# EDGAR Filing Document

**Accession Number:** 0001032033
**File Stem:** 0001032033-26-000003
**Filing Date:** 2026-1
**Character Count:** 127391
**Document Hash:** 5cfd6802d7e69a18dacefd4f9e69bac9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001032033-26-000003.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001032033-26-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**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:** 26552148

**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-20260122

**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): January 22, 2026

**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 2.02**&nbsp;&nbsp;&nbsp;&nbsp;**RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On January 22, 2026, SLM Corporation (the "Company") reported its financial results for the quarter and year ended December 31, 2025. A copy of the Company's press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

Additionally, the Company has posted to its website at SallieMae.com/Investors, and has also furnished as Exhibit 99.2 hereto and incorporated by reference herein, an earnings presentation for fourth quarter and full-year 2025 financial results.

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

On January 22, 2026, the Company announced that its Board of Directors authorized a new stock repurchase program of up to $500 million of the Company's outstanding common stock (the "2026 Share Repurchase Program"), to commence on January 22, 2026. A copy of the Company's press release and related earnings results were made available on www.SallieMae.com/investors, and are also furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information furnished in these Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 attached hereto and incorporated by reference herein, is 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 8.01**&nbsp;&nbsp;&nbsp;&nbsp;**OTHER EVENTS.**

On January 22, 2026, the Company announced that its Board of Directors authorized a 2026 Share Repurchase Program (as defined above) allowing the Company to repurchase up to $500 million of its outstanding common stock, beginning on January 22, 2026. The 2026 Share Repurchase Program is expected to be completed over the next approximately 24 months ending February 4, 2028. The Company's 2024 Share Repurchase Program (the "2024 Share Repurchase Program") authorized on January 23, 2024, with a repurchase capacity of $650 million, remains open. Repurchases may be made under the 2024 Share Repurchase Program (collectively, with the 2026 Share Repurchase Program, referred to as the "Share Repurchase Programs") until the 2024 Share Repurchase Program expires on February 6, 2026.

Under the Share Repurchase Programs, the Company may repurchase common stock in transactions including, but not limited to, tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and/ or pursuant to trading plans in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act. The actual timing, number, and value of shares repurchased under the Share Repurchase Programs will be determined by management, in its discretion, and will depend on a number of factors, including the market price of the Company's stock, general market and economic conditions, applicable legal requirements, compliance with the terms of the Company's outstanding indebtedness, and other conditions. The Company reserves the right to suspend or discontinue the Share Repurchase Programs at any time and for any reason. The Company's authorization of share repurchases is not a guarantee that repurchases will take place.

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

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1\* | <u>[Press Release, dated January 2](slm01222026ex991.htm)[2](slm01222026ex991.htm)[, 202](slm01222026ex991.htm)[6](slm01222026ex991.htm)</u> |
| 99.2\* | <u>[Earnings Presentation for 4](slm012226992.htm)</u><sup>th</sup><u>[Quarter and Full-Year 2025, dated January 22, 2026](slm012226992.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: January 22, 2026 | By: | /s/ PETER M. GRAHAM |
|  |  | Peter M. Graham |
|  |  | Executive Vice President and Chief Financial Officer |

---

&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

**Exhibit 99.1**

---

| |
|:---|
| ![salliemae_logoxraspxnowhita.jpg](salliemae_logoxraspxnowhita.jpg) |
| **News Release** |
| For Immediate Release |

---

**Sallie Mae Reports Fourth Quarter and Full-Year 2025 Financial Results**

 ***Board of Directors Approves New $500 Million Share Repurchase Program*** 

**NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released fourth quarter and full-year 2025 financial results. Complete financial results and related materials are available at www.SallieMae.com/investors. The materials will also be available on the Securities and Exchange Commission's website at www.sec.gov.

Sallie Mae will host an earnings conference call today, Jan. 22, 2026, at 5:30 p.m. ET. Executives will be on hand to discuss various highlights of the quarter and year and to answer questions related to Sallie Mae's performance. A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors and the hosting website.

A replay of the webcast will be available via the company's investor website approximately two hours after the call's conclusion.

Sallie Mae announced today that its Board of Directors authorized a new stock repurchase program of up to $500 million of the Company's outstanding common stock, par value $0.20 per share, to begin on Jan. 22, 2026 (the "2026 Share Repurchase Program"). The 2026 Share Repurchase Program is expected to be completed over the next approximately 24 months ending Feb. 4, 2028. The Company's "2024 Share Repurchase Program," authorized on Jan. 23, 2024, with a repurchase capacity of $650 million, remains open. Repurchases may be made under the 2024 Share Repurchase Program until it expires on Feb. 6, 2026, or is expended (whichever comes first).

Under the announced program, Sallie Mae may repurchase shares of common stock from time to time in various transaction formats including, but not limited to, tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and/ or pursuant to trading plans in accordance with Rules 10b5-1 and 10b-18 of the Exchange Act. The actual timing, number, and value of shares repurchased under the program will be determined by management at its discretion and are dependent on a number of factors. Sallie Mae reserves the right to suspend or discontinue share repurchases at any time and for any reason.

###

**Sallie Mae** (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Contacts:

**Media**

Rick Castellano, 302-451-2541, <u>rick.castellano@SallieMae.com</u> 

**Investors**

Kate deLacy, 571-438-9574, <u>kate.delacy@salliemae.com</u>

------

![q4fy2025a.jpg](q4fy2025a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its fourth quarter and full-year 2025 financial results. | **NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its fourth quarter and full-year 2025 financial results. | **NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its fourth quarter and full-year 2025 financial results. | **NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its fourth quarter and full-year 2025 financial results. | **NEWARK, Del., Jan. 22, 2026** — Sallie Mae (Nasdaq:SLM), formally SLM Corporation, today released its fourth quarter and full-year 2025 financial results. |
| **Full-Year 2025 Financial Results** | **Full-Year 2025 Financial Results** | **Full-Year 2025 Financial Results** | **Full-Year 2025 Financial Results** | **Full-Year 2025 Financial Results** |
| **$3.46**<br>GAAP Diluted Earnings Per Common Share in 2025 | **6%**<br>Private Education Loan Originations Growth from 2024 | **12.8M**<br>Shares repurchased in 2025 for **$373M**<sup>(</sup><sup>1)</sup> | **2.15%**<br>Total Net Charge-Offs as a Percentage of Average Loans in Repayment | **$659M**<br>Non-Interest Expenses in 2025 |
| **Fourth Quarter 2025 Financial Results** | **Fourth Quarter 2025 Financial Results** | **Fourth Quarter 2025 Financial Results** | **Fourth Quarter 2025 Financial Results** | **Fourth Quarter 2025 Financial Results** |
| **$1.12**<br>GAAP Diluted Earnings Per Common Share in Q4 2025 | **4%**<br>Private Education Loan Originations Growth compared to Q4 2024 | **3.8M**<br>Shares repurchased in Q4 2025 for **$106M**<sup>(1)</sup> | **2.42%**<br>Total Net Charge-Offs as a Percentage of Average Loans in Repayment (annualized) | **$157M**<br>Non-Interest Expenses in Q4 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **"We delivered solid results for 2025, expanding originations, improving our net charge-off rate, returning capital to shareholders, and building further capabilities to serve more students and families through our new private credit strategic partnership. This momentum, coupled with recent reforms to the federal student loan program, should set us up for an exciting 2026 and beyond as families continue to value and invest in higher education."** <br>**&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;** <br>**&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;Jonathan Witter, CEO, Sallie Mae** | **"We delivered solid results for 2025, expanding originations, improving our net charge-off rate, returning capital to shareholders, and building further capabilities to serve more students and families through our new private credit strategic partnership. This momentum, coupled with recent reforms to the federal student loan program, should set us up for an exciting 2026 and beyond as families continue to value and invest in higher education."** <br>**&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;** <br>**&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;Jonathan Witter, CEO, Sallie Mae** | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 |
| **"We delivered solid results for 2025, expanding originations, improving our net charge-off rate, returning capital to shareholders, and building further capabilities to serve more students and families through our new private credit strategic partnership. This momentum, coupled with recent reforms to the federal student loan program, should set us up for an exciting 2026 and beyond as families continue to value and invest in higher education."** <br>**&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;** <br>**&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;Jonathan Witter, CEO, Sallie Mae** | **"We delivered solid results for 2025, expanding originations, improving our net charge-off rate, returning capital to shareholders, and building further capabilities to serve more students and families through our new private credit strategic partnership. This momentum, coupled with recent reforms to the federal student loan program, should set us up for an exciting 2026 and beyond as families continue to value and invest in higher education."** <br>**&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;** <br>**&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;Jonathan Witter, CEO, Sallie Mae** | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 |
| **Balance Sheet & Capital Allocation** | **Balance Sheet & Capital Allocation** | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 |
| **$0.13**<br>Common stock dividend per share paid in Q4 2025 | **12.4%**<br>Total risk-based capital ratio and CET1 capital ratio of 11.1% | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 |
| **$33M**<br>Capacity remaining under the 2024 Share Repurchase Program as of December 31, 2025 | **$33M**<br>Capacity remaining under the 2024 Share Repurchase Program as of December 31, 2025 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 | &nbsp;&nbsp;&nbsp;**Quarterly Private Education Loan Portfolio Trends**<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $22.9B** of average loans outstanding, net, an increase of 4% compared to Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ $19M** in negative provisions for credit losses in Q4 2025, compared with $108M in provisions in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 0.99%** loans in a hardship forbearance, an increase from 0.92% in Q4 2024<sup>(2)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 4.00%** delinquencies as a percentage of loans in repayment, compared with 3.68% in Q4 2024<br>&nbsp;&nbsp;&nbsp;&nbsp;**▪ 2.42%** net charge-offs as a percentage of average loans in repayment (annualized), compared with 2.38% in Q4 2024 |
| **Income Statement & Earnings Summary** | **Income Statement & Earnings Summary** | **2026 Guidance\***<br>**For the full year 2026, the Company expects:** | **2026 Guidance\***<br>**For the full year 2026, the Company expects:** |
| **5.21%**<br>Net interest margin for Q4 2025, an increase of 29 basis points from Q4 2024 | **34.6%**<br>Efficiency Ratio for Q4 2025, a decrease from 38.5% for Q4 2024<sup>(3)</sup> | **$2.70 - $2.80**<br>GAAP Diluted Earnings Per Common Share | **12% - 14%** Private Education Loan Originations Year-over-Year Growth |
| **$45M**<br>Gain on sale of loans in Q4 2025 | **$19M**<br>Negative provision for credit losses in Q4 2025, a decrease from Q4 2024 provision largely due to a combined $106M release of provision from loan sale and loans transferred to held for sale, offset by an increase in loan commitments, net of expired commitments. | **$345 million - $385 million** <br>Net Charge-Offs | **$750 million - $780 million**<br>Non-Interest Expenses |

---

Investor Contact: Kate deLacy, 571-438-9574&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media Contact: Rick Castellano, 302-451-2541

\* The 2026 Guidance and related comments constitute forward-looking statements and are based on management's current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance 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. 4 for more information.

------

**Quarterly and Full-Year Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Q4 2025** | **Q3 2025** | **Q4 2024** | **2025** | **2024** |
| **<u>Income Statement ($ millions)</u>** |  |  |  |  |  |
| Total interest income | $657 | $658 | $661 | $2627 | $2619 |
| Total interest expense | 280 | 285 | 299 | 1125 | 1138 |
| **Net interest income** | 377 | 373 | 362 | 1502 | 1481 |
| Less: provisions for credit losses | (19) | 179 | 108 | 333 | 409 |
| Total non-interest income | 77 | 173 | 28 | 483 | 368 |
| Total non-interest expenses | 157 | 180 | 150 | 659 | 642 |
| Income tax expense | 83 | 50 | 21 | 248 | 190 |
| **Net income** | 233 | 136 | 112 | 745 | 608 |
| Preferred stock dividends | 4 | 4 | 4 | 16 | 18 |
| Net income attributable to common stock | $229 | $132 | $107 | $729 | $590 |
| **<u>Ending Balances ($ millions)</u>** |  |  |  |  |  |
| Private Education Loans held for investment, net | $20332 | $21615 | $20902 | $20332 | $20902 |
| Private Education Loans held for sale, net | 933 |  |  | 933 |  |
| Deposits | 21060 | 20012 | 21069 | 21060 | 21069 |
| &nbsp;&nbsp;&nbsp;-Brokered | 8784 | 7738 | 9476 | 8784 | 9476 |
| &nbsp;&nbsp;&nbsp;-Retail and other | 12276 | 12274 | 11593 | 12276 | 11593 |
| **<u>Key Performance Metrics ($ in millions)</u>** |  |  |  |  |  |
| Net interest margin | 5.21% | 5.18% | 4.92% | 5.24% | 5.19% |
| Yield - Total interest-earning assets | 9.07% | 9.14% | 8.98% | 9.17% | 9.17% |
| &nbsp;&nbsp;&nbsp;Private Education Loans | 10.44% | 10.58% | 10.54% | 10.56% | 10.81% |
| Cost of Funds | 4.14% | 4.24% | 4.31% | 4.21% | 4.25% |
| Efficiency Ratio<sup>(3)</sup> | 34.6% | 33.0% | 38.5% | 33.2% | 34.7% |
| Return on Assets ("ROA")<sup>(4)</sup> | 3.1% | 1.9% | 1.5% | 2.5% | 2.1% |
| Return on Common Equity ("ROCE")<sup>(5)</sup> | 42.2% | 24.3% | 22.5% | 34.4% | 31.3% |
| Private Education Loan sales | $1014 | $1936 | $— | $4952 | $3692 |
| **<u>Per Common Share</u>** |  |  |  |  |  |
| GAAP diluted earnings per common share | $1.12 | $0.63 | $0.50 | $3.46 | $2.68 |
| Average common and common equivalent shares outstanding (millions) | 205 | 211 | 215 | 211 | 220 |

---

------

**Footnotes:**

(1) Shares of common stock were repurchased under Rule 10b5-1 trading plans authorized under the Company's 2024 Share Repurchase Program. As of December 31, 2025, we had $33 million of capacity remaining under the 2024 Share Repurchase Program.

(2) 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. Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) were approximately $161 million and $152 million at December 31, 2025 and 2024, respectively.

(3) We calculate and report our Efficiency Ratio as the ratio of (a) total non-interest expenses numerator to (b) the net denominator, which consists of net interest income plus total non-interest income.

(4) 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.

(5) We calculate and report our Return on Common Equity ("ROCE") as the ratio of (a) GAAP net income (loss) attributable to common stock numerator (annualized) to (b) the net denominator, which consists of GAAP total average equity less total average preferred stock.

**\*\*\***

------

**CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS** 

This press release contains "forward-looking statements" and information based on management's current expectations as of the date of this press release. 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 2026 guidance; the Company's three-year horizon outlook; the Company's credit 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 Securities and Exchange Commission; 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; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for our deposit products, including changes caused by new or emerging market entrants or technologies. We could also be affected by, among other things: changes in our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (AI), and other failures or breaches of our operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impact 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 higher education, educational financing, or in financing preferences of lenders, educational institutions, students, and their families, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws 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 or macroeconomic conditions, including changes due to inflation, stagflation, recession, shifts in the labor market, changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, our financial and business results and/or modeling, and our ability to successfully effectuate any acquisitions, strategic partnerships, or 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 press release 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 hereto.

------

---

| | | |
|:---|:---|:---|
| **SLM CORPORATION**<br>**CONSOLIDATED BALANCE SHEETS (Unaudited)**<br>**As of December 31,** <br>**(dollars in thousands, except share and per share amounts)** | **2025** | **2024** |
| **Assets** |  |  |
| Cash and cash equivalents | $4241265 | $4700366 |
| Investments: |  |  |
| &nbsp;&nbsp;Trading investments at fair value (cost of $37,606 and $41,715, respectively) | 49250 | 53262 |
| &nbsp;&nbsp;Available-for-sale investments at fair value (cost of $1,812,408 and $2,042,473, respectively) | 1758070 | 1933226 |
| &nbsp;&nbsp;&nbsp;Other investments | 115394 | 112377 |
| Total investments | 1922714 | 2098865 |
| Loans held for investment (net of allowance for losses of $1,430,318 and $1,435,920, respectively) | 20332124 | 20902158 |
| Loans held for sale | 933256 |  |
| Restricted cash | 177263 | 173894 |
| Other interest-earning assets | 120 | 4880 |
| Accrued interest receivable | 1562811 | 1546590 |
| Premises and equipment, net | 122193 | 119354 |
| Goodwill and acquired intangible assets, net | 59974 | 63532 |
| Income taxes receivable, net | 347260 | 425625 |
| Other assets | 47315 | 36846 |
| **Total assets** | $29746295 | $30072110 |
| **Liabilities** |  |  |
| Deposits | $21060151 | $21068568 |
| Short-term borrowings | 498415 |  |
| Long-term borrowings | 5362494 | 6440345 |
| Other liabilities | 373877 | 403277 |
| **Total liabilities** | 27294937 | 27912190 |
| **Commitments and contingencies** |  |  |
| **Equity** |  |  |
| Preferred stock, par value $0.20 per share, 20 million shares authorized: |  |  |
| &nbsp;&nbsp;Series B: 2.5 million and 2.5 million shares issued, respectively, at stated value of $100 per share | 251070 | 251070 |
| Common stock, par value $0.20 per share, 1.125 billion shares authorized: 443.2 million and 440.6 million shares issued, respectively | 88650 | 88121 |
| Additional paid-in capital | 1240250 | 1193753 |
| Accumulated other comprehensive loss (net of tax benefit of $(13446) and $(21209), respectively) | (40128) | (65861) |
| Retained earnings | 4734313 | 4114446 |
| Total SLM Corporation stockholders' equity before treasury stock | 6274155 | 5581529 |
| Less: Common stock held in treasury at cost: 244.0 million and 230.2 million shares, respectively | (3822797) | (3421609) |
| **Total equity** | 2451358 | 2159920 |
| **Total liabilities and equity** | $29746295 | $30072110 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SLM CORPORATION**<br>**CONSOLIDATED STATEMENTS OF INCOME (Unaudited)** | | | | |
| | **Quarters Ended** | **Quarters Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(Dollars in thousands, except per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| **Interest income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | $602307 | $587426 | $2392417 | $2314417 |
| &nbsp;&nbsp;&nbsp;Investments | 15404 | 15467 | 58815 | 61412 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 39108 | 58480 | 176023 | 243217 |
| Total interest income | 656819 | 661373 | 2627255 | 2619046 |
| **Interest expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 199604 | 223976 | 808798 | 881456 |
| &nbsp;&nbsp;&nbsp;Interest expense on short-term borrowings | 3687 | 3476 | 11418 | 13815 |
| &nbsp;&nbsp;&nbsp;Interest expense on long-term borrowings | 76471 | 71730 | 305215 | 242993 |
| Total interest expense | 279762 | 299182 | 1125431 | 1138264 |
| Net interest income | 377057 | 362191 | 1501824 | 1480782 |
| Less: provisions for credit losses | (18779) | 108179 | 332687 | 408515 |
| Net interest income after provisions for credit losses | 395836 | 254012 | 1169137 | 1072267 |
| **Non-interest income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains (losses) on sales of loans, net | 45200 | (9) | 368880 | 254928 |
| &nbsp;&nbsp;&nbsp;Gains (losses) on securities, net | (1652) | 82 | (9795) | 467 |
| &nbsp;&nbsp;&nbsp;Other income | 33499 | 27709 | 123484 | 112873 |
| Total non-interest income | 77047 | 27782 | 482569 | 368268 |
| **Non-interest expenses:** |  |  |  |  |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 86417 | 80084 | 345814 | 349387 |
| &nbsp;&nbsp;&nbsp;FDIC assessment fees | 5595 | 13594 | 34291 | 51606 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 64081 | 54455 | 275480 | 235577 |
| Total operating expenses | 156093 | 148133 | 655585 | 636570 |
| Acquired intangible assets impairment and amortization expense | 793 | 1495 | 3558 | 5329 |
| Total non-interest expenses | 156886 | 149628 | 659143 | 641899 |
| Income before income tax expense | 315997 | 132166 | 992563 | 798636 |
| Income tax expense | 82812 | 20613 | 247716 | 190311 |
| **Net income** | 233185 | 111553 | 744847 | 608325 |
| Preferred stock dividends | 3803 | 4367 | 15725 | 18296 |
| **Net income attributable to SLM Corporation common stock** | $229382 | $107186 | $729122 | $590029 |
| **Basic earnings per common share** | $1.14 | $0.51 | $3.52 | $2.73 |
| Average common shares outstanding | 201612 | 210741 | 207155 | 216220 |
| **Diluted earnings per common share** | $1.12 | $0.50 | $3.46 | $2.68 |
| Average common and common equivalent shares outstanding | 204957 | 215113 | 210914 | 219934 |
| Declared dividends per common share | $0.13 | $0.13 | $0.52 | $0.46 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SLM CORPORATION**<br>**CONSOLIDATED STATEMENTS OF COMPREHENSIVE<br>INCOME (Unaudited)** | | | | |
| | **Quarters Ended** | **Quarters Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(Dollars in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $233185 | $111553 | $744847 | $608325 |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on investments | 11860 | (18546) | 54935 | 42604 |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) on cash flow hedges | (5143) | (1975) | (21439) | (30394) |
| Total unrealized gains (losses) | 6717 | (20521) | 33496 | 12210 |
| Income tax (expense) benefit | (1678) | 4999 | (7763) | (2967) |
| Other comprehensive income (loss), net of tax (expense) benefit | 5039 | (15522) | 25733 | 9243 |
| **Total comprehensive income** | $238224 | $96031 | $770580 | $617568 |

---

------

***Average Balance Sheets***

The following table reflects the rates earned on interest-earning assets and paid on interest-bearing liabilities and reflects our net interest margin on a consolidated basis.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarters Ended December 31,** | **Quarters Ended December 31,** | **Quarters Ended December 31,** | **Quarters Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|<br>**(Dollars in thousands)** | **Balance** | **Rate** | **Balance** | **Rate** | **Balance** | **Rate** | **Balance** | **Rate** |
| **Average Assets** |  |  |  |  |  |  |  |  |
| Private Education Loans | $22882452 | 10.44% | $22061986 | 10.54% | $22654942 | 10.56% | $21121545 | 10.81% |
| FFELP Loans |  |  | 149225 | 7.16 |  |  | 413338 | 7.45 |
| Taxable securities | 1828595 | 3.34 | 2064637 | 2.98 | 1836407 | 3.20 | 2316848 | 2.65 |
| Cash and other short-term investments | 4025614 | 3.88 | 5028902 | 4.65 | 4164094 | 4.25 | 4700066 | 5.19 |
| Total interest-earning assets | 28736661 | 9.07% | 29304750 | 8.98% | 28655443 | 9.17% | 28551797 | 9.17% |
| Non-interest-earning assets | 756611 |  | 632835 |  | 596535 |  | 505245 |  |
| **Total assets** | $29493272 |  | $29937585 |  | $29251978 |  | $29057042 |  |
| **Average Liabilities and Equity** |  |  |  |  |  |  |  |  |
| Brokered deposits | $8278192 | 3.93% | $9628044 | 4.10% | $8546629 | 4.01% | $10009221 | 3.89% |
| Retail and other deposits | 12182687 | 4.00 | 11627142 | 4.48 | 11830694 | 4.13 | 11142798 | 4.65 |
| Other interest-bearing liabilities<sup>(1)</sup> | 6319320 | 4.71 | 6331195 | 4.34 | 6362734 | 4.63 | 5616445 | 4.09 |
| Total interest-bearing liabilities | 26780199 | 4.14% | 27586381 | 4.31% | 26740057 | 4.21% | 26768464 | 4.25% |
| Non-interest-bearing liabilities | 306427 |  | 206242 |  | 141396 |  | 149594 |  |
| Equity | 2406646 |  | 2144962 |  | 2370525 |  | 2138984 |  |
| **Total liabilities and equity** | $29493272 |  | $29937585 |  | $29251978 |  | $29057042 |  |
| **Net interest margin** |  | 5.21% |  | 4.92% |  | 5.24% |  | 5.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Includes the average balance of our unsecured borrowings, as well as secured borrowings and amortization expense of transaction costs related to our term asset-backed securitizations and our Secured Borrowing Facility.

------

***Earnings per Common Share***

Basic earnings per common share ("EPS") are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters Ended** | **Quarters Ended** | **Years Ended** | **Years Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|<br>**(In thousands, except per share data)** | **2025** | **2024** | **2025** | **2024** |
| **Numerator:** |  |  |  |  |
| Net income | $233185 | $111553 | $744847 | $608325 |
| Preferred stock dividends | 3803 | 4367 | 15725 | 18296 |
| Net income attributable to SLM Corporation common stock | $229382 | $107186 | $729122 | $590029 |
| **Denominator:** |  |  |  |  |
| Weighted average shares used to compute basic EPS | 201612 | 210741 | 207155 | 216220 |
| Effect of dilutive securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of stock options, restricted stock, restricted stock units, performance stock units and Employee Stock Purchase Plan ("ESPP") <sup>(1)(2)</sup> | 3345 | 4372 | 3759 | 3714 |
| Weighted average shares used to compute diluted EPS | 204957 | 215113 | 210914 | 219934 |
| **Basic earnings per common share** | $1.14 | $0.51 | $3.52 | $2.73 |
| **Diluted earnings per common share** | $1.12 | $0.50 | $3.46 | $2.68 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> For both the quarter and year ended December 31, 2025, securities covering less than 1 million shares were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the quarter and year ended December 31, 2024, securities covering no shares and less than 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

***2026 Share Repurchase Program***

The Company has been authorized to repurchase up to $500 million in common stock under a new share repurchase program (the "2026 Share Repurchase Program"), which became effective on January 22, 2026 and is expected to be completed over the next approximately 24 months ending February 4, 2028. The Company's "2024 Share Repurchase Program," authorized on January 23, 2024, with a repurchase capacity of $650 million, remains open. Repurchases may be made under the 2024 Share Repurchase Program until it expires on February 6, 2026, or is expended (whichever comes first). Under the 2026 Share Repurchase Program, the Company may repurchase shares of common stock from time to time in various transaction formats including, but not limited to, tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and/ or pursuant to trading plans in accordance with Rules 10b5-1 and 10b-18 of the Exchange Act. The actual timing, number, and value of shares repurchased under the program will be determined by management at its discretion and are dependent on a number of factors. The Company reserves the right to suspend or discontinue share repurchases at any time and for any reason.

------

***Allowance for Credit Losses Metrics***

---

| | |
|:---|:---|
| **Quarter Ended December 31, 2025<br>(dollars in thousands)** | **Private Education<br>Loans** |
| **Allowance for loan losses, beginning balance** | $1526104 |
| &nbsp;&nbsp;&nbsp;Transfer from allowance for unfunded loan commitments | 37810 |
| &nbsp;&nbsp;&nbsp;Provisions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for current period | 69701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan sale reduction to provision | (61271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to held-for-sale | (44274) |
| &nbsp;&nbsp;&nbsp;Total provisions<sup>(1)</sup> | (35844) |
| &nbsp;&nbsp;&nbsp;Net charge-offs: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (114795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 17043 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | (97752) |
| **Allowance for loan losses, ending balance** | 1430318 |
| **Allowance for unfunded loan commitments, beginning balance**<sup>(2)</sup> | 97877 |
| &nbsp;&nbsp;&nbsp;Provision<sup>(1)(3)</sup> | 17065 |
| &nbsp;&nbsp;&nbsp;Transfer to allowance for loan losses | (37810) |
| **Allowance for unfunded loan commitments, ending balance**<sup>(2)</sup> | 77132 |
| **Total allowance for credit losses, ending balance** | $1507450 |
| Net charge-offs as a percentage of average loans in repayment (annualized)<sup>(4)</sup> | 2.42% |
| Allowance for loan losses coverage of net charge-offs (annualized) | 3.66 |
| Total Allowance Percentage of Private Education Loan Exposure<sup>(5) (6)</sup> | 6.00% |
| Ending total loans, gross | $21660434 |
| Average loans in repayment<sup>(4)</sup> | $16157225 |
| Ending loans in repayment<sup>(4)</sup> | $15894827 |
| Unfunded loan commitments for loans held for investment<sup>(6)</sup> | $1913753 |
| Total accrued interest receivable | $1570069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> See "Provisions for Credit Loan Losses" on page 14 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in "Other Liabilities" on the consolidated balance sheet. See "Unfunded Loan Commitments" on page 14 for further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Includes incremental provision for new commitments and changes to provision for existing commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the "loans in forbearance" metric).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance Percentage of Private Education Loan Exposure do not include approximately $523 million of unfunded loan commitments associated with loans classified as held for sale at December 31, 2025. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale.

------

---

| | |
|:---|:---|
| **Quarter Ended December 31, 2024<br>(dollars in thousands)** | **Private Education<br>Loans** |
| **Allowance for loan losses, beginning balance** | $1413621 |
| &nbsp;&nbsp;&nbsp;Transfer from allowance for unfunded loan commitments | 35037 |
| &nbsp;&nbsp;&nbsp;Provisions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for current period | 80533 |
| &nbsp;&nbsp;&nbsp;Total provisions<sup>(1)</sup> | 80533 |
| &nbsp;&nbsp;&nbsp;Net charge-offs: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (104187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 10916 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | (93271) |
| **Allowance for loan losses, ending balance** | 1435920 |
| **Allowance for unfunded loan commitments, beginning balance**<sup>(2)</sup> | 91959 |
| &nbsp;&nbsp;&nbsp;Provision<sup>(1)(3)</sup> | 27646 |
| &nbsp;&nbsp;&nbsp;Transfer to allowance for loan losses | (35037) |
| **Allowance for unfunded loan commitments, ending balance**<sup>(2)</sup> | 84568 |
| **Total allowance for credit losses, ending balance** | $1520488 |
| Net charge-offs as a percentage of average loans in repayment (annualized)<sup>(4)</sup> | 2.38% |
| Allowance for loan losses coverage of net charge-offs (annualized) | 3.85 |
| Total Allowance Percentage of Private Education Loan Exposure<sup>(5)</sup> | 5.83% |
| Ending total loans, gross | $22235008 |
| Average loans in repayment<sup>(4)</sup> | $15681361 |
| Ending loans in repayment<sup>(4)</sup> | $16106751 |
| Unfunded loan commitments for loans held for investment | $2311660 |
| Total accrued interest receivable | $1549415 |

---

&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;<sup>(1)</sup> See "Provisions for Credit Loan Losses" on page 14 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

&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;<sup>(2)</sup> When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in "Other Liabilities" on the consolidated balance sheet. See "Unfunded Loan Commitments" on page 14 for further discussion.

&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;<sup>(3)</sup> Includes incremental provision for new commitments and changes to provision for existing commitments.

&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;<sup>(4)</sup> Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the "loans in forbearance" metric).

&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;<sup>(5)</sup> The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.

------

---

| | |
|:---|:---|
| **Year Ended December 31, 2025<br>(dollars in thousands)** | **Private Education<br>Loans** |
| **Allowance for loan losses, beginning balance** | $1435920 |
| &nbsp;&nbsp;&nbsp;Transfer from allowance for unfunded loan commitments | 280244 |
| &nbsp;&nbsp;&nbsp;Provisions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for current period | 400677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan sale reduction to provision | (296524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans transferred to held-for-sale | (44274) |
| &nbsp;&nbsp;&nbsp;Total provisions<sup>(1)</sup> | 59879 |
| &nbsp;&nbsp;&nbsp;Net charge-offs: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (399636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 53911 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | (345725) |
| **Allowance for loan losses, ending balance** | 1430318 |
| **Allowance for unfunded loan commitments, beginning balance**<sup>(2)</sup> | 84568 |
| &nbsp;&nbsp;&nbsp;Provision<sup>(1)(3)</sup> | 272808 |
| &nbsp;&nbsp;&nbsp;Transfer to allowance for loan losses | (280244) |
| **Allowance for unfunded loan commitments, ending balance**<sup>(2)</sup> | 77132 |
| **Total allowance for credit losses, ending balance** | $1507450 |
| Net charge-offs as a percentage of average loans in repayment<sup>(4)</sup> | 2.15% |
| Allowance for loan losses coverage of net charge-offs | 4.14 |
| Total Allowance Percentage of Private Education Loan Exposure<sup>(5)(6)</sup> | 6.00% |
| Ending total loans, gross | $21660434 |
| Average loans in repayment<sup>(4)</sup> | $16047085 |
| Ending loans in repayment<sup>(4)</sup> | $15894827 |
| Unfunded loan commitments for loans held for investment<sup>(6)</sup> | $1913753 |
| Total accrued interest receivable | $1570069 |

---

&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;<sup>(1)</sup> See "Provisions for Credit Loan Losses" on page 14 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

&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;<sup>(2)</sup> When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in "Other Liabilities" on the consolidated balance sheet. See "Unfunded Loan Commitments" on page 14 for further discussion.

&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;<sup>(3)</sup> Includes incremental provision for new commitments and changes to provision for existing commitments.

&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;<sup>(4)</sup> Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the "loans in forbearance" metric).

&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;<sup>(5)</sup> The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.

&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;<sup>(6)</sup> Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance Percentage of Private Education Loan Exposure do not include approximately $523 million of unfunded loan commitments associated with loans classified as held for sale at December 31, 2025. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale.

------

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024<br>(dollars in thousands)** | **FFELP <br>Loans** | **Private Education<br>Loans** | **Total** |
| **Allowance for loan losses, beginning balance** | $4667 | $1335105 | $1339772 |
| &nbsp;&nbsp;&nbsp;Transfer from allowance for unfunded loan commitments |  | 311787 | 311787 |
| &nbsp;&nbsp;&nbsp;Provisions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for current period | 4010 | 357067 | 361077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan sale reduction to provision |  | (235955) | (235955) |
| &nbsp;&nbsp;&nbsp;Total provisions<sup>(1)</sup> | 4010 | 121112 | 125122 |
| &nbsp;&nbsp;&nbsp;Net charge-offs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (380) | (376840) | (377220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoveries |  | 44756 | 44756 |
| &nbsp;&nbsp;&nbsp;Net charge-offs | (380) | (332084) | (332464) |
| &nbsp;&nbsp;&nbsp;Write-downs arising from transfer of loans to held for sale<sup>(2)</sup> | (8297) |  | (8297) |
| **Allowance for loan losses, ending balance** |  | 1435920 | 1435920 |
| **Allowance for unfunded loan commitments, beginning balance**<sup>(3)</sup> |  | 112962 | 112962 |
| &nbsp;&nbsp;&nbsp;Provision<sup>(1)(4)</sup> |  | 283393 | 283393 |
| &nbsp;&nbsp;&nbsp;Transfer to allowance for loan losses |  | (311787) | (311787) |
| **Allowance for unfunded loan commitments, ending balance**<sup>(3)</sup> |  | 84568 | 84568 |
| **Total allowance for credit losses, ending balance** | $— | $1520488 | $1520488 |
| Net charge-offs as a percentage of average loans in repayment<sup>(5)</sup> | —% | 2.19% |  |
| Allowance for loan losses coverage of net charge-offs |  | 4.32 |  |
| Total Allowance Percentage of Private Education Loan Exposure<sup>(6)</sup> | —% | 5.83% |  |
| Ending total loans, gross | $— | $22235008 |  |
| Average loans in repayment<sup>(5)</sup> | $— | $15139184 |  |
| Ending loans in repayment<sup>(5)</sup> | $— | $16106751 |  |
| Unfunded loan commitments for loans held for investment | $— | $2311660 |  |
| Total accrued interest receivable | $— | $1549415 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> See "Provisions for Credit Loan Losses" on page 14 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Represents fair value adjustments on loans transferred to held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in "Other Liabilities" on the consolidated balance sheet. See "Unfunded Loan Commitments" on page 14 for further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Includes incremental provision for new commitments and changes to provision for existing commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the "loans in forbearance" metric).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.

------

***Provisions for Credit Losses***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Statements of Income<br>Provisions for Credit Losses Reconciliation** | **Consolidated Statements of Income<br>Provisions for Credit Losses Reconciliation** | **Consolidated Statements of Income<br>Provisions for Credit Losses Reconciliation** | | |
| | **Quarters Ended<br>December 31,** | **Quarters Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** |
| **(Dollars in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Private Education Loan provisions for credit losses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provisions for loan losses | $(35844) | $80533 | $59879 | $121112 |
| &nbsp;&nbsp;&nbsp;Provisions for unfunded loan commitments | 17065 | 27646 | 272808 | 283393 |
| Total Private Education Loan provisions for credit losses | (18779) | 108179 | 332687 | 404505 |
| Total FFELP Loans provisions for credit losses |  |  |  | 4010 |
| **Provisions for credit losses reported in consolidated statements of income** | $(18779) | $108179 | $332687 | $408515 |

---

***Unfunded Loan Commitments***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarters Ended December 31, (dollars in thousands)** | **2025** | **2025** | **2024** | **2024** |
| **Quarters Ended December 31, (dollars in thousands)** | **Allowance** | **Unfunded Commitments** | **Allowance** | **Unfunded Commitments** |
| **Beginning Balance** | $97877 | $2673369 | $91959 | $2476785 |
| Provision/New commitments - net<sup>(1)</sup> | 17065 | 786516 | 27646 | 816683 |
| Transfer - funded loans<sup>(2)</sup> | (37810) | (1022850) | (35037) | (981808) |
| **Ending Balance**<sup>(3)</sup> | $77132 | $2437035 | $84568 | $2311660 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years Ended December 31, (dollars in thousands)** | **2025** | **2025** | **2024** | **2024** |
| **Years Ended December 31, (dollars in thousands)** | **Allowance** | **Unfunded Commitments** | **Allowance** | **Unfunded Commitments** |
| **Beginning Balance** | $84568 | $2311660 | $112962 | $2221077 |
| Provision/New commitments - net<sup>(1)</sup> | 272808 | 7541698 | 283393 | 7103832 |
| Transfer - funded loans<sup>(2)</sup> | (280244) | (7416323) | (311787) | (7013249) |
| **Ending Balance**<sup>(3)</sup> | $77132 | $2437035 | $84568 | $2311660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Net of expirations of commitments unused. Also includes incremental provision for new commitments and changes to provision for existing commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> The ending balance of unfunded loan commitments includes approximately $523 million of unfunded loan commitments associated with the loans classified as held for sale at December 31, 2025. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale.

------

***Private Education Loans Held for Investment - Key Credit Quality Indicators***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Education Loans Held for Investment<br>As of December 31,<br>(dollars in thousands)** | **Credit Quality Indicators** | **Credit Quality Indicators** | **Credit Quality Indicators** | **Credit Quality Indicators** |
| **Private Education Loans Held for Investment<br>As of December 31,<br>(dollars in thousands)** | **2025** | **2025** | **2024** | **2024** |
| **Private Education Loans Held for Investment<br>As of December 31,<br>(dollars in thousands)** | **Balance**<sup>(1)</sup> | **% of Balance** | **Balance**<sup>(1)</sup> | **% of Balance** |
| **Cosigners:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With cosigner | $19215391 | 89% | $19522539 | 88% |
| &nbsp;&nbsp;&nbsp;Without cosigner | 2445043 | 11 | 2712469 | 12 |
| **Total** | $21660434 | 100% | $22235008 | 100% |
| **FICO at Original Approval**<sup>(2)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less than 670 | $1589780 | 7% | $1674778 | 8% |
| &nbsp;&nbsp;&nbsp;670-699 | 3007221 | 14 | 3199300 | 14 |
| &nbsp;&nbsp;&nbsp;700-749 | 6762880 | 31 | 7060211 | 32 |
| &nbsp;&nbsp;&nbsp;Greater than or equal to 750 | 10300553 | 48 | 10300719 | 46 |
| **Total** | $21660434 | 100% | $22235008 | 100% |
| **FICO-Refreshed**<sup>(2)(3)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less than 670 | $3127160 | 14% | $2913860 | 13% |
| &nbsp;&nbsp;&nbsp;670-699 | 2580061 | 12 | 2719797 | 12 |
| &nbsp;&nbsp;&nbsp;700-749 | 5750872 | 27 | 6203257 | 28 |
| &nbsp;&nbsp;&nbsp;Greater than or equal to 750 | 10202341 | 47 | 10398094 | 47 |
| **Total** | $21660434 | 100% | $22235008 | 100% |
| **Seasoning**<sup>(4)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-12 payments | $4573677 | 21% | $4898818 | 22% |
| &nbsp;&nbsp;&nbsp;13-24 payments | 3816855 | 18 | 3757313 | 17 |
| &nbsp;&nbsp;&nbsp;25-36 payments | 2067158 | 10 | 2358304 | 11 |
| &nbsp;&nbsp;&nbsp;37-48 payments | 1692504 | 8 | 1609522 | 7 |
| &nbsp;&nbsp;&nbsp;More than 48 payments | 4177708 | 19 | 3888224 | 17 |
| &nbsp;&nbsp;&nbsp;Not yet in repayment | 5332532 | 24 | 5722827 | 26 |
| **Total** | $21660434 | 100% | $22235008 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Balance represents gross Private Education Loans held for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Represents the higher credit score of the cosigner or the borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>Represents the FICO score updated as of the respective fourth-quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>Number of months in active repayment (whether interest only payment, fixed payment, or full principal and interest payment status) for which a scheduled payment was due.

------

***Delinquencies - Private Education Loans Held for Investment***

The following table provides information regarding the loan status of our Private Education Loans held for investment. 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 for purposes of the following table, do not include loans in the "loans in forbearance" metric).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Education Loans Held for Investment<br>As of December 31,<br>(dollars in thousands)** | **2025** | **2025** | **2024** | **2024** |
| **Private Education Loans Held for Investment<br>As of December 31,<br>(dollars in thousands)** | **Balance** | **%** | **Balance** | **%** |
| Loans in-school/grace/deferment<sup>(1)</sup> | $5332532 |  | $5722827 |  |
| Loans in forbearance<sup>(2)</sup> | 433075 |  | 405430 |  |
| Loans in repayment and percentage of each status: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans current | 15258723 | 96.0% | 15513333 | 96.3% |
| &nbsp;&nbsp;&nbsp;Loans delinquent 30-59 days<sup>(3)</sup> | 330307 | 2.0 | 310748 | 1.9 |
| &nbsp;&nbsp;&nbsp;Loans delinquent 60-89 days<sup>(3)</sup> | 154683 | 1.0 | 140735 | 0.9 |
| &nbsp;&nbsp;&nbsp;Loans 90 days or greater past due<sup>(3)</sup> | 151114 | 1.0 | 141935 | 0.9 |
| &nbsp;&nbsp;&nbsp;Total Private Education Loans in repayment | 15894827 | 100.0% | 16106751 | 100.0% |
| Total Private Education Loans, gross | 21660434 |  | 22235008 |  |
| Private Education Loans deferred origination costs and unamortized premium/(discount) | 102008 |  | 103070 |  |
| Total Private Education Loans | 21762442 |  | 22338078 |  |
| Private Education Loans allowance for losses | (1430318) |  | (1435920) |  |
| **Private Education Loans, net** | $20332124 |  | $20902158 |  |
| Percentage of Private Education Loans in repayment |  | 73.4% |  | 72.4% |
| Delinquencies as a percentage of Private Education Loans in repayment |  | 4.0% |  | 3.7% |
| Percentage of loans in forbearance: |  |  |  |  |
| &nbsp;&nbsp;Percentage of loans in an extended grace period<sup>(4)</sup> |  | 1.7% |  | 1.6% |
| &nbsp;&nbsp;Percentage of loans in hardship and other forbearances<sup>(5)</sup> |  | 1.0% |  | 0.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup>The period of delinquency is based on the number of days scheduled payments are contractually past due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup>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. Loans in forbearance in an extended grace period were approximately $272 million and $253 million at December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup>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. Loans in hardship and other forbearances (excluding loans in an extended grace period and delinquent loans in disaster forbearance) were approximately $161 million and $152 million at December 31, 2025 and 2024, respectively.

------

***Loan Modifications - Private Education Loans Held for Investment***

The following table depicts the performance of loans that have been modified during the respective reporting periods (the twelve months ended December 31, 2025 and 2024, respectively).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2025** | **Twelve Months Ended<br>December 31, 2024** | **Twelve Months Ended<br>December 31, 2024** |
| **(Dollars in thousands)** | **Balance** | % | **Balance** | % |
| **Payment Status (Amortized Cost Basis)**<sup>(1)</sup>**:** |  |  |  |  |
| Loan modifications in deferment<sup>(2)</sup> | $14680 |  | $33645 |  |
| Loan modifications in repayment: |  |  |  |  |
| &nbsp;&nbsp;Loans current<sup>(3)(4)</sup> | 358054 | 70% | 826007 | 83% |
| &nbsp;&nbsp;Loans delinquent 30-59 days<sup>(3)(4)</sup> | 68823 | 13% | 77446 | 8% |
| &nbsp;&nbsp;Loans delinquent 60-89 days<sup>(3)(4)</sup> | 41592 | 8% | 43484 | 4% |
| &nbsp;&nbsp;Loans 90 days or greater past due<sup>(3)(4)</sup> | 46485 | 9% | 54473 | 5% |
| Total loan modifications in repayment | 514954 | 100% | 1001410 | 100% |
| Total Private Education Loan modifications | $529634 |  | $1035055 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Loans that were modified and subsequently charged-off during the twelve months ended December 31, 2025 and 2024 are excluded from the table and had an amortized cost basis of $39.1 million and $40.4 million, respectively. Additionally, loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023 are excluded from the table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation). Deferment also includes loans that have entered a forbearance after the loan modification was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include loans in the "loans in forbearance" metric).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The period of delinquency is based on the number of days scheduled payments are contractually past due.

------

***Summary of Our Loans Held for Investment Portfolio***

*Ending Loans Held for Investment Balances, net* 

---

| | | |
|:---|:---|:---|
| **Private Education Loans**<br>**As of December 31,<br>(dollars in thousands)** | **2025** | **2024** |
| **Total loan portfolio:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In-school<sup>(1)</sup> | $3983859 | $4397127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grace, repayment and other<sup>(2)</sup> | 17676575 | 17837881 |
| Total, gross | 21660434 | 22235008 |
| Deferred origination costs and unamortized premium/(discount) | 102008 | 103070 |
| Allowance for credit losses | (1430318) | (1435920) |
| **Total loans held for investment portfolio, net** | $20332124 | $20902158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Loans for customers still attending school and who are not yet required to make payments on the loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Includes loans in deferment or forbearance. Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the "loans in forbearance" metric).

*Average Loans Held for Investment Balances (net of unamortized premium/(discount))* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarters Ended<br>December 31,** | **Quarters Ended<br>December 31,** | **Quarters Ended<br>December 31,** | **Quarters Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** |
|<br>**(Dollars in thousands)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Private Education Loans | $22882452 | 100% | $22061986 | 99% | $22654942 | 100% | $21121545 | 98% |
| FFELP Loans |  |  | 149225 | 1 |  |  | 413338 | 2 |
| Total portfolio | $22882452 | 100% | $22211211 | 100% | $22654942 | 100% | $21534883 | 100% |

---

*Loans Held for Investment, Net — Activity*

---

| | |
|:---|:---|
| **Quarter Ended December 31, 2025 <br>(dollars in thousands)** | **Private<br>Education<br>Loans** |
| **Beginning balance** | $21615067 |
| Acquisitions and originations: |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate | 852132 |
| &nbsp;&nbsp;&nbsp;Variable-rate | 178463 |
| Total acquisitions and originations | 1030595 |
| Capitalized interest and deferred origination cost premium amortization | 296117 |
| Sales | (927440) |
| Loan consolidations to third parties | (308024) |
| Allowance | 95787 |
| Transfer to loans held-for-sale | (910760) |
| Repayments and other | (559218) |
| **Ending balance** | $20332124 |

---

------

---

| | |
|:---|:---|
| **Quarter Ended December 31, 2024 <br>(dollars in thousands)** | **Private<br>Education<br>Loans** |
| **Beginning balance** | $20459933 |
| Acquisitions and originations: |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate | 899364 |
| &nbsp;&nbsp;&nbsp;Variable-rate | 93457 |
| Total acquisitions and originations | 992821 |
| Capitalized interest and deferred origination cost premium amortization | 268681 |
| Loan consolidations to third parties | (242535) |
| Allowance | (22299) |
| Repayments and other | (554443) |
| **Ending balance** | $20902158 |

---

---

| | |
|:---|:---|
| **Year Ended December 31, 2025<br>(dollars in thousands)** | **Private Education Loans** |
| **Beginning balance** | $20902158 |
| Acquisitions and originations: |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate | 6395293 |
| &nbsp;&nbsp;&nbsp;Variable-rate | 1066205 |
| Total acquisitions and originations | 7461498 |
| Capitalized interest and deferred origination cost premium amortization | 676532 |
| Sales | (4553263) |
| Loan consolidations to third parties | (976282) |
| Allowance | 5602 |
| Transfer to loans held-for-sale | (910760) |
| Repayments and other | (2273361) |
| **Ending balance** | $20332124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024 <br>(dollars in thousands)** | **Private<br>Education<br>Loans** | **FFELP<br>Loans** | **Total Loans<br>Held for<br>Investment, net** |
| **Beginning balance** | $19772293 | $534064 | $20306357 |
| Acquisitions and originations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate | 6629205 |  | 6629205 |
| &nbsp;&nbsp;&nbsp;Variable-rate | 435025 |  | 435025 |
| Total acquisitions and originations | 7064230 |  | 7064230 |
| Capitalized interest and deferred origination cost premium amortization | 602825 | 16796 | 619621 |
| Sales | (3430920) |  | (3430920) |
| Loan consolidations to third parties | (806908) | (45467) | (852375) |
| Allowance | (100815) | 4667 | (96148) |
| Transfer to loans held-for-sale |  | (466168) | (466168) |
| Repayments and other | (2198547) | (43892) | (2242439) |
| **Ending balance** | $20902158 | $— | $20902158 |

---

------

*Private Education Loan Originations* 

The following table summarizes our Private Education Loan originations. Originations represent loans that were funded or acquired during the period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarters Ended December 31, <br>(dollars in thousands)** | **2025** | **%** | **2024** | **%** |
| Smart Option - interest only<sup>(1)</sup> | $202084 | 20% | $171596 | 17% |
| Smart Option - fixed pay<sup>(1)</sup> | 339747 | 33 | 336988 | 34 |
| Smart Option - deferred<sup>(1)</sup> | 344331 | 34 | 358620 | 37 |
| Graduate Loan<sup>(2)</sup> | 136688 | 13 | 114604 | 12 |
| **Total Private Education Loan originations** | $1022850 | 100% | $981808 | 100% |
| Percentage of loans with a cosigner | 91.7% |  | 88.5% |  |
| Average FICO at approval<sup>(4)</sup> | 756 |  | 755 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years Ended December 31, <br>(dollars in thousands)** | **2025** | **%** | **2024** | **%** |
| Smart Option - interest only<sup>(1)</sup> | $1469697 | 20% | $1272414 | 18% |
| Smart Option - fixed pay<sup>(1)</sup> | 2443689 | 33 | 2331055 | 33 |
| Smart Option - deferred<sup>(1)</sup> | 2785186 | 38 | 2786821 | 40 |
| Graduate Loan<sup>(2)</sup> | 717751 | 9 | 623033 | 9 |
| **Total Private Education Loan originations** | $7416323 | 100% | $7013323 | 100% |
| Percentage of loans with a cosigner | 92.8% |  | 90.0% |  |
| Average FICO at approval<sup>(3)</sup> | 755 |  | 752 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Interest only, fixed pay and deferred describe the payment option while in school or in grace period. See Item 1. "Business - Our Business - Private Education Loans" in the 2023 Form 10-K for a further discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> For the quarter ended December 31, 2025, the Graduate Loan originations include $3.6 million of Smart Option Loans where the student was in a graduate status. For the quarter ended December 31, 2024, the Graduate Loan originations include $3.8 million of Smart Option Loans where the student was in a graduate status. For the year ended December 31, 2025, the Graduate Loan originations include $24.7 million of Smart Option Loans where the student was in a graduate status. For the year ended December 31, 2024, the Graduate Loan originations include $32.2 million of Smart Option Loans where the student was in a graduate status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Represents the higher credit score of the cosigner or the borrower.

------

***Deposits***

Interest-bearing deposits are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
|<br>**As of December 31, <br>(dollars in thousands)** | **Amount** | **Year-End Weighted**<br>**Average Stated Rate**<sup>(1)</sup> | **Amount** | **Year-End Weighted**<br>**Average Stated Rate**<sup>(1)</sup> |
| Money market | $10004845 | 3.83% | $9582290 | 4.27% |
| Savings | 1177177 | 3.83 | 944034 | 4.02 |
| Certificates of deposit | 9877945 | 3.87 | 10540428 | 4.20 |
| &nbsp;&nbsp;&nbsp;**Deposits - interest bearing** | $21059967 |  | $21066752 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes the effect of interest rate swaps in effective hedge relationships.

***Regulatory Capital***

Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including Sallie Mae Bank (the "Bank"), could elect to delay for two years, and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology. The Bank elected to use this option. Therefore, the regulatory capital impact of the Bank's transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank's allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the "adjusted transition amounts"), were deferred for the two-year period ended January 1, 2022. On each of January 1, 2022, 2023, 2024, and 2025, 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes. As of January 1, 2025, all adjusted transition amounts have been phased in for regulatory capital purposes. The Bank's January 1, 2020 CECL transition amounts increased our allowance for credit losses by $1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $116 million, and increased our deferred tax asset by $306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $953 million. This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.

------

The Bank's required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S. Basel III are shown in the following table. The following capital amounts and ratios are based upon the Bank's average assets and risk-weighted assets, as indicated. The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands)** | **Actual** | **Actual** | **U.S. Basel III**<br>**Minimum Requirements Plus Buffer**<sup>(1)(2)</sup> | **U.S. Basel III**<br>**Minimum Requirements Plus Buffer**<sup>(1)(2)</sup> | **U.S. Basel III**<br>**Minimum Requirements Plus Buffer**<sup>(1)(2)</sup> |
| | **Amount** | **Ratio** | **Amount** | | **Ratio** |
| **As of December 31, 2025**<sup>(3)</sup>**:** | | | | | |
| Common Equity Tier 1 Capital (to Risk-Weighted Assets) | $2929973 | 11.1% | $1849590 | <u>></u> | 7.0% |
| Tier 1 Capital (to Risk-Weighted Assets) | $2929973 | 11.1% | $2245930 | <u>></u> | 8.5% |
| Total Capital (to Risk-Weighted Assets) | $3274883 | 12.4% | $2774384 | <u>></u> | 10.5% |
| Tier 1 Capital (to Average Assets) | $2929973 | 9.9% | $1186335 | <u>></u> | 4.0% |
| **As of December 31, 2024**<sup>(3)</sup>**:** |  |  |  |  |  |
| Common Equity Tier 1 Capital (to Risk-Weighted Assets) | $2957067 | 11.3% | $1827318 | <u>></u> | 7.0% |
| Tier 1 Capital (to Risk-Weighted Assets) | $2957067 | 11.3% | $2218886 | <u>></u> | 8.5% |
| Total Capital (to Risk-Weighted Assets) | $3294663 | 12.6% | $2740976 | <u>></u> | 10.5% |
| Tier 1 Capital (to Average Assets) | $2957067 | 9.7% | $1213505 | <u>></u> | 4.0% |

---

&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;<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup> Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2) &nbsp;&nbsp;&nbsp;&nbsp;</sup>The Bank's regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as "well capitalized" under the prompt corrective action framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3) &nbsp;&nbsp;&nbsp;&nbsp;</sup>For December 31, 2025 and 2024, the actual amounts and the actual ratios include the fully phased in adjusted transition amounts discussed above.

## Exhibit 99.2

![](slm012226992001.jpg)

1© 2026 Sallie Mae Bank. All rights reserved. Earnings Presentation 4th Quarter & Full-Year 2025 Exhibit 99.2

------

![](slm012226992002.jpg)

2© 2026 Sallie Mae Bank. All rights reserved. The following information is current as of January 22, 2026 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation announcing its financial results for the quarter and year ended December 31, 2025, furnished to the Securities and Exchange Commission ("SEC") on January 22, 2026, 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 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 2026 guidance; the Company's three-year horizon outlook; the Company's credit 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 Securities and Exchange Commission; 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; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for our deposit products, including changes caused by new or emerging market entrants or technologies. We could also be affected by, among other things: changes in our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (AI), and other failures or breaches of our operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impact 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 higher education, educational financing, or in financing preferences of lenders, educational institutions, students, and their famil ies, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws 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 or macroeconomic conditions, including changes due to inflation, stagflation, recession, shifts in the labor market, changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, our financial and business results and/or modeling, and our ability to successfully effectuate any acquisitions, strategic partnerships, or 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 hereto. Cautionary Note on Use of Non-GAAP Measurements This presentation includes non-GAAP financial information, including non-GAAP Delinquencies Including Strategic Partnership Loans in Repayment, non-GAAP Reserve Rates Including Strategic Partnership Warehouse Loans and non-GAAP NCOs as a Percentage of Average Loans in Repayment, which should be considered supplemental to, not a substitute for, or superior to, the financial measure calculated in accordance with GAAP. The Company believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company's definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. For descriptions of the non-GAAP financial information included herein, and reconciliations to the most directly comparable GAAP measures, see the appendix to this presentation beginning at slide 13. CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

------

![](slm012226992003.jpg)

3© 2026 Sallie Mae Bank. All rights reserved. 4th Quarter & Full-Year 2025 Highlights $7.4B Private Education Loan Originations in Full-Year 2025, as compared to $7.0 billion in 2024. 6% Private Education Loan Originations growth in Full-Year 2025. 4% Q4 2025 Private Education Loan Originations growth compared to Q4 2024. $0.13 Common stock dividend per share paid in Q4 2025. $1.0B Private Education Loan Originations in Q4 2025, as compared to $982 million in the year-ago quarter. 12.4% Total risk-based capital ratio; CET1 capital ratio of 11.1%. $33M Capacity remaining under the 2024 Share Repurchase Program as of December 31, 2025. Newly announced 24-month 2026 Share Repurchase Program of $500 million. 12.8M Shares repurchased in Full-Year 2025 for $373M at an average share price of $29.02 per share. 3.8M shares repurchased in Q4 2025 for $106M. Balance Sheet & Capital Allocation 4.14% Cost of Funds for Q4 2025, down 17 basis points from the prior year. Deposit portfolio balances at the end of Q4 2025 were 5.2% higher than at the end of Q3 2025; Q4 2025 mix of brokered vs. retail and other was approximately 42% and 58%, respectively. Funding & LiquidityLoan Sales $5.0B Private Education Loans at attractive premiums, including $4.5 billion of principal and $422 million in capitalized interest, sold in 2025.

------

![](slm012226992004.jpg)

4© 2026 Sallie Mae Bank. All rights reserved. ($19M) Q4 2025 provision for credit losses; compared with $108M in provisions in Q4 2024. 4.0% Percentage of Private Education Loans in repayment delinquent 30+ days as of 12/31/2025, as compared to 3.7% as of 12/31/2024. $346M Private Education Loan net charge- offs for Full-Year 2025; 2.15% of average Private Education Loans in repayment at 12/31/2025, compared with 2.19% at 12/31/2024. 1.7% Percentage of Private Education Loans in an extended grace period for Q4 2025 (1) ; 1.0% of Private Education Loans in hardship and other forbearances in Q4 2025 (2) . $98M Private Education Loan net charge-offs for Q4 2025; 2.42% of average loans in repayment (annualized), compared with 2.38% in Q4 2024. Additional Key Performance Metrics Credit Performance $229M GAAP net income attributable to common stock in Q4 2025. $1.12 Q4 2025 GAAP diluted earnings per common share. $3.46 Full-Year 2025 GAAP diluted earnings per common share. $729M GAAP net income attributable to common stock in Full-Year 2025. 5.24% Net interest margin for Full-Year 2025 and 5.21% net interest margin for Q4 2025. $659M Total non-interest expenses in Full- Year 2025, as compared to $642M for 2024. $157M total non-interest expenses in Q4 2025, as compared to $150M in Q4 2024. 33.2% Efficiency Ratio for Full-Year 2025; calculated as Non-Interest Expenses over Net Interest Income and Non- Interest Income. Income Statement & Earnings Summary

------

![](slm012226992005.jpg)

5© 2026 Sallie Mae Bank. All rights reserved. $5,423 $5,975 $6,383 $7,013 2021 2022 2023 2024 2025 90%752 56% 87%748 56% 86%747 57% Private Education Loan Trends Fourth-quarter 2025 originations at approximately $1.0 billion, 4% higher than the year-ago quarter. Full-Year originations were approximately $7.4 billion, 6% higher than the prior year. Full-Year 2025 originations volume for graduate students increased 15% compared to Full-Year 2024. Average FICO at Approval(4) In School Payment Cosigned Private Education Loan Originations(3) + 7% + 10% + 6% 756 Average FICO at Approval(4) 61% In School Payment 92% Cosigned Q4 2025 755 Average FICO at Approval(4) 58% In School Payment 88% Cosigned Q4 2024 + 10% 86%750 59% $7,416 93%755 58%

------

![](slm012226992006.jpg)

6© 2026 Sallie Mae Bank. All rights reserved. Q4 2025 Q3 2025 Q4 2024 Income Statement ($ Millions) $$$ Total interest income 657 658 661 Total interest expense 280 285 299 Net Interest Income 377 373 362 Less: provisions for credit losses (19) 179 108 Total non-interest income 77 173 28 Total non-interest expenses 157 180 150 Income tax expense 83 50 21 Net Income 233 136 112 Preferred stock dividends 4 4 4 Net income (loss) attributable to common stock 229 132 107 Ending Balances ($ Millions) Private Education Loans held for investment, net 20,332 21,615 20,902 Private Education Loans held for sale, net 933 - - Deposits 21,060 20,012 21,069 Brokered 8.784 7,738 9,476 Retail and other 12,276 12,274 11,593 Q4 2025 Q3 2025 Q4 2024 Key Performance Metrics Net Interest Margin 5.21% 5.18% 4.92% Yield—Total Interest-earning assets 9.07% 9.14% 8.98% Private Education Loans 10.44% 10.58% 10.54% Cost of Funds 4.14% 4.24% 4.31% Efficiency Ratio(5) 34.6% 33.0% 38.5% Return on Assets ("ROA")(6) 3.1% 1.9% 1.5% Return on Common Equity ("ROCE")(7) 42.2% 24.3% 22.5% Private Education Loan Sales $1,014 $1,936 $- Per Common Share GAAP diluted earnings per common share $1.12 $0.63 $0.50 Average common and common equivalent shares outstanding (millions) 205 211 215 Quarterly Financial Highlights

------

![](slm012226992007.jpg)

7© 2026 Sallie Mae Bank. All rights reserved. 2025 2024 Income Statement ($ Millions) $$ Total interest income 2,627 2,619 Total interest expense 1,125 1,138 Net Interest Income 1,502 1,481 Less: provisions for credit losses 333 409 Total non-interest income 483 368 Total non-interest expenses 659 642 Income tax expense 248 190 Net Income 745 608 Preferred stock dividends 16 18 Net income attributable to common stock 729 590 Ending Balances ($ Millions) Private Education Loans held for investment, net 20,332 20,902 Private Education Loans held for sale, net 933 - Deposits 21,060 21,069 Brokered 8,784 9,476 Retail and other 12,276 11,593 2025 2024 Key Performance Metrics Net Interest Margin 5.24% 5.19% Yield—Total Interest-earning assets 9.17% 9.17% Private Education Loans 10.56% 10.81% Cost of Funds 4.21% 4.25% Efficiency Ratio(5) 33.2% 34.7% Return on Assets ("ROA")(6) 2.5% 2.1% Return on Common Equity ("ROCE")(7) 34.4% 31.3% Private Education Loan Sales $4,952 $3,692 Per Common Share GAAP diluted earnings per common share $3.46 $2.68 Average common and common equivalent shares outstanding (millions) 211 220 Full-Year Financial Highlights

------

![](slm012226992008.jpg)

8© 2026 Sallie Mae Bank. All rights reserved. Credit Performance (8)(9)(10) Private Education Loans Held for Investment \* Total Allowance % of Private Education Loan Exposure is 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. Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance Percentage of Private Education Loan Exposure do not include approximately $523M of unfunded loan commitments associated with loans classified as held for sale at December 31, 2025. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale. ($ Thousands) Balance % Balance % Balance % Loans in repayment and percentage of each status: Loans current 15,258,723$96.0% 15,638,904$96.0% 15,513,333$96.3% Loans delinquent 30-59 days 330,307$2.0% 335,312$2.0% 310,748$1.9% Loans delinquent 60-89 days 154,683$1.0% 173,135$1.1% 140,735$0.9% Loans 90 days or greater past due 151,114$1.0% 145,119$0.9% 141,935$0.9% Total private education loans in repayment(8) 15,894,827$100.0% 16,292,470$100.0% 16,106,751$100.0% Delinquencies as % of loans in repayment(9) 4.0% 4.0% 3.7% Loans in forbearance 433,075$331,761$405,430$ Percentage of loans in forbearance: Percentage of loans in an extended grace period(1) 1.7% 1.0% 1.6% Percentage of loans in hardship and other forbearances (2) 1.0% 1.0% 0.9% 6.00% 5.93% 5.83% Net charge-offs as a % of average loans in repayment (8) (annualized) 2.42% 1.95% 2.38% Total Allowance % of Private Education Loan Exposure\* DEC 31, 2024 Quarters Ended DEC 31, 2025 SEPT 30, 2025

------

![](slm012226992009.jpg)© 2025 Sallie Mae Bank. All rights reserved. 9© 2026 Sallie Mae Bank. All rights reserved. 6 Factors affecting the Provision for Credit Losses 4th Quarter 2025 Consolidated Statements of Income – Provision for Credit Losses Reconciliation • The decrease in provision was largely due to the release of the provision associated with the $1B loan sale and the transfer of loans to held for sale. Quarter Ended December 31, 2025 ($ THOUSANDS) Private Education Loan provision for credit losses: Provision for loan losses (35,844)$ Provision for unfunded loan commitments 17,065 Provisions for credit losses reported in consolidated statements of income (18,779)$ Allowance for Credit Losses

------

![](slm012226992010.jpg)

10© 2026 Sallie Mae Bank. All rights reserved. Portfolio Remains Strong Despite Rising Delinquency Rates Portfolio Performance (Annualized Delinquency & Net Charge-Off Rates) 3.73% 3.67% 3.54% 3.78% 2.55% 2.44% 2.19% 2.15% 2022 2023 2024 2025 30+ Delinquencies (Annualized) as a Percentage of 'Average Loans in Repayment' Total Net Charge-Offs as a Percentage of 'Average Loans in Repayment' 69% 66% 62% 57% Enhanced collections effectiveness has reduced the progression of early-stage delinquencies into charge-offs in 2025 compared with previous years. Link Ratio A between 30+ Delinquencies (Annualized) and NCOs A The Link Ratio between 30+ Annualized Delinquency rate and NCO rate measures how much of delinquent loan balances eventually flow through to credit losses.

------

![](slm012226992011.jpg)

11© 2026 Sallie Mae Bank. All rights reserved. Loan Modification Enrollments Stabilized Payment Success Remains Consistent Loan Modification Enrollments (Total Principal Balance in $ Millions) Payment Success of Borrowers Enrolled in Loan Modifications by Quarter (Post 6 Months of Loan Modification Enrollment) $422 $1,151 $607 2023 2024 2025 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 • Enrollments were steady over 2025 following changes in 2024 to program offerings, and the process and criteria for enrollment. • Loan modification programs remain an important tool to assist our borrowers, while preserving performance. • We have optimized our eligibility criteria for loans in early-stage delinquency. Introduced our Enhanced Loss Mitigation Practices in 4Q23

------

![](slm012226992012.jpg)

12© 2026 Sallie Mae Bank. All rights reserved. 2026 Guidance\* For the full year 2026, the Company expects: $2.70 - $2.80 Diluted Earnings Per Common Share 12% - 14% Private Education Loan Originations Year-over-Year Growth $345 - $385 million Net Charge-Offs $750 - $780 million Non-Interest Expenses \* The 2026 Guidance and related comments constitute forward-looking statements and are based on management's current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance 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 slide 2 for more information.

------

![](slm012226992013.jpg)

13© 2026 Sallie Mae Bank. All rights reserved. Appendix Impact on Private Education Loan Portfolio Due to Evolved Strategy

------

![](slm012226992014.jpg)

14© 2026 Sallie Mae Bank. All rights reserved. We believe our new Strategic Partnerships business will shift the composition of the bank- owned Private Education Loan portfolio, as loans sold will be younger at the point of sale than in prior periods Evolved Strategy Impacts Composition of Private Education Loan Portfolio Strategic Partnership Loan Sales Traditional Spot Loan Sales Generally, newly originated loans sold shortly after funding, consisting of in-school loans Portfolio of seasoned loans characterized by a substantial portion of loans already in repayment Expected Impacts to the Bank's Balance Sheet Fewer new loans that generally require lower reserves due to having minimal credit performance while borrowers are in school + Higher percentage of loans in full Principal & Interest (P&I) repayment as a percentage of total Private Education Loans Modest increases in the NCO rate\*, delinquency rate\*, and reserve rate\* reflect portfolio mix changes from our strategic shift, not necessarily weakening credit performance \*Please reference slides 15-17 in this appendix for additional information regarding how these rates are calculated.

------

![](slm012226992015.jpg)

15© 2026 Sallie Mae Bank. All rights reserved. Reserve Rate GAAP Reserve Rate (Excluding Strategic Partnership Warehouse Loans\*) A 6.00% Non-GAAP Reserve Rate (Including Strategic Partnership Warehouse Loans\*) B 5.92% Evolved Strategy Impact On Ratios Reserve Rate Reserve Rate (as of 12/31/2025) RATIO IMPACT A We calculate and report our GAAP Reserve Rate (Excluding Strategic Partnership Warehouse Loans) as the ratio of (a) total allowance for credit losses numerator to (b) ending total loans plus unfunded loan commitments associated with loans held for investment and total accrued interest receivable on Private Education Loans denominator. B We calculate and report our Non-GAAP Reserve Rate (Including Strategic Partnership Warehouse Loans) as the ratio of (a) total allowance for credit losses numerator to (b) ending total loans plus total unfunded loan commitments and total accrued interest receivable on Private Education Loans, plus total loans held for sale denominator. A reconciliation of this and other non-GAAP to GAAP measures is included in this appendix on slides 18 and 19. \*Warehouse loans represent Private Education Loans that have been designated for sale to Strategic Partnerships although not yet sold. These loans are classified as held-for-sale on the balance sheet as of 12/31/2025. Because loans selected for the Strategic Partnership are warehoused in a held- for-sale status until sold, they do not require a reserve. These loans are new originations and, as these loans have minimal credit performance while in school, garner a lower reserve rate.

------

![](slm012226992016.jpg)

16© 2026 Sallie Mae Bank. All rights reserved. Evolved Strategy Impact On Ratios Net Charge-Offs (NCOs)(8) RATIO IMPACT Close to half of new originations elect either Interest Only or Fixed Pay payment type. These payment types have low loss rates while borrowers are in school and are included in 'Average Loans in Repayment'. As such, from a calculation mechanics perspective, selling new originations into the Strategic Partnership Loan Portfolio reduces the 'Average Loans in Repayment' denominator, but does not meaningfully impact the Net Charge-Off numerator, resulting in a modest increase in the NCO%. 2022 2023 2024 4Q 2025 2025 2026 Range (E) C GAAP NCOs ($) $386 $374 $332 $98 $346 $345-$385 GAAP NCOs as a % of avg loans in repaymentA 2.55% 2.44% 2.19% 2.42% 2.15% 2.1%-2.3% Non-GAAP NCOs as a % of avg loans in repaymentB 2.55% 2.44% 2.19% 2.40% 2.15% 2.0%-2.2% Net Charge-Offs ($ in millions) A We calculate and report our GAAP Net Charge-Offs ("NCOs") as a percentage of average loans in repayment as the ratio of (a) GAAP NCOs numerator to (b) the GAAP average total loans in repayment denominator. B We calculate and report our non-GAAP NCOs as a percentage of average loans in repayment as the ratio of (a) GAAP NCOs numerator to (b) the GAAP average total loans in repayment plus average total loans in repayment associated with loans held for sale denominator. A reconciliation of this and other non-GAAP to GAAP measures is included in this appendix on slides 18 and 19. C This column includes projected estimates, which contain forward-looking GAAP and Non-GAAP measurements. These estimates and related comments constitute forward-looking statements and are based on management's current expectations and beliefs. The Company does not provide a reconciliation of forward-looking amounts of Non-GAAP NCOs as a Percentage of Average Loans in Repayment, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected Non-GAAP NCOs as a Percentage of Average Loans in Repayment may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures. The Company makes no guarantee as to whether or 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 Disclaimer and Non-GAAP Measurements Cautionary Note on slide 2 for more information.

------

![](slm012226992017.jpg)

17© 2026 Sallie Mae Bank. All rights reserved. Evolved Strategy Impact On Ratios Delinquency Rate Delinquency Rate Total Delinquencies ($M) Total Private Education Loans in Repayment ($M) GAAP Delinquency Rate (Excluding Strategic Partnership Loans in Repayment) A 4.00% $636 $15,895 Non-GAAP Delinquency Rate (Including Strategic Partnership Loans in Repayment) B 3.88% $638 $16,429 Delinquency Rate(9) (as of 12/31/2025) RATIO IMPACT When adjusted to include the loans to be sold to the Strategic Partnership and therefore classified as held-for-sale at year-end that are in repayment, the delinquency rate declines 12 basis points. This is the mechanical result of the denominator of the calculation changing while the numerator remains largely unchanged. A We calculate and report our GAAP Delinquency Rate (Excluding Strategic Partnership Loans in Repayment) as the ratio of (a) total GAAP delinquent loans greater than 30 days numerator to (b) total GAAP loans in repayment denominator. B We calculate and report our Non-GAAP Delinquency Rate (Including Strategic Partnership Loans in Repayment) as the ratio of (a) total GAAP delinquent loans greater than 30 days plus delinquent loans greater than 30 days associated with loans held for sale numerator to (b) total GAAP loans in repayment plus total loans in repayment associated with loans held for sale denominator. A reconciliation of this and other non-GAAP to GAAP measures is included in this appendix on slides 18 and 19.

------

![](slm012226992018.jpg)© 2026 Sallie Mae Bank. All rights reserved. 18 GAAP to Non-GAAP Reconciliation GAAP Reserve Rate Calculation ($s in millions) Numerator: GAAP total allowance for credit losses, ending balance $1,507 Adjustments: Add allowance for loan losses, ending balance, associated with loans held for sale $45 Add allowance for unfunded loan commitments, ending balance, associated with loans held for sale $22 Total non-GAAP adjustments to GAAP $67 Non-GAAP total allowance for credit losses, ending balance $1,574 Denominator: GAAP ending total loans, gross $21,660 GAAP unfunded loan commitments for loans held for investment $1,914 GAAP total accrued interest receivable on Private Education Loans $1,570 Total $25,144 Adjustments: Add ending total loans, gross, associated with loans held for sale $933 Add unfunded loan commitments, associated with loans held for sale $523 Total non-GAAP adjustments to GAAP $1,456 Total $26,600 GAAP Reserve Rate 6.00% Adjustment: Associated with loans held for sale (0.08%) Non-GAAP Reserve Rate 5.92% Reconciliation of GAAP Reserve Rate to Non-GAAP Reserve Rate (as of 12/31/2025)

------

![](slm012226992019.jpg)© 2026 Sallie Mae Bank. All rights reserved. 19 GAAP to Non-GAAP Reconciliations ($s in millions) GAAP Private Education Loans delinquent $636 Adjustment: Add Private Education Loans delinquent associated with loans held for sale $2 Non-GAAP Private Education Loans delinquent $638 GAAP total Private Education Loans in repayment $15,895 Adjustment: Add Private Education Loans in repayment associated with loans held for sale $534 Non-GAAP total Private Education Loans in repayment $16,429 GAAP Delinquency Rate 4.00% Adjustment: Loans held for sale (0.12%) Non-GAAP Delinquency Rate 3.88% Reconciliation of GAAP delinquencies as a percentage of loans in repayment to Non-GAAP delinquencies as a percentage of loans in repayment(8)(9) (as of 12/31/2025) ($s in millions) 2022 2023 2024 Q4 2025 2025 GAAP NCOs $386 $374 $332 $98 $346 GAAP total average Private Education Loans in repayment $15,103 $15,311 $15,139 $16,157 $16,047 Adjustment: Add total average Private Education Loans in repayment associated with loans held for sale - - - $134 $41 Non-GAAP total average Private Education Loans in repayment $15,103 $15,311 $15,139 $16,291 $16,088 GAAP NCOs as a % of avg loans in repayment 2.55% 2.44% 2.19% 2.42% 2.15% Adjustment: Loans held for sale - - - (0.02%) - Non-GAAP NCOs as a % of avg loans in repayment 2.55% 2.44% 2.19% 2.40% 2.15% Reconciliation of GAAP Net Charge-Offs to Non-GAAP Net Charge-Offs(8) (as of 12/31/25)

------

![](slm012226992020.jpg)© 2026 Sallie Mae Bank. All rights reserved. 20 1. 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. 2. 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) 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. 3. Originations represent loans that were funded or acquired during the period presented. 4. Represents the higher credit score of the cosigner or the borrower. 5. We calculate and report our Efficiency Ratio as the ratio of (a) total non-interest expenses numerator to (b) the net denominator, which consists of net interest income plus total non- interest income. 6. 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. 7. 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. 8. 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 those loans while they are in forbearance). 9. The period of delinquency is based on the number of days scheduled payments are contractually past due. 10. 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, consistent with established loan program servicing policies and procedures. Footnotes

------