Slide 1: Earnings Presentation 4th Quarter & Full-Year 2025
Earnings Presentation 4th Quarter & Full-Year 2025 © 2026 Sallie Mae Bank. All rights reserved. 1
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 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
Slide 3: Balance Sheet & Capital Allocation Highlights
Balance Sheet & Capital Allocation $7.4B 6% 4th Quarter & Private Education Loan Originations Private Education Loan Originations in Full-Year 2025, as compared to growth in Full-Year 2025. 4% Q4 2025 Full-Year 2025 $7.0 billion in 2024. Private Education Loan Originations growth compared to Q4 2024
Slide 4: Additional Key Performance Metrics
Income Statement & Earnings Summary $229M $1.12 Additional Key GAAP net income attributable Q4 2025 GAAP diluted earnings per to common stock in Q4 2025. common share. Performance Metrics $3.46 5.24% $659M Full-Year 2025 GAAP diluted earnings Net interest margin for Full-Year Total non-interest expe
Slide 5: Private Education Loan Trends
Private Private Education Loan Originations(3) Average FICO at Approval(4) In School Payment Cosigned Education Loan Trends Fourth-quarter 2025 originations at 2025 $7,416 755 58% 93% approximately $1.0 billion, 4% higher than the year-ago quarter. + 6% Full-Year originations were approximately $7.4
Slide 6: Quarterly Financial Highlights
Quarterly Financial Highlights Q4 Q3 Q4 Q4 Q3 Q4 2025 2025 2024 2025 2025 2024 Income Statement ($ Millions) $ $ $ Key Performance Metrics Total interest income 657 658 661 Net Interest Margin 5.21% 5.18% 4.92% Total interest expense 280 285 299 Net Interest Income 377 373 362 Yield—Total Interest-e
Slide 7: Full-Year Financial Highlights
Full-Year Financial Highlights 2025 2024 2025 2024 Income Statement ($ Millions) $ $ Key Performance Metrics Total interest income 2,627 2,619 Net Interest Margin 5.24% 5.19% Total interest expense 1,125 1,138 Net Interest Income 1,502 1,481 Yield—Total Interest-earning assets 9.17% 9.17% Less: prov
Slide 8: Credit Performance
Credit Performance (8)(9)(10) Private Education Loans Held for Quarters Ended Investment DEC 31, 2025 SEPT 30, 2025 DEC 31, 2024 ($ 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
Slide 9: Allowance for Credit Losses
Allowance for Credit Losses Consolidated Statements of Income – Provision for Credit Losses Reconciliation Factors affecting the Provision for Credit Losses 4th Quarter 2025 Quarter Ended ($ THOUSANDS) December 31, 2025 • The decrease in provision was Private Education Loan provision for credit loss
Slide 10: Portfolio Remains Strong Despite Rising Delinquency Rates
Portfolio Remains Strong Despite Rising Delinquency Rates Portfolio Performance (Annualized Delinquency & Net Charge-Off Rates) 3.73% 3.67% 3.78% 3.54% Enhanced collections effectiveness has 2.55% 2.44% reduced the 2.19% 2.15% progression of 30+ Delinquencies early-stage (Annualized) as a Percentage
Slide 11: Loan Modification Enrollments Stabilized
Loan Modification Enrollments Stabilized Payment Success Remains Consistent Loan Modification Enrollments Payment Success of Borrowers Enrolled (Total Principal Balance in $ Millions) in Loan Modifications by Quarter (Post 6 Months of Loan Modification Enrollment) 100% 90% 80% $1,151 Introduced our
Slide 12: 2026 Guidance
For the full year 2026, the Company expects: 2026 Guidance * $2.70 - $2.80 12% - 14% Diluted Earnings Private Education Loan Originations Per Common Share Year-over-Year Growth $345 - $385 $750 - $780 million million Net Charge-Offs Non-Interest Expenses * The 2026 Guidance and related comments cons
Slide 13: Appendix
Appendix Impact on Private Education Loan Portfolio Due to Evolved Strategy © 2026 Sallie Mae Bank. All rights reserved. 13
Slide 14: Evolved Strategy Impacts
Evolved Strategy Impacts Composition of Private Education Loan Portfolio We believe our new Strategic Strategic Partnership Traditional Partnerships business will shift Loan Sales Spot Loan Sales the composition of the bank- owned Private Education Loan Generally, newly originated Portfolio of seaso
Slide 15: Evolved Strategy Impact On Ratios: Reserve Rate
Evolved Strategy Impact On Ratios Reserve Rate RATIO IMPACT Reserve Rate Because loans selected for (as of 12/31/2025) Reserve the Strategic Partnership Rate are warehoused in a held- GAAP Reserve Rate (Excluding Strategic Partnership Warehouse 6.00% Loans*)A for-sale status until sold, they do not
Slide 16: Evolved Strategy Impact On Ratios: Net Charge-Offs
Evolved Strategy Impact On Ratios Net Charge-Offs (NCOs)(8) RATIO IMPACT Net Charge-Offs Close to half of new originations ($ in millions) 2026 elect either Interest Only or 2022 2023 2024 4Q 2025 2025 Range (E) C Fixed Pay payment type. These payment types have low loss GAAP NCOs ($) $386 $374 $332
Slide 17: Evolved Strategy Impact On Ratios: Delinquency Rate
Evolved Strategy Impact On Ratios Delinquency Rate RATIO IMPACT Delinquency Rate(9) Total Total Private Delinquency When adjusted to include (as of 12/31/2025) Delinquencies Education Loans in Rate ($M) Repayment ($M) the loans to be sold to the GAAP Delinquency Rate (Excluding Strategic Strategic P
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Reconciliation of GAAP Reserve Rate to Non-GAAP Reserve Rate (as of 12/31/2025) GAAP Reserve Rate Calculation ($s in millions) Numerator: GAAP total allowance for credit losses, ending balance $1,507 Adjustments: Add allowance for loan losses, ending balance, associat
Slide 19: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Reconciliation of GAAP Net Charge-Offs to Non-GAAP Net Charge-Offs(8) (as of 12/31/25) ($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 Adjus
Slide 20: Footnotes
Footnotes 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 t