Slm Corporation · NASDAQ:SLM

Slm — Debt Investor Presentation (February 2025)

19 slides from Slm's debt investor presentation, Feb 4, 2025

1. Slide 1: Smart Option Student Loan Historical Performance Data

   Confidential and proprietary information. © 2024 Sallie Mae Bank. All rights reserved.5 Smart Option Student Loan Historical Performance Data Period ended December 31, 2024 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 December 31, 2024 (unless otherwise noted) and should be read in connection with the most recent per

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 TransactionDateTransactionDateTransactionDate SMB Private Education Loan Trust 2022-CAugust 2022SMB Private Education Loan Trust 2018-CSeptember 2

4. Slide 4: Smart Option Serviced Portfolio: 30-59 Day Delinquencies

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 4 Smart Option Serviced Portfolio: 30-59 Day Delinquencies 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n -1 5 S ep -1 5 D ec -1 5 M ar -1 6 Ju n -1 6 S ep -1 6 D ec -1 6 M ar -1 7 Ju n -1 7 S ep -1 7 D ec -1 7 M ar -1 8 Ju n

5. Slide 5: Smart Option Serviced Portfolio: 60-89 Day Delinquencies

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 5 Smart Option Serviced Portfolio: 60-89 Day Delinquencies 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n -1 5 S ep -1 5 D ec -1 5 M ar -1 6 Ju n -1 6 S ep -1 6 D ec -1 6 M ar -1 7 Ju n -1 7 S ep -1 7 D ec -1 7 M ar -1 8 Ju n

6. Slide 6: Smart Option Serviced Portfolio: 90+ Day Delinquencies

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 6 Smart Option Serviced Portfolio: 90+ Day Delinquencies 0% 2% 4% 6% 8% 10% M ar -1 5 Ju n -1 5 S ep -1 5 D ec -1 5 M ar -1 6 Ju n -1 6 S ep -1 6 D ec -1 6 M ar -1 7 Ju n -1 7 S ep -1 7 D ec -1 7 M ar -1 8 Ju n -1

7. Slide 7: Smart Option Serviced Portfolio: Forbearance

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 7 Smart Option Serviced Portfolio: Forbearance 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% M ar -1 5 Ju n -1 5 S ep -1 5 D ec -1 5 M ar -1 6 Ju n -1 6 S ep -1 6 D ec -1 6 M ar -1 7 Ju n -1 7 S ep -1 7 D ec -1 7 M ar -1

8. Slide 8: Smart Option Serviced Portfolio: Annualized Gross Defaults

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 8 Smart Option Serviced Portfolio: Annualized Gross Defaults Data as of December 31, 2024. (1) Loans in P&I Repayment include only those loans for which scheduled principal and interest payments were due at the en

9. Slide 9: Smart Option Vintage Data: Cumulative Gross Default by Loan Type

   Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 9 Smart Option Vintage Data: Cumulative Gross Default (3) by Loan Type 3.8% 3.3% 3.2% 3.0% 3.2% 2.8% 2.7% 2.8% 2.2% 1.1% 0% 2% 4% 6% 8% 10% 12% 14% 0 1 2 3 4 5 6 7 8 9 C u m u la ti ve D e fa u lt s a s a % o f D

10. Slide 10: Smart Option Vintage Data: Voluntary Prepayments

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 10 Smart Option Vintage Data: Voluntary Prepayments Data as of December 31, 2024. (1) Please see pages 18 & 19 for a description and explanation of the data and calculations underlying these charts. (2) Data for a

11. Slide 11: Smart Option Vintage Data: Total Prepayments

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 11 Smart Option Vintage Data: Total Prepayments ► Data as of December 31, 2024. (1) Please see pages 18 & 19 for a description and explanation of the data and calculations underlying these charts. (2) Data for all

12. Slide 12: Cohort Default Triangles – Smart Option Combined

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 12 Cohort Default Triangles – Smart Option Combined (Interest Only, Fixed Payment & Deferred) (1) Please see page 17 for a description and explanation of the data and calculations underlying these charts. (2) Data

13. Slide 13: Cohort Default Triangles – Smart Option Interest Only

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 13 Cohort Default Triangles – Smart Option Interest Only (1) Please see page 17 for a description and explanation of the data and calculations underlying these charts. (2) Data as of December 31, 2024 for Sallie M

14. Slide 14: Cohort Default Triangles – Smart Option Fixed Payment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 14 Cohort Default Triangles – Smart Option Fixed Payment (1) Please see page 17 for a description and explanation of the data and calculations underlying these charts. (2) Data as of December 31, 2024 for Sallie M

15. Slide 15: Cohort Default Triangles – Smart Option Deferred Payment

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 15 Cohort Default Triangles – Smart Option Deferred Payment (1) Please see page 17 for a description and explanation of the data and calculations underlying these charts. (2) Data as of December 31, 2024 for Salli

16. Slide 16: Additional Information

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 16 Additional Information

17. Slide 17: Smart Option Loan Program: Cohort Default Triangles

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 17 Smart Option Loan Program: Cohort Default Triangles     o o o   o o o

18. Slide 18: Smart Option Loan Program: Prepayment Methodology

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 18 Smart Option Loan Program: Prepayment Methodology         

19. Slide 19: Smart Option Loan Program: Prepayment Methodology

    Confidential and proprietary information. © 2025 Sallie Mae Bank. All rights reserved. 19 Smart Option Loan Program: Prepayment Methodology 𝑃𝑟𝑒𝑝𝑎𝑦𝑚𝑒𝑛𝑡 = 𝑃𝑀𝑇 − 𝑆𝑃 𝑆𝑀𝑀 = 𝑃𝑟𝑒𝑝𝑎𝑦𝑚𝑒𝑛𝑡 𝐸𝑋𝑃⁄ 𝑆𝑅 = 1 − 𝑆𝑀𝑀 𝐶𝑃𝑅 = 1 − 𝑆𝑅 𝑤ℎ𝑒𝑟𝑒: 𝑛 = 𝑞𝑢𝑎𝑟𝑡𝑒𝑟 𝑡 = 𝑚𝑜𝑛𝑡ℎ…

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