Slm Corporation · NASDAQ:SLM

Slm — Q2 2026 Earnings Presentation

46 slides from Slm's earnings presentation, Jul 23, 2026

Slide 2: Cautionary Note and Disclaimer Regarding Forward-Looking Statements
CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS The following information is current as of July 23, 2026 (unless otherwise noted), and should be read in connection with the Quarterly Report on Form 10-Q of SLM Corporation containing its financial results for the quarter ended Jun
Slide 3: Sallie Mae is an Outstanding Franchise
Sallie Mae is an Outstanding Powerful Brand Rigorous Underwriting Franchise Market leader in private education lending with a brand synonymous with Proprietary underwriting models refined over decades of experience Supporting student success at every step higher education and powerful in student len
Slide 4: Results Reflect Solid Earnings and Continued Originations Growth
Results Reflect Private Education Loan Diluted Earnings Total Non-Interest Solid Earnings Originations(1) Per Common Share Expenses and Continued Originations Growth $716M $0.29 $195M Q2 2026 4.5% growth compared to the GAAP Net Income Year-over-year increase year-ago quarter attributable to Common
Slide 5: Capital Deployment and Strategic Balance Sheet Actions
Capital Deployment Accelerated Share Repurchase Common Stock Dividend Per Share and Strategic Completion Balance Sheet Actions 5% $0.13 Q2 2026 Reduction in shares outstanding since Paid on June 15, 2026 12/31/2025 under the ASR. A total of 9.3 million shares were repurchased under the ASR. Transact
Slide 6: Credit Performance Remains Within Expectations
Credit Performance Net Charge-Offs Delinquent 30+ Days* Total Allowance % of Private Remains Within Education Loan Exposure^ Expectations Q2 2026 $113M 3.7% 5.89% Primarily impacted by the Represents $572 million, Compared to 5.95% in the year- previously discussed as compared to 4.0% or ago quarter
Slide 7: Students and families continue to recognize the value of higher education
Students and families Higher Education Spend* continue to recognize (Academic Year 2024-2025 estimated) the value of higher education $174B $89B Students and families Grants Federal & State increasingly rely on Loans borrowed funds and recent federal reforms $14B will drive more of $536B 32% Grants
Slide 8: We offer payment programs designed to provide targeted flexibility at critical moments
We offer payment Payment programs available to support programs designed borrowers throughout the repayment cycle to provide targeted flexibility at critical In School moments In-School Payment Assistance Available to customers with scheduled payments while they are in school Entering Repayment Earl
Slide 9: Federal reforms expected to increase originations by up to 70%
Over the next several years, we expect the federal reforms to increase our originations by up to 70%* PLUS Program Changes Sallie Mae PLUS Volume Scenarios* On July 4th, 2025, H.R.1., which contains major federal student lending Once the shift from prior programs is reforms, was signed into law. All
Slide 10: We offer a broad product suite with increasing differentiation across borrower needs
We offer a broad product More options that set suite with increasing students up for success differentiation across Sallie Mae Federal Student Loans borrower needs Undergraduate & Graduate Loans Direct PLUS Less Than Half- Yes No Time Eligible Yes, as of Loan Limits No Yes July 1, 2026 Origination N
Slide 11: We have built a well-seasoned portfolio of private education loans
We have built a Smart Option Originations Vintages(6) Smart Option Payment Type well-seasoned 5% 6% 18% portfolio of private Pre 2016 3% 2026 2016 3% 2017 3% Interest Only education loans 26% 2025 2018 4% 2019 4% 46% $18.0B 2020 6% $18.0B Deferred Loans 2021 Loans 10% 36% 19% 2022 Fixed Pay 2024 11%
Slide 12: Private Education Loan Originations: Growth & Trends
Private Education Private Education Private Education Loan Originations: Loan Originations(1) Loan Trends Growth & Trends $7.4B Q2 2026 originations were approximately $716M, Q2 2026 $7.0B 4.5% higher than the year- $6.4B ago quarter $6.0B $5.4B Graduate loan originations were 29% higher than the ye
Slide 13: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval(7) Repayment Strong Q2 2026 755 84% 58% Compared to 754 in the Consistent with the year-ago Compared to 56% in the year-ago quarter quarter year-ago quarter Average FICO Cosigned In School Consistent with at Approval(7) R
Slide 14: Diversified funding mix supports net interest margin discipline
Diversified funding mix Diversified Funding Strategy supports net interest (as of June 30, 2026) margin discipline and consistent origination 14% growth across market Other (HSA & 529) 23% environments Total Borrowings $25.7B ABS and Unsecured Debt 31% Total Funding 9% Retail (MMDA & CD) Brokered (V
Slide 15: Building on our performance and discipline, well-positioned for the next evolution of our strategy
Building on our performance and discipline, we believe we are Traditional Alternative well-positioned for Core Business Growth Engine the next evolution Continues to leverage legacy strengths by maintaining a Harnesses our deep customer relationships, differentiated of our strategy high-quality, ban
Slide 16: The goal of our evolved strategy is to drive sustainable growth and greater resiliency
The goal of our evolved strategy is to drive sustainable growth and greater resiliency Evolved Investment Thesis Drive consistent earnings growth Should result in… - Sustainable EPS growth Reduce credit risk and earnings volatility - Competitive capital returns Maintain robust capital return - Great
Slide 18: Key Financial Highlights
Key Financial Income Statement ($M) Q2 2026 Q1 2026 Q2 2025 Highlights Total Interest Income $602 $649 $657 Total Interest Expense $269 $274 $280 Q2 2026 Net Interest Income: $333 $375 $377 Less: Provisions for Credit Losses $126 ($11) $149 Total Non-Interest Income $68 $185 $27 Total Non-Interest E
Slide 19: Key Performance Metrics
Key Performance Key Performance Metrics Q2 2026 Q1 2026 Q2 2025 Metrics Net Interest Margin 4.75% 5.29% 5.31% Yield – Total Interest-Earning Assets 8.59% 9.14% 9.25% Q2 2026 Private Education Loans 10.25% 10.46% 10.62% Cost of Funds 4.13% 4.13% 4.22% Efficiency Ratio 48.6% 30.6% 41.4% Return on Asse
Slide 20: Credit Performance Highlights
Credit Quarters Ended Performance Private Education Loans Held for Investment ($ Thousands) Jun 30 2026 Mar 31 2026 Jun 30 2025 Highlights Balance % Balance % Balance % Loans In Repayment and % of Each Status Q2 2026 Loans Current $14,794,274 96.3% $14,753,563 96.0% $15,661,996 96.5% Loans Delinquen
Slide 21: Allowance for Credit Losses
Allowance for Consolidated Statements of Income – Quarter Ended Credit Losses Jun 30 Provision for Credit Losses Reconciliation ($ Thousands) 2026 Q2 2026 Private Education Loan Provision for Credit Losses: Provision for Loan Losses $55,193 Provision for Unfunded Loan Commitments $70,470 Provisions
Slide 22: Footnotes
FOOTNOTES 1. We define Private Education Loan originations for a period by reference to the amount of loan disbursements in that period. 2. 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 numerato
Slide 24: Important Information Regarding Smart Option Student Loan Portfolio Data
Important Information Regarding Smart Option Student Loan Portfolio Data Smart Option Student Loan Portfolio Data for Sallie Mae Bank Serviced Loans In the slides that follow regarding Smart Option Student Loan Delinquency, Periodic Default and Cumulative Default Rates, information is presented for
Slide 26: Cumulative Default Rates by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment(1) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may not be indicati
Slide 27: Cumulative Default Rates by Months in P&I Repayment – Interest Only
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Interest Only(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends
Slide 28: Cumulative Default Rates by Months in P&I Repayment – Fixed Pay
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Fixed Pay(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may
Slide 29: Cumulative Default Rates by Months in P&I Repayment – Deferred
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Deferred(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may n
Slide 30: Vintage Portfolio Data: Delinquency & Periodic Default Rates
Smart Option Student Loan Vintage Portfolio Data Delinquency & Periodic Default Rates © 2026 Sallie Mae Bank. All rights reserved. 30
Slide 31: 30+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 30+ Delinquency Rate by Months in P&I Repayment(1) 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may not be indicative o
Slide 32: 60+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 60+ Delinquency Rate by Months in P&I Repayment(1) 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may not be indicative o
Slide 33: 90+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 90+ Delinquency Rate by Months in P&I Repayment(1) 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may not be indicative o
Slide 34: Periodic Default Rates by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data Periodic Default Rates by Months in P&I Repayment(1) 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of June 30, 2026 Note: Historical trends may not be indicative of future perform
Slide 36: Portfolio Data – General
Additional Information & Key Definitions Portfolio Data – General P&I Repayment Status: The outstanding principal balance (including capitalized interest) of loans in full principal and interest repayment status as well as certain loans in short-term interest-only payment programs (such as loans in
Slide 37: Portfolio Data – Delinquencies
Additional Information & Key Definitions Portfolio Data – Delinquencies 30+ Delinquency Rate: For a given P&I Repayment Vintage, the outstanding principal balance for loans in that P&I Repayment Vintage that are 30 days or more past due relative to their contractual payment due date, expressed as a
Slide 38: Portfolio Data – Periodic & Cumulative Default Rates
Additional Information & Key Definitions Portfolio Data – Periodic & Cumulative Default Rates Periodic Default Rate The Periodic Default Amount for a given P&I Repayment Vintage, expressed as a percentage of loans in P&I Repayment Status. Periodic Default Amount The defaulted principal and interest
Slide 40: Important Information Regarding Smart Option Student Loan Prepayment Data
Important Information Regarding Smart Option Student Loan Prepayment Data Smart Option Student Loan Prepayment Data for Sallie Mae Bank Serviced Loans In the slides that follow regarding Smart Option Student Loan prepayments, information is presented for loans originated in 2015-2025 under the Smart
Slide 41: Voluntary CPR by Disbursement Vintage
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage(1)(2)(3) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 42: Voluntary CPR by Disbursement Vintage – Interest Only
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Interest Only(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Quarters Since Disbursement 2015 2016 2017 2018 2019
Slide 43: Voluntary CPR by Disbursement Vintage – Fixed Pay
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Fixed Pay(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020
Slide 44: Voluntary CPR by Disbursement Vintage – Deferred
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Deferred(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020
Slide 46: Key Information & Definitions: Prepayment Data (CPR)
Key Information & Definitions Prepayment Data CPR – The Constant Prepayment Rate (CPR) represents an annualized rate of prepayment speed measuring the reduction in the principal balance of a pool of loans in excess of the scheduled pool amortization. The rate can be positive or negative depending on

SLM Corporation (Sallie Mae) — Q2 2026 Earnings Presentation on 6ix

Slm — Q2 2026 Earnings Presentation

Slide 1: Sallie Mae Investor Presentation 2nd Quarter 2026

Slide 2: Cautionary Note and Disclaimer Regarding Forward-Looking Statements

Slide 3: Sallie Mae is an Outstanding Franchise

Slide 4: Results Reflect Solid Earnings and Continued Originations Growth

Slide 5: Capital Deployment and Strategic Balance Sheet Actions

Slide 6: Credit Performance Remains Within Expectations

Slide 7: Students and families continue to recognize the value of higher education

Slide 8: We offer payment programs designed to provide targeted flexibility at critical moments

Slide 9: Federal reforms expected to increase originations by up to 70%

Slide 10: We offer a broad product suite with increasing differentiation across borrower needs

Slide 11: We have built a well-seasoned portfolio of private education loans

Slide 12: Private Education Loan Originations: Growth & Trends

Slide 13: Origination Credit Quality Remains Strong

Slide 14: Diversified funding mix supports net interest margin discipline

Slide 15: Building on our performance and discipline, well-positioned for the next evolution of our strategy

Slide 16: The goal of our evolved strategy is to drive sustainable growth and greater resiliency

Slide 17: Appendix

Slide 18: Key Financial Highlights

Slide 19: Key Performance Metrics

Slide 20: Credit Performance Highlights

Slide 21: Allowance for Credit Losses

Slide 22: Footnotes

Slide 23: Smart Option Student Loan Historical Portfolio Data Summary

Slide 24: Important Information Regarding Smart Option Student Loan Portfolio Data

Slide 25: Vintage Portfolio Data: Cumulative Default Rates

Slide 26: Cumulative Default Rates by Months in P&I Repayment

Slide 27: Cumulative Default Rates by Months in P&I Repayment – Interest Only

Slide 28: Cumulative Default Rates by Months in P&I Repayment – Fixed Pay

Slide 29: Cumulative Default Rates by Months in P&I Repayment – Deferred

Slide 30: Vintage Portfolio Data: Delinquency & Periodic Default Rates

Slide 31: 30+ Delinquency Rate by Months in P&I Repayment

Slide 32: 60+ Delinquency Rate by Months in P&I Repayment

Slide 33: 90+ Delinquency Rate by Months in P&I Repayment

Slide 34: Periodic Default Rates by Months in P&I Repayment

Slide 35: Additional Information & Key Definitions: Portfolio Data

Slide 36: Portfolio Data – General

Slide 37: Portfolio Data – Delinquencies

Slide 38: Portfolio Data – Periodic & Cumulative Default Rates

Slide 39: Vintage Prepayment Data: Voluntary Prepayments

Slide 40: Important Information Regarding Smart Option Student Loan Prepayment Data

Slide 41: Voluntary CPR by Disbursement Vintage

Slide 42: Voluntary CPR by Disbursement Vintage – Interest Only

Slide 43: Voluntary CPR by Disbursement Vintage – Fixed Pay

Slide 44: Voluntary CPR by Disbursement Vintage – Deferred

Slide 45: Key Information & Definitions: Prepayment Data

Slide 46: Key Information & Definitions: Prepayment Data (CPR)