SLM Corporation Investor Presentation — September 2020

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Jonathan Witter, CEOSeptember 14, 2020 2

Forward -Looking Statements and Disclaimer

Cautionary Note Regarding Forward -Looking Statements

The following information is current as of September 14, 2020 (unless otherwise noted) and should be read in connection with thepress release of SLM Corporation (the “Company”) announcing its

financial results for the quarter ended June 30, 2020, the Form 10 -Q for the quarter ended June 30, 2020 filed with the Securiti es and Exchange Commission (“SEC”) on July 22, 2020, 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 events, 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 regarding 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 andability to pay 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 earning s, financial condition and requirements, business conditions, capital

allocation determinations, and other factors, risks, and uncertainties; the Company’s 2020 guidance; the Company’s three -year ho rizon outlook; the Company’s expectation and ability to execute loan

sales and share repurchases; the Company’s projections for originations, earnings, and balance sheet position; and any estima tesrelated 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 o n Form 10 -K for the year ended Dec. 31, 2019 (filed with the SEC on Feb.

28, 2020) and subsequent filings with the SEC; the societal, business, and legislative/regulatory impact of pandemics and oth er public 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; changes in accounting standards and the impact of related