Sallie Mae Q2 GAAP EPS $0.29, down from $0.32 YoY; originations up 4.5%

SLM Corp

GAAP diluted EPS $0.29 vs $0.32 in Q2 2025; net income supported by lower cost of funds (4.13% vs 4.22%).
Private Education Loan originations grew 4.5% YoY; average loans outstanding $21.1B.
Net charge-offs $113M, up from year-ago; delinquencies 3.72% of loans in repayment vs 3.51%.
Issued $500M unsecured Senior Notes in May 2026; used proceeds to tender $500M notes due Nov 2026.
Full-year 2026 guidance: EPS $3.10-$3.20, originations growth 12-14%, charge-offs $365-$385M.

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