Slide 1: Sallie Mae Earnings Presentation 1st Quarter 2026
Sallie Mae Earnings 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: 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 4: 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 5: Credit Performance Remains Within Expectations
Credit Performance Remains Within Net Charge-Offs Provision for Credit Losses Expectations Q1 2026 $89M ($11M) Reflecting disciplined underwriting and Provision for credit losses was impacted by continued optimization across loss mitigation, a $131M release of provision from loan collections, and re
Slide 6: Other Key Performance Highlights
Other Key Return on Common Equity Efficiency Total Risk-Based Performance (“ROCE”)(4) Ratio Capital Highlights Q1 2026 56.4% 30.6% 13.7% Down from 60.1% in the year- Calculated as Non-Interest CET1 capital ratio of 12.4% ago quarter Expenses over Net Interest Income and Non-Interest Income © 2026 Sa
Slide 7: 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 $5.4B Graduate loan originations were 14% higher than the year-
Slide 8: Origination Credit Quality Remains Strong
Origination Credit Average FICO Cosigned In School Quality Remains at Approval(5) Repayment Strong Q1 2026 754 95% 59% Compared to 753 in the Compared to 93% in the Compared to 56% in the year-ago quarter year-ago quarter year-ago quarter Average FICO Cosigned In School Consistent with at Approval(5
Slide 9: Key Financial Highlights
Key Financial Income Statement ($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 $206 Total Non-Interest
Slide 10: Key Performance Metrics
Key Performance Key Performance Metrics Q1 2026 Q4 2025 Q1 2025 Metrics Net Interest Margin 5.29% 5.21% 5.27% Yield – Total Interest-Earning Assets 9.14% 9.07% 9.22% Q1 2026 Private Education Loans 10.46% 10.44% 10.59% Cost of Funds 4.13% 4.14% 4.23% Efficiency Ratio 30.6% 34.6% 26.6% Return on Asse
Slide 11: Credit Performance Highlights
Credit Quarters Ended Performance Private Education Loans Held for Investment ($ 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% $15,333,672 96.4% Loans Delinquen
Slide 12: Allowance for Credit Losses
Allowance for Consolidated Statements of Income – Quarter Ended Credit Losses MAR 31 Provision for Credit Losses Reconciliation ($ 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 13: 2026 Guidance
2026 Guidance* $3.10 - $3.20 12% - 14% The Company raised full-year 2026 Diluted Earnings Private Education Loan Originations diluted earnings per common share Per Common Share Year-Over-Year Growth guidance, previously $2.70 - $2.80 $345 - $385 $750 - $780 million million Net Charge-Offs Non-Intere
Slide 14: 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 the percentage of loans in an extended grace period as the ratio of (a) Private Education Loans in forbearance in an extended grace period numerato