# EDGAR Filing Document

**Accession Number:** 0001032033
**File Stem:** 0001032033-25-000015
**Filing Date:** 2025-8
**Character Count:** 108457
**Document Hash:** 0369cd63f1b4201457465763b12b074b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001032033-25-000015.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001032033-25-000015

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SLM Corp
- **CENTRAL INDEX KEY:** 0001032033
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERSONAL CREDIT INSTITUTIONS [6141]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 522013874
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13251
- **FILM NUMBER:** 251202469

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CONTINENTAL DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** (302) 283-8000

**MAIL ADDRESS:**
- **STREET 1:** 300 CONTINENTAL DRIVE
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SLM CORP
- **DATE OF NAME CHANGE:** 20030326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALLIE MAE
- **DATE OF NAME CHANGE:** 20020517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USA EDUCATION INC
- **DATE OF NAME CHANGE:** 20000801

?xml version='1.0' encoding='ASCII'? slm-20250811

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (date of earliest event reported): August 11, 2025

**SLM CORPORATION** 

**(Exact name of registrant as specified in its charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-13251** | **001-13251** | **52-2013874** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission File Number)** | **(Commission File Number)** | **(I.R.S. Employer Identification No.)** |
| **300 Continental Drive** | **Newark,** | **Delaware** | **19713** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

Registrant's telephone number, including area code: **(302) 451-0200** 

**(Former name or former address, if changed since last report)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $.20 per share | SLM | The NASDAQ Global Select Market |
| Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per share | SLMBP | The NASDAQ Global Select Market |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 7.01**&nbsp;&nbsp;&nbsp;&nbsp;**REGULATION FD DISCLOSURE.**

SLM Corporation (the "Company") frequently provides relevant information to its investors via posting to its corporate website. On or about August 11, 2025, two presentations were made available on the Company's website at https://www.salliemae.com/investors/webcasts-and-presentations/. The first is a presentation entitled "SLM Corporation Investor Presentation Period Ended June 30, 2025", which is being furnished herewith as Exhibit 99.1. The second is a presentation entitled "Smart Option Student Loan Historical Performance Data — Period Ended June 30, 2025", which is being furnished herewith as Exhibit 99.2.

The information in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto and incorporated by reference herein, are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, such information, including such Exhibits, shall not be deemed incorporated by reference into any of the Company's registration statements, reports, or other filings with the Securities and Exchange Commission, except as expressly set forth by specific reference in such registration statement, report, or other filing.

**ITEM 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL STATEMENTS AND EXHIBITS.**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1\* | <u>[SLM Corporation Investor Presentation Period Ended June 30, 2025](slm081125991.htm)</u> |
| 99.2\* | <u>[Smart Option Student Loan Historical Performance Data — Period Ended June 30, 2025](slm081125992.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

\* Furnished herewith.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | | **SLM CORPORATION** |
| Date: August 11, 2025 | By: | /s/ PETER M. GRAHAM |
|  |  | Peter M. Graham |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

![](slm081125991001.jpg)

1Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. Investor Presentation 2nd Quarter 2025 Exhibit 99.1

------

![](slm081125991002.jpg)

2Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. The following information is current as of July 24, 2025 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation announcing its financial results for the quarter ended June 30, 2025, furnished to the Securities and Exchange Commission ("SEC") on July 24, 2025, and subsequent reports filed with the SEC. This Presentation contains "forward-looking statements" and information based on management's current expectations as of the date of this Presentation. Statements that are not historical facts, including statements about the Company's (as hereinafter defined) beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the "Company"); the Company's expectation and ability to execute loan sales and share repurchases; the Company's expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; the Company's 2025 guidance; the Company's three-year horizon outlook; the impact of acquisitions we have made or may make in the future; the Company's projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices changes, including the results of simulations or other behavioral observations. Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the control of the Company, which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. "Risk Factors" and elsewhere in the Company's most recently filed Annual Report on Form 10-K and subsequent filings with the SEC; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the Trump administration; our ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and the impact of related changes in significant 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 the Company is a party; credit risk associated with the Company's exposure to third parties, including counterparties to the Company's derivative transactions; the effectiveness of our risk management framework and quantitative models; and changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation 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 breaches of our operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to our reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their families, including changes as a result of new limits on, or reductions in, funding that certain educational institutions receive from the Federal government; changes in law and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; the creditworthiness of our customers, or any change related thereto; 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 prepayments on the loans owned by us; changes in general economic conditions, including as a result of the impact of tariffs or trade wars or other current initiatives of the Federal government, that may impact the demand for student loans and the risk of default of outstanding loans; our ability to successfully effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect. All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this Presentation or, where the statement is oral, as of the date stated. We do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not put undue reliance on any forward- looking statements discussed. CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

------

![](slm081125991003.jpg)

3 $67M GAAP Net Income attributable to common stock in Q2 2025. $0.32 Q2 2025 GAAP diluted earnings per common share. 5.31% Net interest margin for Q2 2025; a decrease of 5 basis points from Q2 2024. $167M Total non-interest expenses in Q2 2025, as compared to $159M total non-interest expenses in the year-ago quarter. 2nd Quarter 2025 Highlights $686M Private Education Loan Originations(1) in Q2 2025 as compared to $691M in the year-ago quarter. $0.13 Common stock dividend per share paid in Q2 2025. 12.6% Return on Common Equity (2) for Q2 2025. 12.8% Total risk-based capital ratio; CET1 capital ratio of 11.5%. 2.4M Shares repurchased in Q2 2025 under the 2024 share repurchase program at an avg. price of $29.46 per share; $302 million of capacity left under repurchase program authorization as of June 30, 2025. Balance Sheet & Capital Allocation Income Statement & Earnings Summary

------

![](slm081125991004.jpg)

4 $149M Q2 2025 provision for credit losses; an increase from Q2 2024 due to loan sale timing, net commitments, as well as macroeconomic factors. 3.5% Percentage of Private Education Loans delinquent 30+ days as of 6/30/2025. $94M Private Education Loan net charge- offs for Q2 2025; 2.36% of average loans in repayment (annualized), compared with 2.19% in Q2 2024. 0.9% Percentage of Private Education Loans in an extended grace period as of 6/30/2025 (3) ; 0.9% of Private Education Loans in hardship and other forbearance (4) as of 6/30/2025. 80%+ Percentage of borrowers with Modified Loans, since inception of the current loan modification programs, that successfully made their first three payments at the modified rate. Additional Key Performance Metrics Credit Performance Funding & Liquidity Deposit portfolio balances at the end of Q2 2025 were 1% lower than at the end of Q2 2024; Q2 2025 mix of brokered vs. retail and other was approximately 42% and 58%, respectively. $539M Successfully settled the first student loan ABS transaction of the year on 5/7/25. 17.8% Liquidity ratio as of June 30, 2025. ABS transaction pricing was aligned with last year's deals, with strong investor demand despite a volatile market.

------

![](slm081125991005.jpg)

5 Outstanding financial track record with strong EPS performance and ROCE Well-positioned in large and growing private student loan market, with powerful brand recognition and attractive client base Consistent profitability, balance sheet strength and strong risk and compliance functions to mitigate enterprise-wide risk and support resiliency of results Rigorous and consistent capital allocation and return program in place to enhance shareholder value A Compelling Investment Opportunity Significant potential for profitable growth and shareholder returns

------

![](slm081125991006.jpg)

6 64% 2024 full-year market share of private student lending marketplace (5) 56% In School Payment\* $686M Private Education Loan Originations\* 84% Cosigner Rate\* 2.36% Q2 2025 Net Charge-offs as a percentage of Avg. Loans (7) in Repayment (annualized) 754 Average FICO (8) at Approval\* Top ranked and highly recognized brand Industry leading and award-winning technologies Well funded with sufficient liquidity, capital, and loan loss reserves Sallie Mae is the market-leading brand for private education loans driven by brand recognition, rigorous underwriting methodology, and industry-leading customer service. 2,000+ actively managed university relationships across the U.S (6) Appears on 98% of documented lender lists (6) Largest salesforce in the student loan industry Sallie Mae is an Outstanding Franchise \* Metrics are for Q2 2025 originations, unless otherwise noted.

------

![](slm081125991007.jpg)

7 Providing Customers with Financial Backing, Information, and Tools to Achieve Their Goals SALLIE MAE BANK Offers traditional savings products • High-yield savings accounts • Money market accounts • Certificates of deposit Originates Private Education Loans The portfolio of loans insured or guaranteed under the previously existing Federal Family Education Loan Program was sold to a third party in the fourth quarter of 2024 PRIVATE EDUCATION LOANS Smart Option Student Loans Emphasize in-school payment features that can produce shorter terms and reduce customers' total finance charges Graduate Student Loans Six loan products for specific graduate programs of study SLM Portfolio

------

![](slm081125991008.jpg)

8 Private Education Loan Portfolio High Quality Private Education Loan Portfolio $19.8B Loans 21% Variable 79% Fixed Smart Option Portfolio Interest Rate Type 47% Deferred 36% Fixed Pay 17% Interest Only $19.8B Loans Smart Option Customer FICO at Original Approval (8) 29% 780+ 22% <700 26% 700-739 23% 740-779 FICO 745 Weighted Avg. 30% 2024 4% Pre 2015 3% 2015 3% 2016 4% 2017 4% 2018 4% 2019 5% 2020 8% 2021 12% 2022 19% 2023 $19.8B Loans As of 6/30/2025 4% 2025 Smart Option Originations Vintage (9) Smart Option Payment Type

------

![](slm081125991009.jpg)

9 Interest Only loans Require full interest payments during in-school, grace, and deferment periods Fixed Pay loans Require $25 fixed payments during in-school, grace, and deferment periods Deferred loans Do not require payments during in-school and grace periods The Smart Option Loan product, introduced in 2009, consists of: Sallie Mae's Smart Option Loan • Smart Option payment option may not be changed after selected at origination • Fixed-rate loans or variable- rate loans • Consumer credit underwriting, with minimum FICO and custom credit score model • Marketed primarily through the school channel and also directly to consumers, with all loansA certified by and disbursed directly to schools • Qualified education loans are non- dischargeable in bankruptcy, unless a borrower can prove that repayment of the loan would impose an "undue hardship" A Bar Study, and Residency and Relocation loans are exceptions.

------

![](slm081125991010.jpg)

10 More Personalized, Flexible Financing Options that Set Students Up for Success WE BELIEVE WE ARE WELL POSITIONED TO CAPTURE MARKET SHARE THROUGH COMPELLING OFFERINGS Sallie Mae Federal Student Loan Program U n d e rg ra d u a te Loan Program Smart Option Student Loan Federal Direct Loan (Subsidized & Unsubsidized) Parent Plus Loan Limits $1,000 - Cost of Attendance No aggregate limits Yr. 1 - $5,500 ($3,500 > subsidized) Yr. 2 - $6,500 ($4,500 > subsidized) Yr. 3+ - $7,500 ($5,500 > subsidized) $31,000 Aggregate ($23,000 > subsidized) No Limit Interest Rates (as of 6/30/25) Variable: S + 0.250% - S + 13.165% Fixed: 3.44% - 18.040% 6.53% 9.08% Origination Fees (as of 6/30/25) 0% 1.057% 4.228% Repayment Types IO / Fixed Pay / Deferred Deferred Immediate P&I / Deferred Repayment Terms 10 - 15 Years 10 Years (extended repayment 20 or 25 years) 10 Years (extended repayment 20 or 25 years) G ra d u a te Loan Program Graduate Product Suite (MBA, Medical, Dental, Law, Health Professions, General Grad) Federal Direct Loan (Unsubsidized only) Graduate Plus Loan Limits $1,000 - Cost of Attendance No aggregate limits $20,500 Per Year $138,500 Aggregate ($65,000 > subsidized - including undergraduate subsidized only) No Limit Interest Rates (as of 6/30/25) Variable: S + 0.250% - S + 10.125% Fixed: 3.440% - 15.520% 8.08% 9.08% Origination Fees (as of 6/30/25) 0% 1.057% 4.228% Repayment Types IO / Fixed Pay / Deferred Deferred Immediate P&I / Deferred Repayment Terms 10-15 Years - HP, General Grad, Law 5 – 15 Years - MBA 20 Years - Medical & Dental 10 Years (extended repayment 20 or 25 years) 10 Years (extended repayment 20 or 25 years) Products designed to meet the needs of all students Developing unique and innovative products to diversify portfolio Medical General Studies Dental Health Professions MBA Undergraduate Law

------

![](slm081125991011.jpg)

11 STRATEGIES TO MAXIMIZE REVENUE STRATEGIES TO MANAGE UNIT COSTS Our Proven Strategy Aims to Maximize the Profitability and Growth of the Core Business Drive penetration at all schools Increase market share by bridging gaps in student funding needs Enhance risk-adjusted pricing and underwriting Improve marketing, digital, and data capabilities Maintain strong focus on fixed cost discipline Drive towards reducing both the unit cost of servicing and the unit cost of acquisitions Improve third-party vendor cost management Drive towards strong operating leverage

------

![](slm081125991012.jpg)

12 v Optimize the Value of the Brand and Attractive Client Base We know our customers' finances, payment patterns, and indebtedness. We have relationships and knowledge to assist our customers with their next step: post-graduation plans, jobs, future financial needs. We are there for our customers during and after their important transition to adulthood. Ensure products and services are consistent with our core mission and drive customer value Build products and services that leverage our customer affiliation Prioritize partnerships and other capital efficient avenues of growth Look for opportunities to optimize ROI WHAT WE DO

------

![](slm081125991013.jpg)

13 Strong Balance Sheet & Recurring Earnings Growth Loan Sales & Capital Return Aiming to Enhance Shareholder Value Through Disciplined Balance Sheet Growth and Strategic Capital Return Expected to drive recurring revenue and lead to steady double-digit earnings per share growth with balance sheet expansion. Expected to support a consistent dividend with the potential for future growth.(10) Regular loan sales are expected to be utilized as a tool to moderate balance sheet growth. Sold ~$19.5 billion in whole loans through Q2 2025, since the beginning of 2020. Expected to continue expanding capacity for return of capital through continued share repurchases and other forms of capital return. Repurchased approximately 224 million shares through Q2 2025, or approximately 53% of the shares outstanding since the beginning of 2020.

------

![](slm081125991014.jpg)

14 Consumers Increasingly Rely on Borrowed Funds to Finance the Cost of a Higher Education Roughly Half of Families Student borrowing is more prevalent than parent borrowing. Borrowing rates vary by school type USED BORROWED FUNDS IN AY 2024-25 SOURCE: How America Pays for College 2025 Families' out-of-pocket contributions covered half of college costs $236B Family Contribution $160B Grants $11B Other $13B Private Education Loans Higher Education Spend (11) (Academic Year 2023-2024 estimated) $86B Federal & State Loans $506B Total 54% only the student borrowed 32% only the parent borrowed 14% both borrowed 54% of 4-year private school families borrowed 49% of 4-year public school families borrowed 35% of 2-year school families borrowed of costs covered by families' out-of-pocket contributions of costs covered by scholarships and grants of costs covered by borrowed funds of costs covered by relatives and friends 48% 27% 23% 2%

------

![](slm081125991015.jpg)

15 As of 6/30/2025 Funding Strategy 24% Long-term Borrowings 22% Brokered (Fixed) 13% Retail (HSA & 529) 31% Retail (MMDA & CD) 10% Brokered (Variable) • Our total deposits of $20.5 billion were comprised of $8.6 billion in brokered deposits and $11.9 billion in retail and other deposits on June 30, 2025. • Interest-bearing deposits consist of retail and brokered non-maturity savings deposits, retail and brokered non-maturity money market deposits, and retail and brokered certificates of deposit. Also included are deposits from Educational 529 and Health Savings plans that diversify our funding sources. • There were $541 million of deposits exceeding FDIC insurance limits at the end of Q2 2025. Diversified Funding Optimizes Net Interest Margin $26.9B Total Funding Long-Term Funding • Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securitization program, totaling approximately $1 billion and $5.4 billion, respectively, as of June 30, 2025. Deposits

------

![](slm081125991016.jpg)

16 Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. $5,423 $5,975 $6,383 $7,013 2021 2022 2023 2024 2025 87%748 56% 86%747 57% 86%750 59% Private Education Loan Trends Second quarter 2025 originations at approximately $686 million, comparable to the year-ago quarter. Cosigned rate for originations improved 4% from the year ago quarter and average FICO at approval(8) for the portfolio was up 2 points. Average FICO at Approval(8) In School Payment Cosigned Private Education Loan Originations(1) + 7% + 10% 754 Average FICO at Approval(8) 56% In School Payment 84% Cosigned Q2 2025 752 Average FICO at Approval(8) 54% In School Payment 80% Cosigned Q2 2024 + 10% \* $3,457 YTD Full Year 2025\* $3,273 YTD 90%752 56% \* The shaded block representing full year 2025 originations is a projected estimate. These estimates and related comments constitute forward-looking statements and are based on performance during the first six months of 2025 and management's current expectations and beliefs. There can be no guarantee as to whether and to what extent these estimates will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on pg. 2 for more information. Q2

------

![](slm081125991017.jpg)

17 ABS Supplement

------

![](slm081125991018.jpg)

18 Sallie Mae Bank ABS Summary – Last 12 Quarters (On-Balance Sheet)\* \* Pool characteristics represent the last three years of issuance as of the Statistical Cutoff Date for the respective transaction.

------

![](slm081125991019.jpg)

19 Sallie Mae Bank ABS Structures

------

![](slm081125991020.jpg)

20 Appendix

------

![](slm081125991021.jpg)

21 Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. Q2 2025 Q1 2025 Q2 2024 Income Statement ($ Millions) Total interest income 657 656 641 Total interest expense 280 281 269 Net Interest Income 377 375 372 Less: provisions for credit losses 149 23 17 Total non-interest income 27 206 142 Total non-interest expenses 167 155 159 Income tax expense 16 99 87 Net Income 71 305 252 Preferred stock dividends 4 4 5 Net income attributable to common stock 67 301 247 Ending Balances ($ Millions) Private Education Loans held for investment, net 21,160 21,091 18,433 FFELP Loans held for investment, net - - 483 Deposits 20,482 20,073 20,744 Brokered 8,592 8,689 10,033 Retail and other 11,890 11,384 10,711 Q2 2025 Q1 2025 Q2 2024 Key Performance Metrics ($ in millions) Net Interest Margin 5.31% 5.27% 5.36% Yield—Total Interest-earning assets 9.25% 9.22% 9.25% Private Education Loans 10.62% 10.59% 10.91% Cost of Funds 4.22% 4.23% 4.16% Return on Assets ("ROA")(15) 1.0% 4.2% 3.6% Return on Common Equity ("ROCE")(2) 12.6% 60.1% 50.6% Private Education Loan Sales $- $2,003 $1,589 Per Common Share GAAP diluted earnings per common share $0.32 $1.40 $1.11 Average common and common equivalent shares outstanding (millions) 213 215 222 Quarterly Financial Highlights

------

![](slm081125991022.jpg)

22 Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. Credit Performance(16)(17)(18) Private Education Loans Held for Investment \* Total Allowance % of Private Education Loan Exposure defined as total allowance for credit losses as a percentage of the ending total loan balance plus unfunded loan commitments and total accrued interest receivable on Private Education Loans, where total allowance for credit losses represents the sum of the allowance for Private Education Loans and the allowance for unfunded loan commitments. ($ Thousands) Balance % Balance % Balance % Loans in repayment and percentage of each status: Loans current 15,661,996$96.5% 15,333,672$96.4% 13,756,538$96.7% Loans delinquent 30-59 days 300,116$1.8% 276,279$1.7% 224,445$1.5% Loans delinquent 60-89 days 143,633$0.9% 152,612$1.0% 125,384$0.9% Loans 90 days or greater past due 125,449$0.8% 141,234$0.9% 125,214$0.9% Total private education loans in repayment 16,231,194$100.0% 15,903,797$100.0% 14,231,581$100.0% Delinquencies as % of loans in repayment 3.5% 3.6% 3.3% Loans in forbearance 303,704$464,601$259,192$ Percentage of loans in forbearance: Percentage of loans in an extended grace period(8) 0.9% 1.9% 0.8% Percentage of loans in hardship and other forbearances (9) 0.9% 0.9% 1.0% 5.95% 5.97% 5.90% Net charge-offs as a % of average loans in repayment (annualized) 2.36% 1.88% 2.19% Total Allowance % of Private Education Loan Exposure\* JUN 30, 2024 Quarters Ended JUN 30, 2025 MAR 31, 2025

------

![](slm081125991023.jpg)

23 Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. Factors affecting the Provision for Credit Losses 2nd Quarter 2025 Allowance for Credit Losses Consolidated Statements of Income – Provision for Credit Losses Reconciliation • Provision for credit losses with focused impact from increased uncertainty in the macroeconomic outlook. • Total Allowance % of Private Education Loan Exposure was stable at 5.95%, slightly down from Q1 2025. Quarter Ended June 30, 2025 ($ THOUSANDS) Private Education Loan provision for credit losses: Provision for loan losses 92,189$ Provision for unfunded loan commitments 56,529 Provisions for credit losses reported in consolidated statements of income 148,718$ Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved.

------

![](slm081125991024.jpg)

24Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 1. Originations represent loans that were funded or acquired during the period presented. 2. We calculate and report our Return on Common Equity ("ROCE") as the ratio of (a) GAAP net income (loss) attributable to SLM Corporation common stock numerator (annualized) to (b) the net denominator, which consists of GAAP total average equity less total average preferred stock. 3. We calculate the percentage of loans in an extended grace period as the ratio of (a) Private Education Loans in forbearance in an extended grace period numerator to (b) Private Education Loans in repayment and forbearance denominator. An extended grace period aligns with The Office of the Comptroller of the Currency definition of an additional, consecutive, one-time period during which no payment is required for up to six months after the initial grace period. We typically grant this extended grace period to customers who may be having difficulty finding employment before the full principal and interest repayment period starts or once it has begun. 4. We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. 5. Source: Enterval CBA Report (https://www.enterval.com/) for full-year 2024 as of December 2024. 6. Based on internal Company statistics. 7. Statistic considers portfolio Private Education Loans only and is presented as an annualized number, as of June 30, 2025. 8. Represents the higher credit score of the cosigner or the borrower. 9. By year of origination approval. 10. The Company's expectation and ability to pay a quarterly cash dividend on its common stock in the future will be subject to the determination by, and discretion of, the Company's Board of Directors, and any determination by the Board will be based on an evaluation of the Company's earnings, financial condition and requirements, business conditions, capital allocation determinations, and other factors, risks and uncertainties. 11. Enrollment data from NCES Digest of education statistics (various tables). Cost data included from College Board 2024 Trends in College Pricing and 2024 Trends in Student Aid. Total market is based on internal company statistics that include inputs from government projections. These projections were updated in the fourth quarter of 2024. 12. Smart Option loans considered in 'P&I Repayment' only if borrowers are subject to full principal and interest payments on the loan. 13. Overcollateralization for Class A & B bonds. 14. Estimated based on a variety of assumptions concerning loan repayment behavior. Actual prepayment rate may vary significantly from estimates. 15. We calculate and report our Return on Assets ("ROA") as the ratio of (a) GAAP net income (loss) numerator (annualized) to (b) the GAAP total average assets denominator. 16. For purposes of this slide, loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but do not include loans in the "loans in forbearance" metric). 17. For purposes of this slide, loans in forbearance include loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors (other than delinquent loans in disaster forbearance), consistent with established loan program servicing policies and procedures. 18. The period of delinquency is based on the number of days scheduled payments are contractually past due. Footnotes

------

## Exhibit 99.2

![](slm081125992001.jpg)

Confidential and proprietary information.© 2024 Sallie Mae Bank. All rights reserved.5 Smart Option Student Loan Historical Loan Performance Summary Period ended June 30, 2025 Exhibit 99.2

------

![](slm081125992002.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 2 CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS The following information is current as of June 30, 2025 (unless otherwise noted) and should be read in connection with the most recent periodic report of SLM Corporation filed with the Securities and Exchange Commission (the "SEC"), as updated from time to time by subsequently filed or furnished reports. This Presentation contains "forward-looking statements" and information based on management's current expectations as of the date of this Presentation. Statements that are not historical facts, including statements about the Company's beliefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions of SLM Corporation and its subsidiaries, collectively or individually as the context requires (the "Company"); the Company's expectation and ability to execute loan sales and share repurchases; the Company's expectation and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; the Company's 2025 guidance; the Company's three-year horizon outlook; the impact of acquisitions the Company has made or may make in the future; the Company's projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices changes, including the results of simulations or other behavioral observations. Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the control of the Company, which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. "Risk Factors" and elsewhere in the Company's most recently filed Annual Report on Form 10-K and subsequent filings with the SEC; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the Trump administration; our ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and the impact of related changes in significant 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 the Company is a party; credit risk associated with the Company's exposure to third parties, including counterparties to the Company's derivative transactions; the effectiveness of our risk management framework and quantitative models; and changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation 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 breaches of our operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to our reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on our business; changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their families, including changes as a result of new limits on, or reductions in, funding that certain educational institutions receive from the Federal government; changes in law and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; the creditworthiness of our customers, or any change related thereto; 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 prepayments on the loans owned by us; changes in general economic conditions, including as a result of the impact of tariffs or trade wars or other current initiatives of the Federal government, that may impact the demand for student loans and the risk of default of outstanding loans; our ability to successfully effectuate any acquisitions; and other strategic initiatives. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect. All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this Presentation or, where the statement is oral, as of the date stated. We do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not put undue reliance on any forward-looking statements discussed. Any data or other information presented in the following charts is for comparative purposes only and is not to be deemed a part of any offering of securities. Any offering will be made solely through an offering document. Forward-Looking Statements and Disclaimer

------

![](slm081125992003.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 3 Important Information Regarding Historical Loan Performance Data Securitization and Sales. In August 2014, Sallie Mae Bank sponsored its first private education loan ABS, SMB Private Education Loan Trust 2014-A (the "SMB 2014-A transaction"). Because this transaction occurred prior to the transfer of loan servicing from Navient to Sallie Mae Bank, Sallie Mae Bank acted as master servicer for the transaction and Navient as subservicer, and the loan pool is serviced pursuant to Navient servicing policies. In April 2015 and October 2015, Sallie Mae Bank sponsored securitizations and residual sales, SMB Private Education Loan Trust 2015-A and SMB Private Education Loan Trust 2015- C, respectively. In 2020 and 2021, Sallie Mae Bank sold approximately $3.1 billion and $4.1 billion, respectively, of Private Education Loans to unaffiliated third parties. In 2022, Sallie Mae Bank sold approximately $3.1 billion of Private Education Loans to unaffiliated third parties. In 2023, Sallie Mae Bank sold approximately $3.0 billion of Private Education Loans to unaffiliated third parties. In 2024, Sallie Mae Bank sold approximately $3.5 billion of Private Education Loans to unaffiliated third parties. In the first quarter of 2025, Sallie Mae Bank sold approximately $2.0 billion of Private Education Loans to an unaffiliated third party. Sallie Mae Bank also sponsored on-balance sheet term securitizations as follows: Sallie Mae Bank services the loans in all of the securitizations it has sponsored following the SMB 2014-A transaction. Date Transaction Date Transaction Date Transaction July 2015 SMB Private Education Loan Trust 2015-B September 2018 SMB Private Education Loan Trust 2018-C August 2022 SMB Private Education Loan Trust 2022-C May 2016 SMB Private Education Loan Trust 2016-A March 2019 SMB Private Education Loan Trust 2019-A March 2023 SMB Private Education Loan Trust 2023-A July 2016 SMB Private Education Loan Trust 2016-B June 2019 SMB Private Education Loan Trust 2019-B August 2023 SMB Private Education Loan Trust 2023-C October 2016 SMB Private Education Loan Trust 2016-C February 2020 SMB Private Education Loan Trust 2020-A May 2024 SMB Private Education Loan Trust 2024-C February 2017 SMB Private Education Loan Trust 2017-A August 2020 SMB Private Education Loan Trust 2020-B August 2024 SMB Private Education Loan Trust 2024-E November 2017 SMB Private Education Loan Trust 2017-B May 2021 SMB Private Education Loan Trust 2021-B November 2024 SMB Private Education Loan Trust 2024-F March 2018 SMB Private Education Loan Trust 2018-A August 2021 SMB Private Education Loan Trust 2021-D May 2025 SMB Private Education Loan Trust 2025-A June 2018 SMB Private Education Loan Trust 2018-B November 2021 SMB Private Education Loan Trust 2021-E

------

![](slm081125992004.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 4 Important Information Regarding Historical Loan Performance Data (continued) The Historical Loan Performance Data set forth in this Presentation reflects the historical performance of loans in principal and interest repayment ("P&I Repayment") only. The data does not include loans in other payment statuses. Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. While the information related to loans in P&I Repayment may be useful for purposes of understanding the performance of the loans in P&I Repayment within the Company's portfolio, it is important to note that loans in P&I Repayment are different from, and not necessarily reflective of, the performance of the "Loans in Repayment" portfolio metrics reported in the Company's periodic reports filed with the SEC. Additionally, the past performance of any of the Company's portfolios is not indicative of future results. Types of Smart Option Student Loan Portfolio Data Smart Option Student Loan Portfolio Data for Sallie Mae Bank Serviced Loans. Information in this category is presented for loans in the 2015-2024 P&I Repayment Vintages originated under the Smart Option Student Loan program regardless of whether the loan is currently held by an ABS trust or another third party. All loans in this category are serviced by Sallie Mae Bank. Data in this category is used in the tables below under the following headings: • "30-59 Day Delinquencies as a Percentage of Loans in P&I Repayment;" • "60-89 Day Delinquencies as a Percentage of Loans in P&I Repayment;" • "90-plus Day Delinquencies as a Percentage of Loans in P&I Repayment;" • "Forbearance as a Percentage of Loans in P&I Repayment and Forbearance;" • "Annualized Gross Defaults as a Percentage of Loans in P&I Repayment;" and • "Cumulative Defaults by P&I Repayment Vintage and Years Since First P&I Repayment Period." In relation to cumulative defaults, the Sallie Mae Bank serviced portfolio data provides insight into gross defaults of the Smart Option Student Loans covered and serviced by Sallie Mae Bank since 2015. We believe historical loan performance data could, but may not necessarily, be representative of the expected performance of Smart Option Student Loans to be included in new Sallie Mae Bank trusts. Sallie Mae Bank generally charges off loans at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator.

------

![](slm081125992005.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 5 Smart Option Serviced Portfolio: 30-59 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank Aggregate of P&I Repayment Vintages 2015-2024(3), (4) Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 31-60 days). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 30-59 days) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992006.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 6 Smart Option Serviced Portfolio: 30-59 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank P&I Repayment Vintages 2015-2024(3), (4) SLM Bank 2015 Vintage SLM Bank 2016 Vintage SLM Bank 2017 Vintage SLM Bank 2018 Vintage SLM Bank 2019 Vintage SLM Bank 2020 Vintage SLM Bank 2021 Vintage SLM Bank 2022 Vintage SLM Bank 2023 Vintage SLM Bank 2024 Vintage Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 31-60 days). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 30-59 days) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992007.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 7 Smart Option Serviced Portfolio: 60-89 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank Aggregate of P&I Repayment Vintages 2015-2024(3), (4) Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 61-90 days). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 60-89 days) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992008.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 8 Smart Option Serviced Portfolio: 60-89 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) Continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank P&I Repayment Vintages 2015-2024(3), (4) SLM Bank 2015 Vintage SLM Bank 2016 Vintage SLM Bank 2017 Vintage SLM Bank 2018 Vintage SLM Bank 2019 Vintage SLM Bank 2020 Vintage SLM Bank 2021 Vintage SLM Bank 2022 Vintage SLM Bank 2023 Vintage SLM Bank 2024 Vintage Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 61-90 days). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 60-89 days) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992009.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 9 Smart Option Serviced Portfolio: 90+ Day Delinquencies(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank Aggregate of P&I Repayment Vintages 2015-2024(3), (4) Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 91 days and greater). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 90 days and greater) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992010.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 10 Smart Option Serviced Portfolio: 90+ Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank P&I Repayment Vintages 2015-2024(3), (4) SLM Bank 2015 Vintage SLM Bank 2016 Vintage SLM Bank 2017 Vintage SLM Bank 2018 Vintage SLM Bank 2019 Vintage SLM Bank 2020 Vintage SLM Bank 2021 Vintage SLM Bank 2022 Vintage SLM Bank 2023 Vintage SLM Bank 2024 Vintage Data as of June 30, 2025. (1) Data for delinquencies occurring prior to Q1 2021 and reflected in the graphs above is based on delinquency bucket period previously used (i.e., 91 days and greater). Data for delinquencies occurring Q1 2021 onwards is based on an updated delinquency bucket period (i.e., 90 days and greater) to conform with delinquency bucket periods defined by the FFIEC. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992011.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 11 Smart Option Serviced Portfolio: Forbearance as a % of Loans in P&I Repayment(1), (2) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t a nd F or be ar an ce B al an ce Data for Sallie Mae Bank Aggregate of P&I Repayment Vintages 2015-2024(3), (4) Data as of June 30, 2025 (1) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (2) Forbearance includes loans in an extended grace period and loans that have been granted forbearance due to hardship or other factors (other than delinquent loans in disaster forbearance); provided, however, that with respect to loans granted COVID-related disaster forbearance, forbearance includes activity of current as well as delinquent loans. Due to the nature and limited timeframe of disaster forbearance, delinquent loans granted disaster forbearance are maintained in their pre- grant delinquency status, and as such, are not reflected on this forbearance slide (other than loans granted COVID-related disaster forbearance); rather, they are reflected as applicable in the delinquency buckets on the preceding slides. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992012.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 12 Smart Option Serviced Portfolio: Forbearance as a % of Loans in P&I Repayment(1), (2) continued 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t a nd F or be ar an ce B al an ce Data for Sallie Mae Bank P&I Repayment Vintages 2015-2024(3), (4) SLM Bank 2015 Vintage SLM Bank 2016 Vintage SLM Bank 2017 Vintage SLM Bank 2018 Vintage SLM Bank 2019 Vintage SLM Bank 2020 Vintage SLM Bank 2021 Vintage SLM Bank 2022 Vintage SLM Bank 2023 Vintage SLM Bank 2024 Vintage Data as of June 30, 2025 (1) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (2) Forbearance includes loans in an extended grace period and loans that have been granted forbearance due to hardship or other factors (other than delinquent loans in disaster forbearance); provided, however, that with respect to loans granted COVID-related disaster forbearance, forbearance includes activity of current as well as delinquent loans. Due to the nature and limited timeframe of disaster forbearance, delinquent loans granted disaster forbearance are maintained in their pre-grant delinquency status, and as such, are not reflected on this forbearance slide (other than loans granted COVID-related disaster forbearance); rather, they are reflected as applicable in the delinquency buckets on the preceding slides. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992013.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 13 Smart Option Serviced Portfolio: Annualized Gross Defaults(1) as a % of Loans in P&I Repayment(2) Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages. 0% 2% 4% 6% 8% 10% 12% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank Aggregate of P&I Repayment Vintages 2015-2024(3), (4)

------

![](slm081125992014.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 14 Smart Option Serviced Portfolio: Annualized Gross Defaults(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% 12% 14% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se p- 17 D ec -1 7 M ar -1 8 Ju n- 18 Se p- 18 D ec -1 8 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 D ec -2 3 M ar -2 4 Ju n- 24 Se p- 24 D ec -2 4 M ar -2 5 Ju n- 25 Pe rc en t o f P & I R ep ay m en t B al an ce Data for Sallie Mae Bank P&I Repayment Vintages 2015-2024(3), (4) SLM Bank 2015 Vintage SLM Bank 2016 Vintage SLM Bank 2017 Vintage SLM Bank 2018 Vintage SLM Bank 2019 Vintage SLM Bank 2020 Vintage SLM Bank 2021 Vintage SLM Bank 2022 Vintage SLM Bank 2023 Vintage SLM Bank 2024 Vintage Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the end of the applicable monthly reporting period. (3) P&I Repayment Vintage is defined as the calendar year during which a borrower is first required to make full principal and interest payments on the loan. (4) Vintage performance history excludes data points for a vintage when the balance of loans in P&I Repayment outstanding in that vintage constitutes less than 1% of total balance of loans in P&I Repayment outstanding for all vintages.

------

![](slm081125992015.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 15 Smart Option Vintage Data: Total Portfolio Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 9.4% 8.7% 8.4% 7.8% 7.6% 6.4% 6.7% 6.8% 5.6% 2.5% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5 6 7 8 9 10 C um ul at iv e D ef au lts a s a % o f D is bu rs ed P rin ci pa l En te rin g P & I R ep ay m en t Years Since First P&I Repayment Period 2015⁽³⁾ 2016⁽³⁾ 2017⁽³⁾ 2018⁽³⁾ 2019⁽³⁾ 2020⁽³⁾ 2021⁽³⁾ 2022⁽³⁾ 2023⁽³⁾ 2024⁽³⁾ Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days delinquent because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. The relevant portions of the cumulative amount of those loans are also excluded from the various Interest Only, Fixed Pay, and Deferred tables on this page. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025. All loans covered are serviced by Sallie Mae Bank, regardless of whether the loans were included in an ABS trust. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992016.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 16 Smart Option Vintage Data: Interest Only Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 3.9% 3.3% 3.3% 3.1% 3.3% 3.0% 3.0% 3.1% 2.6% 1.6% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5 6 7 8 9 10 C um ul at iv e D ef au lts a s a % o f D is bu rs ed P rin ci pa l En te rin g P & I R ep ay m en t Years Since First P&I Repayment Period 2015⁽³⁾ 2016⁽³⁾ 2017⁽³⁾ 2018⁽³⁾ 2019⁽³⁾ 2020⁽³⁾ 2021⁽³⁾ 2022⁽³⁾ 2023⁽³⁾ 2024⁽³⁾ Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days delinquent because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. The relevant portions of the cumulative amount of those loans are also excluded from the various Interest Only, Fixed Pay, and Deferred tables on this page. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025. All loans covered are serviced by Sallie Mae Bank, regardless of whether the loans were included in an ABS trust. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992017.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 17 Smart Option Vintage Data: Fixed Pay Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 8.0% 7.4% 6.9% 6.1% 6.0% 4.8% 5.2% 5.6% 5.2% 2.5% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5 6 7 8 9 10 C um ul at iv e D ef au lts a s a % o f D is bu rs ed P rin ci pa l En te rin g P & I R ep ay m en t Years Since First P&I Repayment Period 2015⁽³⁾ 2016⁽³⁾ 2017⁽³⁾ 2018⁽³⁾ 2019⁽³⁾ 2020⁽³⁾ 2021⁽³⁾ 2022⁽³⁾ 2023⁽³⁾ 2024⁽³⁾ Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days delinquent because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. The relevant portions of the cumulative amount of those loans are also excluded from the various Interest Only, Fixed Pay, and Deferred tables on this page. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025. All loans covered are serviced by Sallie Mae Bank, regardless of whether the loans were included in an ABS trust. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992018.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 18 Smart Option Vintage Data: Deferred Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 13.2% 12.5% 12.4% 11.8% 11.2% 9.7% 10.0% 9.9% 7.6% 3.0% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5 6 7 8 9 10 C um ul at iv e D ef au lts a s a % o f D is bu rs ed P rin ci pa l En te rin g P & I R ep ay m en t Years Since First P&I Repayment Period 2015⁽³⁾ 2016⁽³⁾ 2017⁽³⁾ 2018⁽³⁾ 2019⁽³⁾ 2020⁽³⁾ 2021⁽³⁾ 2022⁽³⁾ 2023⁽³⁾ 2024⁽³⁾ Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days delinquent because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. The relevant portions of the cumulative amount of those loans are also excluded from the various Interest Only, Fixed Pay, and Deferred tables on this page. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025. All loans covered are serviced by Sallie Mae Bank, regardless of whether the loans were included in an ABS trust. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992019.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 19 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992020.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 20 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992021.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 21 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992022.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 22 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992023.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 23 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992024.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 24 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992025.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 25 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992026.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 26 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992027.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 27 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992028.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 28 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992029.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 29 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992030.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 30 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not include relevant portion of $13 million of delinquent loans charged off in the fourth quarter of 2022 prior to reaching 120 days of delinquency because those loans had received certain grants of forbearance under previous credit administration practices that would not be given under current credit administration practices. (2) Please see page 41 for a description and explanation of the data and calculations underlying these charts. (3) Data as of June 30, 2025 for Sallie Mae Bank serviced loans only. (4) Numerator is the Periodic Defaults in each P&I Repayment Vintage. Denominator is the amount of Disbursed Principal for that P&I Repayment Vintage. (5) Most recent data point for any P&I Repayment Vintage is for a partial year. Note: Historical trends may not be indicative of future performance.

------

![](slm081125992031.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 31 Important Information Regarding Historical Loan Performance Data Smart Option Vintage Data for Total and Voluntary Prepayments by Disbursement Vintage Types of Smart Option Student Loan Portfolio Data Smart Option Student Loan Portfolio Data for Sallie Mae Bank Serviced Loans. In the tables noted below, information is presented for loans originated in 2015-2024 under the Smart Option Student Loan program regardless of whether the loan is currently held by an ABS trust or another third party. All loans in this category are serviced by Sallie Mae Bank. Data in this category is used in the tables below under the following headings: • "Voluntary Constant Prepayment Rates by Disbursement Vintage and Product;" and • "Total Constant Prepayment Rates by Disbursement Vintage and Product." This Smart Option Student Loan portfolio data provides insight into historical prepayment rates specifically of the Smart Option Student Loans covered. Any data or other information presented in the following charts is for comparative purposes only and is not to be deemed a part of any offering of securities.

------

![](slm081125992032.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 32 Smart Option Vintage Data: All Products Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. Voluntary CPR includes only voluntary prepayments. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992033.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 33 Smart Option Vintage Data: Interest Only Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. Voluntary CPR includes only voluntary prepayments. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992034.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 34 Smart Option Vintage Data: Fixed Pay Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. Voluntary CPR includes only voluntary prepayments. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992035.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 35 Smart Option Vintage Data: Deferred Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. Voluntary CPR includes only voluntary prepayments. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992036.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 36 Smart Option Vintage Data: All Products Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin to default. 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992037.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 37 Smart Option Vintage Data: Interest Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin to default. 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992038.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 38 Smart Option Vintage Data: Fixed Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin to default. 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992039.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 39 Smart Option Vintage Data: Deferred Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin to default. 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Data as of June 30, 2025. (1) Please see pages 42 & 43 for a description and explanation of the data and calculations underlying these charts. (2) Data for all loans from initial disbursement, whether or not scheduled payments are due. (3) Loans in a particular annual Disbursement Vintage are disbursed at different times during the Disbursement Vintage year. Prepayment data is not reported for loans in a particular annual Disbursement Vintage until all loans in that annual Disbursement Vintage have been disbursed. Once reporting starts, data reflects prepayments that occurred in a particular period based on the number of months all loans in that annual Disbursement Vintage have been disbursed. For example, in the charts above: (i) prepayment data reported for loans in the 2024 Disbursement Vintage represents prepayments occurring during the first six months (i.e., first two quarters) after a loan was disbursed regardless of the month in 2024 during which such loan was disbursed; and (ii) prepayment data for loans in the 2023 Disbursement Vintage represents prepayments occurring during the first 18 months (i.e., first six quarters) after a loan was disbursed regardless of the month in 2023 during which such loan was disbursed.

------

![](slm081125992040.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 40 Additional Information

------

![](slm081125992041.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 41 Smart Option Loan Program: Cohort Default Triangles Terms and calculations used in the cohort default triangles are defined below:  First P&I Repayment Period – The first month during which a borrower is required to make a full principal and interest payment on a loan. This date is static. Once a loan enters P&I repayment, the date is locked in and does not change. This refinement to the methodology was made in 2021 Q2.  P&I Repayment Vintage – The calendar year of a loan's First P&I Repayment Period.  Disbursed Principal Entering P&I Repayment – The total amount of disbursed loan principal in a P&I Repayment Vintage, excluding any interest capitalization.  Reported Default Data – o For loans that default after their First P&I Repayment Period: Loans enter a particular annual P&I Repayment Vintage at different times during the P&I Repayment Vintage year. Default data is not reported for loans in a particular annual P&I Repayment Vintage until the First P&I Repayment Period has occurred for all loans in that annual P&I Repayment Vintage. Once reporting starts, data reflects defaults that occurred in a particular period through the number of months since December 31 of that annual P&I Repayment Vintage year. For example, in the relevant charts and tables included in this presentation as of June 30, 2025: (i) default data reported for loans in the 2024 P&I Repayment Vintage represents defaults occurring during the first six months (i.e., first two quarters) after a loan's First P&I Repayment Period regardless of the month in 2024 during which the first full principal and interest payment for that loan became due; and (ii) default data for loans in the 2023 P&I Repayment Vintage represents defaults occurring during the first 18 months (i.e., first six quarters) after a loan's First P&I Repayment Period regardless of the month in 2023 during which the first full principal and interest payment for that loan became due. o For loans that default prior to their First P&I Repayment Period: Loans defaulting prior to their First P&I Repayment Period are included in the P&I Repayment Vintage corresponding to the calendar year in which the default occurs, and are aggregated and reported in Year 0 of that P&I Repayment Vintage in the relevant charts and tables. For example: (a) if a loan's First P&I Repayment Period was scheduled for 2022, but the loan defaulted in 2021, the default amount is reflected in Year 0 of the 2021 P&I Repayment Vintage; and (b) if a loan's First P&I Repayment Period occurred in 2022, but the loan defaulted in 2022 before that First P&I Repayment Period, the default amount is reflected in Year 0 of the 2022 P&I Repayment Vintage. o For loans that pay off prior to their First P&I Repayment Period: Loans paid off prior to their First P&I Repayment Period are included in the Disbursed Principal Entering P&I Repayment of the P&I Repayment Vintage corresponding to the calendar year in which the payoff occurs.  Periodic Defaults – For any loan in a particular P&I Repayment Vintage, the defaulted principal and interest is reflected in the year corresponding to the number of years since the First P&I Repayment Period for that loan.  Cumulative Defaults – At any time for a particular P&I Repayment Vintage, the cumulative sum of Periodic Defaults for that vintage. o Defaulted principal includes any interest capitalization that occurred prior to default o Defaulted principal is not reduced by any amounts recovered after the loan defaulted o Because the numerator includes capitalized interest while the denominator (i.e., Disbursed Principal Entering P&I Repayment) does not, default rates are higher than they would be if the numerator and denominator both included capitalized interest Note: Historical trends suggested by the cohort default triangles may not be indicative of future performance.

------

![](slm081125992042.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 42 Smart Option Loan Program: Prepayment Methodology The Constant Prepayment Rate (CPR) represents an annualized rate of prepayment speed measuring the reduction in the principal balance of a pool of loans in excess of the scheduled pool amortization. The rate can be positive or negative depending on whether the pool principal balance is less than or greater than the expected principal amount. A CPR greater than zero suggests that the pool is paying down faster than the expected amortization. Conversely, a CPR less than zero suggests that the pool is paying down more slowly than the expected amortization.  Total CPR – A broad measure of prepayment activity including both voluntary and involuntary prepayments  Voluntary CPR – The portion of Total CPR attributable to pool principal balance paid down prematurely by borrowers in a given period  Involuntary CPR – The portion of Total CPR attributable to defaults  Scheduled Payment (SP) – The monthly payment due on a loan; not impacted by forbearance, deferment, or any concession  Received Payment (PMT) – The monthly payment received on a loan  Expected Balance (EXP) – For any month, the prior month's principal balance plus the current month's interest accrued less the Scheduled Payment  Prepayment – Any payment made during the month exceeding the Scheduled Payment  Single Month Mortality Rate (SMM) – The percentage of the Expected Balance prepaid in a given month  Survival Rate (SR) – The percentage of the Expected Balance not prepaid in a given month Factors Impacting Prepayments Total CPR Voluntary CPR Capitalization of accrued interest after school and six-month grace No impact No impact Borrower's payment equals the Scheduled Payment No impact No impact Borrower makes an extra payment on the loan (i.e., principal curtailment) + + Borrower pays off the loan balance prior to loan's scheduled maturity + + Loan is paid in full through a loan consolidation + + Forbearance, deferment, or any concession – – Delinquency – – Default + No impact Borrower benefit interest rate discounts No impact No impact Legend + Impact is positive – Impact is negative

------

![](slm081125992043.jpg)

Confidential and proprietary information.© 2025 Sallie Mae Bank. All rights reserved. 43 Smart Option Loan Program: Prepayment Methodology) Calc u la t ions 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 = 𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 - 𝑆𝑆𝑃𝑃𝑡𝑡 𝑆𝑆𝑃𝑃𝑃𝑃𝑡𝑡 = ⁄𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 𝐸𝐸𝐸𝐸𝑃𝑃𝑡𝑡 𝑆𝑆𝑆𝑆𝑡𝑡 = 1 - 𝑆𝑆𝑃𝑃𝑃𝑃𝑡𝑡 𝐶𝐶𝑃𝑃𝑆𝑆𝑛𝑛 = 1 - �𝑡𝑡=1 3 𝑆𝑆𝑆𝑆𝑡𝑡 4 𝑤𝑤𝑤𝑃𝑃𝑃𝑃𝑃𝑃: 𝑃𝑃 = 𝑞𝑞𝑞𝑞𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃 𝑃𝑃 = 𝑃𝑃𝑚𝑚𝑃𝑃𝑃𝑃𝑤 𝑚𝑚𝑜𝑜 𝑞𝑞𝑞𝑞𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃 Examples(1) t PMTt SPt EXPt Prepaymentt SMMt SRt CPR 0 1 $25 $25 $10,029 $0 0.0% 100.0% 2 $25 $25 $10,058 $0 0.0% 100.0% 3 $25 $25 $10,088 $0 0.0% 100.0% 0.0% 1 $164 $114 $9,941 $50 0.5% 99.5% 2 $164 $114 $9,831 $50 0.5% 99.5% 3 $164 $114 $9,720 $50 0.5% 99.5% 5.9% 1 $114 $114 $9,941 $0 0.0% 100.0% 2 $114 $114 $9,881 $0 0.0% 100.0% 3 $0 $114 $9,821 ($114) -1.2% 101.2% -4.7% Borrower is in school ($25 fixed payment due) Borrower is in P&I repayment (full P&I payment due) Borrower uses forbearance in period 3 (full P&I payment due) (1) Calculations assume a 6.5% interest rate and a standard 10-year loan repayment term. Starting loan balance is $10,000 for all three scenarios.

------