SLM Corporation Investor Presentation — July 2024

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1Confidential and proprietary information. © 2024 Sallie Mae Bank. All rights reserved.

Confidential and proprietary information. © 2024 Sallie Mae Bank. All rights reserved. 2

The following information is current as of July 24, 2024 (unless otherwise noted) and should be read in connection with the p ress release of SLM Corporation announcing its financial results for

the quarter ended June 30, 2024, the Form 10 -Q for the quarter ended June 30, 2024 filed with the Securities and Exchange Commis sion (“SEC”) on July 24, 2024, and subsequent reports filed

This Presentation contains “forward -looking statements” and information based on management’s current expectations as of the dat e of this Presentation. Statements that are not historical facts,

including statements about the Company’s (as hereinafter defined) beliefs, opinions, or expectations and statements that assu me or are dependent upon future events, are forward -looking

statements. These include, but are not limited to: strategies; goals and assumptions of SLM Corporation and its subsidiaries , collectively or individually as the context requires (the “Company”);

the Company’s expectation and ability to execute loan sales and share repurchases; statements regarding future developments s urrounding COVID -19 or any other pandemic, including, without

limitation, statements regarding the potential impact of any such pandemic on the Company’s business, results of operations, financial condition, and/or cash flows; the Company’s expectation

and ability to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Direc tors; the Company’s 2024 guidance; the Company’s three -year horizon

outlook; the impact of acquisitions we have made or may make in the future; the Company’s projections regarding originations, net charge -offs, non -interest expenses, earnings, balance sheet

position, and other metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices changes, including the results of

simulations or other behavioral observations.

Forward -looking statements are subject to risks, uncertainties, assumptions, and other factors, many of which are difficult to p redict and generally beyond the control of the Company, which may

cause actual results to be materially different from those reflected in such forward -looking statements. There can be no assuran ce that future developments affecting the Company will be the

same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or