Slm Corporation · NASDAQ:SLM

Slm — Debt Investor Presentation (August 2025)

43 slides from Slm's debt investor presentation, Aug 11, 2025

  1. Slide 1: Smart Option Student Loan Historical Loan Performance Summary

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

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

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 2 CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS The following information is current as of June 30, 2025 (unless otherwise noted) and should be read in connection with the most recent periodi

  3. Slide 3: Important Information Regarding Historical Loan Performance Data

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 3 Important Information Regarding Historical Loan Performance Data Securitization and Sales. In August 2014, Sallie Mae Bank sponsored its first private education loan ABS, SMB Private Education Loan Trust 2014-A

  4. Slide 4: Important Information Regarding Historical Loan Performance Data (continued)

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 4 Important Information Regarding Historical Loan Performance Data (continued) The Historical Loan Performance Data set forth in this Presentation reflects the historical performance of loans in principal and inte

  5. Slide 5: 30-59 Day Delinquencies as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 5 Smart Option Serviced Portfolio: 30-59 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 S

  6. Slide 6: 30-59 Day Delinquencies as a % of Loans in P&I Repayment (continued)

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 6 Smart Option Serviced Portfolio: 30-59 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7

  7. Slide 7: 60-89 Day Delinquencies as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 7 Smart Option Serviced Portfolio: 60-89 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 S

  8. Slide 8: 60-89 Day Delinquencies as a % of Loans in P&I Repayment (continued)

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 8 Smart Option Serviced Portfolio: 60-89 Day Delinquencies(1) as a % of Loans in P&I Repayment(2) Continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7

  9. Slide 9: 90+ Day Delinquencies as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 9 Smart Option Serviced Portfolio: 90+ Day Delinquencies(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju

  10. Slide 10: 90+ Day Delinquencies as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 10 Smart Option Serviced Portfolio: 90+ Day Delinquencies(1) as a % of Loans in P&I Repayment(2) 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7 Ju n- 17 Se

  11. Slide 11: Forbearance as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 11 Smart Option Serviced Portfolio: Forbearance as a % of Loans in P&I Repayment(1), (2) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6 M ar -1 7

  12. Slide 12: Forbearance as a % of Loans in P&I Repayment (continued)

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 12 Smart Option Serviced Portfolio: Forbearance as a % of Loans in P&I Repayment(1), (2) continued 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6

  13. Slide 13: Annualized Gross Defaults as a % of Loans in P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 13 Smart Option Serviced Portfolio: Annualized Gross Defaults(1) as a % of Loans in P&I Repayment(2) Data as of June 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth quarter

  14. Slide 14: Annualized Gross Defaults as a % of Loans in P&I Repayment (continued)

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 14 Smart Option Serviced Portfolio: Annualized Gross Defaults(1) as a % of Loans in P&I Repayment(2) continued 0% 2% 4% 6% 8% 10% 12% 14% M ar -1 5 Ju n- 15 Se p- 15 D ec -1 5 M ar -1 6 Ju n- 16 Se p- 16 D ec -1 6

  15. Slide 15: Total Portfolio Cumulative Gross Default as a % Entering P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 15 Smart Option Vintage Data: Total Portfolio Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 9.4% 8.7% 8.4% 7.8% 7.6% 6.4% 6.7% 6.8% 5.6% 2.5% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2

  16. Slide 16: Interest Only Cumulative Gross Default as a % Entering P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 16 Smart Option Vintage Data: Interest Only Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 3.9% 3.3% 3.3% 3.1% 3.3% 3.0% 3.0% 3.1% 2.6% 1.6% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3

  17. Slide 17: Fixed Pay Cumulative Gross Default as a % Entering P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 17 Smart Option Vintage Data: Fixed Pay Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 8.0% 7.4% 6.9% 6.1% 6.0% 4.8% 5.2% 5.6% 5.2% 2.5% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5

  18. Slide 18: Deferred Cumulative Gross Default as a % Entering P&I Repayment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 18 Smart Option Vintage Data: Deferred Cumulative Gross Default(1) as a % of Disbursed Principal entering P&I Repayment(2) 13.2% 12.5% 12.4% 11.8% 11.2% 9.7% 10.0% 9.9% 7.6% 3.0% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3

  19. Slide 19: Cohort Default Triangles – Smart Option Combined, All Loans

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 19 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigne

  20. Slide 20: Cohort Default Triangles – Smart Option Combined, Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 20 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of Ju

  21. Slide 21: Cohort Default Triangles – Smart Option Combined, Non-Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 21 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) Period Default Percentage(1) By Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as o

  22. Slide 22: Cohort Default Triangles – Interest Only, All Loans

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 22 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Doe

  23. Slide 23: Cohort Default Triangles – Interest Only, Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 23 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include r

  24. Slide 24: Cohort Default Triangles – Interest Only, Non-Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 24 Cohort Default Triangles – Smart Option Interest Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not inclu

  25. Slide 25: Cohort Default Triangles – Fixed Only, All Loans

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 25 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Does n

  26. Slide 26: Cohort Default Triangles – Fixed Only, Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 26 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include rele

  27. Slide 27: Cohort Default Triangles – Fixed Only, Non-Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 27 Cohort Default Triangles – Smart Option Fixed Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not include

  28. Slide 28: Cohort Default Triangles – Deferred Only, All Loans

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 28 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned & Non-Cosigned Data as of June 30, 2025. (1) Doe

  29. Slide 29: Cohort Default Triangles – Deferred Only, Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 29 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Cosigned Data as of June 30, 2025. (1) Does not include r

  30. Slide 30: Cohort Default Triangles – Deferred Only, Non-Cosigned

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 30 Cohort Default Triangles – Smart Option Deferred Only Periodic Default Percentage(1) by Years Since First P&I Repayment Period(2), (3), (4), (5) For All Non-Cosigned Data as of June 30, 2025. (1) Does not inclu

  31. Slide 31: Important Information Regarding Historical Loan Performance Data: Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 31 Important Information Regarding Historical Loan Performance Data Smart Option Vintage Data for Total and Voluntary Prepayments by Disbursement Vintage Types of Smart Option Student Loan Portfolio Data Smart Opt

  32. Slide 32: All Products Voluntary Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 32 Smart Option Vintage Data: All Products Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 20

  33. Slide 33: Interest Only Voluntary Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 33 Smart Option Vintage Data: Interest Only Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2

  34. Slide 34: Fixed Pay Voluntary Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 34 Smart Option Vintage Data: Fixed Pay Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015

  35. Slide 35: Deferred Voluntary Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 35 Smart Option Vintage Data: Deferred Voluntary Prepayments by Disbursement Vintage(1), (2), (3) 0% 5% 10% 15% 20% 25% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 % C PR Quarters Since Disbursement 2015 2

  36. Slide 36: All Products Total Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 36 Smart Option Vintage Data: All Products Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin t

  37. Slide 37: Interest Only Total Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 37 Smart Option Vintage Data: Interest Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin

  38. Slide 38: Fixed Only Total Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 38 Smart Option Vintage Data: Fixed Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin to

  39. Slide 39: Deferred Only Total Prepayments by Disbursement Vintage

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 39 Smart Option Vintage Data: Deferred Only Total Prepayments by Disbursement Vintage(1), (2), (3) ► Following the initial few years after disbursement, total prepayments begin to rise more quickly as loans begin

  40. Slide 40: Additional Information

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

  41. Slide 41: Cohort Default Triangles Terms and Calculations

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 41 Smart Option Loan Program: Cohort Default Triangles Terms and calculations used in the cohort default triangles are defined below:  First P&I Repayment Period – The first month during which a borrower is requi

  42. Slide 42: Prepayment Methodology

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 42 Smart Option Loan Program: Prepayment Methodology The Constant Prepayment Rate (CPR) represents an annualized rate of prepayment speed measuring the reduction in the principal balance of a pool of loans in exce

  43. Slide 43: Prepayment Methodology Calculations

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 43 Smart Option Loan Program: Prepayment Methodology) Calc u la t ions 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 = 𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 − 𝑆𝑆𝑃𝑃𝑡𝑡 𝑆𝑆𝑃𝑃𝑃𝑃𝑡𝑡 =…

SLM — Debt Investor Presentation (August 2025) on 6ix