Slide 1: Sallie Mae Earnings Presentation 2nd Quarter 2026
Sallie Mae Earnings Presentation 2nd Quarter 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 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: 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 4: 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 5: We now offer a broad product suite with increasing differentiation
We now offer a broad Product enhancements continue to product suite with expand our reach and support growth increasing differentiation across borrower needs, Launched in March 2026 Launched in May 2026 driving new applications Medical Dental Graduate Law Loans Loans Loans Loans +143% +221% +40% +50
Slide 6: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval(3) 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(3) R
Slide 7: 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 8: Decisive steps to bring post-default recoveries under greater control
In response to misaligned third-party debt resolution practices, we have taken decisive steps to bring post-default recoveries under greater control and oversight Loss Mitigation Strategies we deploy are disciplined and adaptable Early-Stage Post-Default Internal collections Proven internal recovery
Slide 9: Continued success of borrowers during and after modification
Continued success of borrowers during and after modification underscores the strength of our loss mitigation strategy Payment Success of Borrowers Cumulative Payment Success of Enrolled in Loan Modifications Borrowers Exiting Loan Modification(8) (Months Post Enrollment by Enrollment Quarter) (Post
Slide 10: Capital Deployment and Strategic Balance Sheet Actions
Capital Deployment Accelerated Share Repurchase Common Stock Dividend Per Share and Strategic Completion Balance Sheet Actions 5% $0.13 Q2 2026 Reduction in shares outstanding since Paid on June 15, 2026 12/31/2025 under the ASR. A total of 9.3 million shares were repurchased under the ASR. Transact
Slide 11: Key Financial Highlights
Key Financial Income Statement ($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 $27 Total Non-Interest E
Slide 12: Key Performance Metrics
Key Performance Key Performance Metrics Q2 2026 Q1 2026 Q2 2025 Metrics Net Interest Margin 4.75% 5.29% 5.31% Yield – Total Interest-Earning Assets 8.59% 9.14% 9.25% Q2 2026 Private Education Loans 10.25% 10.46% 10.62% Cost of Funds 4.13% 4.13% 4.22% Efficiency Ratio 48.6% 30.6% 41.4% Return on Asse
Slide 13: Credit Performance Highlights
Credit Quarters Ended Performance Private Education Loans Held for Investment ($ 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% $15,661,996 96.5% Loans Delinquen
Slide 14: Allowance for Credit Losses
Allowance for Consolidated Statements of Income – Quarter Ended Credit Losses Jun 30 Provision for Credit Losses Reconciliation ($ 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 15: 2026 Guidance
2026 Guidance* $3.10 – $3.20 12% – 14% Diluted Earnings Private Education Loan Originations Per Common Share Year-Over-Year Growth $365 – $385 $750 – $780 million million Net Charge-Offs Non-Interest Expenses ⁕ The 2026 Guidance and related comments constitute forward-looking statements and are base
Slide 16: Footnotes
FOOTNOTES 1. We define Private Education Loan originations for a period by reference to the amount of loan disbursements in that period. 2. Source: Enterval Quarterly Originations Report Q1 2026 for Sallie Mae issued May 2026, Reporting as of March 2026. 3. Represents the higher credit score of the