---
schema_version: "secwatch.filing_event.v1"
accession: "0001032033-26-000051"
form_type: "8-K"
ticker: "SLM"
cik: "0001032033"
company_name: "SLM Corp"
filed_at: "2026-10-22T20:32:31+00:00"
generated_at: "2026-10-22T20:34:07.576766+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Sallie Mae posts Q3 loss of $0.19/share on $214M provision; cuts FY2026 EPS guidance to $1.95-$2.05

## Summary
- GAAP net loss of $32M, or $0.19 per diluted share, versus net income of $136M ($0.63) a year ago; net interest income $339M vs $373M.
- Private Education Loan originations $3.4B, up 15% YoY and a record quarter; graduate loan originations up 119% after PLUS reform; average FICO 757, cosigner rate 92%.
- Provisions for credit losses $214M vs $179M; net charge-offs $90M vs $77.5M tied to misaligned third-party debt resolution practices; delinquencies 4.2% of loans in repayment.
- FY2026 EPS guidance cut to $1.95-$2.05 from $3.10-$3.20; net charge-off outlook raised to $400-$420M from $365-$385M; originations growth 12-14% and expenses $750-$780M unchanged.
- Repurchased 5.1M shares for $132.2M in Q3, $111M left on 2026 program; sold $143M of seasoned loans to a new global investment firm partner; cost of funds 4.21%.

## SEC filing metadata
- accession: 0001032033-26-000051
- form_type: 8-K
- ticker: SLM
- cik: 0001032033
- company_name: SLM Corp
- filed_at: 2026-10-22T20:32:31+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1032033/000103203326000051/0001032033-26-000051-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1032033/000103203326000051/slm-20261022.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001032033-26-000051
- JSON: https://secwatch.observer/filing/0001032033-26-000051.json
- Plain text: https://secwatch.observer/filing/0001032033-26-000051.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.