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SLM on Nasdaq

SLM Corp

SLM Corp is a premier financial brand in higher education.2 It is headquartered in Newark, United States.2

$22.45 up 0.28 (1.29%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerSLM on Nasdaq2
  • IndustryPersonal Credit Institutions2
  • HeadquartersNewark, United States2
  • Incorporated inDE4
  • Business address300 Continental Drive, Newark, De 197134
  • Filer categoryLarge accelerated filer4
  • Legal formCORPORATION2
  • LEI4K8SLPBF5DXXGPW03H932
  • StatusInactive2
  • LEI statusRetired2
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States2

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SLM Corporation, more commonly known as Sallie Mae, is the premier financial brand in higher education. As an education solutions company, we provide students and their families with the products and services needed to confidently and successfully navigate their higher education journey. We support students and families navigating to, through, and immediately after higher education. We simplify the college planning process and advance higher education access and completion by providing free tools, resources, scholarships, and responsible financing options.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income7891011$744.8M in 2025+29% since 2019
0$500.0M$1.0B$1.5B2019: $578.3M$578.3M20192020: $880.7M$880.7M2020+52%2021: $1.2B$1.2B2021+32%2022: $469.0M$469.0M2022−60%2023: $581.4M$581.4M2023+24%2024: $608.3M$608.3M2024+5%2025: $744.8M$744.8M2025+22%

Every line of the income statement as filed: the last 3 fiscal years, latest first.11

Period ending2025-12-312024-12-312023-12-31
Loans$2.4B$2.3B$2.3B
Investments$58.8M$61.4M$50.8M
Cash and cash equivalents$176.0M$243.2M$213.8M
Total interest income$2.6B$2.6B$2.6B
Deposits$808.8M$881.5M$808.1M
Interest expense on short-term borrowings$11.4M$13.8M$13.5M
Interest expense on long-term borrowings$305.2M$243.0M$208.5M
Total interest expense$1.1B$1.1B$1.0B
Net interest income$1.5B$1.5B$1.6B
Less: provisions for credit losses$332.7M$408.5M$345.5M
Net interest income after provisions for credit losses$1.2B$1.1B$1.2B
Gains on sales of loans, net$368.9M$254.9M$160.3M
Gains (losses) on securities, net-$9.8M$467.0K$2.7M
Other income$123.5M$112.9M$84.1M
Total non-interest income$482.6M$368.3M$247.1M
Compensation and benefits$345.8M$349.4M$326.6M
FDIC assessment fees$34.3M$51.6M$45.8M
Other operating expenses$275.5M$235.6M$246.9M
Total operating expenses$655.6M$636.6M$619.2M
Acquired intangible assets impairment and amortization expense$3.6M$5.3M$66.4M
Total non-interest expenses$659.1M$641.9M$685.6M
Income before income tax expense$992.6M$798.6M$778.3M
Income tax expense$247.7M$190.3M$196.9M
Net income$744.8M$608.3M$581.4M
Preferred stock dividends$15.7M$18.3M$17.7M
Net income attributable to SLM Corporation common stock$729.1M$590.0M$563.7M
Basic earnings per common share (in usd per share)$3.52$2.73$2.44
Average common shares outstanding (in shares)207.2M shares216.2M shares231.4M shares
Diluted earnings per common share (in usd per share)$3.46$2.68$2.41
Average common and common equivalent shares outstanding (in shares)210.9M shares219.9M shares234.1M shares
Declared dividends per common share (in dollars per share)$0.52$0.46$0.44

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Corporate structure

SLM Corp sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SLM Corp

  • SLM Corp Newark, Delaware, United States
    • Sallie Mae Bank Subsidiary · Utah, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SLM Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$299.0M11 Dec 31, 2025$287.6M11 Dec 31, 2024+4.0%
Accumulated depreciation$176.8M11 Dec 31, 2025$168.2M11 Dec 31, 2024+5.1%
Property and equipment, net$122.2M11 Dec 31, 2025$119.4M11 Dec 31, 2024+2.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.2B11 Dec 31, 2025$4.7B11 Dec 31, 2024−9.8%
Debt securities available for sale$1.8B11 Dec 31, 2025$1.9B11 Dec 31, 2024−9.1%
Loans, net of allowance$20.3B11 Dec 31, 2025$20.9B11 Dec 31, 2024−2.7%
Deposits held (banks)$21.1B11 Dec 31, 2025$21.1B11 Dec 31, 20240%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$56.0M11 Dec 31, 2025$56.0M10 Dec 31, 20240%
Finite-lived intangibles, gross$17.7M11 Dec 31, 2025$17.7M11 Dec 31, 20240%
Accumulated amortization$13.8M11 Dec 31, 2025$10.3M11 Dec 31, 2024+34.6%
Finite-lived intangibles, net$3.9M11 Dec 31, 2025$7.4M11 Dec 31, 2024−47.9%

Properties, in its own words

The following table lists the principal facility owned by us as of December 31, 2025:

Location · Function · ApproximateSquare Feet

The rest of Item 2

Newark, DE · Headquarters · 160,000

The following table lists the principal facilities leased by us as of December 31, 2025:

Location · Function · ApproximateSquare Feet

Indianapolis, IN · Administrative Offices · 112,000

New Castle, DE · Loan Servicing Center · 125,000

Arlington, VA · Administrative Offices · 29,000

Sterling, VA · Administrative Offices · 27,200

Newton, MA · Administrative Offices · 13,400

Salt Lake City, UT · Sallie Mae Bank · 16,700

Our headquarters is currently located in owned space, unencumbered by a mortgage, at 300 Continental Drive, Newark, Delaware, 19713.

Item 2 of the 10-K filed Feb 19, 2026.6

Leadership

Who has led SLM Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas J. Fitzpatrick2007
  2. John F. Remondi2013–2014
  3. Raymond J. Quinlan2014–2020
  4. Jonathan W. Witter2020–now

Chair

  1. Raymond J. Quinlan2014–2020

President

  1. Thomas J. Fitzpatrick2006
  2. John F. Remondi2011–2014

Chief financial officer

  1. John F. Remondi2008–2010
  2. Steven McGarry2014–2023

Chief operating officer

  1. Thomas J. Fitzpatrick2006
  2. John F. Remondi2011–2013
2010201520202025
Board members and other officers (63)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Sallie Mae Bank Utah5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • USA EDUCATION INCNov 7, 2000 to May 15, 20024
  • SLM HOLDING CORPApr 1, 1997 to Jun 14, 20004

Timeline

  1. Aug 5, 20268-K Regulation FD disclosure86
  2. Jul 23, 20268-K Results of operations87
  3. Jun 18, 20268-K Shareholder vote88
  4. Jun 10, 20268-K Regulation FD disclosure89
  5. May 15, 20268-K Entered a material agreement; Other events90
  6. May 6, 20268-K Regulation FD disclosure91
  7. May 5, 20268-K Regulation FD disclosure92
  8. Apr 27, 20268-K Executive or director change93
  9. Apr 23, 20268-K Results of operations94
  10. Mar 11, 20268-K Regulation FD disclosure95
  11. Mar 9, 20268-K Entered a material agreement; Regulation FD disclosure96
  12. Feb 20, 20268-K Regulation FD disclosure97
  13. Apr 22, 2020New chief executive Jonathan W. Witter becomes CEO18
  14. May 2, 2014New chief executive Raymond J. Quinlan becomes CEO19
  15. Aug 14, 2013New chief executive John F. Remondi becomes CEO20
  16. Jan 26, 2007New chief executive Thomas J. Fitzpatrick becomes CEO21

Calendar

Coming up

  1. Oct 22, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.63 a share, on Oct 23, 2025.98

When it reported results

  1. Jul 23, 2026Reported quarterly or annual results87
  2. Apr 23, 2026Reported quarterly or annual results94
  3. Jan 22, 2026Reported quarterly or annual results99
  4. Oct 23, 2025Reported quarterly or annual results100
  5. Jul 24, 2025Reported quarterly or annual results101
  6. Apr 24, 2025Reported quarterly or annual results102
  7. Jan 23, 2025Reported quarterly or annual results103
  8. Oct 23, 2024Reported quarterly or annual results104

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

483 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 102 major events, 259 insider forms, 43 large holders, 58 other. The latest 20:

  1. Sep 18, 20264 EDGAR
  2. Sep 18, 20264 EDGAR
  3. Sep 18, 20264 EDGAR
  4. Sep 18, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G EDGAR
  6. Aug 5, 20268-K EDGAR
  7. Jul 23, 202610-Q EDGAR
  8. Jul 23, 20268-K EDGAR
  9. Jun 18, 20264 EDGAR
  10. Jun 18, 20264 EDGAR
  11. Jun 18, 20264 EDGAR
  12. Jun 18, 20264 EDGAR
  13. Jun 18, 20264 EDGAR
  14. Jun 18, 20264 EDGAR
  15. Jun 18, 20264 EDGAR
  16. Jun 18, 20264 EDGAR
  17. Jun 18, 20264 EDGAR
  18. Jun 18, 20264 EDGAR
  19. Jun 18, 20264 EDGAR
  20. Jun 18, 20264 EDGAR

The 483 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

27 open-market trades by officers, directors and large owners since October 2021: 2 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 29, 2025Palmer Kerri A.EVP, Chief Operational OfficerSale55,000$32.21$1.8MForm 4
May 28, 2025Pahwa MunishEVP & Chief Risk OfficerSale10,000$34.08$340.8KForm 4
May 2, 2025Strong Robert S.DirectorSale3,000$31.15$93.5KForm 4
Feb 21, 2025Palmer Kerri A.EVP, Chief Operational OfficerSale25,000$31.90$797.5KForm 4
Feb 19, 2025VIEIRA DONNA FEVP & Chief Commercial OfficerSale13,717$32.52$446.1KForm 4
Feb 12, 2025Strong Robert S.DirectorSale5,000$29.48$147.4KForm 4
Feb 11, 2025Manvitz TedDirectorBuy10,000$28.90$289.0KForm 4
Jan 28, 2025Strong Robert S.DirectorSale40,000$28.57$1.1MForm 4
Dec 2, 2024Strong Robert S.DirectorSale4,500$27.25$122.6KForm 4
Nov 1, 2024Strong Robert S.DirectorSale4,500$22.11$99.5KForm 4
Oct 1, 2024Strong Robert S.DirectorSale4,500$22.72$102.2KForm 4
Sep 3, 2024Strong Robert S.DirectorSale4,500$21.80$98.1KForm 4
Aug 1, 2024Strong Robert S.DirectorSale4,500$22.70$102.2KForm 4
Jul 1, 2024Strong Robert S.DirectorSale4,500$20.89$94.0KForm 4
Jun 3, 2024Strong Robert S.DirectorSale4,500$21.44$96.5KForm 4
May 31, 2024Blackley Richard ScottDirectorBuy11,702$21.31$249.4KForm 4
May 17, 2024Jafarieh NicolasEVP -Legal, Govt, Comm OfficerSale2,419$21.19$51.3KForm 4
May 15, 2024Jafarieh NicolasEVP -Legal, Govt, Comm OfficerSale7,532$21.38$161.0KForm 4
May 10, 2024Pahwa MunishEVP & Chief Risk OfficerSale5,000$21.95$109.8KForm 4
Feb 29, 2024Boyles JonathanSVP & ControllerSale94,078$20.72$1.9MForm 4

All 27 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025JONATHANW. WITTER Chief Executive Officer$1.1M$11.3M121
2025PETER M.GRAHAM Co-President and Chief Financial Officer$580.0K$3.3M121
2025KERRI A.PALMER Co-President and Head of Financial Services and President of Sallie Mae Bank$566.5K$2.9M121
2025DONNA F.VIEIRA Former Executive Vice President and Chief Commercial Officer$535.5K$2.7M121
2025NICOLASJAFARIEH Executive Vice President and Chief Legal, Government Affairs, and Communications Officer$504.0K$2.6M121
2024JONATHANW. WITTER Chief Executive Officer$1.1M$11.8M121
2024PETER M.GRAHAM Co-President and Chief Financial Officer$580.0K$3.3M121
2024KERRI A.PALMER Co-President and Head of Financial Services and President of Sallie Mae Bank$566.5K$3.2M121
2024DONNA F.VIEIRA Former Executive Vice President and Chief Commercial Officer$535.5K$2.8M121
2024NICOLASJAFARIEH Executive Vice President and Chief Legal, Government Affairs, and Communications Officer$504.0K$2.5M121
2023JONATHANW. WITTER Chief Executive Officer$1.1M$9.4M121
2023KERRI A.PALMER Co-President and Head of Financial Services and President of Sallie Mae Bank$566.5K$4.0M121
2023DONNA F.VIEIRA Former Executive Vice President and Chief Commercial Officer$506.8K$2.5M121
2023NICOLASJAFARIEH Executive Vice President and Chief Legal, Government Affairs, and Communications Officer$480.0K$2.2M121
2023PETER M.GRAHAM Co-President and Chief Financial Officer$156.2K$1.8M121

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.17,562,699$455.6M0.0%−1,318,111
Fmr LLC17,052,007$442.3M0.0%−864,462
Brave Warrior Advisors, LLC13,381,145$347.1M7.6%−203,223
Vanguard Portfolio Management LLC9,621,467$249.6M0.0%−1,205,662
Vanguard Capital Management LLC8,198,835$212.7M0.0%−364,988
Dimensional Fund Advisors LP7,898,402$204.9M0.0%+383,372
Hotchkis & Wiley Capital Management LLC7,216,318$187.2M0.5%+730,130
American Century Companies Inc7,206,261$186.9M0.1%+890,666
Barrow Hanley Mewhinney & Strauss LLC6,520,274$169.1M0.5%+1,289,315
State Street Corp6,510,300$168.9M0.0%+58,070
Massachusetts Financial Services Co /ma/6,188,078$160.5M0.1%−441,105
Impactive Capital LP5,307,934$137.7M9.8%−2,514,630
Goldman Sachs Group Inc5,204,786$135.0M0.0%+3,151,211
Capital Research Global Investors4,676,774$121.3M0.0%−631,967
Azora Capital LP3,774,739$97.9M4.1%+568,931
Geode Capital Management, LLC3,681,214$95.5M0.0%−414,977
Morgan Stanley3,330,268$86.4M0.0%+560,033
First Trust Advisors LP3,270,506$84.8M0.0%+965,563
Allianz Asset Management GmbH3,031,284$78.5M0.1%−87,852
Northern Trust Corp2,316,033$60.1M0.0%+32,275
Victory Capital Management Inc2,298,561$59.6M0.0%+2,239,499
Walleye Capital LLC2,180,990$56.6M0.3%+2,168,039
Nomura Asset Management International Inc.2,114,634$54.9M0.1%+330,763
Boston Partners1,831,714$47.4M0.0%+995,348
Charles Schwab Investment Management Inc1,792,848$46.5M0.0%−633

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SLM Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSLM Corp1
  • CIK0001032033
  • Employer ID (EIN)52-20138746
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6141 Personal Credit Institutions1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address300 Continental Drive, Newark, DE 197131
  • Phone(302) 283-80001
  • Shares outstanding187,946,958 as of Jun 30, 202612
  • Public float$6.8B as of Jun 30, 20256
  • AuditorKPMG LLP, McLean, Virginia PCAOB ID 185; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceFeb 5, 19971
  • Filings3,609 in all: 4 (1,391), 424B3 (765), 8-K (433), SC 13G/A (121), FWP (111), 10-Q (88), 5 (74), SC 13G (65)1
    All 56 form types

    3 (64), 424B5 (48), DEFA14A (37), 4/A (36), 11-K (30), 144 (29), DEF 14A (29), UPLOAD (29), 10-K (28), 424B2 (27), POS AM (27), CORRESP (23), S-8 (15), SC TO-I/A (12), SCHEDULE 13G/A (11), S-3 (10), SCHEDULE 13G (10), SC 13D/A (9), S-3/A (8), S-3ASR (8), 8-A12B (7), 8-K/A (6), PRE 14A (6), S-8 POS (6), ARS (4), CERTNYS (4), S-4/A (4), PRER14A (3), SC TO-I (3), 10-K/A (2), 10-Q/A (2), 25-NSE (2), 3/A (2), 8-A12B/A (2), S-3MEF (2), SC 13D (2), SC TO-C (2), SCHEDULE 13D/A (2), 10-K405 (1), 10-QT (1), 25 (1), 305B2 (1), CERTNAS (1), CT ORDER (1), DEFM14A (1), PREM14A (1), S-1 (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 23, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $.20 per shareSLMThe NASDAQ Global Select Market
Floating Rate Non-Cumulative Preferred Stock, Series B, par value $.20 per shareSLMBPThe NASDAQ Global Select Market

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks SLM Corp names in Item 1A of its 10-K filed Feb 19, 2026: 37 risks under these headings, as written.6

  • 22 SLM CORPORATION — 2025 Form 10-K
  • CONCENTRATION & COMPETITIVE RISK
  • Our core product offerings are primarily concentrated in Private Education Loan products and services. Such concentrations and the competitive environment for those products and services subject us to risks that could adversely affect our financial position.
  • Consumer access to alternative means of financing the costs of education and other factors may reduce demand for, or adversely affect our ability to retain, Private Education Loans, which could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows.
  • 24 SLM CORPORATION — 2025 Form 10-K
  • Consolidation or refinancing of existing Private Education Loans could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows.
  • Our deposit funding base is primarily concentrated in online deposit products, including high-yield savings accounts, money market accounts, and certificates of deposit. This concentration subjects us to risks that could adversely affect our liquidity, funding costs, and overall financial condition.
  • MACROECONOMIC RISK
  • A deterioration in economic or macroeconomic conditions, or instability in the macroeconomic environment, could have a material adverse effect on our business, financial condition, and/or results of operations.
  • CREDIT RISK
  • Defaults on our Private Education Loans could adversely affect our business, financial condition, results of operations, and/or cash flows.
  • 26 SLM CORPORATION — 2025 Form 10-K
The other 31 risks
  • Our allowance for credit losses may not be adequate to cover actual losses in all possible scenarios, and we may be required to materially increase our allowance, which may adversely affect our capital, financial condition, and/or results of operations.
  • We are subject to the creditworthiness of third parties other than borrowers and exposure to those third parties could adversely affect our business, financial condition, results of operations, and/or cash flows.
  • INTEREST RATE RISK
  • The levels of or changes in interest rates could adversely affect our results of operations, financial condition, regulatory capital, and/or liquidity.
  • The interest rate and maturity characteristics of our earning assets do not fully match the interest rate and maturity characteristics of our funding arrangements, which may negatively impact the level of our net interest income.
  • We are subject to repayment and prepayment risks, which can increase uncertainty as we manage our interest rate risk and can adversely affect our business, financial condition, results of operations, and/or cash flows.
  • Our use of derivatives to manage interest rate sensitivity exposes us to credit and market risk that could have a material adverse effect on our earnings.
  • 28 SLM CORPORATION — 2025 Form 10-K
  • LIQUIDITY RISK
  • Our ability to achieve our business goals will be heavily reliant on our ability to obtain deposits, obtain funding through asset-backed securitizations, and sell loans at attractive prices. An inability to effectively manage our liquidity could negatively impact our ability to fund our business obligations and opportunities, which could lead to regulatory scrutiny and could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows.
  • In structuring and facilitating securitizations or sales of Private Education Loans, administering securitization trusts, or servicing loans we have securitized or sold, we may incur liabilities to transaction parties. If those liabilities are significant, they could adversely affect our business, financial condition, results of operations, and/or cash flows.
  • Adverse developments, and/or a continuation of recent turmoil, in the financial services industry could adversely affect our financial condition and results of operations.
  • 30 SLM CORPORATION — 2025 Form 10-K
  • CAPITAL RISK
  • The Bank is subject to various regulatory capital requirements administered by the FDIC and the UDFI. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material adverse effect on our business, results of operations, and/or financial condition.
  • Unfavorable results from the periodic stress scenarios we model under regulatory guidance may adversely affect our business and result in regulatory action that could adversely affect our cost of capital and liquidity position.
  • Changes in accounting standards, or incorrect estimates and assumptions by management in connection with the preparation of our consolidated financial statements, could adversely affect our capital levels, results of operations, and/or financial condition.
  • REGULATORY RISK
  • We operate in a highly regulated environment and the laws and regulations that govern our operations, or changes in these laws and regulations, or our failure to comply with them, may adversely affect us.
  • 32 SLM CORPORATION — 2025 Form 10-K
  • Failure to comply with consumer protection, privacy, data protection, or cybersecurity laws and requirements could subject us to civil and criminal penalties or litigation, including class actions, and have a material adverse effect on our business.
  • POLITICAL/REPUTATIONAL RISK
  • Proposals of federal and state governments, or of various political officials or candidates, affecting the student loan industry in particular, subject us to political risk and could have a material adverse impact on our business, results of operations, financial condition, and/or cash flows.
  • We are subject to reputational and other risks, which could damage our brand and have a material adverse impact on our business, results of operations, financial condition, and/or cash flows.
  • 34 SLM CORPORATION — 2025 Form 10-K
  • TECHNOLOGICAL RISK
  • Failure or significant interruption of our operating systems or infrastructure or the inability to adapt to changes could disrupt our business, cause significant losses, result in regulatory action or litigation, or damage our reputation.
  • Our business processes are becoming increasingly dependent upon technological advancement, and we could lose market share if we are not able to keep pace with rapid changes in technology.
  • The development and use of AI presents risks and challenges that may adversely impact our business.
  • We depend on secure information technology and a breach of those systems or those of third-party vendors could result in significant losses, unauthorized disclosure of confidential customer information, and reputational damage, which could materially adversely affect our business, financial condition, and/or results of operations and could lead to significant financial, legal, and reputational exposure.
  • 36 SLM CORPORATION — 2025 Form 10-K
  • We depend significantly on third parties for a wide array of our operations and customer services and key components of our information technology infrastructure, and a breach of security or service levels, or violation of law by one of these third parties, could disrupt our business or provide our competitors with an opportunity to enhance their position at our expense.
  • OPERATIONAL RISK
  • We may face risks from our operations related to litigation or regulatory or supervisory actions that could result in significant legal expenses and settlement or damage awards.
  • Our internal controls over financial reporting and disclosure controls, as well as other internal controls, may be ineffective, which could have a material adverse effect on our financial condition and/or results of operations.
  • Our framework for managing risks, including model risk and data governance risk, may not be effective in mitigating our risk of loss in all possible scenarios and, if the framework is ineffective, could have a material adverse effect on us and our business.
  • 38 SLM CORPORATION — 2025 Form 10-K
  • Our business operations and those of our third-party vendors may be adversely impacted by political events, terrorism, cyberattacks, public health issues (including pandemics), natural disasters, severe weather, climate change, infrastructure failure or outages, labor disputes, business interruptions, and other unpredictable catastrophic events.
  • New lines of business, new products and services, and/or new strategic partnerships or initiatives may subject us to additional risks. Additionally, our ability to successfully make acquisitions or enter into strategic partnerships is subject to significant risks, including the risk that governmental authorities may not provide any requisite approvals, the risk that integrating acquisitions may be more difficult, costly, or time consuming than expected, and the risk that the value of acquisitions or strategic partnerships may be less than anticipated.
  • Our origination expansion initiative and strategic partnership funding model are new and untested and may expose us to a broad range of potential risks.
  • RISKS RELATED TO SPIN-OFF
  • We may have exposure to risks related to the Spin-Off, indemnification claims, and/or Navient’s creditworthiness.
  • GENERAL RISK
  • Our business could be negatively affected if we are unable to attract, retain, and motivate skilled employees.
  • 40 SLM CORPORATION — 2025 Form 10-K
  • The holders of our preferred stock have rights that are senior to those of our common stockholders.
  • We may be limited in our ability to receive dividends from the Bank, pay dividends on and repurchase our common stock, and make payments on our corporate debt.

Legal proceedings

The information required by this Item is set forth in the “Commitments, Contingencies, and Guarantees” discussion in Note 19 of the accompanying Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K, which discussion is included in Item 8 of this Report, and is incorporated herein by reference in response to this Item.

The opening of Item 3, Legal Proceedings.6

Sources

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