SLM Corporation Investor Presentation — May 2021

Document content

Forward -Looking Statements and Disclaimer

Cautionary Note Regarding Forward -Looking Statements

The following information is current as of April 21, 2021 (unless otherwise noted) and should be read in connection with the press release of SLM Corporation (the “Comp any”) announcing its financial results for

the quarter ended March 31, 2021, the Form 10 -Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Comm ission (“SEC”) on April 21, 2021, and subsequent reports filed with the SEC.

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 beliefs, opinions, or expectations and statements that assume or are dependent upon future eve nts, are forward -looking statements. This includes, but is not limited to:

statements regarding future developments surrounding COVID -19 or any other pandemic, including, without limitation, statements r egarding the potential impact of COVID -19 or any other pandemic on the

Company’s business, results of operations, financial condition, and/or cash flows; the Company’s expectation and ability to p ay a quarterly cash dividend on its common stock in the future, subject to the

determination by the Company’s Board of Directors, and based on an evaluation of the Company’s earnings, financial condition and requirements, business conditions, capital allocation determinations, and other

factors, risks, and uncertainties; the Company’s 2021 guidance; the Company’s three -year horizon outlook; the Company’s expectat ion and ability to execute loan sales and share repurchases; the Company’s

projections regarding originations, net charge -offs, non -interest expenses, earnings, balance sheet position, and other metrics; and any estimates related to accounting standard changes. Forward -looking

statements are subject to risks, uncertainties, assumptions, and other factors that may cause actual results to be materially different from those reflected in such forward -looking statements. These factors

include, among others, the risks and uncertainties set forth in Item 1A. “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10 -K for the year ended Dec. 31, 2020 (filed with the SEC on Feb. 25,

2021) and subsequent filings with the SEC; the societal, business, and legislative/regulatory impact of pandemics and other p ublic heath crises; increases in financing costs; limits on liquidity; increases in costs

associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other laws; ch anges in accounting standards and the impact of related changes in significant