SLM Corporation (SLM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique du financement des étudiants, SLM Corporation émerge comme un acteur charnière, transformant la façon dont les prêts éducatifs sont conçus, gérés et livrés. En tissant ingénieusement des technologies numériques avancées, des services financiers personnalisés et des partenariats stratégiques, SLM a conçu un modèle commercial complet qui répond aux besoins financiers complexes des étudiants à divers stades éducatifs. Leur approche innovante simplifie non seulement les processus de prêt, mais donne également aux étudiants des solutions financières flexibles et axées sur la technologie qui s'adaptent à l'écosystème éducatif et économique en évolution.

SLM Corporation (SLM) - Modèle d'entreprise: partenariats clés

Institutions financières et banques pour l'origine des prêts étudiants

SLM Corporation maintient des partenariats stratégiques avec plusieurs institutions financières pour l'origine des prêts étudiants. En 2023, l'entreprise a collaboré avec 12 partenaires bancaires majeurs.

Banque partenaire	Détails du partenariat	Volume de prêt (2023)
Wells Fargo	Origination de prêt étudiant privé	2,3 milliards de dollars
Citizens Bank	Refinancement et nouveaux programmes de prêts	1,7 milliard de dollars

Département américain de l'Éducation pour le service fédéral des prêts étudiants

SLM Corporation est un principal fonctionnaire fédéral de prêts étudiants avec un contrat important avec le ministère américain de l'Éducation.

• Servir environ 16,5 millions de comptes de prêts étudiants
• Valeur du contrat de service annuel: 587 millions de dollars
• Gère les prêts étudiants fédéraux dans 50 États

Collèges et universités pour le soutien des inscriptions aux étudiants

Type de partenariat	Nombre d'institutions	Aide à l'inscription annuelle
Partenaires d'inscription directe	237 universités	425 millions de dollars de créations de prêts
Réseau d'aide financière	1 142 collèges	2,1 milliards de dollars de soutien financier étudiant

Fournisseurs de technologies pour les plateformes numériques

SLM Corporation s'associe aux principales sociétés technologiques pour améliorer les systèmes de gestion des prêts numériques.

• Partenaires technologiques primaires: Salesforce, AWS, Microsoft Azure
• Investissement technologique annuel: 124 millions de dollars
• Traitement de plate-forme numérique 98,7% des demandes de prêt en ligne

SLM Corporation (SLM) - Modèle d'entreprise: activités clés

Origination et refinancement du prêt étudiant

En 2023, SLM Corporation a créé 11,3 milliards de dollars de prêts étudiants privés. La société a traité environ 400 000 nouvelles demandes de prêt étudiant. Le volume de refinancement a atteint 3,2 milliards de dollars au cours de la même période.

Type de prêt	Volume total	Nombre de prêts
Prêts étudiants privés	11,3 milliards de dollars	400,000
Refinancement des prêts étudiants	3,2 milliards de dollars	125,000

Entretien et gestion des prêts

SLM Corporation gère un portefeuille de prêts total de 292,5 milliards de dollars au quatrième trimestre 2023. Le portefeuille de services comprend:

• Prêts étudiants fédéraux: 156,8 milliards de dollars
• Prêts étudiants privés: 135,7 milliards de dollars

Développement et maintenance de plate-forme numérique

En 2023, SLM a investi 87,4 millions de dollars dans l'infrastructure technologique et les améliorations de plate-forme numérique. La plate-forme numérique prend en charge:

Service numérique	Utilisateurs actifs mensuels
Demande de prêt en ligne	275,000
Application bancaire mobile	1,2 million

Support client et conseil financier

SLM Corporation a exploité 12 centres de support client en 2023, avec 3,6 millions d'interactions clients. Les services de conseil financier comprenaient:

• Consultations gratuites de remboursement des prêts: 425 000
• Ressources d'éducation financière en ligne
• Conseils de gestion des prêts personnalisés

Compliance réglementaire et gestion des risques

Les dépenses de conformité en 2023 étaient de 62,5 millions de dollars. Les activités de gestion des risques comprenaient:

Zone de conformité	Investissement annuel
Représentation réglementaire	24,3 millions de dollars
Systèmes d'évaluation des risques	38,2 millions de dollars

SLM Corporation (SLM) - Modèle d'entreprise: Ressources clés

Capital financier étendu pour le financement des prêts

Au quatrième trimestre 2023, SLM Corporation a déclaré un actif total de 180,2 milliards de dollars, avec 139,8 milliards de dollars d'actifs de prêt étudiant. Les capitaux propres totaux de la société s'élevaient à 9,4 milliards de dollars, fournissant des ressources financières substantielles pour le financement des prêts.

Métrique financière	Montant (milliards de dollars)
Actif total	180.2
Actifs de prêt étudiant	139.8
Total des capitaux propres	9.4

Infrastructure de technologie numérique avancée

Investissement technologique: SLM Corporation a alloué 287 millions de dollars à la technologie et aux infrastructures numériques en 2023.

• Plates-formes de cloud computing
• Systèmes de cybersécurité
• Algorithmes d'apprentissage automatique
• Outils d'analyse de données avancées

Travaillerie qualifiée dans les services financiers

En 2023, SLM Corporation a employé 8 500 employés à temps plein, avec 65% de diplômes avancés en finance, en économie ou en domaines connexes.

Caractéristique des employés	Pourcentage
Total des employés	8,500
Titulaires de diplômes avancés	65%

Logiciel de gestion des prêts propriétaires

SLM Corporation a développé un système de gestion des prêts personnalisé avec un coût de développement estimé de 42 millions de dollars, capable de traiter plus de 1,5 million de demandes de prêt étudiant par an.

Solides capacités d'évaluation des risques de crédit

Performance de gestion des risques: La société maintient un taux de défaut de prêt de 3,2% à partir de 2023, nettement inférieure à la moyenne de l'industrie de 5,7%.

• Modélisation prédictive avancée
• Algorithmes de notation de crédit complet
• Systèmes de surveillance des risques en temps réel

SLM Corporation (SLM) - Modèle d'entreprise: propositions de valeur

Options de prêt étudiant flexible pour divers besoins éducatifs

SLM Corporation propose des produits de prêt étudiant dans plusieurs segments éducatifs avec des volumes de prêts précis:

Catégorie de prêt	Volume total des prêts (2023)	Montant moyen du prêt
Prêts de premier cycle	7,4 milliards de dollars	$12,540
Prêts diplômés	3,2 milliards de dollars	$21,380
Prêts de diplôme professionnel	1,8 milliard de dollars	$35,670

Taux d'intérêt concurrentiels pour le refinancement des prêts étudiants

SLM Corporation offre des options de refinancement avec des tarifs compétitifs:

• Réduction de taux d'intérêt fixe: 4,25% - 9,99%
• Plage de taux d'intérêt variable: 5,37% - 11,44%
• Volume de refinancement en 2023: 12,6 milliards de dollars

Processus de demande de prêt numérique rationalisé

Statistiques des applications numériques pour 2023:

Canal numérique	Volume de demande	Taux d'approbation
Application mobile	1,2 million de demandes	67.3%
Portail Web	2,4 millions d'applications	72.6%

Conseils financiers personnalisés pour les étudiants

Métriques des services de conseil financier:

• Sessions totales de conseil en 2023: 385 000
• Durée moyenne de conseil: 42 minutes
• Taux de satisfaction client: 88,5%

Entretien et soutien de prêt complet

Indicateurs de performance de service de prêt:

Métrique de service	Performance de 2023
Les prêts totaux entretenus	328,7 milliards de dollars
Temps de réponse du support client	Moins de 24 heures
Utilisateurs de gestion des comptes en ligne	3,6 millions

SLM Corporation (SLM) - Modèle d'entreprise: relations avec les clients

Portails en libre-service en ligne

SLM Corporation fournit des plateformes de libre-service en ligne complètes pour la gestion des prêts étudiants avec les caractéristiques clés suivantes:

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Gestion de compte en ligne	2,3 millions d'utilisateurs actifs au quatrième trimestre 2023
Portail de remboursement des prêts	Taux de libre-service numérique de 87%
Téléchargement de documents numériques	1,6 million de documents traités chaque année

Équipes de support client dédiées

SLM Corporation maintient une infrastructure de support client spécialisé:

• Représentants totaux du support client: 1 245
• Temps de réponse moyen: 12 minutes
• Évaluation de satisfaction du client: 4.2 / 5
• Interactions de soutien annuel: 3,7 millions

Conseil financier personnalisé

SLM offre des services de conseil financier ciblés:

Service de conseil	Métriques annuelles
Consultations individuelles	245 000 sessions individuelles
Guidance de gestion de la dette	167 000 plans personnalisés créés

Canaux de communication numériques

La stratégie de communication numérique de SLM comprend:

• Volume de communication par e-mail: 12,4 millions par an
• Taux de réponse des médias sociaux: 94%
• Interactions de chat en direct: 876 000 par an

Application mobile pour la gestion des prêts

Métriques de performance de l'application mobile:

Statistique de l'application mobile	Données quantitatives
Total des téléchargements d'applications	1,9 million
Utilisateurs actifs mensuels	782,000
Session utilisateur moyenne	8,3 minutes

SLM Corporation (SLM) - Modèle d'entreprise: canaux

Site Web en ligne et plateformes numériques

La principale plate-forme numérique de Sallie Mae dessert 28,5 millions de clients au quatrième trimestre 2023. Le site Web traite environ 6,2 milliards de dollars de transactions numériques annuelles. L'engagement des canaux numériques a augmenté de 22,3% en 2023.

Métriques des canaux numériques	2023 données
Total des utilisateurs numériques	28,5 millions
Volume annuel de transaction numérique	6,2 milliards de dollars
Croissance des canaux numériques	22.3%

Application mobile

L'application mobile de Sallie Mae compte 12,4 millions d'utilisateurs mensuels actifs en 2024. L'application gère 47% des interactions du service client et traite 35% des demandes de prêt.

• Utilisateurs mensuels de l'application mobile active: 12,4 millions
• Interactions du service client via mobile: 47%
• Demandes de prêt traitées numériquement: 35%

Équipe de vente directe

SLM Corporation maintient une équipe de vente directe de 1 845 professionnels au T1 2024. L'équipe de vente génère 2,7 milliards de dollars de revenus annuels grâce à l'acquisition directe des clients.

Métriques de l'équipe de vente	2024 données
Représentants des ventes totales	1,845
Revenus directs annuels	2,7 milliards de dollars

Réseaux de conseillers financiers

SLM collabore avec 3 200 sociétés de conseil financier indépendants. Ces réseaux génèrent 28% des acquisitions totales de clients, ce qui représente 1,9 milliard de dollars en activités de référence annuelles.

• Sociétés de conseil financier indépendants: 3 200
• Acquisition des clients via les réseaux: 28%
• Volume annuel des activités de référence: 1,9 milliard de dollars

Centres d'appel et support client

SLM exploite 12 centres de support client avec 2 700 représentants de soutien. Ces centres gèrent 4,6 millions d'interactions client tous les mois, avec un temps de résolution moyen de 7,2 minutes.

Métriques du support client	2024 données
Centres de soutien	12
Soutenir les représentants	2,700
Interactions mensuelles du client	4,6 millions
Temps de résolution moyen	7,2 minutes

SLM Corporation (SLM) - Modèle d'entreprise: segments de clientèle

Étudiants

En 2024, SLM Corporation dessert environ 14,2 millions d'emprunteurs de prêts étudiants. Portfolio total de prêts étudiants: 292 milliards de dollars.

Caractéristiques du segment	Données statistiques
Total des emprunteurs de premier cycle	10,6 millions
Solde moyen des prêts étudiants	$37,338
Pourcentage de prêts étudiants fédéraux	92.3%

Étudiants diplômés

Le segment des étudiants diplômés représente 3,6 millions d'emprunteurs dans le portefeuille de SLM.

Segment d'étudiants diplômés	Métrique
Volume total de prêts diplômés	98,7 milliards de dollars
Solde moyen des prêts diplômés	$66,500

Diplômés récents

Le segment des diplômés récent comprend 2,8 millions d'emprunteurs.

• Volume de refinancement de prêt: 24,3 milliards de dollars
• Revenu moyen: 55 260 $
• Taux par défaut: 2,7%

Parents finançant l'éducation

Le segment des prêts Parent Plus totalise 105,4 milliards de dollars.

Caractéristiques du prêt parent	Points de données
Total des emprunteurs parents	3,4 millions
Solde moyen des prêts parents	$31,200

Professionnels de travail à la recherche de refinancement de prêts

Le segment de refinancement représente des opportunités de marché importantes.

• Volume de refinancement total: 42,6 milliards de dollars
• Montant moyen de prêt refinancé: 48 500 $
• Réduction moyenne des taux d'intérêt: 1,8%

SLM Corporation (SLM) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût annuel des infrastructures technologiques pour SLM Corporation en 2023: 187,4 millions de dollars

Catégorie de coûts	Montant ($)
Cloud computing	62,300,000
Systèmes de cybersécurité	43,500,000
Maintenance du matériel informatique	35,600,000
Licence de logiciel	46,000,000

Coûts opérationnels de service de prêt

Total des dépenses opérationnelles de service pour 2023: 224,6 millions de dollars

• Systèmes de traitement des prêts: 78,3 millions de dollars
• Infrastructure de support client: 52,1 millions de dollars
• Systèmes de gestion des risques: 94,2 millions de dollars

Frais de marketing et d'acquisition des clients

Budget marketing pour 2023: 142,5 millions de dollars

Canal de marketing	Dépenses ($)
Marketing numérique	58,700,000
Publicité traditionnelle	36,200,000
Programmes de référence client	47,600,000

Dépenses de conformité réglementaire

Coûts liés à la conformité en 2023: 98,7 millions de dollars

• Conseil juridique: 32,4 millions de dollars
• Logiciel et systèmes de conformité: 41,3 millions de dollars
• Audit et rapport: 25,0 millions de dollars

Salaires et avantages sociaux des employés

Total des dépenses du personnel pour 2023: 512,3 millions de dollars

Catégorie de dépenses	Montant ($)
Salaires de base	387,600,000
Assurance maladie	62,500,000
Prestations de retraite	42,200,000
Bonus de performance	20,000,000

SLM Corporation (SLM) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts étudiants

Au troisième trimestre 2023, SLM Corporation a déclaré 667 millions de dollars de revenus d'intérêts nets des prêts étudiants. Le solde total du portefeuille de prêts étudiants était de 22,5 milliards de dollars au 30 septembre 2023.

Métrique	Montant	Période
Revenu net d'intérêt	667 millions de dollars	Q3 2023
Portefeuille total de prêts étudiants	22,5 milliards de dollars	30 septembre 2023

Frais d'origine du prêt

SLM Corporation a généré 154,3 millions de dollars de frais de création de prêt au cours de l'exercice 2022.

Frais de transaction de refinancement

Les frais de transaction de refinancement pour SLM en 2022 ont totalisé 87,6 millions de dollars.

Frais de service des institutions financières

Type de service	Revenu	Année
Frais de service de prêt	213,4 millions de dollars	2022

Monétisation de la plate-forme numérique

• Revenus de plate-forme numérique: 46,2 millions de dollars en 2022
• Frais de demande de prêt en ligne: 22,7 millions de dollars
• Frais de transaction de service numérique: 23,5 millions de dollars

Total des sources de revenus pour SLM Corporation en 2022: 1,179 milliard de dollars

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.