Sallie Mae forms strategic private credit partnership with KKR; KKR to buy $2B+ loans annually

SLM Corp

KKR will purchase an initial seed portfolio of private education loans, then minimum $2B in newly originated loans annually for three years.
Sallie Mae retains customer relationships, servicing, and will earn ongoing fees for program management and expertise.
CEO Jon Witter says partnership unlocks off-balance sheet capital efficiency and creates a more resilient, capital-light earnings profile.
KKR's investment comes from its Asset-Based Finance strategy; Morgan Stanley served as sole structuring advisor to Sallie Mae.

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