Slm Corporation · NASDAQ:SLM

Slm — Debt Investor Presentation (November 2025)

43 slides from Slm's debt investor presentation, Nov 3, 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 September 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 September 30, 2025 (unless otherwise noted) and should be read in connection with the most recent pe

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.1 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: Smart Option Serviced Portfolio: 30-59 Day Delinquencies

   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: Smart Option Serviced Portfolio: 30-59 Day Delinquencies (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: Smart Option Serviced Portfolio: 60-89 Day Delinquencies

   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: Smart Option Serviced Portfolio: 60-89 Day Delinquencies (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: Smart Option Serviced Portfolio: 90+ Day Delinquencies (continued)

   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: Smart Option Serviced Portfolio: 90+ Day Delinquencies

    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: Smart Option Serviced Portfolio: 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: Smart Option Serviced Portfolio: Forbearance (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: Smart Option Serviced Portfolio: Annualized Gross Defaults

    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 September 30, 2025. (1) Does not include $13 million of delinquent loans charged off in the fourth qu

14. Slide 14: Smart Option Serviced Portfolio: Annualized Gross Defaults (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: Vintage Data: Total Portfolio Cumulative Gross Default

    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) 9.5% 8.8% 8.6% 8.0% 7.8% 6.7% 6.9% 7.1% 6.1% 3.3% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2

16. Slide 16: Vintage Data: Interest Only Cumulative Gross Default

    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% 3.2% 3.3% 3.0% 3.1% 3.2% 2.8% 1.8% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3

17. Slide 17: Vintage Data: Fixed Pay Cumulative Gross Default

    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) 8.1% 7.5% 7.0% 6.2% 6.2% 5.1% 5.5% 5.8% 5.7% 3.2% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5

18. Slide 18: Vintage Data: Deferred Cumulative Gross Default

    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) 13.3% 12.6% 12.7% 12.1% 11.6% 10.1% 10.3% 10.3% 8.3% 4.0% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2

19. Slide 19: Cohort Default Triangles – Smart Option Combined, All Cosigned & Non-Cosigned

    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 Se

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, Cosigned & Non-Cosigned

    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 September 30, 2025. (1

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 September 30, 2025. (1) Does not incl

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 September 30, 2025. (1) Does not

25. Slide 25: Cohort Default Triangles – Fixed Only, Cosigned & Non-Cosigned

    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 September 30, 2025. (1) D

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 September 30, 2025. (1) Does not include

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 September 30, 2025. (1) Does not inc

28. Slide 28: Cohort Default Triangles – Deferred Only, Cosigned & Non-Cosigned

    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 September 30, 2025. (1

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 September 30, 2025. (1) Does not incl

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 September 30, 2025. (1) Does not

31. Slide 31: Important Information: Vintage Data for Total and Voluntary Prepayments

    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: Vintage Data: 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 39 % C PR Quarters Since Disbursement

33. Slide 33: Vintage Data: Interest Only Voluntary Prepayments

    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 39 % C PR Quarters Since Disbursemen

34. Slide 34: Vintage Data: Fixed Pay Voluntary Prepayments

    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 39 % C PR Quarters Since Disbursement 20

35. Slide 35: Vintage Data: Deferred Voluntary Prepayments

    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 39 % C PR Quarters Since Disbursement 201

36. Slide 36: Vintage Data: 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: Vintage Data: Interest Only Total Prepayments

    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: Vintage Data: Fixed Only Total Prepayments

    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: Vintage Data: Deferred Only Total Prepayments

    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: Smart Option Loan Program: 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: Smart Option Loan Program: 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: Smart Option Loan Program: Prepayment Methodology Calculations

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 43 Smart Option Loan Program: Prepayment Methodology) Calculations 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 = 𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡 − 𝑆𝑆𝑆𝑆𝑡𝑡 𝑆𝑆𝑆𝑆𝑆𝑆𝑡𝑡 = ⁄𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑡𝑡…

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