Slm Corporation · NASDAQ:SLM

Slm — Q4 2025 Earnings Presentation

52 slides from Slm's earnings presentation, Jan 22, 2026

Slide 1: Investor Presentation 4th Quarter & Full-Year 2025
Investor Presentation 4th Quarter & Full-Year 2025 © 2026 Sallie Mae Bank. All rights reserved. © 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 (the “Company”) announcing its financial results for the quarter ended D
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: A Compelling Investment Opportunity
A Compelling Outstanding financial track record with strong EPS performance and ROCE Investment Opportunity Well-positioned in large and growing private student loan market, with powerful brand recognition and attractive client base Consistent profitability, balance sheet strength, and strong risk a
Slide 6: Sallie Mae is an Outstanding Franchise
Sallie Mae is an 64% 2024 full-year market share Outstanding Franchise of private student lending marketplace(3) Sallie Mae is the market-leading brand for Private Education Loans driven by brand recognition, rigorous underwriting methodology, and industry-leading customer service. 61% In School Pay
Slide 7: Providing Customers with Financial Backing, Information, and Tools
SLM Portfolio Providing Customers with Financial Backing, Information, and Tools to Achieve Their Goals PRIVATE Smart Option SALLIE Offers traditional savings EDUCATION Student Loans MAE products LOANS Emphasize in-school BANK • High-yield savings accounts payment features that can • Money market ac
Slide 8: Private Education Loan Portfolio
Smart Option Originations Vintage Smart Option Payment Type (7) Private 24% 2025 3% Pre 2015 2% 18% Education 2015 3% Interest Only 2016 3% 46% Loan 2017 Deferred 3% 2018 Portfolio 25% 2024 $19.6B Loans 4% 4% 2019 $19.6B Loans 2020 7% 36% 2021 Fixed Pay 12% 10% 2022 2023 High Quality Private Educati
Slide 9: Sallie Mae's Smart Option Loan
Sallie Mae’s Smart Option Loan The Smart Option Loan product, introduced in 2009, consists of: Interest Only loans Fixed Pay loans Deferred loans • Smart Option payment option may Require full interest Require $25 fixed Do not require payments not be changed after selected at payments during in-scho
Slide 10: More Personalized, Flexible Financing Options
More Personalized, Flexible Financing Options that Set Students Up for Success Medical General Studies Sallie Mae Federal Student Loan Program Federal Direct Loan Loan Program Smart Option Student Loan Parent Plus (Subsidized & Unsubsidized) Dental Yr. 1 - $5,500 ($3,500 > subsidized) Undergraduate
Slide 11: Our Proven Strategy Aims to Maximize Profitability and Growth
Our Proven Strategy Aims to Maximize the Profitability and Growth of the Core Business STRATEGIES TO MAXIMIZE REVENUE STRATEGIES TO MANAGE UNIT COSTS Drive penetration at all schools Maintain strong focus on fixed cost discipline Increase market share by bridging gaps in Drive towards reducing both
Slide 12: Optimize the Value of the Brand and Attractive Client Base
Optimize the Value of the Brand and Attractive Client Base WHAT Ensure products and services are Build products and services that Prioritize partnerships Look for opportunities WE DO consistent with our core mission leverage our customer affiliation and other capital efficient to optimize ROI and dr
Slide 13: Disciplined Balance Sheet Growth and Strategic Capital Return
Aiming to Enhance Shareholder Value Through Disciplined Balance Sheet Growth and Strategic Capital Return Strong Balance Expected to drive recurring Expected to support a consistent Sheet & Recurring revenue and lead to steady dividend with the potential for Earnings Growth double-digit earnings per
Slide 14: Consumers Increasingly Rely on Borrowed Funds for Higher Education
Roughly Half of Consumers Increasingly Rely on Families USED BORROWED FUNDS Borrowed Funds to Finance the IN AY 2024-25 Cost of a Higher Education(9) Families’ out-of-pocket contributions covered half of college costs of costs covered by families’ 48% out-of-pocket contributions of costs covered by
Slide 15: Diversified Funding Optimizes Net Interest Margin
Diversified Funding Optimizes Net Interest Margin Long-Term Funding • Outstanding borrowings consist of unsecured debt and secured borrowings issued through our term asset-backed securities program, totaling approximately $1 billion and $4.9 billion as of Funding Strategy December 31, 2025. Deposits
Slide 16: Private Education Loan Trends
Private Private Education Loan Originations(10) Average FICO at Approval(6) 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.
Slide 18: Sallie Mae Bank ABS Summary – Last 12 Quarters
Sallie Mae Bank ABS Summary – Last 12 Quarters (On Balance Sheet)* © 2026 Sallie Mae Bank. All rights reserved. 18 * Pool characteristic percentages and values are as of the statistical cutoff date for each respective transaction pool.
Slide 21: Loans in Repayment Balances
Loans in Repayment Balances On book balances of loans in repayment(5) have been largely consistent over the past 2 years, while off book balances have grown almost 50% since Q4 2023. On Book Balances of Loans Off Book Balances of Loans in Repayment in Repayment $18 $12 $3.6B Since 4Q23 $17 $11 $16 $
Slide 22: Loans in Early-Stage P&I Repayment Status
Loans in Early-Stage P&I Repayment Status Off book loans in repayment show a higher proportion of borrowers in their first 24 months of P&I repayment status(11), a period we recognize as the most challenging. On Book – 1 to 24 months P&I Repayment Off Book – 1 to 24 months P&I Repayment Status(11) a
Slide 23: 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 24: 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 25: Credit Performance
Credit Performance (5)(17)(18) Private Education Loans Held for Investment * Total Allowance % of Private Education Loan Exposure is defined as total allowance for credit losses as a percentage of the ending total loan balance plus unfunded loan commitments and total accrued interest receivable on P
Slide 26: 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 27: 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
Slide 29: 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 31: 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 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends may not be indi
Slide 32: 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 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical tre
Slide 33: 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 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends
Slide 34: 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 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends m
Slide 35: Vintage Portfolio Data: Delinquency & Periodic Default Rates
Smart Option Student Loan Vintage Portfolio Data Delinquency & Periodic Default Rates 35 © 2026 Sallie Mae Bank. All rights reserved.
Slide 36: 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) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends may not be i
Slide 37: 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) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends may not be i
Slide 38: 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) 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% 0 20 40 60 80 100 120 Months in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends may not be i
Slide 39: 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 in P&I Repayment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Data as of December 31, 2025 Note: Historical trends may not be indicative of future per
Slide 41: Portfolio Data – Methodology Alignment
Additional Information & Key Definitions Portfolio Data – Methodology Alignment(1) Beginning with the quarterly performance update as of December 31, 2025, we refined the methodology used for our Smart Option Student Loan Historical Performance Data to align with comparable methodologies used in oth
Slide 42: 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 43: 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 44: 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 46: 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 2015-2024 under the Smart
Slide 47: 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 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 48: 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 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2
Slide 49: 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 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021
Slide 50: 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 Quarters Since Disbursement 2015 2016 2017 2018 2019 2020 2021 2
Slide 52: 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

SLM — Q4 2025 Earnings Presentation on 6ix

Slm — Q4 2025 Earnings Presentation

Slide 1: Investor Presentation 4th Quarter & Full-Year 2025

Slide 2: Cautionary Note and Disclaimer Regarding Forward-Looking Statements

Slide 3: Balance Sheet & Capital Allocation Highlights

Slide 4: Additional Key Performance Metrics

Slide 5: A Compelling Investment Opportunity

Slide 6: Sallie Mae is an Outstanding Franchise

Slide 7: Providing Customers with Financial Backing, Information, and Tools

Slide 8: Private Education Loan Portfolio

Slide 9: Sallie Mae's Smart Option Loan

Slide 10: More Personalized, Flexible Financing Options

Slide 11: Our Proven Strategy Aims to Maximize Profitability and Growth

Slide 12: Optimize the Value of the Brand and Attractive Client Base

Slide 13: Disciplined Balance Sheet Growth and Strategic Capital Return

Slide 14: Consumers Increasingly Rely on Borrowed Funds for Higher Education

Slide 15: Diversified Funding Optimizes Net Interest Margin

Slide 16: Private Education Loan Trends

Slide 17: ABS Supplement

Slide 18: Sallie Mae Bank ABS Summary – Last 12 Quarters

Slide 19: Sallie Mae Bank ABS Structures

Slide 20: Appendix

Slide 21: Loans in Repayment Balances

Slide 22: Loans in Early-Stage P&I Repayment Status

Slide 23: Quarterly Financial Highlights

Slide 24: Full-Year Financial Highlights

Slide 25: Credit Performance

Slide 26: Allowance for Credit Losses

Slide 27: Footnotes

Slide 28: Historical Portfolio Data Summary

Slide 29: Important Information Regarding Portfolio Data

Slide 30: Vintage Portfolio Data: Cumulative Default Rates

Slide 31: Cumulative Default Rates by Months in P&I Repayment

Slide 32: Cumulative Default Rates – Interest Only

Slide 33: Cumulative Default Rates – Fixed Pay

Slide 34: Cumulative Default Rates – Deferred

Slide 35: Vintage Portfolio Data: Delinquency & Periodic Default Rates

Slide 36: 30+ Delinquency Rate by Months in P&I Repayment

Slide 37: 60+ Delinquency Rate by Months in P&I Repayment

Slide 38: 90+ Delinquency Rate by Months in P&I Repayment

Slide 39: Periodic Default Rates by Months in P&I Repayment

Slide 40: Additional Information & Key Definitions: Portfolio Data

Slide 41: Portfolio Data – Methodology Alignment

Slide 42: Portfolio Data – General

Slide 43: Portfolio Data – Delinquencies

Slide 44: Portfolio Data – Periodic & Cumulative Default Rates

Slide 45: Vintage Prepayment Data: Voluntary Prepayments

Slide 46: Important Information Regarding Prepayment Data

Slide 47: Voluntary CPR by Disbursement Vintage

Slide 48: Voluntary CPR by Disbursement Vintage – Interest Only

Slide 49: Voluntary CPR by Disbursement Vintage – Fixed Pay

Slide 50: Voluntary CPR by Disbursement Vintage – Deferred

Slide 51: Key Information & Definitions: Prepayment Data

Slide 52: Key Information & Definitions: Prepayment Data