16 unchanged sentences
In the fourth quarter of 2025, no director or officer (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934, as amended) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” for the purchase or sale of securities of the Company, each within the meaning of Item 408 of Regulation S-K.
−Removed: 2024 Form 10-K — SLM CORPORATION 89
+Added: 90 SLM CORPORATION — 2025 Form 10-K
Directors, Executive Officers and Corporate Governance
25 unchanged sentences
Oral or written requests for copies of any exhibits should be directed to the Corporate Secretary.
−Removed: 2024 Form 10-K — SLM CORPORATION 91
+Added: 92 SLM CORPORATION — 2025 Form 10-K
2.1 Separation and Distribution Agreement by and among SLM Corporation, New BLC Corporation and Navient Corporation, dated as of April 28, 2014 (incorporated by reference to Exhibit 2.2 of the Company’s Current Report on Form 8-K filed on May 2, 2014).
2 unchanged sentences
4.1 Indenture, dated as of June 17, 2015, between SLM Corporation and Deutsche Bank National Trust Company, as Trustee (incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-3 filed on June 17, 2015).
−Removed: 4.2 First Supplemental Indenture dated as of April 5, 2017 between SLM Corporation and Deutsche Bank National Trust Company, as Trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on April 5, 2017).
−Removed: 4.3 Second Supplemental Indenture dated as of October 29, 2020 between SLM Corporation and Deutsche Bank National Trust Company, as Trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on October 29, 2020).
−Removed: 4.4 Form of Senior Note due 2025 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on October 29, 2020).
4.2 Description of SLM Corporation’s Common Stock (incorporated by reference to Exhibit 4.3 to the Company’s Annual Report on Form 10-K filed on February 28, 2020).
4 unchanged sentences
4.7 Form of Senior Note due 2030 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on January 31, 2025).
−Removed: 10.1† SLM Corporation Executive Severance Plan for Senior Officers, including amendments as of June 25, 2015 (incorporated by reference to Exhibit 10.6 of the Company’s Annual Report on Form 10-K filed on February 26, 2016).
−Removed: 10.2† SLM Corporation Change in Control Severance Plan for Senior Officers, including amendments as of June 25, 2015 (incorporated by reference to Exhibit 10.7 of the Company’s Annual Report on Form 10-K filed on February 26, 2016).
−Removed: 10.3† Form of Director’s Indemnification Agreement (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K filed on February 27, 2012).
10.1† Sallie Mae Supplemental 401(k) Savings Plan, as Amended and Restated as of June 25, 2015 (incorporated by reference to Exhibit 10.9 of the Company’s Annual Report on Form 10-K filed on February 26, 2016).
3 unchanged sentences
10.5† SLM Corporation Deferred Compensation Plan for Directors, as Established Effective May 1, 2014 and Amended June 25, 2015 (incorporated by reference to Exhibit 10.11 of the Company’s Annual Report on Form 10-K filed on February 26, 2016).
−Removed: 2024 Form 10-K — SLM CORPORATION 92
−Removed: 10.9† Amended and Restated SLM Corporation Incentive Plan (incorporated by reference to Exhibit 10.24 of the Company’s Current Report on Form 8-K (file no.
−Removed: 001-13251) filed on May 25, 2005).
−Removed: 10.10† Director’s Stock Plan (incorporated by reference to Exhibit 10.25 of the Company’s Current Report on Form 8-K (file no.
−Removed: 001-13251) filed on May 25, 2005).
−Removed: 10.11† SLM Corporation Directors Equity Plan (incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement on Form S-8 (File No.
−Removed: 333-159447) filed on May 22, 2009).
−Removed: 10.12† SLM Corporation 2009-2012 Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement on Form S-8 (File No.
−Removed: 333-159447) filed on May 22, 2009).
10.6† SLM Corporation 2012 Omnibus Incentive Plan (incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement for the 2017 Annual Meeting of Shareholders filed on April 27, 2017).
5 unchanged sentences
10.12 Amended and Restated Loan Servicing and Administration Agreement between Sallie Mae Bank and Navient Solutions, Inc., dated as of April 30, 2014 (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed on May 2, 2014).
−Removed: 10.20† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2019 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019).
−Removed: 10.21† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2019 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019).
−Removed: 10.22† Form of SLM Corporation 2012 Omnibus Incentive Plan, Bonus Restricted Stock Unit Term Sheet (Three-Year Restriction), 2018 Management Incentive Plan Award (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 17, 2019).
−Removed: 10.23† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2020 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 22, 2020).
−Removed: 10.24† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2020 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 22, 2020).
+Added: 2025 Form 10-K — SLM CORPORATION 93
10.13† Offer Letter between Jonathan W.
Witter and the Company dated March 4, 2020 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 22, 2020).
−Removed: 10.26 Fixed Dollar Uncollared ASR Master Confirmation and Form of Supplement (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on April 22, 2020).
−Removed: 10.27† Separation Agreement between Raymond J.
−Removed: Quinlan and the Company effective April 19, 2020 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on July 22, 2020).
−Removed: 10.28† Jonathan W.
−Removed: Witter Sign-On Equity Grant - 2020 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on July 22, 2020).
10.14† Offer Letter between Donna F.
Vieira and the Company dated September 18, 2018 (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on July 22, 2020).
−Removed: 10.30† Separation Agreement between Paul Thome and the Company effective August 10, 2020 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on October 21, 2020).
−Removed: 10.31† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2021 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 21, 2021).
−Removed: 10.32† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2021 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 21, 2021).
−Removed: 2024 Form 10-K — SLM CORPORATION 93
10.15† Form of SLM Corporation 2012 Omnibus Incentive Plan, 2021 Stock Option Award Agreement (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q filed on April 21, 2021).
−Removed: 10.34† Form of SLM Corporation 2012 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement - 2021 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on July 21, 2021).
10.16† SLM Corporation 2021 Omnibus Incentive Plan (incorporated herein by reference to Exhibit 99.1 of the Company’s Registration Statement on Form S-8 filed on June 9, 2021).
1 unchanged sentence
10.18† Form of SLM Corporation 2021 Omnibus Incentive Plan, 2022 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 27, 2022).
−Removed: 10.38† Form of SLM Corporation 2021 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement – 2022 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on July 27, 2022).
10.19† Offer Letter between Kerri Palmer and the Company dated January 7, 2021 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on July 27, 2022).
−Removed: 10.40† SLM Corporation Amended and Restated Executive Severance Plan for Senior Officers (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 21, 2023).
10.20† Form of SLM Corporation 2021 Omnibus Incentive Plan, 2023 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023).
3 unchanged sentences
10.23† Agreement and Release between Daniel Kennedy and the Company effective March 30, 2023 (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q filed on April 26, 2023).
−Removed: 10.45† Form of SLM Corporation 2021 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement – 2023 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on July 26, 2023).
10.24† Offer Letter between Peter Graham and the Company dated August 25, 2023 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on October 25, 2023).
4 unchanged sentences
10.29† SLM Corporation Amended and Restated Executive Severance Plan for Senior Officers effective June 18, 2024 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q/A filed on July 26, 2024).
+Added: 10.30† Form of SLM Corporation 2021 Omnibus Incentive Plan, 2025 Restricted Stock Unit Term Sheet (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2025).
+Added: 10.31† Form of SLM Corporation 2021 Omnibus Incentive Plan, 2025 Performance Stock Unit Term Sheet (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q filed on April 24, 2025).
+Added: 10.32† SLM Corporation 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on June 20, 2025).
+Added: 10.33† Form of SLM Corporation 2021 Omnibus Incentive Plan, Independent Director Restricted Stock Agreement – 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed on July 24, 2025).
+Added: 10.34† Retention Agreement, by and between SLM Corporation and Donna F.
+Added: Vieira, dated as of September 29, 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on September 30, 2025).
19.1* Securities Trading Policy.
21.1* List of Subsidiaries.
+Added: 94 SLM CORPORATION — 2025 Form 10-K
23.1* Consent of KPMG LLP.
3 unchanged sentences
Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: 2024 Form 10-K — SLM CORPORATION 94
32.2* Certification Pursuant to 18 U.S.C.
20 unchanged sentences
(Principal Executive Officer) February 19, 2026
−Removed: Graham Executive Vice President, Chief Financial Officer and Treasurer
+Added: Graham Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer) February 19, 2026
5 unchanged sentences
Scott Blackley Director February 19, 2026
+Added: /S/ DANIEL GREENSTEIN
+Added: Daniel Greenstein Director February 19, 2026
Greig Director February 19, 2026
5 unchanged sentences
Ted Manvitz Director February 19, 2026
+Added: 96 SLM CORPORATION — 2025 Form 10-K
/S/ JIM MATHESON
Jim Matheson Director February 19, 2026
−Removed: 2024 Form 10-K — SLM CORPORATION 96
+Added: /S/ GARY MILLERCHIP
+Added: Gary Millerchip Director February 19, 2026
/S/ VIVIAN C.
Schneck-Last Director February 19, 2026
−Removed: /S/ ROBERT S.
−Removed: Strong Director February 20, 2025
/S/ KIRSTEN O.
34 unchanged sentences
The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
−Removed: Assessment of the Allowance for Credit Losses related to Private Education Loans Evaluated on a Collective Basis
−Removed: As discussed in Notes 2 and 6 to the consolidated financial statements, the Company’s total allowance for credit losses on private education loans evaluated on a collective basis (the Collective ACL) was $1,436 million as of December 31, 2024.
+Added: Assessment of the Allowance for Loan Losses related to Private Education Loans Evaluated on a Collective Basis
+Added: As discussed in Notes 2 and 7 to the consolidated financial statements, the Company’s total allowance for loan losses on Private Education Loans evaluated on a collective basis (the Collective ALL) was $1,430 million as of December 31, 2025.
For all loans carried at amortized cost, upon loan origination, the Company
F- 2 SLM CORPORATION — 2025 Form 10-K
−Removed: is required to measure the allowance for credit losses based on the estimate of all current expected credit losses over the remaining contractual term of the loans.
+Added: is required to measure the allowance for loan losses based on the estimate of all current expected credit losses over the remaining contractual term of the loans.
In determining the lifetime expected credit losses on the Private Education Loan portfolio, the Company applies a discounted cash flow method that requires the Company to project future principal and interest cash flows on loans in the Private Education Loan portfolio.
−Removed: To estimate the future expected cash flows, the Company uses statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary to determine the adequacy of the allowance for credit losses.
+Added: To estimate the future expected cash flows, the Company uses statistical loan-level models that consider life of loan expectations for defaults, prepayments, recoveries, and any other qualitative adjustments deemed necessary to determine the adequacy of the allowance for loan losses.
These cash flows are discounted at the loan’s effective interest rate to calculate the present value of the cash flows.
−Removed: The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for credit losses.
+Added: The difference between the present value of those cash flows and the amortized cost basis of the underlying loans is the allowance for loan losses.
Future default rates and future prepayment speeds are estimated at a loan level using historical experience, current borrower characteristics, current conditions, and economic factors forecasted over a reasonable and supportable period.
4 unchanged sentences
In estimating recoveries, the Company uses both estimates of what would be received from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries of charged-off loans.
−Removed: The Company also takes certain qualitative factors into consideration when calculating the Collective ACL, which could result in management overlays.
−Removed: We identified the assessment of the Collective ACL as a critical audit matter.
+Added: The Company also takes certain qualitative factors into consideration when calculating the Collective ALL, which could result in management overlays.
+Added: We identified the assessment of the Collective ALL as a critical audit matter.
A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment due to significant measurement uncertainty.
−Removed: Specifically, the assessment of the Collective ACL methodology encompassed the evaluation of the conceptual soundness and performance of the statistical loan-level models, including their significant assumptions.
+Added: Specifically, the assessment of the Collective ALL methodology encompassed the evaluation of the conceptual soundness and performance of the statistical loan-level models, including their significant assumptions.
Such significant assumptions included (1) forecasted economic factors and (2) default and prepayment rates derived from statistical loan-level models.
2 unchanged sentences
The following are the primary procedures we performed to address the critical audit matter.
−Removed: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s measurement of the Collective ACL estimate, including controls over the:
−Removed: • Collective ACL methodology
−Removed: • development of the statistical loan-level models used to estimate future defaults and prepayment speeds
−Removed: • performance monitoring of the statistical loan-level models
+Added: We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s measurement of the Collective ALL estimate, including controls over the:
+Added: • Collective ALL methodology
+Added: • performance monitoring and reviews of the statistical loan-level models used to estimate future defaults and prepayment speeds
• determination and measurement of the significant assumptions used in the models
• development of certain individual management overlay methods and assumptions
−Removed: • analysis of the Collective ACL results, trends, and ratios.
−Removed: We evaluated the Company’s process to develop the Collective ACL estimate by testing certain sources of data, factors, and assumptions that the Company used, and considered the relevance and reliability of such data, factors, and assumptions.
+Added: • analysis of the Collective ALL results, trends, and ratios.
+Added: We evaluated the Company’s process to develop the Collective ALL estimate by testing certain sources of data, factors, and assumptions that the Company used, and considered the relevance and reliability of such data, factors, and assumptions.
In addition, we involved credit risk professionals with specialized skills and knowledge, who assisted in :
−Removed: • evaluating the Company’s Collective ACL methodology for compliance with U.S.
+Added: • evaluating the Company’s Collective ALL methodology for compliance with U.S.
generally accepted accounting principles
+Added: • evaluating judgments made by the Company relative to the performance testing of the statistical loan-level models by comparing them to the relevant Company-specific metrics and trends
2025 Form 10-K — SLM CORPORATION F-3
−Removed: • evaluating judgments made by the Company relative to the development and performance testing of the statistical loan-level models by comparing them to the relevant Company-specific metrics and trends
• assessing the conceptual soundness and performance testing of the statistical loan-level models by inspecting the model documentation to determine whether the models are suitable for their intended use
• evaluating the selection of the forecasted economic factors used to adjust future default rates and future prepayment speeds over the reasonable and supportable forecast period by comparing them to the Company’s business environment and relevant industry practices
−Removed: • evaluating the conceptual soundness of the methods and assumptions used to develop certain individual management overlays and their impact on the Collective ACL compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying statistical loan-level models.
−Removed: We also assessed the sufficiency of the audit evidence obtained related to the Collective ACL by evaluating the cumulative results of the audit procedures and potential bias in the accounting estimates.
+Added: • evaluating the conceptual soundness of the methods and assumptions used to develop certain individual management overlays and their impact on the Collective ALL compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying statistical loan-level models.
+Added: We also assessed the sufficiency of the audit evidence obtained related to the Collective ALL by evaluating the cumulative results of the audit procedures and potential bias in the accounting estimates.
We have served as the Company’s auditor since 2013.
43 unchanged sentences
20,332,124 20,902,158
+Added: Loans held for sale 933,256 —
Restricted cash 177,263 173,894
7 unchanged sentences
Deposits $ 21,060,151 $ 21,068,568
+Added: Short-term borrowings 498,415 —
Long-term borrowings 5,362,494 6,440,345
39 unchanged sentences
Gains (losses) on securities, net ( 9,795 ) 467 2,678
−Removed: Losses on derivatives and hedging activities, net — — ( 5 )
Other income 123,484 112,873 84,148
105 unchanged sentences
Amortization of brokered deposit placement fee 8,033 10,529 11,681
−Removed: Amortization of Secured Borrowing Facility upfront fee 2,359 2,869 2,634
+Added: Amortization of fees for Secured Borrowing Facility 2,696 2,359 2,869
Amortization of deferred loan origination costs and loan premium/(discounts), net 15,385 12,883 12,583
11 unchanged sentences
Increase in accrued interest receivable ( 1,180,383 ) ( 1,110,434 ) ( 1,054,071 )
−Removed: Increase in trading investments — — ( 5,117 )
+Added: Decrease in trading investments 1,634 — —
Increase in non-marketable securities ( 740 ) ( 11,336 ) ( 1,256 )
−Removed: (Increase) decrease in other interest-earning assets 4,349 1,933 ( 1,507 )
+Added: Decrease in other interest-earning assets 4,760 4,349 1,933
Increase in other assets ( 50,215 ) ( 6,531 ) ( 38,902 )
1 unchanged sentence
Increase (decrease) in accrued interest payable ( 10,964 ) 3,423 33,480
−Removed: Increase (decrease) in other liabilities ( 15,180 ) ( 27,807 ) ( 6,473 )
+Added: Decrease in other liabilities ( 54,584 ) ( 15,180 ) ( 27,807 )
Total adjustments ( 1,143,428 ) ( 937,720 ) ( 726,028 )
−Removed: Total net cash (used in) provided by operating activities ( 329,395 ) ( 144,637 ) 4,992
+Added: Total net cash used in operating activities ( 398,581 ) ( 329,395 ) ( 144,637 )
Investing activities
9 unchanged sentences
Brokered deposit placement fee ( 8,282 ) ( 7,975 ) ( 7,841 )
−Removed: Net increase in certificates of deposit 88,444 953,412 130,109
+Added: Net (decrease) increase in certificates of deposit ( 662,401 ) 88,444 953,412
Net increase (decrease) in other deposits 652,886 ( 687,108 ) ( 770,485 )
−Removed: Issuance costs for collateralized borrowings — ( 15 ) ( 40 )
−Removed: Borrowings collateralized by loans in securitization trusts - issued 2,206,704 1,135,036 572,640
−Removed: Borrowings collateralized by loans in securitization trusts - repaid ( 1,004,117 ) ( 1,154,269 ) ( 1,278,183 )
+Added: Issuance costs for Secured Borrowings ( 42 ) — ( 15 )
+Added: Secured Borrowings - issued, net of discount and deferred fees 536,610 2,206,704 1,135,036
+Added: Secured Borrowings - repaid ( 1,119,518 ) ( 1,004,117 ) ( 1,154,269 )
Fees paid on Secured Borrowing Facility ( 2,955 ) ( 2,357 ) ( 2,868 )
−Removed: Issuance costs for unsecured debt offering — — ( 375 )
−Removed: Preferred stock dividends paid ( 18,296 ) ( 17,705 ) ( 9,029 )
+Added: Issuance costs for Unsecured Borrowings ( 1,942 ) — —
+Added: Unsecured Borrowings - issued, net of discount and underwriting fees 493,885 — —
2025 Form 10-K — SLM CORPORATION F-13
+Added: Unsecured Borrowings - repaid ( 500,000 ) — —
+Added: Borrowings under Secured Borrowing Facility 700,000 — —
+Added: Repayments of borrowings under Secured Borrowing Facility ( 700,000 ) — —
+Added: Preferred stock dividends paid ( 15,725 ) ( 18,296 ) ( 17,705 )
Common stock dividends paid ( 107,691 ) ( 99,172 ) ( 101,233 )
Common stock repurchased ( 368,736 ) ( 247,968 ) ( 350,264 )
−Removed: Net cash provided by (used in) financing activities 228,155 ( 316,232 ) ( 854,892 )
−Removed: Net increase (decrease) in cash, cash equivalents and restricted cash 574,753 ( 473,329 ) 227,492
+Added: Net cash (used in) provided by financing activities ( 1,103,911 ) 228,155 ( 316,232 )
+Added: Net (decrease) increase in cash, cash equivalents and restricted cash ( 455,732 ) 574,753 ( 473,329 )
Cash, cash equivalents and restricted cash at beginning of year 4,874,260 4,299,507 4,772,836
2 unchanged sentences
Interest $ 1,111,851 $ 1,109,084 $ 963,260
−Removed: Income taxes paid $ 243,341 $ 191,690 $ 272,940
−Removed: Income taxes refunded $ ( 1,395 ) $ ( 8,201 ) $ ( 2,043 )
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
27 unchanged sentences
The consolidated financial statements include the accounts of SLM Corporation and its majority-owned and controlled subsidiaries after eliminating the effects of intercompany accounts and transactions.
−Removed: We consolidate any variable interest entity (“VIE”) where we have determined we are the primary beneficiary.
+Added: Variable Interest Entities (“VIEs”)
+Added: VIEs are entities that, by design:
+Added: (i) lack sufficient equity to permit the entity to finance its activities independently or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, the obligation to absorb the entity’s losses, or the rights to receive the entity’s residual returns.
+Added: We consolidate any VIE where we have determined we are the primary beneficiary.
The primary beneficiary is the entity which has both:
1 unchanged sentence
and (ii) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE.
+Added: When we provide services to VIEs, including loan servicing and loan program management, fees earned by the Company are not deemed variable interests if (i) the fees are compensation for the services provided and commensurate with the level of effort required to provide those services;
+Added: (ii) the service arrangement includes only terms, conditions, or amounts that are customarily present in arrangements for similar services negotiated at arm’s length;
+Added: and (iii) the decision maker does not hold other interests in the entity that individually, or in the aggregate, would absorb more than an insignificant amount of the entity’s expected losses or receive more than an insignificant amount of the entity’s expected residual returns.
+Added: If fees do not meet these criteria they are generally deemed to be variable interests.
+Added: 2025 Form 10-K — SLM CORPORATION F-15
+Added: Significant Accounting Policies (Continued)
+Added: Private Credit Strategic Partnership
+Added: In November 2025, we entered into a multi-year strategic partnership with a leading global investment firm (the “Strategic Partner”).
+Added: In November 2025, we transferred to a VIE established by the Strategic Partner approximately $ 1.0 billion of our Private Education Loans, including $ 922 million in principal, $ 92 million in capitalized interest, and $ 6 million in accrued interest.
+Added: The transfer was accounted for as a sale resulting in a gain of $ 45 million in the consolidated statements of income.
+Added: We did not retain any economic interests in the VIE, and our fees were not deemed to be variable interests.
+Added: See “— Variable Interest Entities (“VIEs”)” in this Note 2 for additional details.
Cash and Cash Equivalents
4 unchanged sentences
We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings.
−Removed: 2024 Form 10-K — SLM CORPORATION F-15
−Removed: Significant Accounting Policies (Continued)
Available-for-Sale Investments
14 unchanged sentences
Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as discussed under “ — Loan Interest Income.” Loans that are held for investment are reported net of an allowance for credit losses.
−Removed: During the third quarter of 2024, we transferred our FFELP Loan portfolio from loans held for investment to loans held for sale as we planned to sell the portfolio.
−Removed: During the fourth quarter of 2024, we sold our FFELP Loan portfolio to a third party.
−Removed: This transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date.
Loans Held for Sale
3 unchanged sentences
When a decision has been made to sell loans not previously classified as held for sale, such loans are transferred into the held for sale classification and carried at the lower of amortized cost basis (which excludes any allowance for credit losses) or fair value.
−Removed: At the time of the transfer to the held for sale classification, any amount by which the amortized cost basis exceeds fair value is accounted for as a valuation allowance.
−Removed: In addition, once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan.
+Added: At the time of the transfer to the held for sale classification, any amount by which
+Added: F- 16 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
+Added: the amortized cost basis exceeds fair value is accounted for as a valuation allowance.
+Added: Once a loan is classified as held for sale, we reverse any allowance for loan loss applicable to that loan.
As market conditions permit, we may sell or securitize loans as a source of financing for other loans.
3 unchanged sentences
If we anticipate recognizing a gain related to the impending securitization or sale, then the fair value of the loans is higher than their respective cost basis and no valuation allowance is recorded.
+Added: See Note 6,“Loans Held for Sale” and Note 24, “Subsequent Events” in this Form 10-K for additional information.
Restricted Cash
2 unchanged sentences
Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities.
−Removed: F- 16 SLM CORPORATION — 2024 Form 10-K
−Removed: Significant Accounting Policies (Continued)
Allowance for Credit Losses
17 unchanged sentences
This weighting of expectations is used in calculating our current expected credit losses recorded each period.
−Removed: We obtain forecasts for our loss model inputs from Moody’s Analytics.
−Removed: Moody’s Analytics provides a range of forecasts for each of these inputs with various likelihoods of occurrence.
−Removed: We determine which forecasts we will include in our estimation of allowance for credit losses and the associated weightings for each of these inputs.
−Removed: At December 31, 2024, December 31, 2023, and December 31, 2022, we used the Baseline (50th percentile likelihood of occurring)/S1 (stronger near-term growth scenario - 10 percent likelihood of occurring)/S3 (unfavorable (or downside) scenario - 10 percent likelihood of occurring) scenarios and weighted them 40 percent, 30 percent, and 30 percent, respectively.
−Removed: Management reviews both the scenarios and their respective weightings each quarter in determining the allowance for credit losses.
+Added: We obtain forecasts for our expected loss model from an external economic data provider who provides us with a range of economic forecasts with various likelihoods of occurrence.
+Added: Management reviews and weighs the economic forecasts for each of these inputs to calculate our allowance for credit losses.
+Added: Our forecasting process reflects management’s continuous review of forecasting assumptions and model inputs and is consistent with our internal governance, risk management framework and CECL methodologies.
+Added: Management continues to review both the scenarios
+Added: 2025 Form 10-K — SLM CORPORATION F-17
+Added: Significant Accounting Policies (Continued)
+Added: and their respective weightings each quarter in determining the allowance for credit losses.
+Added: The most recent adjustment to scenario weightings occurred in the first quarter of 2025.
In estimating recoveries, we use both estimates of what we expect to receive from the sale of defaulted loans as well as historical borrower payment behavior to estimate the timing and amount of future recoveries on charged-off loans.
In addition to the above modeling approach, we also take certain qualitative factors into consideration when calculating the allowance for credit losses, which could result in management overlays (increases or decreases to the allowance for credit losses).
−Removed: These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, including the loan modification program changes implemented in the fourth quarter of 2023, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as legal and regulatory requirements on the level of estimated current expected credit losses, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could affect our estimate of future losses.
+Added: These management overlays can encompass a broad array of factors not captured by model inputs, including, but not limited to, changes in lending policies and procedures, including changes in underwriting standards, changes in servicing policies and collection administration practices, including changes we have implemented to our loan modification programs, state law changes that could impact servicing and collection practices, charge-offs, recoveries not already included in the analysis, the effect of other external factors such as shifts in the macroeconomic environment or legal and regulatory requirements that impact the level of estimated current expected credit losses or prepayments, the performance of the model over time versus actual losses, and any other operational or regulatory changes that could materially affect our estimate of future losses.
The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes.
−Removed: If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect
−Removed: 2024 Form 10-K — SLM CORPORATION F-17
−Removed: Significant Accounting Policies (Continued)
−Removed: the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income.
+Added: If actual future performance in delinquency, charge-offs, and recoveries is significantly different than estimated, or management assumptions or practices were to change, this could materially affect the estimate of the allowance for credit losses, the timing of when losses are recognized, and the related provision for credit losses in our consolidated statements of income.
When calculating our allowance for credit losses and liability for unfunded commitments, we incorporate several inputs that are subject to change period to period.
5 unchanged sentences
Of the model inputs outlined above, economic forecasts, weighting of economic forecasts, and recovery rates are subject to estimation uncertainty, and changes in these inputs could have a material impact to our allowance for credit losses and the related provision for credit losses.
−Removed: In the fourth quarter of 2022, we changed our loss model to include forecasts of college graduate unemployment, retail sales, and median family income in determining the adequacy of the allowance for credit losses.
−Removed: Prior to this change, we included forecasts of college graduate unemployment and the Consumer Price Index in our loss forecasting models.
In 2023, we experienced slower prepayment rates due to the rising interest rate environment.
−Removed: Historically, when rates rise, loan prepayments decline due to a reduction in consolidation activity of our borrowers to third party lenders, and when rates decline, loan prepayments rise due to an increase in consolidation activity of our borrowers to third party lenders.
−Removed: During 2023, our estimates of future prepayment speeds reflected the then current interest rate environment and future expectations of increased prepayment speeds in line with market expectations of a decline in interest rates based on the scenarios produced by Moody's Analytics described above.
+Added: Historically, when rates rise, loan prepayments generally decline due to a reduction in consolidation activity of our borrowers to third party lenders, and when rates decline, loan prepayments generally rise due to an increase in consolidation activity of our borrowers to third party lenders.
+Added: During 2023, our estimates of future prepayment speeds reflected the then current interest rate environment and future expectations of increased prepayment speeds in line with market expectations of a decline in interest rates based on the scenarios produced by an external data provider described above.
Slower prepayment speeds increase the allowance for credit losses because the loss rates applied in the future periods are applied to higher loan balances.
2 unchanged sentences
10-year treasury rate.
−Removed: These models reduce the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models.
+Added: These models reduced the reliance on certain qualitative overlays compared to the previous default rate and prepayment speeds models.
Prior to these changes, our default rate and prepayment speeds models used forecasts of college graduate unemployment, retail sales, home price index, and median family income.
Both the future default rate model and the future prepayment speeds model are used in determining the adequacy of the allowance for credit losses.
−Removed: The combined impact upon implementation of these model enhancements and the changes in the related qualitative overlays did not have a material impact on the overall level of our allowance for credit losses.
Below we describe in further detail our policies and procedures for the allowance for credit losses as they relate to our Private Education Loan portfolio.
1 unchanged sentence
During the third quarter of 2022, we reclassified our Credit Card loan portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
−Removed: Allowance for Private Education Loan Losses
−Removed: In addition to the key assumptions/estimates described above, some estimates are unique to our Private Education Loan portfolio.
−Removed: Estimates are made on our Private Education Loans regarding when each borrower will separate from school.
+Added: F- 18 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
+Added: Estimates are also made on our Private Education Loans regarding when each borrower will separate from school.
The cash flow timing of when a borrower will begin making full principal and interest payments is dependent upon when the student either graduates or leaves school.
6 unchanged sentences
Once the loan is funded, that liability transfers to the allowance for Private Education Loan losses.
−Removed: F- 18 SLM CORPORATION — 2024 Form 10-K
−Removed: Significant Accounting Policies (Continued)
+Added: For newly originated loans that will be sold to strategic partners, 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 do not record an allowance for the unfunded loan commitments related to the loans classified as held for sale.
Key Credit Quality Indicators - Private Education Loans
10 unchanged sentences
We continue to sell a segment of defaulted loans immediately after charge-off but no longer sell retained defaulted loans (that have been subject to internal collection attempts for six months) to third parties and instead continue our collection efforts using in-house collectors and third-party collectors.
−Removed: This improved our estimate of recovery rates for the year ended December 31, 2023.
When we estimate the timing and amount of future recoveries on charged-off loans, we no longer include expectations of future sales on retained defaulted loans.
We continue to monitor how we collect on defaulted loans and may modify the approach from time to time based on performance, industry conventions, and/or regulatory feedback.
−Removed: For December 31, 2022, we used both an estimate of recovery rates from in-house collections as well as expectations of future sales of defaulted loans to estimate the timing and amount of future recoveries on charged-off loans.
Private Education Loans generally do not require borrowers to begin principal and interest repayment until at least six months after the borrowers have graduated or otherwise separated from school.
12 unchanged sentences
The discounted cash flow approach described above includes expected future contractual disbursements.
−Removed: The portion of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement.
2025 Form 10-K — SLM CORPORATION F-19
Significant Accounting Policies (Continued)
+Added: of the allowance for credit losses related to future disbursements is shown as a liability on the face of the balance sheet, and related provision for credit losses is reflected on the income statement.
Uncollectible Interest
6 unchanged sentences
Accrued interest receivable is separately disclosed on the face of the balance sheet.
−Removed: Allowance for Credit Card Loans
−Removed: At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale as we planned to sell our Credit Card portfolio.
−Removed: At that time, we reversed $ 2.4 million through the provisions for credit losses for the allowance related to these loans.
−Removed: We subsequently sold the Credit Card portfolio to a third party in May 2023.
+Added: For loans held in investment that are not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses.
+Added: The allowance for the portion of uncollectible interest on loans making full interest payments estimates the additional uncollectible interest that is not captured in the allowance for credit losses and will continue to be recorded as a reduction of interest income.
+Added: As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off.
+Added: However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status.
+Added: At both December 31, 2025 and December 31, 2024, we had an immaterial amount of loans in nonaccrual status.
Allowance for FFELP Loan Losses
8 unchanged sentences
Because owners bear a maximum of three percent loss exposure due to this federal guarantee, our allowance for credit losses for FFELP Loans and related periodic provision expense were relatively small.
−Removed: For the years ended December 31, 2023 and 2022, we used the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans.
+Added: For the year ended December 31, 2023, we used the gross loss approach when estimating the allowance for credit losses for the unguaranteed portion of our FFELP Loans.
We maintained an allowance for credit losses for our FFELP Loans at a level sufficient to cover lifetime expected credit losses.
6 unchanged sentences
The addition of Nitro supports our mission of providing students with the confidence needed to successfully navigate the higher education journey.
−Removed: The acquisition of the Nitro assets, including its employees and intellectual property, expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a broader education solutions provider for students before, during, and immediately after college.
+Added: The acquisition of the Nitro assets, including its employees and intellectual property, expanded our digital marketing capabilities, reduced the cost to acquire customer accounts, and accelerated our progress to become a
+Added: F- 20 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
+Added: broader education solutions provider for students before, during, and immediately after college.
In 2024, we completed the transition of the related Nitro branding to the Sallie and Sallie Mae brands and platforms.
4 unchanged sentences
The identifiable intangible assets were recorded at fair values as determined by an independent appraiser.
−Removed: The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of
−Removed: F- 20 SLM CORPORATION — 2024 Form 10-K
−Removed: Significant Accounting Policies (Continued)
−Removed: net assets acquired, or goodwill, of $ 51 million.
+Added: The final purchase price allocation for Nitro resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $ 51 million.
The final purchase price allocation for Scholly resulted in an excess purchase price over fair value of net assets acquired, or goodwill, of $ 5 million.
The results of operations of Nitro and Scholly have been included in our consolidated financial statements since the respective acquisition dates.
−Removed: We have not disclosed the pro forma impact of these acquisitions to the results of operations for the years ended December 31, 2023 and 2022, as the pro forma impacts were deemed immaterial.
−Removed: Transaction costs associated with the Nitro acquisition were approximately $ 3 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2022.
+Added: We have not disclosed the pro forma impact of these acquisitions to the results of operations for the year ended December 31, 2023, as the pro forma impacts were deemed immaterial.
Transaction costs associated with the Scholly acquisition were approximately $ 1 million and were expensed as incurred within “Other operating expenses” in the consolidated statements of income for the year ended December 31, 2023.
−Removed: Identifiable intangible assets at the acquisition date of Nitro included definite life intangible assets with an aggregate fair value of approximately $ 75 million, including trade name and trademarks, customer relationships, and developed technology.
+Added: Identifiable intangible assets at the acquisition date of Nitro included definite life intangible assets with an aggregate fair value of approximately $ 75 million, including trade names and trademarks, customer relationships, and developed technologies.
In the fourth quarter of 2023, we impaired our Nitro trade name and trademarks intangible asset.
See Note 9, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details.
−Removed: Identifiable intangible assets at the acquisition date of Scholly included definite life intangible assets with an aggregate fair value of approximately $ 11 million, including trade name and trademarks, developed technology, customer relationships, and partner relationships.
+Added: Identifiable intangible assets at the acquisition date of Scholly included definite life intangible assets with an aggregate fair value of approximately $ 11 million, including trade names and trademarks, developed technologies, customer relationships, and partner relationships.
See “—Goodwill and Acquired Intangible Assets” in this Note 2 and Note 9, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details.
9 unchanged sentences
If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit, but not to exceed the goodwill amount attributed to the reporting unit.
−Removed: Acquired intangible assets include trade names and trademarks, customer relationships, developed technology, and partner relationships.
+Added: Acquired intangible assets include trade names and trademarks, customer relationships, developed technologies, and partner relationships.
Our acquired intangible assets have finite lives and are amortized over their estimated useful lives in proportion to their estimated economic benefit.
1 unchanged sentence
See Note 9, “Goodwill and Acquired Intangible Assets” in this Form 10-K for additional details.
+Added: 2025 Form 10-K — SLM CORPORATION F-21
+Added: Significant Accounting Policies (Continued)
Our retail deposit accounts are principally certificates of deposit (“CDs”), money market deposit accounts (“MMDAs”), and high-yield savings (“HYS”) accounts.
7 unchanged sentences
These omnibus accounts may be structured with or without fixed maturities, and may have fixed or variable interest rates.
−Removed: 2024 Form 10-K — SLM CORPORATION F-21
−Removed: Significant Accounting Policies (Continued)
Fair Value Measurement
3 unchanged sentences
• In the consolidated balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the consolidated statement of changes in equity;
−Removed: • In the consolidated balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the consolidated statement of income;
+Added: • In the consolidated balance sheet for instruments carried at the lower of cost or fair value with impairment charges recorded in the consolidated statement of income;
• In the notes to the consolidated financial statements.
21 unchanged sentences
The objective of the interest method is to arrive at periodic interest income (including recognition of fees and costs) at a constant effective yield on the net investment in the receivable (i.e., the principal amount of the receivable adjusted by unamortized fees or costs, purchase premium or discount, and any hedging activity—these unamortized costs will collectively be referred to as “basis adjustments”).
−Removed: The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs.
+Added: The difference between the periodic interest income so determined and the interest income determined by applying the stated interest rate to the
+Added: F- 22 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
+Added: outstanding principal amount of the receivable is the amount of periodic amortization of deferred direct origination and acquisition costs.
For the amortization of the basis adjustments, we determine the constant effective yield necessary to apply the interest method based upon the contractual terms of the loan contract, with no consideration given to expected prepayments.
5 unchanged sentences
For variable-rate loans, the effective interest rate at the time of origination is the loan’s effective interest rate assuming all future contractual payments.
−Removed: The effective interest rate remains the same for that loan until the loan rate
−Removed: F- 22 SLM CORPORATION — 2024 Form 10-K
−Removed: Significant Accounting Policies (Continued)
+Added: The effective interest rate remains the same for that loan until the loan rate changes.
If there is no prepayment and no change in the stated interest rate, the periodic amortization of the basis adjustments is equal to the difference between the effective interest rate multiplied by the book basis and the contractual interest due.
10 unchanged sentences
We do not amortize any adjustments to the basis of loans when they are classified as held for sale.
−Removed: For loans not currently in full principal and interest repayment status or interest-only repayment status, we recognize the allowance for the portion of uncollectible interest representing amounts to be capitalized after separation from school and the expiration of the grace period to the provisions for credit losses and classify this allowance as part of our allowance for credit losses.
−Removed: The allowance for the portion of uncollectible interest on loans making full interest payments estimates the additional uncollectible interest that is not captured in the allowance for credit losses and will continue to be recorded as a reduction of interest income.
−Removed: As we maintain an allowance for uncollectible interest on loans making full interest payments and an allowance for credit losses for the interest on loans where all, or a portion of the interest, will be capitalized in the future, we do not place loans in nonaccrual status prior to charge-off.
−Removed: However, if it is determined that an individual loan or pool of loans is high risk, they may be placed on nonaccrual status, which entails stopping the accrual of interest on those loans until such time that the borrower(s) have made a sufficient number of payments (typically six months) to return to accrual status.
−Removed: At December 31, 2024, we had an immaterial amount of loans in nonaccrual status.
−Removed: At December 31, 2023, we also had an immaterial amount of loans in nonaccrual status.
We recognize certain fee income (primarily late fees) on all loans when earned according to the contractual provisions of the promissory notes, as well as our expectation of collectability.
8 unchanged sentences
Refer to Note 10, “Deposits,” and Note 11, “Borrowings” in this Form 10-K for further details of our interest-bearing liabilities.
+Added: Transfers of Financial Assets
+Added: We account for the transfer and servicing of financial assets, including loans, in accordance with FASB ASC 860, Transfers and Servicing.
+Added: The accounting treatment depends on whether the transfer qualifies as a sale or a secured borrowing.
+Added: A transfer is recognized as a sale only if the assets are legally isolated from the transferor, the transferee is not constrained from pledging or exchanging the assets, and the transferor does not maintain effective control over the assets.
+Added: When the transfer qualifies as a sale, the financial assets are derecognized from our consolidated balance sheets, and any resulting gain or loss on the sale is recognized.
+Added: 2025 Form 10-K — SLM CORPORATION F-23
+Added: Significant Accounting Policies (Continued)
+Added: In most loan sale transactions, we retain loan servicing responsibilities.
+Added: In sales to a strategic partner, in addition to retaining loan servicing, we will provide loan program management services to a strategic partner.
+Added: We consider any continuing involvement with transferred financial assets in determining whether the transferred financial assets can be derecognized from the consolidated balance sheets.
+Added: When loan servicing or loan program management services are involved, we perform an analysis to determine if fees earned by the Company are deemed variable interests.
+Added: See “— Variable Interest Entities (“VIEs”)” in this Note 2 for additional details.
+Added: If the criteria for sale accounting are not met, the transaction is accounted for as a secured borrowing and the financial assets remain on our consolidated balance sheets.
Gains on Sale of Loans, Net
6 unchanged sentences
Other income also included fees related to our Credit Card program.
−Removed: 2024 Form 10-K — SLM CORPORATION F-23
−Removed: Significant Accounting Policies (Continued)
−Removed: September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
+Added: At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
Securitization Accounting
20 unchanged sentences
We may also be responsible for indemnities in other instances for such things as willful misfeasance or bad faith.
+Added: F- 24 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
In 2025 and 2024, we also closed several loan sales and securitization transactions that were not consolidated on our balance sheet due to the transaction having met the criteria for sales treatment and Sallie Mae not being the primary beneficiary.
9 unchanged sentences
As of December 31, 2025, $ 562 million notional of our derivative contracts were cleared on the CME and $ 11 million were cleared on the LCH.
−Removed: The derivative contracts cleared
−Removed: F- 24 SLM CORPORATION — 2024 Form 10-K
−Removed: Significant Accounting Policies (Continued)
−Removed: through the CME and LCH represent 92.3 percent and 7.7 percent, respectively, of our total notional derivative contracts of $ 921 million at December 31, 2024.
+Added: The derivative contracts cleared through the CME and LCH represent 98.0 percent and 2.0 percent, respectively, of our total notional derivative contracts of $ 573 million at December 31, 2025.
For derivatives cleared through the CME and LCH, the net gain (loss) position includes the variation margin amounts as settlement of the derivative and not collateral against the fair value of the derivative.
14 unchanged sentences
If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively and begin amortization of any basis adjustments that exist related to the hedged item.
−Removed: On March 12, 2020, FASB issued ASU No.
−Removed: 2020-04, “Reference Rate Reform (“Topic 848”):
−Removed: Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” On January 7, 2021, the FASB issued ASU No.
−Removed: 2021-01, “Reference Rate Reform (“Topic 848”):
−Removed: Scope” that clarified the scope of Topic 848.
−Removed: Topic 848 contains temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform.
Our derivative portfolio is made up of interest rate swaps that are centrally cleared through either the CME or the LCH.
4 unchanged sentences
As our liabilities began to use alternatives to LIBOR before LIBOR was no longer published, for cash flow hedges of forecasted LIBOR based payments, we elected the expedient offered in Topic 848 to disregard the potential change in the designated hedged interest rate risk that may occur because of reference rate reform when we assess whether the hedged forecasted transactions are probable, in accordance with the requirements of “Derivatives and Hedging” Topic
+Added: 2025 Form 10-K — SLM CORPORATION F-25
+Added: Significant Accounting Policies (Continued)
We have also elected the expedient provided by Topic 848 to assume the reference rate would not be replaced for the remainder of the hedging relationship when assessing hedge effectiveness.
4 unchanged sentences
We record all excess tax benefits/deficiencies related to the settlement of employee stock-based compensation to the income tax expense line item on our consolidated statements of income.
−Removed: 2024 Form 10-K — SLM CORPORATION F-25
−Removed: Significant Accounting Policies (Continued)
We account for income taxes under the asset and liability approach, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities.
2 unchanged sentences
Income tax expense (benefit) excludes the tax effects related to adjustments recorded in equity.
+Added: Net deferred tax assets are included in “Income tax receivable, net” on the consolidated balance sheets.
An uncertain tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position.
2 unchanged sentences
Recently Adopted Accounting Pronouncements
−Removed: In November 2023, the FASB issued ASU No.
−Removed: 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures.
−Removed: The ASU improves reportable segment disclosure requirements and requires enhanced disclosures about significant segment expenses.
−Removed: We adopted this amendment as of December 31, 2024, on a retrospective basis.
−Removed: See Note 22, “Segment Reporting” in this Form 10-K for additional details on the impact of adoption of the ASU.
−Removed: Recently Issued Accounting Pronouncements
−Removed: In December 2023, the FASB issued ASU No.
+Added: In December 2023, the FASB issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures.
−Removed: The ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for reconciling items where the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income/loss by the applicable statutory income tax rate.
−Removed: Additionally, entities are required to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by jurisdiction.
−Removed: The standard is effective for fiscal years beginning after December 15, 2024.
−Removed: We do not expect the impact of this ASU to be material to our consolidated financial statements.
+Added: The ASU requires entities to disclose specific categories in the effective tax rate reconciliation and provide additional information for certain reconciling items.
+Added: We adopted this amendment as of December 31, 2025, on a prospective basis.
+Added: See Note 21, “Income Taxes” in this Form 10-K for additional details on the impact of adoption of the ASU.
+Added: Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No.
4 unchanged sentences
We are currently evaluating the impact of the ASU on our consolidated financial statements.
+Added: In September 2025, the FASB issued ASU No.
+Added: 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40):
+Added: Targeted Improvements to the Accounting for Internal-Use Software.
+Added: The ASU amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs.
+Added: The standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.
+Added: The ASU can be applied on a prospective, modified transition, or retrospective basis.
+Added: We are currently evaluating the impact of the standard on our consolidated financial statements.
+Added: In November 2025, the FASB issued ASU No.
+Added: 2025-09, Derivatives and Hedging (Topic 815):
+Added: Hedge Accounting Improvements.
+Added: The ASU is intended to improve the hedge accounting model to better portray the results of risk management activities in the financial statements.
+Added: The ASU is effective for fiscal reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted.
+Added: Adoption is on a prospective basis.
+Added: We are currently evaluating the impact of the ASU on our consolidated financial statements.
+Added: In December 2025, the FASB issued ASU No.
+Added: 2025-11, Interim Reporting (Topic 270):
+Added: Narrow-Scope Improvements.
+Added: The ASU provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period.
+Added: The standard is effective for fiscal years beginning after December
+Added: F- 26 SLM CORPORATION — 2025 Form 10-K
+Added: Significant Accounting Policies (Continued)
+Added: 15, 2027, including interim periods within those fiscal years.
+Added: We are currently evaluating the impact of the ASU on our consolidated financial statements.
Cash and Cash Equivalents
7 unchanged sentences
As of December 31, 2025 and 2024, no funds were on deposit with the FRB under this program.
−Removed: F- 26 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-27
Trading Investments
1 unchanged sentence
We classify those vertical risk retention interests related to the transactions as available-for-sale investments, except for the interest in the residual classes, which we classify as trading investments recorded at fair value with changes recorded through earnings.
−Removed: At December 31, 2022, we had a $ 5 million investment in a convertible debt security classified as a trading investment.
−Removed: In March 2023, this security, and the related accrued interest, was converted into equity securities classified as investments in non-marketable securities.
At December 31, 2025 and 2024, we had $ 49 million and $ 53 million, respectively, classified as trading investments.
58 unchanged sentences
We expect to receive all contractual cash flows related to these investments and do not consider a credit impairment to exist.
−Removed: F- 28 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-29
Investments (Continued)
23 unchanged sentences
2058 32,542 33,697
−Removed: 2058 39,379 40,355
Total $ 1,812,408 $ 1,758,070
7 unchanged sentences
In the third quarter of 2024, we funded a new investment in non-marketable securities of an issuer whose securities we have not previously purchased.
−Removed: In March 2023, our $ 5 million investment in a convertible debt security, classified as a trading investment, and the related accrued interest were converted into equity securities and were reclassified to investments in non-marketable securities.
−Removed: In the fourth quarter of 2022, we determined that our investment in an issuer whose equity securities we purchased in the past was impaired.
−Removed: As such, we wrote down the value based upon an estimate of the value of these securities and recorded a loss of $ 60 million in “gains (losses) on securities, net” in the consolidated statements of income in 2022.
+Added: In the first quarter of 2025, we recognized an impairment on certain of our other non-marketable equity securities, related to our former credit card platform, resulting in a loss of $ 10 million, which is net of a valuation adjustment on a trading investment with the same issuer.
At December 31, 2025 and December 31, 2024, our total investment in non-marketable securities was $ 12 million and $ 24 million, respectively.
−Removed: 2024 Form 10-K — SLM CORPORATION F-29
+Added: F- 30 SLM CORPORATION — 2025 Form 10-K
Investments (Continued)
10 unchanged sentences
During the third quarter of 2024, we transferred our remaining FFELP Loan portfolio to loans held for sale and subsequently sold the FFELP Loan portfolio to an unaffiliated third party during the fourth quarter of 2024.
−Removed: We wrote down the FFELP Loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $ 8 million in 2024.
−Removed: We use “Credit Cards” to refer to the suite of Credit Card loans that we previously held.
−Removed: At September 30, 2022, we transferred our Credit Card portfolio to loans held for sale and subsequently sold the Credit Card portfolio to a third party in May 2023.
−Removed: We recorded a loss of $ 4 million on the sale of the Credit Card portfolio in 2023.
Our Private Education Loans are made largely to bridge the gap between the cost of higher education and the amount funded through financial aid, government loans, and customers’ resources.
18 unchanged sentences
For additional information, see Note 11, “Borrowings — Unconsolidated Funding Vehicles” in this Form 10-K.
−Removed: F- 30 SLM CORPORATION — 2024 Form 10-K
+Added: Certain of these loans sales were a component of a larger transaction that included fees paid to us as a decision maker or service provider.
+Added: Based on our analysis, we determined that the fees are not variable interests in VIEs.
+Added: For additional information, see Note 2, “Significant Accounting Policies — Consolidation” in this Form 10-K.
+Added: 2025 Form 10-K — SLM CORPORATION F-31
Loans Held for Investment (Continued)
2 unchanged sentences
(dollars in thousands) 2025 2024
−Removed: Private Education Loans:
+Added: Loans Held for Investment, net:
Fixed-rate $ 16,952,620 $ 17,093,382
3 unchanged sentences
Allowance for loan losses ( 1,430,318 ) ( 1,435,920 )
−Removed: Total Private Education Loans, net 20,902,158 19,772,293
−Removed: FFELP Loans (1)
−Removed: Deferred origination costs and unamortized premium/ (discount) — 1,330
−Removed: Allowance for loan losses — ( 4,667 )
−Removed: Total FFELP Loans, net — 534,064
Loans held for investment, net $ 20,332,124 $ 20,902,158
−Removed: (1) FFELP Loans were transferred to loans held for sale during the third quarter of 2024 and subsequently sold to a third party during the fourth quarter of 2024.
The estimated weighted average life of education loans in our portfolio was approximately 5.7 years and 5.6 years at December 31, 2025 and 2024, respectively.
6 unchanged sentences
Certain Collection Tools — Private Education Loans
−Removed: Over the course of the last few years, we have made significant changes to our credit administration practices, enhancing our loss mitigation programs through both our forbearance and loan modification offerings.
−Removed: We adjust the terms of loans for certain borrowers when we believe such changes will help our borrowers manage their student loan obligations and achieve better student outcomes, and increase the collectability of the loans.
+Added: In recent years, we have made significant changes to our credit administration practices, enhancing our loss mitigation programs through both our forbearance and loan modification offerings.
+Added: We adjust the terms of loans for certain borrowers when we believe such changes will help our borrowers manage their student loan obligations, achieve better student outcomes, and increase the collectability of the loans.
These changes generally take the form of a temporary forbearance of payments, a temporary or permanent interest rate reduction, a temporary or permanent interest rate reduction with a permanent extension of the loan term, and/or a short-term extended repayment or interest-only alternative.
5 unchanged sentences
Interest will not capitalize at the end of certain types of forbearance, such as disaster forbearance, however.
−Removed: 2024 Form 10-K — SLM CORPORATION F-31
−Removed: Loans Held for Investment (Continued)
During the first six months following a borrower’s grace period, the borrower may be eligible for extended grace forbearance, which provides temporary payment relief to give the borrower additional time to be in a position to make regular principal and interest payments.
+Added: We do not consider borrowers who are eligible for extended grace to be experiencing financial difficulty.
Hardship forbearance may be granted in order to provide temporary payment relief to borrowers who are either current in their payments but demonstrate a need for relief, or who are delinquent in their payments but demonstrate an ability and willingness to repay their obligation.
In these circumstances, a borrower’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time.
−Removed: At the end of the forbearance period, for borrowers who were current when they entered forbearance, or those who were delinquent but met specific payment requirements curing their delinquency, the borrower will enter repayment status as current.
+Added: At the end of the forbearance period for borrowers who were current when they entered forbearance or those who were delinquent but
+Added: F- 32 SLM CORPORATION — 2025 Form 10-K
+Added: Loans Held for Investment (Continued)
+Added: met specific payment requirements curing their delinquency, the borrower will enter repayment status as current.
In all instances, the borrowers are expected to begin making scheduled monthly payments at the end of their forbearance periods.
1 unchanged sentence
Disaster forbearance is used to assist borrowers affected by material events, typically federally-declared disasters, including hurricanes, wildfires, floods, and pandemics.
−Removed: We typically grant disaster forbearance to affected borrowers in increments of up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.
−Removed: Currently, we generally grant forbearance in increments of one to two months at a time, for up to 12 months over the life of the loan, although extended grace forbearance is typically granted in one six-month increment and disaster forbearance and certain other limited instances do not apply toward the 12-month limit.
+Added: We typically grant disaster forbearance to affected borrowers in one-month increments, up to three months at a time, but the disaster forbearance granted generally does not apply toward the 12-month forbearance limit described below.
+Added: Currently, we generally grant forbearance for up to 12 months over the life of the loan, in increments of one to two months at a time, although extended grace forbearance is typically granted in one six-month increment.
+Added: Disaster forbearance and certain other limited instances do not apply toward the 12-month limit.
We also currently require 12 months of positive payment performance by a borrower (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan) between successive grants of forbearance and between forbearance grants and certain other repayment alternatives.
−Removed: This required period of positive payment performance does not apply, however, to extended grace forbearances and is not required for a borrower to receive a contractual interest rate reduction.
+Added: This required period of positive payment performance is not necessary to receive additional increments of extended grace forbearance or for a borrower to receive a contractual interest rate reduction.
In addition, we currently limit the participation of delinquent borrowers in certain short-term extended or interest-only repayment alternatives to once in 12 months and twice in five years .
We also now count the number of months a borrower receives a short-term extended repayment alternative toward the 12-month forbearance limit described above.
+Added: Modification Programs other than Forbearances
For borrowers experiencing more severe hardship, following evaluation of their ability and willingness to repay, we currently use modification programs tailored to the financial condition of the individual borrower.
−Removed: Pursuant to our modification programs, we may reduce the contractual interest rate on a loan to a rate between 2 percent and 8 percent for a temporary period of two to four years , and in some instances may also permanently extend the final maturity of the loan.
+Added: Pursuant to our modification programs, we may reduce the contractual interest rate on a loan to a rate between 2 percent and 8 percent temporarily, and/or in some instances may permanently extend the final maturity of a loan.
For borrowers experiencing the most severe financial conditions, we may permanently reduce the contractual interest rate on a loan to 2 percent for the remaining life of the loan and also permanently extend the final maturity of the loan.
1 unchanged sentence
We currently limit the granting of a permanent extension of the final maturity date of a loan to once over the life of the loan, and the number of interest rate reductions to twice over the life of the loan.
−Removed: We continually monitor our credit administration practices and may modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.
+Added: Modifications under these programs are generally considered loan modifications to borrowers experiencing financial difficulty.
+Added: See Note 7, “Allowance for Credit Losses and Unfunded Commitments — Loan Modifications to Borrowers Experiencing Financial Difficulty” in this Form 10-K for disclosures related to these modification programs.
+Added: However, in some situations, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities, which we do not consider to be modifications of loans to borrowers experiencing financial difficulty.
+Added: We continually monitor our credit administration practices and modify them further from time to time based upon performance, industry conventions, and/or regulatory feedback.
The period of delinquency for loans is based on the number of days scheduled payments are contractually past due.
As of December 31, 2025 and 2024, we had $ 151 million and $ 142 million, respectively, of Private Education Loans held for investment that were more than 90 days delinquent and continue to accrue interest.
−Removed: As of December 31, 2023, $ 45 million of FFELP Loans held for investment were more than 90 days delinquent that continued to accrue interest.
−Removed: We sold the FFELP Loan portfolio to an unaffiliated third party during the fourth quarter of 2024.
−Removed: At December 31, 2024 and December 31, 2023, we had an immaterial amount of loans in nonaccrual status.
+Added: At December 31, 2025 and 2024, we had an immaterial amount of loans in nonaccrual status.
Borrower-in-Custody Arrangements
We maintain Borrower-in-Custody arrangements with the FRB.
−Removed: Under these arrangements, we can pledge FFELP Loans or Private Education Loans to the FRB to secure any advances and accrued interest generated under the Primary Credit program at the FRB.
+Added: Under these arrangements, we can pledge Private Education Loans to the FRB to secure any advances and accrued interest generated under the Primary Credit program at the FRB.
As of December 31, 2025 and 2024, we had $ 2.8 billion and $ 2.3 billion, respectively, of Private Education Loans pledged to this borrowing facility, as discussed further in Note 11, “Borrowings” in this Form 10-K.
−Removed: We did not have any FFELP Loans pledged at December 31, 2024 or 2023.
−Removed: F- 32 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-33
Loans Held for Investment (Continued)
Loans Held for Investment by Region
−Removed: At December 31, 2024 and 2023, 43.8 percent and 43.5 percent, respectively, of total education loans were concentrated in the following states:
+Added: At both December 31, 2025 and 2024, 43.8 percent of total Private Education Loans were concentrated in the following states:
As of December 31, 2025 2024
6 unchanged sentences
43.8 % 43.8 %
−Removed: No other state had a concentration of total education loans in excess of 5 percent of the aggregate outstanding education loans held for investment.
+Added: No other state had a concentration of total Private Education Loans in excess of 5 percent of the aggregate outstanding education loans held for investment.
+Added: Loans Held for Sale
+Added: We had $ 933 million of loans held for sale at December 31, 2025, and no loans held for sale at December 31, 2024.
+Added: At December 31, 2025, we reversed $ 44 million through the provisions for credit losses related to these loans, when the loans were transferred from held for investment to held for sale.
+Added: On January 28, 2026, we sold approximately $ 1.29 billion of our Private Education Loans, including $ 1.26 billion of principal, $ 28 million in capitalized interest, and $ 2 million in accrued interest to the Strategic Partner.
+Added: See Note 24,“Subsequent Events” in this Form 10-K for additional information.
+Added: F- 34 SLM CORPORATION — 2025 Form 10-K
Allowance for Credit Losses and Unfunded Loan Commitments
−Removed: Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios.
+Added: Our provision for credit losses represents the periodic expense of maintaining an allowance sufficient to absorb lifetime expected credit losses in the held for investment loan portfolios and unfunded loan commitments.
The evaluation of the allowance for credit losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes.
8 unchanged sentences
For the years ended December 31, 2025, 2024, and 2023, the allowance for loan losses, ending total loans, and accrued interest balances were all collectively evaluated for impairment, none of the balances were individually evaluated for impairment.
−Removed: See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” for a more detailed discussion on our allowance for credit losses accounting policies.
+Added: See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” in this Form 10-K for a more detailed discussion on our allowance for credit losses accounting policies.
2025 Form 10-K — SLM CORPORATION F-35
3 unchanged sentences
Year Ended December 31, 2025
−Removed: (dollars in thousands) FFELP
−Removed: Loans Private Education
+Added: (dollars in thousands) Private Education
Allowance for loan losses, beginning balance $ 1,435,920
2 unchanged sentences
Loan sale reduction to provision ( 296,524 )
+Added: Loans transferred to held for sale ( 44,274 )
Total provisions (1)
−Removed: 4,010 121,112 125,122
Net charge-offs:
2 unchanged sentences
Net charge-offs ( 345,725 )
−Removed: Write-downs arising from transfer of loans to held for sale (2)
−Removed: ( 8,297 ) — ( 8,297 )
Allowance for loan losses, ending balance 1,430,318
Allowance for unfunded loan commitments, beginning balance (2)
−Removed: — 112,962 112,962
Provision (1)(3)
−Removed: — 283,393 283,393
Transfer to allowance for loan losses ( 280,244 )
Allowance for unfunded loan commitments, ending balance (2)
−Removed: — 84,568 84,568
Total allowance for credit losses, ending balance $ 1,507,450
1 unchanged sentence
Allowance for loan losses coverage of net charge-offs 4.14
−Removed: Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable — % 5.83 %
+Added: Total Allowance Percentage of Private Education Loan Exposure (5)(6)
Ending total loans, gross $ 21,660,434
Average loans in repayment (4)
−Removed: $ — $ 15,139,184
Ending loans in repayment (4)
−Removed: $ — $ 16,106,751
−Removed: Unfunded loan commitments $ — $ 2,311,660
+Added: Unfunded loan commitments for loans held for investment (6)
Total accrued interest receivable $ 1,570,069
(1) See “— Provisions for Credit Losses” below in this Note 7 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.
−Removed: (2) Represents fair value adjustments on loans transferred to held for sale.
(2) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet.
1 unchanged sentence
(3) Includes incremental provision for new commitments and changes to provision for existing commitments.
−Removed: (5) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include those loans while they are in forbearance).
+Added: (4) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the “loans in forbearance” metric).
+Added: (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.
+Added: (6) Unfunded loan commitments for loans held for investment and the calculation of the Total Allowance Percentage of Private Education Loan Exposure do not include $ 523 million of unfunded loan commitments associated with loans classified as held for sale at December 31, 2025.
+Added: 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.
F- 36 SLM CORPORATION — 2025 Form 10-K
13 unchanged sentences
Net charge-offs ( 380 ) ( 332,084 ) ( 332,464 )
+Added: Write-downs arising from transfer of loans to held for sale (2)
+Added: ( 8,297 ) — ( 8,297 )
Allowance for loan losses, ending balance — 1,435,920 1,435,920
8 unchanged sentences
Net charge-offs as a percentage of average loans in repayment (5)
−Removed: 0.23 % 2.44 %
Allowance for loan losses coverage of net charge-offs — 4.32
−Removed: Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable 0.87 % 5.89 %
+Added: Total Allowance Percentage of Private Education Loan Exposure (6)
Ending total loans, gross $ — $ 22,235,008
3 unchanged sentences
$ — $ 16,106,751
−Removed: Unfunded loan commitments $ — $ 2,221,077
+Added: Unfunded loan commitments for loans held for investment $ — $ 2,311,660
Total accrued interest receivable $ — $ 1,549,415
(1) See “— Provisions for Credit Losses” below in this Note 7 for a reconciliation of the provisions for credit losses reported in the consolidated statements of income.
+Added: (2) Represents fair value adjustments on loans transferred to held for sale.
(3) When a new loan commitment is made, we record an allowance to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheet.
1 unchanged sentence
(4) Includes incremental provision for new commitments and changes to provision for existing commitments.
−Removed: (4) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include those loans while they are in forbearance).
+Added: (5) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the “loans in forbearance” metric).
+Added: (6) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.
2025 Form 10-K — SLM CORPORATION F-37
7 unchanged sentences
Loan sale reduction to provision — ( 205,383 ) ( 205,383 )
−Removed: Loans transferred to held-for-sale — — ( 2,372 ) ( 2,372 )
Total provisions (1)
16 unchanged sentences
Allowance for loan losses coverage of net charge-offs 4.66 3.57
−Removed: Total allowance for credit losses as a percentage of the ending total loan balance, plus unfunded loan commitments and total accrued interest receivable 0.57 % 6.30 % — %
+Added: Total Allowance Percentage of Private Education Loan Exposure (5)
+Added: 0.87 % 5.89 %
Ending total loans, gross $ 537,401 $ 21,025,844
3 unchanged sentences
$ 406,568 $ 15,409,814
−Removed: Unfunded loan commitments $ — $ 1,995,808 $ —
+Added: Unfunded loan commitments for loans held for investment $ — $ 2,221,077
Total accrued interest receivable $ — $ 1,354,565
3 unchanged sentences
(3) Includes incremental provision for new commitments and changes to provision for existing commitments.
−Removed: (4) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include those loans while they are in forbearance).
+Added: (4) Loans in repayment include loans on which borrowers are 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, for purposes of the table, do not include loans in the “loans in forbearance” metric).
+Added: (5) The Total Allowance Percentage of Private Education Loan Exposure is the total allowance for credit losses as a percentage of ending total loans plus unfunded loan commitments and total accrued interest receivable on Private Education Loans.
F- 38 SLM CORPORATION — 2025 Form 10-K
10 unchanged sentences
Total Private Education Loan provisions for credit losses 332,687 404,505 343,239
−Removed: Other impacts to the provisions for credit losses:
−Removed: FFELP Loans 4,010 2,224 ( 20 )
−Removed: Credit Cards — — 929
−Removed: Total 4,010 2,224 909
+Added: Total FFELP Loans provisions for credit losses — 4,010 2,224
Provisions for credit losses reported in consolidated statements of income $ 332,687 $ 408,515 $ 345,463
The provision for credit losses for the year ended December 31, 2025 was $ 333 million, compared with $ 409 million in the year-ago period.
−Removed: During 2024, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, and changes in recovery rates, which were partially offset by $ 236 million in negative provisions recorded as a result of the approximately $ 3.69 billion in Private Education Loan sales during 2024, an improved economic outlook, and changes in management overlays.
−Removed: In 2023, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook, which were partially offset by $ 205 million in negative provisions recorded as a result of the approximately $ 3.15 billion in Private Education Loan sales during 2023 and an increase in recovery rates (as the result of a change in our defaulted loan recovery process).
−Removed: During 2022, the provision for credit losses was primarily affected by new loan commitments made during the period, slower than expected prepayment rates, and additional management overlays, which were partially offset by negative provisions recorded related to approximately $ 3.34 billion in Private Education Loans sold in 2022 and the adoption of a new loss model that included a reduction in the long-term estimate of losses after the reasonable and supportable period.
−Removed: Management overlays increased in 2022 due to several factors, including additional provisions arising from our expectation of higher future losses related to the previously announced credit administration practices changes we implemented in 2021, “gap year” loans, a shortage and lack of tenured collections staff, and other operational challenges we experienced in 2022.
−Removed: “Gap year” loans refer to loans to borrowers who took a “gap year” during the COVID-19 pandemic and entered full principal and interest repayment status starting in late 2021 and early 2022.
−Removed: Losses on those “gap year” loans were higher than expected and contributed to the higher provision expense recorded in 2022 to cover the higher-than-expected losses.
+Added: During 2025, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, and changes in economic outlook, which were partially offset by $ 297 million in negative provisions recorded as a result of the approximately $ 4.95 billion in Private Education Loan sales during 2025 and the $ 44 million reversal of provision due to the transfer of loans to held for sale.
+Added: In 2024, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, and changes in recovery rates, which were partially offset by $ 236 million in negative provisions recorded as a result of the approximately $ 3.69 billion in Private Education Loan sales during 2024, an improved economic outlook, and changes in management overlays.
+Added: During 2023, the provision for credit losses was primarily affected by new loan commitments, net of expired commitments, slower prepayment rates, management overlays, and changes in economic outlook, which were partially offset by $ 205 million in negative provisions recorded as a result of $ 3.15 billion in Private Education Loan sales during 2023 and increase in recovery rates (as the result of a change in our defaulted loan recovery process).
Private Education Loans Allowance for Credit Losses - Forecast Assumptions
See Note 2, “Significant Accounting Policies — Allowance for Credit Losses” for a more detailed discussion on the forecast assumptions used in calculating the allowance for credit losses.
−Removed: Loan Modifications to Borrowers Experiencing Financial Difficulty
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition.
4 unchanged sentences
The forecast of expected future cash flows is updated as the loan modifications occur.
−Removed: 2024 Form 10-K — SLM CORPORATION F-37
−Removed: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
Within the Private Education Loan portfolio, we deem loans greater than 90 days past due as nonperforming.
−Removed: FFELP Loans are at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we did not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continued to accrue interest on those loans through the date of claim.
+Added: With respect to periods prior to the sale of our remaining FFELP Loan portfolio in the fourth quarter of 2024, FFELP Loans were at least 97 percent guaranteed as to their principal and accrued interest by the federal government in the event of default and, therefore, we did not deem FFELP Loans as nonperforming from a credit risk perspective at any point in their life cycle prior to claim payment and continued to accrue interest on those loans through the date of claim.
For additional information, see Note 2, “Significant Accounting Policies —Allowance for Credit Losses” in this Form 10-K.
Under our current forbearance practices, temporary forbearance of payments is generally granted in one -to- two month increments, for up to 12 months over the life of the loan, with 12 months of positive payment performance by a borrower required between grants (meaning the borrower must make payment in a cumulative amount equivalent to 12 monthly required payments under the loan).
−Removed: During the first six months following a borrower’s grace period, the borrower may be eligible for extended grace forbearance in one six-month increment (which would also count towards the 12-month forbearance cap).
−Removed: See Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in this Form 10-K.
−Removed: In the first quarter of 2022, we adopted ASU No.
−Removed: Under this ASU, if the debt has been previously restructured, an entity must consider the cumulative effect of past restructurings made within the 12-month period before the current restructuring when determining whether a delay in payment resulting from the current restructuring is insignificant.
−Removed: Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold and, therefore, we do not consider the forbearances as loan modifications.
−Removed: We offer certain administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are required by law (such as by the Servicemembers Civil Relief Act), are considered separate from our active loss mitigation programs, or do not exceed the significance threshold and therefore are not considered to be loan modifications requiring disclosure under ASU No.
−Removed: In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities.
−Removed: For purposes of this disclosure, we do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.
−Removed: For additional information on our forbearance and modification programs, see Note 5, “Loans Held for Investment —Certain Collection Tools — Private Education Loans” in this Form 10-K.
−Removed: As part of the additional modification programs that were launched in the fourth quarter of 2023, we also offered for a short period of time a permanent term extension with no interest rate reduction program.
−Removed: This program ended in the fourth quarter of 2023.
−Removed: The amortized cost of this program totaled $ 7.3 million as of December 31, 2024, representing 0.03 percent of the total Private Education Loan portfolio.
−Removed: This program added a weighted average of 6.7 years to the life of loans in the program.
−Removed: As of December 31, 2024, $ 6.0 million of these loans were in a current or deferred status, $ 0.6 million of these loans were 30-59 days past due, $ 0.4 million of these loans were 60-89 days past due, and $ 0.3 million of these loans were 90 days or greater past due.
−Removed: As of December 31, 2024, the defaulted amount and amortized cost basis of loans that received a permanent term extension and no interest rate reduction and defaulted during the year ended December 31, 2024 and were modified for borrowers experiencing financial difficulty during the twelve months prior to default were $ 2.5 million and $ 2.0 million, respectively.
−Removed: Additionally, loans that received a permanent term extension with no interest rate reduction in the fourth quarter of 2023 that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 are not included in the amortized cost basis and had an amortized cost basis of $ 0.6 million.
−Removed: F- 38 SLM CORPORATION — 2024 Form 10-K
+Added: During the first six months following a borrower’s grace period, the borrower
+Added: 2025 Form 10-K — SLM CORPORATION F-39
Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
+Added: may be eligible for extended grace forbearance in one six-month increment (which would also count towards the 12-month forbearance cap).
+Added: Due to our current forbearance practices, including the limitations on forbearances offered to borrowers, we do not believe the granting of forbearances will exceed the significance threshold under our accounting policy and, therefore, we do not consider the forbearances as loan modifications for the purposes of the tables below.
+Added: For additional information on our forbearance and modification programs, see Note 5, “Loans Held for Investment — Certain Collection Tools - Private Education Loans” in this Form 10-K.
+Added: The tables below provide information about modifications to borrowers experiencing financial difficulty.
+Added: We offer certain administrative forbearances (e.g., death and disability, bankruptcy, military service, disaster forbearance, and in school assistance) that are required by law (such as by the Servicemembers Civil Relief Act), are considered separate from our active loss mitigation programs, or do not exceed the significance threshold and therefore are not considered to be loan modifications requiring disclosure.
+Added: In addition, we may offer on a limited basis term extensions or rate reductions or a combination of both to borrowers to reduce consolidation activities.
+Added: We do not consider them modifications of loans to borrowers experiencing financial difficulty and they therefore are not included in the tables below.
+Added: Loan Modifications to Borrowers Experiencing Financial Difficulty
The following tables show the amortized cost basis at the end of the respective reporting periods of the loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification.
1 unchanged sentence
We consider borrowers to be in financial difficulty after they have exited school and have difficulty making their scheduled principal and interest payments.
−Removed: The increase in loan modifications during the year ended December 31, 2024 compared to the year-ago period is primarily due to additional modification programs implemented in the fourth quarter of 2023 and subsequent refinements to those programs.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
10 unchanged sentences
Total $ 31,966 0.13 % $ 1,003,089 4.20 %
+Added: Loan Modifications Made to Borrowers Experiencing Financial Difficulty
+Added: Year Ended December 31, 2023
+Added: (dollars in thousands) Interest Rate Reduction Combination - Interest Rate Reduction and Term Extension
+Added: Amortized Cost Basis % of Total Class of Financing Receivable Amortized Cost Basis % of Total Class of Financing Receivable
+Added: Private Education Loans $ 48,637 0.22 % $ 331,889 1.48 %
+Added: Total $ 48,637 0.22 % $ 331,889 1.48 %
+Added: F- 40 SLM CORPORATION — 2025 Form 10-K
+Added: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
The following tables describe the financial effect of the modifications made to loans whose borrowers are experiencing financial difficulty:
6 unchanged sentences
Reduced average contractual rate from 12.33 % to 3.86 %
−Removed: 2024 Form 10-K — SLM CORPORATION F-39
−Removed: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
Year Ended December 31, 2024
5 unchanged sentences
Reduced average contractual rate from 12.71 % to 3.66 %
+Added: Year Ended December 31, 2023
+Added: Interest Rate Reduction Combination - Interest Rate
+Added: Reduction and Term Extension
+Added: Loan Type Financial Effect Loan Type Financial Effect
+Added: Private Education Loans Reduced average contractual rate from 13.37 % to 4.00 %
+Added: Private Education Loans Added a weighted average 10.20 years to the life of loans
+Added: Reduced average contractual rate from 12.92 % to 4.00 %
Private Education Loans are charged off at the end of the month in which they reach 120 days delinquent or otherwise when the loans are classified as a loss by us or our regulator.
1 unchanged sentence
See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Allowance for Private Education Loan Losses” and “Significant Accounting Policies — Allowance for Credit Losses — Allowance for FFELP Loan Losses” in this Form 10-K for a more detailed discussion.
+Added: As part of the additional modification programs that were launched in the fourth quarter of 2023, we also offered for a short period of time a permanent term extension with no interest rate reduction program.
+Added: This program ended in the fourth quarter of 2023.
+Added: The amortized cost of modified loans included in this program totaled $ 5.2 million as of December 31, 2025, representing 0.02 percent of the total Private Education Loan portfolio.
+Added: This program added a weighted average of 7.0 years to the life of loans participating in the program.
+Added: As of December 31, 2025, both the defaulted amount and amortized cost basis of loans that participated in this program that defaulted during the year ended December 31, 2025 and were modified for borrowers experiencing financial difficulty during the twelve months prior to default were immaterial.
+Added: 2025 Form 10-K — SLM CORPORATION F-41
+Added: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
+Added: Additionally, there were no loans modified during the year ended December 31, 2025 and subsequently charged-off during the year ended December 31, 2025.
For the periods presented, the following table presents the defaulted amount and period-end amortized cost basis, by modification category, of loans that defaulted during the period and were modified for borrowers experiencing financial difficulty during the 12 months preceding default.
−Removed: Solely for the purpose of the below table, starting in the quarter ended December 31, 2024, we changed our definition of payment default to be two missed consecutive post-modification payment obligations.
−Removed: As such, as reflected for the year ended December 31, 2024 below, defaulted amount represents the principal amount of modified loans at the time the borrower missed two consecutive post-modification payment obligations during the period.
+Added: Solely for the purpose of the below table, starting in the quarter ended December 31, 2024, we changed the definition of payment default to be two missed consecutive post-modification payment obligations.
+Added: As such, as reflected for the years ended December 31, 2025 and 2024 below, defaulted amount represents the principal amount of modified loans at the time the borrower missed two consecutive post-modification payment obligations during the period.
Previously, as reflected for the year ended December 31, 2023 in the table below, defaulted amount represented the principal amount of modified loans at the time they became 60 days or more past due in the relevant period.
−Removed: Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 are not included in the period-end amortized cost basis and had an amortized cost basis of $ 40.4 million at the time of charge-off.
−Removed: The increase in loan modifications during the year ended December 31, 2024 compared to the year-ago period is primarily due to the additional modification programs implemented in the fourth quarter of 2023 and subsequent refinements to those programs.
+Added: Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2025 and 2024 are not included in the period-end amortized cost basis and had an amortized cost basis of $ 39.1 million and $ 40.4 million, respectively, at the time of charge-off.
The following two tables do not include loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023, which are described earlier in this Note 7.
−Removed: Year Ended December 31, 2024 Year Ended December 31, 2023
−Removed: (Dollars in thousands) Defaulted Amount Period-end Amortized Cost Basis Defaulted Amount Period-end Amortized Cost Basis
+Added: Years Ended December 31,
+Added: (dollars in thousands) 2025 2024 2023
+Added: Defaulted Amount Period-end Amortized Cost Basis Defaulted Amount Period-end Amortized Cost Basis Defaulted Amount Period-end Amortized Cost Basis
Private Education Loans
5 unchanged sentences
We closely monitor performance of the loans to borrowers experiencing financial difficulty that are modified to understand the effectiveness of the modification efforts.
−Removed: The following table depicts the performance of loans that have been modified during the respective reporting periods (the twelve months ended December 31, 2024 and 2023, respectively).
+Added: The following table depicts the performance of loans that were modified during the respective reporting periods (the twelve months ended December 31, 2025, 2024, and 2023, respectively).
Twelve Months Ended
December 31, 2025 Twelve Months Ended
+Added: December 31, 2024 Twelve Months Ended
December 31, 2023
−Removed: (Dollars in thousands) Balance % Balance %
+Added: (Dollars in thousands) Balance % Balance % Balance %
Payment Status (Amortized Cost Basis) (1) :
12 unchanged sentences
Total Private Education Loan modifications $ 529,634 $ 1,035,055 $ 380,526
−Removed: (1) Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2024 and 2023 are excluded from the table and had an amortized cost basis of $ 40.4 million and $ 8.4 million, respectively.
−Removed: Additionally, loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023 are excluded from the table.
+Added: (1) Loans that were both modified and subsequently charged-off during the twelve months ended December 31, 2025, 2024, and 2023 are excluded from the table and had an amortized cost basis of $ 39.1 million, $ 40.4 million, and $ 8.4 million, respectively.
+Added: Additionally, loans that received a permanent term extension with no interest rate reduction during the fourth quarter of 2023 are excluded from the table, but are discussed elsewhere in this Note 7.
(2) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make full principal and interest payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
Deferment also includes loans that have entered a forbearance after the loan modification was granted.
−Removed: (3) Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include those loans while they are in forbearance).
+Added: (3) Represents loans in repayment, which include loans that have entered full principal and interest repayment status after any applicable grace period (but, for purposes of the table, do not include loans in the “loans in forbearance” metric).
(4) The period of delinquency is based on the number of days scheduled payments are contractually past due.
89 unchanged sentences
The following tables provide information regarding the loan status of our Private Education Loans held for investment, by year of origination approval/first disbursement.
−Removed: Loans in repayment include loans on which borrowers are 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, for purposes of the following tables, do not include those loans while they are in forbearance).
+Added: Loans in repayment include loans on which borrowers are 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, for purposes of the following tables, do not include those loans in the “loans in forbearance” metric).
Private Education Loans Held for Investment - Delinquencies by Origination Approval Vintage
23 unchanged sentences
(1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
−Removed: (2) 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.
+Added: (2) 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 (other than delinquent loans in disaster forbearance), consistent with established loan program servicing policies and procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
26 unchanged sentences
(1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
−Removed: (2) 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.
+Added: (2) 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 (other than delinquent loans in disaster forbearance), consistent with established loan program servicing policies and procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
26 unchanged sentences
(1) Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not yet required to make payments on the loans (e.g., residency periods for medical students or a grace period for bar exam preparation).
−Removed: (2) 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.
+Added: (2) 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 (other than delinquent loans in disaster forbearance), consistent with established loan program servicing policies and procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
23 unchanged sentences
See Note 2, “Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” in this Form 10-K for additional information.
−Removed: At December 31, 2024, we had $ 2.3 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2024/2025 academic year.
+Added: 2025 Form 10-K — SLM CORPORATION F-49
+Added: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
+Added: At December 31, 2025, we had $ 2.4 billion of outstanding contractual loan commitments that we expect to fund during the remainder of the 2025/2026 academic year, including $ 523 million of contractual loan commitments associated with loans classified as held for sale.
The tables below summarize the activity in the allowance recorded to cover lifetime expected credit losses on the unfunded commitments, which is recorded in “Other Liabilities” on the consolidated balance sheets, as well as the activity in the unfunded commitments balance.
7 unchanged sentences
Ending Balance (3)
+Added: $ 77,132 $ 2,437,035 $ 84,568 $ 2,311,660 $ 112,962 $ 2,221,077
(1) Net of expirations of commitments unused.
1 unchanged sentence
(2) When a loan commitment is funded, its related liability for credit losses (which originally was recorded as a provision for unfunded commitments) is transferred to the allowance for credit losses.
+Added: (3) The ending balance of unfunded loan commitments includes $ 523 million of unfunded loan commitments associated with the loans classified as held for sale at December 31, 2025.
+Added: 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.
The unfunded commitments disclosed above represent the total amount of outstanding unfunded commitments at each period end.
However, historically not all of these commitments are funded prior to the expiration of the commitments.
−Removed: 2024 Form 10-K — SLM CORPORATION F-47
−Removed: Allowance for Credit Losses and Unfunded Loan Commitments (Continued)
We estimate the amount of commitments expected to be funded in calculating the reserve for unfunded commitments.
12 unchanged sentences
Depreciation expense for premises and equipment was $ 16 million, $ 18 million, and $ 18 million for the years ended December 31, 2025, 2024, and 2023, respectively.
+Added: F- 50 SLM CORPORATION — 2025 Form 10-K
Goodwill and Acquired Intangible Assets
10 unchanged sentences
Acquired Intangible Assets
−Removed: Our intangible assets include acquired trade name and trademarks, customer relationships, developed technology, and partner relationships.
+Added: Our intangible assets include acquired trade names and trademarks, customer relationships, and developed technologies.
We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.
5 unchanged sentences
That impairment loss was recorded to acquired intangible assets impairment and amortization expense.
−Removed: F- 48 SLM CORPORATION — 2024 Form 10-K
−Removed: Goodwill and Acquired Intangibles Assets (Continued)
Acquired intangible assets include the following:
3 unchanged sentences
Cost Basis Accumulated Amortization Net Cost Basis Accumulated Amortization Net
−Removed: Trade name and trademarks (2)(3)
−Removed: 4.0 $ 6,040 $ ( 2,139 ) $ 3,901 $ 6,040 $ ( 629 ) $ 5,411
+Added: Trade names and trademarks 4.0 $ 6,040 $ ( 3,649 ) $ 2,391 $ 6,040 $ ( 2,139 ) $ 3,901
Customer relationships 4.6 8,920 ( 8,073 ) 847 8,920 ( 6,465 ) 2,455
−Removed: 4.6 8,920 ( 6,465 ) 2,455 8,920 ( 4,013 ) 4,907
−Removed: Developed technology (2)
−Removed: 3.5 2,590 ( 1,661 ) 929 2,590 ( 908 ) 1,682
−Removed: Partner relationships (4)
−Removed: — — — — 730 ( 122 ) 608
+Added: Developed technologies 3.5 2,590 ( 2,064 ) 526 2,590 ( 1,661 ) 929
Sallie.com domain 4.0 150 ( 43 ) 107 150 ( 6 ) 144
1 unchanged sentence
(1) The weighted average useful life of acquired intangible assets related to the Nitro acquisition is 4.6 years and the weighted average useful life of the acquired intangible assets related to the Scholly acquisition is 4.0 years.
−Removed: (2) Trade name and trademarks, customer relationships, and developed technology at December 31, 2024 include $ 4 million, $ 1 million, and $ 1 million, respectively, related to the Scholly acquisition.
−Removed: (3) In 2023, we fully impaired the Nitro trade name and trademarks asset for $ 56 million.
−Removed: (4) In 2024, we fully impaired the Scholly partner relationships asset for less than $ 1 million.
−Removed: We recorded amortization of acquired intangible assets totaling approximately $ 5 million and $ 10 million in the years ended December 31, 2024 and 2023, respectively.
+Added: We recorded amortization of acquired intangible assets totaling approximately $ 4 million, $ 5 million, and $ 10 million in the years ended December 31, 2025, 2024, and 2023, respectively.
We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives.
−Removed: We estimate amortization expense associated with these intangible assets will be approximately $ 4 million, $ 3 million, and $ 1 million in 2025, 2026, and 2027.
+Added: We estimate amortization expense associated with these intangible assets will be approximately $ 3 million, $ 1 million, and less than $ 1 million in 2026, 2027, and 2028.
2025 Form 10-K — SLM CORPORATION F-51
37 unchanged sentences
Deposits (Continued)
−Removed: As of December 31, 2024 and 2023, there were $ 567 million and $ 478 million, respectively, of deposits exceeding FDIC insurance limits.
+Added: As of December 31, 2025 and 2024, certificates of deposits included $ 1.2 billion and $ 1.2 billion, respectively, of those in denominations that met or exceeded FDIC insurance limits.
Accrued interest on deposits was $ 71 million and $ 92 million at December 31, 2025 and 2024, respectively.
16 unchanged sentences
Total $ 498,415 $ 5,362,494 $ 5,860,909 $ — $ 6,440,345 $ 6,440,345
−Removed: Short-term Borrowings
−Removed: Secured Financings
−Removed: On June 14, 2024, we amended our $ 2 billion maximum Secured Borrowing Facility to extend the maturity.
−Removed: We hold 100 percent of the residual interest in the Secured Borrowing Facility trust.
−Removed: The amendment extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 13, 2025.
−Removed: The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 13, 2026 (or earlier, if certain material adverse events occur).
−Removed: The one-year revolving period plus the one-year amortization period results in a contractual maturity that is two years from the date of inception or renewal;
−Removed: however, we classify advances under our Secured Borrowing Facility as short-term borrowings because it is our intention to repay those advances within one year.
−Removed: For the years ended December 31, 2024 and December 31, 2023, there were no outstanding short-term borrowings under the Secured Borrowing Facility.
−Removed: With the Secured Borrowing Facility, we incur financing costs on the unused borrowing capacity and on any outstanding advances.
−Removed: The non-use fee is based upon the Facility’s maximum borrowing limit of $ 2 billion, for both 2024 and 2023, and is applied to the unfunded balance.
−Removed: The Facility non-use fee was 55 basis points in both 2024 and 2023.
−Removed: 2024 Form 10-K — SLM CORPORATION F-51
−Removed: Borrowings (Continued)
−Removed: Long-term Borrowings
−Removed: The following table summarizes the outstanding long-term borrowings, the weighted average interest rates at the end of the period and the related average balance during the period.
+Added: The following table summarizes the outstanding borrowings, the weighted average interest rates at the end of the period and the related average balance during the period.
Rates reflect stated interest of borrowings and related discounts and premiums.
−Removed: The long-term borrowings amortize over time and mature serially from 2025 to 2056.
December 31, 2025 Year Ended
4 unchanged sentences
Interest Rate Average Balance
+Added: Short-term borrowings:
+Added: Fixed-rate borrowings $ 498,415 3.13 % $ 81,906 $ — — % $ —
+Added: Total short-term borrowings $ 498,415 3.13 % $ 81,906 $ — — % $ —
Long-term borrowings:
2 unchanged sentences
Total long-term borrowings $ 5,362,494 4.68 % $ 6,276,154 $ 6,440,345 4.30 % $ 5,589,120
+Added: Total Borrowings $ 5,860,909 4.55 % $ 6,358,060 $ 6,440,345 4.30 % $ 5,589,120
+Added: 2025 Form 10-K — SLM CORPORATION F-53
+Added: Borrowings (Continued)
+Added: Our borrowings amortize over time and mature serially from 2026 to 2056.
As of December 31, 2025, the maturities of our brokered CDs and borrowings are summarized below.
14 unchanged sentences
To disclose how we expect this debt to pay down over time, the maturities for our secured borrowings are based on the projected bond principal paydowns using the current estimated loan prepayment speeds.
−Removed: Unsecured Financing Transactions
−Removed: On October 29, 2020, we issued $ 500 million of 4.20 percent unsecured Senior Notes due October 29, 2025.
−Removed: At December 31, 2024, the outstanding balance was $ 499 million.
−Removed: This unsecured borrowing remained classified as long-term as of December 31, 2024 in accordance with our ability and intent to refinance the debt on a long-term basis.
−Removed: On February 18, 2025, we redeemed these Senior Notes with proceeds from $ 500 million of 6.50 percent unsecured Senior Notes issued on January 31, 2025 and due January 31, 2030.
−Removed: See Note 23, “Subsequent Events” in this Form 10-K for additional information.
+Added: Short-term Borrowings
+Added: Unsecured Borrowings Transactions
On November 1, 2021, we issued $ 500 million of 3.125 percent unsecured Senior Notes due November 2, 2026, at a price of 99.43 percent.
−Removed: At December 31, 2024, the outstanding balance was $ 496 million.
+Added: At December 31, 2025, the outstanding carrying value, net of deferred financing fees, was $ 498 million.
+Added: Long-term Borrowings
+Added: Unsecured Borrowings Transactions
+Added: On January 31, 2025, we issued $ 500 million of 6.50 percent unsecured Senior Notes due January 31, 2030, at a price of 99.78 percent.
+Added: At December 31, 2025, the outstanding carrying value, net of deferred financing fees, was $ 493 million.
F- 54 SLM CORPORATION — 2025 Form 10-K
Borrowings (Continued)
−Removed: Secured Financing Transactions
−Removed: The following summarizes our term funding collateralized by pools of Private Education Loans in the long-term ABS market issued in 2023 and 2024 in which we retained 100 percent of the residual class certificates.
+Added: Secured Borrowings Transactions
+Added: The following table summarizes our term ABS fundings issued in the years ended December 31, 2025 and December 31, 2024, in which we retained 100 percent of the residual class certificates, and which are collateralized by pools of Private Education Loans.
+Added: The transfer of these loans did not qualify for sale treatment and thus remain encumbered on our consolidated balance sheet.
SMB Private Education Loan Trust Date Closed Loans Transferred to the Trust (1)
3 unchanged sentences
(Dollars in thousands)
−Removed: 2023-A ABS Transaction March 15, 2023 $ 644,573 $ 579,000 $ 571,910 SOFR plus 1.53 %
−Removed: 2023-C ABS Transaction August 16, 2023 647,934 568,000 567,881 SOFR plus 1.69 %
−Removed: Total 2023 $ 1,292,507 $ 1,147,000 $ 1,139,791
2024-C ABS Transaction May 15, 2024 $ 733,644 $ 668,000 $ 667,888 SOFR plus 1.19 %
2 unchanged sentences
Total 2024 $ 2,410,734 $ 2,216,000 $ 2,215,612
−Removed: (1) The transfer of such loans did not qualify for sale treatment and thus remain on our consolidated balance sheet.
−Removed: At December 31, 2024, the following Private Education Loan amounts remain encumbered related to these transactions:
−Removed: SMB Private Education Loan Trust Loan Principal Capitalized
−Removed: Interest Total Loans
−Removed: (Dollars in thousands)
−Removed: 2023-A ABS Transaction $ 484,551 $ 32,856 $ 517,407
−Removed: 2023-C ABS Transaction 516,507 35,287 551,794
−Removed: Total 2023 $ 1,001,058 $ 68,143 $ 1,069,201
−Removed: 2024-C ABS Transaction $ 646,550 $ 52,968 $ 699,518
−Removed: 2024-E ABS Transaction 841,355 69,238 910,593
−Removed: 2024-F ABS Transaction 662,361 55,131 717,492
+Added: Loans encumbered at December 31, 2025 related to 2024 term ABS:
+Added: 2025-A ABS Transaction May 07, 2025 $ 576,908 $ 539,000 $ 538,889 SOFR plus 1.49 %
Total 2025 $ 576,908 $ 539,000 $ 538,889
+Added: Loans encumbered at December 31, 2025 related to 2025 term ABS:
+Added: (1) Represents principal and capitalized interest.
(2) Represents SOFR equivalent cost of funds for variable and fixed-rate bonds, excluding issuance costs.
Pre-2024 Transactions
−Removed: Prior to 2023, we executed a total of $ 10.38 billion in ABS transactions that were accounted for as secured financings.
+Added: Prior to 2024, we executed a total of $ 11.53 billion in ABS transactions that were accounted for as secured borrowings.
At December 31, 2025, $ 3.93 billion of our Private Education Loans, including $ 3.81 billion of principal and $ 116 million in capitalized interest, were encumbered as a result of these transactions.
+Added: Secured Borrowing Facility
+Added: On June 13, 2025, we amended our Secured Borrowing Facility to increase the amount that may be borrowed under the facility from $ 2 billion to $ 2.5 billion and extend the maturity.
+Added: We hold 100 percent of the residual interest in the Secured Borrowing Facility Trust.
+Added: The amendment extended the revolving period, during which we may borrow, repay, and reborrow funds, until June 12, 2026.
+Added: The scheduled amortization period, during which amounts outstanding under the Secured Borrowing Facility must be repaid, ends on June 12, 2027 (or earlier, if certain material adverse events occur).
+Added: The one-year revolving period plus the one-year amortization period results in a contractual maturity that is two years from the date of inception or renewal.
+Added: For the years ended December 31, 2025 and December 31, 2024, there were no outstanding borrowings under the Secured Borrowing Facility.
+Added: With the Secured Borrowing Facility, we incur financing costs on the unused borrowing capacity and on any outstanding advances.
+Added: The non-use fee is based upon the Facility’s maximum borrowing limit.
+Added: For the year ended December 31, 2025, the maximum borrowing limit was $ 2 billion from January 1, 2025 to June 12, 2025 and $ 2.5 billion from June 13, 2025 to December 31, 2025.
+Added: For the year ended December 31, 2024, the maximum borrowing limit was $ 2 billion.
+Added: The non-use fee is applied to the unfunded balance.
+Added: The Facility non-use fee was 55 basis points in both 2025 and 2024.
2025 Form 10-K — SLM CORPORATION F-55
20 unchanged sentences
(1) Other assets, net primarily represents accrued interest receivable and payable.
−Removed: F- 54 SLM CORPORATION — 2024 Form 10-K
−Removed: Borrowings (Continued)
Unconsolidated Funding Vehicles
2 unchanged sentences
We remained the servicer of these loans pursuant to applicable servicing agreements executed in connection with the sales, and we are also the administrator of these trusts.
−Removed: Additionally, we own five percent of the securities issued by the trusts to meet risk retention requirements.
+Added: Additionally, we own five percent of the securities issued by the trusts, as a vertical interest, to meet risk retention requirements.
We were not required to consolidate these entities because the fees we receive as the servicer/administrator are commensurate with our responsibility, so the fees are not considered a variable interest.
Additionally, the five percent vertical interest we maintain does not absorb more than an insignificant amount of the VIE’s expected losses, nor do we receive more than an insignificant amount of the VIE’s expected residual returns.
−Removed: We classified those vertical risk retention interests related to the securitization transactions listed below as available-for-sale investments, except for the interest in the residual class, which we classified as trading investments recorded at fair value with changes recorded through earnings.
+Added: We classified those vertical risk retention interests related to securitization transactions as available-for-sale investments, except for the interest in the residual class, which we classified as trading investments recorded at fair value with changes recorded through earnings.
The following summarizes our Private Education Loan ABS transactions closed in 2024 and 2025 where the respective VIEs were not consolidated.
+Added: F- 56 SLM CORPORATION — 2025 Form 10-K
+Added: Borrowings (Continued)
SMB Private Education Loan Trust Date Closed Loans Transferred to the Trust by Third-Party Seller Date Third-Party Seller Previously Purchased Loans from the Bank Additional Loans the Bank Transferred to the Trust (1)
1 unchanged sentence
(Dollars in thousands)
−Removed: 2023-B ABS transaction (2)
−Removed: May 24, 2023 $ 1,988,277 May 3, 2023 $ 104,743 $ 5,391
−Removed: 2023-D ABS transaction (2)
−Removed: November 7, 2023 995,184 October 13, 2023 52,572 1,570
2024-A ABS transaction (2)
7 unchanged sentences
June 28, 2024 1,494,953 May 23, 2024 78,782 6,051
+Added: 2025-B ABS transaction (2)
+Added: July 17, 2025 496,749 February 6, 2025 26,223 2,315
+Added: 2025-C ABS transaction (2)
+Added: August 21, 2025 $ 1,807,961 July 30, 2025 $ 95,101 $ 5,353
(1) The transfer of such additional loans qualified for sale treatment and removed these loans from our balance sheet on the settlement date of the transaction.
16 unchanged sentences
We did not utilize these lines of credit in the years ended December 31, 2025 and 2024.
−Removed: 2024 Form 10-K — SLM CORPORATION F-55
−Removed: Borrowings (Continued)
We established an account at the FRB to meet eligibility requirements for access to the Primary Credit borrowing facility at the FRB’s Discount Window (the “Window”).
6 unchanged sentences
We did not utilize this facility in the years ended December 31, 2025 and 2024.
+Added: 2025 Form 10-K — SLM CORPORATION F-57
Derivative Financial Instruments
30 unchanged sentences
Our derivative instruments are classified and accounted for by us as either fair value hedges or cash flow hedges.
−Removed: F- 56 SLM CORPORATION — 2024 Form 10-K
−Removed: Derivative Financial Instruments (Continued)
Fair Value Hedges
3 unchanged sentences
For fair value hedges, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the consolidated statements of income that is used to present the earnings effect of the hedged component of the hedged item.
+Added: F- 58 SLM CORPORATION — 2025 Form 10-K
+Added: Derivative Financial Instruments (Continued)
Cash Flow Hedges
8 unchanged sentences
Impact of Derivatives on the Consolidated Balance Sheets
−Removed: Cash Flow Hedges Fair Value Hedges Trading Total
+Added: Cash Flow Hedges Fair Value Hedges Total
As of December 31,
2 unchanged sentences
Hedged Risk Exposure
−Removed: Derivative Assets:
−Removed: Interest rate swaps Interest rate $ — $ — $ — $ — $ — $ — $ — $ —
Derivative Liabilities:
2 unchanged sentences
(1) Fair values reported include variation margin as legal settlement of the derivative contract.
−Removed: Assets and liabilities are presented without consideration of master netting agreements.
+Added: Liabilities are presented without consideration of master netting agreements.
Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements and classified in other assets or other liabilities depending on whether in a net positive or negative position.
5 unchanged sentences
$ — $ — $ ( 8 ) $ ( 40 )
−Removed: Impact of master netting agreement — — — —
Derivative values with impact of master netting agreements (as carried on balance sheet) — — ( 8 ) ( 40 )
4 unchanged sentences
(2) Cash collateral pledged excludes amounts that represent legal settlement of the derivative contracts.
−Removed: 2024 Form 10-K — SLM CORPORATION F-57
−Removed: Derivative Financial Instruments (Continued)
Notional Values
−Removed: Cash Flow Fair Value Trading Total
+Added: Cash Flow Fair Value Total
As of December 31,
2 unchanged sentences
Net total notional $ 566,592 $ 639,097 $ 6,520 $ 281,520 $ 573,112 $ 920,617
+Added: 2025 Form 10-K — SLM CORPORATION F-59
+Added: Derivative Financial Instruments (Continued)
As of December 31, 2025 and 2024, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
17 unchanged sentences
Total $ 22,804 $ 41,221 $ 47,810
−Removed: Interest rate swaps:
−Removed: Change in fair value of future interest payments recorded in earnings $ — $ — $ ( 248 )
Total $ 20,898 $ 26,007 $ 21,893
−Removed: Total $ 26,007 $ 21,893 $ 19,698
−Removed: F- 58 SLM CORPORATION — 2024 Form 10-K
−Removed: Derivative Financial Instruments (Continued)
Impact of Derivatives on the Statements of Changes in Stockholders’ Equity
12 unchanged sentences
Collateral pledged is recorded in “Other interest-earning assets” on the consolidated balance sheets.
+Added: F- 60 SLM CORPORATION — 2025 Form 10-K
Stockholders’ Equity
8 unchanged sentences
Upon liquidation or dissolution of the Company, holders of the Series B Preferred Stock are entitled to receive $ 100 per share, plus an amount equal to accrued and unpaid dividends for the then current quarterly dividend period, pro rata, and before any distribution of assets is made to holders of our common stock.
−Removed: Our shareholders have authorized the issuance of 1.125 billion shares of common stock (par value of $0 .20 ).
+Added: Our governing documents permit the issuance of up to 1.125 billion shares of common stock (par value of $0 .20 ).
At December 31, 2025, 199 million shares were issued and outstanding and 31 million shares were unissued but encumbered for outstanding stock options, restricted stock, restricted stock units, performance stock units, and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.
Common Stock Dividends
−Removed: In the year ended December 31, 2024, we paid a total common stock dividend of $ 0.46 per common share.
−Removed: In both the years ended December 31, 2023 and 2022, we paid a total common stock dividend of $ 0.44 per common share.
+Added: In the years ended December 31, 2025, 2024, and 2023, we paid a total common stock dividend of $ 0.52 , $ 0.46 , and $ 0.44 per common share, respectively.
Common stock dividend declarations are subject to determination by, and the discretion of, our Board of Directors.
5 unchanged sentences
The FDIC has the authority to prohibit or limit the payment of dividends by the Bank and SLM Corporation.
−Removed: 2024 Form 10-K — SLM CORPORATION F-59
−Removed: Stockholders’ Equity (Continued)
Share Repurchases
5 unchanged sentences
In January 2024, we announced a new share repurchase program of up to $ 650 million of common stock (the “2024 Share Repurchase Program”).
−Removed: The program expires in February 2026.
We had $ 33 million of capacity remaining under the 2024 Share Repurchase Program at December 31, 2025.
+Added: The 2024 Share Repurchase Program expired on February 6, 2026.
+Added: On January 22, 2026, we announced a new share repurchase program (the “2026 Share Repurchase Program”), which became effective on January 22, 2026 and is expected to be completed over the next approximately 24 months ending February 4, 2028.
+Added: The 2026 Share Repurchase Program permits us to repurchase shares of our common stock from time to time in various transaction formats including, but not limited to, tender offers, open market purchases, accelerated share repurchases, negotiated or block purchases, and/ or pursuant to trading plans in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), up to an aggregate repurchase price not to exceed $ 500 million.
Under the above share repurchase programs, repurchases could occur from time to time and through a variety of methods, including open market repurchases, repurchases effected through Rule 10b5-1 trading plans, negotiated block purchases, accelerated share repurchase programs, tender offers, or other similar transactions.
The timing and volume of any repurchases are subject to market conditions, and there can be no guarantee that the Company will repurchase up to the limit of the 2026 Share Repurchase Program.
+Added: 2025 Form 10-K — SLM CORPORATION F-61
+Added: Stockholders’ Equity (Continued)
Share Repurchases under our Rule 10b5-1 Trading Plans
34 unchanged sentences
(1) Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.
−Removed: (2) For the years ended December 31, 2024, 2023, and 2022, securities covering approximately less than 1 million shares, 1 million shares, and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.
+Added: (2) For the years ended December 31, 2025, 2024, and 2023, securities covering approximately less than 1 million shares, less than 1 million shares, and 1 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.
2025 Form 10-K — SLM CORPORATION F-63
2 unchanged sentences
As of December 31, 2025, we had one active stock-based compensation plan that provides for grants of equity awards to our employees and non-employee directors.
−Removed: The SLM Corporation 2021 Omnibus Incentive Plan was approved by shareholders on June 8, 2021, and at December 31, 2024, 14 million shares were authorized to be issued from this plan.
−Removed: We also maintain an Employee Stock Purchase Plan (the “ESPP”).
+Added: The SLM Corporation 2021 Omnibus Incentive Plan was approved by stockholders on June 8, 2021, and at December 31, 2025, 13 million shares were authorized to be issued from this plan.
+Added: We also maintain an employee stock purchase plan.
The number of shares authorized under the plan at December 31, 2025 was 14 million shares.
1 unchanged sentence
Stock-Based Compensation
−Removed: The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022 was $ 40 million, $ 36 million, and $ 34 million, respectively.
+Added: The total stock-based compensation cost recognized in the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 were $ 41 million, $ 40 million, and $ 36 million, respectively.
As of December 31, 2025, there was $ 27 million of total unrecognized compensation expense related to unvested restricted stock awards, restricted stock units, performance stock units, and ESPP awards, which is expected to be recognized over a weighted average period of 1.3 years.
1 unchanged sentence
Stock Options
−Removed: There were 86,536 time-vested options granted in the year ended December 31, 2022.
−Removed: The options were granted to team members of an acquisition that took place in the first half of the year in 2022.
−Removed: The exercise price of the options is equal to 100 percent of the fair market value of a share of our common stock as of the grant date.
−Removed: The options will vest 100 percent on the third anniversary of the respective grant date and expire ten years after the respective grant date.
−Removed: The fair value of each stock option grant was estimated on the date of grant using a Black-Scholes option pricing model.
−Removed: The expected volatility of our common stock at the date of grant is estimated based on a historic volatility rate and the expected option life is calculated based on historical stock option experience as the best estimate of future exercise patterns.
−Removed: The dividend yield assumption is based on historical and anticipated dividend payouts.
−Removed: The risk-free interest rate assumption is based on observed interest rates consistent with the expected life of each stock option grant.
−Removed: There were no stock options granted in the years ended December 31, 2023 and 2024.
−Removed: F- 62 SLM CORPORATION — 2024 Form 10-K
−Removed: Stock-Based Compensation Plans and Arrangements (Continued)
+Added: There were no stock options granted in the years ended December 31, 2023, 2024, or 2025.
The following table summarizes stock option activity for the year ended December 31, 2025.
10 unchanged sentences
(1) The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2025 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2025.
−Removed: (2) The total intrinsic value of the options exercised was $ 0.3 million for the year ended December 31, 2024.
−Removed: No options were exercised in the years ended December 31, 2023 and 2022.
+Added: (2) For the years ended December 31, 2025 and 2024, the total intrinsic value of the options exercised was $ 1 million and $ 0.3 million, respectively.
+Added: No options were exercised in the year ended December 31, 2023.
(3) Cash of $ 1 million was received from option exercises for the year ended December 31, 2025.
1 unchanged sentence
(4) For net-settled options, gross number is reflected.
+Added: F- 64 SLM CORPORATION — 2025 Form 10-K
+Added: Stock-Based Compensation Plans and Arrangements (Continued)
Restricted Stock
9 unchanged sentences
( 70,690 ) 20.51
−Removed: Canceled ( 7,069 ) 20.51
Non-vested at December 31, 2025 (2)
2 unchanged sentences
(2) As of December 31, 2025, there was $ 0.9 million of unrecognized compensation cost related to restricted stock, which is expected to be recognized over a weighted average period of 0.5 years.
−Removed: 2024 Form 10-K — SLM CORPORATION F-63
−Removed: Stock-Based Compensation Plans and Arrangements (Continued)
Restricted Stock Units and Performance Stock Units
1 unchanged sentence
RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions, while PSUs vest based on corporate performance targets at the end of a three-year period.
−Removed: Outstanding RSUs and PSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award.
+Added: Outstanding RSUs and PSUs are entitled to dividend equivalent units that are subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award.
The fair value of RSUs is based on our stock price at the grant date.
13 unchanged sentences
(2) As of December 31, 2025, there was $ 26 million of unrecognized compensation cost related to RSUs/PSUs, which is expected to be recognized over a weighted average period of 1.4 years.
+Added: 2025 Form 10-K — SLM CORPORATION F-65
+Added: Stock-Based Compensation Plans and Arrangements (Continued)
Employee Stock Purchase Plan
−Removed: Employees may purchase shares of our common stock at the end of a 12 -month offering period at a price equal to the share price at the beginning of the 12-month period, less 15 percent, up to a maximum purchase price of $ 7,500 (whole dollars).
−Removed: The purchase price for each offering is determined at the beginning of the offering period on August 1.
+Added: On June 17, 2025, the Company’s stockholders approved the SLM Corporation 2025 Employee Stock Purchase Plan (the “2025 ESPP”) upon the recommendation and approval by the Board of Directors.
+Added: The 2025 ESPP replaced the prior plan, the Sallie Mae Employee Stock Purchase Plan, as amended and restated (the “2014 ESPP”).
+Added: Under the terms of the 2025 ESPP, eligible employees may purchase shares of our common stock at a price no less than 85 percent of the lower of the fair market value of the Company’s common stock on either the first or last day of each offering period (i.e.
+Added: a 15 percent discount), up to a certain maximum purchase price per offering period.
+Added: The 2025 ESPP does not include post-purchase holding requirements and does not include certain features that could trigger modification, such as increases to contribution rates, resets, and rollovers.
+Added: Employees are allowed to terminate their participation in the 2025 ESPP in a timely manner during the purchase period prior to the purchase of shares.
The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions:
3 unchanged sentences
Expected dividend rate 1.75 % 1.99 % 2.73 %
−Removed: Expected life of the option 1 year 1 year 1 year
+Added: Expected life of the option 6 months 1 year 1 year
Weighted average fair value of stock purchase rights $ 6.70 $ 5.07 $ 4.14
2 unchanged sentences
Treasury STRIPS rate at the grant date consistent with the expected life.
−Removed: The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period.
−Removed: As of December 31, 2024, there was less than $ 1 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized by July 2025.
+Added: The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period for the 2014 ESPP and a six-month vesting period for the 2025 ESPP.
+Added: As of December 31, 2025, there was less than $ 1 million of unrecognized compensation cost related to the 2025 ESPP, which is expected to be recognized by May 2026.
+Added: During the years ended December 31, 2025, 2024 and 2023, plan participants purchased approximately 197,000 shares, 227,000 shares and 195,000 shares, respectively, of our common stock.
F- 66 SLM CORPORATION — 2025 Form 10-K
−Removed: Stock-Based Compensation Plans and Arrangements (Continued)
−Removed: During the years ended December 31, 2023 and 2024, plan participants purchased approximately 195,000 shares and 227,000 shares, respectively, of our common stock.
−Removed: No shares were purchased for the year ended December 31, 2022, as our stock price on July 31, 2022 was less than the offering price for the ESPP plan.
Fair Value Measurements
8 unchanged sentences
Available-for-sale investments — 1,756,178 1,892 1,758,070 — 1,930,537 2,689 1,933,226
−Removed: Derivative instruments — — — — — — — —
Total $ — $ 1,756,178 $ 51,142 $ 1,807,320 $ — $ 1,930,537 $ 55,951 $ 1,986,488
28 unchanged sentences
(2) Recorded in "gains (losses) on securities, net" in the consolidated statements of income.
+Added: F- 68 SLM CORPORATION — 2025 Form 10-K
+Added: Fair Value Measurements (Continued)
The following table presents the significant unobservable inputs used in the recurring valuations of the level 3 financial instruments detailed above.
10 unchanged sentences
• A decrease in the probability of defaults means increased principal receipts, resulting in an increase to the valuation due to the increase in residual cash flow.
−Removed: F- 66 SLM CORPORATION — 2024 Form 10-K
−Removed: Fair Value Measurements (Continued)
• Conversely, an increase in the probability of defaults means decreased principal receipts, resulting in a decrease to the valuation due to the decrease in residual cash flow.
+Added: 2025 Form 10-K — SLM CORPORATION F-69
+Added: Fair Value Measurements (Continued)
The following table summarizes the fair values of our financial assets and liabilities, including derivative financial instruments.
8 unchanged sentences
Private Education Loans $ 23,198,134 $ 20,332,124 $ 2,866,010 $ 24,110,381 $ 20,902,158 $ 3,208,223
−Removed: FFELP Loans — — — 542,775 534,064 8,711
+Added: Loans held for sale 947,078 933,256 13,822 — — —
Cash and cash equivalents 4,241,265 4,241,265 — 4,700,366 4,700,366 —
7 unchanged sentences
Certificates of deposit 9,830,811 9,877,945 47,134 10,593,666 10,540,428 ( 53,238 )
+Added: Short-term borrowings 489,802 498,415 8,613 — — —
Long-term borrowings 5,376,909 5,362,494 ( 14,415 ) 6,323,384 6,440,345 116,961
19 unchanged sentences
As such, these
−Removed: 2024 Form 10-K — SLM CORPORATION F-67
+Added: F- 70 SLM CORPORATION — 2025 Form 10-K
Fair Value Measurements (Continued)
2 unchanged sentences
Loans Held For Investment and Accrued Interest Receivable
−Removed: Private Education Loans
−Removed: For Private Education Loans, fair value was determined by using observable quoted prices for similar assets in our most recent market transactions.
−Removed: Adjustments were then made to account for the value of loans in our portfolio that have materially different characteristics than those included in the most recent market transaction.
+Added: Private Education Loans & Loans Held for Sale
+Added: For Private Education Loans, fair value is estimated using an income approach that includes both observable market data and unobservable inputs consistent with the assumptions market participants would incorporate in an orderly transaction at the measurement date.
+Added: For fully-disbursed loans, fair value is estimated based on recent market transactions and pricing for comparable loans with similar credit characteristics, remaining maturity, and contractual terms.
These are considered level 2 valuations.
+Added: For not fully-disbursed loans, the fair value estimate reflects both the funded portion of the loan and the remaining contractual commitment to fund future disbursements.
+Added: The funded portion of the loan is valued using observable market pricing for comparable fully-disbursed loans.
+Added: The unfunded commitment is valued using a discounted cash flow methodology that incorporates the probability-weighted net present value of the expected future economic benefit of funding the remaining commitment and the estimated cost of capital associated with maintaining funding availability during the period prior to disbursement.
+Added: These are considered level 3 valuations.
A portion of the fair value that has been modeled is attributable to accrued interest receivable that has not yet been capitalized, and has been allocated to the accrued interest receivable line item.
The remaining accrued interest receivable that will not be capitalized into the principal balance of the loan is carried at cost.
−Removed: During the third quarter of 2024, we transferred our FFELP Loan portfolio to loans held for sale as we planned to sell our FFELP Loan portfolio.
−Removed: At that time, we wrote down this loan portfolio to its estimated fair value through an adjustment to the allowance for credit losses of $ 8 million.
−Removed: We subsequently sold the FFELP Loan portfolio to a third party during the fourth quarter of 2024.
−Removed: For FFELP Loans, the fair value was determined by modeling expected loan level cash flows using stated terms of the assets and internally developed assumptions to determine aggregate portfolio yield, net present value, and average life.
−Removed: The significant assumptions used to determine fair value are prepayment speeds, default rates, cost of funds, and required return on equity.
−Removed: Significant inputs into the model are not observable.
−Removed: However, we do calibrate the model based on market transactions when appropriate.
−Removed: As such, these are level 3 valuations.
+Added: Our loans held for sale are accounted for at the lower of cost or market.
+Added: The loans classified as held for sale are newly originated and not fully-disbursed loans.
Money Market and Savings Accounts
12 unchanged sentences
Borrowings are accounted for at cost in the consolidated financial statements.
−Removed: The carrying value of short-term borrowings approximated fair value for disclosure purposes, due to the short-term nature of those borrowings.
−Removed: This is a level 1 valuation.
+Added: The fair value of our short-term and long-term unsecured borrowings is sourced from quoted prices using a third-party pricing service.
+Added: These are level 2 valuations.
The fair value of long-term secured borrowings is estimated using pricing indications obtained from the investment bankers who participate in the asset-backed securities market.
−Removed: The fair value of our long-term unsecured borrowings is sourced from a third-party pricing service.These are level 2 valuations.
+Added: These are level 2 valuations.
All derivatives are accounted for at fair value in the consolidated financial statements.
3 unchanged sentences
When the counterparty has exposure to us under derivative contracts with the Company, we fully collateralize the exposure (subject to certain thresholds).
−Removed: F- 68 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-71
Fair Value Measurements (Continued)
21 unchanged sentences
The proposed rule therefore would not affect the Bank’s capital requirements or the calculation of its capital ratios.
+Added: It is uncertain if and when a final rule will be adopted, and if so, whether and to what extent it will differ from the proposed rule.
Under regulations issued by the FDIC and other federal banking agencies, banking organizations that adopted CECL during the 2020 calendar year, including the Bank, could elect to delay for two years , and then phase in over the following three years, the effects on regulatory capital of CECL relative to the incurred loss methodology.
1 unchanged sentence
Therefore, the regulatory capital impact of the Bank’s transition adjustments recorded on January 1, 2020 from the adoption of CECL, and 25 percent of the ongoing impact of CECL on the Bank’s allowance for credit losses, retained earnings, and average total consolidated assets, each as reported for regulatory capital purposes (collectively, the “adjusted transition amounts”), were deferred for the two-year period ending January 1, 2022.
−Removed: On each of January 1 of 2022, 2023 and 2024, 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes.
−Removed: On January 1, 2025, the remaining 25 percent of the adjusted transition amounts was phased in for regulatory capital purposes, with the phased-in amounts included in regulatory capital at the beginning of the year.
+Added: On each of January 1 of 2022, 2023, 2024 and 2025, 25 percent of the adjusted transition amounts were phased in for regulatory capital purposes.
+Added: As of January 1, 2025, all adjusted transition amounts have been phased in for regulatory capital purposes.
The Bank’s January 1, 2020 CECL transition amounts increased our allowance for credit losses by $ 1.1 billion, increased the liability representing our off-balance sheet exposure for unfunded commitments by $ 116 million, and increased our deferred tax asset by $ 306 million, resulting in a cumulative effect adjustment that reduced retained earnings by $ 953 million.
This transition adjustment was inclusive of qualitative adjustments incorporated into our CECL allowance as necessary, to address any limitations in the models used.
−Removed: 2024 Form 10-K — SLM CORPORATION F-69
−Removed: Regulatory Capital (Continued)
−Removed: At December 31, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows:
−Removed: Adjusted Transition Amounts Phase-In
−Removed: Amounts for the Year Ended Phase-In
−Removed: Amounts for the Year Ended Phase-In
−Removed: Amounts for the Year Ended Remaining Adjusted Transition Amounts to be Phased-In
−Removed: (Dollars in thousands) December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2024
−Removed: Retained earnings $ 836,351 $ ( 209,088 ) $ ( 209,088 ) $ ( 209,088 ) $ 209,087
−Removed: Allowance for credit losses 1,038,145 ( 259,536 ) ( 259,536 ) ( 259,536 ) 259,537
−Removed: Liability for unfunded commitments 104,377 ( 26,094 ) ( 26,094 ) ( 26,095 ) 26,094
−Removed: Deferred tax asset 306,171 ( 76,542 ) ( 76,542 ) ( 76,543 ) 76,544
The Bank’s required and actual regulatory capital amounts and ratios, including applicable capital conservation buffers, under U.S.
2 unchanged sentences
The Bank has elected to exclude accumulated other comprehensive income related to both available-for-sale investments and swap valuations from Common Equity Tier 1 Capital.
−Removed: At December 31, 2024 and December 31, 2023, the unrealized loss on available-for-sale investments included in other comprehensive income totaled $ 83 million and $ 115 million, net of tax of $ 27 million and $ 37 million, respectively.
−Removed: The capital ratios would remain above the well capitalized thresholds, including applicable capital conservation buffers, if the unrealized loss became fully recognized into capital.
+Added: F- 72 SLM CORPORATION — 2025 Form 10-K
+Added: Regulatory Capital (Continued)
(Dollars in thousands) Actual U.S.
14 unchanged sentences
(2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework.
−Removed: (3) For both December 31, 2024 and 2023, the actual amounts and the actual ratios include the respective adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.
+Added: (3) For both December 31, 2025 and 2024, the actual amounts and the actual ratios include the respective adjusted transition amounts discussed above.
Bank Dividends
2 unchanged sentences
Generally, under Utah’s industrial bank laws and regulations as well as FDIC regulations, the Bank may pay dividends from its net profits without regulatory approval if, following the payment of the dividend, the Bank’s capital and surplus would not be impaired.
−Removed: F- 70 SLM CORPORATION — 2024 Form 10-K
−Removed: Regulatory Capital (Continued)
−Removed: relies on dividends from the Bank, as necessary, to enable the Company to pay any declared dividends and other payments and consummate share repurchases, as described herein.
+Added: The Company relies on dividends from the Bank, as necessary, to enable the Company to pay any declared dividends and other payments and consummate share repurchases, as described herein.
The Bank declared $ 700 million, $ 570 million, and $ 550 million in dividends to the Company for the years ended December 31, 2025, 2024, and 2023, respectively, with the proceeds primarily used to fund share repurchase programs and stock dividends.
−Removed: In the future, we expect that the Bank will pay dividends to the Company as may be necessary to enable the Company to pay any declared dividends on its Series B Preferred Stock and common stock and to consummate any common share repurchases by the Company under its repurchase programs.
Defined Contribution Plans
3 unchanged sentences
For the years ended December 31, 2025, 2024, and 2023, we contributed $ 8 million, $ 10 million, and $ 8 million, respectively, to this plan.
+Added: 2025 Form 10-K — SLM CORPORATION F-73
Commitments, Contingencies, and Guarantees
2 unchanged sentences
We estimate expected credit losses over the contractual period that we are exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by us.
−Removed: At December 31, 2024, we had $ 2.3 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2024/2025 academic year.
−Removed: At December 31, 2024, we had an $ 85 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on the unfunded commitments.
+Added: At December 31, 2025, we had $ 2.4 billion of outstanding contractual loan commitments which we expect to fund during the remainder of the 2025/2026 academic year, including $ 523 million of contractual loan commitments associated with loans classified as held for sale.
+Added: At December 31, 2025, we had a $ 77 million reserve recorded in “Other Liabilities” to cover lifetime expected credit losses on unfunded commitments.
See Note 2,“Significant Accounting Policies — Allowance for Credit Losses — Off-Balance Sheet Exposure for Contractual Loan Commitments” and Note 7, “Allowance for Credit Losses and Unfunded Loan Commitments — Unfunded Loan Commitments” in this Form 10-K for additional information.
8 unchanged sentences
When loss contingencies are not both probable and estimable, we do not establish reserves.
−Removed: 2024 Form 10-K — SLM CORPORATION F-71
−Removed: Reconciliations of the statutory U.S.
−Removed: federal income tax rates to our effective tax rate for continuing operations follow:
+Added: Securities Class Action Litigation
+Added: On December 19, 2025, a putative securities class action lawsuit was filed against SLM Corporation and certain of its officers in the United States District Court for the District of New Jersey, captioned Zappia v.
+Added: SLM Corporation, et al.
+Added: The complaint asserts claims under Section 10(b) and Section 20(a) of the Securities and Exchange Act of 1934, on behalf of a putative class of persons and entities who purchased (or otherwise acquired) the Company’s securities.
+Added: The complaint contends that certain statements made by the Company and certain of its officers were allegedly false or misleading, and seeks unspecified damages on behalf of the putative class.
+Added: The Company intends to defend itself vigorously.
+Added: At this time, the Company is unable to predict the outcome of this matter or estimate the possible loss or range of loss, if any, that may result from this action.
+Added: F- 74 SLM CORPORATION — 2025 Form 10-K
+Added: We adopted ASU 2023-09 “Income Taxes (Topic 740):
+Added: Improvements to Income Tax Disclosures” on a prospective basis beginning with the year ended December 31, 2025.
+Added: The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the statutory U.S.
+Added: federal income tax amount and rate to our effective tax amount and rate for continuing operations for the year ended December 31, 2025:
+Added: Year ended December 31,
+Added: (dollars in thousands) 2025
+Added: Statutory rate $ 208,438 21.0 %
+Added: Research credit ( 4,037 ) ( 0.4 )
+Added: Low-income housing credit ( 2,791 ) ( 0.3 )
+Added: Nondeductible items 10,107 1.0
+Added: Expired capital losses 14,020 1.4
+Added: Other, net ( 7,879 ) ( 0.7 )
+Added: Changes in valuation allowances ( 10,982 ) ( 1.1 )
+Added: State and local income taxes, net of federal effect 34,756 3.5
+Added: Changes in unrecognized tax benefits 6,084 0.6
+Added: Effective tax rate $ 247,716 25.0 %
+Added: The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the statutory U.S.
+Added: federal income tax rate to our effective tax rate for continuing operations for the years ended December 31, 2024 and 2023:
Years ended December 31, 2024 2023
5 unchanged sentences
The effective tax rate varies from the statutory U.S.
−Removed: federal rate of 21 percent primarily due to business tax credits and the impact of state taxes, net of federal benefit, for the years ended December 31, 2024, 2023, and 2022.
+Added: federal rate of 21 percent primarily due to the impact of state taxes, net of federal benefit, for the year ended December 31, 2025 and due to business tax credits and the impact of state taxes, net of federal benefit, for the years ended December 31, 2024 and 2023.
+Added: For the year ended December 31, 2025, California, New York, New Jersey, Illinois, and Delaware comprised the majority of the domestic, state, and local income taxes, net of federal effect category.
+Added: For the year ended December 31, 2024, New York, New Jersey, Delaware, California, and Illinois comprised the majority of the domestic, state, and local income taxes, net of federal effect category.
+Added: For the year ended December 31, 2023, New Jersey, New York, Delaware, Illinois, California, and Massachusetts comprised the majority of the domestic, state, and local income taxes, net of federal effect category.
+Added: 2025 Form 10-K — SLM CORPORATION F-75
+Added: Income Taxes (Continued)
Income tax expense consists of:
10 unchanged sentences
Provision for income tax expense $ 247,716 $ 190,311 $ 196,905
−Removed: F- 72 SLM CORPORATION — 2024 Form 10-K
−Removed: Income Taxes (Continued)
The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.
9 unchanged sentences
Acquired intangible assets 14,173 16,394
−Removed: Operating loss carryovers — 26
Other 1,129 1,785
4 unchanged sentences
Federal deferred for state receivable 1,344 1,908
+Added: Research and development costs 5,972 —
Other 3,821 402
6 unchanged sentences
The valuation allowance is primarily attributable to deferred tax assets for state net operating losses and capital losses that management believes are more likely than not to expire prior to being realized.
−Removed: Included in net unrealized losses is a valuation allowance of $ 5 million and $ 4 million, respectively.
+Added: There is no valuation allowance included in net unrealized losses as of December 31, 2025.
+Added: There is a valuation allowance of $ 5 million included in net unrealized losses as of December 31, 2024.
The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible.
Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income in evaluating the realizability of the deferred tax assets.
−Removed: Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize our deferred tax assets (other than state net operating loss, net unrealized losses and capital loss carryovers as outlined above).
−Removed: As of December 31, 2024, the state net operating loss carryforwards will begin to expire in 2029 and the capital losses will begin to expire in 2025.
−Removed: 2024 Form 10-K — SLM CORPORATION F-73
+Added: Management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize our deferred tax assets (other than state net operating loss and capital loss carryovers as outlined above).
+Added: F- 76 SLM CORPORATION — 2025 Form 10-K
Income Taxes (Continued)
+Added: As of December 31, 2025, the state net operating loss carryforwards will begin to expire in 2030 and the capital losses began to expire in 2025.
Accounting for Uncertainty in Income Taxes
19 unchanged sentences
We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.
−Removed: It is reasonably possible that the uncertain tax position reserve may decrease by as much as $ 11 million during the next 12 months due to the expiration of statutes of limitations.
−Removed: The reduction in the uncertain tax position reserve would be reflected as a tax benefit.
−Removed: F- 74 SLM CORPORATION — 2024 Form 10-K
+Added: Cash Taxes Paid
+Added: We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended December 31, 2025:
+Added: Year ended December 31,
+Added: (dollars in thousands) 2025
+Added: Income taxes paid (net of refunds received):
+Added: federal $ 129,000
+Added: state and local:
+Added: California 9,400
+Added: state and local 38,203
+Added: Total income taxes paid (net of refunds received) $ 167,203
+Added: 2025 Form 10-K — SLM CORPORATION F-77
+Added: Income Taxes (Continued)
+Added: Below is a summary of income taxes paid for the years ended December 31, 2024 and 2023:
+Added: Years ended December 31,
+Added: (dollars in thousands) 2024 2023
+Added: Cash disbursement made for:
+Added: Income taxes paid $ 243,341 $ 191,690
+Added: Income taxes refunded ( 1,395 ) ( 8,201 )
Concentrations of Risk
14 unchanged sentences
If loan limits under the DSLP increase, DSLP loans could be more widely available to students and their families and DSLP loans could increase, resulting in further decreases in the size of the Private Education Loan market and demand for our Private Education Loan products.
−Removed: Also, competition from banks and other consumer lenders, many of whom may have a greater level of diversification in their mix of assets or may have lower return hurdles, could lead to decreases in demand for our Private Education Loan products.
+Added: Also, competition from banks and other consumer lenders, some of whom may have a greater level of diversification in their mix of assets or may have lower return hurdles, could lead to decreases in demand for our Private Education Loan products.
Concentration Risk Associated with Deposit Products
2 unchanged sentences
Our competitors, many of whom have greater financial resources or lower costs than we do, may be more effective in attracting new deposits and retaining existing deposits such as by offering more competitive rates, dedicating more resources for advertising or engaging in more effective forms of marketing.
+Added: Additionally, competition has increased from institutions not subject to the same regulatory restrictions as domestic banks and bank holding companies, including financial technology (“FinTech “) companies that may offer bank-like products or services that compete directly with our deposit products and services or that offer other types of cash management products, such as stablecoins, non-fungible tokens, digital currencies, and cryptocurrencies.
At December 31, 2025, our brokered deposits represented 41.7 percent of our total deposits.
2 unchanged sentences
Also, our ability to maintain our current level of deposits or grow our deposit base could be affected by regulatory restrictions, including the possible imposition by our regulators of prior approval requirements or restrictions on our offered rates, brokered deposit growth, or other areas.
−Removed: 2024 Form 10-K — SLM CORPORATION F-75
+Added: F- 78 SLM CORPORATION — 2025 Form 10-K
Parent Only Statements
9 unchanged sentences
Liabilities and Equity
+Added: Short-term borrowings $ 498,415 $ —
Long-term borrowings 493,415 995,420
18 unchanged sentences
Total liabilities and equity $ 3,526,223 $ 3,210,413
−Removed: F- 76 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-79
Parent Only Statements (Continued)
6 unchanged sentences
Non-interest expenses 74,648 62,696 61,958
−Removed: Loss before income tax benefit and equity in net income from subsidiaries ( 90,777 ) ( 95,175 ) ( 96,359 )
−Removed: Income tax benefit ( 7,117 ) ( 6,942 ) ( 10,351 )
+Added: Loss before income tax expense (benefit) and equity in net income from subsidiaries ( 114,108 ) ( 90,777 ) ( 95,175 )
+Added: Income tax expense (benefit) 3,453 ( 7,117 ) ( 6,942 )
Equity in net income from subsidiaries (primarily Sallie Mae Bank) 862,408 691,985 669,624
2 unchanged sentences
Net income attributable to SLM Corporation common stock $ 729,122 $ 590,029 $ 563,686
−Removed: 2024 Form 10-K — SLM CORPORATION F-77
+Added: F- 80 SLM CORPORATION — 2025 Form 10-K
Parent Only Statements (Continued)
7 unchanged sentences
Reduction of tax indemnification receivable — — 2,816
−Removed: Amortization of unsecured debt upfront fees 2,647 2,643 2,651
+Added: Amortization of issuance costs for Unsecured Borrowings 2,761 2,647 2,643
Amortization of discount on Unsecured Borrowings 778 573 571
+Added: Loss on early extinguishment of Unsecured Borrowings 929 — —
Acquisition related costs — — 952
−Removed: (Increase) decrease in investment in subsidiaries, net 27,350 35,654 ( 9,179 )
−Removed: Decrease in due from subsidiaries, net 20,123 36,864 5,124
+Added: Decrease in investment in subsidiaries, net 29,886 27,350 35,654
+Added: (Increase) decrease in due from subsidiaries, net ( 40,750 ) 20,123 36,864
Increase in other assets ( 28,191 ) ( 14,265 ) ( 13,422 )
Increase (decrease) in income taxes payable, net 6,953 ( 4,261 ) 490
−Removed: Decrease in payable due to entity that is a subsidiary of Navient — — ( 101 )
Increase (decrease) in other liabilities 20,714 1,053 ( 3,442 )
5 unchanged sentences
Cash flows from financing activities:
−Removed: Issuance costs for unsecured debt offering — — ( 375 )
+Added: Issuance costs for Unsecured Borrowings ( 1,942 ) — —
+Added: Unsecured Borrowings - issued, net of discount and underwriting fees 493,885 — —
+Added: Unsecured Borrowings - repaid ( 500,000 ) — —
Common stock dividends paid ( 107,691 ) ( 99,172 ) ( 101,233 )
2 unchanged sentences
Net cash used in financing activities ( 500,209 ) ( 365,436 ) ( 469,202 )
−Removed: Net increase (decrease) in cash and cash equivalents 153,624 41,037 ( 373,906 )
+Added: Net increase in cash and cash equivalents 75,310 153,624 41,037
Cash and cash equivalents at beginning of year 391,481 237,857 196,820
Cash and cash equivalents at end of year $ 466,791 $ 391,481 $ 237,857
−Removed: F- 78 SLM CORPORATION — 2024 Form 10-K
+Added: 2025 Form 10-K — SLM CORPORATION F-81
Segment Reporting
2 unchanged sentences
The CEO evaluates the performance of the Company and decides how to allocate resources based on net income and total consolidated assets.
−Removed: The CEO uses net income to assess financial performance and to decide whether to re-invest profits into the Company or to return capital to shareholders in the form of dividends or the repurchase of common stock.
+Added: The CEO uses net income to assess financial performance and to decide whether to re-invest profits into the Company or to return capital to stockholders in the form of dividends or the repurchase of common stock.
Net income is also used to compare budget versus actual results, and the budget versus actual analysis is part of the segment financial performance review.
11 unchanged sentences
Total non-interest expenses $ 659,143 $ 641,899 $ 685,570
−Removed: 2024 Form 10-K — SLM CORPORATION F-79
Subsequent Events
−Removed: Unsecured Debt
−Removed: On January 31, 2025, we issued $ 500 million of 6.50 percent unsecured Senior Notes due January 31, 2030.
−Removed: On February 18, 2025, we redeemed $ 500 million of the 4.20 percent unsecured Senior Notes due October 29, 2025.
−Removed: The Senior Notes were redeemed at 100 percent of their principal amount, plus the accrued and unpaid interest thereon through the redemption date.
−Removed: As a result of the redemption, we will recognize a loss of approximately $ 1 million on the transaction in the first-quarter 2025 consolidated statements of income.
2026 Loan Sales
−Removed: On February 6, 2025, we sold approximately $ 2.0 billion of our Private Education Loans, including $ 1.8 billion in principal, $ 163 million in capitalized interest and $ 10 million in accrued interest, to an unaffiliated third party.
−Removed: The gain on sale of loans sold expressed as a percentage was in the high single-digits and will be recognized in the first-quarter 2025 consolidated statements of income.
+Added: On January 28, 2026, we sold approximately $ 1.29 billion of our Private Education Loans to the Strategic Partner, including $ 1.26 billion in principal, $ 28 million in capitalized interest and $ 2 million in accrued interest.
+Added: The loan sale included the loans that were classified as held for sale as of December 31, 2025, which consisted of newly originated loans that were not fully-disbursed.
+Added: Some of these loans had disbursements between December 31, 2025 and the date of the loan sale, resulting in the amount sold being larger than the $ 933 million of loans held for sale in the consolidated balance sheets.
+Added: As the loan sale included newly originated loans that were not fully-disbursed, the resulting gain on sale expressed as a percentage was in the low single-digits.
+Added: The gain will be recognized in the first-quarter 2026 consolidated statements of income.
The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date.
−Removed: We will continue to service these loans pursuant to the terms of the applicable transaction documents.
+Added: We will continue to service these loans and provide loan program management pursuant to the terms of the applicable transaction documents.
F- 82 SLM CORPORATION — 2025 Form 10-K
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.