Slide 1: Sallie Mae Investor Presentation 1st Quarter 2026
Sallie Mae Investor Presentation 1st 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 April 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 Ma
Slide 3: Sallie Mae is an Outstanding Franchise
Sallie Mae is an Outstanding Powerful Brand Rigorous Underwriting Franchise Market leader in private education lending with a brand synonymous with Proprietary underwriting models refined over decades of experience Supporting student success at every step higher education and powerful in student len
Slide 4: Results Reflect Continued Earnings and Originations Growth
Results Reflect Private Education Loan Diluted Earnings Total Non-Interest Continued Earnings Originations(1) Per Common Share Expenses and Originations Growth $2.9B $1.54 $171M Q1 2026 5% growth compared to the GAAP Net Income attributable As compared to $155M in year-ago quarter to Common Stock of
Slide 5: Capital Deployment and Strategic Balance Sheet Actions
Capital Deployment Share Repurchases Loan Sales Common Stock and Strategic Dividend Per Share Balance Sheet Actions 12.0M $3.3B $0.13 Q1 2026 Shares repurchased in the Private Education Loans, Paid on March 16, 2026 quarter for $259M, including $3.1B of principal and representing 6% of shares $201M
Slide 6: Other Key Performance Highlights
Other Key Performance Liquidity of Total Assets Provision for Credit Losses Highlights Q1 2026 21.2% ($11M) Up from 16.8% in the year-ago quarter Provision for credit losses was impacted by a $131M release of provision from loan sales and loans transferred to held for sale, offset by an increase in
Slide 7: Students and families continue to recognize the value of higher education
Students and families Higher Education Spend* continue to recognize (Academic Year 2024-2025 estimated) the value of higher education $174B $89B Students and families Grants Federal & State increasingly rely on Loans borrowed funds and recent federal reforms $14B will drive more of $536B 32% Grants
Slide 8: Federal reforms expected to increase our originations by up to 70%
Over the next several years, we expect the federal reforms to increase our originations by up to 70%* PLUS Program Changes Sallie Mae PLUS Volume Scenarios* On July 4th, 2025, H.R.1., which contains major federal student lending Once the shift from prior programs is reforms, was signed into law. All
Slide 9: Broad product suite with increasing differentiation across borrower needs
We offer a broad product More options that set suite with increasing students up for success differentiation across Sallie Mae Federal Student Loans borrower needs Undergraduate & Graduate Loans Direct PLUS Less Than Half- Yes No Time Eligible Yes, as of Loan Limits No Yes July 1, 2026 Origination N
Slide 10: Payment programs designed to provide targeted flexibility
We offer payment Payment programs available to support programs designed borrowers throughout the repayment cycle to provide targeted flexibility at critical In School moments In-School Payment Assistance Available to customers with scheduled payments while they are in school Entering Repayment Earl
Slide 11: Well-seasoned portfolio of private education loans
We have built a Smart Option Originations Vintages(3) Smart Option Payment Type well-seasoned 3% 6% 18% portfolio of private Pre 2016 3% 2026 2016 3% 2017 3% Interest Only education loans 26% 2025 2018 4% 2019 4% 46% $18.0B 2020 7% $18.0B Deferred Loans 2021 Loans 10% 36% 20% 2022 Fixed Pay 2024 11%
Slide 12: Private Education Loan Originations: Growth & Trends
Private Education Private Education Private Education Loan Originations: Loan Originations(1) Loan Trends Growth & Trends Q1 2026 originations were $7.4B approximately $2.9B, 5% Q1 2026 $7.0B higher than the year-ago $6.4B quarter $6.0B $5.4B Graduate loan originations were 14% higher than the year-
Slide 13: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval(4) Repayment Strong Q1 2026 754 95% 59% Compared to 753 in the Compared to 93% in the Compared to 56% in the year-ago quarter year-ago quarter year-ago quarter Average FICO Cosigned In School Consistent with at Approval(4
Slide 14: Diversified funding mix supports net interest margin discipline
Diversified funding mix Diversified Funding Strategy supports net interest (as of March 31, 2026) margin discipline and consistent origination 12% growth across market Other (HSA & 529) 23% environments Total Borrowings 33% $26.7B ABS and Unsecured Debt Retail (MMDA & CD) Total Funding 9% Brokered (
Slide 15: Well-positioned for the next evolution of our strategy
Building on our performance and discipline, we believe we are Traditional Alternative well-positioned for Core Business Growth Engine the next evolution Continues to leverage legacy strengths by maintaining a Harnesses our deep customer relationships, differentiated of our strategy high-quality, ban
Slide 16: Evolved strategy to drive sustainable growth and greater resiliency
The goal of our evolved strategy is to drive sustainable growth and greater resiliency Evolved Investment Thesis Drive consistent earnings growth Should result in… - Sustainable EPS growth Reduce credit risk and earnings volatility - Competitive capital returns Maintain robust capital return - Great
Slide 17: Appendix
Appendix © 2026 Sallie Mae Bank. All rights reserved. 17
Slide 18: Key Financial Highlights
Key Financial Income Statement ($M) Q1 2026 Q4 2025 Q1 2025 Highlights Total Interest Income $649 $657 $656 Total Interest Expense $274 $280 $281 Q1 2026 Net Interest Income: $375 $377 $375 Less: Provisions for Credit Losses ($11) ($19) $23 Total Non-Interest Income $185 $77 $206 Total Non-Interest
Slide 19: Key Performance Metrics
Key Performance Key Performance Metrics Q1 2026 Q4 2025 Q1 2025 Metrics Net Interest Margin 5.29% 5.21% 5.27% Yield – Total Interest-Earning Assets 9.14% 9.07% 9.22% Q1 2026 Private Education Loans 10.46% 10.44% 10.59% Cost of Funds 4.13% 4.14% 4.23% Efficiency Ratio 30.6% 34.6% 26.6% Return on Asse
Slide 20: Credit Performance Highlights
Credit Quarters Ended Performance Private Education Loans Held for Investment ($ Thousands) Mar 31 2026 Dec 31 2025 Mar 31 2025 Highlights Balance % Balance % Balance % Loans In Repayment and % of Each Status Q1 2026 Loans Current $14,753,563 96.0% $15,258,723 96.0% $15,333,672 96.4% Loans Delinquen
Slide 21: Allowance for Credit Losses
Allowance for Consolidated Statements of Income – Quarter Ended Credit Losses MAR 31 Provision for Credit Losses Reconciliation ($ Thousands) 2026 Q1 2026 Private Education Loan Provision for Credit Losses: Provision for Loan Losses ($57,382) Provision for Unfunded Loan Commitments $45,916 Provision
Slide 22: Footnotes
FOOTNOTES 1. We define Private Education Loan originations for a period by reference to the amount of loan disbursements in that period. 2. We calculate and report our Return on Common Equity (“ROCE”) as the ratio of (a) GAAP net income (loss) attributable to SLM Corporation common stock numerator (
Slide 23: ABS Supplement
ABS Supplement © 2026 Sallie Mae Bank. All rights reserved. 23
Slide 24: Sallie Mae Bank ABS Summary
Sallie Mae Bank SMB 2023-A SMB 2023-C SMB 2024-C SMB 2024-E SMB 2024-F SMB 2025-A SMB 2026-A ABS Summary Issuance Date 3/15/2023 8/16/2023 5/15/2024 8/14/2024 11/6/2024 5/7/2025 3/11/2026 Last 12 Quarters On Balance Sheet* Total Bond Amount ($mil) $579 $568 $668 $868 $680 $539 $618 Initial AAA Enhan
Slide 25: Sallie Mae Bank ABS Structures
Sallie Mae Bank SMB 2026-A SMB 2025-A SMB 2024-F ABS Structures Size $618.0M $539.0M $680.0M Q1 2026 Pricing Date March 3, 2026 April 30, 2025 October 29, 2024 Smart Option Smart Option Smart Option Collateral Private Education Loans Private Education Loans Private Education Loans Servicer Sallie Ma
Slide 26: Smart Option Student Loan Historical Portfolio Data Summary
Smart Option Student Loan Historical Portfolio Data Summary © 2026 Sallie Mae Bank. All rights reserved. 26
Slide 27: Important Information Regarding Portfolio Data
Important Information Regarding Smart Option Student Loan Portfolio Data Smart Option Student Loan Portfolio Data for Sallie Mae Bank Serviced Loans In the slides that follow regarding Smart Option Student Loan Delinquency, Periodic Default and Cumulative Default Rates, information is presented for
Slide 28: Vintage Portfolio Data: Cumulative Default Rates
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates © 2026 Sallie Mae Bank. All rights reserved. 28
Slide 29: Cumulative Default Rates by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment(1) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends may not be in
Slide 30: Cumulative Default Rates – Interest Only
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Interest Only(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical t
Slide 31: Cumulative Default Rates – Fixed Pay
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Fixed Pay(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trend
Slide 32: Cumulative Default Rates – Deferred
Smart Option Student Loan Vintage Portfolio Data Cumulative Default Rates by Months in P&I Repayment – Deferred(1)(2) 14% 12% 10% 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends
Slide 33: Vintage Portfolio Data: Delinquency & Periodic Default Rates
Smart Option Student Loan Vintage Portfolio Data Delinquency & Periodic Default Rates © 2026 Sallie Mae Bank. All rights reserved. 33
Slide 34: 30+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 30+ Delinquency Rate by Months in P&I Repayment(1) 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends may not be indicative of futu
Slide 35: 60+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 60+ Delinquency Rate by Months in P&I Repayment(1) 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends may not be indicative of futu
Slide 36: 90+ Delinquency Rate by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data 90+ Delinquency Rate by Months in P&I Repayment(1) 8% 6% 4% 2% 0% 0 20 40 60 80 100 120 MIPI Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends may not be indicative of futu
Slide 37: Periodic Default Rates by Months in P&I Repayment
Smart Option Student Loan Vintage Portfolio Data Periodic Default Rates by Months in P&I Repayment(1) 2% 1% 0% 0 20 40 60 80 100 120 Months inMIPI P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of March 31, 2026 Note: Historical trends may not be indicative of future pe
Slide 38: Additional Information & Key Definitions: Portfolio Data
Additional Information & Key Definitions Portfolio Data © 2026 Sallie Mae Bank. All rights reserved. 38
Slide 39: Portfolio Data – General
Additional Information & Key Definitions Portfolio Data – General P&I Repayment Status: The outstanding principal balance (including capitalized interest) of loans in full principal and interest repayment status as well as certain loans in short-term interest-only payment programs (such as loans in
Slide 40: Portfolio Data – Delinquencies
Additional Information & Key Definitions Portfolio Data – Delinquencies 30+ Delinquency Rate: For a given P&I Repayment Vintage, the outstanding principal balance for loans in that P&I Repayment Vintage that are 30 days or more past due relative to their contractual payment due date, expressed as a
Slide 41: Portfolio Data – Periodic & Cumulative Default Rates
Additional Information & Key Definitions Portfolio Data – Periodic & Cumulative Default Rates Periodic Default Rate The Periodic Default Amount for a given P&I Repayment Vintage, expressed as a percentage of loans in P&I Repayment Status. Periodic Default Amount The defaulted principal and interest
Slide 42: Vintage Prepayment Data: Voluntary Prepayments
Smart Option Student Loan Vintage Prepayment Data Voluntary Prepayments © 2026 Sallie Mae Bank. All rights reserved. 42
Slide 43: Important Information Regarding Prepayment Data
Important Information Regarding Smart Option Student Loan Prepayment Data Smart Option Student Loan Prepayment Data for Sallie Mae Bank Serviced Loans In the slides that follow regarding Smart Option Student Loan prepayments, information is presented for loans originated in 2015-2025 under the Smart
Slide 44: Voluntary CPR by Disbursement Vintage
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage(1)(2)(3) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 45: Voluntary CPR by Disbursement Vintage – Interest Only
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Interest Only(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Quarters Since Disbursement 2015 2016 2017 2018 2019 202
Slide 46: Voluntary CPR by Disbursement Vintage – Fixed Pay
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Fixed Pay(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 20
Slide 47: Voluntary CPR by Disbursement Vintage – Deferred
Smart Option Student Loan Prepayment Data Voluntary CPR by Disbursement Vintage – Deferred(1)(2)(3)(4) 25% 20% 15% 10% 5% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 202
Slide 48: Key Information & Definitions: Prepayment Data
Key Information & Definitions Prepayment Data © 2026 Sallie Mae Bank. All rights reserved. 48
Slide 49: Key Information & Definitions: Prepayment Data
Key Information & Definitions Prepayment Data CPR – 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 excess of the scheduled pool amortization. The rate can be positive or negative depending on