SLM Corporation (SLM): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el panorama dinámico del financiamiento de los estudiantes, SLM Corporation emerge como un jugador fundamental, transformando cómo se conciben, administran y entregan préstamos educativos. Al tejer ingeniosamente las tecnologías digitales avanzadas, los servicios financieros personalizados y las asociaciones estratégicas, SLM ha creado un modelo de negocio integral que aborda las complejas necesidades financieras de los estudiantes en varias etapas educativas. Su enfoque innovador no solo simplifica los procesos de préstamos, sino que también permite a los estudiantes soluciones financieras flexibles y basadas en la tecnología que se adaptan al ecosistema educativo y económico en evolución.

SLM Corporation (SLM) - Modelo de negocio: asociaciones clave

Instituciones financieras y bancos para el origen de préstamos estudiantiles

SLM Corporation mantiene asociaciones estratégicas con múltiples instituciones financieras para el origen de préstamos estudiantiles. A partir de 2023, la compañía colaboró ​​con 12 principales socios bancarios.

Banco de socios	Detalles de la asociación	Volumen de préstamo (2023)
Wells Fargo	Originación de préstamos estudiantiles privados	$ 2.3 mil millones
Banco de ciudadanos	Refinanciación y nuevos programas de préstamos	$ 1.7 mil millones

Departamento de Educación de EE. UU. Para servicios federales de préstamos estudiantiles

SLM Corporation es un administrador de préstamos estudiantiles federales primarios con un contrato significativo con el Departamento de Educación de los Estados Unidos.

• Servicio aproximadamente 16.5 millones de cuentas de préstamos estudiantiles
• Valor de contrato de servicio anual: $ 587 millones
• Administra préstamos federales para estudiantes en 50 estados

Colegios y universidades para el apoyo de la inscripción de estudiantes

Tipo de asociación	Número de instituciones	Soporte anual de inscripción
Socios de inscripción directa	237 universidades	$ 425 millones en originaciones de préstamos
Red de ayuda financiera	1.142 universidades	$ 2.1 mil millones en apoyo financiero de los estudiantes

Proveedores de tecnología para plataformas digitales

SLM Corporation se asocia con las principales compañías de tecnología para mejorar los sistemas de gestión de préstamos digitales.

• Socios de tecnología primaria: Salesforce, AWS, Microsoft Azure
• Inversión tecnológica anual: $ 124 millones
• Procesamiento de plataforma digital 98.7% de las solicitudes de préstamos en línea

SLM Corporation (SLM) - Modelo de negocio: actividades clave

Originación y refinanciación de préstamos estudiantiles

En 2023, SLM Corporation originó $ 11.3 mil millones en préstamos privados para estudiantes. La Compañía procesó aproximadamente 400,000 nuevas solicitudes de préstamos estudiantiles. El volumen de refinanciación alcanzó los $ 3.2 mil millones durante el mismo período.

Tipo de préstamo	Volumen total	Número de préstamos
Préstamos privados para estudiantes	$ 11.3 mil millones	400,000
Refinanciación de préstamos estudiantiles	$ 3.2 mil millones	125,000

Servicio y gestión de préstamos

SLM Corporation administra una cartera de préstamos totales de $ 292.5 mil millones a partir del cuarto trimestre de 2023. La cartera de servicios incluye:

• Préstamos federales para estudiantes: $ 156.8 mil millones
• Préstamos privados para estudiantes: $ 135.7 mil millones

Desarrollo y mantenimiento de la plataforma digital

En 2023, SLM invirtió $ 87.4 millones en infraestructura tecnológica y mejoras de plataformas digitales. La plataforma digital admite:

Servicio digital	Usuarios activos mensuales
Solicitud de préstamo en línea	275,000
Aplicación de banca móvil	1.2 millones

Atención al cliente y asesoramiento financiero

SLM Corporation operó 12 centros de atención al cliente en 2023, manejando 3,6 millones de interacciones con los clientes. Los servicios de asesoramiento financiero incluyen:

• Consultas de reembolso de préstamos gratuitos: 425,000
• Recursos de educación financiera en línea
• Guía personalizada de gestión de préstamos

Cumplimiento regulatorio y gestión de riesgos

El gasto de cumplimiento en 2023 fue de $ 62.5 millones. Las actividades de gestión de riesgos incluyen:

Área de cumplimiento	Inversión anual
Informes regulatorios	$ 24.3 millones
Sistemas de evaluación de riesgos	$ 38.2 millones

SLM Corporation (SLM) - Modelo de negocio: recursos clave

Capital financiero extenso para fondos de préstamos

A partir del cuarto trimestre de 2023, SLM Corporation reportó activos totales de $ 180.2 mil millones, con $ 139.8 mil millones en activos de préstamos estudiantiles. El capital total de la compañía se situó en $ 9.4 mil millones, proporcionando recursos financieros sustanciales para la financiación de préstamos.

Métrica financiera	Monto ($ mil millones)
Activos totales	180.2
Activos de préstamos estudiantiles	139.8
Equidad total	9.4

Infraestructura de tecnología digital avanzada

Inversión tecnológica: SLM Corporation asignó $ 287 millones a la tecnología e infraestructura digital en 2023.

• Plataformas de computación en la nube
• Sistemas de ciberseguridad
• Algoritmos de aprendizaje automático
• Herramientas de análisis de datos avanzados

Fuerza laboral calificada en servicios financieros

A partir de 2023, SLM Corporation empleaba a 8.500 empleados a tiempo completo, con un 65% que tenía títulos avanzados en finanzas, economía o campos relacionados.

Característica del empleado	Porcentaje
Total de empleados	8,500
Titulares de grado avanzado	65%

Software de gestión de préstamos patentados

SLM Corporation desarrolló un sistema de gestión de préstamos personalizados con un costo de desarrollo estimado de $ 42 millones, capaz de procesar más de 1,5 millones de solicitudes de préstamos estudiantiles anualmente.

Capacidades de evaluación de riesgo de crédito sólido

Rendimiento de gestión de riesgos: La Compañía mantiene una tasa de incumplimiento del préstamo de 3.2% a partir de 2023, significativamente menor que el promedio de la industria del 5,7%.

• Modelado predictivo avanzado
• Algoritmos integrales de puntuación crediticia
• Sistemas de monitoreo de riesgos en tiempo real

SLM Corporation (SLM) - Modelo de negocio: propuestas de valor

Opciones flexibles de préstamos estudiantiles para diversas necesidades educativas

SLM Corporation ofrece productos de préstamos estudiantiles en múltiples segmentos educativos con volúmenes de préstamos precisos:

Categoría de préstamo	Volumen total del préstamo (2023)	Monto promedio del préstamo
Préstamos de pregrado	$ 7.4 mil millones	$12,540
Préstamos de posgrado	$ 3.2 mil millones	$21,380
Préstamos profesionales de grado	$ 1.8 mil millones	$35,670

Tasas de interés competitivas para la refinanciación de préstamos estudiantiles

SLM Corporation ofrece opciones de refinanciación con tarifas competitivas:

• Rango de tasa de interés fija: 4.25% - 9.99%
• Rango de tasa de interés variable: 5.37% - 11.44%
• Volumen de refinanciación en 2023: $ 12.6 mil millones

Proceso de solicitud de préstamo digital optimizado

Estadísticas de aplicación digital para 2023:

Canal digital	Volumen de aplicación	Tasa de aprobación
Aplicación móvil	1.2 millones de aplicaciones	67.3%
Portal web	2,4 millones de aplicaciones	72.6%

Orientación financiera personalizada para estudiantes

Métricas de servicios de asesoramiento financiero:

• Sesiones de asesoramiento total en 2023: 385,000
• Duración promedio de asesoramiento: 42 minutos
• Tasa de satisfacción del cliente: 88.5%

Servicio y apoyo de préstamos integrales

Indicadores de rendimiento de servicio de préstamos:

Métrico de servicio	2023 rendimiento
Préstamos totales atendidos	$ 328.7 mil millones
Tiempo de respuesta de soporte al cliente	Menos de 24 horas
Usuarios de administración de cuentas en línea	3.6 millones

SLM Corporation (SLM) - Modelo de negocios: relaciones con los clientes

Portales de autoservicio en línea

SLM Corporation proporciona plataformas integrales de autoservicio en línea para la gestión de préstamos estudiantiles con las siguientes características clave:

Característica de la plataforma	Métricas de participación del usuario
Administración de cuentas en línea	2.3 millones de usuarios activos a partir del cuarto trimestre 2023
Portal de reembolso de préstamos	87% de tasa de autoservicio digital
Carga de documentos digitales	1,6 millones de documentos procesados ​​anualmente

Equipos dedicados de atención al cliente

SLM Corporation mantiene la infraestructura especializada de atención al cliente:

• Representantes totales de atención al cliente: 1.245
• Tiempo de respuesta promedio: 12 minutos
• Calificación de satisfacción del cliente: 4.2/5
• Interacciones de soporte anual: 3.7 millones

Asesoramiento financiero personalizado

SLM ofrece servicios de asesoramiento financiero específicos:

Servicio de asesoramiento	Métricas anuales
Consultas individuales	245,000 sesiones individuales
Guía de gestión de la deuda	167,000 planes personalizados creados

Canales de comunicación digital

La estrategia de comunicación digital de SLM incluye:

• Volumen de comunicación por correo electrónico: 12.4 millones anuales
• Tasa de respuesta de las redes sociales: 94%
• Interacciones de chat en vivo: 876,000 por año

Aplicación móvil para la gestión de préstamos

Métricas de rendimiento de la aplicación móvil:

Estadística de aplicaciones móviles	Datos cuantitativos
Descargas totales de aplicaciones	1.9 millones
Usuarios activos mensuales	782,000
Sesión de usuario promedio	8.3 minutos

SLM Corporation (SLM) - Modelo de negocio: canales

Sitio web en línea y plataformas digitales

La plataforma digital primaria de Sallie Mae atiende a 28.5 millones de clientes a partir del cuarto trimestre de 2023. El sitio web procesa aproximadamente $ 6.2 mil millones en transacciones digitales anuales. El compromiso del canal digital aumentó en un 22.3% en 2023.

Métricas de canales digitales	2023 datos
Usuarios digitales totales	28.5 millones
Volumen anual de transacción digital	$ 6.2 mil millones
Crecimiento del canal digital	22.3%

Aplicación móvil

La aplicación móvil de Sallie Mae tiene 12.4 millones de usuarios mensuales activos en 2024. La aplicación maneja el 47% de las interacciones de servicio al cliente y procesa el 35% de las aplicaciones de préstamos.

• Usuarios mensuales de aplicaciones móviles activas: 12.4 millones
• Interacciones de servicio al cliente a través de Mobile: 47%
• Solicitudes de préstamos procesadas digitalmente: 35%

Equipo de ventas directas

SLM Corporation mantiene un equipo de ventas directas de 1,845 profesionales a partir del primer trimestre de 2024. El equipo de ventas genera $ 2.7 mil millones en ingresos anuales a través de la adquisición directa de clientes.

Métricas del equipo de ventas	2024 datos
Representantes de ventas totales	1,845
Ingresos directos anuales	$ 2.7 mil millones

Redes de asesores financieros

SLM colabora con 3.200 firmas de asesoramiento financiero independiente. Estas redes generan el 28% de las adquisiciones totales de clientes, que representan $ 1.9 mil millones en negocios de referencia anual.

• Firma de asesoramiento financiero independiente: 3.200
• Adquisición de clientes a través de redes: 28%
• Volumen comercial de referencia anual: $ 1.9 mil millones

Centros de llamadas y atención al cliente

SLM opera 12 centros de atención al cliente con 2.700 representantes de soporte. Estos centros manejan 4.6 millones de interacciones de los clientes mensualmente, con un tiempo de resolución promedio de 7.2 minutos.

Métricas de atención al cliente	2024 datos
Centros de apoyo	12
Representantes de apoyo	2,700
Interacciones mensuales del cliente	4.6 millones
Tiempo de resolución promedio	7.2 minutos

SLM Corporation (SLM) - Modelo de negocio: segmentos de clientes

Estudiantes universitarios

A partir de 2024, SLM Corporation atiende a aproximadamente 14.2 millones de prestatarios de préstamos estudiantiles. Cartera total de préstamos estudiantiles: $ 292 mil millones.

Características de segmento	Datos estadísticos
Total de prestatarios de pregrado	10.6 millones
Saldo promedio de préstamo estudiantil	$37,338
Porcentaje de préstamos federales para estudiantes	92.3%

Estudiantes de posgrado

El segmento de estudiantes graduados representa 3,6 millones de prestatarios en la cartera de SLM.

Segmento de estudiantes graduados	Métrica
Volumen total de préstamos de posgrado	$ 98.7 mil millones
Saldo de préstamo de posgrado promedio	$66,500

Graduados recientes

El segmento reciente de graduados comprende 2,8 millones de prestatarios.

• Volumen de refinanciación de préstamos: $ 24.3 mil millones
• Ingresos promedio: $ 55,260
• Tasa de incumplimiento: 2.7%

Educación de financiamiento de padres

El segmento de préstamo de los padres más totaliza $ 105.4 mil millones.

Características del préstamo principal	Puntos de datos
Total de los prestatarios de padres	3.4 millones
Saldo promedio del préstamo principal	$31,200

Profesionales que trabajan en busca de refinanciación de préstamos

El segmento de refinanciación representa una oportunidad de mercado significativa.

• Volumen total de refinanciación: $ 42.6 mil millones
• Monto promedio del préstamo refinanciado: $ 48,500
• Reducción promedio de la tasa de interés: 1.8%

SLM Corporation (SLM) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para SLM Corporation en 2023: $ 187.4 millones

Categoría de costos	Monto ($)
Computación en la nube	62,300,000
Sistemas de ciberseguridad	43,500,000
Mantenimiento de hardware de TI	35,600,000
Licencia de software	46,000,000

Costos operativos de servicio de préstamos

Gastos operativos de servicio total de préstamos para 2023: $ 224.6 millones

• Sistemas de procesamiento de préstamos: $ 78.3 millones
• Infraestructura de atención al cliente: $ 52.1 millones
• Sistemas de gestión de riesgos: $ 94.2 millones

Gastos de marketing y adquisición de clientes

Presupuesto de marketing para 2023: $ 142.5 millones

Canal de marketing	Gasto ($)
Marketing digital	58,700,000
Publicidad tradicional	36,200,000
Programas de referencia de clientes	47,600,000

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento en 2023: $ 98.7 millones

• Consultoría legal: $ 32.4 millones
• Software y sistemas de cumplimiento: $ 41.3 millones
• Auditoría e informes: $ 25.0 millones

Salarios y beneficios de los empleados

Gastos totales de personal para 2023: $ 512.3 millones

Categoría de gastos	Monto ($)
Salarios base	387,600,000
Seguro médico	62,500,000
Beneficios de jubilación	42,200,000
Bonos de rendimiento	20,000,000

SLM Corporation (SLM) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos estudiantiles

En el tercer trimestre de 2023, SLM Corporation reportó $ 667 millones en ingresos por intereses netos de préstamos estudiantiles. El saldo total de la cartera de préstamos estudiantiles fue de $ 22.5 mil millones al 30 de septiembre de 2023.

Métrico	Cantidad	Período
Ingresos de intereses netos	$ 667 millones	P3 2023
Cartera total de préstamos estudiantiles	$ 22.5 mil millones	30 de septiembre de 2023

Tarifas de originación de préstamos

SLM Corporation generó $ 154.3 millones en tarifas de origen de préstamos durante el año fiscal 2022.

Tarifas de transacción de refinanciación

Las tarifas de transacción de refinanciación para SLM en 2022 totalizaron $ 87.6 millones.

Servicio de tarifas de instituciones financieras

Tipo de servicio	Ingresos de tarifas	Año
Tarifas de servicio de préstamos	$ 213.4 millones	2022

Monetización de la plataforma digital

• Ingresos de la plataforma digital: $ 46.2 millones en 2022
• Tarifas de solicitud de préstamos en línea: $ 22.7 millones
• Tarifas de transacción de servicio digital: $ 23.5 millones

Flujos de ingresos totales para SLM Corporation en 2022: $ 1.179 mil millones

SLM Corporation (SLM) - Canvas Business Model: Value Propositions

You're looking at how SLM Corporation delivers value to its customers and the market as of late 2025. It's about more than just the money; it's about the structure that supports that money flow and the borrower experience.

Private Student Loans: Financing for undergraduate and graduate education expenses

SLM Corporation's core value is providing the financing gap-filler for higher education. The origination engine is clearly running strong, showing commitment to this segment even as market dynamics shift. For instance, private education loan originations for the third quarter of 2025 hit $2.9 billion, marking a 6% increase from the prior year period. The total private student loan portfolio, net of allowance, stood at $21.6 billion as of September 30, 2025. We see this focus on quality continuing, too; the average FICO score at approval for new loans in Q3 2025 was 756, and the cosigner rate was 95%. That's a high bar for entry, honestly.

Here are the key metrics showing the scale of their financing proposition:

Metric	Value (Late 2025)	Period/Context
Private Education Loan Originations	$2.9 billion	Q3 2025
Private Student Loan Portfolio (Net)	$21.6 billion	As of September 30, 2025
Average FICO Score at Approval	756	Q3 2025
Cosigner Rate	95%	Q3 2025

Financial Flexibility: Multiple repayment options and forbearance programs for borrowers

The value proposition extends past the initial funding into the repayment phase, offering borrowers ways to manage stress when things get tight. SLM Corporation works with customers facing hardship to find alternative arrangements, which can include short-term forbearance. As of September 30, 2025, loans in hardship and other forbearances totaled approximately $166 million. This represented about 1.00% of loans in repayment at that time. To be fair, delinquencies did tick up slightly, with 4.01% of loans in repayment being delinquent as of Q3 2025, compared to 3.60% a year prior. Still, the company emphasizes working through these issues.

You can see the scale of their active support programs:

• Loans in hardship/forbearance (Q3 2025): $166 million
• Percentage of loans in hardship forbearance (Q3 2025): 1.00%
• Delinquencies (30+ days) (Q3 2025): 4.01% of loans in repayment

Responsible Lending: Tools and resources promoting financial literacy and informed borrowing

SLM Corporation positions itself as providing the know-how to support access to college and beyond. This is often demonstrated through their community engagement and scholarship efforts, which tie directly into the idea of informed financial planning. For example, The Sallie Mae Fund, in partnership with the Thurgood Marshall College Fund, awarded 40 high school students a $10,000 Bridging the Dream Scholarship in early 2025. Separately, the company announced awarding $500,000 in scholarships around that time. These programs underscore a commitment to the educational journey, not just the loan balance.

Capital-Efficient Growth: Strategic loan sales (like the KKR deal) to optimize the balance sheet

This is where the business model really shows its strategic depth-managing the balance sheet actively to fund future growth. SLM Corporation is clearly using loan sales as a key lever. In Q3 2025 alone, the company sold $1.9 billion in private education loans. This was a continuation of a strategy that saw a $2 billion loan sale in Q1 2025, which generated $188 million in gains. The major development is the multi-year partnership with KKR, where KKR will purchase more than $6 billion in loans over three years, including a minimum of $2 billion annually, plus an initial seed portfolio. This deal is explicitly designed to expand origination capacity and "unlock the potential for off-balance sheet capital efficiency."

The impact of these sales on the P&L and balance sheet optimization is tangible:

• Loan sales volume (Q3 2025): $1.9 billion
• Provision for credit losses release from loan sales (Q3 2025): $119 million
• KKR annual purchase commitment: $2 billion for at least three years
• Total KKR deal value (over three years, excluding seed): $6 billion+

Finance: draft 13-week cash view by Friday.

SLM Corporation (SLM) - Canvas Business Model: Customer Relationships

You're looking at how SLM Corporation manages the ongoing relationship with borrowers after the loan is originated. This is critical because the value of a student loan asset is directly tied to the borrower's long-term engagement and payment behavior. SLM Corporation focuses on keeping servicing in-house to maintain direct borrower contact, which informs their proactive outreach strategies.

The performance of their loss mitigation efforts shows the effectiveness of these relationships. For instance, of the borrowers who have been in their loan modification programs for over a year as of Q2 2025, 80% are consistently making payments. This suggests a high success rate in re-establishing sustainable repayment plans for customers facing difficulty. Still, you have to watch the delinquency buckets as they shift.

Here's the quick math on where the portfolio stood in terms of current credit quality through the third quarter of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
30+ Day Delinquency (% of loans in repayment)	3.6%	3.5%	Data not specified for Q3, but Q2 was down from Q1.
Net Charge-Offs (NCO) Rate (% of average loans in repayment)	1.88% (Annualized)	2.36%	Year-to-date NCO rate (as of Q2) was 2.11%.
Loans in Hardship Forbearance (% of average loans outstanding)	0.92%	Data not specified	Data not specified

The underwriting discipline also reflects the relationship quality at origination. In Q1 2025, the Cosigner Rate was 93%, up from 91% the prior year, and the Average FICO at Approval improved to 753 from 748. By Q2 2025, the Cosigner Rate was 84% and the Average FICO was 754. These figures show SLM Corporation is selecting higher-quality borrowers, which inherently reduces the need for intensive post-origination relationship management.

SLM Corporation supports its customers through various tools designed to help them plan and pay for college, which is a core part of their mission. While specific 2025 digital adoption numbers for online account management portals aren't explicitly detailed here, the company's commitment is evident in its resource allocation and direct support programs.

• In fiscal year 2024, SLM Corporation dedicated $2 million to financial literacy programs.
• For 2025, SLM Corporation, through The Sallie Mae Fund, announced it would award $500,000 in scholarships via its Bridging the Dream Scholarship Program, with applications open until December 1, 2025.

The proactive outreach for loan modification and repayment is largely evidenced by the performance metrics already noted, but it's also tied to their broader view of the market. For example, the expected increase in private loan demand due to federal reforms-projected to create an additional $4.5 billion to $5 billion in annual originations-requires SLM Corporation to have scalable, automated systems ready to onboard and service these new customers efficiently. The company reported Q3 2025 GAAP diluted EPS was $0.63 per share, and Net Interest Income was $373 million, showing the scale of the business they are managing relationships within.

Finance: review the Q4 2025 servicing cost per loan against the Q3 2025 figure by next Tuesday.

SLM Corporation (SLM) - Canvas Business Model: Channels

Direct-to-Consumer Digital: Sallie Mae's website and mobile application for applications.

The digital channel drives significant origination volume, supported by strong borrower credit profiles.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Loan Originations	$2.8 billion	Not specified	$2.9 billion
Cosigner Rate	93%	84%	Not specified
Average FICO at Approval	753	754	Not specified

SLM Corporation continues to see robust credit quality in originations flowing through its platforms. The company is also focused on creating new tools to connect individuals to scholarships and complete the Free Application for Federal Student Aid (FAFSA) through these digital resources.

School Financial Aid Offices: Partnerships facilitating loan certification and disbursement.

SLM Corporation maintains its industry-leading on-campus presence through direct relationships with educational institutions.

• - Number of higher education institutions actively partnered with: more than 2,000.
• - The relationship management team is described as the largest in the industry.
• - The company is committed to supporting college and university partners to help students access and complete higher education.

Direct Mail and Email Marketing: Targeted campaigns to prospective borrowers.

While specific SLM Corporation marketing spend is not detailed, the Financial Services industry context shows an increased reliance on direct mail in 2025.

• - Financial Services companies plan to increase direct mail volumes from an average of 48.3 million in 2024 to 69 million in 2025.
• - 67% of marketers reported improved direct mail performance over the 12 months leading up to July 2025, the highest lift among all direct marketing channels.
• - 87% of marketers plan to increase or maintain their direct mail budgets over the next 12 months.

Retail Banking Branches: Online-only presence for deposit products (savings, CDs).

The deposit products channel is entirely online, providing a stable funding base for SLM Corporation's operations.

Deposit Product Metric	Latest Reported Value (as of 12/31/2024)
Total Deposits	$21,068.568 million
Deposit Funding Mix	Includes brokered and retail deposits

SLM Corporation offers high-yield savings accounts and Certificate of Deposit (CD) accounts through this online retail banking segment.

SLM Corporation (SLM) - Canvas Business Model: Customer Segments

Creditworthy Students and Families: Primary borrowers for private education loans.

For the third quarter of 2025, SLM Corporation reported private education loan originations of $2.9 billion, marking a 6% growth from the year-ago quarter. The first quarter of 2025 saw originations at $2.8 billion, which was a 7.3% year-over-year increase. The credit profile for new originations remains strong, with the Cosigner Rate increasing to 93% in Q1 2025, up from 91% in Q1 2024. The Average FICO at Approval for the Q1 2025 portfolio was 753.

The total private student loan portfolio, net of allowance, stood at $21.6 billion as of September 30, 2025. Average loans outstanding, net, for Q3 2025 were $22.3 billion, a 9% increase from Q3 2024.

Graduate and Professional Students: Segment with often higher borrowing needs.

The segment of graduate and professional students contributes to the overall loan origination volume. The company's marketing strategy includes promoting products through financial aid offices at over 2,000 higher education institutions.

The following table summarizes key private education loan metrics for SLM Corporation as of mid-to-late 2025:

Metric	Value (Q3 2025)	Value (Q1 2025)	Date/Period
Private Education Loan Originations	$2.9 billion	$2.8 billion	Q3 2025 / Q1 2025
Origination Growth (YoY)	6%	7.3%	Q3 2025 / Q1 2025
Portfolio Balance (Net of Allowance)	$21.6 billion	$21.091 billion	Sept 30, 2025 / Mar 31, 2025
Average FICO at Approval	Not specified	753	Q1 2025
Cosigner Rate	Not specified	93%	Q1 2025

Retail Depositors: Individuals seeking high-yield savings and certificate of deposit (CD) accounts.

SLM Corporation maintains a significant base of retail depositors funding its operations. As of March 31, 2025, total deposits were $20,073 million, with Retail and other deposits accounting for $11,384 million. By June 30, 2025, total deposits grew to $20,482 million, with Retail and other deposits at $11,890 million.

The deposit mix for Q3 2025 showed that retail and other deposits represented approximately 61% of the total deposit portfolio, with brokered deposits at about 39%.

Institutional Investors: Buyers of loan portfolios and student loan Asset-Backed Securities (ABS).

SLM Corporation actively sells portions of its loan portfolio to institutional investors. In the third quarter of 2025, the company executed private student loan sales totaling $1.94 billion, resulting in gains on loan sales of $136 million for the quarter. The company successfully settled its first student loan ABS transaction of the year on May 7, 2025.

The company's commitment to this funding channel is evident:

• - First student loan ABS transaction settled on May 7, 2025.
• - Private student loan sales volume in Q3 2025 reached $1.94 billion.
• - Gains on loan sales for Q3 2025 were $136 million.

SLM Corporation (SLM) - Canvas Business Model: Cost Structure

When you look at the cost structure for SLM Corporation, you're primarily looking at the cost of money and the cost of running a sophisticated lending operation. For the third quarter of 2025, the key expense drivers were quite clear, though some figures are bundled together.

The single largest cost related to funding the loan portfolio, the Interest Expense, was reported at $284.61 million for Q3 2025. This number reflects the cost of the various borrowings and deposits SLM Corporation uses to finance its assets. To put that in context against what they earned from those assets, the Net Interest Income for the same period was $373 million.

Managing credit risk is a major operational cost, and that shows up in the reserves set aside for bad loans. The Provision for Credit Losses in Q3 2025 was $179 million. To be fair, this figure was significantly lower than the $271 million recorded in Q3 2024, largely because of a $119 million release of provision tied to a loan sale during the quarter. Still, the underlying credit quality metrics matter; net charge-offs for the quarter were $78 million, representing an annualized rate of 1.95% of average loans in repayment.

The day-to-day running of the business falls under Non-Interest Operating Expenses, which totaled $180 million in Q3 2025. This covers everything from the tech stack that processes applications to the personnel who service the loans and the marketing to attract new customers. Management reaffirmed its full-year 2025 projection for these expenses to land between $655 million and $675 million.

Here's a quick look at the key Q3 2025 cost components we have data for:

Cost Component	Q3 2025 Amount (in millions)	Context/Related Metric
Interest Expense	$284.61	Cost of funding the loan portfolio
Provision for Credit Losses	$179	Reserves for expected defaults
Non-Interest Expenses	$180	Technology, personnel, marketing, etc.

Regarding Loan Origination Costs, the specific expense line item isn't broken out in the immediate reports, but we know the scale of the activity driving those costs. SLM Corporation originated $2.9 billion in private education loans during Q3 2025, which was a 6.4% increase year-over-year. These origination activities-processing, underwriting, and closing-are certainly baked into that $180 million Non-Interest Expense figure.

You should also keep an eye on the components that make up the Non-Interest Expenses, as that's where management has direct control over operational efficiency. The key areas driving that spend include:

• Technology infrastructure and system maintenance.
• Personnel costs for servicing and collections teams.
• Marketing spend to drive new loan applications.
• General administrative overhead.

Finance: draft 13-week cash view by Friday.

SLM Corporation (SLM) - Canvas Business Model: Revenue Streams

You're looking at how SLM Corporation, or Sallie Mae, actually brings in the cash to fund its operations and growth in late 2025. It's a mix of traditional lending income and fee-based services, which is smart for resilience. Here's the quick math on the key drivers from the third quarter of 2025, which gives us a solid snapshot of their current model.

Revenue Component	Q3 2025 Amount (Millions USD)	Source Type
Net Interest Income (NII)	$373 million	Core Lending Spread
Other Service Charge Income	$31.87 million	Banking/Service Fees
Net Realized Capital Gains (Loan Sales)	$140.83 million	Asset Monetization

That table shows the core, quantifiable streams. The Net Interest Income, which is the spread between what SLM Corp earns on its loan book and what it pays for funding, hit $373 million in Q3 2025. That's the engine room of the business, honestly. Their Net Interest Margin for the quarter was 5.18%, up 18 basis points year-over-year, which is a positive sign for core profitability, even if it was slightly down from the prior quarter due to liquidity drag.

The income from selling loans, listed as Net Realized Capital Gains, was a significant $140.83 million for the quarter. This stream is important because it shows SLM is successfully monetizing its originations, often at a premium, which helps capital efficiency. This is directly linked to their loan origination activity, which saw private education loan originations grow to $2.9 billion in the quarter, up 6% year-over-year.

Beyond the interest and sale gains, fee income provides a steady, less interest-rate-sensitive component to the revenue mix. You need to watch these service fees closely, especially with the new strategic moves SLM is making.

• Net Interest Income (NII): Interest earned on the loan portfolio minus interest paid on funding, reported at $373 million for Q3 2025.
• Loan Sale Gains: Income from selling originated loans at a premium; Q3 2025 net realized capital gains were $140.83 million.
• Other Service Charge Income: Fees generated from banking products and various loan-related services, totaling $31.87 million in Q3 2025.
• Loan Servicing Fees: Fee income derived from managing loans for third-party partners.

The Loan Servicing Fees stream is gaining structural importance due to the recent multi-year strategic partnership with KKR, announced in November 2025. Under that deal, KKR will purchase at least $2 billion in new private education loans annually for an initial three-year term. SLM Corporation retains the customer relationships and the responsibility for servicing those loans sold to KKR. This means SLM earns ongoing fees for providing servicing, program management, and industry expertise on that substantial off-balance sheet portfolio. This move is designed to create a more resilient, capital-light, and consistent earnings profile by generating predictable fee revenue.

Finance: draft 13-week cash view by Friday.