Slide 1: Earnings Presentation 2nd Quarter 2025
Earnings Presentation 2nd Quarter 2025 Confidential and proprietary information. © 2025 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 July 24, 2025 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation announcing its financial results for the quarter ended June 30, 2025, furni
Slide 3: 2nd Quarter 2025 Highlights
Balance Sheet & 2nd Quarter Capital Allocation $686M $0.13 Private Education Loan Common stock dividend per 2025 Highlights Originations(1) in Q2 2025 as compared to $691M in the share paid in Q2 2025. year-ago quarter. 12.6% (2) 12.8% Return on Common Equity for Total risk-based capital ratio; Q2 2
Slide 4: Additional Key Performance Metrics
Funding & Liquidity Additional Key Performance $539M Deposit portfolio balances at the end of Q2 2025 were 1% lower than at Metrics the end of Q2 2024; Q2 2025 mix of Successfully settled the first student loan brokered vs. retail and other was ABS transaction of the year on 5/7/25. approximately 42
Slide 5: Private Education Loan Trends
Average FICO In School Cosigned Private Private Education Loan Originations(1) at Approval(5) Payment Education Q2 Loan Trends Full Year 2025* 2025 * $3,457 Second quarter 2025 originations at approximately $686 million, YTD comparable to the year-ago quarter. 2024 $3,273 $7,013 752 56% 90% Cosigned
Slide 6: Federal Student Loan Reform Update
Federal Student Loan Reform Key Provisions Update Eliminates Grad PLUS Loans and Expands Unsubsidized On July 4th, 2025, H.R.1., which Stafford Loans for Professional Graduate Students contains major federal student lending reforms, was signed into law. - Unsubsidized Stafford loans to graduate stud
Slide 7: Quarterly Financial Highlights
Quarterly Financial Highlights Q2 Q1 Q2 Q2 Q1 Q2 2025 2025 2024 2025 2025 2024 Income Statement ($ Millions) Key Performance Metrics ($ in millions) Total interest income 657 656 641 Net Interest Margin 5.31% 5.27% 5.36% Total interest expense 280 281 269 Net Interest Income 377 375 372 Yield—Total
Slide 8: Credit Performance
Credit Performance (7)(8)(9) Private Education Loans Held for Investment Quarters Ended JUN 30, 2025 MAR 31, 2025 JUN 30, 2024 ($ Thousands) Balance % Balance % Balance % Loans in repayment and percentage of each status: Loans current $ 15,661,996 96.5% $ 15,333,672 96.4% $ 13,756,538 96.7% Loans de
Slide 9: Allowance for Credit Losses
Allowance for Credit Losses Consolidated Statements of Income – Provision for Credit Losses Reconciliation Factors affecting the Provision for Credit Losses 2nd Quarter 2025 Quarter Ended ($ THOUSANDS) June 30, 2025 • Provision for credit losses with Private Education Loan provision for credit losse
Slide 10: 2025 Guidance
For the full year 2025, the Company expects: 2025 Guidance * $3.00 - $3.10 6% - 8% GAAP Diluted Earnings Private Education Loan Originations Per Common Share Year-over-Year Growth 2.0% - 2.2% $655 - $675 Total Loan Portfolio Net Charge-Offs Million as a Percentage of Average Loans in Repayment Non-I
Slide 11: Footnotes
Footnotes 1. Originations represent loans that were funded or acquired during the period presented. 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 (annualized) to (b) the net denominato