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© 2026 Sallie Mae Bank. All rights reserved. Sallie Mae Earnings Presentation 3rd Quarter 2026
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© 2026 Sallie Mae Bank. All rights reserved. CAUTIONARY NOTE AND DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS The following information is current as of October 22, 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 September 30, 2026, filed with the Securities and Exchange Commission (“SEC”) on October 22, 2026, as well as SLM Corporation’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC (“SEC Filings”). See the SEC Filings for definitions and descriptions of terms used in this presentation. This presentation contains “forward-looking statements” and information based on management’s current expectations as of the date of this presentation. Statements that are not historical facts, including statements about SLM Corporation’s beliefs, opinions, expectations, and/or statements that assume or are dependent upon future events, are forward-looking statements. These include, but are not limited to, the strategies, goals, and assumptions of SLM Corporation and its subsidiaries, collectively or individually, as the context requires (the “Company,” “we,” “our,” or “us”); the Company’s expectation and ability to execute loan sales (including sales under the Company’s strategic partnership) and share repurchases; the Company’s expectation and ability to pay a quarterly cash dividend on the Company’s common stock in the future, subject to approval of the Board of Directors; the Company’s 2026 guidance; the Company’s three-year horizon outlook; the Company’s credit outlook; the impact of acquisitions the Company has made or may make in the future; the Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of changes in credit administration practices, including the results of simulations or other behavioral observations. Forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the Company’s control, which may cause actual results to differ materially from those reflected in such forward-looking statements. There can be no assurance that future developments affecting the Company will be as anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied by, or projected in such forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A., “Risk Factors,” and elsewhere in SLM Corporation’s SEC Filings; increases in financing costs; limits on liquidity; increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws or regulations; changes in laws, regulations, and supervisory expectations, especially in light of the goals of the current federal administration; the ability to timely develop new products and services and the acceptance of those products and services by potential and existing customers; changes in accounting standards and related changes in significant accounting estimates, including those regarding the measurement of the Company’s allowance for credit losses and the related provision expense; any adverse outcomes in significant litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties to the Company’s derivative transactions; the effectiveness of the Company’s risk management framework and quantitative models; changes in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation of existing laws); and changes in the demand for the Company’s deposit products, including changes caused by new or emerging market entrants or technologies. The Company could also be affected by, among other things, changes in funding costs and availability; reductions to credit ratings; cybersecurity incidents, cyberattacks, risks related to artificial intelligence (“AI”), and other failures or breaches of operating systems or infrastructure, including those of third-party vendors; the societal, demographic, business, and legislative/regulatory impacts of pandemics, other public health crises, severe weather events, and/or natural disasters; damage to reputation; risks associated with restructuring initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on the business; changes in the demand for higher education, educational financing, or financing preferences of lenders, educational institutions, students, and their families, including changes to the amount or availability of funding that educational institutions, students, or their families receive from government sources; changes in laws and regulations with respect to the student lending business and financial institutions generally; changes in banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders; changes in customer creditworthiness; changes in the general interest rate environment, including the rate relationships among relevant money-market instruments and those of earning assets versus funding arrangements; the Company’s ability to execute loan sales at prices acceptable to the Company as a consequence of any changes in the macroeconomic environment, including interest rates; rates of prepayments on loans owned by the Company; and changes in general economic or macroeconomic conditions, including, but not limited to, changes due to inflation, stagflation, recession, shifts in the labor market, and changes to government policies or initiatives, such as tariffs, trade wars, wars, immigration, and student visa policies, which could negatively impact consumer or business sentiment, demand for higher education, demand for student loans, financial and business results and/or modeling, and the ability to successfully effectuate any acquisitions, strategic partnerships, or initiatives. The preparation of the Company’s consolidated financial statements also requires management to make certain estimates and assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect. All oral and written forward-looking statements attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing cautionary statements, and are made only as of the date of this presentation or, where the statement is oral, as of the date stated. The Company’s past performance is not indicative of future results, and actual results may differ materially from any projections and/or estimates herein. The Company does not undertake any obligation to update, supplement, or revise any forward-looking statements or estimates to conform to actual results or changes in the Company’s expectations, nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on any forward-looking statements or estimates discussed herein.
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© 2026 Sallie Mae Bank. All rights reserved. 3 Results Reflect Record Originations Growth Private Education Loan Originations(1) Net Loss Per Common Share Total Non-Interest Expenses $3.4B $0.19 $221M 15% growth compared to the year-ago quarter GAAP Net Loss attributable to Common Stock of $36M Year-over-year increase, primarily driven by marketing expenses associated with the first academic peak season following PLUS reform Cost of Funds Net Interest Margin 4.21% 4.85% Compared to 4.24% in the year-ago quarter Compared to 4.75% in the prior quarter 2025 2026 Q3 2026 ⁕ The shaded block representing full year 2026 originations is a projected estimate.These estimates and related comments constitute forward-looking statements and are based on performance during the first nine months of 2026 and management’s current expectations and beliefs.There can be no guarantee as to whether and to what extent these estimates will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on slide 2 for more information.
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© 2026 Sallie Mae Bank. All rights reserved. 4 Private Education Loan Trends Q3 2026 originations were approximately $3.4B, 15% higher than the year-ago quarter and the largest single quarter of originations in SLM history Graduate loan originations were 119% higher than the year-ago quarter 2021 2022 2023 2024 2025 2026 Private Education Loan Originations: Growth & Trends $7.4B Private Education Loan Originations(1) ⁕ The shaded block representing full year 2026 originations is a projected estimate.These estimates and related comments constitute forward-looking statements and are based on performance during the first nine months of 2026 and management’s current expectations and beliefs.There can be no guarantee as to whether and to what extent these estimates will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward-Looking Statements disclosures on slide 2 for more information. $7.0B $6.4B $6.0B $5.4B +2% +10% +7% +10% +6% +1.2% Q2 2026 market share growth while top competitors saw decline(2) Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 5 Origination Credit Quality Remains Strong Average FICO at Approval(3) Cosigned In School Repayment 757 91.7% 60.8% Compared to 756 in the year-ago quarter Compared to 94.5% in the year-ago quarter Compared to 59.7% in the year-ago quarter Q3 2026 2021 2022 2023 2024 20252021 2022 2023 2024 2025 750 747 748 752 754 Average FICO at Approval(3) 86% 86% 87% 90% 93% Cosigned In School Repayment2021 2022 2023 2024 2025 59% 57% 55% 56% 58% Consistent with full-year historical performance
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© 2026 Sallie Mae Bank. All rights reserved. 6 Net Charge-Offs Delinquent 30+ Days* Total Allowance % of Private Education Loan Exposure^ $90M 4.2% 5.89% Primarily impacted by the previously discussed misaligned third-party debt resolution practices, and related shifts to our recovery strategies, which represents approximately $14M of the year-over-year increase Represents $674 million, as compared to 4.0% or $654 million in the year- ago quarter Compared to 5.93% in the year- ago quarter, reflecting the effectiveness of our disciplined underwriting and ongoing efforts to optimize loss mitigation % in Extended Grace(4) Provision for Credit Losses 1.1% $214M 1.2% Private Education Loans in hardship and other forbearance(5) Provision for credit losses for the nine months ended September 30, 2026 was $328 million, a decrease of $23 million compared to the year-ago period Credit Performance Remains Within Expectations Q3 2026 * Delinquencies as a percentage of loans in repayment (6)(7) ^ Total Allowance % of Private Education Loan Exposure defined as total allowance for credit losses as a percentage of the endi ng total loan balance plus unfunded loan commitments and total accrued interest receivable on Private Education Loans, where total allowance for credit losses represents the sum of the allowance for Private Education Loans and the allowance for unfunded loan commitments. Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance % of Private Education Loan Exposure do not include $672 million of unf unded loan commitments associated with loans classified as held for sale at September 30, 2026. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale. $78 M $76 M ~$14M 3Q 2025 3Q 2026 YoY increase in impacted segment NCOs
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© 2026 Sallie Mae Bank. All rights reserved. 7 Early-Stage Post-Default Internal collections strategies continue to reduce the flow of early- stage delinquencies to charge-offs Proven internal recovery strategies that increase our control over the customer experience while supporting higher financial returns over time Sell defaulted loans to external third-parties at a discount to accelerate value realization In response to misaligned third-party debt resolution practices, we have taken decisive steps to bring post-default recoveries under greater control and oversight Loss Mitigation Strategies we deploy are disciplined and adaptable Given our proven ability to recover loans through internal strategies… at present we have paused the majority of recovery loan sales - a shift expected to be NPV- positive over time while maintaining minimal impact to expense efficiency
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© 2026 Sallie Mae Bank. All rights reserved. 8 Total On-Balance Sheet Portfolio (As of September 30 for each year) 5.1% 12.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 2026 Total On-Balance Sheet Gross Charges-Offs (As of September 30 for each year) The impacted segment is a very small portion of our portfolio, however, represents an outsized portion of gross charge-offs Impacted Segment Gross Charge-Offs Remaining Gross Charge-Offs 0.10% 0.12% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025 2026 Impacted Segment % of Portfolio Rest of Portfolio
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© 2026 Sallie Mae Bank. All rights reserved. 9 Continued success of borrowers during and after modification underscores the strength of our loss mitigation strategy Payment Success of Borrowers Enrolled in Loan Modifications (Months Post Enrollment by Enrollment Quarter) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 6 Months 12 Months Strong performance among early cohorts following exit from initial modified rates 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4Q23 1Q24 2Q24 Cumulative Payment Success of Borrowers Exiting Loan Modification(8) (Post 3 Months of Exit by Enrollment Quarter) Expectation Continued criteria optimization for loans in early- stage delinquency as loan modifications remain an important tool to assist borrowers
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© 2026 Sallie Mae Bank. All rights reserved. 10 Capital Deployment and Strategic Balance Sheet Actions 58%+ at an average price of $17.15 Consistent Capital Return to Shareholders Common Stock Dividend Per Share 5.1M shares $0.13 of common stock repurchased in the third quarter for $132.2 million Paid on September 15, 2026 Total Shares Repurchased Since January 1, 2020 Weighted Average Life of Long-Term Brokered CDs 37 months Up from 23 months as of year-end 2025, helping to balance interest rate exposure as fixed rate selection by borrowers has increased 60% at an average price of $17.37 Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 11 Key Financial Highlights Income Statement ($M) Q3 2026 Q2 2026 Q3 2025 Total Interest Income $616 $602 $658 Total Interest Expense $277 $269 $285 Net Interest Income: $339 $333 $373 Less: Provisions for Credit Losses $214 $126 $179 Total Non-Interest Income $36 $68 $173 Total Non-Interest Expense $221 $195 $180 Income Tax (Benefit) Expense ($27) $22 $50 Net Income (loss): (32) $59 $136 Preferred Stock Dividends $4 $4 $4 Net Income (Loss) Attributable to Common Stock ($36) $55 $132 Ending Balances ($M) Private Education Loans Held for Investment, Net $20,626 $19,531 $21,615 Private Education Loans Held for Sale, Net $1,442 $172 - Total Deposits $20,761 $19,895 $20,012 Brokered Deposits $9,292 $8,246 $7,738 Retail and Other Deposits $11,469 $11,649 $12,274 Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 12 Key Performance Metrics Key Performance Metrics Q3 2026 Q2 2026 Q3 2025 Net Interest Margin 4.85% 4.75% 5.18% Yield – Total Interest-Earning Assets 8.82% 8.59% 9.14% Private Education Loans 10.22% 10.25% 10.58% Cost of Funds 4.21% 4.13% 4.24% Efficiency Ratio 58.8% 48.6% 33.1% Return on Assets (“ROA”)(9) (0.4%) 0.8% 1.9% Return on Common Equity (“ROCE”)(10) (6.8%) 9.9% 24.3% Private Education Loan Sales ($M) $318 $420 $1,936 Per Common Share GAAP Diluted Earnings (Loss) per Common Share ($0.19) $0.29 $0.63 Average Common and Common Equivalent Shares Outstanding (M) 186 190 211 Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 13 Credit Performance Highlights Quarters Ended Private Education Loans Held for Investment ($ Thousands) Sept 30 2026 Jun 30 2026 Sept 30 2025 Balance % Balance % Balance % Loans In Repayment and % of Each Status Loans Current $15,369,029 95.8% $14,794,274 96.3% $15,638,904 96.0% Loans Delinquent 30-59 Days $351,102 2.2% $289,764 1.8% $335,312 2.0% Loans Delinquent 60-89 Days $173,755 1.1% $146,124 1.0% $173,135 1.1% Loans Delinquent 90+ Days $149,555 0.9% $136,434 0.9% $145,119 0.9% Total Private Education Loans in Repayment(6) $16,043,441 100% $15,366,596 100% $16,292,470 100% Delinquencies as % of Loans in Repayment(7) 4.2% 3.7% 4.0% Loans in Forbearance $369,432 $328,601 $331,761 % of Loans in Forbearance(11) % of Loans in an Extended Grace Period(4) 1.1% 1.1% 1.0% % of Loans in Hardship and Other Forbearances(5) 1.2% 1.0% 1.0% Total Allowance % of Private Education Loan Exposure* 5.89% 5.89% 5.93% Net Charge-Offs $90,386 $112,554 $77,531 ⁕ Total Allowance % of Private Education Loan Exposure 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 Private Education Loans, where total allowance for credit losses represents the sum of the allowance for Private Education Loans and the allowance for unfunded loan commitments. Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance % of Private Education Loan Exposure do not include $672 million of unfunded loan commitments associated with loans classified as held for sale at September 30, 2026. Due to the near-term timing of the loan sale and credit quality of the loans, we believe there is no risk of credit loss and are not recording an allowance for the unfunded loan commitments related to the loans classified as held for sale. Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 14 Allowance for Credit Losses Consolidated Statements of Operations– Provision for Credit Losses Reconciliation ($ Thousands) Quarter Ended Sept 30 2026 Private Education Loan Provision for Credit Losses: Provision for Loan Losses $60,445 Provision for Unfunded Loan Commitments $153,230 Provisions for Credit Losses Reported in Consolidated Statements of Operations $213,675 Q3 2026
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© 2026 Sallie Mae Bank. All rights reserved. 15 2026 Guidance* $1.95 – $2.05 12% – 14% Diluted Earnings Per Common Share Private Education Loan Originations Year-Over-Year Growth $400 – $420 million $750 – $780 million Net Charge-Offs Non-Interest Expenses ⁕ The 2026 Guidance and related comments constitute forward-looking statements and are based on management’s current expectations and beliefs. There can be no guarantee as to whether and to what extent this guidance will be achieved. The Company undertakes no obligation to revise or release any revision or update to these forward-looking statements. See our Forward- Looking Statements disclosures on slide 2 for more information.
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© 2026 Sallie Mae Bank. All rights reserved. FOOTNOTES 1. We define Private Education Loan originations for a period by reference to the amount of loan disbursements in that period. 2. Source: Enterval Quarterly Originations Report Q2 2026 for Sallie Mae issued June 2026. 3. Represents the higher credit score of the cosigner or the borrower. 4. 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 the Comptroller of the Currency definition of an additional, consecutive, one-time period during which no payment is required for up to six months after the initial grace period. We typically grant this extended grace period to customers who may be having difficulty finding employment before the full principal and interest repayment period starts or once it has begun. 5. We calculate the percentage of loans in hardship and other forbearances as the ratio of (a) Private Education Loans in hardship and other forbearances (excluding loans in an extended grace period) numerator to (b) Private Education Loans in repayment and forbearance denominator. If the customer is in financial hardship, we work with the customer and/or cosigner and identify any available alternative arrangements designed to reduce monthly payment obligations, which may include a short-term hardship forbearance. 6. For purposes of this slide, loans in repayment include loans making interest only or fixed payments, as well as loans that have entered full principal and interest repayment status after any applicable grace period (but do not include those loans while they are in forbearance). 7. The period of delinquency is based on the number of days scheduled payments are contractually past due. 8. Success rate based on the percentage of borrowers who have completed three payments after the end of their initial modification period. 24 months post-enrollment, loans exit their initial modified rate and either go direct to the contractual rate or begin an incremental step up to their contractual rate. 9. We calculate and report our Return on Assets (“ROA”) as the ratio of (a) GAAP net income (loss) numerator (annualized) to (b) the GAAP total average assets denominator. 10.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 denominator, which consists of GAAP total average equity less total average preferred stock. 11. For purposes of this slide, loans in forbearance include loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.