plastic

0.7

0.7

10 tons
15 tons
20 tons

Landfilled
79.7 tons

Cardboard

20.9

25 tons*Our Delaware locations represent 60% of our total portfolio of office space by square

418 trees

Enough to produce 5,176,026
sheets of newspaper

114 cubic yardsof landfill space
Enough airspace to meet thedisposal needs of 147 people

Environmental

Diverted
31.7 tons

Enough to power 4 homes for a
full year

113 metric tons of
CO2 equivalent
Preventing greenhousegas emissions

194,954 gallons
of waterEnough to meet the fresh waterneeds of 2,599 people for a year

Environmental, Social, and Governance Report | APRIL 2023

Governance

50,501 kW-hrs
of electricity

Socialfootage and 56% by headcount.

S O C IA L

Sallie Mae | 25

Our aim is to increase access and opportunities for students
from all backgrounds through higher education.
Through confidence-inspiring tools and resources, scholarship programs, and ourEnvironmental

Powering confidence
for our customers andour people

philanthropic and strategic giving, we’re committed to our customers, our communities,

Sallie Mae creates tremendous social
impact through our products, tools,
and resources to assist families to,through, and immediately aftercollege. That focus extends to ourstrategic giving as well.

Socialand our people.

GovernanceNicolas Jafarieh, Executive Vice President, Chief Legal,
Government Affairs, and Communications Officer

Environmental, Social, and Governance Report | APRIL 2023

S O C IA L

Sallie Mae | 27

Increasing access,affordability, and completion

Powering confidence to, through, and immediately

after college
Everyone’s journey is unique—so we meet students andfamilies where they are and provide resources every step of
the way.
As an education solutions provider, we’re committed to filling confidence gaps andcollege through free tools and resources.

We believe education, in all forms, is the foundation forsuccess, an equalizer of opportunities, and a provenpathway to economic mobility. Achieving the dream of ahigher education can open doors and create significant
opportunities, but planning and preparing for this significant
investment can be confusing and stressful.

These tools, resources, and information include:• Our FAFSA® Guide helps students and families complete the Free Application forFederal Student Aid (FAFSA.)• Our free Scholarship Search Tool is home to more than 6 million scholarships

Environmental

helping students and families from all backgrounds make informed decisions about

Our approachcollectively worth up to $30 billion. Our Graduate School Scholarship Search tool ishome to nearly 1 million graduate school scholarships worth more than $1.25 billion.

• Nitro is our online experience that helps students and families throughout the payingand loans all in one place. From comparing financial aid offers to receiving trusted

students and families make informed, confident decisions about higher education.

guidance, students can build their bridge to college.

Earning a college degree provides a clear pathway to opportunity. College graduates• Industry-leading research, including How America Pays for College, How America

receive greater economic benefit throughout their lifetime, compared to those who leave

Completes College, College Confidence: What America Knows About Paying forschool with no degree.

College, and more. These reports provide insight into how American students andSocialfor-college process, allowing them to track their financial aid, savings, scholarships
Our goal is to consistently provide innovative products, tools, and resources to help

families approach higher education and finances. This research is regularly featured
in national media outlets, referenced by regulators, policymakers and think tanks, andused by higher education institutions to monitor trends and help students and families

Unemployment rate1

3.5%

Weekly earnings1

1,334

$

college graduatescollege graduates

5.5%

$

non-completers
1899

non-completers

Source: U.S. Bureau of Labor Statistics: Education Pays

Environmental, Social, and Governance Report | APRIL 2023

make the right decisions for them.

• Our blog and social media content provides insider tips, inspiration, and advice fromreal students on YouTube, Instagram, and Facebook.

Governance

HERE’S WHAT WE KNOW:S O C IA L

Sallie Mae | 29

Promoting and advancing diversity throughhigher education

Our social content

Strategic giving

Conversation Starters—This Facebook
series breaks the ice on subjects like college

Through our strategic philanthropic investments, we’re committed to unlocking thesavings, loans, career choices, and more.

potential of higher education and giving back to the communities where we live, work,

Hacked—Our video game-style YouTube
series takes students on a journey throughUnexpected Scholarships—OurThrough The Sallie Mae Fund, our charitable arm, we offer:

Instagram series highlights unique• scholarship programs that support access and completion for undergraduate andscholarship opportunities.

the complexities of paying for school to help
them make the best choices for their future.

graduate students;• grants and increased funding for mission-aligned charitable organizations at national
and local levels;

Affirmations—This Instagram series gives
students relatable bits of inspiration and tips

Pixels+—In-college students get theto prioritize mental health, and encouraging

information they need on financial aid,

messages to help them stay motivated all thescholarships, and more through their choose-• support and resources to Historically Black Colleges and Universities (HBCUs); andEnvironmental

and serve.

• philanthropic investments that further social justice, equity, and inclusion.

way to graduation.

your-own-adventure journey on Instagramand YouTube series features real students
sharing advice and insider hacks to help otherstudents prepare for the college experience.

Our social impact
2022 community investment highlights

69,470$The Sallie Mae Fund Grants$

71 million

385,000$$

Employee Matching Gift Program

Environmental, Social, and Governance Report | APRIL 2023

Community Reinvestment Act

1.2 million

Scholarships

Dr. Harry Williams, President and Chief Executive Officer,
Thurgood Marshall College Fund•

Governance

A college degree positions students for
greater career success and spurs the kindof economic mobility that can change thelife trajectory for a student. It’s great tolaunch these scholarship programs again
this year. We value our relationship withThe Sallie Mae Fund.

Campus Underground—This Instagram

Social

and YouTube.

S O C IA L

Sallie Mae | 31

GRANTS

from underserved communities not only access higher education,• Awarded $235,000 to nonprofit organizations to advance social justice throughbut also complete it. By the end of the 2024 academic year, $3
million in scholarships will have been awarded to students through
The Sallie Mae Fund’s Bridging the Dream Scholarship Program, inpartnership with Thurgood Marshall College Fund.

educational programs and services designed to remove key barriers to accessand completion.

• Awarded $100,000 to support the 2022 National HBCU Week attended by nearly
8,000 students who connected with HBCU leaders and representatives.

• Awarded $50,000 in support of college scholarships to children and spouses of
disabled and fallen military service members.

2022 highlights include:

VOLUNTEERISM AND GIVINGSCHOLARSHIPSIn 2022, through our employee volunteer and matching gift programs, our• The Bridging the Dream Scholarship for High School Seniors awarded nearly $250,000 in
scholarships to 25 deserving students to help make the dream of higher education a reality.

• The Completing the Dream Scholarship awarded nearly $650,000 to 267 students at-risk of
not completing due to financial emergencies or unpaid school bills.

• The Bridging the Dream Scholarship for Graduate Students awarded $100,000 to 10
students from underserved communities who are looking to use their graduate degrees toadvance social justice.

• spent a total number of 1,928 hours volunteering; and• maximized their charitable giving by donating more than $69,000 to deserving
nonprofit organizations.
THE EPSILON ZETA BOULÉ FOUNDATION VOLUNTEER AWARD

1,928 hrs
Maximized their charitablegiving by donating more than

$69,000
to deserving nonprofit
organizations

In 2022, Sallie Mae team members from our Virginia office were recognized for theirDenerick Simpson, Savannah State University, Master of Public Administration

The Bridging the Dream Scholarship means a lot to me
now that I am in college. This scholarship has givenme the opportunity to begin a new journey in life andto further achieve the goals I have set for myself.
Jahni Glover, North Carolina A&T State University, Studying Biology, Pre-Medicine

Governance

My plight of growing up in a socioeconomicallydisadvantaged home sparked my interest in higher
education to better my environment. I am a firstgeneration college student who relies heavily on thegenerous giving of scholarship donors such as Sallie Mae
to be able to continue the pursuit of my educational goals.

Socialvolunteer efforts in the Loudoun County community.

Meet our recent scholarship recipients.

Environmental, Social, and Governance Report | APRIL 2023

team members:

In 2022, through our employee
volunteer and matching gift
programs our team members
volunteered a total ofEnvironmental

The Sallie Mae Fund helps provide scholarships to help students

S O C IA L

Sallie Mae | 33

Community reinvestment act
Reinvestment Act (CRA) Program to meet the credit needs of its communities in Utah
where Sallie Mae Bank is chartered. Sallie Mae Bank’s CRA commitments through 2026
were reviewed and approved by the Federal Deposit Insurance Corporation in 2022. Sallie
Mae Bank is committed to meeting its key CRA targets at an overall “Outstanding” level
through its consumer education and community development lending, investmentsthat support community development and affordable housing, grants to community
organizations, scholarships to low- and moderate-income students, and community
service. Through ongoing needs assessments, Sallie Mae Bank focuses its CRA activities
on those that are the most impactful to underserved communities in Utah.
In 2022, Sallie Mae Bank met its CRA scholarships and grants funding goals
donating $371,000 to support the needs of its community.

• Of the $371,000 donated, 46 scholarships totaling $216,000 were awarded toYour gift is not only an
impactful investment in ourstudents and programs, butalso an investment in the
Eccles community as a whole.
Katie Amundsen, Assistant Dean, Alumni
Relations and Development, David Eccles
School of BusinessYour generosity helps us makecollege access and successa reality for many deserving
students.
Deneece Huftalin, President ofSalt Lake Community College

Environmental

Under the direction of the Board, Sallie Mae Bank has established a robust Community

first-generation and underserved students; and• Sallie Mae Bank contributed $155,000 to community development organizations that

ADVANCING AFFORDABLE HOUSING SOLUTIONS IN UTAH
Additionally, Sallie Mae Bank made nearly $71 million in new investments to support
low- and -moderate income housing and affordable housing projects in Utah.

Socialhelped address the needs of this community.

PROMOTING TEAM MEMBER VOLUNTEERISM IN UTAHTeam members exceeded our CRA service goal as well, volunteering 538 hours with

In 2022,

And,

Sallie Mae Bank met its CRA
scholarships and grants funding
goals by donating$$

371,000

to supporting 46 education
scholarships totaling

216,000$

for low- and moderate-income students

Environmental, Social, and Governance Report | APRIL 2023

155,000

to community development
organizations that help decreaseintergenerational poverty andincrease economic mobility.
Sallie Mae has maintained an“Outstanding” CRA rating in its
exams since 2015.

Governancevarious community organizations.

S O C IA L

As a trusted corporate citizen and engaged
community partner we are committed tosupporting the communities where ourteam members live, work, and serve. Thisis fundamental to our culture and mission,
and we look forward to continuing to meetand exceed these efforts in the future.
Kerri Palmer, Chief Operational Officer and President of Sallie Mae BankHBCU WEEKIn 2022, The Sallie Mae Fund contributed $100,000 to support the 2022 National HBCU

Powering purposeful partnerships

Week College Fair as part of National HBCU Week in Orlando. As the cornerstone of

To reach more students and cultivate their financial know-

with HBCU leaders and representatives, resulting in more than 2,600 on the spot

how, we partner with organizations with the right expertise

HBCU Week’s program, nearly 8,000 high school students attended and connected

Environmental

Sallie Mae | 35

student acceptances and more than $23 million in scholarships offered.

THURGOOD MARSHALL COLLEGE FUND
Partnered with Thurgood Marshall College Fund, the nation’slargest organization exclusively representing the Black College
Community, to provide underserved students scholarships to
not only access and begin their education journey, but also
complete it.

Ashley Christopher, HBCU Week Founder and CEO

DELAWARE STATE UNIVERSITY
Contributed nearly $25,000 to fund scholarship opportunities for

Financial literacy

students attending Delaware State University, a home state HBCU.

Relationship Management TeamTo support our schools, students, and families, our relationship managers provide productknowledge, financial wellness expertise, and training.
They also offer:• education and resources to help families plan for college;• information about best practices and industry-related trends;• resources for loan processing inquiries; and• important school-level loan usage information.

Environmental, Social, and Governance Report | APRIL 2023

GovernanceSupporting students attending Historically Black Colleges and Universities

Hosting this national event at Walt DisneyWorld Resort helps amplify the mission of
HBCU Week, and partners like Sallie Mae
help to cultivate an even greater impact infostering opportunities for thousands ofblack students.

Socialand a history of success.

S O C IA L

Sallie Mae | 37

In 2021-2022, Sallie Mae’s Relationship Management team,in partnership with key financial aid professionals, hosted 14
virtual college planning and financial literacy events, reachingover 3,200 influencers and consumers.

student/parent sessions supporting awareness forthe importance of saving and money managementfinding scholarships and importance of completingwith underserved communities, including the Debt Free

the FAFSA.

Guys - David and John – for outreach to the LGBTQ+KANSAS STATE TREASURER’S OFFICE

the Kansas ScholarShop and co-presented with theTreasurer to promote the importance of scholarships

awareness of the importance of the FAFSA, scholarships,
and the 123’s of Paying for College.

COLORADO STATE DEPARTMENT OF EDUCATIONMISSOURI STATE TREASURER’S OFFICE
Collaborated to create the “Show Me the Money” site

to interact with our customers, including:• an integrated platform that streamlines our procedures and provide efficiencies,
creating more customer-centric capabilities for our team members;

By meeting our customers where they are, and helping them understand their options,for college professional development to its highoffices from Hawaii to Alabama by providing sessions

school counselors.

and resources to help students and families accesshigher education.

Environmental, Social, and Governance Report | APRIL 2023

appropriate, short-term hardship forbearance, suited to their individual circumstances.

• a mobile application accessible through smart phones and the Apple watch.

Continued to collaborate with State GearUp and TRIO

Statewide Network for view and use across the state.

can include extended repayment schedules, temporary interest rate reductions and, if

for college.

experts to facilitate statewide planning and paying

and paying for college information to their 211 Louisianamonthly payment obligations and help them return to solid financial footing. These• an online chat function for customer service; andGEARUP AND TRIO

Provided Sallie Mae with the ability to submit planningcircumstances and identify any available alternative arrangements designed to reduce

virtual events promoting scholarships and saving

Interested in partnering with Sallie Mae subject matter

LOUISIANA STATE OFFICE OF STUDENTFINANCIAL AID (LOSFA)

our customers feel confident and reassured in their decisions.

Over the past few years, we’ve implemented several improvements in our ability

featuring our scholarship search tool and supporting

State Partnerships

providing them with helpful and timely information and resources. Our goal is to makeand finding free money for college.

networks to provide resources at local Inspire eventsin Florida, Pennsylvania, Wisconsin, and Utah to raise

Excellent customer care means valuing the customer, putting their needs first, andSocialCollaborated with several Junior Achievement USA

savings, and federal financial aid.

If a customer is experiencing hardship, we work to understand their financial

Co-branded our scholarship search tool to create
JUNIOR ACHIEVEMENT

to cover college costs that remain unmet after scholarships,

Environmental

MICHIGAN DEPARTMENT OF TREASURY

Teamed up with personal finance influencers to discuss

focus on the black community.

complete college, and ultimately graduate with less debt.
Sallie Mae’s private student loans are a responsible option

Partnered to offer high school counselor training andcommunity, The Finance Bar, and Clever Girl Finance to

Our aim is to help students and families access, afford, andwe’re not only helping them make smart, thoughtful financial decisions, but we’re also
powering them with confidence to achieve their goals.

Governance

SMARTY PIG

Supporting customer successS O C IA L

Sallie Mae | 39

Supporting military families
We employ a team of customer service advisors who are
dedicated to working with military families to provide uniqueand personal assistance.
This devoted group can help customers with military-specific benefits, make

Cultivating a diverse,
inclusive, and engaged
workforce

arrangements for their loans while they are deployed, and support them as they

Supporting our team members on active duty is core to our mission and culture. Just likeour customers, team members on active duty and their families have unique needs. We

Our approach

We also support military service members through our philanthropic efforts. In 2022,

Our philosophy and approach to a diverse, equitable,

The Sallie Mae Fund reinforced its commitment to military service members andand inclusive workplace ensures our team members feel

their families with a $50,000 grant to Folds of Honor. The grant supported college
scholarships to children and spouses of disabled and fallen military service members.

seen, understood, respected, valued, safe, recognized,

Since 2014, our $425,000 in contributions have helped nearly 100 military families

and rewarded. By continuously looking through a diversity,

access higher education.
These consistent efforts have been recognized by the Delaware Employer Support of
the Guard and Reserve, which presented Sallie Mae with the Pro Patria Award, its highest
honor, in 2018.

equity, and inclusion (DE&I) lens and having DE&I as part ofour mission, culture, and ongoing learning at Sallie Mae, we
aspire to be the most inclusive and just workplace in America.

Our working model ensures our teammembers are on campus when there isreal value and purpose to be in the office,but affords flexibility and options to work“where” you want at other times.
William Wolf, Chief People Officer

Environmental, Social, and Governance Report | APRIL 2023

Socialbenefits for active duty above and beyond what’s required by state or federal law.

Governanceoffer flexible scheduling and time off for training and deployment, and extend salary andEnvironmental

transition back to school or into repayment.

S O C IA L

Sallie Mae | 41

Our workforce

1,711

Racial/ethnic diversity

GenderOverall

Total workforce
Team members*As of 12/31/22

55% Non-Diverse
45% Diverse

Overall
57% Female

Distribution

43% Male

83 Virginia
Senior Level and up

Senior Level and up

37% Female

Environmental

Geographic

77% Non-Diverse

63% Male

23% Diverse

Professionals

Hourly Employees

52% Female

53% Female

74% Female

48% Male

47% Male

26% MaleManagers
67% Non-Diverse
33% Diverse

902 Delaware
500 in Christiana and402 in Newark

Age
Professionals

56 Massachusetts

55% Non-Diverse
45% Diverse

Generations
9% Baby Boomers
26% Generation X

Hourly Employees
32% Non-Diverse

55 Utah

68% Diverse

54% Millennials
11% Generation Z

182 Remote OfficeEnvironmental, Social, and Governance Report | APRIL 2023

GovernanceManagers

Social433 Indiana

S O C IA L

Sallie Mae | 43

Glassdoor rating for Diversity,
Equity, and Inclusion

4.2/5

In 2022, our Glassdoor rating
surpassed peer banks we compete
against for talent.

Environmental

Among the five overall rating
contributors, “Diversity” rating led
the way, climbing from 3.1 to 4.2.

82%

90%

83%

of Sallie Mae teammembers know
our mission.

of Sallie Mae team members
agree their fellow teammembers are committed todoing quality work.

of Sallie Mae teammembers knowwhat is expected ofthem at work.

of Sallie Mae teammembers feel theirsupervisor, or someone atwork, cares about them.

Hybrid work model
In April 2022, we introduced our new hybrid working model to allow for flexibility,
connection, and growth, while continuing to deliver for our customers. We havelearned to work effectively in a remote setting while also spending valuable time on our
campuses to collaborate, connect, develop, and train our people.

In 2022, we made significant progress in building a just,inclusive, and mission-led culture through our continued
DE&I efforts.
Through monthly learning and engagement forums and regular features spotlighting
our employee community, we continue to provide a sense of belonging where our teammembers can feel empowered to bring their full selves to work every day.

Environmental, Social, and Governance Report | APRIL 2023

Governance82%

SocialHighlights from our team member surveys

S O C IA L

engagement event series: “Diversity = Excellence.”
These live, in-person, and virtual events offer a companywide forum for all colleagues
to ask questions, engage in conversation, and hear from diverse leaders, including
members of the Sallie Mae Board.

HBCU Day at Sallie Mae

Team Member

As DEI ambassadors across the organization Sallie Mae’s Diversity Council, is a critical

Feedback

driver in establishing a dedicated focus on diversity and inclusion priorities and

The Council provides guidance to promote DEI in policies used across the organization“Great talk, great
inspiration!”and provides ideas and feedback to the leadership team on issues of culture, equity,–Tonya R.

promoting the company’s DEI program.

inclusion, and diversity in the workplace.
The Council meets regularly to discuss these areas and strives to enable anorganizational culture in which all employees feel valued, have a sense of belonging,and feel empowered to do their best work. They also help identify organizational

Sallie Mae welcomed Delaware State University President and Chair of President Biden’s

learning opportunities where employees may engage to deepen and develop a personal

Board of Advisors on Historically Black Colleges and Universities (HBCUs), Dr. Tony Allen

understanding of DEI.

to our Newark headquarters in September 2022. Dubbed HBCU Day at Sallie Mae, thediscussion with Dr. Allen focused on the important role of HBCUs in advancing accessand completion in higher education.

Second Tuesday
To further support employee engagement we launched “Second Tuesday” a curated
set of events each month designed to re-acquaint team members with their in-officespotlighting team members of all tenures, levels, and areas of the organization. The
monthly profiles showcase the diversity of talent and perspective at Sallie Mae.

–Erica R.

members have the opportunity to learn more about a variety of topics and are provided
lunch on campus to reconnect with colleagues in a meaningful way. The first four
editions of Second Tuesday represented the four highest office attendance days since
before the pandemic.

Voices of Sallie Mae
In 2022 we developed a new series featuring “person-on-the-street” style interviews

Dr. Tony Allen, President of Delaware State University

Discussing women intechnology with otherfemale leaders during
Sallie Mae’s Diversity =Excellence series
resulted in a rich dialoguethat I hope continues tospark even more powerfulconversations in the future.
Kirsten Wolberg, Sallie Mae Board Member

Environmental, Social, and Governance Report | APRIL 2023

–Elisa D.

“Off the charts
awesome session!
Hoping to keep
the dialogue
going! Thanks
so much forthe inspiring
dialogue!”communities and to showcase aspects of Sallie Mae’s work and diverse culture. Team

When a company like Sallie Mae asks the hardquestions and then has the courage to hear
the answers from their partners and eachother, you know they are already on the right
path–to better and to greater. Together, we
can recognize the significance of diversity,
equity, and inclusion by taking practicalsteps to enable more students to reap the
benefits of HBCU education.

“One of themost impactfulconversations I’ve
ever had about thefemale experiencein the work place.”

SocialTo further support DE&I, we introduced a new employee

Diversity Council

GovernanceDiversity = Excellence programs

Environmental

Sallie Mae | 45

S O C IA L

Sallie Mae | 47

Investing in our people
Providing competitive benefits

In 2022, The Dave Thomas Foundation for
Adoption named Sallie Mae as one of the
100 Best Adoption-Friendly Workplaces.

We recognize team members are balancing their physical, emotional, professional,
and financial well-being. Through a competitive health benefits program, we offer
multiple insurance plans with dental, vision, disability, life, and accident insurance, paidbereavement leave, and disability coverage to both full and part time team members.

To help our new and current team members thrive and grow both inside and outsideenhancements to our paid parental leave policies in 2022.
PARENTAL LEAVE FOR PRIMARY CAREGIVER
New Sallie Mae team members are now eligible for paid parental leave as a primary
caregiver 90 days after joining the company. A full three months earlier than ourprevious policy.

We continued to offer a strong foundational benefits package, including:

PARENTAL LEAVE FOR SECONDARY CAREGIVER• 401(k)-matching program with a company match, dollar for dollar up to 5% of

For team members wishing to take paid parental leave as a secondary caregiver, Sallie• relationship with Care.com to connect team members with care givers, pet sitters,

Mae now offers six weeks of paid leave for secondary caregivers at 100% of the teammember’s regular pay rate.

and more during times of need;• opportunity to participate in Sallie Mae’s Employee Stock Purchase Plan;• access to an Employee Assistance Program (EAP) through Metlife which is free for allteam members and provides support for overall mental health. It is available 24 hours
a day, 7 days a week and to all members of our team members’ household; and• an adoption reimbursement of up to $10,000.

New enhancements in 2022:
Contracted direct relationship with Health Advocate to assist employees with
benefit-related questions.

As an adoptive mother of two, I can say
firsthand that reimbursement programs
such as our award-winning adoption
benefit can be life-changing and a
deciding factor in whether a family canafford the cost of adoption. Thank you forsupporting adoptive families!
Shannon Wenzel, Technical Architect, FDR Operations Support

Sallie Mae offers up to$10,000
in adoption reimbursement.

In 2022, Sallie Mae provided

12,480 hrs

of primary parental leave and 4,874
hours of secondary parental leave.

Environmental, Social, and Governance Report | APRIL 2023

Socialteam member contributions;

GovernanceIn 2022, Sallie Mae incurred an 8.6% increasein health benefits costs. To keep the healthbenefit costs flat for team members, Sallie Mae
paid more than $1 million to cover thecost increase.

Environmentalof Sallie Mae, we continued to evolve our benefits coverage and made the following

S O C IA L

Sallie Mae | 49

Tuition reimbursement

Family scholarship program

Powering students along their higher education journey is our purpose, and sometimes,

Sallie Mae offers financial assistance to children of our team members who plan tothose students are our own team members. We offer up to $10,000 in tuition

attend college or a vocational-technical school. Our Family Scholarship program awards

reimbursement annually for courses or degrees related to their job. Covered costs

10 deserving young people with a $5,000 scholarship, which may be renewed for up to

include tuition, fees, books, supplies and equipment.

three years, or until a degree or certificate is earned. Since the inception of this program,

In 2022, more than $250,000 in tuition
reimbursement was provided to teammembers for courses and degrees related
to their jobs.

This scholarship has allowed my son theopportunity to attend his dream college
for the last four years. I’m beyond
grateful to Sallie Mae for supporting
his higher education journey to achieve
his aspired career.

Environmental

we have awarded $1,195,500 in scholarships to children of our team members.

Fostering future talent
In the summer of 2022, we hosted a total of 47 interns in departments across theSocialMaureen Fagen, Son is recipient of Sallie Mae’s Family Scholarshiporganization. Working in our hybrid environment, our interns gained real world, firsthandMy experience as an intern at Sallie Mae
has been extremely valuable to the startof my professional career journey. I’m
grateful for the incredible opportunity
to obtain real-world experience outsideof the classroom.
Sabrina Dolgetta, Intern

Environmental, Social, & Governance Report | APRIL 2023

Governanceexperience aimed at fostering future success.

G OV E R N A N C E

Sallie Mae | 51

Our approach to governance
Sallie Mae’s governance framework is formed by ouroverarching code of conduct, corporate governance policies,

Key corporate governance policies

Board committee charters, certificate of incorporation, andand practices are available in the

bylaws. In following our corporate governance framework andEnvironmental

Powering responsible andethical governance

Governance section of our website.

fueling a strong commitment to diversity, corporate ethics
and integrity, and business expertise, we have continued to

Our Board is composed of 11 independent directors and our Chief Executive Officer,
Jon Witter. All members of our Board bring expertise relevant to our business and an

Socialbuild and maintain a diverse and effective Board of Directors.

unwavering commitment to operating ethically and with integrity.
We continue to recruit Board members with vast experience and diversity to help
us with emerging regulatory requirements, navigate changing market needs, andguide our advancements in the technology and customer experience space. In 2022,
Carter Franke also completed her second year as our Board Chair.

I’m consistently impressed and feel fortunate
to be surrounded by such an amazing anddiverse group of Directors. Together withthe company’s Executive Leadership team,
we’re charting a course for Sallie Maethat’s squarely aligned to the company’s
mission while upholding responsible,
ethical, and diverse governance.
Carter Franke, Chair of Sallie Mae’s Board of Directors

Environmental, Social, and Governance Report | APRIL 2023

Governancewe welcomed the appointment of R. Scott Blackley to our Board of Directors.

G OV E R N A N C E

Sallie Mae | 53

Board composition

Pursuant to Nasdaq’s Board Diversity Rule, which was approved by the SEC on August 6,
2021, Board diversity disclosure is provided in the table below as of December 31, 2022.
The Company is in compliance with the Nasdaq Board Diversity Rule as at least one

Currently, we have four female board members, comprising 33% of the Board. Our Board

director self-identifies as female and at least one additional director self-identifies as an

is committed to providing oversight of the company’s strategy and performance in anunderrepresented minority or LGBTQ+.

effective and constructive manner, with the goal of representing the best interests of ourshareholders and balancing those with the interests of our customers, team members,
and regulators.

It’s particularly rewarding to see how thedifferent perspectives of our Board help us
address business challenges, support
employees, and empower our customers to
do great things.

TOTAL NUMBER OF DIRECTORS

12PART I:GENDER IDENTITYFEMALE

MALE

Directors

4

8

NON-BINARYDID NOTDISCLOSE

PART II:
DEMOGRAPHIC BACKGROUND

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African American

Environmental

NASDAQ board diversity table*

Alaskan Native or Native American

Ted Manvitz, independent director on Sallie Mae’s Board of Directors

Asian

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1

*As of December 31, 2022with a 3+ Board rating.

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G OV E R N A N C E

Sallie Mae | 55

Approach to risk management

Safeguarding our customer data and privacy

A strong risk management function drives efficiency and innovation in how we serve our

How we uphold our promise of integrity.

customers. Effective risk management drives us to simplify processes and examine how
we work. We strive to not only meet our regulatory requirements, but also to build next

Our Code of Business Conduct

Our Enterprise Risk Management Programand Employee Training outlines

enables effective risk mitigation through our

There is risk inherent in all of Sallie Mae’s business activities. It is Sallie Mae’s policy

clear principles and expectations

risk management framework.

to develop, maintain, and allocate appropriate resources to an enterprise-wide risk

for team members.

generation risk management capabilities across Sallie Mae.

Our Board of Directors serve in an oversight capacity to ensure that Sallie Mae’s
risks are managed through effective governance and management structures. The

Code of Conduct Hotline and Website

Our comprehensive Complianceprovides team members with an anonymous

Management System helps us identify,

reporting channel to escalate Code concerns.

manage, and mitigate regulatory risks.

Board and the Board-level governance committees provide oversight of the Risk
Management Framework and play an integral role in ensuring that all elements of the
Risk Management Framework are operating as designed and are effective.
In addition to our Board of Directors, the Executive Committee is responsible for
ensuring the effective implementation of Sallie Mae’s strategy and provides oversightand governance for Sallie Mae’s operations and risk-taking activities. The Executive
Committee also oversees the strategic risks of Sallie Mae.
The Risk Management organization provides regular and comprehensive reporting on

Doing right by all our key stakeholders• Communities• Partners• Customers• Government• Team members• NGO & Academic
Investors

& Regulators

the state of risk to the Executive Committee and the Board of Directors.

Our Office of the Customer Advocate iscommitted to researching and resolving concerns
received through various channels and improving

Our Robust Data Security and Privacy Program starts withthe overall customer experience.

Socialculture, strategic objectives, and that meets the expectations of our key stakeholders.

Environmental

management program framework that supports our desired sound risk management

policies governing enterprise-wide controls and practices

Munish Pahwa, Interim Chief Risk Officer & Chief Credit Risk Officer

that are approved by the Operational and Compliance Risk
Committee of our Board of Directors.
Our experienced Corporate Security Team leverage bestin-class strategies, tactics, and technology to protect
customer data.

Our Legal Department advises and reviews all ofour policies and practices and provides counsel
that adds rigor to all governance activities.
Issue Tracking and Root Cause Analysis isa collaborative approach by the Company toresearch, report, and remediate breakdowns.

Our customers trust that when they bank with us, their data
will remain safe and secure, and that our attention to data
security and privacy is engrained in our culture.
To effectively safeguard data and customer privacy, we start with clear governance,
driven by policies and procedures, which guide our enterprise-wide information security
and privacy controls and practices.

Environmental, Social, and Governance Report | APRIL 2023

GovernanceRisk management is a top priority at Sallie
Mae. An effective risk framework is a vital
component of our business and enables
us to bring our mission to life and power
confidence as students begin their unique
journeys. We strive to foster an effective risk
management culture that is owned anddemonstrated by all associates.

G OV E R N A N C E

Sallie Mae | 57

Sallie Mae’s disclosures include:

Fraud prevention• our Privacy Notice, which is provided to all customers at time of application andProtecting our customers’ personal information and safeguarding

annually thereafter. This document describes Sallie Mae’s privacy principles andpractices regarding our relationship with our customers and how we collect and share
their information with our affiliates and outside companies;

their accounts is a top priority. We’re constantly evaluating andimproving our systems to defend against fraudulent activity.

• our Online Privacy Policy, which describes our practices concerning the collection anduse of information gathered from or about our online visitors and registered users; and• our California Consumer Privacy Act (“CCPA”) addendum, which applies to California
residents and supplements our Online Privacy Policy. This document describes ourEnvironmental

privacy principles and practices and provides instructions on how to exercise theirrights under the CCPA.
Sallie Mae falls under state and federal regulatory oversight. Our primary regulators
include the Federal Deposit Insurance Corporation, Consumer Financial Protection
Bureau, and Utah Department of Financial Institutions. In addition, our Information

Some of the tools we use to identify
and prevent fraud include:

Security and Privacy programs undergo regular audits from our independentinternal auditors. These examinations and audits ensure compliance with regulatory
expectations and guidance. We are active in several industry associations, such as theAmerican Bankers Association, International Association of Privacy Professionals, andutilizing pattern recognition

maintaining web accessprograms and systems;

security features, including
multi-factor authentication;

the Financial Services Information Sharing and Analysis Center.

program throughout all business units and processes. This ensures there is regulartesting and monitoring, which enables the early capture of potential issues. Our
Regulatory Change Management Process monitors changes to laws and regulations,

automating customer

segregating duties,

training team members

including privacy regulations, and drives coordination across the organization to ensure

verification and fraudtransaction limits, andin fraud prevention andupdates to our business practices and necessary training are both timely and welldetection software;

restricted access to datadetection practices andsystems and dual controls;

ensuring managers of risk

providers’ security and privacy controls are thoroughly reviewed and monitored prior

are independent from theto and during the engagement. Team members and authorized service providers arefunctions they monitor;

granted system and personal information access only when necessary to perform theirjob functions.
Our Corporate Security Team establishes and monitors the relevant and necessary

utilizing several lines of defense,

implementing tools to further

developed comprehensive data privacy and security-related internal policies andincluding, but not limited to,enhance customer identity

procedures which dictate requirements and controls that protect customer andcomprehensive and independent

processes.

company information. These include, but are not limited to: the Corporate Informationinternal audits that evaluate

Security Program, Customer Information Safeguarding Program, Information Security

compliance with our policies; andstandards, protocols, and management processes for cyber security. We have

Policy, and Privacy Policy and Procedures.
Our policies and procedures are examined regularly by internal and external auditors,bank regulators, and third-party consultants. In addition, our vendors, contractors,
and consultants are subject to security and privacy policies and contract provisions as
appropriate for the services or products being provided.

Our website provides consumers withtips on how to avoid online fraud, as
well as how to spot student loan debt
relief scams.

Environmental, Social, and Governance Report | APRIL 2023

Governancemanaged. Our third-party management office and risk partner teams ensure that service

SocialThe Privacy Officer oversees the implementation and effectiveness of the privacy

G OV E R N A N C E

Sallie Mae | 59

Team member training

Reporting concerns

We provide a variety of training and curriculum to advance knowledge surrounding the

The Sallie Mae Code of Conduct hotline and website provides team members,

latest trends affecting data privacy and security. We continually assesses our workforce

contractors, vendors, and suppliers with a resource to report potential breaches of theand educate them on topics such as mitigating threats posted by phishing emails

Code without fear of retaliation. The anonymous hotline and website are operated byand other forms of social engineering, and how to report data privacy events or otheran independent third party and is accessible 24 hours a day, seven days a week. Whensuspicious activity.

received, investigations are handled timely and confidentially. Incidents of fraud andapplies best practices to keep our customer, employee, and company data safe.

Incident response program
Our comprehensive Cybersecurity Incident Response Program is constantly evolving
and sets forth detailed enterprise-wide policies and procedures for responding to acybersecurity event. The procedures are tested through periodic cybersecurity incident
response exercises, which are led by independent third-party experts. These exercises
are designed to resemble real life situations and to challenge us to both test andrehearse our response and decision-making protocols. Participation by key executives
and senior management is mandatory.

theft will be referred for criminal prosecution, when appropriate. Sallie Mae does not
retaliate against any employee who reports questionable activity or asks questions
related to the Code.

Approach to public policy
Our current policy on political activities outlines the principles and guidelines regarding
engagement and advocacy. We comply with all federal, state, and local lobbying
registration and disclosure requirements. Currently, we engage in lobbying activities
exclusively related to matters that directly or indirectly affect our business. Our senior

Environmental

We enhance this training annually to ensure it covers current and evolving threats andvice president of Government Relations manages external, bipartisan consulting firmsthat assist with the same objectives, and we report the expenditures made to thesefirms in our lobbying disclosures. Our involvement with industry associations is limited tothose associations comprised of institutions with similar interests. Quarterly disclosures

outlines the principles and expectations for Sallie Mae team members, officers,
directors, and contractors. Each new team member is expected to review the CodeHouse of Representatives and the Secretary of the U.S. Senate. Disclosures relating
to contributions by our Political Action Committee are made to the Federal Election
Commission (FEC) and posted on the FEC website.

of Business Conduct upon joining Sallie Mae and annually thereafter. Adherence to

The Sallie Mae political action committee

Sallie Mae’s Code of Conduct is a condition of employment and violations can result in

In June 2015, we formed the Sallie Mae Political Action Committee (PAC). Our PAC isdisciplinary action up to and including termination of employment.

governed by an Advisory Board composed of six team members representing different

As part of our Code of Business Conduct program, we provide annual training to ourdivisions within the Sallie Mae organization. The PAC’s Advisory Board reviews andteam members and assistance when they have questions. Team member training covers

approves all PAC contributions and evaluates candidates based on issues that impact

a wide range of topics and business practices including anti-corruption, proper use of

the organization or our team members. Our PAC contributions are published on thetechnology, anti-bribery, anti-money laundering, and protecting customer privacy. Our

FEC website.

Board of Directors also receive annual training on our Code of Business Conduct. Board
training covers topics such as appropriate conduct, conflicts of interest and other ethicalconcerns, mechanisms to report potential conflicts or unethical conduct, and fostering
a culture of openness and accountability.
We continue to strengthen our Conduct Risk Program to ensure we make it easy for our
associates to do the right thing and meet the expectations of our customers, regulators,
and communities we serve.

Environmental, Social, and Governance Report | APRIL 2023

SocialOur Code of Business Conduct is the foundation of our Conduct Risk Program. It

detailing lobbying activities and expenditures are posted online by the Clerk of the U.S.

Governance

Code of business conductINDEX

Sallie Mae | 61

SASB Index

CODE

RESPONSE/ LOCATION

Quantitative

FN-CF-270a.3

1) We do not have add-on products.

SELLING PRACTICES TOPICCODERESPONSE/ LOCATION

Consumer Finance(1) Average fees from add-on
products, (2) average APR, (3)average age of accounts, (4) average
number of trade lines, and (5)average annual fees for pre-paid
products, for customers with FICO
scores above and below 660

2) This is dependent on the electionof repayment option and amountsof accountholder.
3) Annual Report on Form 10-K:
Weighted Average Life
4) Average number of trade lines
is not accessible to us because we
do not seek, track, or maintain thisdata—it sits with the credit reporting
agencies.

CUSTOMER PRIVACY
Number of account holders whose
information is used for secondary
purposes

Quantitative

FN-CF-220

The Online Privacy Policy describes
our practices concerning thecollection and use of information
gathered from or about our online
visitors and registered users.
Safeguarding our customer data andprivacy, see pg. 55

Total amount of monetary losses
as a result of legal proceedings
associated with customer privacy

Quantitative

FN-CF-220a.2

SLM discloses all material legal andregulatory proceedings in its Annual
Report on Form 10-K.

DATA SECURITY
1) Number of data breaches, (2)percentage involving personallyidentifiable information (PII), (3)number of account holders affected.

Quantitative

FN-CF-230a.1

To our knowledge, we have notexperienced any significant
or material breaches or loss ofcustomer information in 2017, 2018,2019, 2020, 2021, or 2022.

5) We do not offer pre-paid products.
(1) Number of complaints filed with
the Consumer Financial Protection
Bureau (CFPB), (2) percentage with
monetary or nonmonetary relief, (3)percentage disputed by consumer,(4) percentage that resulted ininvestigation by the CFPB

Quantitative

Total amount of monetary losses
as a result of legal proceedings
associated with selling and servicing
of products

Quantitative

FN-CF-270a.4

Environmental

CATEGORY

CATEGORY

Customer Complaint Database
Annual Report on Form 10-K:
Regulatory Matters

FN-CF-270a.5

Any material losses are stated in all
relevant public filings.

SocialACCOUNTING METRIC

ACCOUNTING METRIC

Description of approach toidentifying and addressing data
security risks

Discussion andanalysis

FN-CF-230a.3

Our approach to ESG, see pg. 12
Safeguarding our customer data andprivacy, see pg. 55
Annual Report on Form 10-K: Privacy
Laws & Operations

Environmental, Social, and Governance Report | APRIL 2023

Governance

Safeguarding our customer data andprivacy, see pg. 55

INDEX

Sallie Mae | 63

GRI Content Index

DISCLOSURE

LOCATION & NOTES

2-9 Governance structure andcomposition

Learn more about our Corporate Governance policies and practices, and ourBoard of Directors and committees, here: Corporate Governance | Sallie Mae.
More information can be found in our 2022 Proxy Statement.
ESG oversight and accountability, see pg. 15

2-10 Nomination and selection of
the highest governance bodySee page 24 of our 2022 Proxy Statement.

DISCLOSURE

2-11 Chair of the highest
governance body

Learn more about our Corporate Governance policies and practices, and ourBoard of Directors and committees, here: Corporate Governance | Sallie Mae.

2-12 Role of the highest
governance body in overseeing
the management of impacts

ESG oversight and accountability, see pg. 15

2-22 Statement on sustainable
development strategy

Message from the CEO, see pg. 6

2-23 Policy commitments

Our Code of Business Conduct outlines our policy commitments forresponsible business conduct, which applies to the company's team members,
officers, and non-employee directors, including the company's CEO, CFO, andprincipal accounting officer or controller.

GRI 2: General Disclosures 2021
2-1 Organizational details

SLM Corporation (NASDAQ: SLM)SLM Corporation is a publicly-traded parent company, incorporated in
Delaware. Sallie Mae Bank, a wholly-owned subsidiary of SLM Corporation, is a
Utah industrial bank.
Location of headquarters: 300 Continental Drive, Newark, DE 19713
Sallie Mae operates in the United States.

2-2 Entities included in theorganization’s sustainability
reporting

SLM Corporation, more commonly known as Sallie Mae, is made of 5
subsidiaries, this reporting boundary contains all subsidiaries in the entire
organization.

2-3 Reporting period, frequency
and contact point

The highlights and metrics shared in this ESG report are done on a calendar
year basis from January 1, 2022 – December 31, 2022, and aligns with ourfinancial reporting period from January 1, 2022 – December 31, 2022.
The publication date of this ESG report is April 2023.
The contact point for questions about this ESG report or reported information
is ESG@salliemae.com.

2-4 Restatements of information

2-5 External assurance

There are no restatements of information from the previous sustainability
reporting period.

Our precautionary approach is reflected in our Conduct Risk Management
program.
Learn more about our Corporate Governance policies and practices, and ourBoard of Directors and committees here: Corporate Governance.
2-26 Mechanisms for seeking
advice and raising concerns

See our 2022 Proxy Statement.

2-28 Membership associations

Sallie Mae is a member of the following industry associations:• Consumer Bankers Association• American Bankers Association

This ESG report has been reviewed by Sallie Mae’s Risk and Compliancedepartment, as well as Sallie Mae’s EVP and Chief People Officer.

• Student Loan Servicing Alliance• Structured Finance Industry Group

This ESG report has not been externally assured.
2-6 Activities, value chain andother business relationships

2-7 Employees• Delaware Bankers Association

About Sallie Mae, see pg. 8• Utah Bankers Association

For a description of our value chain, including activities, products, services,and markets served, see pages 4-5 of Annual Report on Form 10-K year ended
December 31, 2022, and About Sallie Mae, see pg. 8• National Association of Industrial Bankers

For a breakdown of our employees by gender, age, race/ethnicity, andgeographic location, please see Our workforce, see pgs. 40-41
As of December 31, 2022, we had 1,704 full-time employees and 7 part-time
employees; this group was comprised of 1,705 permanent employees and 6
temporary employees.

2-8 Workers who are not
employees

Learn more about our Corporate Governance policies and our Code ofBusiness Conduct here: Our Code of Business Conduct | Sallie Mae

Sallie Mae is omitting this disclosure in 2022 as we are working to ensure data
accuracy. We expect to continue improving our disclosures in the future.

Environmental, Social, and Governance Report | APRIL 2023

• National Council of Higher Education Resources
2-29 Approach to stakeholder
engagement

Stakeholder engagement on ESG, see pg. 14

2-30 Collective bargaining
agreements

None of our team members are covered by collective bargaining agreements.

Our key stakeholder groups include but aren't limited to: current and former
Sallie Mae Team members; Customers; Community and Non-Government
Organizations; Academic Institutions; Industry Peers; Trade Organizations;
Suppliers/Vendors; Government & Regulators.

Governance

LOCATION & NOTESSocial2022 with reference to the GRI Standards.

Environmental

Board composition, see pg. 52

Sallie Mae has reported the information cited in this GRI content index for the period January 1, 2022 – December 31,

INDEX

Sallie Mae | 65

LOCATION & NOTESGRI 3: Material Topics 2021
3-1 Process to determine material
topicsIdentifying and assessing emerging ESG topics, see pg. 12

3-2 List of material topics

Sallie Mae’s list of priority topics are as follows:
Environment:

GRI
STANDARDDISCLOSURE

LOCATION & NOTESTopic: Economic Performance [2016]
GRI 3-3

Explanation of the material
topic and its boundary

Our approach to ESG, see pg. 13

GRI 201-1

Direct economic value
generated and distributed

Sallie Mae at a glance, see pg. 10• Climate

Our workforce, see pgs. 40-41• Waste Reduction

Supporting customer success, see pg. 37

Social

Our social impact, see pg. 28• Product Development• Strategic Giving• Workforce Diversity, Equity, and Inclusion• Talent Engagement• Empowerment• Vendor Management

Topic: Indirect Economic Impacts [2016]
GRI 3-3

Explanation of the material
topic and its Boundary

Using ESG to advance our mission and strategic imperatives,see pg. 13

GRI 203-2

Significant indirect
economic impacts

Our workforce, see pgs. 40-41

Governance

Environmental

DISCLOSURE

Supporting customer success, see pg. 37• Corporate GovernancePowering confidence for our customers and people, see pg. 25• ESG Oversight and Accountability

See Annual Report on Form 10-K year ended December 31, 2022.

Topic: Anti-Corruption [2016]

Changes to our priority topic list in 2022 are as follows:

GRI 3-3• Climate was articulated as ‘Energy and Emissions’ in our 2021 CSR Report.
• Waste Reduction is new in our 2022 ESG Report. It builds off ourcommitment to send zero waste to landfill through operational waste
reduction and recycling programs.

GRI 205-2• Product Development is new in our 2022 ESG Report and seeks to prioritize
development of products and tools that improve accessibility to higher
education amongst students from underserved demographics.

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Communication andtraining about anticorruption policies andprocedures

See our Code of Business Conduct.

Confirmed incidents ofcorruption and actions
taken

Any material incidents would be stated in relevant public filings.

• Strategic Giving combines 2 topics from our 2021 CSR Report: ‘Community
Engagement & Investment’, and ‘Fair and Responsible Lending’.
• Workforce Diversity, Equity, and Inclusion was articulated as ‘Fostering a
Diverse and Inclusive Workforce’ in our 2021 CSR report.
• Talent Management topic combines 3 topics from our 2021 CSR report:‘Attracting and Retaining Talent’ and ‘Providing Training and Development
Opportunities’ and ‘Ensuring a Safe and Healthy Workplace’.
• Empowerment was articulated as ‘Empowering Underserved Populations’in our 2021 CSR report.
• Vendor Management is new in our 2022 ESG Report. It seeks to promote
diversity and sustainability in our procurement practices and supply chain.
• Corporate Governance is new in our 2022 ESG Report and has been
included to highlight the importance of fostering a diverse and ESG-literateboard that is responsible for driving ESG progress.
• ESG Oversight and Accountability is new in our 2022 ESG Report and has
been included to highlight the importance of fostering a diverse and ESGliterate board that is responsible for driving ESG progress.
• Business Integrity was removed from our priority topic list in 2022.
3-3 Management of material
topicsIdentifying and assessing emerging ESG topics, see pg. 12.
Refer to 2022 Proxy Statement and refer to 2022 ESG throughout.

Environmental, Social, and Governance Report | APRIL 2023

GRI 205-3

If allegations of corruption are brought to our attention, we work toinvestigate, resolve, and report them appropriately.

Team member training, see pg. 58
Team members are trained regularly on the Code regarding a range
of key issues and business practices, including anti-corruption,technology use, gift-giving, travel, and entertainment expenses,
identifying and preventing money laundering, conducting businesswith foreign governments, and protecting customer privacy.

Governance

3-2 List of material topics (cont.)• Ethics and Compliance Policies, Codes, and Programs

Social• Data Security and Customer Privacy

INDEX

Sallie Mae | 67

LOCATION & NOTESGRI 3-3

GRI 302-1

DISCLOSURE

Topic: Local Communities [2016]

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Energy consumption
within the organization

GHG footprint, see pg. 17

GRI 3-3

Reducing our environmental footprint, see pg. 17
GRI 413-1

Scope 1: 298 tons of CO2e
Scope 2: 3,230 tons of CO2e

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Operations with local
community engagement,
impact assessments, anddevelopment programs

Powering confidence to, through, and immediately after college, see
pg. 27

GRI 401-2

GRI 401-3

GRI 404-2

GRI 404-3

Financial literacy, see pg. 35

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Benefits provided tofull-time team membersthat are not provided totemporary or part-timeteam members

Investing in our people, see pg. 46

Parental leave

Investing in our people, see pg. 46

GRI 405-1

Explanation of the material
topic and its Boundary

Using ESG to advance our mission and strategic imperatives

Programs for upgrading
employee skills andtransition assistanceprograms

Investing in our people, see pg. 46

Percentage of teammembers receiving regularperformance and careerdevelopment reviews

100% of all available and eligible team members at Sallie Mae
received performance reviews in 2022.

Topic: Public Policy [2016]
GRI 3-3

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

GRI 415-1

Political Contributions

Approach to public policy, see pg. 59
PAC contributions can be found here.

Topic: Marketing and Labeling [2016]
GRI 3-3

Explanation of the material
topic and its Boundary

Team member training, see pg. 58

Our workforce, see pgs. 40-41

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Diversity of governancebodies and team members

Our workforce, see pgs. 40-41

Environmental, Social, and Governance Report | APRIL 2023

All our operations have community engagement and investment
programs in place.

Cultivating a diverse, inclusive, and engaged workforce, see pg. 39

Topic: Diversity and Equal Opportunity [2016]
GRI 3-3Strategic giving, see pg. 29

Powering purposeful partnerships, see pg. 34

Topic: Training and Education [2016]
GRI 3-3

Increasing access, affordability, and completion, see pg. 26

Community reinvestment act, see pg. 32

Topic: Employment [2016]
GRI 3-3

LOCATION & NOTES

Investing in our people, see pg. 46

Board composition, see pg. 52

Environmental

Topic: Emissions [2016]

GRI
STANDARD

SocialDISCLOSURE

Our approach to ESG, see pg. 13
Approach to risk management, see pg. 54
Safeguarding our customer data and privacy, see pg. 55

GRI 417-1

Product and service
information and labeling

Fair and responsible lending, see pg. 9

GRI 417-2

Incidents of noncompliance concerning
product and service
information and labeling

We have not identified any non-compliance with regulations and/or voluntary codes concerning product and service information andlabeling.

GRI 417-3

Incidents of noncomplianceconcerning marketing
communications

We have not identified any non-compliance with regulations and/or
voluntary codes concerning marketing communications, including
advertising, promotion, and sponsorship.

Governance

GRI
STANDARDINDEX

Sallie Mae | 69

LOCATION & NOTESTopic: Customer Privacy [2016]
GRI 3-3

GRI 418-1

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13

Substantiated complaints
concerning breaches ofcustomer privacy andlosses of customer data

We have had no substantiated complaints regarding breachesof customer privacy, and no identified leaks, thefts, or losses ofcustomer data in 2022.

Safeguarding our customer data and privacy, see pg. 55

Contributing to the UN Sustainable
Development Goals
In 2015, the United Nations adopted 17 Sustainable Development Goals(SDGs) as part of its 2030 Agenda for Sustainable Development. These
SDGs are a universal call to action to end poverty, protect the planet,
and improve the lives and prospects of everyone around the globe.
We support this call to action and see close alignment of many of ouractivities, as noted in the table below.

Topic: Socioeconomic Compliance [2016]
GRI 3-3

Explanation of the material
topic and its Boundary

Our approach to ESG, see pg. 13



See our Code of Business Conduct

Ensure inclusive and equitable quality educationand promote lifelong learning opportunities for all

Target2022 Sallie Mae Initiatives Supporting this SDG

4.3: By 2030, ensure equal access• Partnership with Thurgood Marshall College Fundfor all women and men to affordable(see pg. 34 Powering purposeful partnerships)

and quality technical, vocational, andtertiary education, including university• Social Justice Grants (see pg. 31 Grants)

4.4: By 2030, substantially increase• Sallie Mae Family Scholarship Program, see pg. 49

the number of youth and adults who• Free College Planning Tools and Resources (see pg. 27 Powering confidence

have relevant skills, including technicaland vocational skills, for employment,
decent jobs, and entrepreneurship

Environmental

DISCLOSURE

SocialGRISTANDARD

to, through, and immediately after college)• Support of Historically Black Colleges and Universities (see pg. 29 Strategic

Governancegiving and pg. 34 Powering purposeful partnerships)

Environmental, Social, and Governance Report | APRIL 2023

G OV E R N A N C E

Ensure access to affordable, reliable, sustainable
and modern energy for all

Target2022 Sallie Mae Initiatives Supporting this SDG

5.1: End all forms of discrimination• Sallie Mae Code of Business Conduct, see pg. 58

against all women and girls• Board composition, see pg. 52

the share of renewable energy in the• Cultivating a diverse, equitable, and inclusive workplace, see pg. 39

global energy mix.

everywhere.

5.4: Recognize and value unpaid• Supporting military families, see pg. 38

care and domestic work throughTarget2022 Sallie Mae Initiatives Supporting this SDG

7.2: By 2030, increase substantially• Renewable energy procurement, see pg. 20



the provision of public services,
infrastructure and social protection
policies and the promotion ofshared responsibility within thehousehold and the family as nationallyPromote sustained, inclusive and sustainableeconomic growth, full and productive
employment and decent work for all

Target2022 Sallie Mae Initiatives Supporting this SDG

8.5: By 2030, achieve full and• Tuition reimbursement, see pg. 48

productive employment and decent• Grant to Folds of Honor (Supporting military families, see pg. 38)

appropriate.

5.5: Ensure women’s full and effective• Board composition, see pg. 52

participation and equal opportunities• Cultivating a diverse, equitable, and inclusive workplace, see pg. 39

for leadership at all levels of decisionmaking in political, economic andpublic life.

work for all women and men,
including for young people andpersons with disabilities, and equalpay for work of equal value.

8.6: By 2030, substantially reduce• Bridging the Dream Scholarship Programs (Our social impact, see pg. 28)

the proportion of youth not in• Sallie Mae Family Scholarship Program, see pg. 49

employment, education or training.

• Sallie Mae Scholarship Search tool (Powering confidence to, through, andimmediately after college, see pg. 27)• FAFSA Application Tool (Fair and responsible lending, see pg. 9)

Environmental, Social, and Governance Report | APRIL 2023

Environmental

Social chieve gender equality and empower all womenAand girls

GovernanceSallie Mae | 71

G OV E R N A N C E

Sallie Mae | 73

Forward looking statement

Reduce inequality within and among countries

This Environmental, Social and Governance Report contains “forward-looking” statements and information based on
management’s current expectations as of the date of this report. Statements that are not historical facts, including
statements about our beliefs, opinions, or expectations and statements that assume or are dependent upon future2022 Sallie Mae Initiatives Supporting this SDG

10.2: By 2030, empower and promote • Partnership with Thurgood Marshall College Fundthe social, economic and politicalinclusion of all, irrespective of age,sex, disability, race, ethnicity, origin,(see pg. 34 Powering Purposeful Partnerships)• Social Justice Grants (Grants, see pg. 31)

religion or economic or other status

events, are forward-looking statements. This includes, but is not limited to: statements regarding future developments
surrounding COVID-19 or any other pandemic, including, without limitation, statements regarding the potential impact
of COVID-19 or any other pandemic on the Company’s business, results of operations, financial condition, and/or
cash flows; our expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject
to the determination by our Board of Directors, and based on an evaluation of our earnings, financial condition andrequirements, business conditions, capital allocation determinations, and other factors, risks, and uncertainties;
the Company’s 2023 guidance; the Company’s three-year horizon outlook; the Company’s expectation and ability
to execute loan sales and share repurchases; the Company’s projections regarding originations, net charge-offs,
non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting

10.3: Ensure equal opportunity and• Sallie Mae Code of Business Conduct, see pg. 58

reduce inequalities of outcome,standard changes; and any estimates related to the impact of credit administration practices changes, including theresults of simulations or other behavioral observations. Forward-looking statements are subject to risks, uncertainties,
assumptions, and other factors that may cause actual results to be materially different from those reflected in suchincluding by eliminating discriminatory

Environmental

Targetforward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. “Risklaws, policies and practices andFactors” and elsewhere in our Annual Report on Form 10-K for the year ended Dec. 31, 2022 filed with the Securities

promoting appropriate legislation,

and Exchange Commission (“SEC”) on Feb. 23, 2023 and subsequent filings with the SEC, the societal, business,

policies and action in this regard

and legislative/regulatory impact of pandemics and other public heath crises; increases in financing costs; limits onprotection, banking, and other laws; changes in accounting standards and the impact of related changes in significant

Target2022 Sallie Mae Initiatives Supporting this SDG

accounting estimates, including any regarding the measurement of our allowance for credit losses and the related
provision expense; any adverse outcomes in any significant litigation to which we are a party; credit risk associatedwith our exposure to third-parties, including counterparties to our derivative transactions; and changes in the termsof education loans and the educational credit marketplace (including changes resulting from new laws and theimplementation of existing laws). We could also be affected by, among other things: changes in our funding costs
and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, and other failures or breachesof our operating systems or infrastructure, including those of third-party vendors; damage to our reputation; risks
associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and theadverse effects of such initiatives on our business; changes in the demand for educational financing or in financing

16.5: Substantially reduce corruption• Sallie Mae Code of Business Conduct, see pg. 58

preferences of lenders, educational institutions, students, and their families; changes in law and regulations withand bribery in all their forms• Recognized by 50/50 Women On Boards as a company with a 3+ rating

respect to the student lending business and financial institutions generally; changes in banking rules and regulations,(Board composition, see pg. 52)

including increased capital requirements; increased competition from banks and other consumer lenders; thecreditworthiness of our customers; changes in the general interest rate environment, including the rate relationships
among relevant money-market instruments and those of our earning assets versus our funding arrangements; rates
of prepayment on the loans that we own; changes in general economic conditions and our ability to successfully
effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financial statements
also requires us to make certain estimates and assumptions, including estimates and assumptions about future
events. These estimates or assumptions may prove to be incorrect. All forward-looking statements contained inthis report are qualified by these cautionary statements and are made only as of the date of this report. We do notundertake any obligation to update or revise these forward-looking statements to conform such statements to actual
results or changes in our expectations.

Environmental, Social, and Governance Report | APRIL 2023

Governance romote peaceful and inclusive societies forP
sustainable development, provide access tojustice for all and build effective, accountable andinclusive institutions at all levels

Socialliquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer

AB O U T

We are here to power
confidence as students
begin their unique journeys,
and we’re committed todoing so responsibly.

Environmental, Social, and Governance Report | APRIL 2023

© 2023 Sallie Mae Bank. All rights reserved. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marksof Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank,
are not sponsored by or agencies of the United States of America

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To view this report online, please visit www.salliemae.com

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