Slm Corporation · NASDAQ:SLM
Slm — Q3 2026 Earnings Presentation
16 slides from Slm's earnings presentation, Oct 22, 2026
Slide 1: Sallie Mae Earnings Presentation 3rd Quarter 2026
Sallie Mae Earnings Presentation 3rd 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 October 22, 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
Slide 3: Results Reflect Record Originations Growth
Results Reflect Private Education Loan Net Loss Total Non-Interest Record Originations Originations(1) Per Common Share Expenses Growth Q3 2026 $3.4B $0.19 $221M 15% growth compared to the GAAP Net Loss attributable Year-over-year increase, year-ago quarter to Common Stock of $36M primarily driven b
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 Q3 2026 originations were approximately $3.4B, 15% Q3 2026 $7.0B higher than the year-ago $6.4B quarter and the largest $6.0B single quarter of originations in SLM history
Slide 5: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval(3) Repayment Strong Q3 2026 757 91.7% 60.8% Compared to 756 in the Compared to 94.5% in the Compared to 59.7% in the year-ago quarter year-ago quarter year-ago quarter Consistent with Average FICO Cosigned In School full-
Slide 6: Credit Performance Remains Within Expectations
Credit Performance Net Charge-Offs Delinquent 30+ Days* Total Allowance % of Private Remains Within Education Loan Exposure^ Expectations Q3 2026 $90M 4.2% 5.89% Primarily impacted by the Represents $674 million, Compared to 5.93% in the year- previously discussed as compared to 4.0% or ago quarter,
Slide 7: Decisive steps on misaligned third-party debt resolution practices
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 8: Impacted segment is 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 September 30 for each year) (As of September 30 for each year) 100% 0.10% 0.12% 100% 5.1% 12.0
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
Capital Deployment Consistent Capital Return to Common Stock Dividend Per Share and Strategic Shareholders Balance Sheet Actions 5.1M shares $0.13 Q3 2026 of common stock repurchased in the third Paid on September 15, 2026 quarter for $132.2 million Total Shares Repurchased Since Weighted Average Li
Slide 11: Key Financial Highlights
Key Financial Income Statement ($M) Q3 2026 Q2 2026 Q3 2025 Highlights Total Interest Income $616 $602 $658 Total Interest Expense $277 $269 $285 Q3 2026 Net Interest Income: $339 $333 $373 Less: Provisions for Credit Losses $214 $126 $179 Total Non-Interest Income $36 $68 $173 Total Non-Interest Ex
Slide 12: Key Performance Metrics
Key Performance Key Performance Metrics Q3 2026 Q2 2026 Q3 2025 Metrics Net Interest Margin 4.85% 4.75% 5.18% Yield – Total Interest-Earning Assets 8.82% 8.59% 9.14% Q3 2026 Private Education Loans 10.22% 10.25% 10.58% Cost of Funds 4.21% 4.13% 4.24% Efficiency Ratio 58.8% 48.6% 33.1% Return on Asse
Slide 13: Credit Performance Highlights
Credit Private Education Loans Sept 30 Quarters Ended Jun 30 Sept 30 Performance Held for Investment ($ Thousands) 2026 2026 2025 Highlights Balance % Balance % Balance % Loans In Repayment and % of Each Status Q3 2026 Loans Current $15,369,029 95.8% $14,794,274 96.3% $15,638,904 96.0% Loans Delinqu
Slide 14: Allowance for Credit Losses
Allowance for Consolidated Statements of Operations– Quarter Ended Credit Losses Sept 30 Provision for Credit Losses Reconciliation ($ Thousands) 2026 Q3 2026 Private Education Loan Provision for Credit Losses: Provision for Loan Losses $60,445 Provision for Unfunded Loan Commitments $153,230 Provis
Slide 15: 2026 Guidance
2026 Guidance* $1.95 – $2.05 12% – 14% Diluted Earnings Private Education Loan Originations Per Common Share Year-Over-Year Growth $400 – $420 $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 Q2 2026 for Sallie Mae issued June 2026. 3. Represents the higher credit score of the cosigner or the borrower. 4