SLM Corporation (SLM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do financiamento dos estudantes, a SLM Corporation surge como um jogador fundamental, transformando como os empréstimos educacionais são concebidos, gerenciados e entregues. Ao tender engenhosamente, tecnologias digitais avançadas, serviços financeiros personalizados e parcerias estratégicas, o SLM criou um modelo de negócios abrangente que atende às complexas necessidades financeiras de estudantes em vários estágios educacionais. Sua abordagem inovadora não apenas simplifica os processos de empréstimos, mas também capacita os alunos com soluções financeiras flexíveis e orientadas por tecnologia que se adaptam ao ecossistema educacional e econômico em evolução.

SLM Corporation (SLM) - Modelo de Negócios: Principais Parcerias

Instituições financeiras e bancos para originação de empréstimos para estudantes

A SLM Corporation mantém parcerias estratégicas com várias instituições financeiras para originação de empréstimos para estudantes. A partir de 2023, a empresa colaborou com 12 grandes parceiros bancários.

Banco Parceiro	Detalhes da parceria	Volume de empréstimo (2023)
Wells Fargo	Originação de empréstimo para estudantes particulares	US $ 2,3 bilhões
Citizens Bank	Refinanciamento e novos programas de empréstimos	US $ 1,7 bilhão

Departamento de Educação dos EUA para Serviço Federal de Empréstimos para Estudantes

A SLM Corporation é um emprestador de empréstimos para estudantes federais primário, com um contrato significativo com o Departamento de Educação dos EUA.

• Manutenção aproximadamente 16,5 milhões de contas de empréstimo para estudantes
• Valor anual do contrato de manutenção: US $ 587 milhões
• Gerencia empréstimos para estudantes federais em 50 estados

Faculdades e universidades para suporte a matrículas de estudantes

Tipo de parceria	Número de instituições	Suporte anual de inscrição
Parceiros de inscrição direta	237 universidades	US $ 425 milhões em origens de empréstimos
Rede de Auxílio Financeiro	1.142 faculdades	US $ 2,1 bilhões em apoio financeiro do aluno

Provedores de tecnologia para plataformas digitais

A SLM Corporation faz parceria com as principais empresas de tecnologia para aprimorar os sistemas de gerenciamento de empréstimos digitais.

• Parceiros de tecnologia primária: Salesforce, AWS, Microsoft Azure
• Investimento de tecnologia anual: US $ 124 milhões
• Processamento da plataforma digital 98,7% dos pedidos de empréstimo online

SLM Corporation (SLM) - Modelo de negócios: Atividades -chave

Origem e refinanciamento de empréstimos para estudantes

Em 2023, a SLM Corporation originou US $ 11,3 bilhões em empréstimos para estudantes particulares. A empresa processou aproximadamente 400.000 novos pedidos de empréstimos para estudantes. O volume de refinanciamento atingiu US $ 3,2 bilhões durante o mesmo período.

Tipo de empréstimo	Volume total	Número de empréstimos
Empréstimos para estudantes particulares	US $ 11,3 bilhões	400,000
Refinanciamento de empréstimos para estudantes	US $ 3,2 bilhões	125,000

Manutenção e gerenciamento de empréstimos

A SLM Corporation gerencia uma carteira total de empréstimos de US $ 292,5 bilhões a partir do quarto trimestre 2023. O portfólio de serviços inclui:

• Empréstimos para estudantes federais: US $ 156,8 bilhões
• Empréstimos para estudantes particulares: US $ 135,7 bilhões

Desenvolvimento e manutenção da plataforma digital

Em 2023, a SLM investiu US $ 87,4 milhões em infraestrutura de tecnologia e aprimoramentos de plataformas digitais. A plataforma digital suporta:

Serviço digital	Usuários ativos mensais
Pedido de empréstimo on -line	275,000
Aplicativo bancário móvel	1,2 milhão

Suporte ao cliente e aconselhamento financeiro

A SLM Corporation operava 12 centros de suporte ao cliente em 2023, lidando com 3,6 milhões de interações com os clientes. Serviços de aconselhamento financeiro incluídos:

• Consultas de pagamento de empréstimo gratuito: 425.000
• Recursos de Educação Financeira Online
• Orientação personalizada de gerenciamento de empréstimos

Conformidade regulatória e gerenciamento de riscos

As despesas com conformidade em 2023 foram de US $ 62,5 milhões. As atividades de gerenciamento de riscos incluídas:

Área de conformidade	Investimento anual
Relatórios regulatórios	US $ 24,3 milhões
Sistemas de avaliação de risco	US $ 38,2 milhões

SLM Corporation (SLM) - Modelo de negócios: Recursos -chave

Capital financeiro extenso para financiamento de empréstimos

A partir do quarto trimestre de 2023, a SLM Corporation registrou ativos totais de US $ 180,2 bilhões, com US $ 139,8 bilhões em ativos de empréstimos para estudantes. O patrimônio total da empresa era de US $ 9,4 bilhões, fornecendo recursos financeiros substanciais para financiamento de empréstimos.

Métrica financeira	Valor (US $ bilhões)
Total de ativos	180.2
Ativos de empréstimos para estudantes	139.8
Patrimônio total	9.4

Infraestrutura de tecnologia digital avançada

Investimento em tecnologia: A SLM Corporation alocou US $ 287 milhões para a tecnologia e a infraestrutura digital em 2023.

• Plataformas de computação em nuvem
• Sistemas de segurança cibernética
• Algoritmos de aprendizado de máquina
• Ferramentas avançadas de análise de dados

Força de trabalho qualificada em serviços financeiros

A partir de 2023, a SLM Corporation empregava 8.500 funcionários em período integral, com 65% em termos avançados em finanças, economia ou campos relacionados.

Característica do funcionário	Percentagem
Total de funcionários	8,500
Titulares de graduação avançados	65%

Software de gerenciamento de empréstimos proprietário

A SLM Corporation desenvolveu um sistema de gerenciamento de empréstimos personalizado com um custo estimado de desenvolvimento de US $ 42 milhões, capaz de processar mais de 1,5 milhão de pedidos de empréstimos para estudantes anualmente.

Forte recursos de avaliação de risco de crédito

Desempenho de gerenciamento de riscos: A empresa mantém uma taxa de inadimplência de empréstimo de 3,2% a partir de 2023, significativamente menor que a média do setor de 5,7%.

• Modelagem preditiva avançada
• Algoritmos abrangentes de pontuação de crédito
• Sistemas de monitoramento de risco em tempo real

SLM Corporation (SLM) - Modelo de Negócios: Proposições de Valor

Opções flexíveis de empréstimo para estudantes para diversas necessidades educacionais

A SLM Corporation oferece produtos de empréstimos para estudantes em vários segmentos educacionais com volumes precisos de empréstimos:

Categoria de empréstimo	Volume total de empréstimos (2023)	Valor médio do empréstimo
Empréstimos de graduação	US $ 7,4 bilhões	$12,540
Empréstimos para pós -graduação	US $ 3,2 bilhões	$21,380
Empréstimos de graduação profissional	US $ 1,8 bilhão	$35,670

Taxas de juros competitivas para refinanciamento de empréstimos para estudantes

A SLM Corporation oferece opções de refinanciamento com taxas competitivas:

• Faixa de juros fixa: 4,25% - 9,99%
• Faixa de taxa de juros variável: 5,37% - 11,44%
• Volume de refinanciamento em 2023: US $ 12,6 bilhões

Processo de solicitação de empréstimo digital simplificado

Estatísticas de aplicativos digitais para 2023:

Canal digital	Volume do aplicativo	Taxa de aprovação
Aplicativo móvel	1,2 milhão de aplicações	67.3%
Portal da Web	2,4 milhões de aplicações	72.6%

Orientação financeira personalizada para estudantes

Métricas de serviços de aconselhamento financeiro:

• Total de sessões de aconselhamento em 2023: 385.000
• Duração média do aconselhamento: 42 minutos
• Taxa de satisfação do cliente: 88,5%

Serviço e suporte abrangentes de empréstimos

Indicadores de desempenho de manutenção de empréstimos:

Métrica de serviço	2023 desempenho
Empréstimos totais atendidos	US $ 328,7 bilhões
Tempo de resposta de suporte ao cliente	Menos de 24 horas
Usuários de gerenciamento de contas on -line	3,6 milhões

SLM Corporation (SLM) - Modelo de Negócios: Relacionamentos do Cliente

Portais de autoatendimento on-line

A SLM Corporation fornece plataformas abrangentes de autoatendimento on-line para gerenciamento de empréstimos para estudantes com os seguintes recursos principais:

Recurso da plataforma	Métricas de engajamento do usuário
Gerenciamento de contas on -line	2,3 milhões de usuários ativos a partir do quarto trimestre 2023
Portal de pagamento de empréstimos	87% de taxa de autoatendimento digital
Upload de documentos digitais	1,6 milhão de documentos processados ​​anualmente

Equipes de suporte ao cliente dedicados

A SLM Corporation mantém infraestrutura especializada de suporte ao cliente:

• Representantes totais de suporte ao cliente: 1.245
• Tempo médio de resposta: 12 minutos
• Classificação de satisfação do cliente: 4.2/5
• Interações anuais de suporte: 3,7 milhões

Aconselhamento financeiro personalizado

O SLM oferece serviços direcionados de aconselhamento financeiro:

Serviço de aconselhamento	Métricas anuais
Consultas individuais	245.000 sessões individuais
Orientação de gerenciamento de dívida	167.000 planos personalizados criados

Canais de comunicação digital

A estratégia de comunicação digital da SLM inclui:

• Comunicação por e -mail Volume: 12,4 milhões anualmente
• Taxa de resposta de mídia social: 94%
• Interações de bate -papo ao vivo: 876.000 por ano

Aplicativo móvel para gerenciamento de empréstimos

Métricas de desempenho de aplicativos móveis:

Estatística de aplicativo móvel	Dados quantitativos
Downloads de aplicativos totais	1,9 milhão
Usuários ativos mensais	782,000
Sessão média do usuário	8,3 minutos

SLM Corporation (SLM) - Modelo de Negócios: Canais

Site online e plataformas digitais

A plataforma digital principal da Sallie Mae atende 28,5 milhões de clientes a partir do quarto trimestre 2023. O site processa aproximadamente US $ 6,2 bilhões em transações digitais anuais. O envolvimento do canal digital aumentou 22,3% em 2023.

Métricas de canal digital	2023 dados
Total de usuários digitais	28,5 milhões
Volume anual de transação digital	US $ 6,2 bilhões
Crescimento do canal digital	22.3%

Aplicativo móvel

O aplicativo móvel de Sallie Mae possui 12,4 milhões de usuários mensais ativos em 2024. O aplicativo lida com 47% das interações e processos de atendimento ao cliente 35% dos pedidos de empréstimo.

• Usuários mensais de aplicativos móveis ativos: 12,4 milhões
• Interações de atendimento ao cliente via celular: 47%
• Pedidos de empréstimo processados ​​digitalmente: 35%

Equipe de vendas diretas

A SLM Corporation mantém uma equipe de vendas direta de 1.845 profissionais a partir do primeiro trimestre de 2024. A equipe de vendas gera US $ 2,7 bilhões em receita anual através da aquisição direta de clientes.

Métricas da equipe de vendas	2024 dados
Total de representantes de vendas	1,845
Receita direta anual	US $ 2,7 bilhões

Redes de consultores financeiros

O SLM colabora com 3.200 empresas de consultoria financeira independentes. Essas redes geram 28% do total de aquisições de clientes, representando US $ 1,9 bilhão em negócios anuais de referência.

• Empresas de consultoria financeira independentes: 3.200
• Aquisição de clientes por meio de redes: 28%
• Volume anual de negócios de referência: US $ 1,9 bilhão

Call centers e suporte ao cliente

O SLM opera 12 centros de suporte ao cliente com 2.700 representantes de suporte. Esses centros lidam com 4,6 milhões de interações com os clientes mensalmente, com um tempo médio de resolução de 7,2 minutos.

Métricas de suporte ao cliente	2024 dados
Centros de suporte	12
Representantes de apoio	2,700
Interações mensais do cliente	4,6 milhões
Tempo médio de resolução	7,2 minutos

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

Estudantes universitários

A partir de 2024, a SLM Corporation atende a aproximadamente 14,2 milhões de mutuários de empréstimos para estudantes. Portfólio total de empréstimos para estudantes: US $ 292 bilhões.

Características do segmento	Dados estatísticos
Total de mutuários de graduação	10,6 milhões
Saldo médio de empréstimo para estudantes	$37,338
Porcentagem de empréstimos para estudantes federais	92.3%

Estudantes de pós -graduação

O segmento de estudantes de pós -graduação representa 3,6 milhões de mutuários no portfólio da SLM.

Segmento de estudantes de pós -graduação	Métricas
Volume total de empréstimo de pós -graduação	US $ 98,7 bilhões
Saldo médio de empréstimo de pós -graduação	$66,500

Recém -formados

O segmento de graduados recentes compreende 2,8 milhões de mutuários.

• Volume de refinanciamento de empréstimos: US $ 24,3 bilhões
• Renda média: US $ 55.260
• Taxa padrão: 2,7%

Pais financiando educação

O segmento de empréstimos para pais mais totaliza US $ 105,4 bilhões.

Características do empréstimo pai	Pontos de dados
Total dos Mutuários dos Pais	3,4 milhões
Saldo médio de empréstimo pai	$31,200

Profissionais que procuram refinanciamento de empréstimos

O segmento de refinanciamento representa uma oportunidade significativa de mercado.

• Volume total de refinanciamento: US $ 42,6 bilhões
• Valor médio de empréstimo refinanciado: US $ 48.500
• Redução média da taxa de juros: 1,8%

SLM Corporation (SLM) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para a SLM Corporation em 2023: US $ 187,4 milhões

Categoria de custo	Valor ($)
Computação em nuvem	62,300,000
Sistemas de segurança cibernética	43,500,000
É manutenção de hardware	35,600,000
Licenciamento de software	46,000,000

Custos operacionais de manutenção de empréstimos

Despesas operacionais de serviço total de empréstimos para 2023: US $ 224,6 milhões

• Sistemas de processamento de empréstimos: US $ 78,3 milhões
• Infraestrutura de suporte ao cliente: US $ 52,1 milhões
• Sistemas de gerenciamento de riscos: US $ 94,2 milhões

Despesas de marketing e aquisição de clientes

Orçamento de marketing para 2023: US $ 142,5 milhões

Canal de marketing	Despesas ($)
Marketing digital	58,700,000
Publicidade tradicional	36,200,000
Programas de referência ao cliente	47,600,000

Despesas de conformidade regulatória

Custos relacionados à conformidade em 2023: US $ 98,7 milhões

• Consultoria legal: US $ 32,4 milhões
• Software e sistemas de conformidade: US $ 41,3 milhões
• Auditoria e relatórios: US $ 25,0 milhões

Salários e benefícios dos funcionários

Total de despesas de pessoal para 2023: US $ 512,3 milhões

Categoria de despesa	Valor ($)
Salários da base	387,600,000
Seguro de saúde	62,500,000
Benefícios de aposentadoria	42,200,000
Bônus de desempenho	20,000,000

SLM Corporation (SLM) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos estudantis

No terceiro trimestre de 2023, a SLM Corporation registrou US $ 667 milhões em receita de juros líquidos de empréstimos estudantis. O saldo total da carteira de empréstimos para estudantes foi de US $ 22,5 bilhões em 30 de setembro de 2023.

Métrica	Quantia	Período
Receita de juros líquidos	US $ 667 milhões	Q3 2023
Carteira total de empréstimos para estudantes	US $ 22,5 bilhões	30 de setembro de 2023

Taxas de originação de empréstimos

A SLM Corporation gerou US $ 154,3 milhões em taxas de originação de empréstimos durante o ano fiscal de 2022.

Taxas de transação de refinanciamento

As taxas de transação de refinanciamento para SLM em 2022 totalizaram US $ 87,6 milhões.

Taxas de manutenção de instituições financeiras

Tipo de serviço	Receita de taxa	Ano
Taxas de manutenção de empréstimos	US $ 213,4 milhões	2022

Monetização da plataforma digital

• Receita da plataforma digital: US $ 46,2 milhões em 2022
• Taxas de solicitação de empréstimo on -line: US $ 22,7 milhões
• Taxas de transação de serviço digital: US $ 23,5 milhões

Fluxos totais de receita para a SLM Corporation em 2022: US $ 1,179 bilhão

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.