Second-Quarter GAAP Net Income Attributable to Common Stock of $139 Million, or $0.44 Per Diluted Share; Second-Quarter “Core Earnings” Attributable to Common Stock of $144 Million, or $0.45 Per Diluted Share

$533 Million in Private Education Loans Originated During Quarter

Repurchased 23 Million Shares of Common Stock in the Second Quarter of 2021; 19% Reduction in Total Common Stock Outstanding since January 1, 2021

Sallie Mae (Nasdaq: SLM), formally SLM Corporation, today released second-quarter 2021 financial results. Highlights of those results are included in the attached supplement. Complete financial results are available at www.SallieMae.com/investors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210721005879/en/

Sallie Mae will host an earnings conference call tomorrow, July 22, 2021, at 8 a.m. ET. Executives will be on hand to discuss various highlights of the quarter and to answer questions related to Sallie Mae’s performance. To participate, dial 877-311-0518 (USA and Canada) or 470-495-9498 (international) and use access code 4445949 starting at 7:45 a.m. ET. A replay of the conference call will be available approximately two hours after the call’s conclusion and will remain available through July 29, 2021, by dialing 855-859-2056 (USA and Canada) or 404-537-3406 (international) with access code 4445949.

A live audio webcast of the conference call and presentation slides may be accessed at www.SallieMae.com/investors.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Corporate and Financial

Media Rick Castellano, 302-451-2541, rick.castellano@salliemae.com

Investors Brian Cronin, 302-451-0304, brian.cronin@salliemae.com

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