Slm Corporation · NASDAQ:SLM
Slm — Morgan Stanley US Financials Conference 2026
15 slides from Slm's conference presentation, Jun 10, 2026
Slide 1: Morgan Stanley Conference
Morgan Stanley Conference June 10, 2026 © 2026 Sallie Mae Bank. All rights reserved.
Slide 2: Cautionary Note and Disclaimer Regarding Forward-Looking Statements
CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation may include forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These
Slide 3: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval1 Repayment Strong Q1 2026 754 95% 59% Compared to 753 in the Compared to 93% in the Compared to 56% in the year-ago quarter year-ago quarter year-ago quarter Average FICO Cosigned In School Consistent with at Approval1 Re
Slide 4: Origination Growth & On-Balance Sheet Exposure Stable
Origination Growth & Private Education Loan On-Balance Sheet On-Balance Sheet Originations ($B)2 Portfolio ($B)3 Exposure Stable Sallie Mae’s Private Education Loan sales support predictable market share increased from 52% and relatively stable balance Q1 2026 in 2020 to 63% as of year-end 2025 shee
Slide 5: Federal reforms expected to increase our 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* Once the shift from prior programs is On July 4th, 2025, H.R.1., which contains major federal student lending fully complete, we anticipate an
Slide 6: We offer a broad product suite with increasing differentiation across borrower needs
We offer a broad product Recent Enhancements to Our Graduate Offerings suite with increasing differentiation across Medical and Dental Graduate and Law borrower needs Loans Loans Launched in March 2026 Launched in May 2026 Medical School Loans Law School Loan Eligible students receive up to 96 month
Slide 7: Underwriting enhancements have reduced credit risk and earnings volatility
We believe underwriting enhancements have reduced credit risk, thereby reducing the associated earnings volatility In 2023, underwriting enhancements 2021 2025 Despite credit tightening were implemented to improve the FY FY enhancements, underlying credit quality of our Private Education Loan portfo
Slide 8: Disciplined loss-mitigation and stronger collections reduced early-stage delinquencies into charge-offs
Disciplined loss-mitigation execution and stronger collections have reduced the flow of early-stage delinquencies into charge-offs Portfolio Performance (Annualized Delinquency & Net Charge-Off Rates) 3.73% 3.67% 3.78% 3.54% 2.55% 2.44% 2.19% 2.15% 30+ Delinquencies (Annualized) as a Percentage of A
Slide 9: Strong performance of loan modification programs
A key contributor to that progress has been strong performance of loan modification programs Payment Success of Borrowers Cumulative Payment Success of 6 Enrolled in Loan Modifications Borrowers Exiting Loan Modification (Months Post Enrollment by Enrollment Quarter) (Post 3 Months of Exit by Enroll
Slide 10: Loss performance broadly stable, with isolated pressure in a small segment
Against this backdrop, loss performance remains broadly stable, with isolated pressure in a small, high-ability-to-pay segment we believe is primarily driven by misaligned third-party debt resolution practices MISALIGNED We believe these practices are resulting in Third-Party Debt Resolution Practic
Slide 11: Our products and programs enhance both borrower and lender outcomes
Our products and programs are designed to enhance both borrower and lender outcomes Credit Protections Across Our Entire Operating Model Products Loans Payment programs Loss-mitigation we offer… we originate… we provide… strategies we deploy… are continuously refined are high credit quality with are
Slide 12: Credit protections enable strategic actions on misaligned third-party debt resolution practices
Those credit protections enable us to take strategic actions to address these misaligned third-party debt resolution practices Key Strategic Actions Pausing recovery loan Proactive, earlier We are actively working to sales & certain outreach to borrowers establish a more effective, settlement strate
Slide 13: Impacted segment is a small portion of portfolio but outsized share of gross charge-offs
The impacted segment is a very small portion of our portfolio, however, represents an outsized portion of gross charge-offs Total On-Balance Sheet Portfolio Total On-Balance Sheet Gross Charges-Offs (As of April 30) (As of April 30) 100% 0.04% 0.08% 100% 1.30% 6.40% 90% 90% 80% 80% 70% 70% 60% 60% I
Slide 14: Excluding the impacted segment, losses remained broadly stable
Excluding the impacted segment of highly creditworthy borrowers, analysis of the most recent repayment wave7 indicates losses have remained broadly stable, only modestly above expectations Total Sallie Mae On-Balance Sheet Portfolio Impacted Segment The impacted segment reflects a growing Gross Char
Slide 15: Footnotes
FOOTNOTES 1. Represents the higher credit score of the cosigner or the borrower. 2. We define Private Education Loan Originations for a period by reference to the amount of loan disbursements in that period. 3. Gross On-Balance Sheet Portfolio. 4. Source: Enterval Quarterly Originations Report Q1 20