SLM Corp
salliemae.comWhat Do They Do?
Originates and services private student loans for students and families, and offers savings accounts to consumers.
10-K for FY2025, filed Feb 19, 2026
How Do They Make Money?
Most earnings come from interest on private education loans, less the interest paid on funding; borrowers make payments under the loan’s repayment options. The company also earns money when it sells loans and through ongoing fees for servicing sold loans and managing partner programs.
10-K for FY2025, filed Feb 19, 2026Most of our earnings are generated from the interest income earned on assets in our education loan portfolios, net of the interest expense…View ↗
Our primary Private Education Loan product is the Smart Option Student Loan, which emphasizes in-school payment features that can produce…View ↗
We may sell loans to third parties through whole loan sales, including loans sold to strategic partners, securitizations, or other similar…View ↗
In 2025, we announced our first private credit strategic partnership. This new funding model allows us to establish a capital-light…View ↗
$2.6B
-
10-K for FY2025, filed Feb 19, 2026
$2.6B ↗
Who Are Their Customers?
Sallie Mae markets loans to students and families through campus financial aid offices and online and direct marketing; loan proceeds go directly to schools. The Bank also offers savings products to consumers.
10-K for FY2025, filed Feb 19, 2026The core of our marketing strategy is to promote our products on campuses through financial aid offices as well as through online and…View ↗
We regularly review and update the terms of our Private Education Loan products. As a holder of Private Education Loans, we bear the full…View ↗
The Bank, which is regulated by the Utah Department of Financial Institutions (the “UDFI”), the FDIC, and the Consumer Financial Protection…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 28 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
10-K for FY2025, filed Feb 19, 2026
$744.8MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q3 FY2026, filed Oct 22, 2026
−$32.3MView ↗
- ▼ Now a loss
- vs $135.9M in Q3 FY2025
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Jul 23, 2026
Issued full-year 2026 guidance
Sources
8-K, filed Jul 23, 2026
For the full-year 2026, the Company expects:View ↗
Growing. Revenue grew 48% in 4 years, from $1.8B in FY2021 to $2.6B in FY2025, about 10% a year.
Partner loan funding
The earlier report describes originating and servicing private education loans; the latest also describes a new partner funding model that sells loans while retaining customer relationships and servicing, with fees for servicing and program management.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026Our primary business is to originate and service high-quality Private Education Loans. “Private Education Loans” are education loans for…View ↗
In 2025, we announced our first private credit strategic partnership. This new funding model allows us to establish a capital-light…View ↗
Pilot-training loan
The latest report extends the loan lineup beyond the graduate-program products described earlier with an Airline Career Loan for students pursuing professional pilot certificates.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026We also offer six loan products for specific graduate programs of study. These include the Sallie Mae Law School Loan, the Sallie Mae MBA…View ↗
We also offer six loan products for specific graduate programs of study. These include the Sallie Mae Law School Loan, the Sallie Mae MBA…View ↗
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